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tv   Asia Business Report  BBC News  May 11, 2018 1:30am-1:46am BST

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our top story: the date isjune 12. the venue, singapore. donald trump says he hopes his summit with kim jong—un will be a very special moment for world peace. mr trump's announcement came hours after he welcomed home three us detainees released by pyongyang. this will be the first time a sitting us president has ever met a north korean leader. mahathir mohamad has been sworn in as malaysia's prime minister, becoming the world's oldest elected leader. crowds cheered and waved flags outside the royal palace where the inauguration took place. and this story is trending on bbc.com. the us president has banned the sale of irn—bru at his scottish golf resort because it might stain the clubhouse carpet. the soft drink is extremely popular in the country, being called scotland's other national drink. and the top story here in the uk:
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the british government has issued an official apology for its role in the detention and torture ofa libyan man and his wife after their return to tripoli in 200a. now it is time for asia business report. 88 and location are set. donald trump announces he will meet kim jong—unin trump announces he will meet kim jong—un in singapore next month. —— a date and location. and we speak to the woman looking to revolutionise a visit to the doctor. hello and welcome to asia business report. i am sharanjit welcome to asia business report. i am shara njit leyl. welcome to asia business report. i am sharanjit leyl. donald trump has announced that he is meeting with north korean leader kimjong—un in singapore on june 12, saying north korean leader kimjong—un in singapore onjune i2, saying he would try to make it a very special moment for world peace. for more on
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what this might mean for i am joined by katie silverfrom what this might mean for i am joined by katie silver from our newsroom. both countries have their reason for picking singapore. what are the reasons? it is really a natural choice for both countries. donald trump, there was an idea that there was going to be other locations like dnc or sweden. but he tweeted that the highly anticipated meeting would happen on singapore —— in singapore onjune i2. happen on singapore —— in singapore on june 12. north korea happen on singapore —— in singapore onjune 12. north korea has had long established trade relations with singapore. there economic and dramatic ties ended last year when singapore basically cut the ties. but north korea has continued to have an embassy here in singapore. from the us perspective, singapore is one of their biggest trading partners in the asia—pacific. and there are a number of companies like
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facebook, airbnb, and google, that are headquartered here. so it is a neutral choice. thank you for that information on the much anticipated meeting here in singapore. in other news, dropbox has exceeded its vacations in its first as a separately listed company. it had about 11 million users at the end of march, up 4% could lead to a year ago. but the company faces a lot of competition in the cloud sector. there are some commentating factors. there are some commentating factors. there are some commentating factors. there are are companies like box, then get competitors they can bother with other services, like microsoft and google. that is wet dropbox will have to rethink. moving forward, just focusing on cloud —based storage for the next few quarters,
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they have momentum, but beyond that, they have momentum, but beyond that, they have momentum, but beyond that, they have to reconsider their value proposition. what next can they offer? they are moving in the right direction. if you look at the price they have launched like templates, this integrates things into workflow. they are moving beyond storage looking at how they can integrate themselves more closely to enterprise workflow. so what happens then while all this demand for cloud storage does what is your outlook for the cloud industry altogether? over the next three or four years, we will see this is not the faster segment. we are expecting growth of 1596. segment. we are expecting growth of 15%. beyond that, i think the biggest challenge for dropbox is how to get into other areas within enterprise it services, maybe integrating themselves into the workflow management for some of these enterprises, being seen as
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beyond a cloud —based storage, and an integral part of enterprise it, which these businesses demand. they will be the focus for dropbox moving forward. now, malaysia has a new leader. he is the oldest world elected leader at the age of 92. on friday, mahathir bin mohamad declared a public holiday, but on initial reactions, the malaysian currency weakened in offshore trade. the remit fell on thursday. we will get a little more on that story, now. “— get a little more on that story, now. —— ringgit. what are investors making of this wind, which is being likened to brexit and donald trump's win in terms of its unexpectedness? it has been a surprise win for the opposition party. it is uncharted
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territory for the country as a whole, which has never transitioned away from power with the party that has held power since its independence. as far as markets are concerned, it is difficult to comment on specific movements in the currency or interest rates. but from a more fundamental perspective, which is what we as a waiting agency are concerned with, some specific campaign pledges could have been interpreted as being credit negative, were they to be intimated without offsetting or adjusting measures. “— without offsetting or adjusting measures. —— implemented without. for instance, there is a campaign pledge for the abolishing of gst. with no offsetting measures, that would never —— narrow tax revenue and increase reliance on well related revenues. you mentioned the party that has been voted out which has run the country basically since
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independence. is there concerned that this opposition coalition, made up that this opposition coalition, made up of disparate parties, could come together, particular to build malaysia going forward? together, particular to build malaysia going forward ?|j together, particular to build malaysia going forward? i think this isa malaysia going forward? i think this is a new coalition in some senses. with a new set of challenges, even though many of them have been in power in various roles in the past, so they do have the wealth of experience with them. but it is, again, a very different economic from the one that they worked with when they were in power. —— a very different economy. i think the sets of challenges here are very different, a fast—growing economy with high levels of debt, and how they balance us will be selling to watch. and very quickly, prime minister mahathir bin mohamad said he would try to recover the funds that were misappropriated in the state fund, which, of course, the previous prime minister was accused of stealing. he has denied all of those charges. how damaging was that
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scandal to begin with? it had international repercussions and gave massive potential damage to malaysia. it spoke and gave us inclinations of the state of the rule of law and about broader institutional strength in malaysia, and that is something that we looked at in the performance of these elections. if you look specifically at the contingent liability wrecks, -- risk at the contingent liability wrecks, —— risk that they pose to the government balance sheet. thank you for joining government balance sheet. thank you forjoining us. ever used google to look up your symptoms while ill? the bbc‘s lisa singh to rally spoke to somebody who has built a multi—million dollar business and has big predictions about how technology will transform doctor
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visits. a few years ago, sequencing yourjeannot would take $1 million. today, it cost $1000. in two years from now, it will cost $100. so the dna and the genomes of people, at the genetic background of people, will be on the cloud. your medical history on emr, electronic medical records. all your family history, yourfamily medical records. all your family history, your family medical history, records. all your family history, yourfamily medical history, will records. all your family history, your family medical history, will be available and analysed in one big cloud. and when you or someone would get a serious diagnosis, you would not go see a doctor, but actually reach out to the next, i would call it, google, but it will because of the else, but one click button, where 50 million people would the same background like yours, with the same background like yours, with the same risk profiling, there is a medical history, and the same disease, what actually really work for them? and you would get personalised, taylor made medical solutions. so one solution fits all
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is gone. —— tailor—made. and that is a revolution. that will change everything and make it more efficient and accessible to people. one of the biggest issues facing asia right now in countries like china is to do with ageing populations. the additional help be a game changer? the whole world is dealing with an ageing population. this is a big public funding crisis. government cannot find such ageing populations and their needs. so basically they turn to digital health, artificial intelligence, to collaborations between the private healthcare sector with the public healthcare sector with the public healthcare sector, and we also see a huge development in home care. so we are about monitoring, prevention, looking at your data, and trying to prevent you from getting sick, and if you get sick, diagnose your early, and as early as possible trick you in an outpatient setting
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and at home. that is the new trend. —— treat you. and at home. that is the new trend. -- treat you. over the last few yea rs, -- treat you. over the last few years, do you have expanded and become very financially successful. are there plans to take your company public? i am offered once a week to be bought by leading insurers and private equity firms. vic healthcare players. and the essar is no. but i promise in the next two years, the public will be able to join forces and take part in our profits. —— big healthcare. —— and take part in our profits. —— big healthca re. —— answer and take part in our profits. —— big healthcare. —— answer is. and take part in our profits. —— big healthcare. -- answer is. and that ends our edition of asia business report for today. i am sharanjit leyl report for today. i am sharanjit leyl. thank you. the top stories this hour: the us president, donald trump, will meet the north korean leader, kim jong—un, for historic talks in singapore on june 12. and a 92—year—old per petition,
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mahathir bin mohamad, has been sworn in as the malaysia and prime minister after his party's shock victory in wednesday's election. royal bank of scotland has agreed a 5.6 billion fine, with us regulators, to end a long—running investigation into its actions in the lead—up to the financial crisis a decade ago. the bank, partly owned by the uk taxpayer, had been accused of selling risky financial products. our business editor simonjack explains. the end of an era for british banking — some of the biggest names go cap in hand to the government. another painful reminder of the past, today's £3.6 billion fine another echo of the time rbs stood on the brink of collapse, requiring a massive government rescue. the action we are taking is unprecedented, but essential for all of us. a £16 billion bailout, more money defending a bank than the entire defence budget. that's the cost of historical reckless ambition according to the current chief executive, who said today was a turning point. it does actually mean that this
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organisation can now move on. we were, at one stage, the biggest bank in the world. when organisations have as their goal growth, and big, they forget that there is a customer that they should be serving, and you end up in these sorts of difficulties. it has indeed been a dark decade for rbs. in the last ten years, it's lost a staggering £57 billion. cost—cutting and a rise in online banking has seen 1,400 branches close and the bank's post—crisis mistreatment of some small businesses has drawn widespread condemnation. but today's fine represents light at the end of that tunnel. now, it's not often that a 5.6 billion fine is considered good news, but it is, for a few reasons. firstly, it's hopefully the last big cheque rbs will have to write to pay for the sins of the past. secondly, it's a much lowerfigure than many people had feared, and that means now the bank can get back to being properly profitable, and that is good news for the folks
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that own 70% of the bank — the taxpayer. the best news about this is that rbs can put its past behind it, look forward. it's a lot more of a normal bank. it should be able to start paying dividends. the government should be able to sell it off easier. it will be more owned by the private sector, eventually completely privatised, and be like any other bank. selling the government's £25 billion stake will be the biggest privatisation in uk history and will take years. it's unlikely we as taxpayers will ever recoup what we put in. but rbs hopes that today helps close the door on the worst period in its nearly 300 year history. simon jack, bbc news. 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:
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world number one and two—time defending champion, simona halep, is knocked out of the madrid open at the quarter—final stage. dustinjohnson is tired for a lead in florida. manchester united secure second place in the premier league after a goalless d raw away to west ham united. hello, and welcome to the programme. we start with tennis and it was a day of shocks in madrid. women's world number one and the two—time defending champion simona halep crashed out in the quarter finals as did russia's maria sharapova. in the men's event world number six juan martin del potro was also sent packing, but the good form on clay is continuing for britain's kyle edmund. nick parrott has all the details. simona halep is not used to losing in madrid

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