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and the introduction of more driver-only-operated trains. | :00:00. | :00:00. | |
Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:12. | |
Brexit is a reality. After a revised bill is passed in Parliament, we | :00:13. | :00:21. | |
look at what it means. And tech industry leaders compete for centre | :00:22. | :00:27. | |
stage in one of the well's largest interactive festivals. -- world's. | :00:28. | :00:34. | |
Hello and welcome to Asia Business Report, I'm Sharanjit Leyl. | :00:35. | :00:40. | |
Parliament in Britain has given its final approval to a bill setting out | :00:41. | :00:44. | |
plans for the country to formally start the process of leaving the | :00:45. | :00:49. | |
European Union. Parliament has also voted by a clear majority to reject | :00:50. | :00:53. | |
two amendments put forward by the upper chamber, the House of Lords. | :00:54. | :00:57. | |
The proposals would have guaranteed the rights of EU citizens in the UK. | :00:58. | :01:02. | |
Scotland's First Minister Nicola Sturgeon also announced plans to | :01:03. | :01:07. | |
hold a second independence referendum by early 2019. She said | :01:08. | :01:12. | |
the vote was necessary after British Prime Minister Theresa May refused | :01:13. | :01:15. | |
to search for a compromise to allow Scotland to remain in the single | :01:16. | :01:20. | |
market after Brexit. What Scotland deserves in the light | :01:21. | :01:24. | |
of the material change of circumstances brought about by the | :01:25. | :01:28. | |
Brexit vote is the chance to decide our future in a fair, free and | :01:29. | :01:33. | |
democratic way and at a time when we are equipped with the fact that we | :01:34. | :01:37. | |
need. Nicola Sturgeon speaking there. | :01:38. | :01:43. | |
Earlier I spoke with David Quo and asked about the implications of | :01:44. | :01:48. | |
another Scottish referendum. This has surfaced again and I think there | :01:49. | :01:53. | |
will be continual... I wouldn't say problems but unease, not only in the | :01:54. | :01:58. | |
UK but in Europe as well. I think we're beginning to seize certain | :01:59. | :02:03. | |
parts of the union, not only in the UK but the European Union as well | :02:04. | :02:08. | |
starting to unravel and that will cause some dismay and probably some | :02:09. | :02:11. | |
consternation as far as Asia is concerned. Some people will see this | :02:12. | :02:16. | |
as an opportunity. As we saw with Brexit, the pound has fallen so | :02:17. | :02:20. | |
therefore Asian investors are saying, are there any opportunities | :02:21. | :02:25. | |
in the UK? Some have actually found those opportunities. Let's take a | :02:26. | :02:28. | |
closer look at the pound, it's going up, even going up on this news where | :02:29. | :02:33. | |
we heard Nicola Sturgeon make her announcement, which is unusual, it's | :02:34. | :02:37. | |
only a little bit, but we've only ever seen it go down, it is 2017's | :02:38. | :02:41. | |
was performing currencies of our. Where is the pound heading? -- | :02:42. | :02:50. | |
currency so far. I can't see it strengthening until the Bank of | :02:51. | :02:53. | |
England increases interest rates. America is in a position to do that | :02:54. | :02:57. | |
now so that will heap more pressure on to the Bank of England. But the | :02:58. | :03:02. | |
Bank of England can't do anything, after Brexit we saw they had to cut | :03:03. | :03:06. | |
interest rates and they also had to fire up their muggy printing | :03:07. | :03:12. | |
machines to try and inject more sterling into the UK economy. -- | :03:13. | :03:16. | |
money. That was just to try and keep it going. And that will continue for | :03:17. | :03:21. | |
a while I think because they simply don't have any option. What has | :03:22. | :03:24. | |
happened around the world now is investors have begun to believe the | :03:25. | :03:29. | |
central banks... All that they can do really is whenever there's a | :03:30. | :03:33. | |
problem, cut interest rates and let's start quantitative easing | :03:34. | :03:36. | |
again and I think that will happen in the UK. If that were to carry on | :03:37. | :03:40. | |
this year and maybe next year as well then I can only see the | :03:41. | :03:45. | |
sterling weakening. We haven't seen markets react too negatively, we've | :03:46. | :03:49. | |
seen all these huge gains on Wall Street for instance, why don't | :03:50. | :03:53. | |
markets seem fazed by these political changes? They know there's | :03:54. | :03:59. | |
a backstop and that is the central bank. In America, it is certainly | :04:00. | :04:03. | |
the better reserve and in the UK it's the Bank of England and in | :04:04. | :04:07. | |
Japan it's the Bank of Japan and they know the central banks will | :04:08. | :04:10. | |
step in because they can't take the risk of armageddon -- Federal | :04:11. | :04:14. | |
Reserve. Therefore it's almost like governments can do whatever they | :04:15. | :04:18. | |
want and then you will get the central banks coming in and saying | :04:19. | :04:21. | |
we will save the day by printing money. | :04:22. | :04:25. | |
Since that interview with David Kuo earlier, the pound has changed | :04:26. | :04:28. | |
direction and is currently slipping in Asian trade. In other business | :04:29. | :04:33. | |
news, US search making giant Intel is forking out $15 billion for | :04:34. | :04:40. | |
mobile eye, and of Israeli company that develops autonomous driving | :04:41. | :04:42. | |
systems. They've been working together along with Ian W to put 40 | :04:43. | :04:48. | |
test vehicles on the road later this year. -- an Israeli. Intel says the | :04:49. | :04:54. | |
driverless market could be worth $70 billion by 2030 -- BMW. Japan has | :04:55. | :05:01. | |
joined the list of suitors for a huge share sale. Shinzo Abe has | :05:02. | :05:09. | |
asked King Salman to list shares in Tokyo. Hong Kong, Singapore, New | :05:10. | :05:14. | |
York and Toronto have been courting the Saudi Iran to share sale. King | :05:15. | :05:19. | |
Salman said he would consider the request from the Japanese Prime | :05:20. | :05:23. | |
Minister. Toshiba shares in Japan have fallen 4% in Tokyo on reports | :05:24. | :05:27. | |
the company will extend the deadline for submitting its earning report | :05:28. | :05:32. | |
for the second time. There's a reason for the delay, the | :05:33. | :05:35. | |
conglomerate expects to announce losses of up to $6 billion. Toshiba | :05:36. | :05:41. | |
is likely to also have to sell off some of its business, so where did | :05:42. | :05:47. | |
it all go wrong for one of Japan's corporate icons? Here's our Asian | :05:48. | :05:50. | |
business correspondent Karishma Vaswani. | :05:51. | :05:52. | |
When you think of Toshiba you probably think of televisions, | :05:53. | :05:56. | |
computers and possibly cameras but it's no longer the giant it used to | :05:57. | :06:01. | |
be. Today Toshiba runs businesses in all sorts of sectors and that's part | :06:02. | :06:06. | |
of the problem. Toshiba started its nuclear business | :06:07. | :06:11. | |
around ten years ago. It now runs and operates nuclear power plants in | :06:12. | :06:16. | |
the US, UK and Japan. In fact, the nuclear division makes up about a | :06:17. | :06:20. | |
third of revenues. Things really started turning sour, though, after | :06:21. | :06:24. | |
because she in Japan when governments started asking questions | :06:25. | :06:28. | |
about how much they should depend on nuclear energy for their power | :06:29. | :06:34. | |
needs. And then Toshiba's nuclear assets in America turned out to be | :06:35. | :06:37. | |
worth far less than initially thought, so the company's having to | :06:38. | :06:42. | |
take losses of several billion dollars because of that. | :06:43. | :06:48. | |
Well, Toshiba has already sold off some of its more profitable | :06:49. | :06:51. | |
businesses after an accounting scandal back in 2015. But the real | :06:52. | :06:56. | |
jewel in its crown is the semiconductor business. That makes | :06:57. | :06:59. | |
chips for smart phones and computers. Toshiba has already said | :07:00. | :07:04. | |
it will sell off a slice of that business, but it still may not be an | :07:05. | :07:08. | |
off to plug that whole. What does that mean? Well, Toshiba may not sub | :07:09. | :07:13. | |
Don Max abide without a Japanese government bailout, which it may get | :07:14. | :07:17. | |
because it is so important to the economy -- may not survive. In other | :07:18. | :07:25. | |
news Thailand's company has turned down a bid for the owner of the | :07:26. | :07:30. | |
Golden Globe TV awards. A clampdown by the Chinese government on | :07:31. | :07:32. | |
overseas investments is thought to be the main reason. Elrich | :07:33. | :07:38. | |
industries, the owner of Vic Clarke productions, who owns the Golden | :07:39. | :07:41. | |
Globes, said they fail to honour contractual obligations -- Dick | :07:42. | :07:48. | |
Clarke. The financial arm of Siemens has been granted approval to operate | :07:49. | :07:52. | |
as a merchant bank in Singapore. They want to operate project and | :07:53. | :07:58. | |
financial lending. Last year they provided $3 billion in funding for | :07:59. | :08:01. | |
projects in the Asia-Pacific. Thousands of tech leaders, policy | :08:02. | :08:07. | |
makers as well as celebrities are all flocking to Texas and it's not | :08:08. | :08:12. | |
just for the famous barbecue and breakfast burritos. It's the | :08:13. | :08:17. | |
Southwest Southwest conference festival and it's in full swing. Our | :08:18. | :08:22. | |
North America technology correspondent Dave Lee told us about | :08:23. | :08:25. | |
the coolest thing that he spotted at the event. | :08:26. | :08:46. | |
The thing for Google is to provide our customers access to their | :08:47. | :08:52. | |
favourite services and information from anywhere and at any time | :08:53. | :08:57. | |
whether they are biking, walking, hiking, when their hands are busy | :08:58. | :09:01. | |
they should be able to access their favourite services from the cuff of | :09:02. | :09:08. | |
their sleeve. What is on my calf and how does it work? The interface is | :09:09. | :09:12. | |
on the material and the other threads integrate together. -- my | :09:13. | :09:20. | |
calf. We snapped on the tag. You can see it is Bluetooth, a simple brush | :09:21. | :09:27. | |
gives you the time. It is to 30 7pm. We have the destination in, time to | :09:28. | :09:36. | |
destination. -- it is 2:37pm. You can also add music. It is 2:37pm. | :09:37. | :09:49. | |
That is quite expensive. A nice jacket but it feels quite pricey, | :09:50. | :09:54. | |
how much of that is going on, give it the? Levi's commuter trucker is | :09:55. | :10:00. | |
going to be $150 without the technology and we think this is | :10:01. | :10:07. | |
really useful. -- how much of that is going on conductivity? Hope they | :10:08. | :10:15. | |
come in women's sizes as well. Looking at the markets, they are all | :10:16. | :10:19. | |
flat to lower at the moment, the Nikkei coming into some profit after | :10:20. | :10:24. | |
hitting 15 month highs. There's lots of data we are awaiting from China, | :10:25. | :10:29. | |
getting manufacturing retail sales as well as investment data. That's | :10:30. | :10:32. | |
it for this edition of Asia Business Report, thanks for watching. | :10:33. | :10:35. |