24/01/2017 Asia Business Report


Download Subtitles

SRT

ASS


24/01/2017

Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.


Similar Content

Browse content similar to 24/01/2017. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

The Defence Secretary, Michael Fallon, has refused to tell

:00:10.:00:14.

parliament whether an unarmed Trident missile misfired off

:00:15.:00:16.

He said the test had been successful and safety wasn't compromised.

:00:17.:00:20.

Labour MPs have accused ministers of a cover-up.

:00:21.:00:22.

Now on BBC News all the latest business news live from Singapore.

:00:23.:00:34.

It is official. US President Donald Trump tears up the Trans-Pacific

:00:35.:00:42.

Partnership deal and looks to renegotiate Nafta next. We just

:00:43.:00:48.

officially terminated the Trans-Pacific Partnership.

:00:49.:00:49.

APPLAUSE . Samsung, a scandal and a

:00:50.:00:54.

corruption row. Good morning, Asia. Hello, world.

:00:55.:01:06.

Thank you for investing your time in Asia Business Report. I'm Rico

:01:07.:01:13.

Hizon. It's a Tuesday. We start off with US President Donald Trump. He

:01:14.:01:19.

has formally pulled the US out of the Trans-Pacific Partnership, a

:01:20.:01:23.

major trade negotiation between 12 countries. It is part of his

:01:24.:01:29.

campaign pledge of America first, safeguarding Emre Can jobs and

:01:30.:01:35.

manufacturing. That is a message he told world leaders. We have more on

:01:36.:01:40.

what he called the captains of industry. Thank you very much,

:01:41.:01:52.

everybody. Donald Trump assembled a who's who of the corporate world

:01:53.:01:56.

around the table were the bosses of more than ten multinationals in

:01:57.:02:02.

America, including these on your screen, were also there. And also,

:02:03.:02:11.

Mark Fields, the Chief Executive of Ford, which recently cancelled plans

:02:12.:02:17.

for a 1.6 billion dollar plant in Mexico which Donald Trump criticised

:02:18.:02:21.

for sending jobs abroad. And he repeated his threat to any company

:02:22.:02:25.

thinking of moving production away from the United States. A company

:02:26.:02:29.

that wants to fire all of its people in the US and build some factories

:02:30.:02:36.

someplace else and then thinks that product will just flow across the

:02:37.:02:39.

border into the United States, that is not going to happen. You are

:02:40.:02:44.

going to have to pay a substantial border tax. And his reward for

:02:45.:02:50.

companies staying in the United States, to cut red tape. We think we

:02:51.:02:55.

can cut regulations by 75%, maybe more. And turning campaign rhetoric

:02:56.:03:00.

into action, Donald Trump signed an executive order, withdrawing the US

:03:01.:03:05.

from the Trans-Pacific Partnership, a trade deal with Asia which he had

:03:06.:03:12.

called harmful to American workers. Thank you very much. That report

:03:13.:03:16.

from Michelle Fleury in New York. Some countries involved in the

:03:17.:03:22.

Trans-Pacific Partnership such as New Zealand are vowing to push

:03:23.:03:28.

ahead. The Japanese are still trying to convince the Americans of its

:03:29.:03:32.

significant. But rising protectionism in the US is something

:03:33.:03:35.

people are going to have to get used to according to person. Is this the

:03:36.:03:39.

direct impact through those companies with large export volumes

:03:40.:03:45.

to the US? There is the impact of his policies, inflationary, that

:03:46.:03:50.

will lead to a strong US dollar and rate hikes potentially. That has not

:03:51.:03:53.

been a great environment for emerging markets in Asia. Any

:03:54.:03:59.

particular industries that could be impacted more compared to others?

:04:00.:04:06.

The industries that have full operations outside the US will be

:04:07.:04:11.

more impacted than those inside. Korean car makers for example

:04:12.:04:15.

already produce lots of their product within the US and some

:04:16.:04:18.

within Korea. For those companies, the impact will be less. Jonathan

:04:19.:04:31.

Goodchild. Sand Samsung have jumped in their profit thanks to chip

:04:32.:04:35.

making and panel display businesses. These outweigh the problems it had

:04:36.:04:43.

with its exploding smartphones. The cause was apparently due to bad

:04:44.:04:47.

batteries. They have other issues to worry about, including a probe

:04:48.:04:53.

involving the president of Korea. We sum up the problems. Samsung has

:04:54.:04:59.

probably faced the perfect storm conditions over the last few months.

:05:00.:05:05.

The battery challenge, the, umm comedy, umm, scandal with the with

:05:06.:05:12.

the president which has cascaded onto them. And linked to that is the

:05:13.:05:18.

whole issue from last year with the international pension service voting

:05:19.:05:22.

in favour of a merger that had been challenged why are they invest.

:05:23.:05:28.

Riechedly, could we see an organisational restructuring with

:05:29.:05:33.

Samsung? On one hand, their stock is performing remarkably well. They

:05:34.:05:38.

make continual organisation changes. The leadership, of course, is still

:05:39.:05:45.

in flux, with the old guard, you know, in a challenging position in

:05:46.:05:49.

hospital, the young guard wanting to take over. Given the risks around,

:05:50.:05:54.

they will want multiple ways of leading big companies that it is not

:05:55.:05:58.

dependent upon any person. James in Hong Kong. Yahoo posted a 60% rise

:05:59.:06:07.

to $1.5 billion for its fourth quarter compared to the previous

:06:08.:06:11.

year. Ones mighty technology giant is being investigated over two

:06:12.:06:19.

massive cyber bridges. They are in the process of being bought by

:06:20.:06:23.

Verizon for nearly $5 billion. But they said today that the deal is

:06:24.:06:27.

being delayed until the second quarter of this year. I spoke

:06:28.:06:32.

earlier about what this means for the Internet icon. If revenue

:06:33.:06:38.

continues like that, most people are not paying attention to it. It is

:06:39.:06:42.

long gone. People are looking for the news with the Verizon deal. We

:06:43.:06:47.

know now that although originally they planned to close that deal to

:06:48.:06:54.

Verizon by the fourth quarter it will now be pushed back to the

:06:55.:06:59.

second quarter. Slightly longer than thought. That could be because of

:07:00.:07:05.

the investigations opened into this. The FCC in the US is investigating

:07:06.:07:14.

whether breaches of Yahoo in 2013 and 14 should have been closed

:07:15.:07:19.

sooner. Those investigations have started and it may be the reason for

:07:20.:07:23.

the pushback. That was in San Francisco. Fourth-quarter revenues

:07:24.:07:32.

for McDonald's fell in the 5% to just over 6 billion US dollars. The

:07:33.:07:39.

world's largest restaurant chain recently sold off its Chinese

:07:40.:07:46.

operations and is looking to offload this stake. Renowned over the world

:07:47.:07:52.

for cuisine, but keeping customers at home and happy has not been easy.

:07:53.:07:56.

Restaurant owners serving traditional Indian food has been

:07:57.:07:59.

struggling to attract young customers in particular. Some are

:08:00.:08:07.

trying more interesting experiences. Is that working? We went to have a

:08:08.:08:18.

taste. COOKING NOISES. It is not about curries and kebabs any more.

:08:19.:08:24.

Indian food is getting a makeover. This is a deep-fried fritter soaked

:08:25.:08:31.

in sticky sugar syrup. It is a popular Indian treat found on most

:08:32.:08:40.

streets on corners. This is what it has been turned into. Tiny hits of

:08:41.:08:46.

caviar stuffed with saffron. It looks cool and tastes just as good,

:08:47.:08:53.

and they are hoping that they can attract young people back to Indian

:08:54.:09:01.

food, specifically young people. This entrepreneur is hoping that his

:09:02.:09:06.

restaurant launch is as blessed as his previous ventures. His father is

:09:07.:09:14.

a very well-known chef, and he wants to continue that legacy with a

:09:15.:09:20.

twist. We take Indian food and maintain the authenticity and do not

:09:21.:09:25.

mess with the flavours. We produce a very modern avatar of that same

:09:26.:09:29.

dish. If you want to take a cuisine global you have to do that. It is

:09:30.:09:36.

not just molecular food. Chefs are taking cuisine at sitdown

:09:37.:09:40.

restaurants to the places young people hangout. This is one of the

:09:41.:09:43.

first chefs to put Indian delicacies in bars and pubs. We wanted it to be

:09:44.:09:52.

like a gastronomy restaurant with our own definition. We did not want

:09:53.:10:02.

to rely on tradition and formality. We wanted to put the spin and the

:10:03.:10:09.

fun back into the product, but also focusing on food and being

:10:10.:10:17.

unabashedly Indian. For Indian entrepreneurs, getting young Indians

:10:18.:10:20.

on board is crucial to taking its global. But with a host of global

:10:21.:10:24.

cuisines available in popular here at very affordable prices, they are

:10:25.:10:28.

not only competing with traditional Indian food. So it may win customers

:10:29.:10:35.

early on, but it could be tough to keep them coming back. BBC News,

:10:36.:10:42.

Delhi. I am ready for breakfast. Before we go, a quick look at the

:10:43.:10:49.

markets right now. A mixed bag. The Nikkei down by a point. That is due

:10:50.:10:53.

to be strong US dollar. The All Ords down. Thank you very much for

:10:54.:10:57.

investing your time with us.

:10:58.:11:04.