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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:18. | |
Oil takes a backseat to security as Donald Trump makes his first | :00:19. | :00:24. | |
overseas trip to Saudi Arabia. What happens when a reporter tried to buy | :00:25. | :00:28. | |
a supercar from this luxury car vending machine? It is a Monday. | :00:29. | :00:42. | |
Glad you could join us for this edition of Asia business report. | :00:43. | :00:50. | |
Donald Trump has just wrapped up a weekend in Saudi Arabia. The | :00:51. | :00:58. | |
relationship has been in oil for the last 70 years. Trump's protectionist | :00:59. | :01:05. | |
policies to support drilling may not sit well with the Saudis but it did | :01:06. | :01:09. | |
not top the agenda on this meeting. Earlier, I asked if this will have | :01:10. | :01:18. | |
any impact on oil prices. I can't see any connection. Donald Trump is | :01:19. | :01:23. | |
out of the cauldron in domestic politics and is on a stage where he | :01:24. | :01:28. | |
can show his dealmaking skills. Certain issues you don't want to | :01:29. | :01:33. | |
bring up. You don't want to bring up oil because effectively, the US and | :01:34. | :01:38. | |
the Saudis are competing for market share. And the price of oil has been | :01:39. | :01:43. | |
affected by the ramp up of production in the United States but | :01:44. | :01:48. | |
could the Saudi funds into billions of dollars deterred going forward | :01:49. | :01:53. | |
shall production, particularly from the base in -- basin? The | :01:54. | :02:09. | |
independent oil producers, the hydraulic fractures, they are | :02:10. | :02:12. | |
showing they can still produce. Effectively, the American | :02:13. | :02:15. | |
independent oil producers become the global swing producer. Budgetary the | :02:16. | :02:22. | |
Trump campaign, he vowed to unleash in the US. Could he start pulling | :02:23. | :02:28. | |
back on these campaign promises which he has done over the past few | :02:29. | :02:35. | |
months of his presidency? I would have to say, trump has already taken | :02:36. | :02:39. | |
steps to unwind some of the Obama gnashers. The keystone pipeline -- | :02:40. | :02:52. | |
Obama blockers. He is challenging the American producer. America can | :02:53. | :02:57. | |
be an oil power. That in Saudi Arabia, this visit, oil has taken a | :02:58. | :03:04. | |
backseat then you have this other meeting with other oil producing | :03:05. | :03:09. | |
countries, extending to supply cuts. How will this affect oil prices | :03:10. | :03:16. | |
going forward? There has been a spin coming from OPEC members about the | :03:17. | :03:21. | |
success of these cut back measures. Just the fact they are extending it | :03:22. | :03:25. | |
for another nine months. You have had a Russia come out, recently, | :03:26. | :03:30. | |
talking about their export strategy. The jury is still out on OPEC. We | :03:31. | :03:38. | |
are range bound. It's like the US speed limit. Once we go above 55, | :03:39. | :03:44. | |
the red lights go off, the market settles back down. I then trending | :03:45. | :03:46. | |
upwards before the end of the year. Well, bowling announced it had | :03:47. | :03:56. | |
signed several defence deals with the kingdom. Saudi Arabia agreed to | :03:57. | :04:01. | |
buy helicopters in the deal that will be around $3.8 billion. Wohling | :04:02. | :04:06. | |
also said it would negotiate the deal of 16 wide-body jets to Saudi | :04:07. | :04:15. | |
Gulf airlines -- Boeing. The Trans-Pacific Partnership countries | :04:16. | :04:20. | |
have agreed to pursue an agreement without the US. They were at the | :04:21. | :04:25. | |
forum in Vietnam's. President Trump ditched the Trans-Pacific | :04:26. | :04:32. | |
Partnership shortly after taking office saying it was a bad deal. | :04:33. | :04:36. | |
The US dollar was sold off last week as investors started to question | :04:37. | :04:44. | |
President Trump's ability to deliver on his reform agenda. We will be | :04:45. | :04:48. | |
keeping an eye on that this week. Also coming up, the bank of Korea | :04:49. | :04:54. | |
will hit up old it's first meeting after the new president was elected | :04:55. | :04:57. | |
and a week after the news that Japan's economy is growing better | :04:58. | :05:02. | |
than expected. The chain will announce its figures on Friday. | :05:03. | :05:07. | |
Earlier I spoke to Paul Petron from Scotia bank. It is a tough week. | :05:08. | :05:21. | |
There is not a lot of tier one economic news until Wednesday. And | :05:22. | :05:29. | |
then we wait for Japan's CPI. What about the potential James Comey | :05:30. | :05:36. | |
testimony and North Korea. What will really make headlines and in that | :05:37. | :05:40. | |
investor sentiment? North Korea will today. There is a question on | :05:41. | :05:44. | |
whether we open up with strength in the dollar which has been plagued by | :05:45. | :05:48. | |
weakness lately. Will we have a sell-off in Yemen? -- yen. It is a | :05:49. | :05:59. | |
very important move. Are investors moving from equities to fixed income | :06:00. | :06:11. | |
for safety? For all of this volatility? It seems that leverage | :06:12. | :06:16. | |
best as ours. We haven't yet seen enough in on how people view the | :06:17. | :06:20. | |
equity backdrop to do a wholesale change but saying that, if there is | :06:21. | :06:24. | |
going to be a rate path ahead that is different, we may see it. The | :06:25. | :06:29. | |
bank of Japan has announced their end of month data and of course, | :06:30. | :06:36. | |
last week, what a big surprise. Five consecutive quarters of expansion. | :06:37. | :06:42. | |
Is this good news for the Japanese economy? Without question. The one | :06:43. | :06:45. | |
KV it would be that the export data was strong. -- a caveat. Spending is | :06:46. | :07:00. | |
it still a bit muted. It is good news. It will give Japanese | :07:01. | :07:05. | |
policymakers are left. And of course you have the bank of Korea also | :07:06. | :07:10. | |
meeting. Will they give a monetary policy gift to the new president, | :07:11. | :07:15. | |
briefly? I don't think so just yet. I think they need a few arrows left | :07:16. | :07:19. | |
in their quaver for when they need them. Japan is supposedly the place | :07:20. | :07:27. | |
you can buy just about anything but there is a new kid on the block. Has | :07:28. | :07:33. | |
Singapore outdone the home of self-service and shopping with this? | :07:34. | :07:37. | |
It is a vending machine for supercars. We sent the reporter | :07:38. | :07:38. | |
Timothy McDonald. Well, buying a car in Singapore is | :07:39. | :07:46. | |
always expensive and there is usually a lot of paperwork. But if | :07:47. | :07:50. | |
you have about half $1 million burning a hole in your pocket, there | :07:51. | :07:56. | |
is a whole new way to do it. You come to this private and secure room | :07:57. | :08:01. | |
to pick out your car on these apps. For me, it will be a Lamborghini. | :08:02. | :08:07. | |
What else? Once you pick it out, the amazing bit happens. It brings it | :08:08. | :08:11. | |
down, almost like a giant vending machine and while you wait, it plays | :08:12. | :08:14. | |
an exciting promotional video for you. The best thing is you can only | :08:15. | :08:27. | |
drive it at 90 kilometres an hour in Singapore. Part of the reason I | :08:28. | :08:33. | |
understand you built this dealership is because of the kind of land | :08:34. | :08:37. | |
pressures and costs that you face. That's right. With a footprint I | :08:38. | :08:44. | |
have, I can install about 60- 80 cars. If I do it this way, the size | :08:45. | :08:50. | |
of the land of this place. That was the reason we came up with this | :08:51. | :08:54. | |
idea. You also really just wanted to deal something really cool as well, | :08:55. | :09:00. | |
right? We wanted to make it like a beauty pageant. We are building a | :09:01. | :09:03. | |
stage. Let the customers take a look and decide. Who is the winner, you | :09:04. | :09:11. | |
know? Decide to buy the car. It has been described as a car vending | :09:12. | :09:15. | |
machine. Can you really just a swipe your credit card and drive away? We | :09:16. | :09:20. | |
are working on it and yes, I believe so. I think for cars, it can be. | :09:21. | :09:38. | |
Inside the Begu Bestry, it is a curious mix of amusement park ride | :09:39. | :09:43. | |
and elevator that we are told, in fact, it's a much more efficient way | :09:44. | :09:47. | |
to get the car to the customer, it takes a few minutes. -- inside the | :09:48. | :09:56. | |
vending machine. Maybe I will take the honours. Let's do it. I'm sorry, | :09:57. | :10:04. | |
I think you had better call your bank. That's never going to happen. | :10:05. | :10:09. | |
Thank you very much! Before we go, here is a look at the | :10:10. | :10:19. | |
markets in Asia. All in positive territory. Japan gaining 117 points, | :10:20. | :10:27. | |
the all awards up by 30. Thank you for your time today. Sport Today is | :10:28. | :10:46. | |
coming up next. Bringing you up to date on | :10:47. | :10:47. |