24/01/2017 Asia Business Report

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.