tv Asia Business Report BBC News June 22, 2018 1:30am-1:46am BST
our top story: the us first lady has visited a child detention centre in texas. but, as her husband orders government agencies to start reuniting families separated under his controversial border policy, us congress postpones a key vote on immigration. police have detained the captain of an indonesian ferry after a disaster that left nearly 200 people missing. the captain is one of only 18 people who were found alive. and these pictures are trending online: it is a jacket melania trump wore on the way to that detention centre, with the words "i really don't care, do u?" on the back. her spokesperson said there was no hidden message, but her husband says she was referring to the media. and the top story here in the uk: european union nationals living in the united kingdom have reacted cautiously to a new government scheme to allow them to apply to remain in the uk after brexit.
now on bbc news, asia business report. increasing pressure from the united states in saudi arabia for oil producing nations to boost supply, but will iran agreed? india and turkey have become the latest nations to hit back with their own ta riffs nations to hit back with their own tariffs on american products, and the eu is expected tojoin tariffs on american products, and the eu is expected to join them today. it is a friday, everyone, almost the weekend. good morning, asia, hello, world. glad you could join us for another action packed edition of asia business report, i'm rico hizon. we started the programme with oil and members of the opec are
set to meet in vienna to discuss raising production. four months of the major exporters have worked together to boost prices, but could that we about to change? earlier i put that question to peter maguire, chief executive from australia, who spoke to us from vienna. well, they could. that is the great concern, rico, if they increase production, and it could be number as high asi million you combine the quota, and that will have a dramatic effect on the market. if it is less than 500,000 barrels that would be bullish. this is the great concern. it is hard to speculate this many hours out that will either be up or down and we will by probably two o'clock or three o'clock. so when you say i o'clock or three o'clock. so when you sayi million barrels, that is one million barrels a day. so what impact could this have on prices?
well, we think this would be dramatically bearish for the market. you would probably see brent and wta fall the best part of 6% or 8% —— wti. so it would just be a work through from there. you could see higher. there is talk as far as what that number is going to be. i think that number is going to be. i think thatis that number is going to be. i think that is the concern for producers. eight cent is still quite minimal when prices have gone up since the last opec meeting between six and 7%. that's right, but it was oversold in many ways and the market has retraced and it has had a bullish move to the upside. at the present, they would have to be thinking it is probably overpriced. so what do you anticipate iran doing in this meeting? well, i think they will sit on their hands in a lot of ways, because they don't want to dissipate in the actual increase of production. they want to see a higher price. they are in partnership in a lot of ways with
venezuela and they hold a large reserve number. that is the concern for these particular producers, and they will wait and see what happens with the saudis, and they will probably know that the ii with the saudis, and they will probably know that the 11 o'clock or 12:00pm time. —— by 11 o'clock or 12 o'clock. india has raised taxes on some foreign products as well as steel and iron, much of which is imported from america. it is the latest move in retaliation for us steel tariffs brought in by the trump administration. our correspondent reports from delhi. the utensils produced at this factory on the outskirts of india's r shipped all over the world. around $10 million worth of these goods used to be exported to the united states every year. that was, until president donald trump hiked tariffs on steel. now, for the first time in 70 years, the factory is seeing a dip in the number of orders coming
in. out of our total sale, only 596 is the united states. so it is a key market for us, and what i have seen in the last month and a half, they have become a little conservative, because they do not know. people don't want to do too much business. so the indian government is moving ahead with its own plans to hit back at the united states. it has hiked import duties on a range of products which includes apples, chickpeas and shrimp. tariffs on some nuts have seen a shrimp. tariffs on some nuts have seen a 90% hike in duties. this is asia's largest dry foods market. thousands of dollars‘ worth asia‘s largest dry foods market. thousands of dollars‘ worth of imported garments from afghanistan, spain, australia and the united states are sold here every day, and they are not cheap —— almonds. american almonds fetch a price of nearly $12 per kilogram. the new import tariffs will push the price
up import tariffs will push the price up furtherfor the import tariffs will push the price up further for the indian consumer, and while they will have the option of buying almonds from other countries, american businesses will lose out on the big export market. translation: every year around 90,000 tons of american almonds come to india. if there is a tariff hike they will lose at least 50% market share ahead of. share here. they will be hoping tensions don‘t rise any further. and we have seen turkey retaliate with tariffs on coal, tobacco and cars coming from the us. and later today the eu is expected to launch a number of import taxes against us product as well, among them bluejeans, against us product as well, among them bluejea ns, motorbikes against us product as well, among them bluejeans, motorbikes and bourbon whiskey. beijing is set to impose tariffs of 25% on us products. i spoke to simon littlewood from acg global, and asked them why they are pursuing
tariffs. the only way to make sense of it is to look at it in political terms. trump has a constituency that love the notion that america has been disadvantaged by foreigners. and so this is about demonstrating, as we come up and so this is about demonstrating, as we come up to the midterms, that trump is serious about getting those foreigners in line. it is now the us against the rest of the world. an army of countries, india, turkey, the eu, canada, implementing retaliatory tariffs. if you follow the political logic, that works in trump‘s favour, as he sees it, because he has a constituency which views the world in those eyes. if you look at what has happened with south korea, a huge exporter of steel to the us, a deal was done at the last minute. the biggest exporter of steel to the us is actually canada, and that is why there has been such a vitriolic exchange with canada. the us actually has a trade surplus with canada but they buy a lot of steel from canada. if you take a look at the products on the list from the
four countries, it is quite fast. you have the likes of whiskey, playing cards, lawnmowers, such a slew of products. you are from forgetting yellow lentils from india. beacons will be very hard hit. so will this have an impact on the us economy? i don't think it will last. i think you will see pushback, i think you will see holding the line until the midterms, and then i think you will see a lot of these things basically are going to be rolled back. i think they are political in origin, and there are a lot of reports that even within the white house there is quite a lot of confusion and inconsistency about how these are going to be applied. soiam how these are going to be applied. so i am holding back from trying to analyse the rationale, because i don‘t think there is one, to be perfectly honest. i think it is kind of random. of course there are fundamental errors in the way this is being done. if you put huge ta riffs is being done. if you put huge tariffs on steel, you don‘t automatically make us steel steel
use, you displaced the supply to somewhere else which is the next cheapest place. simon littlewood still hoping the us and other countries will back down from these ta riffs countries will back down from these tariffs on various products. the advertising industry has descended on the beachside french city of cannes this week for the lions festival, which awards the industry‘s best and brightest. traditionally asian agencies have not captured the best awards. i asked a correspondent from campaign asia why this is the case. well, it is difficult, and not every country is. hong kong, a very small market came away with five goals, largely to do with one campaign for kfc which has been a static gold —— golds. it is called the bird lent series, and it shows these fireballs with a spicy kfc chicken which is
really hot —— birdland. we looked at it and really hot —— birdland. we looked at itand said really hot —— birdland. we looked at it and said that sometimes the ad campaigns you don‘t have to say anything about other ones which stand out. but these are the campaigns of huge multinational companies. what about the campaigns of local companies? what would it ta ke of local companies? what would it take for asia to step up and be an international powerhouse of? well, that‘s the thing. sometimes you need a lot of support from the multinationals, with the big budgets, to create these fantastic creations. however, quite often it is also the non—profit and the ngos which can create great ads. those are ads were you don‘t need a big budget but what you have on your side is power and purpose, and the ability to create real emotion. it comes down to the creative craft,
and some countries seem to have it more than others. some countries have excelled in asia, from china, thailand and india. moving on now to the markets, and asia could basically slip before the weekend break, after the dowjones industrial average fell for an eighth straight session on trade war fears, with automakers tumbling following a profit warning tied to us tariffs. in the all ordinaries indexis us tariffs. in the all ordinaries index is up by a1. thank you for investing your time with us. sport todayis investing your time with us. sport today is coming up next, with all the action and the of argentina. the top stories this hour: the us first lady visits a child detention centre, as the president orders his administration to reunite families separated by his controversial immigration policy. emotional scenes in indonesia as relatives wait for news of 200 loved ones missing and feared dead after the sinking
of an overcrowded ferry. from lulu to annie lennox, from the proclaimers to simple minds, scottish rock and pop musicians have more than made their mark in the world, and a new show at the national museum of scotland in edinburgh explores the musical culture of the nation. our arts editor will gompertz has been to explore the essence of scottish pop. # bye—bye, baby, baby, goodbye... back in the ‘70s, the bay city rollers wore their scottishness on their sleeves. # the sunshine on leith... a decade later, the edinburgh—based proclaimers were riffing on the city‘s weather. # why does it always rain on me... an interest in meteorology shared by the glaswegian band travis in the ‘90s. # i‘m mr initiation! more recently, it has been the mercury prize—winning band young fathers going down a storm as a voice and look of 21st—century
scotland. as this exhibition graphically demonstrates, the list of world—class musical acts that have come out of scotland is long and illustrious. but is there a common thread, something that unites them all, that captures the essence of what could be called scottish pop? # i don‘t want a lover... here is a lady who should know. # ijust need a friend... what literally links everybody in this room is great, great songs. the scots seem to have a real knack for it. i don‘t know if that comes from the dna of folk music that was written, whether it‘s in the air. we have something to say. basically, you can‘t really shut us up, so maybe that‘s why we like to write a tune and say something. the show also looks back at the pubs, the clubs and the venues that have nurtured scotland‘s up—and—coming bands, such as the legendary barrowland, in glasgow. i think most of the bands in scotland have either played in the barrowland, or it‘s
their endeavour to play at the barrowland. that is their goal in life. once they‘ve played the barrowland, they don‘t care where else they play. some of the musicians featured in this exhibition have stayed. others have strayed, to go to london and beyond. but, wherever they‘ve ended up, what this show emphatically tells you is they were all made here in scotland. will gompertz, bbc news, edinburgh. don‘t forget you can get in touch with me on twitter. i‘m @lebo underscore diseko. time now for sport today. hello. this is sport today, live from the bbc sport centre. coming up on this programme: diego maradona didn‘t like it.
now, lionel messi and argentina‘s progress to the last 16 is out of their hands after they let in three goals against croatia. france are through to the last 16 thanks to a kylian mbappe goal which knocked peru out with a game remaining. and nine—time champion, roger federer, saved two match points as he moved through to the halle open quarter—finals beating benoit paire in three sets. hello, and welcome to the programmme. we start at the fifa world cup in russia. on day 8, croatia sent the two—time champions, argentina, crashing to a 3—0 defeat in group d that means qualificiation for lionel messi, and his side is out of their hands while croatia are into the knockout stages. elsewhere in group c, france qualified with a game to spare, beating peru 1—0, and denmark drew 1—1 with australia. olly foster wraps up the action from moscow.