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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:13. | |
More trouble for Japan's carmakers. Accusations about fuel efficiency | :00:14. | :00:24. | |
testing and a major resignation. And a month away from taking office. The | :00:25. | :00:30. | |
new Filipino president is boosting the economy with memorabilia. Good | :00:31. | :00:37. | |
morning, Asia. Hello, world. I'm Rico Hizon. This is Asia Business | :00:38. | :00:43. | |
Report. Thank you for investors time with us. -- investing your time with | :00:44. | :00:58. | |
us. We start off with Suzuki. Their trade has fallen 15% on Wednesday. | :00:59. | :01:01. | |
It followed speculation that the company was cheating on fuel | :01:02. | :01:07. | |
efficiency and emission testing. They used incorrect testing methods | :01:08. | :01:13. | |
but rejected suggestions of cheating. This is what the boss had | :01:14. | :01:19. | |
to say. TRANSLATION: We apologise that our methods were not in line | :01:20. | :01:25. | |
with specified methods. We have determined that our fuel efficiency | :01:26. | :01:30. | |
results have no problems. We have notified the ministry of the board | :01:31. | :01:37. | |
about our findings. -- Ministry of Transport. It seems, industries are | :01:38. | :01:44. | |
making the headlines for all the wrong reasons. -- car. Increasingly | :01:45. | :01:51. | |
money in transportation is being funnelled into new technologies from | :01:52. | :01:53. | |
new applications to clean cars. The taxi versus ridesharing apps. | :01:54. | :02:13. | |
Defence he and electric car? You waiting for the day when your car | :02:14. | :02:18. | |
will do the driving for you? These are transportation technologies. | :02:19. | :02:22. | |
They are tracking big money. This man has raised $75 million to invest | :02:23. | :02:29. | |
in the sector. What is catching his attention? We target four themes | :02:30. | :02:38. | |
impacting ground competition. Autonomy, connection, energy | :02:39. | :02:45. | |
efficiency, and shared vehicles. We will invest in 15 start-up | :02:46. | :02:54. | |
companies. We will invest up to $5 million per start-up companies. We | :02:55. | :02:59. | |
have partnered with some of the largest and most advanced | :03:00. | :03:02. | |
corporations across the world. Start-ups are good at innovating. | :03:03. | :03:07. | |
Vida need much capital to do so. They need corporate partners to | :03:08. | :03:12. | |
scale up. When he founded a company to produce batteries for electric | :03:13. | :03:17. | |
cars it failed. It didn't shake my faith. It taught me something. What | :03:18. | :03:27. | |
I learned was focus. Self driving vehicles will have the largest | :03:28. | :03:30. | |
impact on our society and economy since the Internet. Vehicles in the | :03:31. | :03:36. | |
US are the second most deadly product behind cigarettes. That is | :03:37. | :03:41. | |
even more than guns. You have traffic deaths that will be | :03:42. | :03:46. | |
eliminated and you will allow elderly people to be mobile. And | :03:47. | :03:52. | |
think about our health-care system if you no longer have hospitals | :03:53. | :03:57. | |
dealing with car crashes. While there is a lot of excitement in new | :03:58. | :04:01. | |
technology, even some of the smartest ideas can fail. Investors | :04:02. | :04:06. | |
in the latest innovations will have to hope they are not being taken for | :04:07. | :04:15. | |
a ride. Aston Villa has been sold to a Chinese businessman for 87 million | :04:16. | :04:23. | |
US dollars. The takeover is subject to approval by the English football | :04:24. | :04:29. | |
authorities. This comes after the central England club's relegation | :04:30. | :04:31. | |
from the Premier League after finishing bottom of the table. It is | :04:32. | :04:39. | |
being sold at a loss by the American billionaire who bought the club in | :04:40. | :04:47. | |
2006 for $90 million. And there is a 60% slide in Petronas. The state | :04:48. | :04:58. | |
energy company warned that lower oil prices will hurt future earnings. | :04:59. | :05:02. | |
They did Howard plans to cut spending by more than 10 billion US | :05:03. | :05:09. | |
dollars. -- detailed. There is another hike in the US on traders | :05:10. | :05:16. | |
minds this week. To Federal Reserve policymakers made foolish comments | :05:17. | :05:22. | |
about the economy. -- two. We are expecting policy admissions today in | :05:23. | :05:25. | |
Indonesia and Malaysia. In Malaysia, it is the first meeting for the new | :05:26. | :05:33. | |
Governor. We spoke with an economist to ask what he is expecting. Q1 GDP | :05:34. | :05:42. | |
was 4.2%. It is quite low. The lowest since 2009. Still better than | :05:43. | :05:47. | |
expected. We do still see some growth in the economy with domestic | :05:48. | :05:54. | |
consumption. I think they still holds the cards for now. There is | :05:55. | :06:00. | |
the fear that if they do reduce the cost leverage is still quite high in | :06:01. | :06:05. | |
the country. That is one of the structural issues that is facing | :06:06. | :06:09. | |
Malaysia, the household indebtedness is one of the highest in Asia. Part | :06:10. | :06:14. | |
of the consumption driven growth we are seeing has this as the other | :06:15. | :06:21. | |
side of it. That is why he will be cautious in looking to cut rates. In | :06:22. | :06:32. | |
Indonesia, sub 5% growth is very aggressive. Three times the interest | :06:33. | :06:39. | |
rate has increased. Will they cut again or hold? I think they will | :06:40. | :06:48. | |
hold. The three rate cuts, they are still waiting to pass through. They | :06:49. | :06:52. | |
want them to be passed through to consumers. When will the economy | :06:53. | :06:59. | |
really feel these three rate cuts in the first quarter? It will take | :07:00. | :07:02. | |
sometimes at the we have seen a pickup in growth, 5.1% this year. | :07:03. | :07:11. | |
That is not what Malaysia can trees but what it will in the near term. | :07:12. | :07:16. | |
-- achieve. Infrastructure projects are coming through. The government | :07:17. | :07:20. | |
is slowly but surely turning things around. Talking about monetary | :07:21. | :07:28. | |
policy in Malaysia and Indonesia. The latest economic growth data in | :07:29. | :07:32. | |
the Philippines is due out shortly. It will give an insight into some of | :07:33. | :07:37. | |
the challenges facing the new president who takes office next | :07:38. | :07:41. | |
month. In some quarters, he is already providing an economic boost | :07:42. | :07:47. | |
of his own, with solid demand for Duterte Nurrabiel. -- memorabilia. | :07:48. | :07:58. | |
T-shirts and mugs. They are all in hot demand. Vendors on this street | :07:59. | :08:05. | |
are quick to capitalise on the popularity of their tough talking | :08:06. | :08:09. | |
man who will soon be running the country. We came here quickly | :08:10. | :08:15. | |
because we were scared it would all be sold out. We want to give these | :08:16. | :08:20. | |
away to friends who are campaigning for him. This will help relieve the | :08:21. | :08:26. | |
stress and make them feel even better. One enterprising printing | :08:27. | :08:36. | |
shop has been busy mass-producing Duterte brand shirts, with his | :08:37. | :08:44. | |
nickname, the Punisher. They have a new design called Victory. At $9 | :08:45. | :08:53. | |
apiece, the patterns are reminiscent of a biker gang, aimed at matching | :08:54. | :09:01. | |
his tough image. We used good quality and design on these | :09:02. | :09:05. | |
T-shirts. It can be used even after the elections. We are even thinking | :09:06. | :09:10. | |
of continuing the signature design because of his performance and | :09:11. | :09:12. | |
popularity, and because people like him. He is seen as an uncompromising | :09:13. | :09:21. | |
tough guy whose death threats to drug gangs have resonated far beyond | :09:22. | :09:26. | |
the town. Small shop owners are having him proved a boon for | :09:27. | :09:36. | |
business. -- prove. Thank you very much, Duterte. Our business is | :09:37. | :09:40. | |
booming. It is helping our family. And there is plenty of time to sell | :09:41. | :09:48. | |
more memorabilia. He doesn't replace the incumbent until he steps down at | :09:49. | :09:53. | |
the end of June. Before we go, a quick look at the markets. As you | :09:54. | :09:57. | |
can see right now, the Nikkei and the all attend a RBS and positive | :09:58. | :10:04. | |
territory. -- All Ords Index. That is before a rate rise. Wall Street | :10:05. | :10:13. | |
had mixed results. A potential rate rise in a mind's eye and impacted | :10:14. | :10:21. | |
its. -- month's time. And the yen has gone to this number. Thank you | :10:22. | :10:30. | |
for investing your time with us. Sport Today is coming up next. | :10:31. | :10:34. | |
Goodbye for | :10:35. | :10:35. |