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tv   Asia Business Report  BBC News  September 14, 2018 1:30am-1:46am BST

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tens of thousands of people have begun evacuating from coastal areas as the super typhoon heads towards the island. 10 million people are believed to be at risk in the path of the storm. there's more extreme weather, this time on the east coast of the united states, as hurricane florence looms. forecasters expect life threatening flooding as a result of a storm surge. residents are being warned that ‘time is running out‘ if they are to leave their homes. and this story is trending on bbc.com. the singer dua lipa has called her fans "brave" after videos showed security guards dragging people from their seats in shanghai. it's been claimed those fans targetted were waving gay rights flags. that's all. stay with bbc world news. and the top story in the uk: theresa may has described a russian television interview given by two men suspected of poisoning of a former russian spy in britain as "lies" and "blata nt fabrications". now on bbc news live to singapore
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for asia business report. in the ten years as the global financial crisis, asian economies are more interdependent than ever before. but with a trade war on its doorstep, have they prepared for the catastrophe? revving up formula i with the kick off in singapore this weekend. we look at how technology is driving teams fighting for pole position. welcome to asia business report. i am sharanjit leyl. it was known as the recession that was felt all across the world. the global financial crisis of 2008. and the
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massive ramifications for the economies are still being felt today. asia emerged relatively unscathed thanks in part to strong growth in the region fuelled by china's rise. karishma vaswani said this report from singapore. looking back the memories from a different life. ten years ago, this man thought he had the dream job, working for lehman brothers in london. but then the bank collapsed in dramatic fashion. there was a sense of shock and disbelief that this happened. will beget close down oi’ this happened. will beget close down or will we be bought? what do we do? he is survived by moving to a new career path entirely. he now runs a chain of successful in the stores across asia. and while the uncertainty of the global financial crisis spread to asia, it was not as bad as was the west. 0ut here in singapore's financial district,
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banks were also affected by their exposure to the global financial crisis. job losses, wage freezes, and cost cutting measures. many banks had to go through these experiences. singapore had courted dds bank was hit and had to write off millions of dollars worth of loa ns off millions of dollars worth of loans and investments. —— dbs bank. but within six months, dbs, like many in the region, had shrugged off the crisis, many thanks to growth in china and asia. fundamentally there was a broad—based growth across asia, across multiple industries, because of middle income growth china was increasingly being a factor that drove demand across borders in asia. it was not as banks. companies learnt the hard way too. this plastic parts maker saw orders from its products from american clients fall to zero. the
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cut salaries, shorten the working week, and reduced executive payjust to survive. but the crisis taught them a valuable lesson: you cannot count onjust them a valuable lesson: you cannot count on just one market. you have to assume that crisis might happen in one region or another region. so what we do today is we build a model where we do depend on one country, one region, one product, or one customer. for better or for worse, the global financial crisis shifted asia away from a heavy reliance on the west. but now with asia's biggest economy, china, slowing down, the fear is a now the crisis be brewing. and where would these companies go next? grisham is designing, bbc news, singapore. —— karishma vaswani. just as they are open to new trade talks with the united states, a day after donald trump's top and the knowing adviser
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came back to the table. but kim gittleson says a timetable of when they might bid is still unclear. donald trump is now threatened to ta ke donald trump is now threatened to take the entirety of chinese imports into united states. but it seems that these talks might be scuppered before they even get up the ground, you know? whistle reports yesterday from washington said the treasury secretary was making moves to try to reopen discussions. and then we saw today the donald trump was tweaking thing that the us felt no pressure to make a deal. as ever when it comes to the trade deals between the two these economies in the world, we need to take a wait—and—see approach is see how it plays out. kim gittleson, earlier. financial technology has been targeted as the next big thing, changing the way that companies and people interact with money. mobile banking crypto currencies are just with money. mobile banking crypto currencies arejust some with money. mobile banking crypto currencies are just some examples of financial technology. but they have
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the potential to bring financial partners together. in financing, we feel that there is a 1.6, partners together. in financing, we feel that there is a1.6, 1.7 feel that there is a1.6,1.7 trillion dollar trading gap for small and medium businesses around the world. we think the punisher technologies can help about. you can also a short through technology so blockchain the trust of a good or service. how this financial technology go about narrowing the gap in trade finance, which we know is being somewhat impacted by this trade war between the us and china? if you imagine there are millions of small to medium enterprises out there who don't necessarily have access to a bank, perhaps in a rural community. facility of access through foes are other devices can often facilitate trade finance for them. go to that nation of financial technology be more trustworthy, you
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mentioned blockchain. the window within the giant dumbrell financial technology, there are also things they crypto currencies, and people are wary of these sorts of innovations. how do we go about reassuring them? there are certain applications of technology which are at the bleeding edge, and people right to be a little bit cautious. for example crypto currencies. 0thers for example crypto currencies. others are proven and mainstream, late things of blockchain or machine learning, which it uses that you can use today. tell us a bit about as releva nt use today. tell us a bit about as relevant uses. there is a rush distrust around crypto currencies. you do that is only a tiny part of what it is capable of achieving. exactly. if you want to use goods and services around the world, is often paper—based, which is prone to error, prone to losing paper, prone to breaking compliance. all of those things can be helped by financial
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technology. you can use optical character recognition to help us gain. you can make sure that things are obliging to standards and screening. you can see the services around the world and making sure that you have the working capital finance to support it. turkey has raised its interest rates to 34% in a new attempt to try and boost its currency. it is the biggestjump in resident over one's rule. —— president erdogan. it jumped resident over one's rule. —— president erdogan. itjumped 5% yesterday after the central bank's decision. this move comes despite mr erdogan's resistance to change. they ready as they met 2018 is the most difficult year fought turkish people as the economic crisis of 2001. the current situation has actually generally been described as a
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currency crisis. but it is absolutely selling with the potential to escalate. now, to win for the one races, it is no longer enough tojust for the one races, it is no longer enough to just have the best driver on the track. instead, it is crucial to have the best engineers, data scientists, as well, on your team. it isa scientists, as well, on your team. it is a tech arms race web big data, virtual reality, and predictable analytics are being used to gain an edge on the competition. let's take a look. the technology is the driving force. formula 1 continually evolves. a small changes. small changes in performance, you know? and hundreds of a second, 1000th of a second. those are things you are looking at in terms of increment of performance. —— inc rental ——
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incremental. we allow and enable them to go do things in a much more rapid pace than they could in the past. formula 1 racing is a technology sport. you get the best driver in the world, but if you don't have a car thatis world, but if you don't have a car that is quick, you can't win a race. the aerodynamics, the engine, the software they use to simulate the race strategy, thai degradation, it is all crucial to the race. technology is absolutely massive. ——
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tyre. before we go, let us look at the oil prices that have fallen as investors focus on risk of trade disputes and emerging market crises, they could affect demand. the energy agency says that we are entering a crucial period because of what is going on in libya, ryan, and venezuela. in the markets and they have opened here in asia. the nikkei is up1%. have opened here in asia. the nikkei is up 1%. the all 0rdinaries is doing well as well. they are taking their cues from wall street. china and the us may patch update differences in trade. —— patch up there. —— their. we bring you up—to—date with our latest headlines. theresa may has described a russian television interview given by two men suspected of poisoning of a former russian spy in britain as "lies" and "blatant fabrications".
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the two claimed they were in salisbury as tourists. tens of thousands of people have begun evacuating from coastal areas of luzon island, in the philippines, as super typhoon mangkhut heads towards the country. there's more extreme weather, this time on the east coast of the united states, as hurricane florence looms. forecasters expect life threatening flooding as a result of a storm surge. a tourist has described how he almost jumped into the river thames after the westminster terror attack last year to try to find his girlfriend, who'd been hit by the attacker‘s car. the couple from romania had been taking photos on the bridge when khalid masood drove into pedestrians. our home affairs correspondent daniel sandford reports from the old bailey. andrei burnaz was himself injured during the westminster bridge attack last year but, today, grim—faced, he had to give evidence in the inquest into the death of his girlfriend, andreea cristea. 0n holiday from romania, they'd been to visit westminster abbey and were heading over the bridge when khalid masood's
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4x4 drove into them at speed. ...he told the court. michael brown was driving past as it happened and saw what andrei hadn't. andreea had been knocked clean over the parapet. michael brown told the inquest he quickly dialled 999 and looked over the edge of the bridge to see andreea lying face down in the water. so he immediately shouted to get the attention of the captain of the nearby passenger boat. the millennium diamond reacted quickly with captain gordon markley using a boat hook to stop andreea floating away. about five minutes after she fell in, a london fire brigade boat, the fire flash, managed to get her out of the water, still alive. today the crew of the passenger ship
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were asked by andreea's family's lawyers if they could not have pulled her out more quickly but they said they had done what they could. andreea cristea died in hospital two weeks later. a doctor said today he didn't know if her long time in the water had worsened her chance of survival. she also had a fractured skull. daniel sandford, bbc news, at the old bailey. thousands of cancer patients in england are waiting longer than they should, to start their treatment according to the latest figures from the nhs. (00v) injuly —— only 78.2 per cent of people were seen within the 2 month target, the worst performance since records began in 2009. now on bbc news, sport today. hello, i'm tulsen tollett and this is sport today, live from the bbc sport centre. coming up on this programme: playing in only her second major, puerto rico's maria torres shares the lead after the first round in evian.
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we're in las vegas where the fans are arriving for what's being billed as boxing's fight of the century. and the polish mountainbiker making history welcome to the programme. 12 months ago maria torres was with herfamily in puerto rico as hurricane maria battered the island, a year on she shares the first round lead at the final women's major of the season. torres carded an impressive 6 under par 65 at the evian championship in france and tops the leaderboard alongside spain's carlota ciganda. nick parrot reports: nick parrot reports.

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