tv Asia Business Report BBC News May 21, 2018 1:30am-1:46am BST
this is bbc world news. our top story. a stream of lava from hawaii's kilauea volcano has reached the south—east coast. it's cut off a key evacuation route. hawaii's civil defence agency said the lava, is now flowing into the ocean, prompting warnings of a toxic gas cloud containing hydrochloric acid. china and the us have agreed not to impose new tariffs on each other‘s goods. the trump administration is suspending the introduction of new duties to allow time to work on a wider trade agreement. the royal wedding is still trending online. the new duchess of sussex has followed royal tradition by laying her bridal bouquet on the tomb of the unknown warrior at westminster abbey. the royal family has thanked the tens of thousands of people who travelled to windsor for the wedding of prince harry and meghan markle. stay with bbc news. and the top story here in the uk. now on bbc news
all the latest business news live from singapore. the us and china say they will hold ta riffs the us and china say they will hold tariffs putting a trade war on hold. and there are record shattered on the auction block as a bottle of whiskey fetches more than $2 million. the us trade war with china is on hold after the world's largest economies agreed to drop their tariff hold after the world's largest economies agreed to drop their tariff threats hold after the world's largest economies agreed to drop their tariff threats while hold after the world's largest economies agreed to drop their tariff threats while they hold after the world's largest economies agreed to drop their tariff threats while they work hold after the world's largest economies agreed to drop their tariff threats while they work on hold after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement. officials from washington and the —— dacey and beijing say they are setting up a
framework for addressing future trade barrett —— imbalances. it is said at his achievement for both sides. for now, this nascent trade war, and both sides have threatened a total of $150 billion of tariffs against each other, that threat has gone away, so against each other, that threat has gone away, so that's a row —— a relief for the boeing of this world and the small companies we visited last week who are making tiny component parts to go to the us. they face the prospect of a tariff as well. so the trade war or the extend one was brewing, that has been set to sides, but that has seen little detail on what the two sides agreed after a second round of talks in washington, dc. and as you say, that $200 billion figure that the us is looking for in terms of reducing the trade deficit with china, that seems to have faded away finau. we
know that the world trade organisation and other folk say in this region are breathing a sigh of relief that this trade war, as you say, is being averted to some degree, but do we know exactly what happens next? us team goes to china $0011 happens next? us team goes to china soon to work out that detail that is not me paraphrasing, that came out in the detail on saturday and there will be a huge concern about the lack of detail and if any agreement has been reached or they arejust being polite and their disagreements. one of the president's senior economic adviser said on sunday talk—show that there was no agreement for a deal and there is simply a communique between there is simply a communique between the two sides and that is where we are. look at some of the words in the statement that came out on saturday. there is a consensus on taking effective measures may agree there is a
meaningful increase the way in terms of exports. they agreed to make a fair level playing field, and this is all aspirational and will lead people to be concerned about what comes next. robin brant speaking to me earlier. members of the leading world economies are meeting in argentina at the 620 world economies are meeting in argentina at the g20 forum to try and reach a consensus on a variety of sensitive issues including terrorism and climate change. our south american business reporter says problems facing emerging markets may take centre stage. prime ministers from g20 countries are meeting in argentina at a time of great distress or emerging markets. the host country has ramped up its interest rates to 40% and is asking for a multi—billion dollar loan from the imf but other emerging markets are suffering as well. brazil's currency lost 20% of value since the beginning of the year a lot of it
due to changes expected in the us interest rates. today's meeting will be about fair interest rates. today's meeting will be aboutfairand interest rates. today's meeting will be about fair and sustainable development and that is exactly the topic that many emerging market ministers will be complaining to their peers about. there will also bea their peers about. there will also be a week of major political events that will have an impact on markets around the world including a meeting on tuesday between us president donald trump and south koreans president at the white house. the two are expected to discuss the upcoming summit between donald trump and kim jong—un. the upcoming summit between donald trump and kimjong—un. the preliminary hearing on wednesday in the corruption case of the former south korean president begins in the capital while german chancellor angela merkel arrives in beijing on a four—day trip to china. and finally, on friday, the world's most expansive data privacy law takes effect and i'm talking about the general data protection regulation orgdp are.
general data protection regulation or gdp are. any business that processes the personal data of european residents must comply with the new law. a visiting professor at lse says the meetings this week — a volatile time that we live in. lse says the meetings this week — a volatile time that we live inlj look at these meetings as part of that. the korean meeting is not explicitly about trade, it is about the summit with north korea's leaders next month so this is about stage management and management around that. the germany and china one is about trade and about geopolitics. china is the largest trading partner that germany has and it's a relatively new development, only in the last two years that that has happened so in many ways germany has happened so in many ways germany has pivoted from the us to china on that front and it makes strategic sense. china is also the largest export market of germany. not many western countries can say that and there is still a bit of a deficit as
far as the relationship is concerned but it's more of an even keel, so that relationship is not trade war, but it's how we can take it to the next level. interesting you say that germany is looking to pivot towards china but what about china pivoting towards germany and europe in general with all of this pressure from the trade spat we have spoken of with the us? geopolitics is now multilateral and fragmented at various levels and it's notjust trade, there is iran, europe, and china, they are on the same side with the us, but also russia. angela merkel met with vladimir putin last week and president macron is meeting him this week at the same time that angela merkel is in china. let's ta ke angela merkel is in china. let's take a quick look at the data privacy law. what will it mean for firms like facebook and google? it's potentially a regime shift in the way that data is regulated. the
assumption that platform economies can continue unabated and their valuations will continue will be questioned. in other business news, japan's exports rose 78% april compared to the previous year highlighting a rebound in demand from overseas economies and imports also rose nearly 6% in the same period. the trade balance came to a surplus of $5.65 billion. the venezuelan president has been re—elected for another six years in office. he enters a second term promising that he will tackle the economy for his hungry indicia lose and electric. john sullivan says that washington will not recognise the result of the venezuelan elections and is considering oil sanctions on caracas. two bottles of rare 60—year—old macallan whiskey fetched a total of more than $2
million under the hammer on friday in hong kong. bonhams auction house said boat sales shattered the previous records for the spirit. one whiskey veteran says the final bids exceeded even their expectations. it's quite extraordinary, really. we've never got close to the us $1 million mark and to have one bottle to have that broken again above the million—dollar mark, it's unprecedented, but it is a record but it shows the trend. do we know much about who is behind these huge bids. there are lots of collectors out there. are they from asia? they are out there. are they from asia? they a re often out there. are they from asia? they are often very private people. one was purchased through telephone bids so we might never know who they are. one was in the room but no information has been released. are they buying for themselves or someone they buying for themselves or someone else? bonhams in hong kong
is the most prestigious spirits auction and that is where the big sales go through. but we see other bottles selling in the uk and the last record was £68,500, so we're talking another order of magnitude. we know that asian consumers have been more sophisticated over the yea rs been more sophisticated over the years and are demanding fine wines and spirits like this as well so do you think the market is shifting somewhat to asia. a lot of european producers now are perhaps having to look to asia in terms of marketing? absolutely. scotch whiskey has a lwa ys absolutely. scotch whiskey has always been big but traditionally it was standard blended whiskeys. they have shifted towards these much more exclusive bottles, independent bottles of 1926 that are almost impossible to find. who drinks 60—year—old whiskey? is it even still good? there's every reason it should be. at the bottle is kept
well it should be expected to be quite enjoyable to drink and that is normally one of the indicators of the price at auction. if it's being kept well, it will fetch that higher price. matthew ferguson stewart speaking to me earlier about those bottles of whiskey. let's look at the markets, fairly flat for those that are open. japan, reasonably flat. pretty much taking their cues from wall street which fell on friday but there is some relief over the trade tariffs being on hold in china. that's it for this edition. thanks for watching. this is bbc world news. our top story. a stream of lava from hawaii's kilauea volcano has reached the south—east coast. it is prompting warnings of a toxic gas cloud. china and the us have agreed not to impose new tariffs on each other‘s goods.
this eases fears of a costly trade war. rail passengers have faced disruption on the first day after major changes to timetables — described as the most significant for decades. one operator had to replace the new timetable with an emergency schedule but the industry says its working to reduce the impact on passengers. there will be more disruption on monday morning, as the working week begins. sophie long reports. this service will remain on the platform... it is the biggest shake—up to services for a generation. more than 4 million trains across britain have been rescheduled. arrival and departure times for all trains run by southern, great northern, thameslink, and gatwick express changed today. the plan is that services will be more frequent and more reliable but some passengers are saying theirjourneys will no longer be possible and they are dreading the expected disruption in the next few weeks as trains and crews are redeployed. emily lives in harpenden, a growing commuter town that relies
on rail links with london. the train she normally catches every morning will no longer run. so how is this a major impact on your life? the next few weeks i had to arrange for extra childcare and it is a tight squeeze in the morning to drop off my kids, get to the station and get into london. i cannot take the risk going forward whether or not i will actually get on a train. it is notjust about the extra cost of childcare, it is letting my children down. i work five days a week in london and my time with my kids is really precious. emily is not the only one who is furious. it is appalling, we are paying £4,000 a year for better services and we keep hearing that our services are being transformed but they are being transformed for the worse so we are very angry about this and we will not take it lying down. one of the train lines involved has already experienced teething problems.
all of the new trains running through are cancelled today. the company involved that runs the train lines says they are facing the industry says there will be short—term disruption but with long—term benefits. we are having to try and change timetables to accommodate where there are more passengers, where there are bottlenecks. and that will involve some winners and losers and also involve some teething problems as the system is bedded in. time now for all the sports news in sport today. hello, i'm gavin ramjaun and this is sport today, live from the bbc sport centre. coming up on this programme. rafa rules in rome, and returns to world number one. elina svitolina thrashes simona
halep to win the women's final. and 22 years of the best — iniesta bows out on a high at barcelona, lifting the la liga title. hello and thanks for joining us on sport today. rafa nadal will regain the men's world number one position after a thrilling final, against alexander zverev, to win the italian open. nadal was a break down in the decider, when rain stopped play, but came back to win every game after the break to win in rome, for the eighth time. jim lumsden reports. it few players threaten adar lahm play, and zverev is one. the spaniard did appear to be cruising to another one —— few players