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tv   Asia Business Report  BBC News  September 21, 2017 1:30am-1:46am BST

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our top story: the search for survivors of the mexico earthquake continues, with emergency crews and volunteers digging through rubble with their hands. 230 people are known to have been killed across the country, including at least 21 children at a school in mexico city. in puerto rico hurricane maria has cut power supplies to the entire population of 3.5 million people. it's the second maximum strength storm to hit the caribbean in two weeks. tributes have been payed to the boxing champion, jake lamotta, who's died at the age of 95. the actor robert de niro, who won an oscar playing la motta in the film "raging bull", issued a statement saying: "rest in peace, champ." stay with bbc news. and the top story here in the uk: in a speech to the un general assembly, theresa may urges internet firms to act more quickly to stop the spread of terrorist material online. the prime minister talked of setting a deadline for material to be
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removed and the possible imposition of fines now on bbc news all the latest business news live from singapore. the great unwind. the us central bank will start shrinking their portfolio of bonds in turnover. italy is most famous luxury drew is cashing in on a growing appetite for blink —— blink. good morning asia, hello world. glad you could join us. iamat hello world. glad you could join us. i am at rico hizon. the world is most powerful central bank, the us central bank left interest rates unchanged. the federal reserve kept
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borrowing costs in the range of i— i.25% borrowing costs in the range of i— 1.25% but another rate hike is on the cards in september. starting month, they will start reducing the massive amounts of bonds at it owns. asa massive amounts of bonds at it owns. as a result of three rounds of quantitative easing measures it involved buying bonds to stabilise the economy after the financial crisis. we asked what in pact would be? what surprised markets was not so be? what surprised markets was not so much the announcement because it had been signalled but it was more that they seem committed to continue raising interest rates. how will these impact of the us economy? we saw immediately that depreciation of the us dollar. a stronger us dollar in the short run. this is done with
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the means, the objective of slowing us growth. good this squeeze corporate profits going forward? not likely. what will happen is a series of things that would have an impact on activity but not this. could it have repercussions on major asian, eu and uk economies? not at this time. they have been very transparent and it does not come as a surprise. the consequence is will be relatively limited. in other business news, google is planning to buy the phone design operations of a taiwanese phone maker. it could be announced in the next couple of days. hsc contract has been
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struggling financially. the bidding for toshiba's valuable chip business has stretched on but we have a winner, at least an hour. they have agreed to sell the unit for $18 billion to a group led by an equity firm being capital. toshiba'sjoint venture partner is not happy about the decision and has filed a new legal challenge asking for arbitration. shares of apple falling after the company admitted to a glitch in the latest watch. the series of three was found to have a softwa re series of three was found to have a software problem with some models unable to connect to wireless networks without an iphone. apple says it is working on a fix. iran has been identified as a growing
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cyber threat. a new group leapt to be working for the iranian government was found, carrying out espionage activity since at least 2013. some countries have a already been targeted, focusing on players in the asian industry with both military and commercial interests. they have had unfettered operational access and they are getting at every day, more prolific and operating in scope that is far wider. as nations modernise, they develop cyber capabilities to meet the objections of the military. a look to merge and create the second largest steel producer. 4000 redundancies may occui’. producer. 4000 redundancies may occur. we got more detail from tata
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steel. these two companies share a stronger value system. there is a stronger value system. there is a strong cultural fit and therefore operating in the same geography, some arejust 50 operating in the same geography, some are just 50 miles apart, it is more about the strategic logic than the industrial russia now which is very strong because in europe, they are not growing in terms of steel consumption the way we see in developing economies like india and china. therefore, we have to look at value —based product profile and look at investing significantly in technology and in innovation. 4000 jobs may be cut. what areas are you talking about? the cuts of jobs that
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can be defected is on the overlaps and those overlaps have to be handled and if they write any downstrea m handled and if they write any downstream is that are not sustainable structurally, not profitable, etc, we will have to see as to how they can be restructured. unions have been much more vocal and speaking out against the deal. they have given a conditional not now, they will look at it and take a final decision. half the board members belonged to these labour representatives and that could be a dealbreaker if they do not agree. representatives and that could be a dealbreaker if they do not agreem that a cause of concern? a lot of things happen. we need to ensure and we are clear that both partners make
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sure we communicate and take everybody a long in this joint venture because it is not a game that can be played by one stakeholder alone. it has to be an inclusive... i sure that our colleagues, our union colleagues, will have convergence in due course of time. bulgari jewellery and watches are littering the display in singapore. we had two minutes with one of its chiefs. it is notjust the james sparkling at the art science museum in singapore. gary helped its parent company boost
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reve nu es helped its parent company boost revenues through watches and jewellery i 14% in the first half of this year. —— by 14%. the ceo of bulgaria joins me. good afternoon. how big is that the asian market for you and what percentage of revenue is it? asia altogether is accounting for more than 50% which is quite logical when you look at the world ‘s wealth division. asia is a mix of very established, sophisticated markets like singapore but sometimes new emerging markets like indonesia, vietnam and markets like china which are big in size. we have a lot of different opportunities from their renewed the quite recent quite established. i see potential in all three. with different strategy. what
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countries in asia dc the most possible potential bass indonesia crosses my mind. we have 5000. we are contemplating is cities like jakarta. because of the culture, because also of development, indonesia will become more important. also some of vietnam. although it is not as established as indonesia, for similar reasons it will become a major player as well. china has been a huge driver of growth in the luxury market. what risks you see with the economy slowing down and with the government cracking down on lavish gifts and spending? when you look at china, it should be named as a major rival
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because demographics remain strong and at the same time, it is significant in terms of world development. it is about trying to refocus into china itself. let's have a quick look at the markets. the dollar railing overnight but not a lot of action taking place right 110w a lot of action taking place right now in asia. thank you for investing your time. sports today is coming up next. the headlines: a powerful earthquake has killed more than 260 people in mexico. the search for survivors continues, including four children
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ata continues, including four children at a primary school. flooding and severe winds have knocked out power to the entire island of whether to —— quota —— puerto rico. banksy —— there was basquiat —— a graffiti artist who became a sensation in the art world. jean—michel basquiat died of a suspected drugs overdose in new york at the age of 27 in 1988. and now the first large—scale exhibition of his works is going on show at the barbican in london. will gompertz reports. there's no mistaking a jean—michel basquiat painting, there's that sense of improvisation, the crudely drawn figure and the graphic, poetic rhythms which are like a pictorial form of free jazz. it's a visual language, partly inspired by picasso and partly by new york's street art scene in the late ‘70s — in it which he was a major player — producing work that continues to be influential to this day. i think it's definitely true to say that a lot of artists working on the street today take a lot of inspiration from basquiat‘s work
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and his attitude to public space. when he made his work on the street, he particularly made it around the soho district where the galleries were. he wanted his work to be seen by the media, by the galleries. he was a man with a plan? i think he was a man with ambition. he became a well—known character on the scene. he started to make drawings, he made friends with andy worhol he started to make drawings, he made friends with andy warhol and then, as he turned 20, made the very tricky transition from street artist to fine artist. he saw that his art career was just going to be, you know, massive. he knew that. he knew he was going to be famous from the very beginning, the first time i spoke to him. the rest of us, we were like making our art and trying to impress the other 300 or 400 people that were downtown on the art scene. basquiat was looking well past that, he was looking at global domination. he became the toast of manhattan's super wealthy collectors. he was called thejimmy hendrix of art, the post—modern picasso, but he was, and for a long time after his death in 1988, largely overlooked by the art establishment.
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partly that has to do with him being black. there really wasn't a black presence at the highest levels — blue chip levels — of the art world ,and also the sense of, like — you know, black people, you're great at the singing and dancing and all that, but the conceptual stuff, leave that to us. you know, leave that to white europeans. and that's really offensive and that alone made jean crazy. jean—michel basquiat‘s hybrid artworks with their raw combination of graffiti drawing and abstract painting synthesised the political, social and cultural landscape of america in the late ‘70s and ‘80s with a veracity and power few others could match. will gompertz, bbc news. don't forget you can get in touch with me on twitter — i'm @babitabbc. time now for all the sports news in sport today. hello, this is sport today, live from the bbc sport centre.
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coming up on this programme. real madrid are beaten by real betis leaving them seven points adrift of spanish league leaders barcelona after just five matches. the man known as the raging bull, jake lamotta, who was former world middleweight boxing champion has died at the age of 95. and inland surfing. a radical new way to ride the waves. hello and welcome to the programme, where we start with the news that real madrid are now seven points behind leaders barcelona after real betis scored a 94th minute winner at the bernabeu. all this despite the return of cristiano ronaldo after missing five matches through suspension including the first four in the primera division. the world player of the year started up front but couldn't find a way through at the bernabeu, leaving zinedine zidane's side

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