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tv   Asia Business Report  BBC News  October 16, 2017 1:30am-1:46am BST

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our top story. days of severe floods and landslides in vietnam have left 60 people dead and almost a0 missing. entire villages, roads and homes across several provinces are under water. a tropical storm is heading to the region, threatening to dump even more rain over the north of the country. police in somalia say the massive bomb attack in the capital mogadishu has killed at least 230 people — and wounded hundreds. it's the deadliest attack on civilians in the country to date. and the harvey weinstein investigation continues to be one of the most read stories online — another woman has contacted police in britain to say she was sexually assaulted by the hollywood produce. the metropolitan police are now examining five allegations made by three women. mr weinstein has denied allegations of non—consensual sex. and the top story here in the uk — cabinet minister chris grayling has said that british farmers would step up and produce more food
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for the nation, if the uk left the eu without a trade deal. now on bbc news all the latest business news live from singapore. as china gets ready for a powerful twice a decade political meeting, investors worry about its growing mountain of debt. and to find out why japan's stock market is trading ata20 why japan's stock market is trading at a 20 year high as head of a snap election on sunday. good morning asia, hello world. it isa good morning asia, hello world. it is a monday. glad you could join us for this addition of asia business report. we started the project —— programme with china and government officials gathering in beijing for the 19th communist party congress.
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the twice a decade meeting is likely to see president xi xin ping further solidify his power and secure a second term. but beyond his political supremacy, there are growing worries about the state of the economy. in the first of three reports, our correspondent takes a look at china's growing debt pile. a twisting power inside a glass skin. this is asia's tallest building. the shanghai tower is a testa m e nt to building. the shanghai tower is a testament to rising china but as you stand and look at from the i23rd floor, underneath you is a mountain of debt. it is a fitting symbol of this country's debt addiction. china's debt stands at 260% of its gdp and it is growing. forecast to top 300% in five years time. well over half of that is corporate debt at state owned companies.” over half of that is corporate debt at state owned companies. i don't see an impending catastrophe. i think, as you say, the level of
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reserves the chinese government has is quite significant and the growth is quite significant and the growth is still there to be able to pay off debt. it is something to monitor, though, because when they get —— went the debt gets large, the crowds outgrow and if the ink to be dual institutions can't pay it off and leads to bankruptcies, that's a problem —— individual. leads to bankruptcies, that's a problem -- individual. but that won't happen in china's stayed one economy. there has been an credit letdown because of riskiness. some companies raised money from china's almost unregulated back —— banking sector. for some companies, this is a very appealing way to raise money. it can be quick and it can also be 0k. it can be expensive. here is the big downside, there is no insurance or guarantee for the investors seized their investment sinks, their money sinks as well. chinese leaders
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have had success in one part of the economy, housing. the bottle of big deposits have —— is set to continue. translation: it should always stick to one principle. homes after occupation, not for speculation. macro control of the real estate market is a long—term plan that should not be shaken or relaxed. but it's a delicate balance. housing construction is like the debt mountain, if you act too harshly, you compromise overall growth. speaking of china, we will be able to get a better sense of how its economy is faring this week. on thursday, china's growth figures will be released. it has been
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concerned over its growing debt. as we approach the weekend, another big political events taking place. the snap election in japan. political events taking place. the snap election injapan. prime minister shinzo abe is looking for a new band date for his ruling liberal democrat party. the polls come at a time when the nikkei is trading at a 20 year high. earlier i spoke to josh crabb in hong kong and i asked how big the debt problem is for chinese president xi xin ping. debt has been an issue around the world for some time and the numbers have been high globally. from our perspective, we think it is an issue that many countries are going to have to deal with including china but we think there is an increasing focus on trying to keep control of that level of debt that is developing. from a gdp perspective, obviously the economy has been slowing. that is going to happen. china is obviously still growing at a much higher rate than most of the
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developed world and that hasn't stopped, you know, the valuations we have seen elsewhere. it is a slowing down but we think the quality of that growth is starting to improve which is important. is talk about the debt burden. it is getting heavier for the chinese government. can we expect another downgrade in the medium term. this tends to take a longer term picture. i would also caution, if we think about what we saw with cd owes in 2009 and with the us debt downgrade. this tends to be backward looking. —— cdo. if anything, you could argue it has had not much of an impact. japan's snap polls this sunday. it shinzo abe becomes prime minister yet again, what should his priorities be in
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terms of economic reforms? this has been quite interesting. if we go back not too long ago, there was new competition from the tokyo mayor and that may have weakened the position of the ldp but looking at the polls recently, 280— 300 seats which will put them firmly with a mandate, we would expect 260 — 280 seats. they will be pushing that forward. briefly, can japan continue will be pushing that forward. briefly, canjapan continue its bull run? are general perspective is that people think it's all about politics. we think it really is. japan has been doing quite well because the corporate have been doing well and there has been restructuring going on. we have seen a strong earnings revisions from that market. we think politics does matter that tends to be a bit more ofa matter that tends to be a bit more of a sideshow. that was josh crabb in hong kong. voters from kyrgyzstan have elected
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a new president. there has been a new president. for the latest, i am joined by my colleague. goerges dan has had an interesting history. this election is interesting because it is one of the functioning democracies in that region. most of the stans are autocrats. what we have seen with this vote is that there will be a genuine election as well as a peaceful transfer of power. the first peaceful one since independence in 1991. from what you're saying, it looks like is a
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lot of challenges of the new leader, sooronbaijeenbekov. it is lot of challenges of the new leader, sooronbai jeenbekov. it is an empire —— impoverished country. sooronbai jeenbekov. it is an empire -- impoverished country. the new leader has promised to clamp down on corruption and wants to improve relations with china and russia in order to have improved trade ties. many of the central asian countries tend to be resource rich they have a lot of oil and other deposits. goerges dan is landlocked and does not have these things but it reduces wheat and tobacco. —— goerges down. it relies on migrant workers. —— kyrgyzsta n. it relies on migrant workers. —— kyrgyzstan. a lot of challenges for sooronbaijeenbekov. the meeting of globalfinance
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the meeting of global finance chiefs in washington dc. miss yellen said she expected the us economy to exceed its long—term trend. the impact of hurricane is on the economy should be temporary. tom and is set is expected to step down as the company deals with a widening corruption probe. he told people in germany he would resign if he was no longer pa rt would resign if he was no longer part of the solution. the aircraft manufacturer is under investigation over its use in middlemen play in sales. the air bus ward said last week that it had full confidence in mr enders. here is a look at the markets and
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asia is in positive territory. positive moves to start the trading week after us equities had a strong retail sales and consumer prices recorded its biggest increase in eight months in september. this look at the markets, particularly australia. we see the all 0rd particularly australia. we see the all0rd and particularly australia. we see the all 0rd and those index is up by 1%, about 17.5 points at this hour. the top stories this hour. flash floods and landslides have killed 60 people in vietnam — a0 more are missing. forecasters say a tropical storm is set to bring more rain. there are mounting claims of sexual assault against hollywood kingpin harvey weinstein. police in britain say they're now investigating allegations by three women. police in britain are saying they
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are investigating allegations by three women against harvey weinstein. people may be asked to identify their sexuality when they go to the doctor. they are being advised to tell doctors about their sexual orientation if that isn't already on their records. it is to identify health risks. they are not counted across the whole of public services. this gives the opportunity for everybody to be given the opportunity to answer that question if they wish. that gives a complete
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picture of all of lesbian, gay and bisexual people ‘s health needs. it means services can be better targeted to their needs. the document circulated by nhs england says there is a legal obligation. it is being made clear that it won't be compulsory for hospitals and other nhs and social care organisations to implement the policy. patients will have the right, if they wish, to decline to a nswer right, if they wish, to decline to answer the questions but based on the guidance that has gone out, some are saying the approach is too intrusive. 0ne gp argued it was unnecessary and a waste of time. the thought of intrusively asking on people's sexuality at every consultation is an anathema because the consultation is precious time
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for patients. quite often it is difficult to get to have an appointment with a doctor because of the lack of doctors. their eight or ten minutes is really valuable time and it's for their agenda, not from my agenda, not for the government agenda. lgbtqi present did say it is agenda. lgbtqi present did say it is a hugely important step forward, that they acknowledge some people may feel uncomfortable about being asked about their sexuality and there needs to be sensitivity about where the issue is discussed. the car maker vauxhall says four 100 jobs are to go at their plant at ellesmere port in cheshire by the end of the year. vauxhall is moving to just one production shift a day because of a fall in demand. it says it's struggling in european markets — and there's a general fall in demand for new cars. this is sport today, live from the bbc sport centre.
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coming up on this programme... roger federer makes it six titles for the year beating rafael nadal to win the shanghai masters. mauro icardi scores a late penalty to complete a hat—trick in a last gasp win for inter in the milan derby. green bay packers quarterback aaron rodgers could be out for the rest of the season after suffering a broken collarbone. hello and welcome to the programme where we start with the tennis news that roger federer has won his sixth title of the year after beating rafael nadal on sunday to claim the shanghai masters. among those six titles this year for the 36—year—old was the australian open and wimbledon and this victory means the swiss could still replace his great rival nadal as world number one by the end of the year. rob heath reports. it has been 13 long years since roger federerfirst it has been 13 long years since roger federer first played rafael nadal. he had won 27 of their 33


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