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tv   Asia Business Report  BBC News  July 6, 2018 1:30am-1:46am BST

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our top story: rescuers in thailand are stepping up their efforts to get the trapped boys out of a flooded cave before the weather closes in. thousands of litres of water have been pumped out of the caves, bringing the flood levels down. but the window of opportunity for any rescue is not expected to last long, as more rain is expected on sunday. police investigating the latest novichok poisoning case in britain say the victims probably picked up something used in the attack on sergei skripalfour months ago. charlie rowley and dawn sturgess are critically ill in hospital, since saturday. and this story is trending on bbc.com: there's concern about these wild banana trees in madagascar, which are on the brink of extinction. scientists say the plants need to be saved, as they may hold the secret to keeping other bananas safe from disease in the future. and that is all your headlines from bbc world news. theresa may says her cabinet has "a great opportunity, and a duty" to agree a plan for the uk's future relations with the eu.
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the prime minister was speaking after a meeting with german chancellor angela merkel — and ahead of a crunch meeting with her ministers on friday. now on bbc news it's time for asia business report. the trump administration pulls the trigger, imposing tariffs on $34 billion of chinese imports survey. the chinese tariffs kick in as well. have you read the privacy policies of your favourite social media apps? will get insight from some 13 year olds. —— we will. welcome to asia business report. i am sharanjit leyl business report. i am sharanjit leyl. today is the day that the united states makes good on its threat to impose a 45% tariff on
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imports from china in punishment for what america claims is intellectual property theft. —— 25%. some of the most crucial tariffs include items in the tech sector like semiconductors, reasonable. they also cover all materials and components they go to product made in america like plastics and machinery. on the chinese side, a us agricultural products like soy beans will face increased tariffs. they make upa will face increased tariffs. they make up a third of the chinese soya bean imports. what is interesting is that many soya bean farmers are in areas where donald trump's support is strong. also there are automobiles which were already subject to import taxes. we are joined by our asia is as correspondence. joined by our asia is as correspondence. we know all of this is going to have global applications. absolutely. as you can
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see, markets in asia have not necessarily reacted to the impending ta riffs necessarily reacted to the impending tariffs that art due to go to play in the next few hours. certainly many of the investors that had been speaking to over the last few weeks across the region have displayed some anxiety, some nervousness. i think it is seen that in the last few months, especially in chinese markets. it also out here in singapore. but in the port is looking sunny today. certainly a great deal of activity takes place here every single day. singapore is a good example of a country that has benefited from free trade policies over the last few decades. and that is the concern going forward. how businesses will be able to navigate this trade war between the us and china. many businesses in the region are concerned about how they can plan ahead for this trade walk when the really knows what will happen next. listen to what the mills, the
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head of the singaporean chamber of commerce, said about this. the uncertainty level is so high. —— gowda. it is difficult to put it will happen and it is difficult for anybody to plan. —— victor mills. that is why people are watchful and wary. they are not happy about it. that is for sure. we have this much uncertainty, you cannot plan and you are watchful and wary. what does that mean for business? this is very unsure andi that mean for business? this is very unsure and i think that is what every one is really worried about, sharanjit leyl. thank you very much for that, karishma vaswani reporting from the port of singapore. so what they could this have on currencies? since the trouble began in march, at the greenback has risen by about 4% compare to most other currencies. in just during the chinese yuan has got more than 3% across the us dollar. look at how currencies are trading at the moment. you can see the levels here. i am joined now by the
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global head of currency strategy research here in the studio. we do all of this is having an impact on trade as wejust all of this is having an impact on trade as we just heard karishma vaswani talk about. what has he in fa ct vaswani talk about. what has he in fact been on currency markets? in the currency markets, we know there is a lot of risk of urgent and uncertainty in the market to which means that people are less attractive to what is happening. —— attractive. we see strongerjapanese yen due to market uncertainty, and what has taken pill by surprise that the dollar has remained strong. this could be due to a number of factors. firstly, the trade war is seen as less of a risk to the united states because it is being pursued by the united states administration. this could be helping the attraction towards the us dollar and secondly because the trade war is such
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uncertainty for the global economy as a whole, there are suspicions that the world might start using the us dollar more as the reserve currency. us dollar more as the reserve currency. and there are safe havens as well, including the japanese yen. tell us about the possibilities for china. we saw that it was done through % but in the last six months, it is down about 6%. this is all due to trade tensions or are there other factors at work? there area number of there other factors at work? there are a number of different factors there that have contributed. emerging market currencies as a whole have suffered across the us dollar due to the rally in the american dollar in financial markets. obviously, dollar strength has pressured global currencies. this has been a factor in the ja weakness. i will give you an
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example. early in 2018, be dollar really is lead. it is a much lower. it took a while for the chinese yuan to strength, extract and because of this. it could be paying catch up by now to the dollar's strength. but there is no doubt hear that it has exhilarated as a trade war and trade ta riffs exhilarated as a trade war and trade tariffs intensify. thank you so much coming in and talking to us about that, jameel ahmad from victor mills. as you know, the us was at ta riffs mills. as you know, the us was at tariffs on $34 billion worth of chinese goods, which might make a big number, but that it is not that significant when you look at the big picture. -- from fxtm. first of all, the 34 billion is only a small share of the economy. these are the two largest economies in the world. 34 billion is only 2.4% of the chinese gb. 25% is not essential. 34 billion for the us is only 0.2% of gdp and
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35% of that is not substantial. but it has a massive impact for a semiconductor producers in china, for example, and also semiconductor producers in the region, and moreover soya bean reduces in the us. one big us does admit that it would billion and china will retaliate. so the question is not the headline number. what will happen beyond those after the 34 billion. word in the donald trump is ready talking about is leading to the next 200 billion. that we already that donald trump. the chinese retaliation is 600 billion won. we are moving from six digits to potentially four digits. in the wa ke to potentially four digits. in the wake of the facebook data scandal, more are concerned about data and privacy concerns. but a survey found
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that some data and privacy policies as long as you experience a. —— as a shakespearean play. might be on a school day and maxwell and noel are relaxing at their friend ella's home. they using youtube and instagram. all three children are 13 and legally allowed to join these sites, but unsurprisingly, none have actually read the terms. you agree to waive and hereby to waive any legal or equitable rights or remedies you may have against youtube with respect... whether or not you have the acad or are locked into facebook. i did not know that. but it is a bit creepy. everything is so long. it is all a sneaky of them to put it like that. kids will look at it and just skip past it, i guess. the bbc has analysed the
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privacy policies of 15 popular websites and apps, including facebook and youtube, and found that most facebook and youtube, and found that m ost ta ke facebook and youtube, and found that most take half an hour to read, and all of them need a university level education to be properly understood, despite an eu wide law that mandates that companies use clear and plain language and their policies, especially when directed at children. facebook google and others say that they are constantly improving their terms and making them clearer and their easy to read summaries are available. but one mp says the documents to corrugated. you have to give informed consent for data to be used. it is not enough to print a of gobbledygook you know that nobody will ever read and save we have the right to do it because it's so in here. just 80 campaigners said the law as it stands is not good enough. we've been calling for our regulators to make sure the children are safe
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online and crucially that there are strong privacy settings for children under the age of 18. it is an idea that appeals to max and his friends. they say they will not wait any lengthy policies, no matter how what they are written, but hope that the adults who draft them are on their side. joe mellor, bbc news. let's look at the asian markets, now, and how they are reacting to this talk of trade tariffs. we are seeing gains, infact, of trade tariffs. we are seeing gains, in fact, for the nikkei. of trade tariffs. we are seeing gains, infact, forthe nikkei. —— miller. this is due to optimism over trade talks between the us and the european union. and that is it thought this edition of asia business report. this is the bbc news. the top stories this hour: rescuers in thailand are stepping up their efforts to get the trapped boys out of a flooded cave in before the weather closes police investigating the latest novichok poisoning case
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in britain say the victims probably picked up something used in the attack on sergei skripal, four months ago. it's looking increasingly likely that interest rates will rise next month after the bank of england governor said he has more confidence in the uk economy. mark carney says household spending had "bounced back strongly" after a slump in growth caused by the bad winter weather. our economics editor kamal ahmed reports. i'm delighted to welcome to the stage the governor of the bank of england, mark carney. in good spirits, the more upbeat message of the economy. the data since may have given me greater confidence that the softness in the uk activity in the first quarter was largely due to the weather, not the climate. a number of indicators of household spending and sentiment have bounced back strongly. governor, given the bounced back in the economy that you have outlined today, it should people be prepared for an
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interest—rate rise sooner rather than later, and certainly this year? i would say 75% survey evidence of households think that interest rates will rise because of the next year. there are expectations are that interest rates will drop a bit but not that much. he knows that brexit is weighing on economic competence and his audience it, too. if longueuil invest in local firms, many of which export to the eu. —— yvonne gale. to boost the economy, we need more ambition and a willingness to take on risks. but the problem with the whole brexit question and where we will end up is that it suppresses people's update to ta ke that it suppresses people's update to take risks. bigger companies are facing similar challenges. jaguar land rover are warning that puzzled trade barriers could cost it over $1 billion a year. —— potential. today the government was tried to reassure. that requires the ability
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to avoid frictions at the border where parts come backwards and forwards to make sure that we can export to other european union countries without tariffs and without friction. the message from newcastle: business was to be listened to, and wants and has to this key question: up little britain and the eu be after brexit is make the effort could well be very close indeed. now it is time for sport today. hello, i'm chetan pathak and this is sport today, live from the bbc sport centre. coming up on this programme:
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the shocks keep coming in the women's draw at wimbledon — now the defending champion goes out in the second round. but straight sets wins for the world number ones simona halep and rafa nadal, sees them safely through. and uruguay continue to sweat over the fitness of star striker edinson cavani, ahead of their world cup quarter final against france. we'll start at wimbeldon, where the upsets keep coming in the women's draw. now last year's champion has gone out of the tournament early on. holly hamilton has more from the all—england club. as the sun set over london, a storm was brewing. ta ken as the sun set over london, a storm was brewing. taken to a decided by an inspired alice in the.

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