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tv   Asia Business Report  BBC News  May 29, 2017 1:30am-1:46am BST

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missile towards japan. the missile, which some reports say was a short—range scud missile, was tracked for six minutes by the us, before landing in the sea. 2,000 civilians are reported to be trapped by fighting in the philippines city of marawi. government forces are trying to retake it from insurgents who have pledged allegiance to the islamic state. and this video is trending on bbc.com. russia has entered the highly competitive air travel market by launching its first mainline commercial aircraft in a quarter of a century. the ms—21 has just completed its maiden flight. it will be going head—to—head with the popular boeing 737 and airbus a320. that's all from me for now. stay with bbc news. and the top story here in the uk. 0fficial sources have confirmed that an inquiry is to investigate how the security services dealt with warnings from the public
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that the manchester suicide bomber, salman abedi, was a potential threat. this week we get a health check on china's engine of economic growth, its manufacturing sector. an sri lanka's government is facing criticism for the sale of valuable infrastructure projects to china. welcome to asia business report. from high—tech gadgets do economic data to defence. they are all on the agenda for investors in asia this week. tomorrow asia's biggest technology fair opens in taiwan. and the state of the chinese economy has beenin the state of the chinese economy has been in the news recently with moody
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‘s downgrading the debt rating, and on wednesday we get another peek into the key manufacturing sector with release of the official purchases index. and on friday, top defence chiefs from the region will c0 nve l’g e defence chiefs from the region will converge in singapore at a major annual defence caught. early i spoke and asked what we could expect from the computex conference? and asked what we could expect from the computex conference ?|j and asked what we could expect from the computex conference? i think we will be watching keenly to see what demand is like, articulately coming through from some of the big corporate is across asia because there is some concern in this sector as to whether that desire for the corporate is to constantly renew their hardware is still to the fore. i think if you are looking at surveys that have been done of late across the 0ecd there is a typically across the 0ecd there is a typically a desire on the part of purchasing managers do not upgrade or not roll
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over their infrastructure as quickly as they have done in the past, so i think this could be a trend we need to watch out for. speaking of purchasing managers we have the chinese purchasing managers index due later this week and last week was the first time we saw moody ‘s downgrading the country's credit rating since 1989. china's finance ministry said moody ‘s was exaggerating the economic difficulties. do you think they work? you might expect them to say that the china is on holiday along with the us and the uk and with the debt to gdp and china of 300%, i think it is not particularly surprising, but maybe in the sense that it's taken so long for this downgrade to come and it was all so interesting that hong kong was caught up in the mix with its rating downgraded but will it outlook
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raised to neutral from downgraded but will it outlook raised to neutralfrom negative, much to the chagrin of politicians in hong kong, so not unexpected and driven clearly by the debt levels across the economy particularly with state—owned enterprises. the reading will be the slowest growth seen in eight months if that is what we see. in other business news, the head of vietnam's‘s low—cost carrier, they are meeting stock exchange officials in new york about a possible share listing in the united states. the company listing in the united states. the com pa ny wa nts to listing in the united states. the company wants to become the first vietnamese firm to list overseas. the government changed rules to allow greaterforeign the government changed rules to allow greater foreign investment in the tightly controlled aviation sector. the us could widen its ban on laptops in cabins to cover all international flights in and on laptops in cabins to cover all internationalflights in and out on laptops in cabins to cover all international flights in and out of the country. america's homeland
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security secretary said there was a real threat that the us has already banned economic —— electronics larger than a mobile phone being brought on to flights departing from the middle east and north africa, in march. and 10 cents is challenging ali babar‘s dominance in the e—commerce in china. the hugely popular media network started selling luxury handbags and clothes on its online platform from the likes of burberry. 0ther on its online platform from the likes of burberry. other brands are all reportedly offering flash sales ina bid all reportedly offering flash sales in a bid to test demands. a swedish film called the square has backed the top award at the cannes film festival. the satire about the art world was one of 19 films competing for the palm d'0r prize. this festival this year has been surrounded by controversy. netflix broke with tradition by not releasing its two entries in
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cinemas. i spoke to the netflix chief product officer about why they chose that distribution model. we are chose that distribution model. we a re really chose that distribution model. we are really trying to meet consumer expectations around their entertainment experience, meaning broad entertainment experience, meaning b roa d a ccess entertainment experience, meaning broad access to content and we know that the films, we know this global distribution platform we have the person i —— personalisation platform can find the biggest audience and support those creators more effectively and we think it's a great option the distribution. you have the issue about how friends cinema tickets are taxed and a lot of those proceeds go to brand —— fund the french cinema so in essence your distribution model would kill french cinema. do you think it will? we are investing a huge amount in french cinema and local retirement and it is effective because we are bringing those stories from france to the world in a way that finds a bigger audience and are much more
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releva nt for bigger audience and are much more relevant for french content and we see it differently. we know it is a crowded margret and you have the likes of hbo and showtime doing what you are doing —— market. how do you deal with this increasing competition? it's not surprising there's a lot of people who want to ride this wave of internet revolutionising entertainment. but we think of the competitive space from a consumer perspective and it is broader than that. we are competing with everything that a consumer might do to entertain themselves, whether it's reading a book or going out with friends, watching linear television, all of those things. you are the chief product officer, so lots of pressure to come up with content. how do you come up with a great idea? we use data to try and understand what people will love around the world map model informs us. but the second half is the magic of creators and having a vision for a story they wa nt to having a vision for a story they want to tell and buying into that
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vision. then we handed over to them and give them the reins and let them have control and give them the tools to tell the story in the best possible way they can. over in sri lanka, in fact —— and expensive infrastructure projects are weighed down by loans. the economy is struggling with a debt crisis so the sri lanka and government is handing control to some of its projects to chinese companies that facing opposition. this port in southern sri lanka. 0pened opposition. this port in southern sri lanka. opened in 2010 it costs more than $1 billion and was paid for by loans from china. there was one ship here this morning and left a little while ago. the next one doesn't until tomorrow. compare that to this country's other port in colombo which sees dozens of ships
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going in and out each day. so all of this has been built here, but barely anyone is using it. for sri lanka, the port has become a large investment that is bringing few returns. that means the country is unable to pay back the money borrowed to build it. so instead, the sri lanka and government is now planning to give a major stake in the port to a chinese firm. it could be as high as 80%. it is easier for oui’ be as high as 80%. it is easier for our activity that does not bring an economic return. we keep the place closed and pay out, why should we do that? the next option is for people who might like to come and take a sta ke. who might like to come and take a stake. there are other megaprojects china is investing in. here is a brand—new city is being created —— created off the coast of colombo. it will have corporate offices, shiny apartments, parks and even a marina. all of this is being built by eight
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chinese state—owned company investing $1.5 billion, but in return for the money about two thirds of this new city will be handed over to the firm, so liked the proposed deal at the port, china will effectively control another pa rt will effectively control another part of sri lanka. some china backed projects led to protests earlier this year from locals unwilling to sell their land, homes and farms for development. there are others who object more broadly to what they call a sale of sri lankan territory. any land we give china, we don't like. any country that comes to take land from sri lanka, we don't like. but not all chinese investment has been without benefit. the many highways and roads constructed have helped boost tourism. but sri lanka is tap —— trapped in a debt crisis and owes $8 billion to china alone. so whether good or bad, the
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government here does not have much room to negotiate on the kind of deals it strikes to help its economy and its people. and for those of you who like watching our programmes, guess what, we have a new programme debuting tonight, talking business. viewers in asia can watch the programme at 9:30pm here in singapore and hong kong and 7pm in mumbai. a quick look at the markets. currently flat. shrugging off all of those tensions and concerns around the missile launch in north korea. that is it. thanks for watching. the top stories this hour. the japanese government has condemned north korea's latest ballistic missile test. around two thousand people are still thought to be trapped in the southern philippine city of marawi as troops battle militants linked to the islamic state group. both the conservatives
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and labour party, have been focusing on national security today in the election campaign. the home secretary amber rudd, reaffirmed that the conservatives would set up a commission to promote british values and tackle extremism, while labour wants to recruit 1,000 security experts in addition to 10,000 extra police. here's our political correspondent alex forsyth. in the aftermath of such an atrocity, inevitable questions about how to stop something like this happening again. the actions of this man, salman abedi, forced a pause in the election campaign. now preventing others like him is part of the debate. the home secretary said today the government had for the first time used powers to prevent suspected terrorists returning freely to the uk. 0n the manchester attack, she said police and security services were working at full tilt. with questions about who knew what and when, she was asked about reports that friends and community leaders had raised concerns about the man behind it. was salman abedi on a surveillance list? i don't know those details that you have set out to me
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because the intelligence services are still collecting information about him and the people around him. but i wouldn't rush to conclusions, as you seem to be, that they somehow have missed something. people had phoned the terror hotline, as they are told to do. as they should do. and the reason we have put in place the terror hotline, the reason we have put in place the prevent strategy is because we recognise the scale of the problem. so what would different parties do to tackle the problem? well, the conservatives would introduce a counter—extremism commission. so far short on detail, it would advise new laws and policies. they say they have committed extra funding for counterterrorism agencies and are recruiting more security officers. labour, too, has promised more security and intelligence staff and 10,000 more police officers as well as more prison and border agency personnel. in the battle for power here, labour are attacking the conservatives over cuts, saying they have left police under—resourced. the tories are defending
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their record on crime. but like so much in this election, they want to make this about character and leadership. the shadow home secretary was asked again today about past comments she had made, seemingly supportive of the ira. it was 3a years ago, i had a rather splendid afro at the time. i don't have the same hairstyle and i don't have the same views. labour says the focus now should be how to keep people safe from this, an attack which, rather than undermine the democratic system, has highlighted the choice the country is facing. who is best to lead, who is best to protect? alex forsyth, bbc news, westminster. hello, i'm on the road to nowhere and this is sport today, live from the bbc sport centre.
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coming up on this programme. petra kvitova makes a welcome return to tennis at the french open in paris. sebastian vettel celebrates extending his lead in the formula one world championship after victory in monaco. and tom domoulin claims the 100th giro d'italia, the first time a dutchman has won this race. hello, and welcome to the programme, where we start with the tennis news that, in paris, women's world number one angelique kerber has become the first top seed to have ever been knocked out of the french open in the opening round. but it was a happier return to the court for petra kvitova as patrick gearey reports. it has never taken petra kvitova so much to reach the first round. five months ago everything was in doubt. a knife attack at her home left with tendon damage on her left hand, her playing hand. she has to rely on skill and

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