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tv   Asia Business Report  BBC News  December 3, 2018 1:30am-1:46am GMT

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before, according to the un. their climate chief said mankind was "in danger of disappearing" if temperatures continued to rise. patricia espinosa was speaking at the start of a climate conference in katowice in poland. delegates will try to agree rules for how countries will meet commitments on cutting emissions. donald trump and xijinping have agreed to put their trade war on hold. at the 620 summit the two leaders said they'll postpone new us tariffs for 90 days. and this story is trending on bbc.com. a british couple have come forward to claim an engagement ring they dropped down a grate in times square after a marriage proposal. the new york police department appealed for help to locate them after retrieving the ring. that's all. stay with bbc world news. and the top story in the uk: the environment secretary michael gove says theresa may's brexit deal isn't perfect, but it is the only choice. now on bbc news, live to singapore for asia business report. a relief rally as asian stocks had
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higher after president trump and xi jinping agree to suspend new tariffs for 90 days to allow times book fresh talks. and oil pressure. crude is higher this morning on the us china deal and as russia and saudi arabia extend their pack to manage prices, and of the meeting of the world ‘s biggest energy produces this week. there has been a trade war between the world ‘s biggest —— two biggest economies as they called a truce in the tit for tat
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imposition of tariffs on each of its countries. donald trump and xi jinping struck a deal during the 620 summit in argentina as they had their first face—to—face meeting during the conflict. and stocks are breathing a sigh of relief, it has been called a relief rally. they are considerably higher as a result of that news. monica miller has all the details and us. breathing side of relief after these two hole to these ta riffs relief after these two hole to these tariffs for 90 days. these come from a memo from the white house. 0riginally a memo from the white house. originally the us was expected to ratchet up tariffs on more than $200 billion worth of chinese could worth 10% to could have upset injanuary. china says that it will buy a very substantial amount of farm, energy and industrial goods in order to
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reduce the trade gap with the united states. the two sides will talk about the thorny issues of intellectual property theft and forced transfer of technology. they set a deadline for pronounced to resolve these differences, or there will be a new escalation of tariffs. while the us trade tensions were the focus mostly at the 620, japan's finance minister told the bbc that there are other issues that the members of the 620 have to face. translation: has for the us, over half of its trade deficit is against china. 0ther half of its trade deficit is against china. other countries such as 6ermany, china. other countries such as germany, mexico and japan, the us has a trade deficit with them as well. however, they fall below 10%, 996 well. however, they fall below 10%, 9% or 8%. that is why china stands out. despite all of these challenges, the 620 did manage to publish something that didn't happen at the apec or asean summit last month, coming up with a communique
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that they all agreed on. to get the reaction from china now, robin brett joins me from shanghai. both sides are proclaiming wins from this. who is the real winner? are proclaiming wins from this. who is the realwinner? the markets like it here as well but what we have is a90 it here as well but what we have is a 90 day ceasefire. most interesting is some of the reports in china state—run media, not mentioning some of the key games for the u american pit there is no mention of this 90 day period in which negotiations are supposed to happened. no mention of the repeated threat of this 10— 25% escalation in paris if there is no successful conclusion within that 90 days. there is no mention in some of the chinese state eager of this pledge to increase substantially, although the number is not a fight,
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but to increase substantially, acquisitions on the agricultural science topic —— agricultural side. what we are seeing on the question of intellectual property, this is when the americans were turning —— we re when the americans were turning —— were talking about an immediate pledge to negotiate and for many of the people around president donald trump, yet in the chinese reporting it talks about both sides agreeing to work towards a consensus. two very different versions of what the conclusion of the agreement in buenos aires it was at the crucial thing now is the 90 day period. it was a relief for american business here, but i think they are realistic about the prospect of getting a deal on some of those key issues on about intellectual property, technology tra nsfer intellectual property, technology transfer in 90 days, they don't think it will happened. you mentioned those 90 days and it is interesting to see how it is being reported over there in china. in reality, 90 days does not seem like
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quite enough to deal with the structural changes that the us wants china to make to its economy, those intellectual property protection is. the issues around technology transfer. in reality, what will happen next? we have had a rest period before, 100 day ceasefire in initiated by the commerce secretary in the us and nothing substantial came of that. we found ourselves talking about the big escalation in the trade war. there is no way that china is go to suddenly concede on these big structural issues. this industrial policy pursues. market access, intellectual property and allegations, repeated allegations of the theft of intellectual property from american companies. what you might get is a sense that americans are willing to believe that china will concede on key issues, probably most likely market access. will talk
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about enforcement on ip theft but they have talked about that before. the key thing that china can off —— offer at the end of this period, which may mean there will not be further escalation, is market access. three months is not a lot of time and there is a sense that this isa time and there is a sense that this is a ceasefire and they are preparing forfurther is a ceasefire and they are preparing for further escalation is months down the line. for the business and economics calendar this week, here is what we are keeping an eye on. finding out how ford is doing amid the trade war. they will then november sales later today. australia is expected to lead the cost of borrowing at a record low of 1.596 cost of borrowing at a record low of 1.5% for the 26th straight month. and india's central bank will decide whether to raise rates or not. it will be the first time that its governor will face the media after falling out with the government last month. us trade data comes out on
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thursday and we will see if the trade friction with our talking about with china is having any impact on the american economy. of the week will end with november employment numbers coming out of the us. will the labour market kicked out its persistent strength is the question on everybody‘s lips? another major event taking place is the gathering of 0pec members and nonmembers in vienna. crude oil is trading higher this morning on the trade war truth —— truce between the us and china and russia and saudi arabia have agreed to extend their pa ct to arabia have agreed to extend their pact to manage the market. we know they have not confirmed any fresh output cuts. 0ur analyst told us what is at stake in this meeting. high anxiety is correct and the degree of apprehension. may be a sense of deja vu. the 0pec cartel, it is about where they were two yea rs it is about where they were two years ago. increasing injuries,
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dropping prices, they need to forge a consensus and manage output. the one important difference in our ears is saudi as influential as they were? and the other is the new wild ca rd were? and the other is the new wild card on the market, the white house. this is having a major impact on market sentiment and market correction. you are suggesting that the saudis have less now? certainly the saudis have less now? certainly the us, much more. if you look at what they have done with iran, the hardliner had taken towards repealing the original deal, this helped to support prices. president trump implored the saudis to produce more oil and help alex market. the saudis fell for it, put more oil into the markets and then trumped did an about—face and announced that eight countries would be exempt for 180 days, market prices collapsed. we also underestimated the robust as
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of the independent oil producers in the us and their ability to bring oil. very quickly, we are seeing these market prices and all sort of pressure, 20% decline in oil prices for november. is the cartel and their partners under pressure to orchestrate further cuts? they will be under pressure to cut, but you have got to think there is some dissension within the cartel because the saudis and russia responded to the saudis and russia responded to the increase, now they should be making the most of the sacrifice. the increase, now they should be making the most of the sacrificem other news making business headlines, standard chartered have reportedly cut jobs headlines, standard chartered have reportedly cutjobs in dubai and singapore as it looks to curb expenses. according to bloomberg, as many as 100 positions may be cut in dubai, all those numbers have not been finalised. it also says it includes leadership and priority banking operations. and microsoft sta rts banking operations. and microsoft starts this week as the world ‘s most valuable listed companies. 0n
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friday, the technology giant reclaimed the number one spot from apple after more than 15 years. they ended the trading session with a market value of $14 billion. we told you how the markets were at the start of the programme. the hang seng is also currently seeing the games. due to this relief rally following the 620 meeting between trump and xijinping over the weekend where they decided to delay trade tariffs for another 90 days as they discussed the issue. that is if they discussed the issue. that is if the programme, thanks for watching. -- it the programme, thanks for watching. —— itfor the programme, thanks for watching. —— it for the programme. this is bbc news. the top stories this hour: the un warns the threat posed to all of us by climate change has never been this serious as a global climate summit opens with a push to cut emissions. there's been a ceasefire in the trade war between the us and china, as donald trump and xijinping put punishing tariffs on hold. the internationalfashion brand ted baker has promised an independent investigation into allegations of what's described as "forced hugging" by its chief executive. ray kelvin is pictured
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here and he usually chooses to be photographed not showing his face. staff have begun an online petition accusing the 62—year—old founder of verbal, physical and sexual harrassment, claims they say are entirely at odds with the company's values. our business correspondent joe miller has more. and anonymous petition was posted online just and anonymous petition was posted onlinejust a and anonymous petition was posted online just a few days ago and it has already garnered around 2000 signatures. in it, employees at ted baker, accused that the company ‘s boss, who took it from glasgow selling shirts to a global fashion phenomenon on, not only engages employees in unwanted embraces, but has also asked e—mail staff if they would sit on his knee or if he could amass such there are years. they also say he engages in sexual
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innuendo and the creator of the petition said when they went to hr to complain, they were told this is what he is like. ted baker has issued a statement, saying that these allegations are not in line with the values of the company or the ceo, but they do say that hunting has become part of the culture at ted baker, even though it is always voluntary and they say that the boss often greets people, whether they are shareholders or business partners, all colleagues, with a hug. a family of swans has been shot and killed in a suspected air gun attack. the bodies of five cygnets and their parents were discovered wrapped in plastic bags, after they were thrown down the bank of a stream in the kent village of benenden. x—ray images revealed one of the birds was peppered with pellets or shot. the rspca has launched
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an investigation. amy 0ckelford, from the rspca, says airgun attacks are common. it is really upsetting. it is just disgusting that people think it is located in something like this. this is effectively an attack on vulnerable animals and it is not a. it is very strange. for a whole family to be wiped out like this and to have been shot elsewhere, they have potentially moved this location. it is bizarre. u nfortu nately, location. it is bizarre. unfortunately, airgun attacks are something was the lot. last year was a five—year high of the number of reports we had for these sorts of incident. hello, i'm marc edwards and this is sport today. live from the bbc sport centre. coming up on this programme... a 96th minute winner from divock 0rigi sees liverpool beat everton in the merseyside derby. spot on from kolarov as roma twice come from behind to draw 2—2 with inter milan. fans call for a rematch as the judges cant split wilder and fury in their world
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heavyweight showdown. hello and thanks for joining us on sport today. there was a thrilling finish to the merseyside derby this sunday as liverpool scored in the last seconds of the game to beat everton 1—nil at anfield and preserve their unbeaten start to the season.. divock 0rigi scoring a dramatic 96th minute winner on his first premier league appearance since august 2017. it sent liverpool manager jurgen klopp sprinting onto the pitch as the fans went wild. it was a afternoon to forget though for everton keeperjordan pickford whose calamitous mistake spilling a routine catch handed liverpool all 3 points. it was very long, a very open game and i think in the last few minutes we deserved the three points, a bit more.

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