08/02/2017 World Business Report


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08/02/2017

The latest business news with informed analysis from the world's financial centres.


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Now for the latest financial news with Sally Bundock

:00:08.:00:09.

Weighing the arguments - a federal appeals court hears

:00:10.:00:17.

the case for and against President Trump's controversial

:00:18.:00:19.

travel ban - we talk you through what's at stake.

:00:20.:00:26.

And share markets in India soar on the hopes its central bank

:00:27.:00:29.

will cut interest rates to revive the economy -

:00:30.:00:31.

We'll be live in Mumbai for the latest.

:00:32.:00:44.

The farmers who put solar panels in their fields.

:00:45.:00:51.

We start with President Trump's travel ban which has

:00:52.:00:56.

A panel of appeals court judges hammered away at the government's

:00:57.:01:00.

arguments that the ban was motivated by terrorism fears.

:01:01.:01:03.

But they also asked pointed questions over claims it targeted

:01:04.:01:05.

The hearing was conducted by phone - an unusual step - and while no

:01:06.:01:14.

verdict was announced a spokesman for the court said it's likely

:01:15.:01:17.

Whatever the court eventually decides, either side could ask

:01:18.:01:21.

the Supreme Court to intervene which almost certainly means more

:01:22.:01:24.

delay and confusion for millions of people around the world and also

:01:25.:01:27.

for some of the United States' biggest businesses.

:01:28.:01:39.

President Trump has been trying to temporarily ban people entering

:01:40.:01:42.

He says "this is about terror and keeping our country safe"

:01:43.:01:47.

while a stricter vetting system is put in place.

:01:48.:01:49.

But there have been widespread protests against the ban -

:01:50.:01:52.

127 companies including the likes of Apple, Google,

:01:53.:01:54.

Microsoft, Tesla and Levi Strauss have all filed court submissions

:01:55.:01:56.

in support of the ban being overturned.

:01:57.:01:58.

In those documents they argued "Multinational companies

:01:59.:02:00.

In those documents they argued "Multinational companies

:02:01.:02:03.

To base operations outside the United States"

:02:04.:02:06.

At the moment many of these companies use the H-1B visa

:02:07.:02:09.

programme which grants entry to 85,000 skilled foreigners a year

:02:10.:02:12.

There are approximately three applications for every

:02:13.:02:16.

With me is Marianna Fotaki, Professor of Business Ethics

:02:17.:02:27.

Give us your take on how damaging this process is, given we have still

:02:28.:02:49.

-- to have no conclusion. Many people will agree that this ban is

:02:50.:02:54.

cool as -- and in sensitive. -- crawl. Banning people from entire

:02:55.:03:05.

countries. Those people are seen as a suspect of terror without any

:03:06.:03:10.

evidence being brought. That is unjustified that is perhaps cruel.

:03:11.:03:15.

People from those countries are really quite poor people and they

:03:16.:03:19.

have been affected by ill and defies US foreign policy. That is the

:03:20.:03:25.

ethical grounds. Dubious ethics means dubious business in many

:03:26.:03:30.

cases. What are the potential impact? In the short term, the ban

:03:31.:03:41.

is just came as an executive order without clear guidelines, who should

:03:42.:03:47.

it include. In the beginning, people who were residents were also

:03:48.:03:50.

affected and then that was overturned. Really, the airport

:03:51.:03:54.

workers are actually left to decide who they should actually stop from

:03:55.:03:59.

entering the country and in many cases, this means separating

:04:00.:04:05.

families, as we have seen. That is the short term. More importantly, if

:04:06.:04:10.

this ban continues, it will affect the image of the US and not just the

:04:11.:04:15.

image but business thrives on diversity. Diversity -- innovation

:04:16.:04:22.

thrives on diversity as well. US is very successful because it has been

:04:23.:04:32.

conceived as an open, fair and... Sorry, I don't want to interrupt you

:04:33.:04:37.

but I just have to say, from the point of view of the consumers of

:04:38.:04:43.

these companies around the world and the companies themselves, if they

:04:44.:04:47.

put out an application for new workers, obviously this temporary

:04:48.:04:51.

ban is the suspended at the moment so it is not in place right now, but

:04:52.:04:56.

even if it was put back in place, the think it will hinder people

:04:57.:05:06.

coming to the US to work -- to work in the US in the future? People who

:05:07.:05:11.

have choices will think twice to make US there are home. Even though

:05:12.:05:16.

the bosses of these companies are very pro-diversity and from

:05:17.:05:19.

different parts of the world to themselves. Indeed. That is why

:05:20.:05:23.

there has been this reaction. That is why I would suggest that they use

:05:24.:05:27.

considerable means to fight this order in the court of law. All

:05:28.:05:34.

right, thank you the -- for your perspective. When we get any news of

:05:35.:05:42.

any decision in the US, we will fill you in.

:05:43.:05:43.

India's central bank meets to review its monetary

:05:44.:05:45.

It's the first meeting since the government

:05:46.:05:48.

announced its latest budget, and second after the controversial

:05:49.:05:51.

Let's cross live to Mumbai and speak to our business reporter Sameer

:05:52.:05:58.

Nice to see you. Lots of people are hoping there will be a cut in

:05:59.:06:10.

interest rates. Will they deliver? It is a close one. You look at all

:06:11.:06:15.

the polls that have been done in the last few days. Most economists feel

:06:16.:06:19.

that India's central bank will go ahead with the rate cut. Because

:06:20.:06:23.

inflation has slowed down, it is a primary concern and also the cash

:06:24.:06:29.

ban which came into place 3.5 months ago, the dust has started to

:06:30.:06:38.

special. -- settles. It has made clearer what is to come in the

:06:39.:06:45.

coming months. There is also a school of thought that given that

:06:46.:06:51.

there is so much cash in the system after the rupee ban because

:06:52.:06:54.

everybody had to deposit their money back into the banks, banks have

:06:55.:06:58.

ready started cutting rates. Rates are already down. It's really not

:06:59.:07:05.

going to have any major impact. If they cut rates in the future. We

:07:06.:07:12.

will know the ants in 3.5 hours whether they will cut rates not. --

:07:13.:07:16.

answer. Speak to you soon. After relying on nuclear power

:07:17.:07:21.

for decades, Taiwan will stop So the government is ramping

:07:22.:07:24.

up the use of green - or renewable - energy,

:07:25.:07:28.

by installing wind turbines and converting damaged or unused

:07:29.:07:30.

farmland into solar farms. Cindy Sui reports from

:07:31.:07:33.

Southern Taiwan where farmers are cultivating solar

:07:34.:07:35.

energy instead of crops. These fields are helping Taiwan to

:07:36.:07:51.

produce modern renewable energy. The soil is damaged and most crops no

:07:52.:07:57.

longer top - here. Now farmers are helping produce something else

:07:58.:08:00.

instead. They earn money by a leasing their land to solar energy

:08:01.:08:05.

companies and taking care of the panels. TRANSLATION: I never an

:08:06.:08:13.

imagined our ancestors land would be used in this way. This is one of

:08:14.:08:18.

hundreds of local farmers whose land is getting a new lease on life.

:08:19.:08:22.

There are projects like this throughout Taiwan. Wherever they

:08:23.:08:26.

can, the central and local governments are trying to find low

:08:27.:08:30.

quality or unused land and turn them into solar energy farms. Solar

:08:31.:08:37.

panels have also been placed on landmark Bill Dixon including Best

:08:38.:08:41.

aquarium, this stadium and even this prison. -- buildings. It is part of

:08:42.:08:47.

the planned to do away with an renewable energy which currently

:08:48.:08:54.

produces 40% of Taiwan's energy. That includes scrapping this newly

:08:55.:09:01.

built nuclear power pant is for it opens -- power plant, before it

:09:02.:09:05.

opens. Taiwan also needs more wind turbines and natural gas plants. The

:09:06.:09:13.

government wants green energy to eventually produce a fifth of the

:09:14.:09:18.

island's electricity. Although green energy is ticking over in a

:09:19.:09:23.

agricultural land, that doesn't mean a complete end to farming.

:09:24.:09:31.

Underneath the solar panels, we grow mushrooms. The electricity we

:09:32.:09:37.

generate is clean energy. It is good with -- it is good for Taiwan's

:09:38.:09:43.

energy and good for the world. After a strong surge on Tuesday,

:09:44.:09:58.

Bombay is taking a pause right now ahead of the rate decision.

:09:59.:10:00.