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tv   Asia Business Report  BBC News  September 23, 2019 1:30am-1:46am BST

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our top story: un scientists have issued a new report warning that global warming is speeding up. the report was issued a day before the latest un climate summit in new york, where world leaders will discuss ways to control global warming. the future of the british—based, but partly—chinese—owned, tour operator thomas cook is hanging in the balance — pending the outcome of last—minute negotiations to save it from collapse. the fim needs £200 million in extra funds. and the us awards season is kicking off in los angeles injust a couple of hours. final preparations are underway for the emmy awards ceremony phoebe waller—bridge has one best actress for flea bag.
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as always, we've got lots more on oui’ as always, we've got lots more on our website and we are monitoring what is going on at the emmy awards. congratulations to phoebe. now it is time to go to singapore to catch up with the latest business news from asia business report and rico his own. “— asia business report and rico his own. —— hizon. thomas cook's future hangs in the balance. holidaymakers prepare for the worst amid talks to save the iconic british travel agent from collapse. how do you, modi! trump pushes four deals with india and japan is the trade war with china drags on. good morning asia, hello world. it's monday, the start of a brand—new business week. glad you could join
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us business week. glad you could join us for another exciting addition of asia business report. i'm rico hizon. let's begin with the travel industry. one of the world's oldest holiday companies, thomas cook, is on the brink of collapse. it agreed toa on the brink of collapse. it agreed to a rescue deal with a chinese investor last month, but on friday said it needed more money. for the latest on the status of thomas cook iamjoined by latest on the status of thomas cook i am joined by my colleague and business reporter mariko oi. what will happen next to thomas cook? well, the compa ny‘s will happen next to thomas cook? well, the company's shareholders have been meeting with creditors, hoping to get an extra £200 million. that's roughly $250 million us in extra funds. of course, there are concerns that if the company colla pses, concerns that if the company collapses, around 150,000 british holidaymakers around the world could be stranded. the uk government has already said it is ready to fly them home. foreign secretary dominic raab was also asked if the government
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would consider rescuing the company itself. we don't systematically step in with taxpayer money when businesses are going under. not unless there is a good strategic national interest for doing so. well, thomas cook is the oldest travel agent in the united kingdom, founded in 18111. it has been facing quite a lot of challenges, because of online holiday booking companies, which have become a lot more popular, as well as low—cost airlines, providing tough competition. our europe correspondence gavin lee is at palma airport on the spanish island of majorca to see if he could speak with some of the company's staff. majorca to see if he could speak with some of the company's stafflj am really sorry. you can say what you like at the moment...” am really sorry. you can say what you like at the moment... i will give you a nice smile, business as usual. thomas cook staff have been told they cannot say much to us. i have spoken off—camera to some, who are worried that if suddenly this company are worried that if suddenly this com pa ny colla pses are worried that if suddenly this company collapses and theirjobs ultimately end, and people who live here say they will have to look for something else, there are those
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based on the uk who have been saying privately, what do we do? do we go back? they have been asking us for information. we are expecting more developments this morning. of course we will be monitoring blood. the company's shares fell by over 20% on friday. that is a steep fall for its share price. thank you so much for that update on thomas cook. that was my colleague in business reporter mariko oi. shifting our attention to other business news making headlines, wework board members are reportedly planning to try to push chief executive adam newman to step down. —— neumann. the reports come up down. —— neumann. the reports come up to wework postponed its ipo last week. it has had pushback from investors over its widening losses and mr neumann‘s unusually firm grip on the business. wework declined to comment. us president donald trump and india's narendra modi have met in houston, texas, at an
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indian—american rally dubbed ‘howdy, modi'. this indian—american rally dubbed ‘howdy, modi‘. this comes amid reports that the two companies are discussing a limited trade agreements that could be signed up the un general assembly in new york at the end of the month. well, besides india, japan is another country facing trade tensions with the us. japan was my prime minister, shinzo abe, is due to meet with donald trump on wednesday. —— japan‘s to meet with donald trump on wednesday. ——japan‘s prime minister. there are signs they are ready to agree on a trade deal. former top us negotiator eleanor brian thinks washington is likely to announce agreements with both japan and india soon, as trump tries to score some winds ahead of the 2020 elections against a backdrop of the drawnout trade war with china. she joined me earlierfrom drawnout trade war with china. she joined me earlier from washington andi joined me earlier from washington and i asked her why we have not heard anything on the us— india deal as of yet. my guess is that it is probably a matter of how much goes into the deal, what can be done,
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what india can put through, what the us is willing to do, and the easier deal to do is probably a smaller deal. what would this smaller deal include? some were saying india would lower some tariffs on us produce and restore preferential treatment for some indian exports in the us. you know, i think last spring the us took away gsp comedy preferential trading privileges from india, in view of a lack of market access for us agriproducts, and also some issues with ipr and the pricing schemes for medical devices. at the same time, the us has tariffs on indian steel and aluminium, and the indians put in retaliatory tariffs on us goods in view of the steel and aluminium tariffs. allen, what about the trade deal between the us and
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the trade deal between the us and the japanese? —— allen or. this one also looks very limited, and lots of people are saying it is unlikely to include cars and steel tariffs. people are saying it is unlikely to include cars and steel tariffslj have heard the same thing. there is not much information about what is in the deal, although as the administration has started to orally brief congress, there has been some objections about the ag provisions in the deal will leave us farmers worse off than their european counterparts, who are now enjoying fda access. we had about 30 seconds to the end of the interview. what do you think will happen to be us—china trade deal? will it be signed before the 2020 elections? that‘s an interesting question. i hope president trump sabre today. who knows? who knows what trump is thinking at the moment. alan o‘brien, a former us trade negotiator. —— eleanor brian.
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nike reports earnings for thejune— august quarter today. —— this week. nike and other brands have called on the us administration to cancel ta riffs the us administration to cancel tariffs hurting themselves and other businesses. uber‘s license to operate in london expires wednesday. authorities rejected their renewal request in 2017. they said they found problems with uber‘s approach to reporting criminal offences and driver background checks. on thursday, we get the us growth numbers for the three months to september, as economies look for signs of impact of the trade war with china. earlier, i asked the chief investment officer of e—spring investment what impact she was inspecting on america‘s economic growth. it is likely to have some impact, but if you look at the way the business is constructed, 23% of their footwear is made the business is constructed, 23% of theirfootwear is made in china. however, a small portion of that only is then sold to the us. so they have a —— have already, in a
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pre—emptive way, if you like, build capacity in vietnam, et cetera. so the impact will of course be important. the other thing is that taxes on footwear is already very high. so actually, if you look at the earnings, what is really important to understand competition, adidas, lulu lemon, doing quite well. the dollar has a big impact on earnings, 60% of earnings is outside the us, and of course the trade war resolution. so basically, when investors take a look at the nike numbers, they will have to break it down and look at other developments that are impacting nike? down and look at other developments thatare impacting nike? of down and look at other developments that are impacting nike? of course, what about the us gdp report? what numbers are we particularly looking out for as this trade war with china escalates. the numbers we will get another confirmation of the second quarter numbers. we expect that to be in line with the last confirmation, which was 2%. now, if
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you look at three 0, the third quarter of the year, it is very likely we will see a slowdown. no recession? no recession. but what is really important is to see what i would say green shoots that come out. so manufacturing is the sector that has been the most hurt. of course, the us economy is mostly about consumer services. but manufacturing has been heard. the august numbers were up month on month by 0.5 this a decline of 0.4% forjuly. so you have a bit of stabilisation, so provided the global context does not deteriorate too much, we will have a slowdown in the us, but hopefully no recession. we had about half a minute before the end of this interview. amid all this uncertainty, why should asian investors put their smart money? so, the key thing is to diversify. diversify in style, when you think about equities, but also in asset classes. so we have very small multi— asset as well, as well as fixing common equity products, i
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like the carry trades, i still think rates will come down. we have had 39 listening measures in the past five months. indonesia, the philippines, india, all those countries will benefit. let's take a look at the asia pacific markets and how they are faring in early monday trade. basically, gains are being capped after a chinese agriculture delegation cancelled a planned visit to montana, dampening optimism about the us—china trade negotiations. as for the price of oil, higher today after the us said it was sending troops to saudi arabia in the wake of attacks on saudi oil facilities. thank you for investing your time with us. i‘m rico hizon. goodbye for now. let‘s bring you up—to—date with our main stories this hour.
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ahead of the latest world climate summit, un scientists have said the last five years are likely to be the hottest on record and the impacts of global warming are increasing. last—ditch crisis talks to try to avoid the collapse of the british tour operator, thomas cook, are expected to conclude very soon. switzerland‘s glaciers have all been shrinking at an accelerated rate in recent years. one of them, the pizol glacier, is set to disappear completely by 2030. scientists have been holding a memorial service for it, as imogen foulkes reports. grieving for iglesia. today, switzerland‘s pizol glacier was declared officially dead, a worrying sign, environmentalists believe, of the threats to climate change to the fragile alpine environment. translation: at the end of the ceremony i asked god‘s blessing to
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give us hope and courage, because only we will not succeed. climate change is so important. the protection of the environment is so important. the challenge to everything, to every human being, is so everything, to every human being, is so great, but we need the help of heaven. once a mighty sweep of blue iglesia lies high in the alps, the pizol glacier has lost 90% of its volume injust pizol glacier has lost 90% of its volume in just over a pizol glacier has lost 90% of its volume injust over a decade. —— glacial ice high in the alps. now it is reduced to a few frozen lumps, and soon they‘ll be gone too. translation: you see, the ice is broken up into lots of small pieces, and everywhere rocks and boulders are surfacing. that shows that what is left of the glacier is very, very thin and is about to disappear completely. all of switzerland's 1500 glaciers are shrinking fast. it is normalfor 1500 glaciers are shrinking fast. it is normal for the 1500 glaciers are shrinking fast. it is normalfor the ice to retreat 1500 glaciers are shrinking fast. it is normal for the ice to retreat and advance over time, but this accelerated decline is due,
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scientists are now convinced, to rising global temperatures. the glaciers are more than just part of the alpine scenery. they are a vital water source for europe. and they provide the glue that holds the mountains together. without them, rock and mudslides will become more frequent. and research by swiss scientists suggests nearly all of switzerland‘s glaciers could be gone by the end of the century. yes, a stark warning there. of course, we will have extended coverage of the united nations climate summit, which is taking place in new york city. i am on social media. don‘t forget to follow all the excitement on the emmy awards. now let‘s cross over to sport today.
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i‘m chetan pathak and this is sport today, live from the bbc sport centre. coming up on the programme. the perfect start continues. liverpool beat chelsea to go five points clear again at the top of the english premier league. the long wait for a win is over — for sebastian vettell — after a controversial victory at the singapore grand prix. england‘s danny willett wins the the pga championship at wentworth for his biggest victory since the 2016 us masters. hello and welcome to the programme, thanks forjoining us. chelsea gave it everything they had but liverpool‘s 100% start to the english premier league season continues after a 2—1win at stamford bridge. jurgen klopp‘s side are now on a 15 match winning run in the league as frank lampard still awaits his first home
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win as manager.

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