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tv   Asia Business Report  BBC News  November 13, 2018 1:30am-1:46am GMT

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we've been looking at the philippines. a special report shows how fake news on social media is being used as a platform to re—write the country's history and confuse its citizens. the un is warning of catastrophic consequences for yemen if its port hudaydah is destroyed. reports suggest more than 100 people have been killed in the past 2a hours, with much of the fighting taking place in residential neighbourhoods. and this sad news is being read on bbc.com. stan lee, the co—creator of spider man, the hulk, iron man and the x—men has died in los angeles. he was 95. he was one of the key creators responsible for the success of marvel comics. that's all. stay with bbc news. and the top story in the uk: theresa may has defended her handling of the brexit negotiations amid growing criticism among her own backbenchers and cabinet colleagues. 2
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now on bbc news, live to singapore for asia business report. stocks slide. asian shares follow wall street lower as investors hang up on apple. from russia with trade. president putin heads to singapore for the first time as he seeks new partnerships in the region. hello and welcome to asia business report, i'm sharanjit leyl. let's start with the markets, because asian stocks are sliding this morning after wall street slumped overnight. falls in the us we re slumped overnight. falls in the us were driven by a sell—off in apple after a profit warning from one of its major suppliers, which exacerbated concerns that demand for
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iphones is slowing down. alek is look at the markets in asia. they are following on from those losses we saw on wall street. the nikkei 225 plunging well over 3%. also a lot of those japanese suppliers to iphone are being sold off, the likes of morata manufacturing down well over 6% and other electronics parts makers like tdk and a bunch of others that are lower and across—the—boa rd in tdk and a bunch of others that are lower and across—the—board in south korea, we are seeing samsung shares lower. australian markets are down 1.7 after oil prices fell and energy stocks being sold off. this is as a result of the rout we saw in the us, and technology stocks hit hard. the nasdaq down 2.8%. our new york business correspondent michelle fleury explains why this all happened. some of this was due to a sell—off in oil. looking at stocks like exxon
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mobil, seeing a 1% drop. that is concerns about slowing growth. if you talk about goldman sachs, this was a stock that saw its worst loss in many months. this is to do with the 1mdb scandal and concerns about who knew what at the bank and how farup it who knew what at the bank and how far up it went. there are concerns about some of the investigations going on and the impact. then you've got apple, one of its suppliers came out and basically said demand for the product was less than it had been expecting. that led to fears demand for apple products wasn't as strong as people thought. if you wa nt to strong as people thought. if you want to try and draw all of this together, the story is one of us growth. how strong is it crazy this against the backdrop of an trades spat between the us and china —— how strong is it? —— a trade spat. russian president vladimir putin is
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making his mark in asia. for the very first time, he is attending a meeting with leaders in the region. he arrives in singapore today and in the meantime, us president trump is skipping the gathering, sending vice president mike pence instead. mr putin is attending the east asia summit, including the ten asean countries, including india, china, the us and russia and it's part of moscow's efforts to be more involved in asia and also on the economic and diplomatic fronts. trade increased to russia to more than $16 billion in 2016 compared to the previous yea rs in 2016 compared to the previous years and top exports from asean to russia, they bought a electoral machinery and other equipment. countries in southeast asia bought oil, mineralfuels, iron, steeland
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fertilisers. a russian expert told me why mr putin's trip is so important for the country. i have to say that probably you know putin normally attends the apec summit, which is... it's the first time in history the head of state inrush of prefers to go to the asean forum instead of apec. —— in russia prefers. he wants to partner with many industries. as we know, from 2016 to 2017, our trade between countries increased a0%. maybe it isn't such a big amount yet, but it isn't such a big amount yet, but it is still a positive dynamic. interesting because president putin announced his turn to east policy backin announced his turn to east policy back in 2010. as you say, he's attended many apecs but this is his first time at the east asia summit and analysts are arguing russia is
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having to diversify from usual markets, looking to asia, because of the threat of potentially more sanctions from the west, from the us, over the scandal involving the 2016 elections. is there any truth to that? truth to elections? truth to that? truth to elections? truth to russia looking east? for sure there is. i would like to deny any kind of interference from russia in the us elections, for me it doesn't make any sense. there would be the potential of sanctions, this is making russia think we need to diversify, don't you acknowledge that? for sure, yes. i would say that? for sure, yes. i would say that the asian market, asean itself isa that the asian market, asean itself is a 600 million population and growing really fast. the economic potential is huge, right? by 2015, the common gdp of these countries will be fourth in the world. we can't underestimate the importance of the asean region —— 2050. we have
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a saying in russian i want to translate in english, russians start very slowly but then later we moved very slowly but then later we moved very fast. i know it has taken some yea rs, very fast. i know it has taken some years, but once the direction will be set, things will start moving much faster. india, where information has eased toa13 india, where information has eased to a 13 month low, as food prices remain subdued. that allows room for the central bank to hold interest rates when it reviews monetary policy next month. at the same time, the rupee fell against the us dollar. divina gupta joins us from delhi. what does this actually tell us delhi. what does this actually tell us about the state of the indian economy? well, it's a bittersweet piece of news for the indian economy because on one hand, when the middle—class is welcoming the much—needed relief in food prices, which has cut down
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the household food budget, this will also mean the central bank would then hold of on the hike of rates with the bank, that means the auto and home loans would, for now, not be hiked. 0n the other side, for oral india, which employs the majority of the indian population, farmers are hit by the low food prices —— rural. the indian government is concerned because rural vote rs government is concerned because rural voters are not happy with the ruling government, and that means as the country goes into election next year, there could be some backlash. also on the other side, the worry is about the weakening repeat and the recent announcement by saudi arabia to cut off the oil production, which means for a country importing 80% of its energy needs in oil, there could be pressure going ahead and the experts are saying that going through the month of march,
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inflation could go up if oil prices go inflation could go up if oil prices 9° up inflation could go up if oil prices go up and that could put pressure on the government. devina gupta, thanks for bringing us up to date with those inflation numbers. in other business news making headlines, softbank group has won approval to conduct an eye watering $21 billion initial public offering of its japanese telecoms business. that's one of the biggest ipos in the world. the japanese company has shifted its focus from being mainly in japanese telecoms to shifted its focus from being mainly injapanese telecoms to a major investor in global technology start—ups. softbank‘s offering will provide investors with access to an established business with stable cash flow, generated from its a0 million mobile subscribers. the uk prime minister has said negotiations over britain's departure from the eu are now in the endgame, and when she addressed the lord may‘s banquet in the city of
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london, theresa may said the talks we re london, theresa may said the talks were immensely difficult but both sides were working through the night to make progress —— lord mayor's. she is under pressure to secure a deal in time for brexit in march. comic book legend and former president of marvel, stanley, has died at 95, as we've reported. in 1961, mr lee and jack kirby created the fantastic four for marvel comics and went on to create titles like spiderman and the incredible hulk. the chief executive of his 0ur entertainment said he created universes of characters. let's look at the markets before we go. there's been a huge slide in asia. you can see the nikkei hasjust opened and it is down over 2%, pretty much following from the other markets. the nikkei taking its cues from wall street, where we saw a lot of those apple suppliers falling. in
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japan, suppliers to apple, murat and others, also declining well over 6%. a slightly different story in australia, they are falling because they are taking their cues from wall street but energy—related stocks are falling and that's because we saw oil prices declining overnight. that is impacting a lot of the australian energy and resources stocks. elsewhere in the region, slides. in korea, samsung and others are falling as well. that is it for this edition of asia business report. let's bring you up to date with our top stories this hour: social media in the philippines is being used as a platform to re—write the country's history and confuse its citizens. we have special coverage. the united nations warns of catastrophic consequences for millions, as the war in yemen intensifies. a new inquest has begun into the deaths of ten civilians
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killed during an army operation in west belfast in 1971. at the time the army said those shot were either ira members or people caught in the crossfire. but earlier this year, former loyalist paramilitaries said they had been involved. the families say they hope to get to the truth after a a7—year fight for justice from belfast our ireland correspondent, chris page. in1971, in 1971, chaos and bloodshed were everywhere in belfast. the conflict known as the troubles was heading for its height. during august, the security forces carried out 0peration demetrius in which suspected paramilitary members were detained without trial. there were violent disturbances across northern ireland. in ballymun are the, ten people were fatally wounded in the space of 36 hours. at the time, the army said they were
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either in the ira or caught in crossfire between soldiers and republicans. relatives have campaigned for decades to clear the names of those who died. nearly half a century after the shootings, the original investigation, which they called a sham, the families have come back to court this morning hoping this inquest will finally give them a nswe rs. the new investigation before a judge is taking place because people like john taggart pressed for it. his father, daniel, was shot dead. 47 yea rs father, daniel, was shot dead. 47 years since the first bullet passed through my father's body and a7 yea rs through my father's body and a7 years since the first lie was told that he was a gunman, just like all the other victims. it's been a hard, long fight but we're here. the families say they don't want to rewrite history but correct it. more than 100 former soldiers have been asked to give statements to the inquest. it had been bought the parachute regiment was responsible
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for all the deaths. but earlier this year, the loyalist paramilitary group, the ulster volunteer force, said it was involved in some of the killings. because what happened at ballymurphy is so complex and contentious, the inquest is expected to last six months. chris page, bbc news, belfast. lots more on the website on all our stories and all this week across the bbc, we have a special section on fa ke bbc, we have a special section on fake news. #beyondfa kenews bbc, we have a special section on fake news. #beyondfakenews if you wa nt to fake news. #beyondfakenews if you want to get involved. i'm on social media too if you want to get in touch. now on bbc news, sport today. hello, i'm holly hamilton, and this is sport today live from the bbc sport centre. coming up on this programme: the real deal. solari's stay as head coach at madrid is extended. novak djokovic produces a tennis masterclass to beatjohn isner in straight sets at the atp tour finals.
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and player power earns one of the nba's best a move to the philadelphia 76ers. hello and welcome to the programme. thanks forjoining us. taking a stroll down real madrid's managerial alumni shows some rather familiar and formidible faces — jose mourinho, zinedine zidane, carlo ancelotti, and now santiago solari. perhaps not a name you instantly recognise, but the former madrid youth coach has clearly impressed in his role as interim manager, leading real to the best start of any manager in the club's history. no surprise he is set to be appointed to the job on a permanent basis. patrick gearey tells us more.

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