tv Asia Business Report BBC News May 29, 2018 1:30am-1:46am BST
and north korea are about to enter another day. after speaking on the phone earlier — president trump and the japanese prime minister shinzo abe have agreed to meet again — before the us attends any summit with north korea. the latest search for malaysian flight mh370 ends shortly — with still no sign of the missing plane. it disappeared 4 years ago with 239 people on board. and this video is trending on bbc.com... a migrant from mali who climbed up the outside of an apartment block in paris to rescue a small boy who was dangling from a balcony is being hailed as a hero. the video of his amazing feat has been watched more than 10 million times. and now, as a ‘thank you', he's been promised french citizenship. that's all from me for now. stay with bbc news. and the top story here in the uk... a man in his eighties has died after his car was submerged in flood—waters following heavy rain across the west midlands.
the man's vehicle was "completely underwater" in walsall. now on bbc news all the latest business news live from singapore. malaysia's new prime minister pulls the brakes on a major high—speed rail project as he tries to stabilise the country's finances. asia's thirst for wine, in particular china. find out why there isa particular china. find out why there is a lot of excitement around the mainland market potential. tackles mac good morning, asia, hello, world! it's tuesday, welcome to another exciting addition of asia business report. project derailed,
malaysia's new prime minister has announced he will scrap the project to build a high—speed railway network to singapore. the route would have dramatically reduced travel times between the two neighbours, but the prime minister, who won a surprise election victory earlier this year, said they would not make money from it. katie silva joins me now. what's the reaction from singapore, have they been informed? it appears they were not informed? it appears they were not informed ahead of time. that is what the head of transport has said here. last night he made similar comments. what is this high—speed rail is supposed to do? it was a 350 kilometre path that was meant to link kuala lumpur to singapore. 90% of it is in malaysia, and it was going to cut the journey from five hours overland to 90 minutes. it would make it a lot shorter. the issue is, the cost. it will cost
about 15 billion us dollars. last night those comments were made at the press conference and it came down to the issue of cost against return. construction was about to start? it was, but this is what he had to say. this will cost us a huge sum of money. it would make no money at all, it is a short track, it's only one hour. there is another sticking point, compensation. it was 127 million us dollars, agreed in 2016 when they agreed on that deal. and this is all part of the prime minister's fiscal discipline. by cutting this, they will be reducing their expenditure. we have seen that
public debt in malaysia is huge, in the realm of 50%, if you believe the prior administration, the realm of 50%, if you believe the prioradministration, or the realm of 50%, if you believe the prior administration, or 65% if you believe the current one. the current administration says that the big scandal was a big statement investment fund, and the current administration so that they are responsible for a huge amount of debt, the corruption that occurred there. it is about alleviating this issue of public debt from an idea's perspective. from five hours to 90 minutes, and now it will not happen! thank you for your update on that high—speed rail network between malaysia and singapore. the latest in the search for flight mh370 road, a private search by ocean infiniti will come to an end on tuesday after four years, it is one of the biggest mysteries. the plane disappeared in
2014, killing 239 people from kuala lumpurto beijing, and 2014, killing 239 people from kuala lumpur to beijing, and the same ﬂight lumpur to beijing, and the same flight was destroyed, mh17, over ukraine. how do you come back from such tragic events? if you look at the passengers we are carrying today, traffic is still about 30% below pre—incident levels. in the meantime, competitors have become stronger. you have air asia growing at 15% capacity, and on domestic and regional routes. the stigma of those two accidents is still haunting malaysia airlines? exactly. what should they do at this point, to be able to overturn and change their image? and to compete with many more players in the skies? they had done
some ground work with other ceos. they have rationalised the business, downsizing their fleet. cutting loss—making routes. they have launched a new campaign. they've invested in a new satellite base, a global aircraft tracking system. hopefully that will bring confidence back. and changes in management, does that really help the company improve not only its image but also its performance? it should, it brings a fresh pair of eyes to see where those inefficiencies and costs can be cut, the cost is at about 45% . can be cut, the cost is at about 4596. (£05 can be cut, the cost is at about 4596. ceos have different objectives and different goals when they try to achieve revenue numbers for a company. exactly, and they face strong resistance from unions, and having this is very destabilising.
in may be too early in the morning for most of us but we will turn our attention to wine! and its growing appeal in asia. the value of the global wine market is expected to rise dramatically. in asia, $30 billion worth of wine was drinking 2017, more than half was consumed in china. there is a certain group of chinese consumers, though, with a taste for this wine... young people, which is great news for why —— wine owners and producers. consumption is being driven by younger consumers. people that were born in the 1970s still account for over 40% of wine consumption but already, people born
in the 1990s and 2000s, they account for nearly one third of wine consumption. isn't the chinese market already becoming a mature market already becoming a mature market with nearly 200 million cases of wine being consumed yearly? yes, i would say that it is becoming a mature market. as i said, there is a base of consumer that, when you compare it to mature markets like the uk, it already exceeds the regular base of consumers. there is really good news for wine producers. asi really good news for wine producers. as i said, this is being driven by younger consumers. wine is part of their lives much earlier. in other business news, japan's jobless rate held steady in april, and the availability ofjobs also remains unchanged. the seasonally adjusted unemployment rate is at 2.5%. the eu
is proposing a ban on single use plastic to help protect marine life, proposals are aimed at outlawing many commonplace plastic items. the governing body was almost all plastic bottles to be collected for recycling by 2025. the plan needs to be approved by the 28 member states and the european parliament before it can be passed. volkswagen say they expected be the company's target of selling 1 million electric ca i’s target of selling 1 million electric ca rs by target of selling 1 million electric cars by 2025, attributing sales to solid demand in china and europe and untapped markets in the southern hellas verona. the german, new factoring has set an ambitious goal to become a leader in this form of transport after becoming embroiled ina transport after becoming embroiled in a scandal regarding diesel in 2015. -- in in a scandal regarding diesel in 2015. —— in the southern hemisphere. due to a recent surge in global
prices, there are nearfour—year highs. the 17—month—old deal between russia and 0pec to cut oil production helped to lift prices from historic lows and the collapse of venezuelan‘s oil production in recent months produced fears and pushed the price of brent crude oil passed that $80 per prize barrel. briefly, a recap of our lead story. malaysia's new prime minister has announced that he will scrap the project to build a high—speed railway network to singapore, the route would have dramatically reduced travel times between the neighbours but he says it will be too costly and they will make no money from the project. before we go...a money from the project. before we go... a quick look at the markets. as we know, the us financial markets are closed due to the memorial day
weekend. and uk markets also shut down due to a public holiday. there is not a whole lot of liquidity in the asian stock markets since monday. currently, and a k two to five, 22,000 414. the hong kong stock exchange will be opening trading doors in about 15 minutes. stay tuned. a seismic movement for the asian stock markets this tuesday. thank you for your time. you're watching bbc news. pressure to relax northern ireland's strict abortion laws is intensifying after friday's referendum in the irish republic. labour has added its voice to calls for women to be given the same rights across the uk and tonight, campaigners who want to see the law change held a demonstration in belfast. from there, our ireland correspondent chris page reports. what do we want?
the right to choose! the calls for change have become louder. in northern ireland, abortions remain illegal, unless there's a serious or permanent risk to a woman's health. protesters say the law's outdated and unfair. i feel like we're dragging behind the rest of europe, the rest of the western world. it's like the dark ages. it'sjust incredible that we are still in this position here, especially now that the republic has moved on. the huge shift in attitudes on the other side of the irish border has given these campaigners new momentum, but there's been no devolved government here for more than 500 days now. in the absence of stormont, campaigners are turning their attention to westminster. this woman's story has made a big impact on the debate. sarah ewart travelled to england to end her pregnancy when doctors said her unborn child couldn't survive outside the womb. it was a terrifying time, more
traumatic than it should have been. if stormont was up and running, we would be up there begging for their help, but it's not, so we're now asking theresa may and westminster to help us. we need the help now. activists in dublin were already switching the focus to belfast as the landslide referendum result was becoming clear on saturday. two thirds voted to liberalise abortion laws. several former tory cabinet ministers are among a number of mps who want parliament to pass legislation to allow more access to terminations in northern ireland. but the democratic unionist party, on whom the prime minister relies for her parliamentary majority, are intent on keeping the restrictions. my message for the prime minister is that this is a matter, a sensitive matter, which the people of northern ireland have the right to make a decision on under the devolution settlement, and she should not, just because there are siren voices from the liberals and the left—wing at westminster, she should not bow to that. the government says stormont should be deciding on the issue
and that it shows the need to restore devolution. it is time for may to legislate! this most personal of matters has become highly political. the social revolution in the irish republic is having repercussions north of the border and across the irish sea. chris page, bbc news, belfast. don't forget you can get in touch with me and some of the team on twitter — i'm @ babita bbc. 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... it's pain in paris for stan as a poor performance puts paid
to wawrinka's french open hopes. he is out in the first round and out of the worlds top 250. another year another appearance in the nba finals for lebronjames. he leads the cavs to victory over boston but will he be with cleveland next season? tick tock tick tock. .. mo salah heads to spain to receive treatment on his injured shoulder — he's in a race against time to be fit for the world cup. hello and thanks for joining us on sport today. the king of clay, rafa nadal has got his title defence at the french open under way but has been battling notjust lucky loser, simone bolelli, but the elements as well after play was suspended due to rain in the french capital. nadal is on the hunt for an 11th title at roland garros but was made to work in the opening round. and despite a two set lead, he was was 3—0 down in the third against the impressive bolelli when the weather started to worsen. that game will be completed on tuesday as long as