17/01/2017 Asia Business Report


Similar Content

Browse content similar to 17/01/2017. Check below for episodes and series from the same categories and more!



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




Download Subtitles