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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:11. | |
The trial of Samsung's boss continues today, adding another | :00:12. | :00:18. | |
chapter to the scandal that has gripped South Korea. And we'll take | :00:19. | :00:25. | |
a sneak peek at how airlines are attracting business travellers to | :00:26. | :00:26. | |
splash their cash in the skies. Good morning, Asia. Hello, world. | :00:27. | :00:39. | |
I'm Rico Hizon for Asia Business Report, glad you could join us, the | :00:40. | :00:43. | |
era parent of Samsung is going to court today in what is considered to | :00:44. | :00:48. | |
be South career's trial of the century. He's accused of bribing the | :00:49. | :00:54. | |
country's president and ) in return for business favours. Earlier I | :00:55. | :00:59. | |
asked Jake Saunders whether the scandal is impacting the bottom | :01:00. | :01:06. | |
line. -- close friend. If you look at the stock market, no, everything | :01:07. | :01:11. | |
is fabulous there, it is an upward trend, looking at the revenue of | :01:12. | :01:14. | |
Samsung Electronics, over the last three years it is quite flat, doing | :01:15. | :01:21. | |
about $175 billion. Why is there a disconnect between the stock price, | :01:22. | :01:25. | |
which has hit seven record highs over the past months, and revenues | :01:26. | :01:29. | |
of Samsung and the scandals there facing? Visa on the fringes of the | :01:30. | :01:37. | |
company -- these are. Clearly these have consequences. There have been | :01:38. | :01:43. | |
ramifications. At the top of the corporate of Samsung there's the | :01:44. | :01:47. | |
corporate strategy office, that used to co-ordinate and plan long-term | :01:48. | :01:50. | |
product developments and research and development, that's been | :01:51. | :01:55. | |
dissolved, that had a team of around 200 staff, very senior people which | :01:56. | :02:00. | |
helped strategise, that unit has disappeared. The problems of Samsung | :02:01. | :02:05. | |
and the problems in South Korea's corporate sector, will this have a | :02:06. | :02:09. | |
lasting effect going forward? I think we're going to have to see how | :02:10. | :02:14. | |
2017 really pans out. At the end of this month we are going to see their | :02:15. | :02:19. | |
flagship phone, later in the year perhaps they will try to reboot the | :02:20. | :02:23. | |
Note and whether the issue of exploding batteries is resolved, so | :02:24. | :02:27. | |
a lot will be riding on this year and a lot of people will be looking | :02:28. | :02:32. | |
to see what senior manager management achieves this year. No | :02:33. | :02:38. | |
goal, no talks, the EU is saying the UK must leave the single market | :02:39. | :02:43. | |
before negotiating a trade deal. Theresa May wants to start trade | :02:44. | :02:49. | |
negotiations with the EU while at the same time negotiating the exit. | :02:50. | :02:57. | |
But that is not possible. We can't negotiate a trade agreement with a | :02:58. | :03:01. | |
country who is still a member of the European Union, and getting out of | :03:02. | :03:04. | |
the EU is going to be extremely complicated. So we have no intention | :03:05. | :03:11. | |
to delay this. But we cannot negotiate with the UK as long as | :03:12. | :03:15. | |
they are members. By the European companies stand to lose an important | :03:16. | :03:19. | |
trading partner in the UK if these negotiations don't happen quickly -- | :03:20. | :03:26. | |
but European companies. Why not move them to the top of the list? People | :03:27. | :03:31. | |
are sad to see the UK leaving, now we have to deal with it, nobody has | :03:32. | :03:36. | |
any intention to be difficult. But it will be difficult, there are lots | :03:37. | :03:41. | |
of things that need to be solved and we have not done this before. But of | :03:42. | :03:45. | |
course, it's in everybody's interests to make sure this is a | :03:46. | :03:49. | |
friendly and constructive process. The EU is trying to sign a trade | :03:50. | :03:53. | |
deal with the US, which has been on the backburner recently, how hopeful | :03:54. | :03:57. | |
are you of getting that deal through with Mr Trump empowered? Well, it's | :03:58. | :04:02. | |
not going to happen next week. -- in power. I think we have to realise | :04:03. | :04:09. | |
it's in the freezer for the moment. The US TR, the trade ministry, has | :04:10. | :04:14. | |
not been confirmed yet, that process has still to take some time. So | :04:15. | :04:18. | |
there's no one really to talk to. The case for a trade agreement | :04:19. | :04:23. | |
between the EU and the US, the two biggest economies of the world, | :04:24. | :04:27. | |
facilitating trade, is still very strong and I hope our American | :04:28. | :04:31. | |
friends will realise that as well, in what for and when, I can't tell | :04:32. | :04:36. | |
you, you will have to wait. What do you make of President Trump's trade | :04:37. | :04:40. | |
strategy and trade policies? I don't think he has a coherent policy yet, | :04:41. | :04:46. | |
it has been individual things he has pronounced, he will renegotiate | :04:47. | :04:50. | |
Nafta, an electoral promise, he has said he will renege on TPP, that was | :04:51. | :04:56. | |
also an electoral promise, but we will have to wait and see. Trade has | :04:57. | :05:00. | |
been very beneficial for the US and I hope they realise it will be so in | :05:01. | :05:05. | |
the future as well. Protectionism is on the rise in the US, what impact | :05:06. | :05:10. | |
does that have on Asian economies? When we look at the global rise of | :05:11. | :05:15. | |
global protectionism, I don't see that in Asia, Asia will continue to | :05:16. | :05:19. | |
engage with each other, other parties and with us to show that | :05:20. | :05:24. | |
trade agreements are good for people and the economy and we will continue | :05:25. | :05:29. | |
to stand up for free and fair trade. The EU trade chief speaking to our | :05:30. | :05:34. | |
very own Karishma Vaswani. The car industry is among those sectors | :05:35. | :05:37. | |
facing the biggest threats from rising protectionism and barriers to | :05:38. | :05:41. | |
global trade. As the UK threatens a hard exit from the EU that is. | :05:42. | :05:49. | |
Toyota's European boss told the BBC the Japanese carmaker is planning | :05:50. | :05:53. | |
for all contingencies. We are committed to our operations | :05:54. | :05:57. | |
in the UK, but it's like in any business environment, if the | :05:58. | :06:01. | |
environment becomes extremely hostile you have to continually re- | :06:02. | :06:05. | |
evaluate what you're going to do in that environment. We have got to | :06:06. | :06:10. | |
continue in the UK and continue with our operations and now our big focus | :06:11. | :06:14. | |
is to improve the efficiency is so we can be prepared for an | :06:15. | :06:17. | |
environment which will be maybe different from what we have had. In | :06:18. | :06:24. | |
other news making headlines, China has granted preliminary approval for | :06:25. | :06:32. | |
38 new Trump trademarks, mainly from hotels, security and they were made | :06:33. | :06:35. | |
during the election campaign before he was elected. President Trump | :06:36. | :06:40. | |
already owns 70 trademarks in China and he has pledged not to strike new | :06:41. | :06:44. | |
foreign business deals while in office. It's an annual battle for | :06:45. | :06:49. | |
supremacy in the skies and an international travel show in Berlin | :06:50. | :06:54. | |
has shown the world's premium airlines are vying for the attention | :06:55. | :06:58. | |
of business travellers, showing the latest in cabin comfort. But while | :06:59. | :07:04. | |
they are a lucrative demographic, growth is sluggish. We look at why | :07:05. | :07:09. | |
companies are slashing their cash on international flights. | :07:10. | :07:16. | |
A tug on the heartstrings for lovers of luxury travel at this year's ITB | :07:17. | :07:23. | |
tourism show in Berlin, as a Middle Eastern airline unveils a new | :07:24. | :07:27. | |
business class aeroplane seat. It's part of an industry push to bring | :07:28. | :07:33. | |
home comforts to the skies. What you notice immediately is very very | :07:34. | :07:38. | |
slick technology and slick engineering. This seat area is | :07:39. | :07:43. | |
actually pretty flexible and should you wish to you can share food with | :07:44. | :07:48. | |
your friends who are just sitting the other side, all members of your | :07:49. | :07:52. | |
family of course. And at the touch of a button, this seat goes | :07:53. | :07:56. | |
completely flat and turns into a bit. The idea behind that is to | :07:57. | :08:04. | |
create more living space around the business class, creating absolute | :08:05. | :08:08. | |
privacy and creating a corporate atmosphere if you're travelling with | :08:09. | :08:13. | |
colleagues. In these times where there's a focus on costs, our | :08:14. | :08:18. | |
businesses happy to pay for this? As a matter of a fact, you're just | :08:19. | :08:21. | |
playing the business class fare, you're paying anything extra. | :08:22. | :08:28. | |
Corporate travel is big business. German firms spend some 50 billion | :08:29. | :08:33. | |
euros a year sending their employees around the world. Now, of course, as | :08:34. | :08:38. | |
a worker you want all of the add-ons you can possibly get but it might be | :08:39. | :08:42. | |
that your company takes the view that as long as you have a seat that | :08:43. | :08:46. | |
can go flat and a television, you'll get a good enough night's sleep to | :08:47. | :08:52. | |
be able to work the next day. It's a combination of the needs of the | :08:53. | :08:55. | |
traveller that likes to travel in business class of course, but when | :08:56. | :09:00. | |
it comes to price and paying for those travels, the corporation is | :09:01. | :09:04. | |
the one that dictates. You need to find a balance between luxury and | :09:05. | :09:10. | |
safe travel and the cost of travel. Now, travelling for business is all | :09:11. | :09:14. | |
very well but what people really want is as much of luxury as they | :09:15. | :09:19. | |
can possibly afford when they're travelling for leisure. And I know | :09:20. | :09:24. | |
when it comes to me that I want all of the features imaginable, plus, of | :09:25. | :09:28. | |
course, when I'm in the air, complete privacy. | :09:29. | :09:35. | |
I envy you, Tania! Let's look at Asian stock markets and at the | :09:36. | :09:40. | |
moment a mixed bag. In China new figures released this morning | :09:41. | :09:44. | |
revealed inflation rising at its fastest pace in nine years, CPI in | :09:45. | :09:51. | |
February growing compared to a year ago and that is pushing down the | :09:52. | :09:56. | |
handset and the Shanghai Composite. As for Tokyo, in positive territory | :09:57. | :10:02. | |
with the weaker yen against the US dollar dollar. -- Hang Seng. In Wall | :10:03. | :10:11. | |
Street, the Dow Jones closing down by 69 points and the NASDAQ gaining | :10:12. | :10:18. | |
about a 10th of a percent. Those are the markets, thank you so much for | :10:19. | :10:22. | |
investing your time with us. I'm Rico Hizon. Sport Today is coming up | :10:23. | :10:25. | |
next. The Chancellor announced an extra ?2 | :10:26. | :10:34. | |
billion for social care in England, admitting the system | :10:35. | :10:39. | |
is clearly under pressure. | :10:40. | :10:44. |