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tv   Asia Business Report  BBC News  August 24, 2018 1:30am-1:46am BST

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in camps in bagladesh. in a bleak assessment, the united nations says they're at risk of becoming a lost generation. it warns they face dangers such as disease, flooding, a lack of education and sexual abuse. the political future of australia's prime minister, malcolm turnbull, is hanging in the balance after more members of his cabinet resigned. he's likely to face of a new leadership challenge. and this story is trending on bbc.com. president trump has warned that the economy would be badly damaged if he was impeached. he told fox news that the market would crash and everybody would become very poor. that's all. stay with bbc world news. and the top story in the uk: the government publishes its first detailed advice if britain crashes out of the eu without a deal. companies are being warned about extra red tape,
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consumers are being told they could face higher credit card fees. now on bbc news, live to singapore for asia business report. talks between the united states and china aimed at easing trade tensions end with no major breakthroughs as ta riffs ta ke end with no major breakthroughs as tariffs take affect. how hard is it to make a blockbuster movie with an all asian cast? we talk to one of the producers of crazy rich asians, who took the gamble and won. good morning, asia. hello, world. it's friday, almost the weekend, glad you could join us for another exciting addition of asia business report, i'm rico hizon. we start with us/ china trade and officials have ended two days of talks in washington, dc with little progress
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as the trade dispute escalated with another round of julian as the trade dispute escalated with another round ofjulian tariffs on $16 billion worth of each country's goods. as part of our trade week special, we look at how the dispute is threatening the entire world. beijing levied tariffs on us pork in april and is threatening to increase those. some countries like brazil, one of the world's top port exporting nations, is hoping to gain new markets from these trade wars but things aren't as simple as they seem. daniel gallas reports from southern brazil. competition is fierce in global pork markets, and there's one country with a huge appetite, china. it is such a tough market, tariffs have the power to disrupt competition and some eventually lose out. this year the biggest loser is said to be the us, which faces hefty tariffs that china is imposing on us pork. other countries are now scrambling to take
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over that share. some countries like the idea of the trade war. take producers in brazil, pig farmers in this region of the country want to more than double their production in the next ten years but they don't have enough consumers so a trade war between two other countries is an opportunity to gain new markets. growing labour and land costs in china are driving up imports. in recent yea rs, china are driving up imports. in recent years, it overtookjapan and is now the world's biggest pork meat importer. but not everyone is convinced that trade wars are good or even easy to wind. this man runs one of brazil's biggest pork exporters. he says chinese tariffs on us soy beans are forcing up global prices, including in brazil, so it means brazilian pigs are more expensive and less competitive. translation: these trade wars seem
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at first glance to be beneficial to brazil, but on second thoughts, we export commodities but import many things. machines, raw materials that are becoming more expensive. the truth is, in the end no one really winds. -- wins. producers have ambitious plans for the future but most here say they would rather see fewer tariffs and win trade wars with only good old—fashioned win trade wars with only good old —fashioned competition. win trade wars with only good old—fashioned competition. daniel gallas, bbc news, brazil. alibaba has gallas, bbc news, brazil. aliba ba has once gallas, bbc news, brazil. alibaba has once again beat a nalysts' alibaba has once again beat analysts‘ expectations, revenue rising more than 60% in its latest earnings report but its delivery business continues to weigh in on profits. most folks associate alibaba with e—commerce, and its recent acquisition, but did you know it is involved in other areas as well? for example, its cloud service
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is rapidly growing but still lags behind the competition from amazon and microsoft in market share. it‘s all so into digital media through its real—time online bidding marketing exchange, and it is even in entertainment, producing and distributing movies through various content platforms. earlier i asked a nalyst content platforms. earlier i asked analyst ray wong from conservation research in silicon valley how much longer they can suffer losses. research in silicon valley how much longer they can suffer lossesm could be a bit longer because they are still trying to expand into africa with cloud technology, europe, the middle east as well. they are trying to expand into parts of asia so there‘s still build out. in the same way people ask how long it took amazon to build their infrastructure, three to five years, i would say it will take time, probably 24—36 months to build the into structure they need to get to the same level of scale, because they have the same level of
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potential. alibaba has deep pockets, but was it the right strategy to get into brick and mortar stores by buying hema? especially for the markets they are in, hema and the delivery side are very important for them and we‘re not seeing the traditional on the channel model, but bricks and stores to begin the conversation, some purchases are happening by online return in—store. they work hand—in—hand if you can manage the model. we‘re seeing that as an opportunity for both amazon and alibaba. ray wong from silicon valley. the talk of the town this week has been the release of the movie crazy rich asians. it stars and all asian cast, a first for a hollywood movie in nearly three decades. after talks, topping the us box office last weekend, it opened in asia this week. the film has already raked in
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an estimated 3a million us dollars in five days in the us, more than covering the $30 million pricetag it cost to produce. but how much of a gamble was a film with an all asian cast for the producers to back? and will the formula be a big hit in asia? try will the formula be a big hit in asia ? try near‘s will the formula be a big hit in asia? try near‘s box office overtook the us as the biggest in the world just this year —— china‘s. one expert says warner brothers gave them the support they needed to succeed. they believed in the idea that if we created an organic love story that touched on an experience that a lot of people haven‘t seen, and in a beautiful exotic place, there would beautiful exotic place, there would be an audience. but, but, will you ta ke be an audience. but, but, will you take the gamble again on an all asian hollywood film, but not romantic comedy, not even the sequel? this isjust the beginning. decides the sequel, we have, in
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anticipation of this moment, been developing several projects and soon we will have a project focusing on asian focused global films we will have a project focusing on asian focused globalfilms —— besides the sequel. looking forward to those projects in the pipeline. but the big question is, john, why are you not still being screened in china, what are the challenges their? the process continues. the hope is with the success of the film through the rest of the world it will become a more immediate and undeniable moment for china to also be showing the film. do you think the title crazy rich asians is putting off the communist leadership, are you willing to change the title to accommodate them? we haven't heard that by any means, and we‘d always be reasonable, but the success of the film and now the brand of the film speaks for itself. also the title in
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some ways is injest. there‘s an interpretation of the title that is less provocative than one might think. if ever there's a sequel it is entitled china rich girlfriend and it has to be filmed in china?m is true. the sequel takes place in china are often with this director and we hope that makes china a bigger part of the story. everyone in hollywood talks about the issues of whitewashing and gender bias, john, what about the likes of co nsta nce wu john, what about the likes of constance wu and michelle yeo, do they have higher paid than henry golding? know, in facti they have higher paid than henry golding? know, in fact i think everybody understood that this was a moment to celebrate and all asian cast —— higher pay —— no. everyone will reap the benefits. john penotti, one of the producers of the blockbuster hit crazy rich asians. in other business news, saudi arabia has denied reports it
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called off its plan to sell shares in state oil giant aramco. reuters reported a group of financial advisers to abandon a plan to sell 596 advisers to abandon a plan to sell 5% of the company. it quoted a source suggesting the decision was taken some time ago but was not being announced. saudi arabia‘s energy minister said the government would proceed with the flotation, which has been billed as the largest ever initial public offering if it does take place. hewlett—packa rd saw does take place. hewlett—packard saw a solid jump in their quarterly profitability due to strong growth in its personal systems, and its printer business, which it purchased from samsung electronics. revenue rose 12% from a year earlier to more than 1a billion us dollars. gap‘s namesake brand reported a slump. the california based company is struggling to keep pace with rivals such as h&m, forever 21 and
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amazon.com. it offered huge discounts to clear out its inventory, but it only ended up hurting its sales and profit margins. here‘s a quick look at the markets and let‘s take a look at the nikkei 225, which is already open for trading, up by 66 points and the all ordinaries index gaining 15.5 points. so far a positive day for the asia—pacific bourses. thank you so much for investing your time with us. have a wonderful friday. see you next our. —— next time. this is bbc news. the top stories this hour: the un warns that more than 500,000 rohingya refugee children risk becoming a lost generation, facing disease, abuse and a lack of education. the australian prime minister, malcolm turnbull, could be about to lose his job after more memebers of the cabinet resigned. with seven months to go before the uk leaves the european union,
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the government has moved to allay fears over what happens if no deal is reached with brussels. but what impact could it have on individuals? judith moritz has been trying to find out. time keeps on ticking towards brexit day. seven months till the 29th of march, but what would a no—deal brexit look like for you and me? in the event of that happening, it could prove more expensive for brits to shop within the eu. whether you‘re going there on holiday or shopping here online, if you use your cards to make a payment, the chances are the bill could go up, because at the moment there‘s a ban which stops you being stung with a surcharge for using your cards. but that will stop. and if you‘re receiving a parcel in from the eu there could be further costs, because goods wouldn‘t be eligible for vat relief. what if you‘ve decided to escape
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this weather and move abroad? there are warnings for expats who live in the eu but do their banking or have pensions orfinancial products in the uk. under a no—deal scenario, moving their money and getting access to funds will be even harder. adam kholbeck lives between london and provence, in france. my concerns would be savings, accessing savings from the uk while in france. also using my credit card in france and whether i‘m going to be able to do that without being charged, and also the transferring of my wages from my english bank account into my french bank account each month, whether that‘s still going to be possible. and what about the food on our plates? well, dominic raab says we‘ll still be able to enjoy a blt after brexit, but if the bacon‘s from denmark, the tomatoes are dutch and the lettuce is from spain, the chances are the cost will go up, because of the increase in red tape for food importers. the national farmers union‘s warned of a disastrous cliff—edge scenario
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for the uk food supply chain, but the brexit secretary says there‘ll be no sandwich famine and no need to use the military to keep the shelves stocked. the big question is how likely is a no—deal brexit? the government says not very, but adds that it‘s putting its plans in place just in case. judith moritz, bbc news. hello, and this is sport today, live from the bbc sport centre. coming up on this programme: schooling the field. there‘s another gold for singapore asjoseph schooling dominates in the pool again. it‘s the multimillion—dollar match—up. phil versus tiger in a pay per view extravaganza worth $9 million to the winner. and "my dad is my idol." we hear from the mick,
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son of legendary formula 1 driver michael schumacher, as he charts his own journey in the sport. hello and thanks for joining us on sport today. day five of the asian games in indonesia and there was a second gold medal for singaporean superstar swimmerjoseph schooling. 2a hours after retaining his 100 metres butterfly title, the event in which he won olympic gold in rio, schooling added the 50 metres butterfly title to his collection. he clocked 23.61 seconds. the was his second gold medal of the games and there could be a third on friday in the relay. it has been good. the crowd has been awesome. it has been a good experience, racing injakarta on the first time ever, so overall i am very happy with our performance. like i said, we‘ve still got a big

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