:00:00. > :00:00.54% voted against the agreement, negotiated
:00:00. > :00:13.Now on BBC News all the latest business news, live from Singapore.
:00:14. > :00:19.Samsung's boss is formally arrested as prosecutors investigate his role
:00:20. > :00:30.in a bribery scandal. And Facebook founder Mark Zuckerberg calls for
:00:31. > :00:38.every -- a reboot to globalisation. Good morning, Asia and hello, world.
:00:39. > :00:46.Thanks for joining us. Samsung's acting chairman JY Lee was arrested
:00:47. > :00:51.earlier this morning after a court granted prosecutors decision to do
:00:52. > :00:56.so. The prosecutors have said there is new evidence against Mr Lee, as
:00:57. > :01:02.they investigate his role in a major corruption scandal in connection to
:01:03. > :01:05.the president Park Geun-hye. In a statement, Samsung says the company
:01:06. > :01:12.will do its best to ensure that the truth is revealed in court.
:01:13. > :01:19.An expert in Seoul says the arrest is significant.
:01:20. > :01:26.It means that the prosecution have convinced the judge here that there
:01:27. > :01:31.is enough evidence against Jay Y Lee, to the extent that the
:01:32. > :01:36.prosecution should be able to win a conviction against him in court when
:01:37. > :01:41.it comes to trial. That's the prosecution's contention and they
:01:42. > :01:48.have found a judge who agrees it is reasonable and has issued the
:01:49. > :01:50.warrant. That has put Jay Y Lee in jail and presumably he will stay
:01:51. > :01:59.there until the trial process begins. Will prosecutors make sure
:02:00. > :02:03.there is no way out for Jay Y Lee? They filed so many charges against
:02:04. > :02:08.him, from hiding the proceeds of a criminal act, bribery, embezzlement,
:02:09. > :02:12.hiding funds overseas and perjury. Could this lead to more arrests of
:02:13. > :02:17.other conglomerate bosses down the road? That's a good question and
:02:18. > :02:26.absolutely it can and may well, because Samsung of course was not
:02:27. > :02:30.the only Korean business group to have made donations to the two
:02:31. > :02:35.foundations that are at the crux of this political scandal that has
:02:36. > :02:44.involved the impeachment the president. Will the billionaire heir
:02:45. > :02:51.of Samsung, with him now behind bars, could this throw the Samsung
:02:52. > :02:55.group into turmoil? It could because he has been the CEO... I realised
:02:56. > :03:00.his title is vice-chairman, at his father has been in a coma for
:03:01. > :03:05.several years, and so effectively Jay Y Lee has been the chief
:03:06. > :03:10.executive of the Samsung group. So there's obviously crucial business
:03:11. > :03:14.decisions involving the principal units of the group. Samsung
:03:15. > :03:24.Electronics and its associated companies in particular. But the
:03:25. > :03:29.settlements of the group's structure is not yet complete either. But have
:03:30. > :03:36.a quick look at the stock rise. Investors aren't reacting too badly.
:03:37. > :03:42.Shares in Samsung opened lower, but not by much. One share jumped by
:03:43. > :03:47.more than 8%, a company headed by the sister of Jay Y Lee. It appears
:03:48. > :03:51.some investors are expecting the sister to play a big role in the
:03:52. > :04:03.company. Staying with South Korea and wants a shipping giant, and Jim
:04:04. > :04:11.will file for bankruptcy. The debt the past five billion dollars, US. A
:04:12. > :04:15.slowdown in the global economy and trade were cited as the main reasons
:04:16. > :04:23.for Hanjin's downfall. The owner of Snapchat has confirmed
:04:24. > :04:30.there has been a lot of excitement around the company, as there often
:04:31. > :04:37.is for technology stocks, but Snapchat values itself as $22
:04:38. > :04:39.billion, significantly less than the previous estimates. So what are
:04:40. > :04:47.investors concerned about? Let's take a look.
:04:48. > :04:53.Snapchat launched in 2012 as an app that allowed users to send photo
:04:54. > :05:04.messages that disappeared after a certain time. It rebranded as Snap
:05:05. > :05:08.in 2016. The service appeals to a user base in their teens and early
:05:09. > :05:15.20s. It has over 150 million daily active users. Snap derives its
:05:16. > :05:21.income mostly from advertising. Last year's revenue was $404 million. But
:05:22. > :05:28.the company made a net loss of over $514 million. Investors may have to
:05:29. > :05:37.stick around a lot longer than a snap that message if they are to
:05:38. > :05:40.make a gain on its shares -- Snapchat.
:05:41. > :05:45.Staying with social media, the founder of Facebook says he fears
:05:46. > :05:49.millions of people are withdrawing from the globally connected world in
:05:50. > :05:53.part because of they use. It is unusual for him to speak out this
:05:54. > :05:59.way. Our economic editor explains what he told him. He told me in the
:06:00. > :06:04.BBC's interview with Mark Zuckerberg that he didn't want to be a
:06:05. > :06:10.politician. Not now, he said. He didn't say not ever. But I think he
:06:11. > :06:14.is the leader of one of the biggest businesses in the world. Frankly he
:06:15. > :06:19.is probably as influential as he is going to be as a politician, leading
:06:20. > :06:24.Facebook. What's interesting about what he called me at what he has put
:06:25. > :06:29.out in his 5500 word Post on Facebook tonight is that he talks
:06:30. > :06:34.about globalisation, as you've said, and they can use, but he talks about
:06:35. > :06:40.people not getting upset. -- fake news. But fighting back. He says the
:06:41. > :06:43.way to fight that is billed collective miss across borders,
:06:44. > :06:48.bring down barriers. What an opposite tone to the tone of
:06:49. > :06:53.President Trump. He was very careful with me not to bite on any of my
:06:54. > :06:57.questions about Donald Trump doesn't agree with you, are you going to
:06:58. > :07:02.meet Donald Trump? He famously didn't go to the roundtable that
:07:03. > :07:09.many tech leaders went to, but nevertheless it gives an alternative
:07:10. > :07:11.view. Thousands of words, well thought through, whatever you might
:07:12. > :07:17.think about the legitimacy of someone like Mark Zuckerberg talking
:07:18. > :07:22.about this. It was a well thought through 5500 word piece of work and
:07:23. > :07:25.in the present environment it certainly will be seen as an
:07:26. > :07:29.alternative manifesto to what we're hearing from the White House. You
:07:30. > :07:37.can read the interview in full on our website. While the Facebook
:07:38. > :07:42.founder may not want to comment on President Trump's policies, his
:07:43. > :07:48.protectionist rhetoric has put Asia on edge. I ask someone from APEC if
:07:49. > :07:57.he agrees with Mr Zucker the's view on globalisation. -- with Mark
:07:58. > :08:02.Zuckerberg's. Traditional trade slowed right down, although the
:08:03. > :08:07.outlook for the next year or so is probably improving. Services trade
:08:08. > :08:11.is where it is. Although trade has slowed down, as you mentioned, there
:08:12. > :08:16.is a lot of concern that even with globalisation this hasn't really
:08:17. > :08:22.filtered down to the people, especially to the masses. Well, I
:08:23. > :08:27.will be off in a week to Vietnam and we will have the first meeting for
:08:28. > :08:31.APEC in a year. They are one of the lowest income economies in APEC and
:08:32. > :08:39.they've been doing well out of globalisation, as have many other
:08:40. > :08:43.economies. So half a billion people isn't anything to scoff at. We've
:08:44. > :08:47.seen some countries pushing their populist policies. It seems there is
:08:48. > :08:51.a head-on collision between globalisation and protectionism.
:08:52. > :08:56.This free trade and open markets, has this been the cost of the
:08:57. > :09:01.discontent and the popularity of popular reason? I think
:09:02. > :09:05.globalisation has been labelled as part of the problem, we are talking
:09:06. > :09:09.about automation, migration and other things. But actually when APEC
:09:10. > :09:14.leaders talked about all of this, as they did a month or so ago, they say
:09:15. > :09:19.they are continuing down this path. We think there are big games to
:09:20. > :09:22.come, but we know we haven't communicated well and we need to do
:09:23. > :09:31.that better and talk about the winners and losers, not just talking
:09:32. > :09:36.about Peru and alpaca. How will this play out going forward? We will have
:09:37. > :09:41.to pay much more attention to what the impacts are of a lot of trade
:09:42. > :09:45.agreements and improvements in getting services and small business
:09:46. > :09:49.into the trade arena. A lot of that will help people at the bottom of
:09:50. > :09:54.the pile, not just at the top. Briefly, what is likely to the BP?
:09:55. > :09:59.Will Japan lead it or build China? -- TPP. A bunch of things could
:10:00. > :10:06.happen. In one month Chile will have a meeting of TPP leaders without the
:10:07. > :10:09.US, but with China and Korea. If that goes ahead that could change
:10:10. > :10:14.things a bit. Now let's have a look at the
:10:15. > :10:18.markets. Asia is slipping into negative territory. That is due to
:10:19. > :10:24.the weakness on Wall Street overnight. We are also watching how
:10:25. > :10:27.Singapore will open after its fourth-quarter economic growth was
:10:28. > :10:35.revised higher. Thanks for investing your time with us. Bye for now.
:10:36. > :10:38.The top stories this hour: President Trump lashes out