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tv   Asia Business Report  BBC News  September 12, 2018 1:30am-1:46am BST

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of his country's relationship with russia. it comes as the two nations prepare forjoint millitary exercises for the first time. russia claims it will be the biggest military exercises since the soviet era, with 300,000 soliders taking part. america's east coast prepares for hurricane florence. the category four storm heads towards the carolina's, with winds of 225 kilometres an hour. over a million people have heeded a warning and evacuated coastal areas. and this video is trending on bbc.com. a stash of gold roman coins have been discovered during excavation work in a theatre basement in the northern italian town of como. all three hundred coins were perfectly preserved. they date back to around the fifth century. that's all. stay with bbc world news. and the top story in the uk: britain's most senior police officer
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says the government's refusal to increase police pay by 3% was like a punch on the nose. cressida dick says she was "extremely disappointed" by the decision to give police a 2% rise, despite an independent panel recommending it should be more. now on bbc news, live to singapore for asia business report. ten yea rs ten years since the collapse of lehmann brothers, what other repercussions being felt today? and south korean president moonjae—in is dubbed the jobs south korean president moonjae—in is dubbed thejobs president, but he faces increasing pressure on his policies. hello and welcome to asia business report. it has been nearly a decade since the collapse of lehmann brothers, which is seen as the beginning of the global financial crisis. when the investment bank filed for bankruptcy, with more than 600 un dollars in asset, —— 600 win dollars
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in assets, the global market went into freefall, and repercussions are still being felt today. this is a pivotal moment for america's economy. panic selloffs on world financial markets. mass bailout american taxpayers. we are facing one of the most serious financial crises in this nation ‘s history. but if there was a singular event that started america's financial crisis, it would be the colla pse financial crisis, it would be the collapse of this rank, lehmann brothers. that is my lehmann brothers. that is my lehmann brothers running jersey. brothers. that is my lehmann brothers running jersey. this table is full of memories, lin spent 7/2 yea rs is full of memories, lin spent 7/2 years working at lehmann brothers.” years working at lehmann brothersli was years working at lehmann brothers.” was heartbroken. i would never would have left, i would have stayed there until they kicked me out. they did ta ke until they kicked me out. they did take me out! but i would have stayed there for a very long time. it was one of the best places i had ever
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worked. a decade later, many have not forgiven lehmann brothers. although the financial crisis was a result of several bad at it is, when the bank ultimately filed for bankruptcy, it set off a chain reaction. —— actors. 0n bankruptcy, it set off a chain reaction. —— actors. on monday, september 15, when lehmann brothers filed for bankruptcy, the dowjones fell 500 points. the biggest one—day drop since the terrorist attacks of 9/11. watching it all happen was peter tuchman, a trader at the new york stock exchange. what was it like for you to be on the floor and watch that happen? it is kind of funny you ask that because i was actually standing here in this spot where we were doing this interview, and ends were actually going crazy and ends were actually going crazy andi and ends were actually going crazy and i threw my hand up in the air like this and a photo was taken, it was anxiety, it was the. the financial markets did recover. and
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have since broken many records. but for some, the legacy of the crisis is still personal. —— gregory. can you imaginea is still personal. —— gregory. can you imagine a day where you can... where it again? i might wear this on september 15. google is fighting a big battle in the eu's top court about whether people ‘s right to be forgotten should be, apply globally to its search engine. at the moment, european citizens are allowed to request the removal of out of date data, including personal information to searches for their own names. critics argue it is a threat to free speech and it could be a landmark decision to decide who has the legal right to regulate the internet. it european court of justice right to regulate the internet. it european court ofjustice will make a ruling on this next year. there is another battle brewing in europe and thatis another battle brewing in europe and that is between technology giants like google and facebook and producers of music, news and films
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of the vote will take place late today on new laws that would require firms to pay his papers and other publishers to post snippets of their work such as headlines and photos. laws would also require sites like youtube to be liable for copyrighted material. earlier i asked our technology analyst how difficult it will be for the eu to regulate the internet. there are technologies that are using ai can detect copyright and fraud. i think we'll see more these of things that. but i think at the same time this could have a negative effect on start—ups, academia. i think that the detail is needing to be ironed out. tell us about how this could potentially change the business model of some of these firms, like youtube, for instance? if there are strict regulations it will be much harder for people to make content and upload it and things like media and images. —— use things. in spain,
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google had to suspend their news service over copyright issues, so i think these days of everything being so think these days of everything being so free and everything being on copyrighted, the wild west, might be coming to an end. staying with technology news, apple is expected to announce a range of new products to announce a range of new products to date at an event at the firms had orders in california. —— headquarters. the launch comes as the company raises concerns over moves by president trump to enforce trade tariffs against china. south korean president moon jae—in trade tariffs against china. south korean president moonjae—in is facing his biggest economic challenge since taking office last year. creating jobs in the economy. fresh figures from this morning show thejobs fresh figures from this morning show the jobs rate at 4.2% in august and thatis the jobs rate at 4.2% in august and that is the highest level in eight yea rs. that is the highest level in eight years. adding onto those worries,
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unemployment for young adults actually stands at 9.3%. the government made the biggest hike to minimum wages in nearly two decades earlier this year and businesses are slowing down on the hiring. i asked robert cornell from ing white bear jobsta rt robert cornell from ing white bear jobstart hasn't been too impressive. jobstart hasn't been too impressive. jobs are usually the last thing in any economy to move. they are telling you really what has been going on, six, 12, 18 months ago. the korean economy has been in a slowdown, it old style, inventoried driven, bit of a slow down, we see it in thejobs driven, bit of a slow down, we see it in the jobs now. driven, bit of a slow down, we see it in thejobs now. we driven, bit of a slow down, we see it in the jobs now. we are likely to see furtherjob it in the jobs now. we are likely to see further job losses, it in the jobs now. we are likely to see furtherjob losses, further increases in the unemployment rate over the months ahead. with the policies he has implemented, like cutting work hours, raising the minimum wage of having proven that popular, when you think that folks who like working long hours and getting overtime. are they going to have to be rolled back? are these
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wise policies? i think the justification for the policies was there enough. it was looking at incredibly long hours culture in south korea and low productivity. people hanging around the office and not doing an awful lot. so not a bad thing to do, minimum wages also and where it inequality has been rising, putting money into the lower incomes, but it has been weighing on jobs. what you do is you put in more policies to perhaps subsidise the businesses, to provide some offset to the hardship imposed by the wage increases to try and do some of those damage —— some of the damage. let's talk about the gender pay gap and increasing the number of women in management. it is finally making it onto the business and gender. according to some studies, it asian countries did more to invent equality, it could add about $4.5 trillion to their collective gdp by
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2025, including about 18% to the gdp of india and 13% to that of china's. so how do asian firms stack up against western multinationals on multi— diversity in the workplace? that question to the chief diversity officer of lenovo. we pride ourselves on being an equal company, we have 50,000 employees around the world living in 60 countries around the world and we have 35% women globally in the workforce. so we have aspirations, we have a commitment, we want to reach 20% women in executive positions by 2020, today we are at 18%. great strides are being made by copies around the world, but we know there isa around the world, but we know there is a gender wage gap in every firm, including here at the bbc. we have got stats from the global gender gap
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index, showing that on average women in china are still making that by% less tha n in china are still making that by% less than men. haddi gender wage gaps compare around asia and how are you trying to implement people to correct this? —— how do. you trying to implement people to correct this? -- how do. we have inclusion, you have to make sure you build inclusive systems, policies and practices. we have that at lenovo. today we do not have a broad systemic problem, but if an individual situation exists, we have a policy to address it throughout oui’ a policy to address it throughout our annual compensation cycle and we address it immediately. is to have the quality and equitable systems in lenovo. this huge frat boy culture within a lot of this technology firms has been reported on, haddi technology firms stack up against the others? we are building intelligence transformation. we recognise in order for us to
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intelligence transformation. we recognise in orderfor us to be intelligence transformation. we recognise in order for us to be able to serve a diverse customer set, we need gender diversity. so we have initiatives, we have a women in leadership initiative at lenovo that is focused on empowering and advancing women. westpac as markets before we go, this is where they are trading in asia right now. the nikkei, the all 0rdinaries both flat to lower, reflecting what happened on wall street overnight when we saw flat markets as well, lingering concerns about the trade war between the us and china. that is it for the programme. thanks for watching. this is bbc news. the top stories this hour: russia stages what it claims is the biggest military exercises since the soviet era, and for the first time, chinese troops are joining in. america's east coast prepares for hurricane florence. the category four storm heads
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towards the carolina's, with winds of 225 kilometres an hour. wages grew faster than expected in the 3 months tojuly, as they continue to outstrip the cost of living for the fourth month in succession. official statistics show that pay, excluding bonuses, rose by 2.9% during the period while unemployment has continued to fall remaining at its lowest level for over 40 years, as our economics correspondent andy verity reports. the firm that runs this construction site in salford has no shortage of work. but a shortage of skilled workers is a growing problem. until this year, its subcontractors could find the staff they needed easily, mostly from the rest of the european union. we've got albanians working on here now but the dry liners, joiners, tilers tend to be eastern european. so, in some instances, when they leave, it gets very, very difficult to entice the british workforce back on to the sites. from the construction
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firms' point of view, the labour market is on fire. even though profits are tight, they have to fight to keep their workers with pay rises of 10% or 20%. if they don't, they may leave before the work is complete. mid—contract, people come along waving their chequebook and we lose tradesmen. there's a lot of tradesmen work on a building contract. it's an old—fashioned business. and keeping those people on site, on a tight programme, on tight margins, that's the challenge. last year, pay rises fell behind price rises, meaning your money brought you less and less. but, in the spring of this year, inflation dropped and pay improved, as that squeeze on living standards loosened its grip. the supply of new workers is slowing down in other industries, too, and staff asking for more pay can play a stronger hand. there are now more vacancies in the economy than there have been for 17 years, especially in industries like restaurants and hotels. that's one reason workers have been able to push up their pay by an average of £14 a week, taking the average
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wage to £489 week. that works out at £25,400 a year. i think there has been a persistent puzzle why workers have not been able to demand higher wage growth, despite the fact the unemployment rate has fallen to its lowest since the mid—1970s. so, we would have expected wage growth to pick up a lot more than it has done so far. with unemployment at a 43—year low, there are now more than 830,000 vacancies, and many of them simply won't be filled. 0ne side—effect, you may sometimes have to wait a little longer to get served. hello, i'm tulsen tollett and this is sport today. live from the bbc sport centre. coming up on this programme: james anderson breaks yet another
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record as england beat india in the final test to complete a 4—1 series win. marco asensio scores his first ever goal for spain as they thrash world cup finalists croatia 6—0 in the uefa nations league. and we're in las vegas ahead of this weekend's much anticipated middleweight rematch between gennady golovkin and canelo alvarez. hello and welcome to the programme, where we start with the cricketing news that james anderson took the final wicket in the win over india to become the most successful fast bowler in test history. the 36—year—old helped secure a 118—run victory in the fifth match of their series at the 0val by taking his 564th test wicket, moving him past australia's glenn mcgrath, and sealing a 4—1 series triumph for the hosts in what was also his good friend alastair cook's last match for england. 0ur sports correspondent joe wilson was there.

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