tv Asia Business Report BBC News January 13, 2017 1:30am-1:46am GMT
had criticised them. mike pompeo said he valued the professionalism of staff, and their efforts to ensure that truth reached policy—makers. the united states has ended a long—standing policy that granted residency to cubans entering the united states without a visa. the move is another step towards the full normalisation of relations. and this video is trending on bbc.com. it was taken from an aeroplane above australia, and shows what is thought to be a wave cloud, where the air rises up and down in a wave. that's all from me now. stay with bbc world news. and the top story here in the uk: almost 28 years after hillsborough, prosecutors consider bringing charges against 23 people and organisations. now on bbc news, all the latest business news live from singapore.
indonesia changes its tune on mining exports, relaxing two year ban. and how the art world has lost its lustre, as buyers from china shy away. good morning asia, hello world. it is a friday, almost a weekend. glad you could join us for this edition of asia business report. i am this edition of asia business report. iam rico this edition of asia business report. i am rico hizon. this edition of asia business report. iam rico hizon. we this edition of asia business report. i am rico hizon. we start off with indonesia where the government has done an about—face on its ban on raw mineral exports. indonesia will now allow exports of more unprocessed minerals, a big change from two years ago when the government banned most exports to force mining companies to process
minerals within the country. the president, joko widodo, explained his decision. translation: we need to make sure that our natural resources benefit our own people. that's the founding principle, and oui’ that's the founding principle, and our mining needs to be sustainable and done with respect for the environment. here is more now on the change in the ruling from our indonesia correspondent. joko widodo they're talking about the environment, sustainable mining. it is very unclear how these changes will actually protect the environment. what this is really about is improving the economy and creating jobs, it was one that ban on export of raw minerals was introduced, two years the idea was that companies would build smelters, employ indonesians to process these minerals and keep more of the value from indonesia's mining in the country. but that hasn't happened. what did happen was mines were closed across the country. there
we re closed across the country. there were mass layoffs, companies very relu cta nt to were mass layoffs, companies very reluctant to build smelters, saying it wasn't financially viable and so now this has had to be reviewed. the government saying that now it will allow under some conditions of the exporting of raw minerals to companies, but they need to show that they will build a smelter in the future. so a kind of relaxing out of a reality of a situation that didn't work. so what has been the reaction, rebecca, in the mining industry? well, the nickel prices have plummeted as a result, indonesians are now back in the market. the smelter association and those involved in smelters are very upset, as you can understand. a lot of chinese companies did invest billions of dollars into building smelters and their reaction has been that this change of policy shows that this change of policy shows that indonesia can't be consistent, and doesn't send a concise message to the investment community. so they
are very upset. it is a mixed bag for the us mining giant freeport. they did stop the exporting of their partly processed copper as a result of this ban. it now looks as if they will be able to resume so they will be quite pleased with these changes. india's tata group has named this man as the conglomerate's new chairman. he replaces the previous leader who was sacked last year. we are joined leader who was sacked last year. we arejoined by the bbc‘s correspondent. tell us more about the new man at the top job. did it come as a surprise? no, actually, it didn't. when the previous chairman was ousted last year and names were doing the rounds about who would replace him, nata rajan chandrasekaran replace him, nata rajan chandraseka ran was always replace him, nata rajan chandrasekaran was always a front
runner. he is chandrasekaran was always a front runner. he is someone chandrasekaran was always a front runner. he is someone who has spent his entire life in the tata group, hejoined their it his entire life in the tata group, he joined their it firm his entire life in the tata group, hejoined their it firm in 1987 his entire life in the tata group, he joined their it firm in 1987 and rose through the ranks to become the chief executive of that company in 2009, and now on 21 february it will ta ke 2009, and now on 21 february it will take over as the chairman of the tata group. but in many ways he is an outsider as well, it was in the 150 year long history of the tata group, he is actually the first chairman who is not from this very close—knit farsi business community which for decades has dominated indian business and even today holds great sway over business here. he is well respected and lots of corporate bosses welcomed him becoming the chairman. but of course, we will know how shareholders react to this in about 2.5 hours from now, when markets open here. a self-made man indeed. so what challenges of this new chairman face with leading the largest conglomerate in india? well,
firstly, tata group has taken a beating over the last several months because of this very public spat over the ouster of the previous chairman. serious questions have been asked about corporate governance in the company, and so that image is something natarajan chandrasekaran that image is something natarajan chandraseka ran will have that image is something natarajan chandrasekaran will have to look at closely and work towards rebuilding. but of course his biggest challenge actually comes from the business of tata group companies, this is a group that owns more than 100 companies, they make tea, they make cars, they make steel. and except forjaguar, land rover and the it firm which nata rajan forjaguar, land rover and the it firm which natarajan chandrasekaran was heading, except for those companies, all of the other companies, all of the other companies, the business is in trouble. it is about getting that business in order. that will be the big challenge for him. we will have find out how he will fare in 2017. well, shares injapanese airbag
maker takata jumped in tokyo trade on reports the company has reached a $1 billion settlement with the us justice department. it is over the company's justice department. it is over the compa ny‘s handling of justice department. it is over the company's handling of airbags rupturing, linked to 16 deaths worldwide and is part of the agreement takata will plead guilty to criminal wrongdoing. the settle m e nt to criminal wrongdoing. the settlement includes a criminal fine as well as compensation cost. shares of fear chrysler tumbled 15% on news the company has violated vehicle emission laws. the company failed to disclose software in some of its vehicles, which made it possible for access diesel emissions to go undetected. fear has denied the allegations. after years of record—breaking gains, the art world is losing its shine. the economic slowdown in china which caused rapid
growth in the art market now means no one wants to pay top dollar for the works of contemporary art is. our correspondent went to south asia's largest art show to have a look at how the slump is affecting the mood. there is all kinds of art on display here, appealing to all kinds of tastes, including this one bya kinds of tastes, including this one by a japanese artist. this is south east asia's largest art fair, but this year there are fewer galleries taking part and even the organisers acknowledge that records are not likely to be broken. over 130 galleries are here, but that is down from the 173 that the part last year. at that is not worrying the man who put the show together. and art market is always the mirror of a social and economic reality. in other words, that is one thing. the other words, that is one thing. the other thing is we had in the last
year a other thing is we had in the last yeara hike in other thing is we had in the last year a hike in the market. what you have now in the future is going back to normality. that means it is no more what is the biggest price or the highest price, and i will tell you frankly, i'm glad we speak a bit more about art and not about numbers. and, as an investment, art is tricky because unlike equities or currencies the market is unregulated. we don't know how prices are fixed. how they are defined. and there are people inside the art world who are very well informed, because they are in the inner circles of the art world. and they know there are quite a lot of practices that are not transparent and not very rational. one asian collector who has come here for yea rs collector who has come here for years is this indonesian man who has a collection of nearly 1000, mainly by indonesian artist. at the very beginning i started collecting because of investment purposes but
asa because of investment purposes but as a spent time with artists and communicators, i realise that art is really about changing the perspectives about life. much more than those dollar signs. between july 2015 and june 26 in the contemporary art market shrank by more than one quarter. global auction turnover was down on the previous year. the sharpest fall is in the chinese market, where sales we re in the chinese market, where sales were down by 23%, to 11.8 billion. these figures don't paint a pretty picture, but the conventional wisdom is that if one of these catch your eye, right now may not be a bad time to buy. nintendo is betting its new hybrid game console will be a hit. the japanese game maker is releasing more details on its console later this friday, including how much it
would cost. switch allows users to play games on the tv but with a few adjustments it also becomes a portable device. let's have a look at the markets. we have about 30 seconds to tell you about it and as you can see, the nikkei 225 is up by about 100 points, and this is due to about 100 points, and this is due to a stronger dollar against the japanese yen in asian trade, which is benefiting exporters. the hang sengindex is benefiting exporters. the hang seng index is also up by 50 points, and the all ordinaries down by a7. thank you for investing your time with us. have a great friday, i am rico hizon. i'm kasia madera. the top stories this hour: donald trump's choice to lead the cia has strongly praised the intelligence community, hours after mr trump had criticised them. the obama administration has announced a big change in the rules for cubans entering the united states. they will no longer have the automatic right to remain without a visa. freezing weather is causing disruption across much of the uk,
with snow showers and strong winds across scotland, northern ireland, parts of wales, and the north of england. in southern britain, heavy rain turned to snow, causing icy roads. coastal flood warnings have been issued, and residents are being moved out of a village in essex. our correspondent duncan kennedy has the latest. scotland, where the gorgeous meets the treacherous. and the place where the snow laid its deepest and widest blanket. powerful winds piled up the drifts, creating scenery beyond postcard—perfect. but it was enough to do this to the m7a near glasgow. drivers spent hours crawling to their destinations. in northern ireland, the traffic moved, but on roads that gritters struggled to keep covered. it was the same in cumbria, where gritters had to make multiple trips to keep routes ice free.
because we're trying to get salt on the network, every time we're doing that, the rain is coming and washing that off. so the salt levels are then reduced, so we have to then top it up. so that's why people will see the gritters constantly going round the routes. head south, and historic worcestershire was another county coated by the passing weather front. it's ok when you're walking, but when it comes to driving, we don't do it. really nice. so pretty. it's the first time she's seen snow, so we brought her up to have a look. here around london and the south—east, it has been a combination of sleet and snow that has come in today. here at heathrow, they have cancelled around 80 flights because of today's weather. but this wintry surge isn't just about what is coming out of the sky. i'm going upstairs, then. britain's east coast is tonight preparing for sea flooding. i'm upset, and i'm frightened.
and after the last flood, i had a couple of strokes. and i don't want that again. i'm sorry, i'm going to cry. the army has been sent to lincolnshire tonight, to alert people to the possibility of tidal flooding. around 100 soldiers are on stand—by, and with freezing temperatures over the next few hours, this seasonal beauty comes with a winter warning. duncan kennedy, bbc news. lots more updates across our website. you can get in touch with me and most of the team on twitter. i'm @bbckasiamadera. 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: real madrid create a new spanish record of ao games unbeaten with a late karim benzema equaliser against sevilla. tributes are paid to the former england manager graham taylor, who's died at the age of 72. and the 10th stage of the dakar rally is on, but could good sportsmanship see the trophy awarded toa sportsmanship see the trophy awarded to a rival? hello and welcome to the programme. we start with the news that real madrid have created a new spanish record of ao matches unbeaten. that was after a late goal in a 3—3 draw in the last leg of the copa del rey. the match was finely poised at 1—1shortly after half time,