Skip to main content

tv   Asia Business Report  BBC News  February 15, 2018 1:30am-1:46am GMT

1:30 am
i'm sharanjit leyl with bbc news. our top story: at least 17 people have been killed — including some students — and around 20 injured when a shooter opened fire in a florida high school. south africa's embattled president jacob zuma, says he will resign immediately. mr zuma made the announcement in a national address. his party, the anc, told him he had to step down or face a vote of no—confidence on thursday. us vice—president mike pence says that the trump administration is open to holding talks with north korea but stressed that this would not equate to negotiations. mr pence spoke after attending the winter olympics in south korea last week, at which he avoided contact with a north korean delegation that held talks with the south korean leadership. that's all from me for now. stay with bbc news. and the top story here in the uk. 20 months after the referendum — borisjohnson tries to reach out to those still opposed to brexit and says it's cause for hope not
1:31 am
fear. now on bbc news, all the latest business news live from singapore. us stocks shrugged off the latest inflation report despite worries that rising prices would trigger more rate hikes. we will find out why. and as donald trump cracks down on immigration, the spouses of thousands of asian immigrants working there could soon lose their jobs. good morning, asia. hello, world. it is the eve of chinese new year. glad you could join us. we have been waiting for this piece of
1:32 am
data all week. the latest inflation numberfrom data all week. the latest inflation number from the world's biggest economy. american consumer prices rising farther than expected in january, balancing up by 0.5%. economists were expecting a rise by 0.3%. in increased by 2.1%, the same pace as the month of december. this time, markets were shaken by the numbers. the nasdaq gaining 1.9%. our business reporterjoe miller explains why. job numbers we got a couple of weeks ago are up. people have more money to spend. really, this is quite good news and that may explain why in the markets haven't really reacted in the way we
1:33 am
thought. my inbox has been full all week with wall street analysts saying if inflation figures were higher than expected, you would see another sell—off like last week but it hasn't happened and that is because 2.1% in the year of inflation is a normalfigure because 2.1% in the year of inflation is a normal figure for an economy doing well. tens of thousands of indian and chinese women in america could soon lose their right to work as president trump looks to overturn another policy from the obama era. in 2015 the us government granted the spouses of highly skilled immigrants the right to work. most of these foreign workers come from india and china and the men are liars —— largely holding the primary visas. america is the only home her children have ever known. neham majan migrated from india a year
1:34 am
ago. her husband is on these of a highly skilled workers and as a spouse, she was given the right for the first time ever to work in this country. now, president trump hopes to revoke that. i am getting back into a holding cage. —— it feels like i am. it's as if they are sending a message to me that my skill sets and ability don't matter in this world and i should live the life of a homemaker than being a contributing member of the society. earlier this month she was among a group of indians who gathered outside the us capital. tens of thousands of women from india and china are most impacted by the proposed change because the number of immigrants from these countries are high in the primary visa holders are high in the primary visa holders are normally men. this is a little bit of india in newjerseyjust outside of new york. it is one place
1:35 am
where indians with technical skills have really thrived over the decades, living the american dream and employers have benefited too because hiring foreigners is cheaper. the obama administration's decision to allow spouses of foreign workers to get a job was opposed by some groups. it was even challenged in court. a case that might be rendered irrelevant now, given the new president's views. that's something trump has been vocal about. he wants jobs for americans and wages to increase. if you keep bringing in more workers, the employer wins, he gets cheaper labour but that does not help the american worker. for many who make the journey from india, a american worker. for many who make thejourney from india, a country with social pressures often forced women to quitjobs. the idea that america would deny them that right is hard to come to terms with. jacob zuma has agreed to resign,
1:36 am
avoiding a no—confidence vote planned for the same date. we explain what all this uncertainty is doing to the country's currency, the rand. the rand will sit as a stag na nt rand. the rand will sit as a stagnant level as they wait this change of leadership for more business friendly leadership and that hope, perhaps we're not going to see too much movement in the rand but if things go pear shaped in the current state president digs in his heels and refuses to resign and things become chaotic, analysts, as they say, will see movements as much as four, 5% in the rand. they say, will see movements as much as four, 596 in the rand. one of india's biggest banks as detected fraud in one of its branches and are concerns the scandal could spread to other banks. we are joined by our business correspondent in india devina gupta. there is a big loop
1:37 am
all in the system that has been exposed by this scandal. according to initial investigation, bank employers from the punjab national bank were given a letter undertaking thatis bank were given a letter undertaking that is guaranteed that a leading luxury jeweller can be given that is guaranteed that a leading luxuryjeweller can be given loans on the basis of that and they were leased 30 banks which trusted this guarantee given by the bank. the only difference is, these employers did not register the guarantee interbank books which led to about $1.8 billion going out of the system without any record. how big a blow is this to the banking industry? well, in india, at least 70% of the banking system is owned by the government and a fall of the second—largest government bank with its employees taking advantage of
1:38 am
the system speaks of big trouble because at least 30 banks. the government is looking at cleaning up bad government is looking at cleaning up ba d loa ns government is looking at cleaning up bad loans in the system. they need to start by looking at the scandal very closely. they given an update. —— thank you for an update. cisco systems has beaten expectations on its latest earning report. revenues jumping for the first time in two yea rs jumping for the first time in two years as the company starts to shift toa years as the company starts to shift to a software focused company. cisco also announced a $25 billion share buyback plan helping send shares up more than 5% in after—hours trading. workers at general motors factory in south korea have protested after the automaker said it would shut down the plant earlier this week. the factory in gunsan had been struggling and was running a 20%
1:39 am
capacity in recent years. the moves to reva m p capacity in recent years. the moves to revamp its loss—making south korean odds —— operations a series of steps to boost profit ability. finally some good news for toshiba. it's got a new boss and it's likely to have made money for the first time infour to have made money for the first time in four years. i am joined to have made money for the first time infouryears. iamjoined by my colleague marika 0i. it seems the fortu nes my colleague marika 0i. it seems the fortunes of toshiba are turning around in the year of the dog. every time we talked about toshiba, it was bad. the accounting scandal, the mounting loss of the nuclear division, and there were read and fears that the company could be delisted from the tokyo stock exchange because of this ballooning loss. as you say, some good news. the company now has a new boss starting in april. i think we can show you the picture of the new boss. he is nobuaki kurumatani, and
1:40 am
has even worked with ko, which was at the heart of the fukushima nuclear disaster. —— tepco. he looks like a nuclear disaster. —— tepco. he looks likea man nuclear disaster. —— tepco. he looks like a man on a mission. he is, because his first task is to make sure the sale of the chip business, which makes money for toshiba, goes smoothly. it is a controversial deal and some people have opposed it but toshiba really needs that sale to go ahead. it needs the money. as you mentioned, the company has also said it may have made money for the first time in the fiscal year ending in march for the first time in four yea rs march for the first time in four years which is good news. that means the company would avoid being delisted. all right, it looks like it will be a good year for toshiba with this new chief executive. marika 0i, how business report. a
1:41 am
quick look at the market ‘s before we go. it is the eve of chinese new year. i'm sure that traders are smiling from ear to ear. you have australia gaining 0.6%. but the chinese and south korean markets are closed today due to the lunar new year holidays. have great thursday, everyone. sport today is up next. the headlines: at least 17 people have been killed and at least 20 people were injured after a shooter opened fire in a florida high school. the gunman is now in custody and has been identified as a former student. south africa's embattled president jacob zuma, says he will resign effective immediately. it follows days of defying orders
1:42 am
from the country's ruling anc party to leave office. the democratic unionist party says there's no prospect of a deal to restore northern ireland's devolved government despite the intensive negotiations of recent days. the dup leader arlene foster said that one of the main stumbling blocks was sinn fein's desire for an irish language act. 0ur ireland correspondent chris page has the latest from stormont. a breakthrough seemed likely when theresa may visited northern ireland on monday. she and the irish prime minister said they were hopeful of a deal between the parties at stormont. now, the prospect of renewed power—sharing is disappearing. unionists have accused republicans of asking for too much. we have, as i've said before, run out of road in respect
1:43 am
of this process. we're not going to be able to get the executive up and running because there is not a fair and balanced package available. but sinn fein say the dup are to blame for the collapse of the talks. a lot of expectation over the course of the last number of days where people were either briefed or discussing the fact there potentially was a deal on the table. i'm saying confidently we had an accommodation with the dup and they have failed to close on that accommodation. action! the most difficult disagreement to resolve has been over the irish language. nationalists want a new law to protect and promote it. unionists want a wider piece of legislation including cultural elements which are more important to them. valentine's day brought a demonstration at stormont about another sticking point in the talks. sinn fein want to legalise same—sex marriage in northern ireland. the dup don't.
1:44 am
there have been no ministers in place here for more than a year now. that means civil servants have, in effect, been running northern ireland, but they don't have the power to make any major decisions. the westminster government acknowledges the uncertainty is affecting public services and can't continue. we need to consider practical steps. in the continued absence of an executive, other challenging decisions will have to be taken by the uk government. the dup have said ministers should be appointed in london to take on stormont‘s powers. a fix for the broken politics of this part of the uk feels a lot further away tonight. chris page, bbc news, belfast. mike emboli will be back and you can follow all our developing stories, particularly at shooting rampage, on our website. embley. 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:
1:45 am
cristiano ronaldo joins the 100 club, as real madrid beat psg in the champions league. shaun white digs deep for his third olympic gold medal. and roger federer is two wins away from regaining the number one spot for the first time in 5 years. thanks for watching. cristiano ronaldo has become the first player to score 100 champions league goals for the same club. he brought his tally to 101 for real madrid, scoring twice in their 3—1 win over paris saint germain in the first leg of their last 16 tie. 0ur football reporter john bennett was watching. brilliant 3—1 win from real madrid.


info Stream Only

Uploaded by TV Archive on