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tv   Asia Business Report  BBC News  April 5, 2018 1:30am-1:45am BST

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exactly 50 years ago, when martin luther king was assassinated. he was shot dead in memphis while leading protests against racism and poverty. his life has been celebrated today in cities across the united states. facebook now says that the personal information of up to 87 million users was obtained by the british political consultants cambridge analytica. facebook‘s boss, mark zuckerberg, said the company made a huge mistake and had not adequately protected user information. and a team of maritime police in australia have had a close encounter with a massive great white shark. a colleague in another boat managed to film the shark tailing the patrol boat off the coast of south australia, inching closer, before losing interest and swimming away. that's all from me for now. stay with bbc news. and the top story here in the uk: two more men have died in separate violent attacks in east london. on the brink, as china and the us
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head towards a trade war, will either side pull back from a growing list of taxable goods? and as grab begins the process of taking over uber‘s southeast asian business, we get a behind—the—scenes look at the ceo's ambitious plans. hello and welcome to asia business report, i'm sharanjit leyl. welcome to asia business report, i'm shara njit leyl. we welcome to asia business report, i'm sharanjit leyl. we start with stocks, and on wall street they recovered from big falls earlier in the trading session, and in fact if we ta ke the trading session, and in fact if we take a look at asian markets,
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they have also opened mainly higher amongst the markets that are open. the nikkei in tokyo and australia's all ordinaries are taking their cues from wall street as well, the reason being that investors are now getting that back and forth para threats between the us and china will not lead to a bigger trade dispute. it took beijing about 11 hours to respond to the trump administration's latest list of products it plans to hit with a 25% tariff. china says it plans to impose additional tariffs on 100 and us product, including soy beans, ca i’s us product, including soy beans, cars and orange juice. us product, including soy beans, cars and orangejuice. is us product, including soy beans, cars and orange juice. is there a way a trade war can be averted? and international negotiator weighs in on that debate. it is a negotiation, andi on that debate. it is a negotiation, and i think the parties will make concessions. and for the first time ina long concessions. and for the first time in a long time, i think the american administration understands the game thatis
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administration understands the game that is being played here, and i don't think that was true for a very long time. so they are playing the same game. we need them, of course, to buy our debt. they need us for market access, and right now, if things do not take an unintended turn, ithink things do not take an unintended turn, i think this is a precursor to some negotiations that will get china on a path it is already on, which is to modernise and have a robust set of intellectual property laws. and i think that is where we are right now, and i think that is the endgame. martin, you say that the endgame. martin, you say that the americans are finally playing the americans are finally playing the same game as china plays. would you say, though, that this is a rather dangerous game? because the ramifications of a potential trade war happening are huge. well, i think you are right. because you look at what happens when we go into
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a negotiation. we like to think we are using objective evidence, and we try to base that... and there are all types of methods, game theory and other disciplines that help us get to that objective result. but the one thing that we don't count on is irrational human behaviour, and sometimes humans will act against their own interest is, and that is something that is very hard to predict. and very quickly, though, a lot of analyst, a lot of experts, say the us is likely to be hurt more ifa say the us is likely to be hurt more if a trade war does happen. say the us is likely to be hurt more if a trade war does happenlj think... if a trade war does happen.” think... right now, you look at the situation. we have a tax cut, which means deficits are predicted to grow. we need somebody to buy our treasury debt. and right now, in that sense, perhaps. but in order to buy that debt there has to be revenue. so market access, revenue, is something i think china wants to see. i don't think they are going to
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come away from this unscathed. i think both parties are playing a dangerous game, i just think both parties are playing a dangerous game, ijust think think both parties are playing a dangerous game, i just think this think both parties are playing a dangerous game, ijust think this is a pratty at to a negotiated settle m e nt a pratty at to a negotiated settlement of some sort —— this is a p ra tty settlement of some sort —— this is a pratty —— prelude. facebook has revealed the number of users whose data was misused could be as high as 87 million. that is from the initial 50 million that had previously been reported. facebook‘s voss, mark zuckerberg, admitted the company had not done enough to protect user information —— facebook‘s ceo. he said he had made a huge mistake. grab, the southeast asian right hailing company, is working with regulators in singapore, malaysia and the philippines to make sure its ta keover of and the philippines to make sure its takeover of uber‘s regional operations will go through. the chief at grab is anthony tan. he is
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36 years old and has been catapulted into the ranks of an elite new generation of asian tech entrepreneurs. they are young, wealthy and ambitious and have big plans to change the way we live our lives. kicking off our series featuring the region's tech titans, oui’ featuring the region's tech titans, our correspondent spent some time with the grab founder. meet the company that has driven global giant uber off these streets. regional ride hailing firm grab has emerged the winner in southeast asia for 110w. the winner in southeast asia for now. you have bought out your biggest competitor on the streets of southeast asia. how does it feel?‘ lot of my start—up friends say you show these organisations what is possible, and show to the world that south—east asian companies can emerge winners. that is a big deal personally for anthony tan, the boss of grab. in a lengthy interview he told me how he was inspired by his grandfather who ran a taxi firm that
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grew into a multi— billion—dollar family business. there is a sense that there is a chip on my shoulder, that there is a chip on my shoulder, that i see my... always being called somebody‘s grandson or somebody‘s son. but now he said if they can do it, why can't i? but, even though he has pushed uber out of the way, there are other players racing to catch up. an indonesian company competing with grab in the motorbike taxis space has reportedly said it will have announce expansion in southeast asia soon. you can see why it motorbikes make such a big part of grab's business in indonesia. they are the fastest way to get around in this insane traffic, but competition for drivers is getting really intense. it is notjust transport. grab's real ambition is getting a slice of the payments market, which could potentially be worth $200 billion by 2025 in
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southeast asia. only one in four people have a bank account in southeast asia. something like one in ten are using a credit card in the region. so it is clearly a real problem, where the masses are not being served. you guys, i am really humbled to be here. anthony tan as pa rt humbled to be here. anthony tan as part of a new breed of asian entrepreneurs who are taking their place on the international stage. with some of the world's fastest growing economies in this region, making it here now means they can compete against global giants and when. —— win. for more of that interview with anthony tan, you can tune into bbc world news this weekend at those times on the screen. check out our website for additional show listings. a general election is on the horizon for malaysia. the prime minister is reportedly expected to dissolve
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parliament on friday. now, the economy and the strength of malaysia's currency, the ringet, will have a big part to play on the campaign trail. our in-house view, we are expecting a strengthening ringgit, notjust because of the economy, but i think the outlook of the us economy as well. all right, how much of the economy has to do with the government? they have been putting a lot of pay—outs out there, there has been a rise in civil servant salaries, with the aim to win the elections. well, the last couple of years we did see the fiscal growth by the government, as well. but also expanding towards infrastructure development, which fuelled also the growth of the economy over the last two to three yea rs. economy over the last two to three years. a revival of infrastructure spending, the collectivity of the
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various rail and motor and so forth. what i think after the election, the ha rd what i think after the election, the hard decision will be how to maintain the fiscal discipline and the deficit and so forth. so interesting times, at the next few yea rs interesting times, at the next few years will be the key focus as well for all of us. and of course, crucially, the next few years, i will have to bring up the multibillion—dollar scandal the prime minister has been implicated m, prime minister has been implicated in, 1mdb. how has this impacted business sentiment in malaysia? has this affected your standing on the global stage? well, there is always a conversation about whether 1mdb has affected the overall economy. i would like to differ from that little bit more. we saw after donald trumpa little bit more. we saw after donald trump a lot of undercurrent noises in the market. the various policies,
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and so forth. generally, even asean currencies got hit towards the fourth quarter of 2016. but we have recovered in malaysia in terms of the ringgit stabilising and the overall economy. my key concern will still be the external shocks, and the undercurrent is that we have seen. the undercurrent is that we have seen. are very quick look at the markets before we go. the asian markets, as i mentioned that the toe of the programme, are taking their cu es of the programme, are taking their cues pretty much from wall street, which we saw also making a rebound overnight. that is it for this edition of asia business report. thank you for watching. you're watching bbc news. vauxhall is to build a new van model in luton. the decision will safeguard 1,400 jobs and should secure the plant's future until 2030. the business secretary, greg clark, said the announcement was a vote of confidence in vauxhall‘s workforce and in the uk's car industry.
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our business editor simonjack reports. the future of vauxhall‘s two uk plants, here in luton and at ellesmere port, has been a concern ever since vauxhall became part of the peugeot—citroen family, when psa bought general motors' european business. the boss of psa has previously said brexit uncertainty would delay major investment decisions. so what has changed? we have a strong performance plan for the plant, that we are now going to implement, to give the plant the possibility to catch up, in terms of cost and quality competitiveness, with all the other european continental plants. he is also feeling more confident about an eventual brexit deal. i think there is a common interest that this deal will be supporting the interests of both parties, and that therefore there is a good probability that something looking like a frictionless trade deal will be made. the government will contribute £9 million to a total investment of over £100 million.
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currently, luton can produce up to 70,000 vans a year, the extra investment will mean that goes up to 100,000. industry insiders say this was the key to the decision — luton is the only psa plant with a paint facility compatible with the models they want to make. they effectively had little choice, which begs questions over government financial support. they've been very good at extracting public money from you, for something they were going to do anyway. these big automotive investments, we're talking about over £100 million, you know, making sure that this is going to be here for long into the future. these are highly competitive investments. you know that there is great competition between other plants across europe and around the world. this is obviously great news for vauxhall and the 1,400 people who work here in luton. the life cycle of those vans is 10—15 years, so those jobs are secure to 2029 and beyond. the same is not necessarily true of ellesmere port, which is 200 miles in that direction, who are waiting to find
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out whether they will build the new astra, and whether it will secure that plant's future. union leaders say efforts to protect the 1,200 jobs at risk in the north—west are already under way. it's very critical. we made it clear to the company that luton doesn't stand alone, it's luton and ellesmere port. and negotiations are taking place, and i'm confident that we'll reach a position that will secure the long—term future for ellesmere port. that decision will be made in 2020 — time, say psa, for ellesmere port to improve its efficiency, and for there to be greater clarity on brexit. simon jack, bbc news. that's it from me. mike embley is here in 15 minutes. don't forget you can get in touch with me and some of the team on twitter. i'm @babitabbc. time now for all the sports news in sport today. this is sport today live on the bbc
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sports centre. coming up on the programme, liverpool shocked manchester city in the opening leg of the champions league quarter—final tie. shanghai sipg secured their place in the last 16 of the asian champions league. and celebrating a hole in one at augusta. a bit of ankle trouble. welcome to the programme. we'll also have lied to the gold coast with chris mitchell. we start with the champions league quarter—final played on wednesday. the two remaining first leg matches were played with barcelona 4—1 winners at home over roma. but that
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