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

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i'm babita sharma with bbc news. our top story: the british prime minister blames mp5 for delaying brexit and said she's on the side of the british people, who are tired of the whole process. theresa may has asked the eu to extend the date britain will leave europe to the 30th ofjune. the eu says they will only agree to a delay if she gets the backing of mps for her exit plan. rescue teams are struggling to reach survivors six days after cyclone idai hit southern africa. in the city of beira, aid workers say they have only two to three days of clean water left. and this story is trending at bbc.com. can you tell who it is? it's one of the many democratic presidential candidates. it's supposed to be a huge representation of beto o'rourke. you're up to date. stay with bbc world news. and our top story here in the uk:
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increases in the cost of food and alcohol helped to push inflation higher last month. the rate of price changes rose to 1.9%. now on bbc news, live to singapore for asia business report. the federal reserve on hold. the us central bank says it now expects no rate rises this year, as the world's largest economy slows down. denham is back on wall street, the iconic jeans brand levi strauss is set to make its return to the top market. good morning asia, hello world, how are you out there? glad you could join us for another exciting addition of asia business report, and rico hizon. now let's start off with the us in the country's central bank has said it now does not expect
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to raise the cost of borrowing at all this year as the economy slows. the federal reserve has changed its outlook to predicted increases in december, it warned that growth of economic activity has slowed from solid rate in the fourth quarter of 2018. earlier, iasked solid rate in the fourth quarter of 2018. earlier, i asked an analyst whether this takes pressure off the central bank, which had been wearing and cautious of tightening monetary policy. for the asia-pacific, we're looking at central banks which have had to tighten monetary policy off the back of the fed's monetary policy last year. if we look at the philippine central bank, for example, we're looking at their inflation sitting at around 2.8% and thatis inflation sitting at around 2.8% and that is really creeping up to the upper range of their two to 4% range targets, and i do not think they can ease back off yet but say for the
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likes of the rba, the australian central bank, potentially this easing bias from the fed now gives the rba some rooms are moving potentially cut rates to shore up the economy in australia. so it is a case to case basis for asia pacific central banks, that were uber surprised by the fed's about—face in monetary policy? well, really, i think the market expectations were that the fed will maybe not going to be quite as dove like as they were expecting. -- but were you surprised. in essence, the fed really out doved what the market was thinking and we have seen that in ten year yields on five year yield is actually much the mood we saw in the january about—face from the fed, so the january about—face from the fed, so it proves that this dove term we have seen in this meeting, wasjust
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as dove—ish as we have seen in the recent meeting. do you think that there was political pressure? because donald trump said last week he was very unhappy with the fed chair after a 0.25% increase in november? well, i think it is difficult to put it down to politics but certainly i think the optics of it does not look great. they may have caved some political pressure from donald trump, looking at the global economy, the growth rate has slowed and we have also seen that we do not have anyone of inflationary pressures and that really means that the central bank can afford to take their foot off the pedal on rate hikes, they do not need to be quite so hikes, they do not need to be quite so aggressive and they can sit back and be patient, which is exactly what they have told us today. well, the pound has seesawed on global currency markets overgrown concerns that the uk could now leave the european union without a deal. that
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is after britain's prime minister appealed directly to the british public over brexit, telling them she understood that they have had enough of the lack of progress in leaving the european union. theresa may ‘s the european union. theresa may ‘s the nation came just hours after she wrote to donald tusk, questing to extend brexit to the end ofjune and as she is set to travel to brussels. i passionately hope mps will find a way to back the deal i have negotiated with the eu, deal that delivers on the result of the referendum and is the very best deal negotiable, and i will continue to work night and day to secure the support of my colleagues, the dup, and others, for the steel, but i am not prepared to delay brexit any further than the 30th ofjune. —— this deal. in other brexit news making headlines, donald trump has said washington will not immediately remove tariffs on $250 billion worth
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of chinese goods, even if a trade deal with beijing is reached in the coming weeks. —— business news. the us president told reporters that the levies will remain in place until he is sure beijing is complying with any trade arrangement. the future of india'sjet airways any trade arrangement. the future of india's jet airways remains any trade arrangement. the future of india'sjet airways remains in doubt today, the carrier has cancelled hundreds of flights in recent days as the government and banks scramble to come up with a rescue plan. the lenders ofjet airways are trying to come up with a rescue plan to avoid the airline collapsing, the country's finance minister met senior officials and the head of the state bank of india, which is the country's largest sector bank on wednesday to take stock of the situation. now, the state bank of india, which is leading the rescue operations, is also holding talks with a company which owns close to 2596 with a company which owns close to 25% sta ke with a company which owns close to 25% stake in jet with a company which owns close to 25% stake injet airways. there are
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reports that they have offered to sell its entire stake and exit the business completely. now, the pilots ofjet airways, who had not been paid for the last three to four months, along with other staff members, but that they will go on strike from the first of april. we wa nt strike from the first of april. we want clarity, we want to see where we are heading. we are also aware that it will be easy for the company to clear all the issues at one go. —— will not be. we need something thatis —— will not be. we need something that is an official, authentic document that says yes, our future is secure in this airline. head of the state bank of india has said that the resolution is almost ready and they are looking at all possible options on the table, including bringing in fresh investors but a nalysts say bringing in fresh investors but analysts say that given the current state of affairs ofjet airways they need a long—term viable solution to survive in the market. road ahead forjet which is difficult, somebody will have to come in and perhaps
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improve the business model a little. —— motorhead for jet improve the business model a little. —— motorhead forjet airways. a full—service carrier competing with airlines like indigo, which commands airlines like indigo, which commands a 47% market share, you simply cannot survive. state run banks have been asked to help outjet airways, which is a statement airline. the biggest concern is that the airline does get grounded, 2700 jobs will be affected and that is thing it wants given that elections around the corner, but another say that the jet airways needs immediate cash, otherwise it will not survive long. iconicjeans otherwise it will not survive long. iconic jeans maker levi otherwise it will not survive long. iconicjeans maker levi strauss is set to return to the public market later. the clothing company, who had been worth more than 6 billion us dollars, when shares begin trading on the us stock exchange. —— will be worth. members of the family, who control the business and are descendants of the company's founder, are in line for major
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windfall from the initial public offering. what denim are you wearing today? levi's. i'm wearing levi jeans. my boys liked them just because of the comfort level, you can wearthem because of the comfort level, you can wear them anywhere. a wardrobe staple, levi strauss is returning to the stock market and its comeback is creating an opening for one of america's aldous burns. it is a good time for them to go public, the brand is really high. it is continuing to grow in the us and overseas and the markets have been non— long time, they can only carry on for so long so it is a good time for them to raise a little bit of money. - is notoriously fickle. levi strauss struggle, closing us factories in late 90s but now it is making up ground. with help from famous faces like beyonce, levi's has succeeded in balancing its
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heritage demands of today's customers. they have really successfully expanded beyond that core of the genes business and laid on top, a big women's business, and they have gone from department stores to opening now their own stores to opening now their own stores and they have developed a big international business as well. with an eye on china, india and brazil for future growth, levi's roots are most definitely american. launched during the california gold rush, when levi's patented denim pants with copper rivets in 1873, it invented blue jeans, or waste overalls as they were first called. once levi's goes public, fans will be able to buy shares in their favourite denim maker, who knows if it will turn out to be as reliable a bed is buying a pair of one of its 501 genes. —— jeans. and with this
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iconicjeans 501 genes. —— jeans. and with this iconic jeans maker returning 501 genes. —— jeans. and with this iconicjeans maker returning to the stock market, wall street announced that it will be dropping its strict nojeans rule that it will be dropping its strict no jeans rule to welcome the company. employees have celebrated the occasion by wearing head to foot and. in asia—pacific, japan is closed today because of a public holiday, so we have two major markets open at this hour. the hang sengindex markets open at this hour. the hang seng index is up by 67 points and the all ordinaries is up by 17.7 points. this is after wall street finished a volatile session, mostly negative overnight. thank you so much for investing your time with us, and rico hizon. sport today coming up next. this is bbc news. the top stories this hour: the british prime minister theresa may hits out at mps as she addresses the nation from downing street — blaming parliament for the delays in brexit. rescue teams continue to struggle to reach survivors six
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days after cyclone idai hit southern africa. there's new evidence that people who smoke strong forms of cannabis are at much greater risk of suffering serious mental illness. researchers at king's college london believe the drugs are so potent that people smoking such drugs on a daily basis are five times more likely to have an episode of psychosis than those who never use them. richard galpin reports. cannabis may be illegal here in britain, but it is increasingly out in the open. this annual festival in brighton, billed as being for consumers, enthusiasts and those campaigning for the drug to be made legal, as has already happened in other countries. but the risks involved in smoking the strong forms of cannabis are of increasing concern, particularly as those types of the drug are becoming prevalent. in london and amsterdam, they dominate the market. the research, published today
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in the medicaljournal lancet psychiatry, says "people using cannabis on a daily basis are three times more likely to have an episode of psychosis than those who never use it." and this increases to five times more likely for those using high—strength cannabis such as skunk every day. people using the particularly potent forms of cannabis describe the episodes of psychosis which follow as being frightening and very debilitating. i would be sitting in my flat and i would think that spirits through the walls, or through the floor or the ceiling of the people above, everyone was talking about me, delusions of grandeur, very, very paranoid and scared to leave the flat often. and the authors of the report say the risks are particularly high for the young. because psychosis is a disorder of young people, we are talking
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about an impact on a chunk of the population who are in the middle of making choices about education, jobs, and with a great effect on society. of all the locations looked at in the study, south—east london has the highest incidence of cannabis smokers becoming psychotic. the experts say it's putting a big strain on the psychiatric services in the area. richard galpin, bbc news. this is sport today, live from the bbc sport centre. coming up on this programme: the major league baseball season gets underway in japan with the seattle mariners seeing off the oakland athletics. germany come from a goal down to draw 1—1 at home to serbia in an international friendly.
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and 3—time winner victoria azarenka struggles past dominika cibulkova to reach the second round of the miami open. hello and welcome to the programme where we start with the news that major league baseball got its new season underway on wednesday, in tokyo. the seattle mariners faced up to the oakland athletics and there was an old favourite taking to the pitching mound for the mariners, as maz farookhi reports. a hero's welcome for suzuki. you place a preacher ‘s level of celebrity but it all began in 27 yea rs celebrity but it all began in 27 years ago, so no surprises reception from 40,000 fans inside tokyo dome. at 45, he is the second oldest position player to start opening day but it was the as which struck first. a quick 1— you'll

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