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tv   Asia Business Report  BBC News  August 15, 2018 1:30am-1:46am BST

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our top story: a motorway bridge has collapsed in the italian city of genoa. italy's transport minister said it was "an immense tragedy". cars and lorries crashed 100 metres to the ground. a major rescue operation is underway. a man has been arrested on suspicion of terrorism after a car crashed outside the uk houses of parliament in london. the vehicle hit cyclists, then crashed into a barrier. and this story is trending on bbc.com. the international cricket star, ben stokes, has been cleared of charges of affray after a fight outside a nightclub. he's now back in the england squad for the next test match against india. that's all. stay with bbc world news. and here in the uk, unemployment has fallen to 4%, its lowest level for more
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than a0 years. the office for national statistics added there had been a slowdown in wage growth. now on bbc news, it's time for asia business report. the rebound. the turkish lira and global stocks recover, but asian currencies and stock markets are now out of the woods yet. —— not. greece prepares to exit its last bailout loa n prepares to exit its last bailout loan from the international monetary fund. good morning asia. hello world. it is wednesday. glad you could join us for another exciting edition of asia business report. after experiencing what felt like a freefall, the turkish lira is recovering and so are the shares on wall street. let's ta ke are the shares on wall street. let's take a look at how asian stock
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markets are react in in early morning trade. we are seeing mixed action from the all ordinaries index, down by about 12 point. this is how us stocks ended overnight on wall street,. as for the lira, continuing to trade higher against the us dollar at 6.3751. indonesia is reportedly taking to limit imports in order to shore up its currency. but will this be enough to allay investors fears?
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i think that they are in the firing line, but i don't think they will be victims in the same manner that turkey has been. turkey's problems are very much of its own creation. the rupiah and the rupee are at the highest we have seen on record. they are not exposed to turkey and their central banks have credibility. both countries have shored up their currencies, but to further strengthen the currencies, will they raise the cost of borrowing? we hear from bank indonesia today, i think if it was me i would nudge rates up a little bit just if it was me i would nudge rates up a little bitjust to let the market know there are about. you cannot do a lot in an emerging market crisis coupled with the us dollars to stop the rupiah from heading the weaker. but you can stem that flow so it
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doesn't become the kind of collapse we have seen with the turkish lira. ifi we have seen with the turkish lira. if i was the governor of the bank of indonesia, i would if i was the governor of the bank of indonesia, iwould raise if i was the governor of the bank of indonesia, i would raise rates a little bit. with weakening currencies, economies are caught between a rock and a hard place. it impacts imports but it also shores up impacts imports but it also shores up the export market. very much so. the curve effect doesn't happen straightaway but it does happen. it makes that sports —— export that more repetitive on a global scale. there is some upside, it can provide a boost to the economy but you have to get through the maelstrom of that period where the currency dry a little bit of inflation and it drives lot of issues for the government and for companies managing their balance sheets. the row between the us and turkey is nowhere near over. turkey's president says the country will
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boycott us electronic goods. it began with turkey ‘s refusal to release an american pastor. donald trump doubled paris this week. translation: we will boycott electronic goods. if they, the us have the iphone, there is sumsung on the other side —— samsung. have the iphone, there is sumsung on the other side -- samsung. another country will retain its national sovereignty, nine years since bailouts. financial crisis caused a net —— caused a housing prices in athens to plummet. as philip hampshire reports, that is causing tensions with locals. until the financial crisis, tourist‘ generally only spent a few days in athens, a quick stopover before heading on to their final destination. santorini or creep all
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rose. “— destination. santorini or creep all rose. —— crete. this is a young entrepreneur who started a business with family members and friends. they manage properties for foreigners who bought bargains increase after the financial crisis. athens residential property fell 46% from its peak in 2008. the flats are rented to shorten holidaymakers using online services. about nine yea rs using online services. about nine years ago, the property market went down, but then again, the people who visit greece for a cash and have been going steadily up, so like last year we have had a 7 million tourists and now we have around 32. got people coming in and buying up apartments crates issues elsewhere if they rent them out online to shorten holidaymakers. it means that high—definition, there is less supply. that is bad news if you are a native or someone
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supply. that is bad news if you are a native or someone who lives and works here because if you need a longer term lease, they might be a little bit more expensive. it might mean that you have to move to a different district. one you didn‘t call home. in these apartments blocks, lives criss—cross, he was born and raised in athens and when he wanted buy an apartment with his wife they had to move to a more downmarket area. when we moved here, all six flats were rather rented or the owners lived in the flat. but over the last two or three years, all of the renters leftjust because the lease was over and the owners asked them politely to leave. so, they could rent the apartments. with its atmosphere, culture and history is clear why foreigners would want properties in athens. but the tensions is creating with locals would need to be resolved. $2 billion, that is how much the
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cofounders of tinder are seeking. the legal case alleges that the pa rent the legal case alleges that the parent company sought to limit share options by limiting the allegation to three or —— 3 billion us dollars. they easily explains the. it all comes down to basically, how much money to people who created tinder, ten who were instrumental, are able to get a selling stock in the company now that it has been acquired by the match group. they allege they purposely devalued the value of tinder when it came to those employees selling their stock and they say because of this, the money they received for their stock was much lower than it should have been, given how accurate to was
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taken, taking the dating world by storm. the evidence for this they say is that the group said tinder would make 5a million dollars in revenue this year, when it looks like it is taking in more than $800 million in revenue, therefore they say that means they have been done out of a feud was. from that, the company says the lawsuit is com pletely company says the lawsuit is completely meritless. zooming in now on an asian technology giant. this is china‘s company. company lost around $15 billion in market value earlier this week, investors bumped the stock after videogame monster hunter world was abandoned. let‘s bring in my colleague. what is happening now? 10 cents this year
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have been on an absolute rollercoaster ride. they had a hike injanuary and rollercoaster ride. they had a hike in january and from rollercoaster ride. they had a hike injanuary and from them —— from there they have lost $160 billion in market value. a lot of this comes to the game monster hunter world, a p pa re ntly the game monster hunter world, apparently got a lot of complaints. it was uploaded last week, up for six days and suddenly disappeared. ten cent hasn‘t released any statement, but this isn‘t the first time something like this has happened to them. last year, there was a game that was considered too gory, they took that off—line and made modifications but haven‘t been able to get it contracts in. —— act on track. it looks like they cannot compete with the major gains right now like others. the whole mobile gaming sector is struggling in china. there has been a complete restructuring and they expect, it
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will be a 77% drop is part of this. overall, the earnings are still looking good. about to concern billion dollars in earnings predicted for the quarter. —— 22 billion dollars. has the tide against bitcoin turned? it has tested at levels of $6,000, on tuesdayit tested at levels of $6,000, on tuesday it dropped. last year, their bit -- tuesday it dropped. last year, their bit —— they‘re valued —— their value jumped to nearly 20,000 us. thank you for your time with us. bye for now. this is bbc news. the headlines this hour: a major rescue operation under way in the italian city of genoa, where people are still trapped under the rubble of a collapsed motorway bridge. at least 26 are known to have died. the government is considering giving tenants in england more support
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to hold landlords to account by speeding up the complaints procedure and publishing league tables. the measures are part of what ministers call "a landmark opportunity for major reform" on social housing. but campaign groups say what‘s needed is more homes for people on low incomes. our social affairs correspondent michael buchanan reports. the greenfeld fire was to the grenfell fire was meant to change the nation‘s attitude to housing the poor. for too long in our country, under governments of both colours, we simply have not given enough attention to social housing. we must fix the broken housing market and we must fix it now. tomorrow will be too late. today, ministers revealed what changes this tragedy would mean for social housing tenna nts across england. they will get more powers to hold landlords to account, government support to ensure their homes are of decent quality. for this housing adviser,
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who worked with many grenfell residents, today‘s proposals, after a year of waiting are pitiful. we expected something impressive, some action that would really, really benefit people and this is weak and disappointing. and we have to carry on trying to pressure the government, obviously, into taking the action on housing that we need. for those living in social housing, the proposals should see their complaints handled quicker, that landlords treat them better. this is an important next step. we want to consult on this further, but it sets up these significant principles that are about delivering that step change in social housing. ensuring this is about a new deal. the proposals however fail to address the biggest crisis in social housing — the sheer lack of it. there are more than a million people in england waiting for a council house. analysts say we need to build up to 90,000 social houses each year to meet demand. the latest figures showjust over 5000 such homes were actually built. this new housing scheme in south london is being built
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on the site of more than 300 former council homes and it highlights why so few social homes are being built. when this development is completed there will be 5a properties available for social rent, so a massive reduction on what used to be here. but housing associations say that if they do not construct a mix of housing on these estates, then even fewer social houses will be built. and social landlords fear today‘s proposals, while a welcome first step, will not create more homes. hello, i‘m tulsen tollett, and this is sport today, live from the bbc sport centre. coming up on this programme: ben stokes is found not guilty of affray and he‘s back in the england test squad, although he could yet be punished by the ecb. fernando alonso bids farewell to formula one after 17 years and two world championships, as he turns his attention towards motor sport‘s triple crown. and celtic have been knocked out of the champions league
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in the third round of qualifying by aek athens. hello and welcome to ther programme, where the england all—rounder ben stokes has been found not guilty of affray at bristol crown court in england. the case related to a fight outside a nightclub in the city in september last year. he‘s been drafted straight back into the england squad following the verdict but he may still face a sanction from the england and wales cricket board. our sports editor dan roan was in court. it had taken almost a year, but finally ben stokes emerged from court today having cleared his name. one of the world‘s top cricketers found not guilty of affray. today‘s verdict represents the end of an 11 month ordealfor ben, during which time he has had to maintain his silence at times when many in social media and certain parts of the press predetermined his guilt long before the trial began. the past 11 months have served to highlight to benjust how highly he values his position as an england representative,

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