tv Asia Business Report BBC News April 13, 2017 1:30am-1:46am BST
despite hours of talks in moscow. the us secretary of state, rex tillerson, spent nearly two hours in talks behind closed doors with president putin. afterwards, he said the level of mistrust between the two superpowers could not continue. president trump has hinted at trade progress with china, if beijing helps tackle north korea. he told a news conference that he had forged a good chemistry with xi jinping at their recent summit in florida. and this story is proving popular on bbc.com, because inside these nondescript—looking crates is a consignment of pandas, destined for a new home in the netherlands. after a marathon 8,000 km journey from china, they will spend the next 15 years in a zoo in the netherlands. that's all from me now. stay with bbc world news. and the top story here in the uk: the health secretary has ordered an investigation into failings at the shrewsbury and telford hospital trust, in shropshire, after it emerged that the deaths of seven babies injust over 18 months could have been avoided.
now on bbc news, all the latest business news live from singapore. after months of tough talk, president trump now says he will not label china currency manipulator. and we are tracking this food delivery service on the streets of san francisco. welcome to asia business report, i am sharanjit leyl business report, i am sharanjit leyl. us president donald trump says his administration will not label china currency manipulator. it is a stunning reversal from one china currency manipulator. it is a stunning reversalfrom one of his key election campaign promises. mr trump told the wall streetjournal that he changed his mind because china has not been manipulating its
currency recently, and that doing so jeopardise talks with beijing about how to deal with north korea. earlier i spoke to an economist about whether the us president was softening his trade stance on china. in the past, china has arguably used currency to push its trade policy. they have moved away from that over the past year or so, and i think although the past year or so, and i think althouthock, the past year or so, and i think although jock, donald trump the past year or so, and i think althouthock, donald trump is the candidate a year ago was very vibrant on this point, that is not currently today's situation. again, he is not looking for a fight but he will push them on market access on things like tech, financial services, steel, autos, that is where you will see a very forceful donald trump. the us treasury is due to release a report later this week on the currency practices of major trading partners. this is how currencies are doing this morning. we are seeing a strong yen having an impact on the market, the japanese market, the nikkei already lower. we
have already also heard president trump staying overnight that the us dollar was too strong, and that he would prefer it if the us federal reserve would keep interest rates low. meanwhile, the world trade organization says low. meanwhile, the world trade 0rganization says local trade is expected to pick up slightly this year. the wto says the value of goods shipped around the world will increase by 2.4% this year, and potentially grow even faster in the next two years. this is up from a very wea k next two years. this is up from a very weak i.3% expansion in 2016, but very weak 1.3% expansion in 2016, but the trade body also warned of potential risks to its outlook on trade, which include the danger of protectionist government policies in response tojob protectionist government policies in response to job losses. 0ur correspondent has more on the wto's numbers. they crept up the numbers a bit but it means we are on the right trend. and what i read from that is two question marks over the trade environment over the last six months
01’ environment over the last six months orso, environment over the last six months or so, exit and the trump election and the trump presidency, and because both of them embody or at least tilt towards some of this protectionist instinct. what we have seen is very good stewardship in london and good stewardship on trade in dc, at least in so far as saying that no one is spoiling for a trade fight. donald trump is clearly going to be more forceful on some trade issues than his predecessor but he had a good meeting with xijinping and is not looking for a fistfight. it is interesting you mentioned makes it and some of the talk which donald trump has done throughout his campaign and residency, but he hasn't really acted on it unless you include getting rid of the transpacific partnership, which he has done. so are we braced for an even more dire outlook once these real consequences are felt? well, i think we have seen some signals from the trump administration that he will be more forceful on some of these enforcement provisions, anti—dumping and some others, putting top trade lawyers and those
spots. by the way there is not necessarily anything wrong with that. if that is all you do on trade you are limiting yourself. in other words, that is the bad cop side of things, you also need the good cop. he signalled with racks of a free trade agreement with the uk might be feasible. abe's visit, he was talking about the possibility of a free trade agreement with japan. all we know is not on the table is the tpp, but what is on the table, we we will have to wait a few more months. samsung's replacement for apple siri has been delayed. the galaxy as eight and as eight plus will now ship without english voice controlled —— s8 and s8 plus. hong kong's flagship carrier cathay pacific has announced a change of
leader. the current chief executive will be replaced by the chief operating officer, rupert hogg. a few weeks ago the airline reported a loss of $74 million for last year, the first annual loss since 2008. earlier i spoke with an industry a nalyst earlier i spoke with an industry analyst and asked why cathay pacific is struggling. there are a few key changes which have happened to cathay. you can say that their greatest advantage, being close to china, which drove their traffic throughout their history, has become a major disadvantage. you can see the chinese carrier is adding immense capacity so trainees passengers have options to bypass the hub in hong kong and fly direct from major chinese cities and in addition foreigners who might be travelling who used to fly with cathay and change at the hong kong hub can now fly direct. is this all symptomatically something all premium airlines are having to deal
with, or is it specifically a problem for cathay pacific? varies across the industry how people are affected. cathay pacific is extremely exposed to heavy and intense chinese competition. singapore airlines is also exposed, toa singapore airlines is also exposed, to a lesser extent. they have a geographic advantage in their distance from china, but they are struggling with the low—cost carriers in the region and continuing competition from the traditional rivals like geruda, malaysia airlines and so forth. they have undertaken the biggest review of their business in two decades, and this change of leadership as pa rt and this change of leadership as part of that. are they optimistic that this will change things and turn things around? —— garuda. that this will change things and turn things around? -- garuda. the people leading cathay pacific, i believe, a very cognisant and aware of the issues they are facing and they have a sense of what needs to be done. they recently announced they will be cutting 30% of the costs at their headquarters, that is an important first step and the new 777 planes will have an additional
seat per row in economy class, so it will be a bit tighter when you are sitting in economy, but it will drive their costs down and hopefully bring some of that revenue back. italian luxury brand prada reported a 16% fall in profit for 2016. many luxury brands have struggled in asia over the last 16 years because of a corruption scandal in china and stock markets but for the rivals business is picking up —— volatile stock market. overall it was quite a disappointing yearfor stock market. overall it was quite a disappointing year for product, stock market. overall it was quite a disappointing yearfor product, in fa ct disappointing yearfor product, in fact it was its worst annual profit since 2011, when it first listed in hong kong. analysts at thomson reuters were looking for net income around 300 million euros and instead it came in at around 20 million euros less than that. it suggests the anti—corru ption crackdown euros less than that. it suggests the anti—corruption crackdown in china hasn't fully been resolved by a prada. it was in stark contrast to its larger rival which just a few
days ago posted a very strong first three months of the year. so in contrast to that, prada said it is seeing green shoots of recovery, to borrow a phrase we were using during the financial crisis. in its third quarter, mainland china bottomed out and in the first three months of the year mainland china was growing in terms of revenue in the double digits. so prada, that is what is to appease or tell its investors, that things are turning around, especially in mainland china, and it hopes to maintain that momentum. feeling a bit hungry but not willing to step out of the house to get some food? to step out of the house to get some food ? 0ne to step out of the house to get some food? 0ne company in san francisco may have the answer for you, and it involves robots. we think the best approach for this
kind of system is one where there is co nsta nt kind of system is one where there is constant human oversight of the robots. the architecture we have chosenis robots. the architecture we have chosen is one where a person is capable of controlling one or two robots, and overtime we are building more and more autonomous operations, so that there is one person in controlling five and then ten and so on. it is effectively multiplying the possibility of a person to do more work over the set of robots that they are overseen. -- overseeing. deliveries with a difference. that is it for this edition of asia business report. thank you for watching. the top stories this hour:
after hours of talks in moscow, russia and america fail to resolve their differences over the syrian chemical attack, and president assad's future. president trump hints at trade progress with china, if beijing helps the west tackle north korea. a steam locomotive has been driven at 100 mph on britain's rail network, for the first time since steam power was abandoned by british rail, nearly 50 years ago. the locomotive, tornado, reached the speed as part of an experiment, to see if steam trains can safely run faster than the current limit of 75 mph. judith moritz has the story. it may look like something from a bygone era, but the tornado steam locomotive is a very modern train.
to run competitively on the day's railways, it must hit top speed is. which is why, in the middle of the night, its volunteer crew did something that hasn't been done since 1966. on the line between newcastle and doncaster, they took the train to the max, passed its normal running speed, past 90 miles an hour, and beyond, right up to the top of the dial. we do what we set out to do. the guys have had an inspection, and we seem to be all right at the moment. this is all about gathering data. that is what the with this. and then we will take the with this. and then we will take the engine to the shed, put it to bed, and put ourselves to bed. the tornado was built in 2008 at a cost of £3 million, and runs a charter service. but to fit into the modern rail network timetable, its crew had to show that it could cope at more than 90 miles an hour. a lucky few we re than 90 miles an hour. a lucky few were on board last night as the
train hit the 100 mile an hour mark. they have done us proud. she isjust the only loco that could have done it, and brilliant. the train is still calling down, but now they have seen what she can really do, it is hoped that by the end of this year, this loco will be making regular express trips. for now, it isa regular express trips. for now, it is a celebration time, with a cup rather than champagne, the crew thrilled with an achievement built of sorts, sweat and seemed —— cuppa. customers of the energy company edf are facing another price rise, the second in just four months. the company's standard variable price for electricity will increase by 9%, and gas will go up by 5.5%. the energy regulator has described the hike as difficult to justify. it follows price rises by other leading energy companies. britain's biggest supermarket chain, tesco, has reported its first annual sales growth in seven years.
but the supermarket giant's pre—tax profits fell by nearly a third, to £145 million, because of fines and compensation related to its accounting scandal. 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: a masterclass for madrid in munich as cristiano ronaldo gives real the upper hand in their champions league quarter—final. monaco beat dortmund in germany to put one foot in the semi—finals but there's some controversy over why the game was played in the first place. it's "monacan't." fernando alonso to miss the monaco grand prix as he bids for glory at the indianpolis 500. hello, and thanks forjoining us.