tv Asia Business Report BBC News May 3, 2018 1:30am-1:46am BST
in a ceremony in washington. the former cia director was accompanied by president trump who said he was sure mr pompeo would make america proud. the new secretary of state insisted pyongyang must immediately dismantle its nuclear programme. the us treasury secretary steven mnuchin, along with a trade delegation, will meet chinese officials in beijing shortly. they're hoping to ease the escalating trade dispute between the two countries. and this story is trending on bbc.com. liverpool are in the final of the champions league, despite losing to roma in the italian capital. the english premier league side lost, four—two, in the second leg of the semi—final but are through on an aggregate score of seven goals to six. that's all from me for now. stay with bbc news. and the top story here in the uk: the nhs failed to screen almost half
a million women for breast cancer. up to 270 may have had their lives cut short. now on bbc news, all the latest business news live from singapore. after months of tensions, us officials will meet peers in beijing to talk about trade. could both sides walk away with a deal? and a taste of british nostalgia on the high seas. that is coming up in our latest programme on the experience economy. good morning, asia. hello, world. welcome to another edition of asia business report. i'm rico hizon. it's a thursday. thank you for joining hizon. it's a thursday. thank you forjoining us. the top story. talks between the two biggest economies in the world. a delegation of us officials are headed to beijing for
a face—to—face meeting which comes after months of tensions and talks of tariffs from both sides. the future of north american car manufacturers on the mainland is one of the top issues they will discuss. the bbc understands in the days building up to these meetings, chinese authorities are doing what they can to put the squeeze on carmakers. i am told that ford's importand carmakers. i am told that ford's import and export operations have been suspended, and they see this with the squeeze on them as trade talks prepare to begin. us trade negotiators will be in beijing talking about these tariffs that could blow up into a trade dispute worldwide. who are the representatives of team trump? you have a famous five led by steve
mnuchin, the treasury secretary, previously from goldman sachs. then comes wilber ross. steel is his thing. robert is doing all the work on what america thinks is china stealing intellectual property. and the rest are on your screen. let's not think they all share the same view. they may have a united front in beijing but there are varying views about what to do about the trade dispute. the chinese are not
backing down from trade tariffs imposed by the americans. who will be on the side of xi jinping? imposed by the americans. who will be on the side of xi jinping? you are correct. they go into this dispute with $50 million of their own tariffs. we know less about the host team. we know that the economic adviser to xijinping host team. we know that the economic adviser to xi jinping will be there. he will be accompanied by the newly minted vice president known as the chief of the fire brigade, the arch firefighter with the ear of xi jinping. firefighter with the ear of xi jinping. the us federal reserve helmed byjerome jinping. the us federal reserve helmed by jerome powell says jinping. the us federal reserve helmed byjerome powell says they will keep interest rates as they are
for now. the personal consumption expenditures price index hit their target of 2%. the figure they used to track it is up 8%. i spoke to a chief economist from the bank of singapore asking why the federal reserve did not raise rates. singapore asking why the federal reserve did not raise ratesm singapore asking why the federal reserve did not raise rates. it was ha rd reserve did not raise rates. it was hard because they did not prepare the markets for it. there is an indication rate hikes every two months which we have seen for the past year will keep on going through this year. possibly next year as well. they are behind the curve. when will be the next interest—rate hike? june looks likely in the market agrees. the question is how fardo market agrees. the question is how far do they go? 3% seems unlikely given they have pushed through 4%
and beyond in order to control inflation. the commonwealth bank of australia lost the bank records belonging to almost 20 million people but chose not to tell them about it. the biggest lenders said the incident happened two years ago. not enough transparency. what happened? it is just not enough transparency. what happened? it isjust the australian edition of banks behaving badly. what happened with commonwealth bank is the admitted to losing two magnetic tapes in may 2016 which contained 20 million personal accou nts contained 20 million personal accounts and information related to that, like customer names. however, commonwealth bank said they did not wa nt to commonwealth bank said they did not want to unnecessarily alarm customers and passwords were not taken by third parties. however, this has caused a furore in
australia due to other scandals of things like money laundering. there isa things like money laundering. there is a lot of hot water at the moment for them. this week, the regulator in australia had strong words for commonwealth bank saying a wide sense of complacency goes from the top—down they were desensitised. ultimately, with the latest scandal, this could have the government putting pressure on them. thank you so putting pressure on them. thank you so much for that update. 0ne putting pressure on them. thank you so much for that update. one of the old est so much for that update. one of the oldest cruise lines in the world is making big bucks selling a little bit of royal glamour in asia. it has been on the high seas since 1840, the queen mary two, a luxury liner
which is proving a hit with asian consumers. we went on board to find out why holidaymakers are captivated by the allure. the original queen mary was renowned for opulence. it replacement... even more of a floating palace to the —— it. sailing is always associated with luxury, but this cruise line is taking it one step further by mixing luxury with traditional british heritage. it may be a long time since britannia ruled the waves but this takes people back. since britannia ruled the waves but this takes people backlj since britannia ruled the waves but this takes people back. i grew up in britain and used to drive by the boat on the way to work and i used to say one day i could be on the
ship andi to say one day i could be on the ship and i did not wait much time. it gives you a feeling of grand deaths, elegance, royalty. —— grandness. for a four-month cruise it will cost you 24,000 us dollars for the cheapest cabin and 280,000 for the cheapest cabin and 280,000 for the cheapest cabin and 280,000 for the most luxurious. it is proving to be a big draw. the british brand is unique. it has a strong heritage. especially in fast—moving economies like china and japan and india. that we assurance of heritage with the british image of heritage with the british image of sophistication and humour is a powerful draw. there are plans for more royalty themed cruises. one of the ships, the queen elizabeth, will spend a longer period out in the asian market in general certainly starting from next year and onwards.
even the queen mary two, the allure is luxury as people seek to experience the high life on the high seas. i envy you, sarah. i have never been on a cruise. this may be the year. the consultancy at the centre of the facebook data schering scandal is shutting down. —— sharing. cambridge analytica sold on data to clients. facebook says its own investigation into the matter will continue. tesla is posting the worst ever quarterly loss. the electric car maker is losing $710 million in the first two months of the year due to heavy spending on
the year due to heavy spending on the model iii factories. it is behind schedule on reduction and delivery of the first car model. it ca ptu red delivery of the first car model. it captured the minds of many but investors have been uncertain about the strength of its finances. the all 0rdinaries index is up by 35 points due to gains in the oil market. shifting attention to the forward exchange markets. you can see the dollar — yen cross rate on your screen. thank you very much for investing your time with us. i am rico hizon. sport today is up next. iam ben rico hizon. sport today is up next. i am ben bland. the top stories this hour: america's new top diplomat is sworn in. mike pompeo pledges to "change the course of history on the korean peninsula." us and china trade chiefs are set to meet in beijing in a bid to ease the tariff dispute between the two countries.
tsb has confirmed that its chief executive paul pester will not take bonuses totalling £2 million because of the computer problems which have affected millions of customers. many have had trouble using the bank's online services following an it unpgrade 10 days ago. tsb executives giving evidence to a parliamentary committee have again apologised for the problems as our personal finance correspondent simon gompertz reports. it's the bank that wasn't available. all because of a systems upgrade. customers shut out of their accounts, complaining they couldn't get help. and when they could log in, about wrong information — one shocked to be £1 million in the red. my name is paul pester and i'm the ceo of tsb bank. the chief executive apologised to mp5, but said most people could now use their online accounts. the percentage that are logging in successfully are 95%. now, of course, 5% of customers are not logging in. that is often the case for any bank. but he was told he was trying to defend a bank that was broken. what we are hearing this afternoon is the most staggering example
of a chief executive who seems unwilling to realise the scale of the problem that is being faced. and it didn't impress lee, a tsb business customer who runs a delivery company in essex. he's had to pay 16 staff out of his personal account. it makes me feel frustrated. and it makes me feel really, really angry. and if he was in front of me, i's shake him and try and wake him up out of his daydream, because the guy is in cloud nine with regards to what his clients are going through. he doesn't fully understand what we're going through. i feel that our situation should be put on him. with that level of unhappiness, mps wanted to know if the bosses would resign.
are you going to lose either chairman or chief executive? um, no. so, they're staying, but paul pester does appear to be losing £2 million of bonus. is mr pester going to get his bonus? let me answer, then. and i was going to offer paul the opportunity to say, which he has, that he would not be taking his bonus for this integration. how are we doing for volumes next week? but forgoing a bonus isn't enough to satisfy lee from essex, who just wants a bank account which works. he's switching his furniture delivery business to another bank, which has promised a fully functioning account in 48 hours. simon gompertz, bbc news. hello, this is sport today. live from the bbc sport centre. coming up on this programme: liverpool are through to the champions league final —
despite losing to roma in italy. and justin langer is named as australia's new cricket coach. also coming up on the programme, i am here in jerusalem also coming up on the programme, i am here injerusalem as chris groom faces the media had at the start of the giro d'italia. —— chris froome. liverpool will meet real madrid in the champions league final after winning their semi—final tie against roma. jurgen klopp's side lost 4—2 on the night at the stadio 0lympico but came out 7—6 winners on aggregate. it's their 8th european cup final and first since 2007. rob schofield has more. the fans certainly got their money ‘s worth, even if it wasn't what roma fans