10/02/2017 Asia Business Report


10/02/2017

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


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stories... The government as defendant the scheme about

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immigrants after being criticised. Now for Asia Business Report.

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Golf diplomacy, the Japanese Prime Minister tees off to negotiate with

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President Donald Trump. We speak to Singapore education Minister as the

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country tries to reinvent its workforce. Welcome to Asia Business

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Report live from Singapore. The much anticipated meeting between Japan's

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Prime Minister and the US President Donald Trump takes place later

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today. She and the other is the first Asian leader to meet the

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President. -- Shinzo Abe. He also was the first to congratulate him in

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person on the victory. He comes bearing gifts. Trade relations

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topped the agenda and he has reportedly put together a plan that

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will see Japanese companies help create 700,000 US jobs including

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Japanese investment in infrastructure projects such as

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high-speed trains. We have heard from Toyota, sharp and Softbank

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which said that they will build factories and create jobs in the US

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and more companies are expected to announce new investments as well.

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What does Mr Abe want in return. One was Japan so nervous about the Trump

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residency? During the campaign, Donald Trump talked a lot about

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China and slapping tariffs on Chinese goods and China stealing US

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jobs. What has that been in the past double of months was Trump

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conflating China's problem with Japan how Japanese automakers are

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being unfair to US automakers and talked about how the yen, in his

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view, is undervalued and in many ways it is about heading off a trade

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war. President Trump does decide to devalue the dollar in Washington,

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DC, you see this kind of a very big effort from Prime Minister Abe said

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we are creating jobs and opportunities for the US. We are not

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the enemy. Will it work? Mr Abe congratulated him back in November

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but it did not stop Mr Trump from criticising Toyota in his tweets. I

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think President Trump is realising from his visor is that US needs

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Japan as much as Japan needs the US. With North Korea and China, the US

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needs Japan. In the long run, I think it could be a problem. When

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Raymond -- when Prime Minister Abe... He basically cancelled TPP

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and since then has accused Japan of being a currency manipulator just

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like China. Mr Trump has claimed Japan is making it difficult for

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Japan. President Donald Trump says it is

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not fair, Americans by millions of Japanese cars every year and

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Japanese by hardly any American cars and he is right. Last year only

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13,000 American cars were sold here in Japan so why is it the Japanese

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do not buy American cars like this one?

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It is not just that this car is huge, as Donald Trump might say, you

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may have noticed the wheel is on the wrong side for Japan and the fuel

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consumption is about double what the Japanese car might be. In Japan,

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these tiny little cars cannot be more than one and a half metres wide

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and the engine can only be 660 cc and they sell tons of them. 1.7

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million last year. 40% of all cars sold in Japan. This is much better.

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It is actually not true that Japanese people do not buy foreign

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cars. Take a look at this street - Mercedes, another Mercedes and look,

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another Mercedes and are BMW and in here, look, a BMW. Of course, they

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are not American cars - all Germans. And I understand you have owned an

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American car? Yes I did. And then I liked how it looked but when I

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started driving I felt like it was cheap and I do not feel safe and

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also it is not as good as a German car. Japan charges no import tax on

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a car like this. America charges 25% import tax on Japanese cars so maybe

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to suffer a America to stop complaining and learn from the

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Germans. Japanese companies are not the only

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one Fifa to be the target of President Trump's tweet. He has

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almost 25 million followers and the social media platform gets lots of

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attention with him announcing policies, denouncing critics and

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pressuring companies. Twitter reported yet another loss over $170

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million in the last quarter. The shares fell by 12%. Ask first

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mentality is a big threat facing the Singapore economy according to a new

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government report outlining what the small island nation needs to do to

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stay competitive. Some key strategies included train workers to

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have the right skills and build stronger business ties overseas. I

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asked the Minister of education what skills are lacking in the workforce.

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What is required going forward is that everyone every worker to be

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able to find your niche, your passion, your interest and then

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master that craft. It is a lifelong process. In that process, I think

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understanding Digital economy, able to fit in a digital place will be

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critical. That applies to every field. Even if you are a chef, you

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continue to cook well but you must be able to process each payment,

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receive EU orders and be comfortable in that environment. It is about

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many parts, many parts to success and then been very good at what you

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are doing. The other thing you report mentions is how Singapore

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must deepen global ties but as we have been talking about,

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protectionism is on the rise in the US and Europe - how do you plan to

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achieve that? This sudden protectionist flavour moving around

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the world but if you think about it carefully, the world is still

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globalising. The tide has not been abated all subsided stop white?

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Because it is driven by technology. You cannot stop the Internet, Jet

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air planes flying all over the world, you cannot stop news being

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broadcast, information being so available, you cannot stop people on

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the go wanted to go in emerging markets, to develop their business.

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I think that trend is still there and Singapore always relies on that

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trend to make ourselves a good living. Since the new US president

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has taken office, it is that to say tensions between the US and China

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have been rising. Singapore has so far managed to maintain a gap

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between the two powers but is that the Trump administration making it

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difficult? It is early days. He is not appointed all his political

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appointees. So far, the Secretary of State I'm and others are characters

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we know very well. We are happy to work with them. Would you say the

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Trump residency is destabilising the region? It is uncertain for now. We

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have to watch it carefully. China - US relations are absolutely critical

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for the whole world. The markets befall we go, Asian shares trading

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higher, trading cues from the U S. Thank you for

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