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tv   Asia Business Report  BBC News  August 8, 2018 1:30am-1:46am BST

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i'm babita sharma with bbc news. our top story — more than 80,000 people on the indonesian island of lombok are seeking help after losing their homes in a powerful earthquake on sunday. medical staff are treating some of the injured in tents. several days after the quake, the second to hit the area in a week, aftershocks are still being felt. the number of dead now stands at 105. donald trump has tweeted that anyone doing business with iran won't be doing business with the us. the european union has pledged to protect firms trading legitimately with tehran. and this video is trending on bbc.com. sprinter usain bolt is making a career change. it's been announced that he's joining australian soccer team the central coast mariners for an "indefinite training period", although he won't be guaranteed a professional contract at the club. that's all. stay with bbc world news. and the top story in the uk — theresa may calls for borisjohnson to apologise for his comments about muslim women wearing burkas. now on bbc news, to singapore for asia business report.
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the us finalises it is apparent list, targeting $16 billion worth of chinese goods, but is a trade war having an impact on the mainland's economy? we will find out later this morning. the cancer eating away at oui’ morning. the cancer eating away at ourland. morning. the cancer eating away at our land. that is how some farmers in australia are describing the drought drying up their farmland, will take a look at the economic impact. welcome to asia business report. we begin with the us china trade war, whether trump administration says the next set of tariffs on chinese goods are going to affect —— will go into effect on august 23. they have
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released a final list of products worth about $16 billion which will face some put it by% tariffs, these include semiconductor chips, electronics, plastics and chemicals imported from china. however, the semiconductor industry association has come out with a statement saying... in the meantime, we'll get some clues on how the tariffs already in effect are effecting china's economy. beijing is set to release trade figures forjuly later this morning. they have recently said that they will not surrender to us trade blackmail. amy says she doesn't expect to see a huge contraction. the $34 billion of ta riffs
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contraction. the $34 billion of tariffs that affect the chinese goods, that is still quite a small number compared to china's total export. so the impact will be quite limited. as you say, the $34 billion isn't huge on the scale of things, the next round of put it by% tariffs on $200 billion worth of goods. so, can china afford to go into a trade war with the us and how much of an impact will this mean on chinese trade? visible cancer is no. -- simple answer is no. us can't afford it either. the country will benefit from the trade war, both countries will lose. so this is something that will lose. so this is something that will eventually hurt both economies and eventually the global economy, especially if it actually escalates into much biggerfigures. especially if it actually escalates into much bigger figures. trump and his administration, do they have a legitimate claim against china when it comes to unfair trade? 0r
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legitimate claim against china when it comes to unfair trade? or do you think this is more political campaigning ahead of the mid—term elections? i think some of the arguments are correct, but sometimes i think you also need to take into account that china is a developing country and in terms of gdp per capita, china is not as wealthy and perhaps shouldn't be as open or developed, so in some certain areas you can't really expect china to be as up—to—date. but i do think that the trump administration is very politically debated with their trade policies. —— motivated. they are very aggressive compare to other past administrations and i think thatis past administrations and i think that is what they think voters want to hear because there has been a lot of frustration in built on the american voters, especially the blue collar workers towards china and this is what voters want to hear. now, cricketer turned politician
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imran khan has been sworn in as prime minister yet as his party emerged as the largest in pakistan's elections last month ‘s topic but his thoughts will already be on the mounting financial crisis in the country. foreign currency reserves are running low as imports outstrip exports and many believe the country is heading for its 13th bailout from the imf. 600 million pairs of socks are produced by this company every year for some of the world ‘s biggest brands are. is a business success story in pakistan, at the country's economy is in trouble is before every dollar earned by export, around $2 is spent on imports. recent evaluations of their currency have helped, but many like this
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businessmen say investors and the government needed more to improve export. the government has to discourage investment into those areas where there is no taxation and people are not investing in the industry because they can make quick dollars in real estate. a problem in pakistan is that our growth is not sustainable yonder 6%. the doubt on increasing imports. the only way to counter that is to increase exports. imports have been driven up by the cost of machinery brought in for infrastructure projects on the china pakistan economic corridor. as a result, foreign currency reserves have rapid depleted. —— rapidly. china has provided extra loans, but many china has provided extra loans, but ma ny a nalysts china has provided extra loans, but many analysts say turning to the more viable option. there is the immediate requirement of somewhere between ten to 12 billion us dollars
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and there is no other donor who can bridge that kind of a deficit. and there is no other donor who can bridge that kind of a deficitm will be imran khan set to become the new prime minister who will have to decide whether to go to the imf. but the conditions attached to a bailout could make it much harder to fulfil his campaign promises of creating and islamic welfare state. his team say they are exploring all options, including the imf, but are still waiting to form the government. right now pakistan only has enough foreign currency reserves to cover a few worth of imports. this growing financial crisis will be imran khan's first big challenge as prime minister and it needs a solution soon. australia has been hit with one of the most intense droughts of the past century. new south wales churns
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out one quarter of australia's agricultural out what and that part has been hardest hit, especially over the last six months where 90% -- 9996 over the last six months where 90% -- 99% of over the last six months where 90% —— 99% of the area has dried up. the drought has swept across other parts of australia in the last, farmers are not expecting much from their crops where this season ‘s harvest is expected to fall to its lowest in a decade. tim burroughs says agriculture makes around 3% of the country ‘s economy. agriculture makes around 3% of the country 's economy. businesses across australia are on a strong trend line. we have come off our strongest year with $60 billion worth of production and the leaders of the industry are still aiming for a80 of the industry are still aiming for a 80 $100 billion industry. however, it has upset and downs and despite the drought‘s significant impact on the drought‘s significant impact on the well—being of particular farmers in the areas that you have mentioned. agriculture is about 3%
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gdp, if you flow that down through reduction and food, it ends up being around 12 or 13% of the gdp. so it is significant. 0bviously around 12 or 13% of the gdp. so it is significant. obviously a big chunk of our agriculture production is actually exported overseas. you are saying you are still optimistic about how the agriculture business industry will look going forward, but surely the current drought that we are seeing, the issues, the australian government has had to extend payment to farmers, surely thatis extend payment to farmers, surely that is having something of an impact? air. we came off a $63 billion year and even the projections were to come down to 59 ina yearor projections were to come down to 59 in a year or two's time because that was a record year with record prices. individualfarmers in those
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drought stricken areas are doing it very ha rd drought stricken areas are doing it very hard and there is no getting around that. tesla's chief executive says he was to drive the company into a new direction, taking the multinational corporation into private ownership. 0ur multinational corporation into private ownership. our business reporter says that shareholders would be offered $420 per share, making the company worth about $80 billion. this shocked many analysts, who assumed that tesla wouldn't be able to raise that amount of cash to ta ke able to raise that amount of cash to take the company public but elon musk said it is something he really wa nts to musk said it is something he really wants to do because the beloved —— he believes a number of short sellers betting against tesla have distracted the overall company from hitting its target and that is why he says a private model is much better for tesla. 0bviously, $80 billion is quite a lot of money, he says he has secured funding we have
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seen any confirmation of thatjust yet. let's take a look at the markets now because we saw those shares of tesla going up and wall street was higher as well. the asian markets that have just opened, the nikkei and the all ordinaries are just flat at the moment. they are taking a lead from some of those gains and those corporate data that we see from wall street, but also oil prices higher which is affecting commodities of. and that is it for this addition of asia business report. this is bbc news, the top stories this hour. indonesian officials say the lombok earthquake has displaced more than 80,000 people. the number of dead now stands at 105. donald trump has tweeted that anyone doing business with iran won't be doing business with the us. the european union has pledged to protect firms trading legitimately with iran. the prime minister has backed calls for boris johnson to apologise, for comments he's made
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about moslem women wearing full—face veils.the former foreign secretary wrote in a newspaper article, —— the former foreign secretary wrote in a newspaper article, that the women "look like letter boxes," and that the burka was "weird" and "ridiculous." mrjohnson has so far has refused to apologise. here's our chief political correspondent vicky young. from online abuse to attacks on mosques, crime figures suggest islamophobia is on the rise in britain and the conservative party has faced accusations that it has not done enough to deal with incidents in its own party. and now borisjohnson is underfire with prime minister backing calls to him to apologise. boris johnson used language in describing people's appearance and has caused offence. it was the wrong language to use and he should not have used it. 0n the key issue of to wear a burqa, if they choose to do so, that should be a matter for the woman to choose. writing in the telegraph,
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the former foreign secretary said, a total ban is not the answer but schools should be able to tell students to remove a burqa if they turn up looking like a bank robber. he went further saying, it is ridiculous that people should choose to go around looking like letterboxes. baroness warsi was britain's first muslim cabinet minister. for years she has been calling for an inquiry into islamophobia in the party. she says borisjohnson is using bigotry to further his career. to use language like letterboxes and armed robbers and colourful language to further this debate is not about having a serious debate on a serious issue, it is about trying to get airtime and attention on an issue that he knows will resonate with a certain part of the tory party. but mrjohnson's friends say it is ridiculous that his views are being attacked and that difficult issues had to be debated. it was an erudite column with a bit
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of humour about the pertinent issue, that denmark have banned the burqa but boris does not think that is the answer to the issue in our country. and he made his comments, nothing to apologise for. it has all been blown out of all proportion by those who wish now on bbc news, sport today. hello. this is sport today live from the bbc sport centre. coming up on this programme: afterfalling behind, johanna konta returns serve to move through to the second round of the rogers cup, beating jelena 0stapenko. dina asher smith equals the world leading time for this year in the 100m claiming european gold in berlin. and tiger woods continues his bid for major number 15 as preparations for the 100th us pga championship continue.
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hello and welcome to the programme where we start with tennis and there was a shock defeat for the number 11 seed jelena 0stapenko in the first round of the canadian 0pen on tuesday in montreal. the former french open champion was beaten in three sets by great britain'sjohanna konta — who's currently 43 in the world. konta — who beat serena williams in sanjose last week — came from a set down to win the decider 6—2 over the latvian— to seal her place in the second round where she'll face victoria azarenka. maria sharapova is also through to the 2nd round in montreal. her match against the bulgarian qualifier sesil karatantcheva was suspended because of rain on monday night, with sharapova leading 2—1 in the first set.

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