tv Asia Business Report BBC News November 6, 2017 1:30am-1:46am GMT
children are among the victims — after a gunman entered a church with an automatic weapon. he was later found dead several miles from the scene. a state senator called the incident a ‘disgustingly sick tragedy‘. leaked documents obtained by the bbc suggest president trump's commerce secretary, wilbur ross, has business interests in a russian company with links to the kremlin. and this story is trending on bbc.com. it's about how the first daughter, ivanka trump, is perceived by women in japan. she's been accompanying herfather on his tour to asia. that's all from me for now. stay with bbc news. and the top story here in the uk. the cabinet minister damian green is to face a whitehall inquiry into his conduct on monday — but has denied new claims that police found pornography on a computer in his office nine years ago.
now on bbc news all the latest business news live from singapore. a huge new league of financial documents known as the paradise papers has revealed how the powerful and wealthy secretly invest vast amounts of money in offshore tax havens. and it will president trump toned down his tough talk on trade? in his trip to asia. good morning, asia. hello, world. glad you could join us for this exciting addition of asia business report. i'm rico hizon. the first results have been with the least —— released in one of the biggest documents of offshore secrets. 13 million document mostly from an offshore firm called appleby. they
reveal the tax affairs of rich and powerful people around the world. they have been obtained by a german newspaper and shared with international consortium of journalists including the bbc‘s panorama programme. they show how the queen's private estate invested around £10 million offshore. it is important to say that tax avoidance is not illegal at it is controversial and these latest revelations are bound to fuel the political debate around offshore tax havens and whether governments should do more to clamp down on them. what are they and why they so controversial? 0ur economic editor explains. for centuries, britain has been a centre for global finance. focused here on the city of london. that is seen by many as good for our economy
and the development of global trade. to support that, we allow the companies to set up in the uk and not be taxed here. our imperial past is also important. across the world what are called crown dependencies like overseas territories, places like overseas territories, places likejersey, guernsey, isle of man. they have an arms length relationship with us and have based their economy of low tax to hold some of their wealth. 0thers their economy of low tax to hold some of their wealth. others are more forflung some of their wealth. others are more for flung places like gibraltar or bermuda. virgin islands, turks and caicos, the british islands. some insist they are good for growth as they allow firms and individuals to avoid being taxed multiple times by different countries. there have been a lot of new rules on transparency as well. but, they are criticised for being too secret. too
wea k criticised for being too secret. too weak on regulation and to open to corruption. —— to open. they can move vast amounts of money around the world at the touch of a computer key. we are not the only ones who have used tax competition and light punch regulation to lure companies to our shores. 0ther countries include switzerland, singapore and america. —— light touch. they have low tax situations in many of its states. there is also an important distinction to remember when speaking about tax havens. tax evasion is illegal while tax avoidance is using legal structures to produce tax. how much can it be worth two national exchequer is like the treasury? well, globally,
anything between £75 billion and £180 billion. many now believe that avoidance has now become so controversial there needs to be a com plete controversial there needs to be a complete change of global tax laws so complete change of global tax laws so that taxes are paid in a country where the firm or the individual is based. that would mean that the total tax take would be up which some might disagree with but public controversy would probably die down. the leak documents also show that commerce secretary wilbur ross has shedin commerce secretary wilbur ross has shed ina commerce secretary wilbur ross has shed in a secret —— company with kremlin ties. it is navigator holdings which transport oil and gas for the —— for a russian company. they are under us sanctions and a to president putin. it includes a venezuelan oil company which is also under us sanctions. the revelations
made uncomfortable reading for president trump. staying with mr trump and he has held its first press co nfe re nce trump and he has held its first press conference of the five country trip to asia. he said he's optimistic about trade between the nations but the current trade situation is unfair. how will his message go down injapan? for the latest, we a re message go down injapan? for the latest, we are joined message go down injapan? for the latest, we arejoined by message go down injapan? for the latest, we are joined by my colleague monica miller. it looks like they are good friends when it comes to maybe playing golf that it may be on the trading floor or on the meeting room, they are not. nine holes of golf is a distant memory already for mr trump. he came out a short while ago and was complaining about the trade relationship between japan and the us, saying it is not fairand not japan and the us, saying it is not fair and not open. japan and the us, saying it is not fairand not open. ,what japan and the us, saying it is not fair and not open. ,what is the relationship between these two
countries? well, japan accounts for almost $70 billion of the us trade deficit in terms of goods in 2017 but it has now re—emerged at the second largest country to the trade deficit for the first time in three yea rs. deficit for the first time in three years. one other sticking point is the ttp. japan have taken a leadership role and it is a sore point. 0ne leadership role and it is a sore point. one of the first things trump did was pull out of it when he took office in january and did was pull out of it when he took office injanuary and had the us stadium, it would have been 40% of the world's gdp. now the 11 members, it is about 13.5% gdp globally which isa it is about 13.5% gdp globally which is a very different situation and will find the rest of us out in a few days in vietnam. ——i end. now they are faced with creating a bilateral trade agreement which they really didn't want to do. we have to wait and see how it all pans out. us japanese trade relations, off and on
the golf course. they key, monica, a business reporter. —— thank you. there is a complexity and achieving good sound and pathetic. as part of a series of by design, we are looking at a concert hall in tokyo which seems to have hit all the right notes. we spoke to an architect who worked on the project. translation: audience come here and listen to music only once. it matters what space you listen to the music in because it will be part of your memory. it isa it is a great mystery how the architect came up with the short —— shape. i wish he had ——i wish i had
asked him before he passed. locks on the ceiling diffuse the sound. without them, sound reflection becomes too simple and the sound will not be evenly distributed. but with the sound reflector, the sound is diffused and well blended and it is diffused and well blended and it is delivered to the audience. since the hall is shaped like a shoebox, how sound reflectorfrom the sound walls —— sidewalls reaches the sound walls —— sidewalls reaches the audience is important. the architect analysed how sound is reflected with an acoustic steam. because this distorted pyramid ceiling had never been used before. using wood makes the sound better. the hall is like a musical
instrument, like a violin, the sound gets better with time. but, it is rare to find a concert hall made entirely out of wood. in fact, designing this involves a lot of work and time. but the cost of building this concert hall are no different from many other concert halls. so spending a lot on construction doesn't mean it is better. hair isa hair is a look at the markets. asia is often a good start in the brand—new trading week. —— here is a look. this is after us stocks
finished at a fresh all—time highs on friday with technology shares leading the way with a solid us jobs report strong apple earnings. all the three major indices at fresh record highs. nasdaq gained 50. thank you for investing your time with us. i'm rico hizon. sport today is coming up next. you are watching bbc news. the cabinet minister damian green is to face a whitehall inquiry later today into his conduct — but has denied new claims that police found pornography on a computer in his office nine years ago. mr green remains at loggerheads with the former police chief bob quick who made the allegations, saying they were "completely untrue" and a "political smear". mr quick said he stood by his claims, and that he would take part in the inquiry.
0ur political correspondent iain watson reports. he is one of theresa may's most senior and most trusted ministers, but damian green's reputation is under threat. he's already being investigated by whitehall officials over allegations he acted improperly towards a young journalist, claims he denies. and now, an allegation that pornography was found on a computer in his house of commons office nearly ten years ago. this claim dates from 2008, when his office was raided by police, investigating leaks from the home office. these two have never seen eye to eye since then. bob quick was the man in charge of that investigation, and the main, though not the only source, alleging that pornographic material was found. there's no suggestion that any of the material was illegal. damian green is a staunch ally of the prime minister, and her close friend, her deputy in all but name.
and he's hugely influential behind—the—scenes here in downing street, during important cabinet committees, not least on brexit. he is notjust fighting for his reputation, he is battling hard for his political life. so, in a robust statement, damian green said: and bob quick‘s successor at the metropolitan police has told the bbc he had no knowledge of the pornography allegations. but bob quick says he stands by his story and will present evidence to the whitehall enquiry into damian green tomorrow. this conservative mp believes that's the correct process, and allegations from a confidential police investigation should never have been made public. what we're having in relation to damian, who i said should have been suspended, so there was a proper enquiry, this would have formed part of that enquiry.
instead, we are pretty much having trial by the newspapers, and this is not acceptable. and now the conservative mp chris pincher has stepped aside as a government whip and has referred himself to his party's complaints procedure and to the police. this follows allegations of improper behaviour 16 years ago. party leaders will meet tomorrow to discuss more effective ways of dealing with harassment. but this won't be enough to stop the flow of further allegations. iain watson, bbc news, westminster. time now for all the sports news in sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme: manchester city cement their place at the top of the english premier league after a convicing victory over arsenal. an emotional new york city marathon has an american winner, shalane fla nagan's victory delights her and more than a million people along the route. and justin rose makes it back to back wins by claiming victory at the turkish 0pen. hello and welcome to
the programme, where we start with the english premier league where there were five of the top six in action on sunday. pep guardiola's manchester city beat arsenal 3—1 at home and are now eight points clear at the top of the table. kevin de bruyne opened the scoring inside 20 minutes. then sergio aguero, who became city's record goalscorer in past week, added a second from the spot after raheem sterling had been fouled. alexandre lacazette pulled a goal back inside the last half an hour but when arsenal's defence was caught sleeping, david silva set up substitute gabrieljesus for their third. we make a good performance considering after the champions league game away against napoli was so league game away against napoli was so tough, they rest all the big—name players and we