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Now on BBC News all the latest business news live from Singapore.
The new US President get to work. But that gets to work. We find out
what it might mean for Asia and we go to Japan where the suicide of an
overworked employee has triggered an nationwide debate.
Hello and welcome to Asia Business Report. I am Sharanjit Leyl. While
the hard work begins for the incoming president, Donald Trump,
who has taken the office with the promise to put America first. He
urged businesses to buy American and higher American. Said overseas
industry has been enriched at the expense of American industry. What
are we likely to see from him in his first week at an office was to mark
I spoke with David Willis in Washington and asked him if America
first mean, the rest of the world second.
Trump making that point in his inaugural address, it is about
putting an America first, it is about reclaiming jobs which
President Trump believes have been lost to these trade agreement which,
in many cases, are just not fair, as far as America is concerned. What he
plans to do is withdraw from the Trans-Pacific Partnership, the trade
agreement which some say it by doing so will strengthen China's hand.
This was a major part of President Obama's trade dealings. He wanted to
pivot towards the South East Asia Pacific region while Donald Trump
believes there is nothing better the US. He plans to tear up that
agreement. He was to renegotiate whether North American Free Trade
Agreement is concerned. He wants to hold leaders -- talks with leaders
of Canada and South America with looking to renegotiating, provided
America can get a good deal. Early days yet, we know. He is yet to get
into his first week. Will he backed his statements with policies? Where
possible he seems intent on doing so. Tomorrow, his first full day in
office, his first weekday in office, he will sit down and find various
executive orders and in many cases, those will be repealing executive
orders that Barack Obama brought into a fact and trade is likely to
be top of the agenda for President Trump this week. He is very clearly
intent on seizing the initiative while he hasn't as far as the
publicity is with him and it will be interesting to see what he does
about building that wall along the Mexican border. He is to meet with
the Mexican president as I mentioned, in the next couple of
weeks. Although relations have been back on an even keel, there is
consternation over that pledge by Donald Trump. It will be interesting
to see how he plans to pull it off. David Willis.
Asia is expected to be a key focus for Mr Trump and he is going to take
a much more tough line on China. He is going to withdraw America from
the Trans-Pacific Partnership. Earlier, I asked what it will mean
for the trade deal if the US is not a part of it.
A think TTP without America is pointless. Even though you have some
countries saying they will push ahead, I don't see there is much
benefit from that unless America is going to take part and it's quite
clear they not going to. And Beazley the signal is sent to the rest of
the world is not a good one. It sends a signal that the US is
becoming protectionist. -- and the signal that is sent. Trump seems to
see it as a zero-sum game. If you win, I lose. It implies a more
aggressive approach against China. These are the two world's most
largest economies. Any souring of the trade relationship will have
repercussions elsewhere. He said he will label China currency and the
liquidators -- currency manipulators and will put tariffs on goods from
China. These goods going into China are re-exported. It affects the
whole of Asia if he goes ahead. We can expect some level of tariffs
against China. The issue is how will they respond? Do they respond in a
conservatory way and address some of the complaints and stabilise the
currency or do they respond with their own retaliation and
depreciation against the dollar in which case the whole thing could
escalate in a dangerous fashion. Indeed, as you say dangerous. Should
we start to the Asian policymakers perhaps tailoring their economic
policy in reaction to Trump? It's hard to react to something which is
unpredictable. I think as we have seen, you do not know what it is
doing next. He doesn't know. You can start to become closer to China,
knowing that America is moving further away but it's hard to know
what sort of contingency plans to put in place, I imagine, if you are
running the economy. In other news:, Korean and lecture
next giant Samsung has released its investigation into its Galaxy note
to smartphones which were recalled because they overheated and caught
fire -- Note seven. The manufacturers of the batteries were
to blame. It cost the company $5.3 billion. Nevertheless, the firm
expects profits driven by its booming airship business.
Fox, the largest electronics maker is considering setting up to play
Ash display making plant in the US. It will be $7 billion and be
generate many jobs. They will have to be negotiated at state and
federal levels. There is a new executive person
taking over Japanese giant. He is going to re-establish trust in the
company and the moves comes after this man stepped down last week to
take responsibility for the death of a 24-year-old employee who took her
life on Christmas Day in 2015. That is after complaining about excessive
working hours. After spending 20 hours at work
today, I can almost laugh because they don't even know why I exist.
What will be left of me, even if I survive these stressful days,
thinking I want to die everyday. These were the days of this
24-year-old, ten days before she took her own life. Her death is part
of the phenomena and known as death from overwork. This was first
recognised 30 years ago, although there have been cases of suicide,
the majority of these cases are medical where employees suffer heart
attacks and strengths. In 2015, claims of Karoshi rose to a record
of 2300. This woman worked a top advertising agency Dentsu.
Authorities raided their officers. They will be new rules to implement
to tackle this. The former executive apologised but given how entrenched
this is in Japan's work culture, will these changes be made?
Earlier, I put this question to a man from the school of management in
Japan. He joined us by webcam. This is
putting a bandage over a big wound. Moreover, I am say they are putting
a bandage over a stomach ache. It is almost irrelevant. Legislation about
overtime hours. It is not the problem. It is much deeper rooted.
That is basically Japanese cultural attitude towards work. The reason
why people work such long hours in Japan is not to reduce group
activity but basically that's how we work. We tried to get consensus on
team effort basis. Human relationship is more important than
the result. This is one of the reasons why it is taking so long in
getting things done in Japan. Once it is decided it is great, it is
straightforward but this is where the real problem lies. This cultural
attitude towards work has to start changing or else we are going to
have this problem over and over and over again.
That look at the markets before we go. It is turning out to be a blue
Monday here for these markets. The Nikkei is down, Australia is down,
this is due to what the protectionist policies that we are
seeing, concerns of them rising, with the new Trump administration.
Of course the US dollar is also slipping. It is leading to a
sell-off in exporters. Thank you for