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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Hello, I'm Kasia Madera with BBC World News.
Our top story: The main suspect in the Istanbul nightclub attack
at New Year has been captured following
34-year-old Abdulkadir Masharipov, an Uzbek national, was arrested
after a police raid at a housing complex in the city.
He was reportedly found with his four year-old son.
Beijing says it will "take the gloves off" and pursue "strong
countermeasures" if Donald Trump continues to provoke it over Taiwan.
It comes after the US President-elect challenged
And this video is trending on bbc.com: It's time to say
a temporary farewell to the iconic billboards at the centre
The lights have been switched off for renovations and they'll stay off
Northern Ireland is to hold new elections following the collapse
Secretary of State James Brokenshire has set the date for March second.
Now on BBC News, all the latest business news live from Singapore.
China's president takes centre stage at the world economic forum. And
Theresa May is suspected to signal a hard Brexit in a speech later today.
Welcome to Asia Business Report. China's president is expected to
urge for more inclusive globalisation as the World Economic
Forum's annual meeting kicks off in Switzerland. Xi Jinping will be the
first President to attend the summit from his country and this year's
gathering in the Alpine resort of Davos focuses on how leaders should
respond to growing populism and protectionism.
Tanya Beckett has more. There is a chill wind in Davos this
year and I am not just talking about extremely low temperatures and piles
of snow. The political backdrop is also pretty unforgiving. Top names
from the worlds of business and politics are meeting here to cut
deals at a time when a backlash against globalisation and elitism is
only gathering pace. The forum's founder says social inequality will
not be reduced by raising barriers. I hope that all countries will
favour "All systems -- open global systems, but I think we will have as
a whole, as a world, as a whole, we will have a big setback if we go
back to the old times of big walls around our nationstates. And
stepping in to champion the pro- trade message this year is Chinese
President Xi Jinping. Traditional protagonist America is keeping LO
profile, allowing the world's second largest economy to take centre
stage. A welcome prospect for young trade entrepreneur Laila Dong.
President Xi Jinping's coming shows China is willing to take the world
leadership role and also working closely with other countries in
terms of security, globalisation and providing more job opportunities.
And he has a very high profile audience for his message. Other top
attendees include Colombian singer Shakira, Facebook's Sheryl Sandberg,
Ali Babar's Jack Ma and Christine Lagard. But Francois Hollande and
Angela Merkel are staying away -- Alibaba. But for those who feel they
can afford to tear themselves away from domestic troubles, the World
Economic Forum will be awash with ideas and debate as to whether ever
freer trade is now a certainty. Tanya Beckett, BBC News, Davos.
Well, it is a big day for speeches because later today the UK Prime
Minister Theresa May is expected to spell out what kind of Brexit deal
she once and says the UK will not retain partial membership of the EU
when it leaves. US President-elect Donald Trump says his promise to
negotiate an early trade deal between America and the UK could
strengthen Mrs May's can. Our political editor reports on what we
can expect based on the evidence so far.
Brexit means Brexit. What is that? Brexit means Brexit. And in case you
hadn't heard. Brexit means Brexit. I'd ignore the platitudes, the big
decisions have been clear since June. -- but ignore. There is no
mandate for a deal that involves accepting the free movement of
people as it is hitherto. Unlimited EU immigration won't stay, nor the
power of European judges. Judges, sitting not in Luxembourg, but in
courts across the land. Without them in charge it means we will be out of
the single market. It will talk -- people talk in terms as if we are
leaving the EU and we want to keep parts of membership. We are leaving.
We are coming out. She has even dressed up to make plain how doing
business outside Europe will be more and more important. With an
enthusiastic offer now from stateside of doing a deal at speed.
It is very good news the United States of America wants to do a good
free-trade deal with us and wants to do it very fast and it is great to
hear that from the President-elect Donald Trump. Spreading good cheer
for Brexit backers. We will have the European Court of Justice no longer
overruling our laws and we will be out of the single market so we can
control our borders and probably outside the customs union so we can
negotiate our own trade deals with the rest of the world. This is the
most crucial set of choices any Prime Minister has made four years.
And although the fundamentals were clear before she moved in, their has
been precious little detail in public. Theresa May's opponents fear
she will disappoint because she is juggling her party as well as the
public. Partly because she has had to overcompensate as a former
Remainer to prefer soft to her own party, partly because she has no
mandate, she hasn't been elected by anybody, so she is not in a strong
position, but partly because she has chosen really only to listen to her
50% of people who voted for Brexit and not be almost half of the
remaining part of the voting public who voted for a different future.
Theresa May will tell us and then the other European countries more
about her decisions that will shape Britain for decades to come. Her
political hope, she and the country are not on their way to isolation.
Laura Kuenssberg looking to the key speech, and worries about the hard
Brexit pushing the pound to the lowest since the flash crash in
October last year and today in Asian trade it is back above the 120
level. In other news: the owner of Oakleigh
and Rayban has signed a $49 billion deal to create the biggest company
in eyewear -- Oakley. They are combining in a merger that is one of
the largest ever in Europe, coming after four years of talks.
Rolls-Royce is paying more than $800 million to settle bribery probe is
in the UK, US and Brazilian authorities, the group is accused of
paying to win contracts in Indonesia, China, Brazil and other
markets, and they have announced that the four-year profits will be
better than expected despite weakness in the marine business.
Now, a South Korean court will decide on Wednesday whether the head
of Samsung should be arrested on bribery charges in the latest twist
in a corruption scandal that has engulfed the president of South
Korea. The family run conglomerates known as trebles were typically
considered Untouchables but is it now changing? A question I asked. It
is a big shock and impact to the Korean economy and it may be
shocking, especially Samsung is known for the global brand,
essentially a very world-class company, so, you know, in the past,
many chaebol chairman, like Hyundai, or SK Group, it was shocking with
Samsung. It is not the first time we have seen chaebols in broad in this
kind of scandal but we know, as you say, they are incredibly
influential, these chaebols, just how much of the South Korean economy
do they control? Well, it depends on how you measure that, but if you
just compare it the sales -- compare the sales for Samsung compare to
GDP, it is 70%, so you can see how important the chaebols are to the
Korean economy, Hyundai control shipbuilding and the automotive
businesses, and SK control mobile phone and also the chemical
businesses. Incredibly influential, as you say, but in light of this
scandal do you think these chaebols will now be forced to change how
they do their business? I think so, because it will be a tremendous
impact to them in terms of improving the corporate governance practices.
The major weaknesses of chaebols is the success in issue, so in Korea,
you know, the chaebols are an independent company that is
controlled partly by the family shareholding, but the family
shareholding is fairly little compare to the shareholding, like
maintaining the control, but in Korea there is 50% Inheritence Tax,
so if you have to pay 50% tax, and a chaebol family cannot maintain
control for the next generation, so it is why they are cutting corners
and pushing to the limit, so after the scandal I think chaebols
families should be careful and will be more careful. All right. In how
to work with minority shareholders not at the expense of the business.
A quick look at the markets, because they are almost lower, with the
Nikkei making losses, and exporters have been sold off with investors
ploughing into the Japanese yen as a safe haven after the pound was sold
off so much on Monday, and of course there is a lot of caution ahead of
the key speech from the UK Prime Minister Theresa May later today.
That is it for this edition of Asia Business Report. Thanks for