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tv   Asia Business Report  BBC News  December 18, 2018 1:30am-1:46am GMT

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to help elect donald trump in the 2016 presidential election. researchers found that tens of millions of americans were exposed to russian—backed propaganda and warned that social media sites could now pose a threat to democracy. malaysia has filed criminal charges against goldman sachs, in connection with the 1mdb financial scandal. the us bank has been under scrutiny for its role in helping to raise money for the investment fund. it says the charges are "misdirected". and this story is proving popular online: the great niece of nobel prize—winning writer gabriel garcia marquez has been recued from kidnappers in colombia. melissa martinez garcia had been held by a right—wing paramilitary group since august. her kidnappers had demanded $5 million in ransom money. that's all for now. stay with bbc world news. and the top story in the uk: the prime minister theresa may has told parliament it will not get a vote on her brexit deal until the third week of january.
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now on bbc news live to singapore for asia business report. from poverty to global power — china marks a0 years of economic reforms which made it the world's second—biggest economy. malaysia lodges criminal charges against goldman sachs. 0ver lodges criminal charges against goldman sachs. over the 1mdb scandal. we assess the significance. good morning and welcome to asia business report live from singapore. we start with china because a0 years ago today, the country ‘s communist party started the process of turning china into a market driven global power. it of course transformed it
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into the world ‘s second—biggest economy. let me show you how significant that is. back in 1970 ait, the output of goods and services was under $150 billion. last year it topped a whopping $12 trillion. but a shadow over the anniversary. we catch up with the former director general and ask whether the country is wrong to raise issues about how the global system operates. the us are awry. some of the moves of trade today did not discipline and are from chinese practices and china is right that the way the us behaves putting ta riffs the way the us behaves putting tariffs on china is not at all in
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line with trade mood. what is the most troublesome of china's practices? the state of the sector not only stop but increased and inevitably, if you have one third of your economy under state command, the suspicion that they are playing with subsidies, roughly the cost of capital. what is the worst case scenario for beijing and washington for the next 90 days? this approach from trumpet that china has to be contained so that america is not hurt, i personally believe this is
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dangerous. i do not wish isolationist china first is not what the world needs. jeremy corbyn has tabled a motion of no confidence in prime minister theresa may after she said that lawmakers would not vote on the brexit deal until the week of the 1ath of january. the on the brexit deal until the week of the 1ath ofjanuary. the prime minister had delayed the vote from last week, admitting she was set to lose. mr corbyn said it would be unacceptable for mps to wait another month. these houses no confidence in the prime minister dues to her failure to allow the house of commons to have a meaningful vote straightaway. this is how the pound is trading. weakening against the us dollar. malaysia has filed criminal charges against goldman sachs in
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connection with the corruption and money—laundering probe at the investment fund, 1mdb. it is being investigated in at least six countries. it shows are down almost 396. countries. it shows are down almost 3%. this is a significant blow to goldman. what people here are really wondering about is, what does this mean for the bank and what will us authorities the doing? that said, this scandal is not get as much play and attention here in the united states. there is somewhat of a culture that exists within banking, specifically within goldman sachs, that was part of the allegations made, and it came at a time in which the bank has not been performing very well. it is not the most ideal, it comes in the backdrop of poor performance on the bank. that said,
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gold than —— goldman sachs said that at the fight these charges and that that are misdirected and they will vigorously defend themselves. the new leader in one of india's biggest states has given farmers some financial relief. waiting more than $5 billion in loans as they suffer from loans from failing prices. what economic impact will this waiver have? although the politics of this is to appease the voters, the farmers, by the party which has come to power, economists say it is like throwing bad money and trying to have a good outcome out of it because it causes financial stress not only in the states finances but
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also on the banks that have lent money to the farmers. the core of theissueis money to the farmers. the core of the issue is that small farmers which constitute about half of india's population, and because of bad monsoons, ifertilise a cost and bad monsoons, ifertilise a cost and bad crops, are struggling. a lot have committed suicide in large numbers. about 300,000 farmers killing themselves in the past 20 yea rs killing themselves in the past 20 years and that is why most of the government, when they come to power, they try to appease the farmer base by announcing this kind of big loan packages. this is then not going to address the crisis those farmers are facing? that isn't right. the economists believe it works two ways. first it discourages the farmers who are able to pay loans because they can hope for a waiver.
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and it is not a long—term solution it was more financial help is needed long—term. it was more financial help is needed long-term. thank you. even as washington and beijing fight for global trade supremacy, there has been a marked shift on line away from the western popular culture. crazy rich asians beat out the hollywood block asked black panther, for example and china has scored a major tv. when it comes to business, the single state from alabama was bigger than prime date. donald trump and kimjong—un bigger than prime date. donald trump and kim jong—un were at the top of the political leader. for a long
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time on the internet, baseball was one of the top sports on the planet because america was a popular thing. around two or three years ago we saw cricket beat that. when people have their phones and looking at the world from an asian viewpoint, how the world shops, what they watch, how they move things around the city has shifted globally. agger's population continues growing but, at the famed time, the search terms are excluding china. crazy rich asian was bound to do well but the chinese drama doing really well as well. crazy rich asian did well in asia at only cost $30 million. what was crazy was to see these dynasty drama. you see it on buses, people
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watching it on smartphones. it is top trending globally and that is driven by people in south east asia and taiwan and obviously hong kong watching this 70 part drama full of a ton of excitement and beautiful cast which was a huge breakout on line digital hit by china. in other news: nissan is holding off announcing a new chairman. after its current one was arrested. it made the decision out of consideration of its alliance partner renault. the board meeting was held to discuss how to enhance corporate governance following the arrest of the former chairman. the markets before we go and we are seeing and other sell—off in asia.japan and we are seeing and other sell—off in asia. japan asia and hong kong
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trading lower, taking their cue from wall street where we saw the snp 500 closing at the lowest level in over a year. other major indices also slid sharply as well all because of concerns of slowing growth around the world and concerns of the us— china trade will and some suggesting that us stocks are in a bear market. we will continue monitoring how asian markets trade this morning. thank you for watching. this is bbc news the top stories this hour: us senate reports conclude russia used every social media platform to help elect donald trump, reaching millions of voters. and a new move in one of the biggest financial scandals in history — malaysia files criminal charges against goldman sachs. a hotel has been accused of discriminating against homeless
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people after it cancelled their christmas booking suddenly. a charity in hull had paid more than a thousand pounds for rooms for 28 people on christmas eve and christmas day. but they were told they couldn't now stay after allegations of theft and damage at the hotel last year. another hotel has now stepped in for free as danny savage reports. christmas last year at a hotel in hull. people here summed up the season of goodwill to all by paying for a load of rooms for the homeless to stay in on christmas eve and christmas day. it was for two nights, but it felt like a lifetime. mark was one of those who benefited. when we got into the hotel, it was a godsend. couple of nights in a bed, didn't want to get up all day, you know what i mean? because it was that special? it was that comfortable that i didn't want to get up. this year, 28 homeless people were booked into the royal, but over the weekend, the hotel cancelled the booking. they say alleged trouble
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at last year's event is why they've pulled out. this, for me, is about giving a bit back to the community. the man behind the effort to pay for the rooms denies there were problems last christmas, as does the hotel he used. he's spent the day looking for alternatives. christmas is the saddest time of year for the homeless people because they get to reflect on what they've lost and the family they're missing out on. suicides are at their highest at this time of year. and if we can just prevent one suicide, it's well worth it. as we filmed at the royal hotel, two homeless men who were hoping to be part of the christmas stay emerged from a warm doorway. some people might be a bit uncomfortable sharing a hotel with a whole load of homeless people. what's the reality of it? um...i didn't think we got any bad looks from anyone. i don't think anyone looked down their noses. everybodyjust kind of took it in their stride
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and thought we were just normal paying customers as well, sort of thing. it's everything. it's the best christmas present you could get, really, yeah. it's just such a relief to be off the streets, even for one night. this evening, the fundraisers announced that doubletree by hilton will accommodate the homeless group over christmas, meaning about 30 people won't be sleeping like this in a week's time. danny savage, bbc news, hull. don't forget you can get in touch with me and some of the team on twitter. i'm @babitabbc now on bbc news, sport today. hello, i'm chetan pathak and this is sport today, live from the bbc sport centre. coming up on the programme: european football's finest, discover their fate in the draw for the last 16 of the champions league. al ain look to become the first
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ever side from the uae to reach the club world cup final, but they'll have to get past river plate. and the clash of the captains, kohli and payne face off as australia close in on victory against india in the second test. —— paine. thanks forjoining us. welcome to the programme. real madrid will have to beat ajax if they're to keep alive their hopes of winning a record fourth champions league title in a row. the draw for the last 16 was made on monday, with plenty of intriguing ties alongside that one. cristiano ronaldo will head back to spain whenjuventus take on atletico madrid. he'll no doubt be looking forward to it, having scored 22 goals against atletico during his time with real. the spanish champions barcelona need to get past lyon,

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