tv Asia Business Report BBC News October 15, 2018 1:30am-1:45am BST
our top story: saudi arabia is facing growing pressure over the missing journalist, jamal khashoggi. king salman has spoken with the turkish president, recep tayyip erdogan, to discuss a joint investigation into the disappearance of the prominent saudi journalist. he went missing after visiting the saudi consulate in istanbul almost two weeks ago. rescuers have recovered the bodies of the nine victims of nepal's worst climbing accident in two years. five south korean climbers and theirfour nepali guides were killed after a storm hit their basecamp in the himalayas. and this story is trending at bbc.com. novak djokovic has cruised to victory in the shanghai masters for a fourth time. the serbian beat borna coric 6—3, 6—4, and is now in a race with rafael nadal to end the year as world number one. stay with us. tops to the eu's chief negotiator
michel barnier says key issues remain unresolved after an unscheduled trip to brussels for more talk is. —— talks. now on bbc news, live to singapore for asia business report. with rising oil prices and the trade war infull swing, with rising oil prices and the trade war in full swing, is inflation rising around the world? we have got a slew of economic reports this week in the us to china that will give us some clues. and asia produces 90% of the world's rice. we look at how climate change is disrupting production of this asian food staple. hello and welcome to this monday edition of asia business report, and sharanjit leyl. edition of asia business report, and shara njit leyl. it edition of asia business report, and sharanjit leyl. it is a brand—new week and inflation seems to be the big theme for investors and central bankers all week. —— i am. on
tuesday, china post investment and inflation numbers, and we will see whether the trade war has begun to bite the chinese manufacturers. on thursday, the federal reserve releases the minutes of its last policy meeting, and investors will be reading that for clues on how strong the reserve bank thinks the us economy is and whether they will be more rate hikes than anticipated. on friday, third—quarter gdp numbers come in from china. also on friday, just how much progress has japan's central bank made on boosting inflation? we will find out the release of september information numbers. the head of fixed income trading at scotiabank came into the studio early on to give me his assessment. this is probably going to sharpen inflation accounts, some of those public going to be these more expensive imports, prices up,
accounting for more than 3% of chinese consumer inflation. and also the currency, which has dropped some 6% versus the us dollar in the last six months. indeed, still projecting them being colder, but we also know there are lots of other issues in china. instance, they are putting in place all the stimulus measures. one of which is potentially weakening their currency to boost exports, but also they cut the reserve ratio for banks, essentially banks are now allowed to lend more. these are stimulus measures they are putting in place, are they worried about this trade war? they are certainly concerned and obviously china has to be playing from the perspective of they want to seem like they are being conciliatory but at the same time, they have to remain relatively tough and it is a fine line to war, particularly with the whole debate so particularly with the whole debate so criticise. in the debate becomes increasingly important because people are looking at a lot more closely. one of the problem is that china has is in the quality of the data. relaunch the us because we
have the federal reserve and its minutes to out for the open committee meeting and obviously we just had the president calling the federal reserve a little bit out of control and how they are raising interest rates, a re control and how they are raising interest rates, are they? they are probably not out of control at all and what they are doing is trying to manage the economy so that it does not overheat. certainly we are going to be looking for two very simple things over the support, doesn't mention inflationary problems, does it mention volatility? this a bit too things that say the market are we right in pricing another hike for the interest rates? all the activity around inflation has been stronger, suddenly capital spending, it now remains to be seen whether it can show up in the inflation numbers. but certainly if abe is linked to discuss bringing the sales tax back, obviously the economy is doing a lot better there and some were expecting. international monetary
fund and world bank's meeting ended on sunday with a call for the same approach to international trade issues as it had started with. one of the issues addressed during the meetings was how to ensure digital investments were not exacerbating global inequalities, this is an issue close to the heart of melinda gates, co—founder of the bill and melinda gates foundation. she said the answer is not to stop digital investments, it is to redistribute them. digital is upon us, so whether we like it or not, it is coming and it is already there. three quarters of the world's population use cellphones today and what we are trying to say the countries is you need to make investments both in health, and education, for sure, you have to have a healthy, educated population, but you also have to make investments in digital in the right regulatory framework, because you could take advantage of digital and when young people, which 60% of the continent of africa is under the age of 25, and they have access to
capital and credit, they will start to create new businesses and actually create jobs in your economy. there is always his criticism about the innovative economy or the technology industry, it actually possibly leaves workers at worse off and some of the most honourable may not have the right so they should have, so how do you address these sorts of issues? today, really only in the low income countries, only 12% of people have access to the internet. we need to make sure that that internet pricing comes out across the world and you need to make sure that phones get into the hands of women had an equal rate as men, you need to make sure that the regulatory environment is there so that, for instance, when you open up a sector like the mobile sector, you can say people can have wallets but you need to have good regulations around that so that people do not put their money in, particularly the poor, who like to save, which is great, $1 a day, but to ensure that that cellphone company does not go bust or overcharge people for notjust putting their money in the taking it
out. you won't have the right framework that protects the citizenry that opens up a new digital technologies. concerns that that multilateral framework that we have all depended on is fracturing, breaking apart. how we go about trying to fix this, rather than destroying it altogether? -- how do we. i think we need to understand that the progress the world has made this only people being lifted out of poverty, the death rate of children under the age of five being cut in half in the last 20 years, that is because of those multilateral investments. we know people want to stay where they are, they do not wa nt to tra nsfer stay where they are, they do not want to transfer in a terrible dinghy or after europe, and but they need peace and prosperity in our own country and the only way to do that is with multilateral investments. —— ora is with multilateral investments. —— or a raft. now vice is arguably the most important crop in the world, directly feeding more people than any other food. —— directly feeding more people than any otherfood. —— rice. but it is
also very water intensive, given asia's growing population and the possible effects of climate change, how will that affect our rice is grown in the years to come? the director—general of the international rice research institute explained earlier. rice is consumed by about people by giving people every day a 90% of that production, almost all of that is consumed here in asia. so it is an incredibly important staple crop for the world. rise, and we have also seen the world. rise, and we have also seen climate change having a huge impact. we had typhoon mangkhut wiping out quite a lot of advice crops in the philippines, india and army have rice production on the coast being affected by rising sea levels, so climate change is having a huge impact on climate change. what is being done? —— in vietnam's. yes, but also continuous changing rainfall patterns and temperatures for example, so yes we are working very actively to try and find new
genetics that can help the rice crop to withstand drought, flooding, salinity, as you mentioned, from seawater incursions along the coast, to cope with high temperatures. we really need to find a step change to stay ahead of the needs of the growing population. you said some of these varieties, any variety called scuba rice, tallis bit more about that. so scuba rice is one example of where a rice crop is able to sustain its population under a number —— after a number of days underwater, at we also need to cope with a number of challenges, drought, also salinity. one of the amazing things about rice is that we have extraordinary genetic adversity that we can use to meet these challenges for the future. the concern about rice farming is that much like beef and cattle farming, it also produces a lot of methane. correct, it does produce methane, from the flooded rice crop. so we
are working on new techniques, new production systems that allow the crop to be just as productive, production systems that allow the crop to bejust as productive, but to produce less methane at the same time. and we know it climate change is not just time. and we know it climate change is notjust affecting the production of rice, it is also impacting the nutrition value of rice. how so? so as climate change and carbon dioxide levels increase, plants are better at producing more sugar, more start, but that means that they might contain less protein and less other essential nutrients, so part of the challenge is to breed varieties of rice that maintain their nutritional quality. now, the uk and eu said key issues remain unresolved following unscheduled brexit talks in brussels. brexit secretary dominic raab and un chief negotiator michel barnier metaphor more than an hour ahead of crunch eu leaders‘s summit
later this week, but the forecast group says that the uk can expect low economic growth for the next three years, while the new brexit could actually dent growth even further. we predicted that gdp growth of 1.3% this year and 1.5% in 2019. let's take a look at those markets here in asia, how some of them has opened. —— have opened. they are not taking their cues from wall street, which we saw gains on friday. that was really due to profit taking, still lots of worries about china us trade tensions. and thatisit about china us trade tensions. and that is it for this edition of asia business report. thanks for watching. this is bbc news. the top stories this hour: saudi arabia's king discusses the disappearance of the journal jamal khashoggi with turkey's president as international pressure continues to mount on the saudis. nine people
have died in nepal's worst climbing accident in more than two years. we are being told to eat less meat to tackle global warming. a politician has said that telling people to eat less meat smacks of the worst kind of advice. burping farm animals are major source greenhouse gas emissions, so cutting down on meat is one of the simplest things we can do to protect the climate. one report advises no more than one meat portion a week, either as a state or cut into strips to flavour meals like stirfries. will the government pass on that advice? , it won't. —— no. i think you're describing the worst nanny state environment ever. who would i be... advising, is it nanny state to advise? ..sitting there advising people in the country, coming home after a hard day of work, to not have, you know, steak and chips.
please! those who enjoy a nice joint of beef will breathe a sigh of relief, but people concerned about the climate say the government should be advising us to switch from beef to chicken, and to cut down on all meat. we need to, to stay within safe climate limits, we need to tackle the amount of meat we're eating. but actually, lower meat diets, that are higher in vegetables and plant proteins, are also better for our health, so it's a win—win situation. there's been a huge rise in interest in flexitarianism, people eating less meat, and businesses are starting to respond to that. so the supermarkets are introducing lots of great ranges now for people wanting to choose alternatives to meat. tomorrow, the government launches green gb week, to shift britain towards a future with zero carbon emissions. scientists say that cutting down on meat must be on the policy menu. roger harrabin, bbc news. just to be you an update on the duke
and duchess of sussex, they have arrived in australia ahead of their first royal tour as a married couple. here they are arriving in sydney. prince harry and meghan markle, of course it is this thursday of a 16 day visit to australia, which will take them also to tonga, fiji and new zealand. you may remember that they attended princess eugenie's wedding on friday. they will open the invictus games next weekend in sydney. monday is the official start of this trip, they are expected to take in a number of venues around sydney, including the royal opera —— the syd ney including the royal opera —— the sydney opera house. we will that footage as soon as we get it. that is it for me. now on bbc news, sport today. see you soon. brownstein hello, this is sport today, live from the bbc sport centre. sport centre.
coming up on this programme — novak djokovic makes it 18 consecutive wins as he claims the shanghai masters title. italy strike late to beat poland and win their first match in the uefa nations league. and the seattle seahawks flying visit to london is a success, as wembley plays host to the nfl. hello and welcome to the programme where we start with the tennis news that novak djokovic has claimed a record breaking fourth victory at the shanghai masters — a win that puts him within touching distance of the world number one ranking. the serbian beat borna coric in straight sets — extending his dominance in china as adam wild reports. novak djokovic!