tv Asia Business Report BBC News November 26, 2019 1:30am-1:46am GMT
our top story. hong kong's chief executive, carrie lam, says the government will "seriously reflect" after sunday's local election results. pro—democracy parties swept the board in the poll, claiming nearly 90% of the vote. they say china should recognise their overwhelming victory as a sign of support for wider political reform. a us court has ruled that a former white house counsel must testify before congress, rejecting the trump administration's argument that white house officials cannot be compelled to do so. a sewing circle in the netherlands has been getting a lot of love online. it comes after group started making little mittens for koalas injured in the recent australian bushfires. they sprung into action after seeing these pictures of the koalas with burnt paws.
more on our website — bbc.co.uk/news. and the news app. now on bbc news live to singapore for asia business report alibaba's hong kong debut. what the share sale tells us about investor confidence in the territory. kondzilla's creator, we meet the artist behind south america's biggest youtube channel. good morning, asia. hello, world. thank you forjoining us for asia business report. let's get things going. in hong kong, shares in alibaba have started trading and the sale could raise at least 11 billion us dollars. many questions about the
sale, not least the timing and there is so much unrest in the territory. joining me now is our asia tech correspondent karishma vaswani. 176 hong kong dollars is the listed price and we have seen itjump 8%, underlying how much interest and appetite there has been for this stop, particularly in mainland china. the reason why this share sale is significant. it gives that opportunity to mom—and—pop retail investors in mainland china to bind toa investors in mainland china to bind to a company they know really well. this is a company that makes two—thirds of its revenue from the chinese market and in a way, it's coming home, as jack ma once said because in 2014, they listed in the
us before they listed in china but the timing is hardly ideal. why not? we talked about this on the programme, political protests, petrol—bombs, the backdrop you are seeing with the ongoing demonstrations in hong kong over major political issues, a lot of a nalysts major political issues, a lot of analysts questioning whether this was the right time for alibaba to list its shares in hong kong. 0ne band manager said, if they waited, they might have got a better valuation next year but there is the suggestion this wasn't purely a financial move, there has been talk and speculation that there has been political pressure from beijing to try and shift the headlines away from what you are seeing in hong kong every single weekend to focus ona kong every single weekend to focus on a purely business headline in the way we are talking about this now
but it is a big question as to whether or not alibaba could have waited until next year to get a better sense of what the market wanted. having said that, given how well it's doing, may be the right decision. it's a very rich company, $11 billion in hong kong, $36 billion in total. thank you for the update on aliba ba billion in total. thank you for the update on alibaba which is up by 8% on the hong kong stock exchange stop my colleague and asia business correspondent karishma vaswani reporting. australia's second biggest bank has said its chief executive brian hartzer of westpac will be stepping down with peter king taking over after the country's financial crime regulator accused westpac of 23 million breaches of anti— money laundering laws including allowing payments between
known child exploiters. tour of america's used on line brokerages are merging to create a wealth management giant as charles scwhab agreed to by td ameritrade, with more than $5 trillion in assets. shares rose on this development. uber has lost its license to operate in london, which is one of its top five markets. the regulator said it had repeatedly failed to meet safety standards. we sat down. tfl's decision today not to renew our license in london is exceptional and wrong and so it's a decision we are going to challenge and in the interim, while the challenge is
going on, i want to reassure riders and drivers that the service will continue to operate as usual. how do you respond to some of these railings that sometimes drivers have not been properly insured, potentially haven't been properly vetted. sometimes people will have a hailed and uber and the driver who appears on the phone is not wanted turns up. safety is our number one priority. if i deal specifically with the case that tfl has cited, it related to 43 drivers who had come on the app and had exploited a vulnerability which allowed them to swa p vulnerability which allowed them to swap their photo with a friend and then for the friend to drive on uber so then for the friend to drive on uber so what that meant is as soon as we discovered it, so we discovered it and notified tfl immediately, so we we re and notified tfl immediately, so we were the ones who notified them, and for every single one of the 43 drivers, we stop them taking trips on the app and then we implemented a
technical fix that closed the vulnerability that exists in the first place. you are confident that can't happen now? and then one more thing, we did a complete audit of every single driver in london to make sure that all the documentation was fixed and applied so i'm co mforta ble was fixed and applied so i'm comfortable that the issue that we had back then was exploited by these 43 drivers couldn't come up again. turning out to india whether supplier to apple is investing almost 280 million us dollars in a manufacturing facility. let's crossover to mumbai and i'm joined by monica miller. tell us more about this company and how manyjobs it will create? well, they are expected to create about 10,000 jobs and they will be up and running by march.
saucomp has taken over a factory that used to be run by nokia, it is based in chennai and that's an area that has been hard—hit of layoffs. it was once the cornerstone of modi's made in india scheme. this has come at a good time. india's economy is in trouble, its slowest rate in six years and is taking advantage of gap that has been created by the us china trade war. 0ur sliding created by the us china trade war. 0ursliding and created by the us china trade war. 0ur sliding and right now as we can see and they are taking advantage of some opportunities that they may not have had in the past in terms of manufacturing opportunities. thank you so much for that update, monica miller. it's the biggest u—tube janet in latin america but you might not have heard of it. his name is kondzilla and at the age of 31, he
arm no latin america's music phenomenon kondzilla. let's look at the hong kong stock exchange which and how it's faring the listing of alibaba. and how it's faring the listing of aliba ba. aliba ba and how it's faring the listing of alibaba. alibaba continues to surge an early morning trade, up more than 7%. sport today is coming up next. this is bbc news — the top stories this hour. hong kong's chief executive carrie lam has promised to ‘reflect‘ after pro—democracy parties win a landslide in local elections. a us court has ruled that a former white house counsel must
testify before congress, rejecting the trump administration's argument that white house officials cannot be compelled to do so. a lorry driver accused of causing the deaths of 39 migrants found in a lorry container in essex has pleaded guilty to conspiracy to assist illegal immigration. maurice robinson from craigavon in northern ireland was not asked to plead to 39 charges of manslaughter which he also faces. the bodies of the people from vietnam, including children, were discovered last month. and a short while ago essex police said another man had been arrested on suspicion of manslaughter in connection with the container deaths. our home affairs correspondent daniel sandford reports. the discovery last month of 39 dead people from vietnam in the back of a lorry in essex led to a huge international investigation into a suspected people smuggling gang. this morning, mo robinson, the 25—year—old lorry driver from northern ireland arrested at the time, appeared by video link at the old bailey and pleaded guilty to conspiring with others to assist illegal immigration. he is also accused of 39 counts
of manslaughter but, at this stage, he has not been asked to say whether he pleads guilty or not guilty to those charges or a charge people trafficking, or one of money—laundering. mo robinson is the first person to appear here the old bailey following the 39 deaths, but he won't be the last. he is accused of being part of a wider conspiracy. two other men are already facing charges, police are looking to talk to at least two more. eight of the 39 people found dead in the lorry were female. ten were teenagers. two of them were boys ofjust 15. they all leave behind grieving families in vietnam. sealed inside an unaccompanied lorry trailer, they'd crossed the english channel from zeebrugge on this cargo ferry, the clementine, and arrived at the port of purfleet on the river thames, just east of london. the trailer had been dropped off
at zeebrugge some 12 hours earlier by this lorry cab. eamon harrison, also from northern ireland, is accused of being the driver on the belgian side, and is fighting extradition from dublin. and, with the wider investigation into the lorry deaths still continuing, a third man from northern ireland, 23—year—old christopher kennedy, appeared in court in chelmsford today, also charged with people trafficking and assisting illegal immigration. daniel sandford, bbc news. hello, i'm gavin ramjaun and this is sport today from the bbc sport centre. coming up on this programme: russia could face another spell in sporting wilderness, as anti—doping bosses back a ban on their athletes for major events. england investigate after their fast bowler, jofra archers, says he heard racial abuse, in their defeat to new zealand.
and "the booing of bale has to stop" — tha's the call from real‘s manager to the fans, after the welshman‘s controversial flag stunt. we start with the news that wada, the world anti—doping agency, will recommend that russia be banned from all sports for four years. the wada committee investigating russia's violation of doping rules, have concluded the country should be punished for an alleged manipulaton of a database of test results. if the wada board agrees with the recommendations, then clean russian athletes could be forced to compete in neutral uniforms at next year's tokyo 0lympics, just as they did in rio. but the sanctions could affect other sports too. here are the main recommendations made by the wada committee: a four—year ban from all sports signed up to the wada code, which includes football. that covers the olympic games. russia will not be able to host any major events in that four—year period, which could have a significant