Skip to main content

tv   Asia Business Report  BBC News  November 1, 2018 1:30am-1:45am GMT

1:30 am
as soon as he entered the saudi consulate in istanbul nearly a month ago. the prime minister of pakistan has appealed for calm after demonstrors blockaded streets in protest at the acquittal of a christian woman who'd been sentenced to death for blasphemy. and this video is trending on bbc.com. a ship manoeuvering into port in barcelona crashed into the huge crane on the dockside. strong winds are believed to have made it difficult to steer the ship. luckily nobody was injured. and donald trump has appeared in florida as the countdown begins on the six days to go to the us mid—term elections. stay with us, more on bbc news. and the top story in the uk: the british pharmaceutical company, ith pharma, has been charged following an investigation into the deaths and illnesses of babies at a number of hospitals. it faces seven counts of supplying
1:31 am
a medicinal product which was not of the nature or quality specified. ith pharma says it will defend the case vigorously. now on bbc news, live to singapore for asia business report. taking stock. tokyo markets kicked off november trade lower on new concerns over the chinese economy. india and the economy is on focus on reports that the head of the country ‘s central bank may step down. hello and welcome to asia business report. we will get to the equity markets in a little bit, but first, sterling hasjumped a little bit, but first, sterling has jumped by as a little bit, but first, sterling hasjumped by as much a little bit, but first, sterling has jumped by as much as a little bit, but first, sterling hasjumped by as much as half a little bit, but first, sterling has jumped by as much as half a percent against the us dollar. that is on percent against the us dollar. that isona percent against the us dollar. that is on a report that the uk government has struck a deal with the european union that could give british financial services continued
1:32 am
access to the block after brexit. according to a london newspaper, the times, citing government sources, negotiators in london and brussels have reached a tentative agreement on all aspects of the huge partnership on services as well as exchange of data. you can see the euro trading firms. investors will be hoping for a positive start to this brand—new month of november, after a brutal october thank equities, with one of the worst drops since the 2008 financial crisis. let's take a look at those markets and how they are trading. as it can see, the nikkei is down i%. a shrill in markets fairly flat and we are waiting for hong kong to open. —— australian market. this, despite a bounce in wall street prices yesterday, the october slump has wiped out those of this year ‘s gains as well. the dow and the s&p 500 both essentially where they started the years. thursday's focus
1:33 am
will be on earnings from technology giants like apple and amazon and the investment director for fidelity international told me how the us and china trade war has impacted market. the sentiment around the trade related issue between united states and china is still very much waiting on the market. earnings wise, to get last you we saw a big increase in earnings in energy act —— and technology. we see a pushback, earnings were up technology. we see a pushback, earnings were up 60% —— 6%, probably will come down to 3.1%. earnings were up 60% —— 6%, probably will come down to 3.196. we have seen the stats for asia looking particularly bad, shanghai stock market down about 20%, hong kong 16%. what is railing asia in particular, is it about the trade tensions between the us and china, oi’ tensions between the us and china, orare tensions between the us and china, or are there other factors at work? trade issue is an issue. also what we are seeing is a slowdown in china. the government is mindful of
1:34 am
this, even yesterday with the release of the pmi data, it is believed the government got together and said what do we do to support the economy? the key risk is that the economy? the key risk is that the chinese overstimulate, at the same time the us over titans and that would lead to a bit of a collocated start to 2019. complicated, use a. we already see the chinese in a bear market, we see their policies to rewind things, how can they manage that? it will be an issue of fiscal support. to forget, any easing we have seen monetary wise should flow into the economy into the end of the years. there will probably be a focus on tax and lowering tax. when you look across the board in terms of the fundamentals in this kind of market, what we are finding interesting is the fallen angels. copies who have disabilities but share prices have been driven down. let's look at the
1:35 am
world ‘s most valuable market, apple, jute out today. we also have amazon. will it turn the tide in terms of corporate earnings influence? more than likely because they are such big companies. with these names, apple in particular, all eyes on the iphone in terms of the average selling prices and the impact there. investors are keeping an eye on indian stocks today after they fell and the rupee weekend, on reports that the director of the central bank may step down. urjit patel has a allegedly being assuring the bank of india to relax requirements and boost the economy before national elections. media reports say the central bank's governor urjit patel, could resign in protest. i enjoying live now from mumbai. what has led to this that between the central bank and the
1:36 am
indian government? —— this spat. between the central bank and the indian government? -- this spat. the tensions have been growing for months, it all again at the beginning of the year after the $2 billion banking fraud. it became a republic last week when the deputy governor of the reserve bank of india gave a speech, in which he said that if the government dilutes the economy off the reserve bank then there will be catastrophic effects. he also gave examples what has happened in argentina and turkey and that opened a pandora's box because on tuesday you had the finance minister of the country attacking the rbi for mishandling of the way banks were lending between 2008 and 2014. on wednesday, there we re 2008 and 2014. on wednesday, there were reports that the government had never before used powers, it is called a section seven. under this, the government has the power to
1:37 am
direct the reserve bank of india to follow its policy and implement certain directions. there is no clarity whether section seven was in fa ct, clarity whether section seven was in fact, invoked, how —— however the governor came out with a statement saying that the reserve bank is paramount, but at the same time they need to take decisions which work for the public and for that, the government keeps talking to the reserve bank of india. amongst all of those reports that urjit patel may resign, that didn't happen but it spooked the markets and the rupee was weakened. will keep an eye on those markets when they open later. as energy markets prepare for us sanctions on uranium oil, we look at the impact on tay run's second largest customer, it is india. they import more than half a million barrels of oil per day from iran and we looked at how the sanctions will
1:38 am
affect indian businesses. picking up groceries for a customer. this compact —based start—up provides a delivery service using bikers around the city. just a year old, the business thrives in keeping their costs low. at fork petrol and diesel prices increasing, the company ‘s founder is worried. diesel prices increasing, the company 's founder is worried. with the fuel price increase, our cost has gone up by 22 points per person because bikers are asking for a hike about much. it is not feasible for us about much. it is not feasible for us to use gas. the future looks grim, the indian currency has fallen this year, making importing oil more expensive. now as the us sanctions on iran take effect in november, there are fears of a temporary supply there are fears of a temporary sunply gap there are fears of a temporary supply gap as india imports 10% of its total needs from iran. as far as
1:39 am
iran is concerned, if the whole of it goes off market and is not substituted by the other producing companies then it may have some impact. the government run oil companies have told the bbc they are going ahead with their purchases from tehran in november. experts say they could face difficulty as the us bars india from paying for this oil in us dollars. these sanctions are you relax rules, not multilateral, like the last century. nevertheless, the us is putting a lot of pressure on countries and because of the dollar payment system, it is what makes the sanctions work. the indian government is in a tight spot. even as the global crude prices often, high taxes on fuel have kept the cost u p high taxes on fuel have kept the cost up and that has spooked prices as well because a majority of the commodities are transported why roads here. last month, the
1:40 am
government did cut a part of the fuel taxes, but that was at the cost of their own annual revenues of. if there is any further disruption in there is any further disruption in the oil supply, the prime minister's administration will have very limited options, just months away from general elections. before we get to the markets, let's ta ke before we get to the markets, let's take a look at panasonic, it reported a much bigger than expected fall in its quarterly profits, that is because cost rose at the battery plant it jointly is because cost rose at the battery plant itjointly owns with tesla. the high costs, as well as lower demand forfactory the high costs, as well as lower demand for factory women in china amid the escalating trade war, pushed the company ‘s generating profit down by 15%, although its business with tesla has yet to contribute to profits of the panasonic said it is in talks to add to its1.6 panasonic said it is in talks to add to its 1.6 billion—dollar investment. let's take a look at the markets because as you can see, the
1:41 am
nick kay is continuing to be lower. —— nikkei. nick kay is continuing to be lower. -- nikkei. i nick kay is continuing to be lower. —— nikkei. i keep talking about the we store —— we saw on the last date of tober, essentially due to —— october. essentially due to the us china trade war, also the fact that october was a terrible month and we saw all of those games pretty much wiped out for the years. that is it for this edition. thanks for watching. this is bbc news. the top stories this hour: turkey has said that the journalist, jamal khashoggi was strangled as soon as he entered the saudi consulate in istanbul nearly a month ago. pakistan's prime minister has called for calm after protesters denounced a supreme court decision to overturn a christian woman's death sentence for blasphemy. the son of the former leicester city owner, vichai srivaddhanaprabha,
1:42 am
has thanked people for their overwhelming support following his father's death in a helicopter crash on saturday night. his comments came as images emerged of the helicopter, moments after take—off, which appear to support the theory that the aircraft's tail rotor suffered some kind of failure, as our correspondent tom burridge reports. a club still grieving for a chairman that meant so much. today peter shilton, leicester legend, who witnessed saturday's crash, here with his wife to honour those killed. today, vichai srivaddhanaprabha's son aiyawatt paid tribute to his dad, saying he how important his dad was to people around the world. this new video published online shows a helicopter leaving the stadium just before it crashed.
1:43 am
take off appears to go smoothly. about 30 seconds later something appears to fly out from the direction of the helicopter. seconds later, it starts to spin out of control, something consistent, say experts, with a problem with a tail rotor. there are two reasons why a helicopter would rotate like that. either the pilot puts an input to the pedals or alternatively there is a failure within the tail rotor system. that generates lift, but sideways, that opposes the rotational force of the main blades. if there was no tail rotor, the helicopter would rotate round and round. but the video is one clue among many for those investigating the crash. the air accident investigation branch is forensically examining the scene and the wreckage which will be moved to farnborough later this week. they are also trying to repair the flight data recorder, which was damaged by fire. we might not know the definitive cause for months. on the final day of their first
1:44 am
overseas tour together, the duke and duchess of sussex wore traditional maori gowns at a ceremony in new zealand. prince harry gave a speech with a few words in maori during their visit to rotorua. harry and meghan, who are expecting their first child, also visited the redwoods tree walk. and you can get in touch with me and most of the team on twitter. now on bbc news, it's sport today. hello, i'm chetan pathak and this is sport today, live from the bbc sport centre. coming up on this programme: pulling out of the paris masters — rafa nadal withdraws with injury and will no longer be world number one. party time in boston, as the red sox parade their world series trophy through the city.
1:45 am
and in a thriller in abu dhabi — pakistan beat new zealand in the first t20 by two runs. hello and welcome to the programme, thanks forjoining us. just as he was about to make his comeback after nearly two months out with a knee injury, rafael nadal has pulled out of the atp paris masters. the 17—time grand slam winner said it was due to an abdominal injury — and it means that novak djokovic will take over as world number one, when the new rankings are announced on monday. since that moment in terms of injuries, so i want to avoid drastic things and if maybe i can't play to

13 Views

info Stream Only

Uploaded by TV Archive on