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tv   Asia Business Report  BBC News  February 21, 2019 1:30am-1:46am GMT

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i'm kasia madera with bbc news. our top story. the archbishop of mumbai admits that he could've handled allegations of sexual abuse better and faster, after a bbc investigation. this comes ahead of an historic vatican summit on abuse later on thursday. bangladesh says there is "no question" of shamima begum being allowed to enter the country, after the british government said they intend to revoke her british citizenship. she described the decision as unjust. and this story is popular on bbc.com. one of the biggest nights in british music has taken place in london. winners at the brits included ariana grande — and the rock group ‘the 1975‘ who took home awards for best british group and album of the year. congratulations to them. that's all. stay with bbc world news. and the top story in the uk:
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theresa may says she is saddened by the decision of three tory mps to resign from the party. lots more on that story and all of oui’ lots more on that story and all of our stories on our website. now on bbc news live to singapore for asia business report. hi there. talks in washington, dc between the us and china but can they stop a trade work? as both economies are stepping up a year. shiny new gadgets from samsung including a folding smartphone. but will they help to bring in the prophets? —— will they help to bring in the prophet — will they help to bring in the prophets? —— profits? good morning, asap. hello, world. glad you could join us. i'm rico hizon and we start off with the high—level talks
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starting in washington later today. china's vice premier is the meeting with us trade representative robert lighthizer and treasury secretary in a bid to avert an escalation in the ongoing trade dispute. the negotiations are seen as potentially the last time the two sides will come together to avoid a march one deadline to raise tariffs on chinese goods. earlier i asked whether they could reach a deal by the deadline. we probably won't see any deal before march one because it is basically a week from now. if trump is willing to extend that deadline for nothing really will happen. we will have a number of days more to actually negotiate. but i think if they extend that, then we are going to see a partial deal that will satisfy those parties at least for now. what could be part of the partial deal? the first will be the us, where the china deal would reach buying a certain amount of certain
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us goods. more tricky as intellectual property rights. china will agree to do more, but whether they are going to agree on a specific timeline and how the us can monitored china's progress is the key. what about the bottom line numbers? president trump has always came up complaining of this massive trait deficit between the two countries. if a deal is forced, by how much could this be reduced click elected, the trade gap, could be reduced close to $200 million a year. that is basically what rico trump has demanded before. it seems after so many rounds of talks, china is perhaps willing to reach that goal. saudi arabian princes in china today where he will be meeting president xi xingping. he visited pakistan and india earlier this week. and now some major investments. he has been on a charm offensive —— charm offensive tour of asia to try and repair some of the
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international bonus to his image that the murder ofjournalist international bonus to his image that the murder of journalist jamal khashoggi has cost. what is going to be discussed, oil and investments at the top of their agenda?” be discussed, oil and investments at the top of their agenda? i think it is fairto the top of their agenda? i think it is fair to assume that that is what xi xinping and the crown prince will be focusing on. the big elephant in the room, two of them to be exact, one is the murder ofjamal khashoggi that you mention and its temple. the other is the mistreatment of muslims in china. we have been reporting that some of them have been putting what seem to be concentration camps. will this dimension? it is unlikely because saudi arabia really doesn't have leverage china. unlike pakistan which really welcome his investment there, making doesn't really need
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saudi arabia's money or oil. it means silence and friendship. i think it's fair to say that we won't be hearing much about those two very controversial issues. it is interesting to note that beijing has invited the foreign minister days before his visit. of course iran and saudi arabia are two big rivals in the region. it shows beijing's tricky balancing act in the middle east. the crown prince of saudi arabia on the final leg of his tour of asia. samsung electronics has been holding its annual event to show off its latest mobile devices ata time show off its latest mobile devices at a time when it is facing not only fears competition from chinese rivals like wow way, but also a drop in sales due to overall decline in smartphones. —— rivals like huawei. the launch was in san francisco. the smartphone industry is in decline. cana smartphone industry is in decline.
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can a foldable smartphone reverse that trend? it is probably unlikely, but it is certainly interesting. samsung has shown off the galaxy folder. it is basically like to smartphones on top of each other. but it opens like a book to reveal a 7.3 inch screen. this is idealfor watching video, playing games or multitasking, samsung says. you can watch a youtube video of hawaii, text your friend about it and browse travel options are like the same time. the device did seem to impress and those as a whole, but there is a lot we don't yet know about it. but the company let us get our hand on it. it looks pretty chunky to me, and it could be pretty heavy as well. and then there is the price. $1980. surely too expensive to make ita $1980. surely too expensive to make it a mainstream product. but at least we are finally seeing some innovation in the smartphone sector. and while it is too expensive for most people now, who knows, in two oi’ most people now, who knows, in two or three years it might be something
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we all have in our pockets. dave lee, bbc news in san francisco. in other businesses making headlines, results just in the world's biggest personal computer manufacturer lenovo has swung back into profitability. 0ver lenovo has swung back into profitability. over the last three months of the year the firm made almost 290 million us dollars. that isa almost 290 million us dollars. that is a rise in revenue of 8% on a strong performance from its computer and smart devices business. in aviation, reports of a 19% fall and half—year profits. has increased revenue. the australian revenue failed to make up for higher prices. 0nline revenues fell to just 560 million us dollars. beliefs growth to the us economy will slow this year. minutes from the federal reserve's last meeting revealed the central bankers belief the rapid
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pace of growth seen last year local law. mainly between tensions and the us and china as well as brexit. the new lawyer for the nissan —— us and china as well as brexit. the new lawyerfor the nissan —— cal state nissan chairman says his client should be released on bail while awaiting trial injapan. he has been detained since november at next allegations of financial misconduct charges he denies. his lawyer has charged his attention as being out of step with international norms. business banking giant has been fined more than $4 billion in a french tax fraud case. a paris court that the bank illegally help clients hide billions of euros from french tax authorities between 2004 and 2012. ubs denies any criminal wrongdoing and says it will appeal this case. now we are five weeks away from brexit. today we are looking at how that could impact on london's status as a global
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financial hub. major banks have operations with hundreds of billions of dollars being taken out of the uk financial industry. a london accounting for over 22% —— landed accounted for over 22% of the uk's economic output in 2016 while london's wider metropolitan area, the largest in europe, generates about 30% of the uk's gdp. earlier i spoke with peter who is the lord mayor of the city of london and asked how prepared is the financial services sector for brexit. we have had about two years to prepare for this outcome. most banks, if not all and insurance companies etc have all prepared. they are often relocated a few resources and move some assets. fundamentally, whether it is a deal oi’ fundamentally, whether it is a deal ora no fundamentally, whether it is a deal or a no deal, i think we are going to have a reasonably good and smooth transition of the city. why do you say there will be a smooth transition? the regulators on both
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sides of the channels have been looking for a temporary measures. we have moved our own organisation, ba rclays, has have moved our own organisation, barclays, has moved some resources to dublin. in that sense, we have prepared for the outcomes. equally what is happening in the city if you have got this vibrant economy coming through from sieber and fintec, so while we see some sources in the city we see a net increase of people coming into the city of 42% internationally. it is still quite a vibrant economy. you mention about 42% internationally. you have come from for cities and singapore is your last stop. what has been the clamourfrom your last stop. what has been the clamour from many of the business your last stop. what has been the clamourfrom many of the business if you have spoken to from tokyo, hong kong, seoul and now singapore. you have spoken to from tokyo, hong kong, seouland now singapore. i'm sure they want certainty. but we are living now in the 21st century and the digital era. in the singapore— uk future partnership around digital
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it is very much about exploring where we are going. brexit is a short—term frustration. but the excitement is around the innovation thatis excitement is around the innovation that is coming through. very confident that that they will ove 1120 m e confident that that they will overcome a no—deal brexit. that was the lord mayor of the city of london. let's have a quick look at the markets. currently it is mostly in negative territory. down by 100 points. the hang seng just opened lower by 64 points. thank you for investing your time with us. i'm rico hizon and sport today is coming up rico hizon and sport today is coming up next. this is bbc news — the top stories this hour. the archbishop of mumbai admits that he could've handled allegations of sexual abuse better and faster, after a bbc investigation. this ahead of an historic vatican summit on abuse later on thursday.
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bangladesh says there is "no question" of shameema begum being allowed to enter the country, after the uk government said they intended to revoke her british citizenship. shares in sainsbury‘s fell sharply after the uk's competition watchdog cast doubt on its plan to buy asda. the competition and markets authority said that customers could see higher prices and less choice — if the two firms combined. and it warned it could block the deal, or force the sale of a large number of stores. the head of sainsbury‘s said the findings were ‘outrageous‘ — as our business correspondent emma simpson reports. there are two giants of the grassy world and they want to get even bigger to fend off the likes of others. but the regulator doesn't like this merger one bit. it's likely that practise will rice, service levels will deteriorate. he recently belief that is because of the reduced competition when it
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comes to shopping in supermarkets, grocery shopping and purchases of the compa ny‘s petro grocery shopping and purchases of the company's petro filling station. piping to the shop here in watford, sainsbury‘s, asda and tesco are all here competing for customers. this merger would mean the big three becoming the big two, controlling nearly 60% of the uk grocery market. i don't think it will be an advantage to the chopper. i think it is more for them than for us. as long as they quality desktop and i don't mind. on this main road, asda and sainsbury‘s are side by side. but they plan their there are plenty of marginality in serious doubt. the regulator has raised concerns in just about every possible way. from reduced competition and hundreds of local areas to online shopping and higher petrol prices. but sainsbury‘s claims this deal would mean lower prices, and that the regulators approach is flawed. with
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brexit looming and a completely unpredictable set of competition rules, who would invest in this country, this is just rules, who would invest in this country, this isjust outrageous. but those findings are provisional. the concerns raised may prove too big and complex for both companies to overcome. this controversial negative merger now seems destined to never make it to the checkout. in the bbc news. the food ordering app — just eat — says it will remove all restaurants with a hygiene rating of zero from its platform. the move is in response to a bbc investigation lots more on all of our stories on our website. don't forget you can get in touch with me and some of my team on twitter — i'm @bbckasiamadera. now on bbc news sport today.
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hello this is sport today, live from the bbc sport centre. coming up on this programme: raheem sterling scores a late winner in a var dominated win for manchester city in germany. while var also plays a big part in the first leg win for atletico madrid overjuventus in spain. and sentimental steve as stricker is named the next us ryder cup captain. hello and welcome to the programme, where we start with news from the champions league last 16 stage. it was a night where var was used in both matches played but most tellingly in manchester city's late 3—2 win in germany against schalke, as raheem sterling scored the winner in the 90th minute. 0ur football correspondent john murray reports. after a most eventful night of champions league football manchester city remain as they started, strong
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