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tv   Asia Business Report  BBC News  April 4, 2017 1:30am-1:46am BST

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russia is in mourning after a suspected terrorist attack kills iipeople. more than a0 others were injured in an explosion at a train station in st petersburg. another homemade device was disabled by a bomb disposal experts. president putin has laid flowers at a makeshift shrine to the victims. he said all causes were being investigated. the us president, donald trump described it as a "terrible incident." south korea's tallest building, the 123—story lotte world tower, has officially opened in seoul, with a truly spectacular fireworks display and laser show. a total of about 30,000 rounds of fireworks lit up seoul's night—time sky. you are up—to—date. stay with us. and the top story here in the uk. theresa may has dismissed suggestions that britain might be prepared to go to war with spain following the gibraltar brexit row.
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more from me coming up, but first, here is marika with asia business report. britain's finance minister heads to india, looking for a new partnership as the brexit process gets under way. and find out why australia's top real estate firm says the property market there is set for a slow down. good morning. welcome to asia business report, live from singapore. 0ne business report, live from singapore. one week after the uk triggered the process of leaving the european union, chancellor philip hammond is on his way to india. businesses there are concerned about what kind of impact it could have on them. our colleague in new delhi
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spoke with the president at the european bank for reconstruction and develop it. -- development. if it is a brexit which results in the uk leading the single market and maybe not making any further contributions to the eu budget, if you take that extreme, that has significant potentially negative impacts on some of our operations, especially in south—eastern europe. bulgaria, greece, those sorts of countries would be heavily affected. but it is a milderform of brexit, where even if the uk leads the single market it is able to mimic some of the single market attributes in the new trading relationship, if it still makes some contributions to the eu budget, then the impact is actually pretty marginal. british chancellor philip hammond is bringing a large delegation of british businesses here to try to drum up trade in india. you think india can really fill in that gap is a strong business partner for the uk. fill in that gap is a strong business partner for the ukw certainly can. we have noticed in
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the country ‘s operating where we work, they used to depend, ten or 15 yea rs work, they used to depend, ten or 15 years ago, very much on western europe as an economic locomotive. so you saw lots of supply in the supply industries, growing up to serve the german, french, italian, british markets. that is changing as these countries increasingly look to asia, including india and the gulf of persia, and the far east, for new sources of investment. india was traditionally seen as a large recipient of international aid. you think that could change and india could become a significant donor?” think india needs to become more of a common aid donor. lots of that aid in the past was tied to indian suppliers, and most countries have moved away from tied aid to open market german. india should move in the same direction. —— open market procurement. india is a major shareholder in international institutions, and i think it should use that leveraged to ask questions about how the international,
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multilateral system, how does it need to reform and change to help these countries? india is one of the biggest importers of coal, and as you increasingly engage with the government here, how can use your expertise in clean energy to change that? we are helping them build up their renewables industry through projects that we have financed. it is interesting to see the indian companies here also pushing on renewables, but also working with indian companies now in the power sector, the renewables sector, outside of the traditional area of operations. there is plenty of opportunity for india to move on this front. in other business news, making headlines this morning, kaesler has become the second guessed it us carmaker in terms of market capitalisation. —— tesla has become the second biggest. at the end of monday, tesla stock was up by over 7% to close just below $300. that gives the firm and market cap of nearly $49 billion, which puts it
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ahead of ford. this is despite the fa ct ahead of ford. this is despite the fact that the company only delivered 25,000 of its high—tech vehicle so far this year into a car market which sold 60 million units in march. inflation in south korea has accelerated to any five—year high driven mostly by higher food and accelerated to any five—year high driven mostly by higherfood and oil prices. 0n driven mostly by higherfood and oil prices. on a year—on—year basis, inflation came in at 2.2%, which exceeds the bank of korea's 2% inflation target. many big multicast shall —— multinational companies say they are leading the way in providing benefits to lesbian, gay, bisexual and transgender or lgbt employees. but according to one of the world's biggest human resources consultants, much more still needs to be done for the changing workforce. a recent survey showed roughly one third of companies globally have no policies at all on lgbt employees. 0nly
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companies globally have no policies at all on lgbt employees. only 28% have a separate policy that caters specifically to their needs. earlier, i spoke with a representative from mercer, the consultancy which ran the survey, and asked her if asian employees are lagging behind in this area. you are right, diversity and inclusion is becoming an egg topic for many organisations. —— agenda topic. asia has to play catch up, especially with respect to lgbt policies. in asia we are faced around some constraints around cultural norms and religious constraints, and of course regulatory constraints as well that we have to battle with. course regulatory constraints as well that we have to battle withm those big multinational companies face those challenges, how why the regional and local companies doing when it comes to those policies?m really needs to start with company philosophy around diversity inclusion, regardless of what topic. it needs to start internally a round hr policies, what you want to stand
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for when it comes to your benefit philosophy, your total rewards philosophy, your total rewards philosophy, how you want to practise equality, and what that actually looks like locally on the ground. so there are lots of things organisations can do internally despite having these constraints. you have mentioned some issues, such as religious beliefs, which can be a sensitive topic. your study showed that 93% of companies offer the same benefits. do you think asia could ever get to that level. definitely, i think so. like i said, it needs to stand internally within the organisation about how they approach this and how they view it. it is the same with any diversity inclusion policy, even if it is the same as offering the same benefits, for example, to different agendas. we have seen lots of progress when it comes to offering the same maternity and paternity policies here in the region. i think this is something else that will also, we will eventually get there, that it needs
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to begin internally, and we need these organisations that are the trailblazers or that are leading the way and are a bit more progressive and are willing to push the boundaries. let's turn our attention to australia and its property market, as part of our week—long series. home prices in sydney are at 12 times the household income, and the government is under pressure to help homebuyers. at the chief of the country's biggest real estate group says the market is already set to slow down. hywel griffith examines how the hot property market is affecting those looking for a home. welcome to sydney, where depending on who you believe, the housing market is either built on solid foundations or nestled on a cliff edge. in the last year, prices have gone up 18%. melbourne and canberra we re gone up 18%. melbourne and canberra were not far behind. swelled by investors, some fear australia's
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uppity market will soon come crashing down. —— property market. for heidi and duke, that might not bea for heidi and duke, that might not be a bad thing. unable to buy, they have come up with a temporary fix, offering to renovate other people's houses in lieu of rent. as things are, they cannot afford to buy their own. it seems to be out of control. every week we look at what is being sold and what is on the market and it is just sold and what is on the market and it isjust going up sold and what is on the market and it is just going up and sold and what is on the market and it isjust going up and up and up. if you sit down and think about it, it is depressing. the prices keep escalating. it feels like they have almost doubled in five years. worrying about house prices is a syd ney worrying about house prices is a sydney staple. when one newspaper suggested people should give up that smashed avocado breakfast in order to save for a place it provoked an outcry. the australian government has been urged to come up with more palatable solutions in may's budget. 0ne palatable solutions in may's budget. one idea is to cut the tax breaks available to investors, who buy to rent and keep prices rising.
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really obvious strategy is simply to reduce the generosity of the tax subsidies available to investors through negative gearing, and also a very sharp discount on the capital gains tax which is available to investors. if we do that, we have removed some investors from the demand side of the equation and i think we would probably see an immediate price relief. but from his unique vantage point, the head of the country's biggest real estate business thinks that would be catastrophic, having worked through several boom and bust cycles, he is convinced a price correction is coming and the government should be cautious. there is a huge sector in the community which says we have to do things to bring prices down, and they are expressing this quite happily. any time government has done that it has been catastrophic in terms of the community response. people who own homes normally do not
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hit the streets, but they certainly start to, if they feel, my property value is going down, if it is being put at risk. next month's budget will be the government's opportunity to calm the waters and try to make sure the market doesn't crash out. in the markets, though this is how asia started trading. japan's nikkei down by 0.6%. shares in toshiba continue to fall by over 4% on reports it might miss its earnings deadline again. that is all from this addition of asia business report. thank you for watching. you are watching bbc news. i'm babita sharma. that's bring you up—to—date with the headlines. russia is in mourning after an explosion on a metro station in saint petersburg, which killed 11 people and injured dozens more. authorities say it is a terrorist
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attack. after a devastating landslide, calabrian authorities bury the dead and bring in emergency water supplies as they raced to avoid the spread of disease. —— colombian authorities. four men and a colombian authorities. foui’ men and a woman colombian authorities. four men and a woman have appeared in court charged in connection with an attack on a teenage asylum seeker in croydon, in south london. sioux others have been charged in seven people who have been arrested remain in custody. —— two others. police say up to 30 people were involved in the incident on friday night. the 17—year—old kurdish iranian suffered a fractured spine, fractured eye socket and bleeding on the brain. 0ur socket and bleeding on the brain. our home affairs correspondent tom symons has the story. the suspects all live close to where the attack happened. police have asked us not to show theirfaces. daryl and da nyelle davis, barry potts, jack and george walder, appeared in court charged with violent disorder. george walder alone with racially aggravated wounding. it started outside this pub. a group of up to 30, allegedly confronted two young asylum seekers — a third waiting
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at a nearby bus stop was dragged in and police said what followed was a horrendous attack. i think this is power by numbers. so there's been an incident outside the pub, they have obviously picked on three young men. and there was no reason for this attack. and i believe that because of the numbers involved, people havejustjumped on the back of it, and this has turned into this violent brawl, where somebody has been viciously beaten and is very lucky not to have lost his life. reker ahmed's friends escaped. he was chased by the group. this is where the attack ended, leaving reker ahmed bleeding in the gutter. police said that neighbours did come and help. of his pursuers, they said some did not strike any blows but equally they did nothing to stop it happening. police have gathered cctv footage and released pictures of two more men they want to speak to. 16 have now been arrested and this
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evening two more people charged. there is a constant police presence here and an air of tension. tom symonds, bbc news, croydon. there is more wrong tom's report on the bbc news website, and plenty more there on all the stories we are covering this hour. i will be back again with newsday at this time tomorrow, but mike embley is here in 15 minutes with the rest of the day's news. now it is time to catch up day's news. now it is time to catch up with sport today. that she might get a slap and has apologised. and the nhl has said it will not participate in the 2018 winter olympics in south korea. hello and welcome to the programme, where the fallout continues after lexi thompson was penalised four strokes mid way through her final round in the ana inspiration on sunday. the american was two shots clear in the first women's golf major of the year with six holes to play when she was told the news
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and eventually lost to south korea's so yeon ryu in a play—off. it comes after she incorrectly replaced her ball during saturday's third round. the sports rules are due to be simplified in 2019 and earlier our golf correspondent iain carter explained that this incident is typical of those that need to be addressed. the game is looking at the rules to bring ina the game is looking at the rules to bring in a new rulebook


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