tv Asia Business Report BBC News February 3, 2017 1:30am-1:46am GMT
donald trump has clarified his position about the refugee resettlement deal. the president says that he loves australia and will respect the deal done by the obama administration to take refugees being held in offshore detention centres in the pacific. and the us defence secretary james mattis reassures the leader of south korea that the alliance between the two nations remains strong he is now heading to japan. and this video is trending on bbc.com. beyonce has been sharing more pictures from her elaborate photoshoot celebrating becoming pregnant with twins. posted on her website, they show the superstar in a number of poses. and the top story here in the uk: southern rail say it's delighted to have secured a deal with the aslef train drivers union
to resolve a dispute about the role of guards. the rmt is still fighting southern on the same issue. now on bbc news, all the latest business news live from singapore. preparing to meet the us president. japan's by minister talks to the head of the un day about the auto industry. —— hyundai. and the owner of snapchat files for share sales and hopes to raise $1 billion. it is friday! glad you could join us on asia business report. i'm rico hizon. it is becoming to be known as the trump shock. japanese businesses are nervous about criticism from the us president. shinzo abe will meet him
next week in washington and in preparation he has cut his putting, he is getting together with toyota's boss to ward off concerns about the auto industry. one of the main issuesis auto industry. one of the main issues is the japanese yen. as you can see on this foreign exchange dollar chart, a lot of volatility against the us dollar. the us president has accused japan of playing the money market to take trade advantage, which tokyo has denied. i asked an investor in tokyo what the feeling was amongst japanese businesses. it is certainly fairto japanese businesses. it is certainly fair to say that japanese ceos as low as american ceos are nervous about getting called out by president trump. if you look at the history of the election cycle, president trump is somebody who tends to personalise his arguments and his debate and that means he will call people out individually and callout companies. yes, it is wise to be concerned about this. as
an overall issue forjapanese ceos. will this mean than an increase in japanese investments into the united states, not only for the likes of to go to but also other industries? we think it will. if you look at the $50 billion investment announced by softbank, we think it's a trend where japanese corporations and politicians will be very focused on the american relationship. we are really in a situation where we have to fight them from this perspective. we have a president where we don't know what his policies will be and we need to be on the bright side totally off the table with him for those discussions. the japanese yen, is trump right to say that the japanese are using the money market to trade the yen to its advantage? it is sometimes hard to separate the
posturing from the true beliefs. interest rates really drive foreign exchange rates, certainly in the currency markets. there is a mathematical relationship. it is very ha rd to mathematical relationship. it is very hard to define currency manipulation, so it's a useful political term if you will to rally support among the troops, but it is ha rd to support among the troops, but it is hard to imagine someone has manipulated the currency. the currency world is very fluid. on a second to second basis the currency determines the market, not politicians. sony has cut in half its full—year profit forecast but it was also hit by a big rap down from the movie business. shares were down nearly 6% in tokyo trade today as the business offset its write—down concerns. staying with the japanese technology industry, panasonic is in trouble with us authorities. it says
it is avionic business is being investigated under the foreign corrupt practices act. it didn't specify the nature of the investigation but said it has been fully cooperating with authorities. it has been talked about for many months, but snapchat has officially filed shares to investors, hoping to raise $3 billion us. according to the company nearly 160 million people use of snapchat to create 2.5 billion maps every day. —— snaps. it is huge with young people, so if you are feeling old like myself are technology correspondent has this tutorial. here is the problem. i've been on snapchat for a couple of years but i've never got it. now finally i'm determined to understand it with a younger person, priscilla. what do i do? the best thing to do is take selfies. you double—tap your screen and if you want to put a filter, you
hold on to your face, you and if you want to put a filter, you hold on to yourface, you have different filters. i've got that filter, that filter... i've got ears. to send that to someone individually you click on that arrow. you can individually you click on that arrow. you can share individually you click on that arrow. you can share your day with the world. that's the point of snapchat. let's go out and try that. i'm walking down the stairs of snapchat in and it is really dangerous. —— snapchatting. it's a spiral staircase! priscilla, we've both got lunch. is this? —— is this snapable? very. is it about getting thousands of people to like my snaps? no, it is about your views. you can always see who has viewed your snapchat on your friends list. it isn't about mass market, it is about if you close friends? yes.
some celebrities open up their snapchat to their fans. now i am snapping with a bunch of radio one fa ns snapping with a bunch of radio one fans who are waiting for somebody famous. it was camilla, either way, and even priscilla doesn't know who she is! i don't get how they are making money out of this.” she is! i don't get how they are making money out of this. i think out they make money out of it is through the discover page. you can see various publishers have put stuff on. do you ever do that? hardly. are their adverts? yes. sometimes you are watching people's snaps and then an advert may pop up, but you can always skip it. just some of its appeal. snapchat is a fun thing to do. you can do it throughout the day, wherever you are, so it is fun. in other business news, making headlines, the boss of uber has quit president trump's business dealers forum. the company has been hit by
boycott ca m pa ig ns forum. the company has been hit by boycott campaigns all week. that's as people perceive its participation as people perceive its participation as an endorsement of the president. the executive order has been condemned to stop the refugee programme, but calls for a boycott have continued. the firm is suspending its service in taiwan next friday, following the authorities' decision to raise fines against unlicensed ridesharing services targeting uber. staying with that sector and weibo's rival in southeast asia wants a piece of the sector, investing more than half a billion us dollars in india —— indonesia. it wants customers to use its application to pay from everything to rides, food, shopping and beyond. like many other countries the region, and that majority of indonesia's population still don't have a bank account. there are several hundreds of
millions of people in asia, so being able to provide a real localised solution like grab pay, or grab rewards and many iterations of our future products for grab pay will solve real problems in southeast asia and especially in asia. the collapse of south korea's hon jean last year meant shipping rates dropped. i asked an industry expert if we can expect, conditions for the industry this year. basically it is at the bottom of the sector and we've seen rates rise. this year looks better. better than last year i would say. will it be a better year? if we look at the economy, the us economy is feeding into the economies of japan and
us economy is feeding into the economies ofjapan and europe and we've seen the exporter numbers turning positive. that's having a positive effect on demand and supply has been curtailed. overall it is looking better than 2016. what about the fear of us trade? is that the biggest risk for asian shipping in 2017? certainly. we have the rise of protectionism as well as the trade wars. trade wars are a very negative pressure. rising protectionism creates problems for the sector. what if the trade barriers are raised? how will this impact an already weakened shipping sector? raised? how will this impact an already weakened shipping sector7m will be a disaster. it will have a significant impact on the trade flows a nd significant impact on the trade flows and we will see much lower volumes. but this is longer term. in the short term there will be a negative, but the industry is bracing for it. could we see a
consolidation in 2017? in the past two years we had 13 or even lower in terms of alliances. we will see some parts of the benefit, but i'd was a major consolidation is over. that was a shipping expert. a quick look at the market and asian stocks. in early trade, a tentative start. investors await the outcome of a key us multi— jobs report and how this will impact the fed's policy outlook. and of course china's markets are back on track after a week—long break due to the lunar new year holidays. sport today is coming up. this is bbc news. the government has published a white paper setting out its plans for the brexit negotiations. the brexit secretary david davis told mps that changes would be phased in gradually and the uk would not find itself on the edge of a cliff. the paper promises a new immigration bill and says ministers will seek deals for key industries to retain access to the single market.
vicki young reports. be ambitious, be positive about britain's future outside the european union. that's the message from ministers, who say they're aiming for a strong new partnership with the eu. the man charged with achieving that told the commons that the referendum was not a vote to turn our back on europe. it was a vote of confidence in the uk's ability to succeed in the world, an expression of optimism that our best days are still to come. whatever the outcome of our negotiations, we seek a more open, outward looking, confident and fairer uk that works for everyone. under pressure to reveal more, the government's published some brexit plans. priorities include putting parliament in control of our laws, making immigration decisions in the uk with a new system that'll be phased in over time, continuing security cooperation with the eu, and establishing the freest possible trading relationship with eu countries. theresa may has already
announced that the uk will leave the single market, but today's document says she'll seek a special arrangement for key industries, such as car manufacturers and financial services. mps are demanding that parliament is regularly consulted when negotiations get under way. there's no point in having a vote after he's already signed it off with the european union, treating parliament as some sort of afterthought. mps are demanding a say on the deal that theresa may does with the european union. they want the power to order her back to brussels if they think it's not good enough. but before labour can focus on that fight, they're going to have to get over a few problems of their own. is brexit splitting labour? good bye. the labour leader ordered his mps not to block the brexit process last night, but dozens disobeyed. some resigning from his shadow cabinet. jeremy corbyn couldn't even rely on one of his closest allies, diane abbott. she was taken ill, shortly
after this debate, and just before the crucial vote, and had to go home. but some colleagues don't believe her. it is extraordinary that diane abbott sneaks off, saying that she's ill. you know, people who are well enough at five o'clock to be in parliament are well enough to be there for the vote at 7 o'clock. i think we know what's going on here. she bottled the vote. tonight, malta is preparing to host a summit of all 28 eu leaders. theresa may's set out her intentions. she'll leave early so everyone else can discuss their brexit tactics. vicki young, bbc news, westminster. hi everyone, you are watching sport today, live from the bbc sport centre.
i'm nick marshall—mccormack. coming up: the lights go out on the black stars' chances at the african cup of nations. cameroon are into the final. he doesn't want to look, and neither would you. tiger woods has that sinking feeling in dubai. and cyclist marcel kittel is punched by another rider on tour of dubai. hi there, wherever you are around the world. welcome to sport today. cameroon beat ghana 2—0 on thursday to reach the final of the africa cup of nations. they will play record seven—time champion egypt in the title decider on sunday, in the gabonese capital of libreville. piers edwards covered the match for us. cameroon are through to the final of the african cup