Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.
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You're watching BBC World News. Four Israeli soldiers have been killed in
a track attack in Jerusalem. The driver of the vehicle were shot
dead. The Prime Minister Benjamin Netanyahu believes the attacker was
inspired by it Islamic State. US Defence Secretary Ash Carter called
the North Korean missile testing a serious threat to the US and that
America would be prepared to shoot down a missile. This video is
trending online. It is footage caught off a huge school of wire
which fell off a truck in the US state of Pennsylvania and proceeded
to roll down the wrong way at cross a motorway, causing havoc and
forcing cars to swerve out of its way -- spool of wire. Luckily no
cars were hit and no one was injured. You are up-to-date. Stay
with us here on BBC World News. And the top story for you in the UK, a
24-hour strike by London Underground workers is under way, it is by
drivers and station staff about job losses and ticket office closures.
More from me but first hearing is Sharanjit. Chrysler Fiat pours $1
billion into US factories and moved some production from Mexico. And a
decade since this little gadget changed the way we communicate, what
is in store for the next ten years of the smartphone? Hello, welcome to
Asia Business Report. Another car maker makes a huge investment in the
United States. Fiat Chrysler is investing $1 billion in America,
including modifying a plant in Michigan which will make pickup
trucks manufactured in Mexico. The move comes as the President-elect
Donald Trump pressures the auto industry to hire workers and produce
vehicles north of the border. Last week Ford announced it was
cancelling plans for a factory in Mexico and will build the cars in
the US. All of this comes as one of the world's biggest auto shows'
where car giant showcase their latest products. Earlier I spoke
with a spokesperson for the auto industry and his reaction to the
Fiat Chrysler and Mt. They have followed suit with what Ford has
done and some of the automakers we have heard from, so there seems to
be a new awareness that if you are planning and had big ideas to roll
out Mexico -based production, maybe you are not going to do that now,
you will keep it in the US. It is startling given he is not even the
president yet. Is this becoming a long-term change or trained in car
manufacturing? I think Donald Trump will come into office and he will
look for smart ways to keep jobs in America. At the same time you have
to be careful for unintended consequences, always the bugaboo of
government agencies. If you keep the jobs here and force up prices of
cars and make them uncompetitive with cars coming from elsewhere,
companies building the cars in a different way, you might end up
hurting companies because they simply cannot make cars affordable
for Americans, then you will have companies laying people off not
because cars are built elsewhere but they cannot sell enough to employ
people. Economics is interesting. Usually there is cause and effect.
And you can't do one thing and assume an upside. There is almost
always repercussion somewhere else. This show has taken on political
overtones as the President-elect Donald Trump targets the car
industry, so is it something a lot of people are talking about? Yes,
there is a buzz about the impact on drum is having on the car industry
and how much he has had before he has been officially sworn as
president and there is definitely apprehension across the country as
to how big an impact he will have on plans, whether it is building plants
in Mexico or redistributing where the cars are built and how they are
shipped, there is a thinker little uncertainty that was unfair to
months ago -- that wasn't there two months ago because they don't know
what the man in charge is going to do.
The shares in Australian miners are down this morning on forecasts of
lower iron ore prices. The government expects average iron ore
prices for the next two years to drop nearly half. Current spot
prices of the commodity used in making steel are at about US $80 per
ton and iron ore is Australia's biggest commodity export.
Over in Mexico, nearly 10,000 people are taking to the streets in the
western area to protest the country's gasoline price hike. They
are enraged by a 20% jump in fuel prices which were announced as part
of the government deregulation of the energy sector.
Jakarta is known for having some of the world's worst traffic and to
reduce the number of motorbikes the government has made it three times
more expensive to register a vehicle. It also wants to raise
money for its infrastructure programme.
Jamal al-Jamal is the first in his family to own a motorbike.
TRANSLATION: I borrowed money for the downpayment from a friend and
then I paid it off slowly and finally it was mine. I never dared
to dream I would own a motorbike. It is like a dream come true.
Motorbikes can be bought here with a deposit of as little as $50 US and
then paid off in monthly instalments. Nearly half a million
motorbikes are sold in Indonesia each year. In Jakarta, with very few
public transport options, people turn to motorbikes to try and get
around reasonably quickly. They can weave through the traffic but the
government is hoping that by making it harder and more expensive for
people to own a bike they will think twice about buying a bike and having
to add their bike to this already chaotic and traffic jams Streets.
But for this motorbike driver, owning a bike isn't a choice and he
is worried about how he is going to pay a 300% increase in this year's
registration fees. TRANSLATION: It is too much all at once. I don't
earn very much. Why didn't they make it a slow increase? It is going to
be very hard. I am struggling at the moment to earn enough to feed my
family, let alone pay registration. The government says it is going to
use the money that it gets from the increase to pay for its
infrastructure projects that include the building of a mass rapid
transport network, an underground subway train network that this city
has been talking about for decades but now the government says is
finally building it and is this the long-term answer to the traffic was?
-- woes? Ten years ago today the first ever iPhone was announced by
this man, the then chief executive of Apple, the late Steve Jobs, now
of course we know it took the world by storm and lots of other
manufacturers such as South Korea and Samsung have joined the game as
well, but smart phones have changed Alli lives dramatically, so just how
obsessed are we? Let's have a look. -- changed our lives dramatically.
No, I don't think it is possible right now to live without a
smartphone. I mean, it is possible, but it just becomes very difficult.
Right now everything is easy. I can do things without having to go
outside, like booking my movie tickets, or even interacting with my
friends, I don't have to make calls and everything because I cant just
send text messages. -- because I can. When I am not working usually I
am always on my phone. 22 hours a day. Almost every minute. Don't tell
my boss. When you see people walking around, they are on their phone.
They are reading their phone all the time. I don't think it is healthy. I
am sure we can all identify with that.
Well, of course, those figures are from EMarketeer, and I spoke with a
spokesperson from the firm and asked where the exports for smart phone
penetration come from. We are looking at Indonesia and the
Philippines as countries that will grow significantly. The most
significantly in 2017 in terms of smartphone adoption. We saw that
Taiwan and Singapore, nearly 90% of the population have smart phones.
Will it ever get to 100%, and why not? Well, I would say that it would
not get to 100%, because if you look at the population, and we estimate
smart usage among individuals of all, the youngest demographic is
where we wouldn't expect smartphone adoption to be happening, so that is
why we wouldn't reach the 100% anytime soon. When you look at
percentage mobile phone users, we will get close to that 100%, and
Taiwan will be one country that will come the closest, but we don't
expect 100% anytime before 2020. Aside from Taiwan and Singapore we
know Asia has a lot of developing markets. Will the technological
infrastructure ever get good enough to support more smartphones in this
region? Yes, I think it will, and if you look at the country like Vietnam
we see 3G is widely available and also 4G LTE availability is
improving, and we expect it to improve over the next few years, so
when that infrastructure is in place it really encourages smartphone
adoption, as well as wireless becoming more affordable. When do
you think 5G will be rolled out in these markets? I would say that is a
longer term prospects. Just because we have to get the infrastructure in
place before uptake really will occur.
Let's have a quick look at the market before we go because Japan's
market is closed. Australia continues to gain despite
the fall in iron ore prices being projected, leading to a fall in
miners. It is gaining as it follows the US. That is it for this edition
of Asia Business Report. Thank you for watching.
Four Israeli soldiers have been killed in a truck attack
The US defence secretary calls North Korea's missile programme
a threat and warns America is prepared to respond.