10/02/2017 Asia Business Report


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


immigrants after being criticised. Now for Asia Business Report.


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


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


country tries to reinvent its workforce. Welcome to Asia Business


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


Prime Minister and the US President Donald Trump takes place later


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


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


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


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


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


Japanese investment in infrastructure projects such as


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


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


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


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


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


China and slapping tariffs on Chinese goods and China stealing US


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


conflating China's problem with Japan how Japanese automakers are


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


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


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


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


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


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


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


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


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


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


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


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


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


Japan. President Donald Trump says it is


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


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


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


do not buy American cars like this one?


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


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


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


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


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


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


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


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


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


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


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


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


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


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


to suffer a America to stop complaining and learn from the


Germans. Japanese companies are not the only


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


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


attention with him announcing policies, denouncing critics and


pressuring companies. Twitter reported yet another loss over $170


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


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


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


stay competitive. Some key strategies included train workers to


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


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


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


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


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


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


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


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


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


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


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


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


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


achieve that? This sudden protectionist flavour moving around


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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


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