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tv   Asia Business Report  BBC News  December 19, 2018 1:30am-1:46am GMT

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i'm babita sharma with bbc world news. our top story: donald trump's charity foundation is closing down — facing allegations that funds were illegally misused. new york's attorney general accused the trump foundation of engaging in "a shocking pattern of illegality". the charity's lawyer described the attorney general‘s statement as "misleading". and a judge has fiercely criticised president trump's former national security adviser, michael flynn, for lying to fbi agents. the horse to the sentencing fauna dashmac thejudge also the horse to the sentencing fauna dashmac the judge also delayed sentencing to amal him at 2 cooperate more fully. they —— to allow him to. and this story is attracting huge interest across the world. jose mourinho has been sacked as manager of manchester united, after the club made its worst start to a season in 28 years. he's faced a barrage of criticism over his signings and the team's style of play.
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stay with bbc world news. and the top story in the uk: the cabinet's agreed to activate plans for a no—deal brexit. £2 billion is being given to government departments to help them prepare for the uk leaving the eu without a deal. here's asia business report. shares in softbank‘s mobile unit of falling sharply after making their debut on the tokyo stock exchange. us markets and on a high note ahead of the fed's vote decision. dashmac rates decision. —— rates decision. good morning and welcome to asia business report, live from singapore with me, mariko oi. it has been a disappointing start to softbank‘s most widely anticipated public offering, which made its debut on
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the tokyo stock exchange today. it has fallen by more than 10% since it debuted. our business reporter monica miller says behind the huge valuation, there could be an even bigger global impact to come. what is this robot? saudi arabia and yoda had to do with 1 another? they are all into softbank, japanese conglomerate, huge cluster of companies, it is raising 23.5 billion us dollars by selling 1 of its businesses on the tokyo stock exchange. this makes it the world's 2nd—biggest share sale after alibaba in 2014, but this is notjust an initial public offering, could possibly be something which ends up changing your life. here's how. 1 of the things softbank doesn't this cash is investing future technologies and artificial intelligence. instance, it is making
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robots to help humans in their homes, shops, and even in schools. hello, everyone. it also runs a $100,000,000,000 investment vehicle called the sight fund, led by the softbank founder. he is putting cash into companies transforming many aspects of everyday life. they can ceta cea n. aspects of everyday life. they can cetacean. together with toyota, he has invested in self driving vehicles that may one day act as hospital shuffles or mobile retail shops. he is also acting artificial intelligence in healthcare to do things like predict disease outbreaks, at softbank is not without controversy. it is sticking without controversy. it is sticking with the saudi arabian government as an investment partner, despite the outcry over the murders to that dashmac murder of a journalist and optionaljeep. they
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—— despite an outcry over the murder of the journalist, demolish dodgy. they —— jamal khashoggi. softbank‘s ipo may just softbank‘s ipo mayjust be the start of all that. not the us because the cou ntryce ntral of all that. not the us because the countrycentral bank is due to make its final policy announcement of the year. the federal funds its final policy announcement of the year. the federalfunds rate now sits at between 2% and 2.5%, the federal reserve is widely expected to raise the cost of borrowing again because the us economy is doing quite well and employment is currently at 3.7%, which is the lowest in nearly 5 decades but of course, president trump is not a fan of higher rate will stop and north america business correspondent
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reports from washington. donald trump is not 1 reports from washington. donald trump is not1 policy makers inside here, the us central bank, to apply the brakes to the american economy. he is made that play in a series of tweets. —— does not want policy makers. he followed it up with this on tuesday, urging the us federal reserve not to make another mistake by raising rates to keep inflation in check at its latest policy make meeting. —— policy meeting. high interest rates can act as a brake on inflation but they can also slow the economy and even tip into recession. donald trump, who has boasted about his ability to create jobs, it could make that task that much harder and it might hurt his chances for
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re—election in 2020. his topics —— it is also making it harderfor him to boost its credibility and independence. the man in childcare, the fed chairman, has to stick to his guns to avoid being seen as responding to and you presidential pressure. let's catch up with our tea m pressure. let's catch up with our team in india because the indian premier league auction for 2019 has brought many surprises. some key players are about to become very rich man. it is the biggest cricket franchise in india, so how most of these teams spend on the options? i am nowjoined these teams spend on the options? i am now joined by these teams spend on the options? i am nowjoined by our india business reporter, davina gupta. now, iam not going to pretend to know anything about cricket, so tell me the details. the indian premier
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league is equal to the european premier league, the only difference being that this is cricket. now, compared to the last series of options were we saw some top—notch players being sold to various teams at about $1.6 million, this time round the highest bid went to players for the rajasthan royals and kings xi punjab, for $1.1 million each. this sort of signifies that the teams are now able to come out with a base price for the players. it is lower than last time and all the teams now would be looking out for the sponsorship money that comes in after these players join the team. it is a multibillion—dollar game in cricket is a religion in india. so you had better brush up as the ipl season is around the corner, we will have more of money talks about that. okay, i'm going to start studying. davina gupta in delhi,
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thank you so much for that update. 2018 has been a brilliant yearfor cryptocurrencies. the future looked bright for bitcoin after it hit an all—time high, but it is now languishing at around the $3500 mark. a currency analyst is from a platform which sells cryptocurrency. to borrow a famous quote from winston churchill, if you are looking to the past, prefer the look on the past, the further you can look into the future, and that really holds true for cryptocurrencies this year. comparisons with the dot—com bubble is real, i think it is a reminder to investors not to get caught up in
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the fear of missing out on trades and they have really, really suffered by chasing the top end of the market ‘s in cryptocurrencies throughout this year. the market ‘s in cryptocurrencies throughout this yearlj the market ‘s in cryptocurrencies throughout this year. i husband has never forgiven throughout this year. i husband has neverforgiven me for throughout this year. i husband has never forgiven me for not telling him to buy bitcoin before the boom, but is now a good time to buy? well, i think that is the big question. the market continues to trend lower. i think there are a couple of issues beyond cryptocurrencies themselves. 1st of all, we had difficulty actually taking a true valuation to wear the currencies should be, but wear the currencies should be, but we have these tighter interest rates, and we are seeing that negativity across the border brett of markets and i think that is also playing negatively into the cryptocurrency space. i think there could be a little bit more downside before we go back up, ultimately, the underlying nature of cryptocurrencies is quite solid, given it is backed by really robust technology. so going forward, we think cryptocurrency is going to be good, whether we are going to see the pace of exhilaration we saw last year, that is yet to be determined.
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i'm a little more reticent on that but i do anticipate cryptocurrency‘s eyeing appeal to start coming back to the fore again. given what happened over the last year, it is probably very difficult question. what is your price outlook for 2019? and they're getting close the bottom, backed by block chain and a lot of firms backing that technology, we should see bitcoin back to possibly the $5,000 level by the end of 2019. now let's bring you up—to—date with other business is making headlines. huawei, which has beenin making headlines. huawei, which has been in the news since its chief executive officer was arrested while in canada, has announced it will spend over $2,000,000,000 to focus on cyber security. the company has been banned in several countries due to concerns about its ties to the
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communist party of china. the typically secret technology giant made those comments at1 of its most in—depth press conferences. let's show you the markets before we go. japan's nikkei is now rebounding significantly, although of course shares in softbank are softening significantly following their debut. it was a very volatile day waiting that fed rates decision. that is it this edition of asia business report. thank you so much for watching. —— that is it for this edition of asia business report. this is bbc news. a reminder of the headlines this hour: president trump agrees to shut down his personal charity after the new york attorney general accuses it of a "shocking pattern they —— of illegality". manchester united sacks its manager, jose mourinho, after a string of terrible results.
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it's a russian cargo ship — weighing 16 thousand tons — and on tuesday morning, it ran aground off the coast of cornwall after getting caught on rocks. hundreds of people gathered on the beach to watch, as efforts began to free it and its 18 strong crew. jon kay was watching. "it's huge and it's close" — the words of a falmouth resident on twitter this morning, when he woke up to this. a 16,000 tonne russian cargo ship, listing and drifting just metres from the shore. in atrocious conditions, with lifeboats on standby, the coast guard declared a major incident, lowering a pilot onto the vessel to oversee the rescue operation, to try to free the kuzma minin from the sand, where she was stuck. any vessel of this size that comes into contact with the coastline is a real concern — you know, not only for the crew
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of the vessel, there's 18 people on board, but also, you know, the environment. the last thing we want is any oil spillage on our beautiful coastline. it's not clear why the ship came so close to gyllyngvase beach, but suddenly, she was cornwall‘s surprise tourist attraction. despite the weather, hundreds watched and waited. i've lived here all my life, for 60 odd years, and it's the first time something like this has happened. you've never seen anything this close? no, no, no — never. never. i hope it gets moved pretty quick. we don't want these beaches ruined. lunchtime, and a sudden gap in the weather. the winds had dropped, the tide was high, rescue vessels were on the scene. we see the line to the tug is taut. it's straining, desperately trying to get this massive vessel out to sea. the engines are running. you see the thick black smoke coming out the funnels? and it does look like it's very slowly inching its way away from the beach.
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it took an hour to refloat the russian ship, with no sign of any pollution. she headed into falmouth bay, where she'll be checked and where questions will be asked. life on cornwall‘s coast can return to normal. jon kay, bbc news, falmouth. banks are to be banned from charging higher fees for unarranged bank overd rafts under proposed reforms. such charges can be up to 10 times as high as those for payday loans, according to regulators. debt charities have welcomed the move. that's it from me. now on bbc news, sport today. sees soon. hello, this is sport today, live from the bbc sport centre. coming up on this programme: jose mourinho is sacked as manchester united manager and attention turns to who's next in the old trafford hotseat. hosts al ain shock south american
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champions river plate to make the final of the club world cup in the uae. and australia name an unchanged team for the final two tests against india after levelling the series at 1—1. hello and welcome to the programme where it's been a day full of drama in manchester, as united sacked manager jose mourinho two and a half years into his tenure at old trafford. the club are 19 points off the league leaders liverpool and 11 points away from even securing a champions league place next season. the 55—year—old portuguese started by winning the league and europa cups in his first season, but since then it's been something of a roller coaster ride. our sports correspondent andy swiss has this report on where things went wrong. the

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