14/04/2017 Asia Business Report

plans for new selective grammar schools in England. But Labour says

it does not support social mobility. Let's go to all the latest business

news from Singapore. Back on the road: Uber resumes in

Singapore after a two-month suspension. At a BBC investigation

shows how a B users became targets for scammers. -- Airbnb. Borken to

Asia Business Report. I am Sharanjit Leyl.

Uber will return to Taiwan after being suspended for not complying

with insurance and safety standards. So what kind of agreement did Uber

come to with the government? I spoke to the head of Uber in Taiwan. We

have been in close contact with the Ministry of Transport over the past

few months to see if we could devise a model to resume services as

quickly as possible. We are working with light and rental car companies

here and Taiwan. You see working with the Ministry of Transport.

You're spoken to the trepidation minister about the new pricing

model. Will prices stay the same? -- transportation minister. Consumers

will now see the exact price on their out after they enter the

destination and their pickup address. The good thing about this

is that it is good for consumers in that there will be more transparency

around the price of that particular ride, before they even request the

car. What about the issues of fines and unpaid taxes? The Ministry of

Finance as you have unpaid taxes of nearly $4.5 million. It is also --

it is also danger executives from leaving the country. How will you

resolve is? We are looking to resolve as swiftly as possible. We

have reached out to the relevant authorities over the past couple of

months to discuss this issue. It has currently entered into legal

proceedings, right now. So we are taking the legal course to resolve

this as quickly as possible. You have been slapped with hefty fines.

You know when they will be paid? We would like to resolve this with the

Taiwanese government. And we are committed to the Taiwanese market.

But it has gone through legal proceedings, right now. We will see

how that plays out. It is arrangement that you currently have

the government, is this permanent? Or just a stopgap? I think it is an

important first app in that we are partnering with the Taiwanese

government to find a way that we can reserve the Uber service in Taiwan.

-- resume. This is after dozens of people have written to us asking

when we will resume. Andy Cohen is government does recognise the need

to have foreign companies like Uber have a foothold in Taiwan. We look

forward to continued dialogue with them. -- and the Taiwanese

government. And AC Milan has new owners. Silvio Berlusconi has sold

it to a Chinese led consortium. Last year, their arrival was also

purchased. Cyclone Debbie, which swept parts of Australia, will cost

an estimated $1.3 billion. That figure came from the second largest

world insurer. Cyclone Debbie made landfall as a category four storm

which smashed resorts, brought down power lines, and shut coal mines

before moving on to New Zealand. Starbucks has reported a sharp fall

in profits in its UK business, which plans of a slowing economy and the

effects the Brexit vote on consumer confidence. Bear Story 16% drop in

pre-tax profit to October. There were other factors which drag down

profits, including UK investment and restructuring costs. It is burning

season for corporate America. Major US lenders have announced another

round of quarterly results. We heard from JPMorgan Chase and Citigroup.

They both had better results than expected. But growth is starting to

slow down. This follows a rate hike in March. How much worry will that

be for the US banking sector? I asked Michel Fleury this early --

Michelle. -- earlier. I expect will you more about this next week, when

people like Goldman Sachs report. But on the loan so that things, this

is where you saw the disappointment. -- loan side. The JP Morgan boss

described consumers and investors being healthy overall. The key

question is what this administration under Donald Trump can do. There

have been talks about easing regulations. On that issue, Jamie

Dimon said growth could accelerate if some of these things D. --

Diamond. You talk about these regulations and easy those

regulations. Donald Trump has pledged that he will look to reform,

but nothing has been done, yet. Other concerns -- are their concerns

about what it could happen down the road? There are certain issues that

banks care about, but broadly speaking, you think about these big

Wall Street firms. -- there. They have spent years in lamenting the

rules that were involved in Dodd-Frank, the legislation passed

in the financial crisis. Given how much was spent on that, it will be

interesting to see how many of the things they want reverse. How many

things they think are detrimental to business. Obviously, as you know, we

have a Goldman Sachs ally in the White House. They also have Steven

Mnuchin, who is now the Treasury century. -- secretary. We'll have to

wait and see what engages us have -- what indications this has. Less

known was another company which benefited when it Citigroup and JP

Morgan did. But it had a 35% drop in the opening of new checking accounts

and a tumble in credit card applications. Make of that what you

will. Airbnb is improving the security of its app and system after

homes were burgled by scammers using stolen accounts. They hijacked

accounts to pull off the gas. I walked the police into this room,

which you see is full of stuff, but it was completely anti-. Like

millions of people, Christian had let out his home while he was out of

town as a convenient way to make money. He had done so for years

without a problem, but on his birthday, in his home was burgled.

While I was enjoying the hotel and having breakfast, and returned to

the hotel room to relax a little, I got that text message saying that

somebody was in the account. My birthday was over. Christian thought

he had let out his home to a verified profile. It had previous

positive reviews. But the account had been stolen. The name,

photograph, and contact details were changed, but the Airbnb verified

batch was kept. And he is not alone. The BBC has spoken to two others who

were robbed this way, and three others who had their account stolen.

And Facebook users have made many reports on the Airbnb page. They

might just have tricked people into handing over their passports, but

there are ways that Airbnb could have defended against us. Google,

Facebook, and Twitter, amongst others, offered to step traffic and,

involving using a code sent to your phone, as was your password, to act

your account. We put these concerns to Airbnb, who gave his response...

-- this. Those changes include 2-step verification when suddenly

locked into a new device and text message alerts if somebody changes

your profile information. But the Christian, the changes come too

late. He said the whole experience has left him with a bad feeling, and

he might not use Airbnb again. Let's take a look at the markets.

Most are closed for Easter. But the Nikkei is open. We are seeing

Toshiba being driven down by about 8% there. That market open along

with Chinese markets. Hello. You're watching BBC News. We

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