Skip to main content

tv   Asia Business Report  BBC News  June 19, 2017 1:30am-1:46am BST

1:30 am
three days of national mourning have been declared. many victims died in their cars while trying to escape. firefighters have tackled over 150 blazes across the country. portugal's prime minister described it as the greatest tragedy the country has suffered in recent years. police in london have said searches of the burnt—out grenfell tower suggest the number of fatalities will be higher than the official figure of 58 — but warned that some may never be identified. and some breaking news. reddish police have sealed off a road in london after an incident. police say one person has been arrested after a vehicle struck pedestrians outside a mosque. and another leading story here in the uk — brexit negotiations are set to begin on monday in brussels. but there have been signs of some
1:31 am
possible divisions on the british side between the prime minister theresa may and her finance minister phillip hammond. now on bbc news all the latest business news live from singapore. left off for the biggest event on the aerospace calendar. find out what top—upjets the aerospace calendar. find out what top—up jets are burning up the tarmac at the paris air show. and markets brace for impac from brexit. we map out the brand—new trading week. good morning, asia and hello world. it is as monday and thank you for joining world. it is as monday and thank you forjoining us. i am rico hizon and we kick off with the paris airshow. the biggest air plane manufacturers will display their latest products despite strong airline traffic, lower oil prices and a healthy
1:32 am
economy, many manufacturers expect slow sales. it is the biggest and busiest event of the year for the global aerospace industry. the best—known names in the business are all here to show off their latest multibillion—dollar designs. like this one. this is a new military transport aircraft from a brazilian manufacturer and one of several they brought along to the show, including that one, a commercialjet. the show, including that one, a commercial jet. the company show, including that one, a commercialjet. the company is very much in the hunt for new orders. this is where the airlines want to be. they want to see the airplay, they want to see it flying, they wa nt to they want to see it flying, they want to see the interiors. it does make a difference. i have seen deals made a broken at air shows over the course of the years. sales may be ha rd to course of the years. sales may be hard to find this year. orders the civil aircraft are expected to be much lower than we have seen in recent yea rs. much lower than we have seen in recent years. both boeing and airbus have played down expectations.”
1:33 am
have played down expectationslj expect have played down expectations.” expect orders, but, for me, the key will be how we see the shift from topline growth to whether manufacturers are working on getting their bottom—line growing. manufacturers are working on getting their bottom-line growing. crowds may be wowed but this plane is not selling well. the company does need new orders but is unlikely to get them to european giant may find itself upstaged by its american archrival which has brought along a new 737 max, and up rated version of its old workhorse. it may set out plans for a highly efficient medium—sized aircraft. for many, the highlight of the show will be the display of supplying and so the first time the lightning two will be taking part. the product of the most expensive defence programme ever. i% with delays and cost overruns. it badly needs some good pr. so as it soars through the skies over paris,
1:34 am
the performance needs to be spectacular. india's it industry gained a competitive edge on the global market and created good paying jobs to millions of workers. now it is a victim of its own success. the $150 billion industry is suffering from massive layoffs, new technology and a policies in the us and europe. in response to these changes, tech workers want to unionise to protect theirjobs. we workers want to unionise to protect their jobs. we travelled workers want to unionise to protect theirjobs. we travelled to bangalore does for this report. this is a situation this man never thought he would find himself in. at the age of a9, he is frantically looking for a newjob. for ten years he was working as a senior project manager at one of india's largest it firms. last month he and his entire tea m firms. last month he and his entire team were let go. you think yourjob
1:35 am
is safe and suddenly you have to go out. it is difficult to pay my loa ns, out. it is difficult to pay my loans, around $5,000 that i need to pay for my children's education. my father, my wife, we don't know what will happen. this area in bangalore is home to the sum of the largest it companies in india over the past two decade, jobs were cosseted. they offered prosperity and prestige. but now the industry is in the grips of a slowdown in the future is uncertain for thousands of people. it is estimated that in the last six months alone, indian firms have laid off over 50,000 people fool ‘s and this man is being blamed for the cuts. the us president donald trump and his crackdown on visas issued to indians working in the us is forcing
1:36 am
it firms to hire americans at a higher cost. from this day forward it will be only america first. indian it firms have declared these policies a threat to their business. but there are other reasons as well. at this company, automation is a factor. anything that is repetitive we get automated. so if you are doing a repetitivejob, you should be doing more to skill up and move. you can automate today, so why would you not do it? demands are changing as well. traditional it service is being moved to cloud services. for now, he has become part of the it union, asking for the government to step in. companies say layoffs are
1:37 am
other based on performance. they demand more transparent appraisals and better severance packages. they hope their efforts will protect people working in it. some good news forjapan's economic reports. exports are surging 1a.9% in the month of may compared to the earlier —— year earlier. this is according to the finance ministry. that is below the expectations of economists but well above the increase for april. exports were pushed higher by more shipments of ca i’s pushed higher by more shipments of cars and steel, suggesting strengthening global demand. japan also had its first—rate deficit in months as imports sword. —— sword. brexit negotiations start this week in brussels. business groups in the uk urged to put the economy first as she negotiates the formal exit. mid
1:38 am
week we will also get the weekly us oil inventories date. the buildup last week and gas stocks lead to a a96 last week and gas stocks lead to a a% drop in crude oil prices as the global market is already struggling with a supply glut. and on thursday, new zealand central bank will announce its latest decision, will they or won't they raise or cut the cost of borrowing? it is currently ata cost of borrowing? it is currently at a record low of 1.75%. i spoke to michael mccarthy in sydney, as chief strategist, i asked michael mccarthy in sydney, as chief strategist, iasked him if michael mccarthy in sydney, as chief strategist, i asked him if investors are likely to respond to the brexit negotiations. there are concerns, still, about brexit. they are very much a european and specific. for global markets, the implications are not clear and maybe slighter than many people think. however, talk of £100 billion bill for britain as the cost of its exit has certainly concerned investors in the uk. how will this impact the british pound
1:39 am
in asian trading? it is likely we will see further weakness in the pound. there are concerns that there isa pound. there are concerns that there is a move away from a hard brexit and that means that there are some concerns that the uk economy may suffer more than has previously be priced in by markets. the global economy is recovering, letter by pick up an urgent call economies. will the rising trend in exports continue to the remainder of the year? it seems so at this stage. while no one is getting carried away, the lock is positive that the global economy. the key for the asia—pacific region as the chinese economy and that seems to have stabilised at a lower growth level. that is good news for markets and economies. what are you looking out or in terms of oil prices we? lest week it fell for the fourth consecutive week. there is a structural problem in the oil market and opec cannot address at sufficiently to get oil prices up. it seems we will see lower oil prices over the course of this
1:40 am
trading week. the key issue is that agility of the swing producers in the us, they have not producers to —— responded to prices. if we see a drop away in a production this week, oil price may find a firmer base and they have seen. and looking at ago currencies, but coin surges to an all—time high of the end of last week it fell. is this just a correction or are we seeing the start of a collapse? i suspect it may be a correction because we see very good support for the new crypto currencies. there are now at least 12 new currencies stop the next most popular of the bitcoin has continued its rise despite the fall in bitcoin. the turnover is now approaching $100 billion equivalent each week does suggest some strength in that market. that was michael mccarthy in sydney. before we go here is a quick look now at the
1:41 am
opening market numbers. as you can see, japan is opening market numbers. as you can see,japan is up opening market numbers. as you can see, japan is up by 55.5 points, reacting positively to the trade data released earlierfor expo reacting positively to the trade data released earlier for expo arpa. imports are also in positive territory. we're also seeing gains in energy stocks. investors are also watching closely brexit talks, which begin today. the all ordinaries indexis begin today. the all ordinaries index is opening in positive territory, up by 29 points. thank you for investing your time with us. sport today is coming up next. the top stories of the sour — british police have sealed off the road outside london's finsbury park station after an incident. police say one person has been arrested after a vehicle struck pedestrians. a devastating forest fire in central portugal has killed over 60 people. hundreds of firefighters are still
1:42 am
battling the blaze. it is almost one year since the uk voted to leave the european union. brexit is expected to ta ke european union. brexit is expected to take place in march 2019. so what will the negotiations in brussels involve? monday morning, 11am brussels time here at the seventh floor of eu headquarters, the talks that will decide the uk's future finally began. so who are the key players? for the uk it's david davis, the brexit secretary, who takes the lead. for the eu, michel barnier is the chief negotiator. mr barnier, a former french foreign minister, has spent months preparing. meeting prime ministers and chancellors across europe and regularly tweeting, he's not averse to a little self—promotion. those he's encountered say he is level—headed but tough, here on holiday he tweeted there's a long road ahead. michel barnier is a realist, he is calm, i hope the conservative party will also be calm because that is the best way for negotiations.
1:43 am
how will it work? the eu has laid out its plan and will expect the uk to follow it. phase one will deal with exit terms, and only if the eu is satisfied, possibly in october, will it move to the phase two, the uk's future relationship with the eu. that's not what the uk wanted, which was trade talks from the start. so the issues that'll be focused on first include citizens rights, the rights of eu citizens living in the uk and uk citizens living in the eu. the uk's financial obligations, how they will be calculating it. and the irish border, how to avoid one between north and south. some in the eu say one thing michel barnier will make clear is that the uk's expectation that it can get as good a deal outside the bloc as inside is unrealistic. what is the wishful thinking that you are hearing that you think he will bring down—to—earth? i give you an example. great britain decides to get out
1:44 am
of the single market and of the customs union, but decides to be in again. i mean, you are out. you are out. or you are in, you are in. the talks have to be wrapped up by late next year. the timetable is incredibly tight, the issues incredibly complex. the concern, a logjam in any one area could scupper the whole thing. damian grammaticas, bbc news, brussels. hello, this is sport today, live from the bbc sport centre. coming up on this programme — american brooks koepka equals the us open's lowest winning score of 16 under to claim his first major at erin hills. against the odds — pakistan shock india and celebrate winning the champions trophy final. and chile open their confederations cup campaign with a 2—0 win over cameroon. hello and welcome to
1:45 am
the programme where we start with golf where american brooks koepka has won his first major title, the us open at erin hills in wisconsin carding a final round of five under for a tournament total of 16 under handing him a four stroke victory. let's head straight to the course and join the bbc‘s golf commentator chris latchem. the difference seemed to be on the final nine holes when koepka and brian harman were fighting it out with completely different outcomes for both? is certainly did. the three birdies ina row is certainly did. the three birdies in a row from 1a, 16 and 15 from brooks koepka is where it turned around. he was striding forward towards his 16 underpar and he's biggest rival of


info Stream Only

Uploaded by TV Archive on