tv Asia Business Report BBC News August 8, 2019 1:30am-1:46am BST
by mass shootings at the weekend. 31 people died in separate attacks in dayton, ohio, and el paso, in texas. the visits come amid a row over whether mr trump's divisive language is stoking hatred of non—white people. the us has called for calm and restraint over kashmir, as tensions between india and pakistan continue to escalate. pakistan is to expel india's envoy to the country and downgrade diplomatic relations after delhi assumed direct control of the region. and this video is trending on bbc.com. ajapanese convenience store chain has issued an apology after a video went viral on social media showing one of their stores overrun with rats. the pictures shot at familymart in tokyo show the rodents enjoying a feast of rice balls and bento boxes, scampering across shelves and down aisles. that's all.
stay with bbc world news. plenty more on all the stories we have covered on the website whenever you want them. now on bbc news, live to singapore for asia business report. trade war impact. china reports its latest exports data today. and samsung has just launched its latest exports data today. and samsung hasjust launched its latest device, with 56 technology. hello and welcome to asia business report, iam sharanjit and welcome to asia business report, i am sharanjit leyl. we start with china, because later this morning we will get more evidence of how the trade war with the us is impacting the world's second—largest economy. the country's july the world's second—largest economy. the country'sjuly exports are expected to have declined by 2%, year earlier, falling for the second month in a row. at the same time,
imports forecasts have contracted more than 8%. today's data comes after a week in which both the us and china stepped up the trade war. last friday the trump administration said it would impose 10% tariffs on another $300 billion worth of chinese imports, and in response, beijing confirmed on monday that chinese companies had stopped purchases of american agricultural products. the same day, the chinese currency breached the key seven per dollar level for the first time in more than a decade. the next day the us further increased tensions by labelling beijing a currency manipulatorfor the labelling beijing a currency manipulator for the first time since 1984. earlier i was joined manipulator for the first time since 1984. earlier i wasjoined byjim sutton, the chief of the us soybean export council, and i asked how much the trade war was impacting his industry. soybean exports to china we re industry. soybean exports to china were our number
industry. soybean exports to china were oui’ number one industry. soybean exports to china were our number one market. so 60% of the crops our farmers produce is exported outside of the us. china has over the last many years been oui’ has over the last many years been our largest market stop we have been doing work for 38 years to try and grow our business there, and have been quite successful as the chinese economy was growing, their demand for soybeans has grown. and i have some soybeans to show you, thank you for bringing them in. it is a tiny team, but china the us's top importer of these beans —— tiny bean. it is an enormous market to lose. so just how damaging has bean. it is an enormous market to lose. sojust how damaging has it been for you? farmers planted their crop in 2018 expecting to have a normal marketing opportunity with china taking roughly 40% of what they produced in terms of soybeans. by they produced in terms of soybeans. by the time the crop was harvested, the door to the chinese market had essentially been closed. we had seen small purchases by china, but our exports will be less than a third of what they would normally be. so how are you mitigating the loss to
china? where are you exporting to? so we are cultivating many markets around the world, and we have a long history. i am around the world, and we have a long history. iam here around the world, and we have a long history. i am here for a buyer ‘s‘ conference in singapore, we are also celebrating our 40th anniversary of having a presence in southeast asia. later this year we will be celebrating our 50th anniversary of having a presence in europe. so it is not like, you know, we don't have other markets we can work in. you have other markets, yet you are still going to china after this, you said. and what are you aiming to do there? i aim to find out really... it is kind of a fact—finding mission to understand what the opportunities are and what the situation on the ground is at this point in time. so we're trying to mitigate these things, as you said. we are trying to grow our market share in established markets by pointing out the advantages of us soil, many customers around the world know but some are still learning, and we are also doing work very early on in emerging markets where there is active economic growth, and we see those as being the markets of the
future. those will be five or ten yea rs future. those will be five or ten years down the road, but we think that those places will really be a future opportunity. that was jim sutter from the us soybean export council. speaking of the us— china trade war, another salvo in the latest row. the trump administration has just announced a ban on federal agencies using huawei technology and services among other chinese tech giants. it comes at a time when chinese tech giants are pressing for more clarity about what kind of business they can do with huawei. because of the global trade tensions, central banks around the world have been cutting the cost of borrowing. there is even more pressure on the us central bank, despite last week's cut, thanks to a series of tweets from president trump. let's take a look at the latest one. it says three more central banks cut rates. our problem isa central banks cut rates. our problem is a federal reserve that is too proud of a federal —— too proud. he
is talking about cuts in thailand and india. sameer hashmi has more from mumbai. it was widely expected there would be a rate cut but what really took everybody by surprise was the npc, the 6—member committee that decides on interest rates, decided to cut the key lending rate by 35 basis points, which is higher than expected. the main reason for thatis than expected. the main reason for that is the state of the economy. the indian economy has been struggling, consumer demand has gone down, businesses have been struggling, and they have also been finding it difficult to borrow money. so that was really the real reason or the main driver behind this decision. that's here what the governor of the reserve bank of india had to say after the decision was made. with inflation predicted to remain within target, addressing growth concerns by boosting aggregate demand, especially private investment, assumes the highest
priority at this juncture. investment, assumes the highest priority at thisjuncture. the big question is will this rate cut really help revive economic growth? that is a big question because if you look at the previous rate cuts, the indian banking industry has not been passing them on to consumers and businesses. the reason for that is that the banking industry has been struggling due to higher levels of non—performing assets. so the banks do cut interest rates, that will affect their profitability in this environment. so that has really been the big tussle. despite these consecutive rate cuts. the other issueis consecutive rate cuts. the other issue is that consumer demand needs to revive, which has been struggling, and that really is really, really key if india's economy is to turn it up in the months to come. samsung hasjust launched its latest device. it is the note10, which offers a new stylus and camera features as well as new technology. our correspondent has been checking it out. when the
first samsung galaxy note came out, it seemed an extraordinary device. who would want to hold something quite this big to the air and make a call? but since then, of course, all phones have got to go. this phone has found an audience, but each new note found it harder to stand out from the crowd. if you use your finger to tappets, you can select that. people with terrible handocracy. that is an interesting word.
another feature is video anotherfeature is video mode, which means that as you zoom in, the audio zooms in as well. microphone catches the audio at a distance. is it working? can you hear me? so you can also use the pen is a kind of remote control. it will take a group picture. come back here, let's see how it goes. there we are. now all phones are huge. it's impossible to make it stand out from the crowd, isn't it? well, the note category has always stood for power and performance, and the number one element is the pen, which gives them the ability to be more productive and more creative. you have had not outstanding sales figures for the
latest galaxy s. you had the delay to the folding phone. how important ofa time to the folding phone. how important of a time as this was samsung in convincing consumers they need one of your phones? to be honest, i think it is quite an exciting time with the new functions in the new hardware and software, things like machine learning and ai are really important to us and how we take the devices to that next level. the us ride hailing company lyft has posted ajump in ride hailing company lyft has posted a jump in revenue in its second quarter results. when it launched on the stock market in march the company warned it may never make money, but since then its share price has struggled. it has been down about 25% since that market debut as investors start to question its business model. it has not been helped by the resignation of several senior helped by the resignation of several senior managers helped by the resignation of several senior managers including the chief operating officer, john mcneil, who
is leaving after less than a year. the ride hailing sector is seeing increased competition, therefore putting pressure on prices. investors want to see how these latest results stack up against those of rival uber, and lyft is also hoping to match uber in the autonomous car market. it has teamed up autonomous car market. it has teamed up with google's parent company, alphabet, to bring driverless cars to the roads. and the markets have openedin to the roads. and the markets have opened in asia, and as you can see, the nikkei up ever so slightly. it is pretty much flat, it had actually been battered for the last number of days due to the strong yen, the concerns over the us— china trade war, but as you can see it is flat today, as is the all 0rdinaries in australia. that's it for the programme. thank you for watching. this is bbc news. the top stories this hour: us president donald trump has visited el paso in texas as part of a visit to two cities affected by last weekend's mass shootings. pakistan is to expel india's top diplomat and suspend trade
with its neighbour, deepening a row over the disputed territory of kashmir. more than 50,000 people who have tickets for a music and surfing festival in cornwall this weekend have been told it is off because of severe weather warnings. high winds and heavy rain are expected on friday and saturday. the organisers say the event in newquay has been cancelled after discussions with the police over safety, and tickets will be refunded. fiona lamdin reports. dismantling the party that never had the chance to get going. a year's worth of planning for this music festival unravelled within hours. all brought to a southern hold by strong winds, forecast for this weekend. we couldn't guarantee the safety of our customers, given the impending severe weather hitting us on friday and saturday. we have forecast winds of perhaps 94
kilometres per hour, and took the very difficult decision, but the only one we could make, to ensure that we put the safety of our guests first. and well today the stages stayed silent, crowds instead gathered at the train station. we had an11 hour gathered at the train station. we had an 11 hour coach journey, gathered at the train station. we had an 11 hour coachjourney, it was going down the coach, wasn't it? everyone was suddenly being, like, it's cancelled ? what? everyone was suddenly being, like, it's cancelled? what? and people are trying to get off. it'sjust a bit ofa trying to get off. it'sjust a bit of a joke, because we got told so late last night that what we supposed to do? people have made bookings, the fact that we have planned a room in the fact that they do it the night before at 11:30pm is just a bit ridiculous. the festival campsite closed, many had nowhere to go. campsite closed, many had nowhere to 90- by campsite closed, many had nowhere to go. by mid—morning, the tourist board said all campsites were full. but the surfing side of this festival is still very much up and running. as you can see, this beach is packed with spectators, all watching the surfing. and they will very much be hoping the weather warnings don't interfere with that. but for many who travelled the
country, today's adventure turned out to be nothing but a waste of time and money. the number of same—sex couples recorded as living together in the uk rose by more than 50% in the three years to 2018, official statistics show. the figures also reveal one in four 20 to 34—year—olds, 3.4 million in total, as living with their parents. now on bbc news, sport today. hello, i'm adam wild and this is sport today, live from the bbc sport centre. coming up on the programme: wimbledon champion simona halep survives a scare as she makes her comeback to the court.
they've been made to wait for it, but nearly ten weeks late, esperance are confirmed as champions league winners. and pakistan head coach mickey arthur says he's "disappointed and hurt" to lose his job after their world cup failure. welcome along, thanks forjoining us on sport today. we're going to start in toronto where simona halep came from a set down to begin her defence of her rogers cup title. it's halep's first match since the one she described as the "best of her career" when she won the wimbledon title last month. she beat qualifierjennifer brady in an epic 3—setter as colm harrison reports. simona halep was finally back in action, since it does make reversed after her break, no doubt, but also out of practice. jennifer brady was 3-0 out of practice. jennifer brady was 3—0 up, halep came back, although the american won the set