tv Asia Business Report BBC News June 7, 2018 1:30am-1:46am BST
our top story — singapore has outlined the scale of their security operation for next week's trump—kim summit. sentosa island, where the meeting will take place, is being sealed off with closures to main roads, shopping malls, a subway station and a bus depot in what's being called an ‘enhanced security special event‘. president trump has granted clemency to a 63—year—old woman who has been serving life in prison for a non—violent drug offence. his intervention came after he was lobbied last week by the reality tv star kim kardashian west. and this video is trending on bbc.com. a luxury hotel in london's exclusive knightsbridge neighbourhood had to be evacuated after a fire broke out. the mandarin oriential hyde park had just undergone a huge refurbishment. no—one was injured. that's all from me for now. stay with bbc news. and the top story here in the uk — the editor of the daily mail, paul dacre, is to step down after more than 25 years in the role.
he is to become chairman and editor—in—chief of associated newspapers. now on bbc news, all the latest business news live from singapore. five days to go before president trump pinching jongleur media in singapore. what role economics will play in brokering a deal. holiday plans are drying up as a water shortage hits the popular indian resort destination. good morning, a shower. hello, world. it is thursday. that you could join us for another action packed addition of asian business report. president trump and kim jong—un will have many issues to iron out in here in here in
singapore injust iron out in here in here in singapore in just a few days, at the biggest one is over the future of pyongyang's nuclear programme. good financial aid from the us swayed them to stand down its weapons? and will they comply? earlier put that question to sean came who worked at the us commerce department has asia in the us. i think economic aid and development would unnerve north korea. they are a national estate that brands does is the true career. if there is economically, it would have let him inside that make outside information from the world. then it would just be a poorer, smaller version of south korea. what reason would they have to stay in power? they cannot afford economic development. what were they be asking for during this summit?” think they are looking for a way to get us troops of the peninsular. i
think that is where they are eventually going, and china would like to see that as well. i think north korea would be looking to some kind of sanctions relief, and president trump has already said no macs and pressure. he has given north korea something without them giving us anything. would north korea be happy where they are at in terms of their economic situation? absolutely not. they are a multinational gangster state that functioned more than a —— more like a mafia state. the regime cannot stay in power and fund its weapons programme. already we have seen china relieve some pressure which probably gave kim courage to stand up probably gave kim courage to stand up to trump a little more. is it possible that we will not see any success possible that we will not see any success in this upcoming summit, it is just basically a show to raise the profile is both kimjong—un and donald trump? in some cases, no news
is good news, and i am 0k donald trump? in some cases, no news is good news, and i am ok with trump taking a meeting with kim will stop for him to reject the invitation would be a slap in the face. maybe if nothing happens, that is best for all. that was sean king from the new york—based thing tank. president trump's pet hate is the us trade deficit. this latest number has come out and the gap is beginning to narrow. it is now down to $16.2 billion, an improvement from march's 50 billion us dollars. it fell from nearly $60 billion in february and that was the highest level in nine yea rs. that was the highest level in nine years. will this trend last, and does this mean it is winning the traits that? the big question is, where did we see the narrowing of trade with the us and the rest of the world? we saw it in two areas,
soy products and industrial products. it beat expectations and was the best since september. will it last? most of his rally, most of the growth with all from the traditional trading friends, so mexico, canada and the eu, and they we re mexico, canada and the eu, and they were buying up double—digit figures of us exports. but with the recent implementation of tariffs on those economies, that spells potential trouble ahead to us exports because they promised to retaliate in kind by tariffs. they saw an 8% widening in the trade deficit with china, and this trade deficit is president trump's big bugbear. it is 375 million us dollars. he wants to see that fixed. absolutely. we still don't have any resolution on this ongoing trade spat between the us and china. thank you so much for
that update. moving to the aviation sector, and boeing says they will not deliver aircraft are run aero because of us sanctions. the multibillion—dollar sale had been agreed on the back of the iran nuclear deal. us recently withdrew from the agreement so just how damaging will this be for the company? report this to the company chief executive in sydney. when it came toa chief executive in sydney. when it came to a run, we were always in a position where we were following and letting our government take the lead, and when it came to booking those orders, looking at what was happening in the market, we were very cautious, so we didn't count on them in terms of production. as those orders are now sidelined, it will really not impact how many aeroplanes we will produce in the future. and picking up the slack from bowling would be asia, right? an incredible market. 40% demand over the next 20 years is the
biggest market in terms of economic growth, the biggest market in terms of growing and the middle class and a great market for new aircraft. we just saw a flight from london to perth, the first time connecting great britain to australia, the continent, ewing a dream lineup. those from sydney, we don't want to go to perth. we see those lengths in flight? qantas are working on it, something they called project sunrise. we are working closely with them. in 2020, we will bring a new aeroplane to the marketplace, it will have about 1000 nautical miles more range than any other today. it is not quite enough to get you from syd ney to is not quite enough to get you from sydney to london, so we are working with them, innovative ideas to see how we can make aeroplanes in the next decade able to fly at both 20, 21 hours. it is becoming part of the strategies to customers here in southeast asia, latin america, the
middle east and it will continue to bea middle east and it will continue to be a really important part our strategy. i was just on a plane couple of weeks ago, 17 hours, and i would rather fly that are not make a stop so i could be in my hotel bed and little earlier. talking of those long—range flights, what do they do for the cities that rely on a hub system, singapore, abu dhabi, it will them off? more destinations have been a trend in the market for a number of years. in the last six yea rs, a number of years. in the last six years, they have opened up 180 new markets, so that is where the growth is. it is not about big pub is growing. it is about more frequencies to more places around the world and more convenient to use the world and more convenient to use the passengers. india is facing an acute water crisis. some neighbourhoods in the capital have reportedly gone without water for more than two weeks. the shortage is having a severe impact. it is peak tourist season here. a
city nestled in the himalayan mountains of northern india. but this season, business owners are facing a crisis. water supplies have been critically low since the end of last month. that is making running a business like the hotel ex three difficult. —— extremely. lack many other business owners, he has been forced to hire private water tankers ata premium. forced to hire private water tankers at a premium. that is causing even more problems. they also blackmail the people because this is the time that we are in need, we need minimum of one to two tankers of water per day. we are paying 50% more than in past year. at the height of tourist season, around 30,000 people visit the city every day. but with just half the water needed, hotels have
been forced to ration water. translation: a hotel have asked people not to use bathtubs and have removed taps. translation: you can't wash your clothes and drinking water is only given one. it is a popular tourist destination, and shortage of water is hitting businesses hard. travel agencies say in the past ten years alone —— ten days alone, almost 60% of bookings have been cancelled, residents are suffering as well and they are taking to is social media asking tourists to stay away. some residents are on the streets to raise awareness. environmentalists say that minimal rainfall, higher temperatures and less snowfall last winter are to blame. but they also say this management as well as developments leading to rapidly —— deforestation have made things worse. the government says it is working on long—term solutions.
translation: we have that here and in the water should be fed to the city. the crisis sent alarm bells ringing across india, where many sources of water under threat. and now, businesses and the nearly 200,000 residents here are having to alan —— rely on these tanks without thinking of the cost. thank you so much for investing your time with us. bye now. —— bye for now. you are watching bbc news. the top stories this hour — ahead of the us north korea summit, the singapore authorities have given details of their security plan. in guatemala, 75 people are now known to have been killed by the volcanic eruption — but more than two hundred others are still missing. tsp has admitted they targeted
thousands of people's bank accounts in the aftermath of an it meltdown in april. the bank had been overwhelmed by what it called an unprecedented attack by organised crime. the sorry saga of the systems upgrade which left tsb on its knees started six weeks ago, yet customers like photographer paul clark say they're still suffering. the effect has been enormous, a huge amount of mental stress, night and day. not only was paul shut out of his account, it was then raided by fraudsters, exploiting the confusion, who took more than £10,000. then, three days hanging on the phone, getting tsb to pay the money back. i have no confidence in their ability either to answer phones or to get my account back into a secure position, so i've had to make the very difficult choice
to move to another bank. in charge, amidst customers leaving and the fraud attacks, paul pester, the chief executive. the volume of attacks went to approximately 70 times, 7—0 times, the normal level of attacks we would see. he told mps he had set up a fraud line for customers after tsb was overwhelmed by an unprecedented attack of organised crime. we're not willing to have customers sit there and see their savings being taken from their bank, see their life savings, in some instances, being taken from them. we have to resolve this. a new page has now been opened by the regulator, andrew bailey, who has launched a major investigation and said there had been 10,000 fraud alerts at tsb. they're in a hole, and they've got to get themselves out of that hole, so that's not the issue for me. i mean, the obvious issue is how on earth did you get in here, and how are you protecting
the interests of customers? the fca's investigation into tsb will look at why the board approved the ill—fated upgrade, why it was so chaotic afterwards, and why there was no plan b. and the fca has a big stick — it can impose unlimited fines on banks, it can fine individuals and ban them from working in the business. the investigation could take more than a year, so it'll be a while before the full story is told of what went wrong at what mps today called the ‘totally shambolic bank'. simon gompertz, bbc news. time now for all the sports news in sport today. hello, i'm tulsen tollett and this is sport today, live from the bbc sport centre. coming up on this programme:
10—time winner rafael nadal must come from a set down to reach the french open semifinals after rain curtailed the action on wednesday but one big name is definitely heading home — maria sharapova's thrashed by former champion garbine muguruza. and west indies bounce back to finish strongly on the opening day of their first test against sri lanka in port of spain. hello, and welcome to the programme, where we start with tennis news from the french open. the world's elite players are gradually being wittled down to the final few and we now know the semi—finalists in the women's draw, after victories on wednesday for simona halep and garbine mugaruza. but we'll have to wait for the men's line—up, as heavy rain brought about an early end to the day as austin halewood reports.