tv Asia Business Report BBC News February 13, 2018 1:30am-1:46am GMT
has said he wants to build on the atmosphere of reconciliation with the south. speaking after meeting the high—level delegation that returned to the north korea from their three—day visit in the south for the winter olympics, he made no mention of the invitation for the south korean president, moonjae—i to attend talks in pyongyang. jacob zuma has reportedly been told by his own party that he has 48 hours to resign as south africa's president. he faces a number of corruption charges after nine years in power. and this story is trending on bbc.com. london's heathrow airport has said a duty free promotion at the weekend where chinese customers were asked spend more than non—chinese customers to receive the same discount was "unacceptable". that story is popular on bbc.com. that's all from me for now. stay with bbc news. and the top story here in the uk: the charity commission has announced a statutory inquiry into oxfam's handling of the sex scandal involving some former employees in haiti in 2011.
earlier, oxfam's deputy chief executive, penny lawrence, resigned. now on bbc news all the latest business news live from singapore. wall street closes higher, but our investors nervous about what comes next? we will hear from a large fund manager. and how companies are helping clean up the oceans by cutting down on plastic waste. good morning, asia, hello world. it isa good morning, asia, hello world. it is a tuesday. glad you could join us for another exciting addition for asia business report. i'm rico hizon. we kick off with the markets. we saw wall street closing higher overnight with the dowjones adding 1.796 overnight with the dowjones adding 1.7% and the broader s&p 500 hired
by1.4%. 1.7% and the broader s&p 500 hired by 1.4%. that mackay by. we have seen by 1.4%. that mackay by. we have seen one by 1.4%. that mackay by. we have seen one of the wildest runs in us stock market history. in asia, markets followed wall street moved, it is that make it sell trade. the nikkei and be indexed and south korea. i spoke to shaun taylor about what he has been watching for in the market right now. the way we are looking at inflation is we see it in the us getting it to about 1.8 by the us getting it to about 1.8 by the end of the year. it will be two steps forward, one step back, and continuing that pattern. the fancy a more confident they will reach the 296 more confident they will reach the 2% target, finally. and probably we will have a rate rise in march at the next meeting. it is not unexpected. if you look at the behaviour of the bond market over this period it has been reasonably sta ble this period it has been reasonably stable relative to when we have had
passed selloffs. this is an equity issue, values had got reasonably high, the market had done very well injanuary, high, the market had done very well in january, particularly some high, the market had done very well injanuary, particularly some of the risky markets like emerging markets and asia, and was due a pause. when people are on the short volatility trade it comes off very quickly and they have to close their positions, it does cause some volatility. what is your advice to right now for your investors in this market volatility? we would be more cautious on the treasury is going forward. interest rates are clearly going up and that will affect treasuries across the globe. we are very confident still on corporate credit and we are excited about equities earnings are still getting upgraded. you will see downgrades normally in the us. jussie we have seen upgrades of
4.8%. in1.2 on jussie we have seen upgrades of 4.8%. in 1.2 on revenues —— this year we have seen. 4.8%. in 1.2 on revenues —— this year we have seen. shaun taylor. president trump has promised what he is calling the biggest and boldest infrastructure investment in us history. announcing his budget plans, he said he wanted to spend $1.5 trillion in roads, highways, ports, and airports. joe mellor from new york. we have been hearing about this month on and months and months. the trump administration has promised a big announcement on infrastructure since at least the summer infrastructure since at least the summer of last year. and here it is. the basic premise behind it is something all parties basically agree on, it is that america's roads, bridges, railways, they are travelling in the investment. it was a big campaign promise of donald trump to pour money into infrastructure. 0n trump to pour money into infrastructure. on that almost eve ryo ne
infrastructure. on that almost everyone is a line. then a glider where the money will come from. today's announcement does not really remedy that. there is only 200 billion coming from washington itself, from federalfunds. that billion coming from washington itself, from federal funds. that is a drop in the ocean from anyone's standards. the rest, donald trump said today, has to come from the private sector or cities or states. the cities and states say they don't have the money and it is much harder for them to borrow money than the federal government. they are much more restricted when it comes to that. they are arguing they are never going to be able to make up the shortfall that will get them to $1.5 trillion in investment. in other business news making headlines, amazon is reportedly cutting hundreds of jobs headlines, amazon is reportedly cutting hundreds ofjobs after several years cutting hundreds ofjobs after several yea rs of cutting hundreds ofjobs after several years of major growth. the layoffs were reported by the seattle times, which said the actions focused on streamlining the company's consumer retail business. the firm employed more than 560,000 full and part—time workers at the
end of december. there will epernay new $3.11 billion cesena in macau just in time for the chinese new year holiday. it marks the biggest investment in the territorian. it co m es after investment in the territorian. it comes after uncertainty after condition of its licensors. 20 century fox has promised to keep sky news in depending continue funding the loss—making channel for five yea rs, the loss—making channel for five years, as it tries to overcome regulatory concerns over its takeover. the deal, if approved, is worth $15 billion. starting today, japanese cryptocurrency exchange coincheck will allow people to withdraw money from its portal. just over two weeks ago hackers stole $530 million worth of digital money. more on this issue and the unfolding developments behind coincheck, i am
joined by mariko 0i. have the withdrawals started? it has actually. i was just looking at twitter. some of the users saying they have started to receive money. that is only the japanese yen and not cryptocurrency. not because of their falling not cryptocurrency. not because of theirfalling prices. some of them are not happy. they are basically sitting on huge losses, ballooning losses, if you like. this theft has highlighted how vulnerable the exchanges. it shocked the nation which are so far embraced cryptocurrencies, unlike neighbours like south korea and china which have been cracking down on. last year, japan became the first country to nationally regulate these exchanges. so far there have been 16 others awaiting clearance. since this pack two weeks ago the regulator has been looking into all these exchanges and coincheck has to submit by the end of the day to show
how to improve security. more transparency. but we have seen every falling cryptocurrency since the beginning of the year. my colleague and business reporter mariko 0i. the plastic. it is one of the favourite packaging materials in the world. it is cheap and efficient for transporting goods, but only a fraction of it is recycled. and as an increasing number of consumers to man's green alternatives, some companies have been dreaming up fresh ways to combat waste. at least 8 million tons of plastic ends up in the ocean each year. one of the biggest culprits is the consumer goods industry, plastic packaging is often used just once before being thrown away. only 1096 of plastic in the world is actually recycled. that leaves 90% either been buried or burned or lost into the environment. now a number of
companies are trying to stem the tide. british firm recycling technologies think this machine can bea game technologies think this machine can be a game changer. it takes difficult items like food wrappers, toothpaste tubes, coffee cups, and binliners, some very high to bridges, and breaks down the plastic to its raw material. at the end of the process you get something like this, an oil that can be sold back to petrochemical companies to be made back into plastic once again. we are building a facility in swindon to make 200 machines per year, each machine will do 7000 tons plastic. that is 1.4 million tons of recycling capacity being added into the system every year. we would be able to quadruple the capacity of european recycling in the next yea rs. european recycling in the next years. many plastics can currently only be recycled ones. a company who
makes household cleaning products once its products to be recycled again and again. the most sustainable system we could have a plastic usage is if everyone used transparent bottles, because then all bottles would be recycled back and any bottle could be recycled into any other bottle. plastic is a lightweight, durable, and cheap, and crucially it keeps food fresh. but some companies are finding alternatives. sap rutba ‘s use packaging that disappears completely. this is compostable material. in about six month it will fully decompose, meaning all of the nutrients are returned to the natural cycle. small companies look for ways to tackle the problem plastic waste, the more we do at the price will come down. some firms find they can do without plastic after all. and the let us have a look at the markets. currently better than expected. the nikkei up
by 117 points. the hung phan and open about ten minutes ago and it is surging by 390 points. the all 0rdinaries index gaining 6.5 points. so far all good, all in positive territory. the three major indices rebounded overnight with broad—based schemes across the sector. the dow jones industrial average and two trading days, friday and monday, up by more than 700 points. 0vernight gaining 1.7%. the nasdaq up by a 1.6%. thank you so much for investing your time with us. i'm a rico hizon. sport today is coming up next. the top stories this hour: north korea's leader speaks of a "warm climate of reconciliation" with the south after a delegation returns from the winter olympics. south african president jacob zuma has been told by his own party that he has 48 hours to resign. as of tuesday, british tourists can resume package holidays to tunisia for the first time since a gunman
massacred 38 people at a beach resort three years ago. the first fully booked flights from manchester and birmingham will be operated by the travel group thomas cook. but how safe is it? 0ur security correspondent frank gardner has returned from tunisia with this exclusive report. tunis by night, and a national guard unit prepares to raid a suspected terrorist hideout. they have just gone into a hausia. —— house here. we are in a tiny backstreet. they are looking for members of an isis cell which has
beenin members of an isis cell which has been in libya, they suspect, so the whole street is flooded with armed national guard soldiers. three years ago, on this beach, an isis gunmen shot dead 38 people, 30 of them british. now tunisia is getting training from royal navy instructors in maritime security, while met police detectives have been training up police detectives have been training up the telstar. a four key airports the british aviation experts have installed equipment. i asked the ambassador how safe is it now? no country is 100% safe, as we saw in london and manchester last year. but it is they be here than it was in 2015, because of the tunisian capability, it has improved. in the resort town were thomas cook is taking the first british tourist, out of the hotel manager what precautions he is taking. we have around 60 cameras all around the hotel. the exterior cameras
are all monitored 24 hours by persons behind the screens. but tunisia sits in a dangerous neighbourhood. across this border, libya is in chaos, and isis has bases. the manchester bomber trained in libya, and so did the sousse gunman. back in the capital tunis, the night raid yields results. suspects are arrested and will now face trial. tunisia has made huge progress against terrorism, but if its tourist industry is to recover fully, it will need to stay vigilant. frank gardner, bbc news, tunisia. time now for all the sports news in sport today. hello, i'm tulsen tollett and this is sport today live from the bbc sport centre.
coming up on this programme: j°y joy to jamie anderson in the snowboarding. eden hazard scores twice for chelsea as they move fourth in the premier league beating bottom of the table west bromwich albion and you see an opportunity and you take it — we've got a wonder goal from the asian champions league. hello and welcome to the programme where we start with the winter olympics with tuesday's action underway in pyeonchang seeing the mixed curling bronze medal contest kicking things off. but on monday it was the outdoor events suffering with strong winds impacting on many athletes‘ performances. those winds really affected the women's slopestyle snowboarding final, an event that was run as a straight final after winds forced the cancellation of the qualifiers.