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tv   Asia Business Report  BBC News  November 16, 2017 1:30am-1:46am GMT

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the military‘s takeover of power, and the house arrest of robert mugabe has been likened by many to a coup. but it's a claim denied by the army. president trump has used his first address since returning from asia to list what he considers to be his foreign policy achievements, saying the united states was "confident again about the future". and this video is trending on — a painting of christ by leonardo da vinci has sold at auction in new york for $400 million. that's the highest price ever paid for a work of art. salvator mundi — or ‘saviour of the world' has been dubbed the ‘male mona lisa'. that's all from me for now. stay with bbc news. and the top story here in the uk: scotland's set to become the first country in the world to introduce a minimum price per unit of alcohol. the supreme court ruled that it was a ‘proportionate means‘ of improving public health. now on bbc news all the latest
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business news live from singapore. young and jobless in australia. we look at two why that is why. and spending spree that paid off big time. the —— expectations are blown! hello and welcome to asia business report. data out this morning from australia shows the unemployment rate at 5.4% for october. that is down from 5.5% in september and that signals morejobs down from 5.5% in september and that signals more jobs have down from 5.5% in september and that signals morejobs have been created in the economy. but among australia's news, unemployment
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remains stubbornly high. there is a togetherness in disadvantaged. these young australians weren't even born when their country was last in recession. but they have not had it easy. there have been long—term unemployment and homelessness. shooting hoops with an education and job seeking charity is helping them to aim for better things after years of struggle.|j was just trying to apply for work online and people were putting me down telling me i was never going to get thatjob so i stopped trying. down telling me i was never going to get thatjob so i stopped tryinglj knew i had great skills to offer but i was lacking the confidence in myself and did not believe in myself. it was good to have someone there who believed in me enough to tell me to go for those opportunities and grab those opportunities and grab those opportunities rather than doubt myself. this charity taps into a network of jobs myself. this charity taps into a
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network ofjobs —— employers to match jobseekers with employers. but the unemployment rate for youth is double that of adults. we found many people desperate for an opportunity to get into a place where they feel they are contributing. it does not matter how enthusiastic they are, it is difficult to find that first chance to have a go. opportunities can be scarce. a recent study showed that for every entry level position in australia, there were five applicants. usually people would get an entry—leveljob. applicants. usually people would get an entry—level job. and applicants. usually people would get an entry—leveljob. and it is to beat a little less when you are young. you start coming to get training and your skills and grew so you become more useful to give you cannot even get on the of the ladder and that makes it hard. to have so many young people unemployed or underemployed is a terrible waste for australia. it is a valuable resource this country needs to harness if it is to continue its
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proud record of economic growth. many young australians many want the opportunity to work —— simply want the opportunity to work and contribute. i am the only person working in my family so i am the main financial support they have. i have to be working. i work seven days a week for the last year, pretty much. i have been working and i have goals. i have plans for my own business. australia's redhot economy has been slowing down as a long mining boom fade. growth this year will be about i.9%. in 2012 it year will be about 1.9%. in 2012 it was almost double that. a generation of young and keen workers could just be —— could bejust what of young and keen workers could just be —— could be just what australia needs to maintain prosperity. and while australia's job market continues to grow as you heard and that will, youth unemployment is well into the double digits. earlier i spoke to greg mckenna in sydney. i asked him why. it is a combination
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of factors. training programmes we have in australia these years —— days and the fact that so many children are funnelled into university as a sort of childminding pa rt university as a sort of childminding part of their life while they try to figure out what they want to do. they then come out with skills that are not relevant in a new economy. a rts are not relevant in a new economy. arts degrees in that sort of thing. we also do not have commitment from business to train staff because they are worried if they train someone today that person will work somewhere else soon. and so millennial ‘s and kids coming through these days are suffering because of the fractious nature of the economy and the fact that we have been moving towards service base in australia. there is a lot of work to be done in training kids through school and through university or vocation allegiance to either inside the economy. what are some of the solutions? it is about training but that the onus then lie on the government in terms of policy
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01’ on the government in terms of policy or educators or is it the business sector? it is a combination. what has happened in australia is that the government had an experiment of opening up vocational training to the private sector. that failed hopelessly but what you did was part oui’ hopelessly but what you did was part our vocational public sector. there isa our vocational public sector. there is a big push, ithink, in new our vocational public sector. there is a big push, i think, in new south wales and victoria in particular, to put muggy back into that sector. business needs to make a commitment as well. they need to take the risk of taking on young people knowing that not everybody will get through all the way in the policy framework from the federal government needs to be there to support those state and business initiatives. it is a long game we need to play the policy is definitely the way we need to go. do you set a policy changing any time $0011 you set a policy changing any time soon to enable business sectors to get what they need to employ these young people? necessity is the mother of invention and were starting now to this push from business, this agitation that they
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are not getting the kind of qualifications that they need. we are starting to have this conversation properly down here in australia. it will take some time but the good news from the data todayis but the good news from the data today is that the youth unemployment rate fell from 12.6 — 12.1% but it has not been below them 10% since the gf see. —— gfc. has not been below them 10% since the gf see. -- gfc. 10 cents in china has announced earnings for the first time since it invested $10 billion in snapchat. consent already dominates the social media space in china and the company is valued at $472 billion. it's very —— id owns a popular chatting app. tencent is a
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major player in a number of areas the investments are getting attention. notjust in snap that in attention. notjust in snap that in a diverse range of companies such as an electric cars start up. and even moon express a company that is trying to send drones to outer space. i spoke to an investment adviser who says that the strategy of the company is hard to pin down. what i would say is that within the core business strategy i think tencent should be given lots of leeway to run the businesses they see fit. i am also concerned that there is a bit of loss of focus happening here as tencent ventures out be on its core business model of gaming and social media and advertising and branches into other
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areas that i think are quite different. what are these challenges, would you say? the fact that they are branching out and they are losing focus? well... it is quite difficult to become ge. that does not happen overnight. whereas i am not worried about the core business, justjudging by the quarterly, judging by the earnings report released yesterday they are obviously doing a greatjob. hell do we really want tencent management on the cars? for me, as an investor, thatis the cars? for me, as an investor, that is perhaps a step too far? was the investment in snap a good idea? it is not an investment that i would have made. i am not convinced about the monetisation strategy. i also think that it is sufficiently related to the core business where i would give tencent the benefit of the doubt on that. in other business
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news, dyson is suing its former chief executive for allegedly leaking company secrets and using company leaking company secrets and using com pa ny resources leaking company secrets and using company resources for this own benefit. he stepped down in october and he was thanked by the founder but the bbc has learned that he was fired for an alleged series of temperatures. he tonight the allegations and said it would cause an unnecessary distraction for the staff. the dyson board has decided to bring a claim against him at the high court ofjustice in london in relation to this actions. and was the moment that a 500 work of at depicting jesus christ sold in new york for more than $450 million. —— 500—year—old work of at. it is believed to be the work of leonardo da vinci and the sale comes after 18
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minutes of frenzied bidding in the historic sale. in 1958 the painting was sold for $60 at an auction in london but at that point it was thought to be the work of a fall while of leonardo and not that of leonardo himself. —— a follower of leonardo. we are seeing some gains in the market for the chinese market but the all ordinaries is being pummelled by oil and resource stock. and that is it for this edition of asia business report. the top stories this hour. zimbabwe's army take over the country, and place robert mugabe under house arrest. but the generals claim it's not a coup. and donald trump, declares his tour of asia a success — claiming the united states is "confident again about the future" borisjohnson, the foreign secretary,
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has held his first meeting with richard ratcliffe — the husband of nazanin zaghari—ratcliffe the british—iranian woman in prison in iran. mrjohnson pledged to leave no stone unturned in trying to secure her freedom. she was jailed for five years in april last year for spying, an allegation she has always denied as our special correspondent lucy manning reports. he has waited 19 months. richard ratcliffe finally on the way to meet the foreign secretary with this wife still in prison in iran. nazanin zaghari—ratcliffe, a dual citizen, was accused of trying to overthrow the iranian regime. today, her husband said the meeting was positive or how there were reservations about giving this wife diplomatic protection and he is still waiting to hear if he can travel to iran with the foreign secretary. i am open to the idea. but he needs to check the foreign
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office to see if they think it is a goodidea office to see if they think it is a good idea and also check iran. how close do you think you are now forget to your wife coming home for christmas? there were no promises. boris promised to do this best. i could not ask for more than that. in terms of how close to a deal? it feels like with all the attention and concern can be a good thing that the foreign office is always reserved about the fact that more attention makes it more complicated. asjohnson is set the family a few weeks ago by contradicting her claim that she was in a run on holiday. people here in the foreign office and across government who have been working hard to secure the release of nazanin zaghari—ratcliffe and, indeed, to solve some of the very difficult consular cases in iran. we will can turn you to do that and we will can turn you to do that and we will absolutely leave no stone unturned. years my wife still cross
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with you? yes, she is. i unturned. years my wife still cross with you? yes, she is. lam not ci’oss. with you? yes, she is. lam not cross. i'm focused on getting her home. and to bring home this three—year—old daughter gabriella who was still in iran. mist ratcliffe now has the publicity and the political profile. but will it help to ensure the release of this wife? the kind of concessions that the iranian want of the british government could not be done publicly. it is much better to try and do these things behind the scenes just as the kind of concessions they have to give go through similar stages. but with reports the charity worker's hills is deteriorating, her husband hopes they can be a diplomatic solution. time now for sport and sport today. hello. this is sport today from the bbc sport centre. coming up on this programme: peru are looking to the shaman's for strength. they take on new zealand
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in lima for the final spot at the world cup in russia. a world cup shock of a different kind. france will host the rugby world cup in 2023 despite south africa being recommended. and grigor dimitrov is the latest player through to the last four at the season—ending atp world tour finals in london. welcome to the programme wherever you are watching us. so, the final spot for next year's football world cup in russia will be decided in the next few hours in lima, and it will go to either peru or new zealand. the teams were goalless at the end of the first leg in new zealand last week. kick in the second leg is in 30 minutes' time. and our reporter, mani djazmi, sent this report from lima earlier.


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