Browse content similar to 19/05/2017. Check below for episodes and series from the same categories and more!
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and delivering Brexit are the biggest priorities if she's | :00:00. | :00:00. | |
Now all the latest business news live from Singapore. | :00:00. | :00:15. | |
APEC trade ministers gear up for a busy weekend in Vietnam, as it faces | :00:16. | :00:22. | |
restructuring of major trade agreements. | :00:23. | :00:27. | |
And who knew what you could do with used coffee grounds? | :00:28. | :00:34. | |
Good morning, Asia, hello, world. Glad you could join us for this | :00:35. | :00:41. | |
edition of Asia Business Report. Trade ministers are gathering in | :00:42. | :00:50. | |
Vietnam this weekend and the person they will be wanting face time with, | :00:51. | :00:55. | |
America's new trade Representative, who is in charge of President | :00:56. | :00:59. | |
Trump's America first policy. Earlier I spoke to the executive | :01:00. | :01:04. | |
director of a segment of APEC and he told me what ministers are keen to | :01:05. | :01:09. | |
find out. We are pretty interested to talk to the United States trade | :01:10. | :01:13. | |
representatives and have him come and elaborate for us some details of | :01:14. | :01:19. | |
US trade and other related policies. We are pushing ahead with a lot of | :01:20. | :01:23. | |
initiatives in APEC. It is a pretty important time. We have to have more | :01:24. | :01:34. | |
clarity on what the US will be supporting, where their | :01:35. | :01:37. | |
sensitivities are and how to proceed forward. The US seems to be | :01:38. | :01:43. | |
supporting protectionist policies, so how will APEC respond to this? I | :01:44. | :01:48. | |
am not here in the USA that he doesn't want to hear more trade, I | :01:49. | :01:51. | |
think they do. They are mainly talking about rules of trade. We | :01:52. | :01:55. | |
will have some discussion about that and we are really looking to work | :01:56. | :01:59. | |
out what... Where these points of agreement between the US and other | :02:00. | :02:04. | |
20 economies in APEC who are broadly aiming to want to push ahead with | :02:05. | :02:11. | |
these things we are doing. Trade is very much on the agenda in | :02:12. | :02:16. | |
the US. Washington has set mid-August as the date where they | :02:17. | :02:22. | |
want to begin renegotiating the North America trade agreement. | :02:23. | :02:24. | |
President Trump promised to use these talks to reduce the trade | :02:25. | :02:29. | |
deficit the US has with both Canada and Mexico, but his plan threatens | :02:30. | :02:35. | |
to disrupt Mexico's booming auto industry. It is the world's fourth | :02:36. | :02:43. | |
largest exporter. This report from Mexico's industrial heartland. | :02:44. | :02:52. | |
The city in central Mexico has seen the Autry and history booming for | :02:53. | :02:56. | |
more than 20 years. The country is now the fourth largest car exporter | :02:57. | :03:02. | |
in the world. -- or to industry. We import a lot of cars, we exporter a | :03:03. | :03:06. | |
lot of cars. But good the boom be under threat? It was meant to be a | :03:07. | :03:13. | |
shining example of free trade, but today it's a monument to Donald | :03:14. | :03:17. | |
Trump's plan of protectionism. This is all that's left of a $1.6 billion | :03:18. | :03:23. | |
investment that Ford was making to build a plant here. Jose shows me | :03:24. | :03:29. | |
the deed to the land he sold the Ford. With the money he bought a | :03:30. | :03:33. | |
tractor. For a while life was good. But it didn't last. | :03:34. | :03:38. | |
TRANSLATION: Some people came to the plant and said there was no entry | :03:39. | :03:45. | |
any more. The cars could go any more, it collapsed. For everyone. | :03:46. | :03:53. | |
During his campaign, Donald Trump complained of bad trade, making the | :03:54. | :03:57. | |
issue his own will stop we are living through the greatest jobs | :03:58. | :04:01. | |
theft in the history of the world. And his attempts to coalesce several | :04:02. | :04:05. | |
cars giants in moving production to the US seemed to yield results. Ford | :04:06. | :04:11. | |
is keen to emphasise the market forces which drove the decision to | :04:12. | :04:16. | |
abandon its previous plant. But the CEO admits presidential rhetoric is | :04:17. | :04:20. | |
also a factor. At the end of the day we have to do what's right for our | :04:21. | :04:24. | |
business and of course the administration and Congress have the | :04:25. | :04:27. | |
ability to look at tax policy, trade policy, etc, which is the business | :04:28. | :04:32. | |
environment we react to. The economic advantages which created | :04:33. | :04:36. | |
Mexico's decades long car but haven't yet disappeared, but a more | :04:37. | :04:40. | |
protectionist US administration could undoubtedly do great harm to | :04:41. | :04:44. | |
many livelihoods in this part of Mexico. | :04:45. | :04:50. | |
In other business news making headlines, BMW are among car makers | :04:51. | :04:58. | |
which agreed to pay more than $550 million to set up a class-action | :04:59. | :05:02. | |
lawsuit covering owners of recalled vehicles fitted with potentially | :05:03. | :05:07. | |
faulty Takata airbags. The airbags were blamed for 11 deaths and more | :05:08. | :05:11. | |
than 150 injuries and sparked the biggest recall in the auto industry. | :05:12. | :05:20. | |
Revenues at Alibaba jumped 60% in the first three months of the year | :05:21. | :05:25. | |
to $5.6 billion. But growth has been powered by a growing customer base, | :05:26. | :05:29. | |
with more than 450 million Chinese shoppers using its sights during the | :05:30. | :05:34. | |
quarter. On average annual spending was up by about one third. It seems | :05:35. | :05:37. | |
investors were underwhelmed, at Alibaba shares fell by more than 3% | :05:38. | :05:43. | |
on Wall Street. The explosion in e-commerce is | :05:44. | :05:46. | |
putting pressure on traditional stores around the globe, not least | :05:47. | :05:50. | |
in America. Many shops are closing down. The world's largest retailer | :05:51. | :05:56. | |
Walmart has benefited from the surge in online sales, following its bid | :05:57. | :05:59. | |
to compete with US e-commerce giant Amidon. -- Amazon. Our reporter told | :06:00. | :06:07. | |
me why we should take note of these numbers. It is a giant in terms of | :06:08. | :06:11. | |
the number of people it employs and the foot rent it has in American | :06:12. | :06:15. | |
retail. -- footprint. It is really important. It is also looked at as a | :06:16. | :06:22. | |
bellwether of the health of the economy in the US. It shows Walmart | :06:23. | :06:26. | |
is in a good position to be a big competitor in different areas. We've | :06:27. | :06:31. | |
seen that online was a huge boost to them in this last quarter. They are | :06:32. | :06:37. | |
also doing well in terms of grocery numbers. That will be the next | :06:38. | :06:41. | |
really big hitting area, where people will have to compete a lot | :06:42. | :06:45. | |
for in terms of retailers and groceries and Walmart has positioned | :06:46. | :06:49. | |
itself well. It is making its mark in the US, but it seems to have | :06:50. | :06:57. | |
major problems, especially in the Chinese market and competing with | :06:58. | :07:01. | |
the likes of Alibaba? Absolutely. The kind of difficulties you would | :07:02. | :07:04. | |
see with Walmart competing with the likes of Amazon are already | :07:05. | :07:10. | |
established, in terms of e-commerce. The task is that much greater when | :07:11. | :07:13. | |
it comes to China and competing with Alibaba. Alibaba's earnings have | :07:14. | :07:19. | |
just come out and Wylie didn't meet investor's expectations, it showed | :07:20. | :07:24. | |
that the Chinese market is still hungry and looking to shop. | :07:25. | :07:29. | |
That was from New York. Have you ever wondered what happens to use | :07:30. | :07:33. | |
the coffee grounds, but are thrown out by cafes around the world? One | :07:34. | :07:38. | |
man in Taiwan decided to gather them up and make fabric from them. Today, | :07:39. | :07:44. | |
his award-winning material is used by about 100 clothing and sportswear | :07:45. | :07:48. | |
companies around the world. As part of our Busy Breakfast series, we met | :07:49. | :07:54. | |
up with him to find out more. This is what a lot of people think | :07:55. | :08:02. | |
Taiwanese companies must do. Many Taiwanese companies want to | :08:03. | :09:33. | |
become a global brand. What is your advice to them? | :09:34. | :10:06. | |
Coffee being fabric made in Taiwan. Let's have a quick look at the | :10:07. | :10:14. | |
markets. The Trump turmoil continues for the Asian financial markets, | :10:15. | :10:17. | |
despite the recovery in US stocks overnight. The Nikkei bound by about | :10:18. | :10:22. | |
11 points and the All Ords losing 22 points. Wall Street's indices | :10:23. | :10:29. | |
closing higher overnight, with the Dow Jones and the NASDAQ in positive | :10:30. | :10:33. | |
territory. Thanks so much for investing your time with us. Goodbye | :10:34. | :10:35. | |
for now. | :10:36. | :10:39. |