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Chancellor has defined his own goals for bricks and negotiations saying | :00:00. | :00:10. | |
the priority that the Asians. Hong Kong's new chief executive lays | :00:11. | :00:21. | |
out economic plans in an exclusive interview with the BBC. Knockoff | :00:22. | :00:30. | |
time for these call centre workers. We find out why they are worried | :00:31. | :00:42. | |
about US protectionism. Good morning, Asia and hello, world, glad | :00:43. | :00:46. | |
you could join us for this edition. It has been nearly 20 years since | :00:47. | :00:58. | |
Hong, handed over to Chinese rule. How do they plan to address the | :00:59. | :01:02. | |
concerns of the younger generation, faced with an affordable housing and | :01:03. | :01:06. | |
a growing wealth gap. A Chinese editor put the question to her. I | :01:07. | :01:12. | |
want to give our younger generation hoped for the future of Hong Kong. | :01:13. | :01:17. | |
In terms of the economy the hope lies in diversifying the economy so | :01:18. | :01:22. | |
it is not just financial services and tourism, I want more attention | :01:23. | :01:28. | |
on technology and creating quality jobs for people, for young people. | :01:29. | :01:35. | |
Certainly I I know that housing is important. I want to give young | :01:36. | :01:39. | |
people the sense of hope. And, yet, this generation, some of whom in | :01:40. | :01:44. | |
2014 spent nearly three months on the street protesting for democracy, | :01:45. | :01:48. | |
they may look at you and say that you have been there for the best | :01:49. | :01:52. | |
part of 40 years. It had the housing job, the development job and now you | :01:53. | :01:56. | |
are saying you are going to sort this out? The root of the problem is | :01:57. | :02:00. | |
the politics because Hong Kong is a stitch up between the rich and the | :02:01. | :02:07. | |
rulers and we do not get a look in. The government has increased | :02:08. | :02:11. | |
spending on social welfare by 71%... And yet, and yet... The wealth gap | :02:12. | :02:18. | |
happens in most advanced economies because it is not relativity. It was | :02:19. | :02:23. | |
the incoming chief executive for Hong Kong. MSCI has decided to | :02:24. | :02:31. | |
include China's A shares in its emerging markets index. Until now, | :02:32. | :02:34. | |
only Chinese shares listed in Hong Kong were part of the index. MSCI | :02:35. | :02:40. | |
compiles global stock market indices all lists of companies that | :02:41. | :02:45. | |
investors use as a benchmark for investing decisions. Earlier I spoke | :02:46. | :02:50. | |
to a correspondent in Hong Kong and asked why this decision was | :02:51. | :02:54. | |
important. It was a widely expected decision, capping a process that | :02:55. | :03:00. | |
took over for years. During that time MSCI had been speaking to | :03:01. | :03:03. | |
investors around the world as well as Chinese regulators in an effort | :03:04. | :03:08. | |
to bring Asia into this highly influential index. In the last three | :03:09. | :03:12. | |
years the proposal was rejected because of market access issues. | :03:13. | :03:17. | |
Foreign investors were unable to get access to the shares to buy or sell | :03:18. | :03:22. | |
as they saw fit. This time the proposal was scaled down from over | :03:23. | :03:29. | |
400 stocks to 169 stocks in the access issue was much less because | :03:30. | :03:34. | |
those shares are accessible to foreign investors via Hong Kong. | :03:35. | :03:42. | |
There were a couple of surprises in the announcement a few hours ago, | :03:43. | :03:47. | |
instead of 169 different stock, it is now 222 stocks that are likely to | :03:48. | :03:56. | |
be included into that MSCI index with a weighting of just under | :03:57. | :04:05. | |
0.75%. With the inclusion of these Chinese A Shares, will that boost | :04:06. | :04:12. | |
the stock price of these shares? In the short term, probably not. I | :04:13. | :04:20. | |
would say that this is a significant move, certainly form of symbolic | :04:21. | :04:24. | |
point of view to some say this is a watershed moment in the into into -- | :04:25. | :04:33. | |
for the into into an nationalisation. If you are a fund | :04:34. | :04:39. | |
manager benchmarking your performance against this index then | :04:40. | :04:42. | |
essentially you are being compelled to purchase the components of this | :04:43. | :04:47. | |
index and it is expected that over the next decade it is likely to | :04:48. | :04:52. | |
bring 400 billion US dollars worth of investment into mainland Chinese | :04:53. | :04:57. | |
shares. That is a massive fortune, 400 billion US dollars that it but | :04:58. | :05:02. | |
it is just a drop in the bucket when you consider that China's cup back | :05:03. | :05:11. | |
in 7 trillion US dollars. Stock markets will be opening in about 55 | :05:12. | :05:15. | |
minutes so we will find out if this inclusion will have an impact. In a | :05:16. | :05:21. | |
move that could see China play a bigger ruling carmaking for North | :05:22. | :05:25. | |
America, Ford has moved some of the production for its focus model to | :05:26. | :05:30. | |
the mainland. The shift in production will save the company $1 | :05:31. | :05:34. | |
billion and it comes off the back of a record year for four's sales in | :05:35. | :05:42. | |
China. It is worse remembering that General motors already exports be | :05:43. | :05:45. | |
weeks from China to America but this is the first time that the number to | :05:46. | :05:49. | |
American carmaker will do so. They have said that no US employees will | :05:50. | :05:56. | |
lose their jobs and it will have no effect on employment levels. This is | :05:57. | :06:01. | |
the second major twist from Ford this year. The new Ford Focus was | :06:02. | :06:08. | |
meant to be built in a $1.6 billion factory in the central state and | :06:09. | :06:15. | |
when it was abandoned, hurting locals, it was seen as the time of a | :06:16. | :06:22. | |
win for President Trump and approach to US companies and global trade. | :06:23. | :06:28. | |
Having the car made in China instead was probably not what the White | :06:29. | :06:34. | |
House was hoping for. Some auto jobs are headed to Asia and some of the | :06:35. | :06:38. | |
call centre jobs are headed in the other direction. Horizon is bringing | :06:39. | :06:46. | |
jobs from the Philippines back to the US. A more companies likely to | :06:47. | :06:52. | |
follow this example? It is early afternoon here and it is knockoff | :06:53. | :06:58. | |
time for these call centre employees who often worked the night shift. | :06:59. | :07:04. | |
Most work for a company which lost a contract with Verizon. Jobs usually | :07:05. | :07:10. | |
head on the other direction, but Horizon is hiring 1000 workers in | :07:11. | :07:14. | |
the US and they are taking the jobs from here. So with Donald Trump to | :07:15. | :07:27. | |
blame? We were informed of an agreement he had where people in the | :07:28. | :07:31. | |
US were demanding that they no longer out first. -- outsourced. | :07:32. | :07:42. | |
When a call centre pulls out in the Philippines we can get a job even | :07:43. | :07:46. | |
though the pay is not the same. The company may transfer these workers | :07:47. | :07:51. | |
onto other contacts but right now they are bracing for job losses. | :07:52. | :07:55. | |
Verizon makes no suggestion that politics factors into the decision. | :07:56. | :08:01. | |
Are workers are nervous about a president who rails against US jobs | :08:02. | :08:05. | |
heading overseas to the US president has his name on the building behind | :08:06. | :08:09. | |
me and it casts a long shadow over this part of town. The President | :08:10. | :08:13. | |
himself casts a shadow over the industry. After all, he is the | :08:14. | :08:18. | |
president who said to purchase American and higher American and | :08:19. | :08:22. | |
most jobs are outsourced from the US. Analysts say the competitive | :08:23. | :08:27. | |
wages and strong English-language schools should help to keep these | :08:28. | :08:30. | |
companies are strong although there are some is short-term concerns. | :08:31. | :08:34. | |
There are some companies that have delayed plans because they are | :08:35. | :08:41. | |
uncertain about a border adjustment tax. The basic growth of the | :08:42. | :08:46. | |
industry is continuing. One clear measure of the health of the | :08:47. | :08:49. | |
industry is the office space it leases and that is not low down. | :08:50. | :08:54. | |
With the amount of work that continues to flow through, based on | :08:55. | :08:57. | |
the leases signed in the Philippines, we think that has not | :08:58. | :09:01. | |
been affected. For the moment industry is confident it can weather | :09:02. | :09:08. | |
any oncoming storm. In other business news making headlines, | :09:09. | :09:12. | |
investors will keep an eye on the troubled electronic giants Toshiba | :09:13. | :09:15. | |
this morning after reports that will sell its semiconductor business to a | :09:16. | :09:18. | |
Japanese government led conglomerate which includes the state backed fund | :09:19. | :09:29. | |
innovation network. US -- Toshiba needs to sell the unit to cover | :09:30. | :09:34. | |
losses from its bankrupt US nuclear business. After months of delay, | :09:35. | :09:39. | |
Tokyo's legendary PG Fish market will to a new site. The governor of | :09:40. | :09:44. | |
Tokyo had postponed the move over safety concerns at the new location. | :09:45. | :09:50. | |
But now the governor says the move will allow the current site to be | :09:51. | :09:54. | |
redeveloped before the world-famous fishmarket returns. TRANSLATION: I | :09:55. | :10:00. | |
have made a decision on basic policy of the redevelopment of the | :10:01. | :10:06. | |
fishmarket, based on determination to uphold the brand and the | :10:07. | :10:10. | |
tradition, created by Japan over the years and also by thinking of the | :10:11. | :10:14. | |
next generation which must not inherit a negative legacy in the | :10:15. | :10:18. | |
form of accumulating debt. I also hope that the brand will be the best | :10:19. | :10:22. | |
in Japan and. It is something we can be proud of. From the market in | :10:23. | :10:35. | |
Tokyo, let's look at the stock market. The nick a rebounded and the | :10:36. | :10:41. | |
All Ordinaries lower by 115 because | :10:42. | :10:42. |