Browse content similar to 12/10/2016. Check below for episodes and series from the same categories and more!
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The value of the sterling continues to slide as concerns continue about | :00:00. | :00:00. | |
access to the European market. Now on BBC News, all the latest | :00:00. | :00:00. | |
business news live from Singapore. Saint-Saens share price continues | :00:00. | :00:24. | |
its downward slide. -- Samsung. And we speak to Indonesia's former trade | :00:25. | :00:28. | |
minister about how China's slowdown is affecting his economy. Good | :00:29. | :00:41. | |
morning. Glad you could join us for this midweek edition of Asia | :00:42. | :00:49. | |
Business Report. I'm Rizo Hizon. We kicked -- kick off with Samsung | :00:50. | :00:53. | |
Electronics and its shares have dropped another 3% of the hefty | :00:54. | :00:56. | |
falls in its market value on Tuesday. This follows the company's | :00:57. | :00:59. | |
decision to permanently stop reduction of its faulty Galaxy Note | :01:00. | :01:04. | |
7, which has left the company facing a mounting bill. The device was | :01:05. | :01:11. | |
meant to rival Apple but is now a corporate disaster. Here is our | :01:12. | :01:20. | |
technology correspondent. In a fast food restaurant a mobile phone is on | :01:21. | :01:27. | |
fire. This all involve replacement Galaxy Note 7 phones. Now Samsung | :01:28. | :01:34. | |
has halted production and sales of the phone. Customers have been told | :01:35. | :01:39. | |
to turn them off and return them to stores. In London this morning this | :01:40. | :01:45. | |
man who bought previous versions of V Note was disappointed. I love the | :01:46. | :01:49. | |
phone and was told to send it back. I got my replacement and I was happy | :01:50. | :01:53. | |
with it and I was heartbroken to have to take my new phone in and | :01:54. | :02:00. | |
handed back. Samsung broke new ground with the Note, proving there | :02:01. | :02:04. | |
was an appetite for a bigger phone. We believed this would be the | :02:05. | :02:07. | |
bestselling yet. It is now clear that the Galaxy Note 7 isn't coming | :02:08. | :02:11. | |
back and the company must concentrate on limiting the damage | :02:12. | :02:16. | |
to its whole brand. Shares in the company fell sharply, wiping | :02:17. | :02:19. | |
billions of its value as investors worried that the reputation of its | :02:20. | :02:24. | |
other products might suffer. What's interesting about Samsung is it is | :02:25. | :02:28. | |
really respected as being technologically excellent and also | :02:29. | :02:33. | |
really great functionally. When that basis of trust has been damaged, | :02:34. | :02:37. | |
that's what they need to recover from and that will be the test on | :02:38. | :02:41. | |
whether they are able to recover some of the value that they are | :02:42. | :02:45. | |
losing by the day. While this incident is the most serious so far, | :02:46. | :02:48. | |
Samsung isn't alone in seeing smartphone batteries overheat. The | :02:49. | :02:54. | |
reason for the problem is that modern smartphones are immensely | :02:55. | :02:57. | |
powerful computers. They use a lot of energy to make all of those | :02:58. | :03:01. | |
wonderful things work. That energy could be dangerous if it gets | :03:02. | :03:04. | |
released quickly and in certain circumstances that can happen. | :03:05. | :03:08. | |
That's the problem. We want more and more from our phones, but as Samsung | :03:09. | :03:14. | |
has found the one thing we demand above all others is that they are | :03:15. | :03:20. | |
safe. The fierce competition in the | :03:21. | :03:24. | |
smartphone sector has led to a lawn and constipated legal battle with | :03:25. | :03:32. | |
Apple over patents. -- complicated. There has been a dispute over | :03:33. | :03:34. | |
designs and intellectual property, but can Apple and smaller rivals | :03:35. | :03:44. | |
gain from Samsung's problems? At this stage Apple has the upper hand. | :03:45. | :03:51. | |
The rivalry has been going on for years. The first and foremost | :03:52. | :03:58. | |
question is whether they copied some of the design patents from Apple. | :03:59. | :04:04. | |
And how important is the design aspect in a smartphone, visit the | :04:05. | :04:10. | |
visibility aspect. Taking a look at these phones and the patents, some | :04:11. | :04:14. | |
of them are not widely available on so does this case really matter or | :04:15. | :04:19. | |
is this just boiling down to the patents and the designs? This might | :04:20. | :04:23. | |
be used as a benchmark for smartphones and other technology | :04:24. | :04:26. | |
products. The whole issue about what is the design complex vis-a-vis the | :04:27. | :04:33. | |
utility, that's what the debate is. Is it the design aspect or the | :04:34. | :04:41. | |
utility aspect influencing the money flow. That is the bigger question, | :04:42. | :04:51. | |
in terms of this might be used as a benchmark case. Taking a look at | :04:52. | :04:58. | |
Samsung and the Galaxy Note 7, it will no longer be in production. | :04:59. | :05:01. | |
What do you think will happen? How can Samsung recover from this? Will | :05:02. | :05:12. | |
they have a Note8? I don't think so. It has been a disaster, even in the | :05:13. | :05:17. | |
second phase. Do you think they should come up with a totally new | :05:18. | :05:24. | |
product? I think so. The Note brand is now associated with the disaster. | :05:25. | :05:31. | |
I think it would be important for Samsung to work on rebranding, teach | :05:32. | :05:42. | |
the Note series itself. How do you think it will take? I would have | :05:43. | :05:49. | |
thought it would take at least two to three quarters for them to | :05:50. | :05:52. | |
rebrand, come up with a new series and totally avoid the Note branding, | :05:53. | :05:58. | |
which has been associated with a disaster in the last three quarters | :05:59. | :06:04. | |
now. In other business news: Japan's Parliament has passed an extra | :06:05. | :06:09. | |
spending package of $32 billion, boosting Shinzo Abe's land to revive | :06:10. | :06:15. | |
the economy. It will be funded by lawns, adding to Japan's already | :06:16. | :06:19. | |
heavy public burden. The money will be spent on infrastructure projects | :06:20. | :06:24. | |
and boosting money for healthcare workers. Fujitsu was planning to | :06:25. | :06:31. | |
slash a number of jobs in the UK, more than 10% of its workforce. The | :06:32. | :06:35. | |
plan would see the first workers leave early next year. The company | :06:36. | :06:42. | |
says it is not linked to Britain's decision to leave the EU, but in | :06:43. | :06:46. | |
line with its goal to become more competitive against foreign rivals. | :06:47. | :06:52. | |
The union representing workers is deceptive resume talks with | :06:53. | :06:55. | |
management in a bid to end the dispute for higher pay. This comes | :06:56. | :06:59. | |
after months of industrial action, including a nationwide strike last | :07:00. | :07:03. | |
month. The walkouts have any cost the company $2.6 million in loss | :07:04. | :07:08. | |
production. Indonesia's economy continues to | :07:09. | :07:13. | |
prove resilient, despite a slowdown in its nearest and largest | :07:14. | :07:17. | |
neighbour, China. The head of Indonesia's investment and former | :07:18. | :07:26. | |
trade minister spoke to us and started by explaining how the | :07:27. | :07:29. | |
slowdown is impacting his country's on economy. The major transition in | :07:30. | :07:36. | |
the Chinese economy from heavy industry towards more high-tech and | :07:37. | :07:44. | |
services, the desire by the Chinese leadership to be more consumer | :07:45. | :07:49. | |
driven, all the economies in China's backyard, ours included, have to | :07:50. | :07:53. | |
adjust to that, do we have to shift from supplying raw materials to | :07:54. | :07:58. | |
Chinese industry towards more consuming... Towards more producing | :07:59. | :08:07. | |
consumer goods, or for example tourism services, for the rising | :08:08. | :08:11. | |
consumer class. One of the issues I am sure you will be discussing is | :08:12. | :08:15. | |
Britain's decision to leave the EU. Does that create any particular | :08:16. | :08:18. | |
problems for Indonesia or your relationship with Britain or the EU? | :08:19. | :08:23. | |
It is certainly a fresh wrinkle. I don't think it constitutes anything | :08:24. | :08:28. | |
that's not manageable. For example, as we complete our trade agreement | :08:29. | :08:34. | |
with the European Union in the next two or three years, you know, that | :08:35. | :08:40. | |
set the template that could easily replicate to the UK. In Indonesia | :08:41. | :08:46. | |
you have this tax amnesty whereby people who haven't paid taxes they | :08:47. | :08:49. | |
should have done can come forward now and pay only minimum penalties. | :08:50. | :08:53. | |
Is that there on the people who have been paying their taxes all along? | :08:54. | :08:59. | |
Yes, the OECD also heavily criticised our tax amnesty for being | :09:00. | :09:03. | |
excessively generous to people who have been obtaining tax for many | :09:04. | :09:08. | |
years or even decades. In that sense, being punitive to people who | :09:09. | :09:13. | |
have been compliant. But, like you said, it is on track to being the | :09:14. | :09:19. | |
most successful tax amnesty in the history of the world, which | :09:20. | :09:23. | |
surprises frankly even be, but I'm very happy. I think what I would say | :09:24. | :09:28. | |
is that it's a perfect illustration of the very pragmatic approach, | :09:29. | :09:33. | |
which the president has brought to our economic policy. What it says | :09:34. | :09:38. | |
is, look, forget about the past, what's past has passed, let's just | :09:39. | :09:43. | |
push the reset button, start with a clean slate and if I can offer very | :09:44. | :09:52. | |
attractive terms to attract back billions and even tens of billions | :09:53. | :09:56. | |
of dollars the capital, which he is now well on track to accomplish, | :09:57. | :10:00. | |
then that's good for the economy now and going forward. | :10:01. | :10:04. | |
That was Indonesia's investment minister speaking with Andrew | :10:05. | :10:09. | |
Walker. Before we go, a quick look at the markets. So far it's a day of | :10:10. | :10:14. | |
losses for Asian stocks. This is after US equities tumbled overnight | :10:15. | :10:18. | |
due to a disappointing start to the earnings season. Especially led by | :10:19. | :10:23. | |
resource company Alcoa, whose numbers fell before market | :10:24. | :10:28. | |
forecasts. That is also dragging down stocks in Australia's big | :10:29. | :10:38. | |
miners and adding to the issue of investorsand the price of oil. That | :10:39. | :10:40. | |
is all from the four now. The top stories this hour: | :10:41. | :10:43. | |
Donald Trump has lambasted senior Republicans for abandoning his | :10:44. | :10:46. | |
campaign and said he's now free | :10:47. | :10:50. |