24/01/2017 Asia Business Report


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The Defence Secretary, Michael Fallon, has refused to tell


parliament whether an unarmed Trident missile misfired off


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


Labour MPs have accused ministers of a cover-up.


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


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


Partnership deal and looks to renegotiate Nafta next. We just


officially terminated the Trans-Pacific Partnership.


APPLAUSE . Samsung, a scandal and a


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


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


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


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


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


campaign pledge of America first, safeguarding Emre Can jobs and


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


significant. But rising protectionism in the US is something


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


direct impact through those companies with large export volumes


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


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


been a great environment for emerging markets in Asia. Any


particular industries that could be impacted more compared to others?


The industries that have full operations outside the US will be


more impacted than those inside. Korean car makers for example


already produce lots of their product within the US and some


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


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


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


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


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


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


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


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


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


whole issue from last year with the international pension service voting


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


Riechedly, could we see an organisational restructuring with


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


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


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


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


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


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


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


year. Ones mighty technology giant is being investigated over two


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


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


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


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


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


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


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


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


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


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


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


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


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


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


world's largest restaurant chain recently sold off its Chinese


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


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


Restaurant owners serving traditional Indian food has been


struggling to attract young customers in particular. Some are


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


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


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


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


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


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


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


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


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


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


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


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


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


not just molecular food. Chefs are taking cuisine at sitdown


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


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


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


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


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


unabashedly Indian. For Indian entrepreneurs, getting young Indians


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


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


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


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


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


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


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


investing your time with us.


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