Browse content similar to 15/08/2017. Check below for episodes and series from the same categories and more!
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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:16. | |
President orders an investigation into whether China is stealing | :00:17. | :00:20. | |
intellectual property from US companies -- President Trump. And | :00:21. | :00:27. | |
starting over is never easy for any family business, but one candy store | :00:28. | :00:39. | |
in India has tasted sweet success. Good morning, Asia, hello, world. It | :00:40. | :00:44. | |
is a Tuesday. Glad you could join us for this edition of Asia Business | :00:45. | :00:49. | |
Report. I am Rico Hizon. Just a few hours ago President Donald Trump | :00:50. | :00:52. | |
asked for an investigation into alleged Chinese theft of American | :00:53. | :00:57. | |
intellectual property. This order comes as US ties with China are | :00:58. | :01:02. | |
streamed over North Korea. We will combat the counterfeiting and piracy | :01:03. | :01:07. | |
that destroys American jobs. We will enforce the rules of fair and | :01:08. | :01:11. | |
reciprocal trade that form the foundation of responsible, so. Well, | :01:12. | :01:16. | |
according to the US government, intellectual property stolen by | :01:17. | :01:20. | |
China is estimated at more than $300 billion. And China is said to | :01:21. | :01:25. | |
account for between 50% to 80% of global intellectual property theft. | :01:26. | :01:29. | |
Mr Trump's tough talk on trade with China has been going on for a while, | :01:30. | :01:33. | |
but what exactly is prompting this latest decision? I spoke to a | :01:34. | :01:39. | |
correspondent in Shanghai. I think Trump is right. He should be | :01:40. | :01:43. | |
criticising China for the over protectionism in the country, as | :01:44. | :01:46. | |
well as for copyright intellectual property issues. I think first off | :01:47. | :01:51. | |
it is really unfair at this stage that a lot of American companies | :01:52. | :01:55. | |
like General Motors have to set up a joint-venture if they want to | :01:56. | :01:57. | |
establish a factory in China. The concern is that right now there is a | :01:58. | :02:03. | |
lot of transfer of technology to the Chinese joint-venture partner. So | :02:04. | :02:06. | |
today you are going to be helping your partner become your competitor | :02:07. | :02:12. | |
in five years. Or you have other situations like Elon Musk's Kessler, | :02:13. | :02:16. | |
they have announced they would like to open a factory in China but they | :02:17. | :02:19. | |
are having problems getting the permits to do so because they are | :02:20. | :02:23. | |
not willing to have a joint-venture partner -- Tesla. Is the right in | :02:24. | :02:26. | |
saying American companies are being hurt to the tune of 300 billion US | :02:27. | :02:32. | |
dollars? Well, I think $300 billion might be a slight exaggeration. I | :02:33. | :02:36. | |
think if you add up over the last 20 years maybe I hitting close to that | :02:37. | :02:40. | |
number. At the reality is that China was right to be somewhat | :02:41. | :02:44. | |
protectionist ten, 15 years ago. Their industry was in shambles. They | :02:45. | :02:49. | |
really needed to have that infant syndrome where you protect your | :02:50. | :02:54. | |
industries. But right now that sort of protectionism is hurting the | :02:55. | :02:57. | |
country. A lot of western brands that I talk to are now looking | :02:58. | :03:01. | |
towards Indonesia, or Sri Lanka, or even Africa to invest, because they | :03:02. | :03:05. | |
are concerned about unfair trading practices in China. In corporate | :03:06. | :03:12. | |
America, the boss of drugs giant Merck has resigned from the business | :03:13. | :03:15. | |
panel led by Donald Trump over the President's response to a violent | :03:16. | :03:19. | |
white nationalist rally which took place in Virginia over the weekend. | :03:20. | :03:23. | |
I spoke to our correspondent from New York and I asked why the drugs | :03:24. | :03:27. | |
chief executive, Ken Frazier, resigned. Merck's CEO use the | :03:28. | :03:32. | |
company's Twitter account to explain his decision to step down. It was | :03:33. | :03:37. | |
from the President's Manufacturing jobs Council. He, it is worth | :03:38. | :03:41. | |
pointing out, is one of America's most prominent African-American | :03:42. | :03:44. | |
business executives. And he explained that as Merck's boss and | :03:45. | :03:49. | |
as a matter of personal conscience he felt a responsibility to take a | :03:50. | :03:53. | |
stand against extremism. Many people are seeing this as an apparent | :03:54. | :03:58. | |
criticism of Donald Trump, who took two days before coming out and | :03:59. | :04:02. | |
criticising and condemning explicitly white supremacists for | :04:03. | :04:05. | |
the violence that occurred over the weekend, and that led to the death | :04:06. | :04:10. | |
of a woman. What we saw, though, in the immediate aftermath of the | :04:11. | :04:13. | |
criticism from Ken Frazier is Donald Trump then taking to Twitter and | :04:14. | :04:16. | |
criticising him, attacking the company, saying that they were in | :04:17. | :04:22. | |
part responsible for higher drug prices. So what have other | :04:23. | :04:27. | |
executives done, who were part of this advisory Council? Have they | :04:28. | :04:33. | |
sided with Ken Frazier, have some of them also resigned, or have some of | :04:34. | :04:36. | |
them basically stayed put? I have spent much of my day reaching out to | :04:37. | :04:41. | |
some of those CEOs, which really reads like a who's Who of the | :04:42. | :04:44. | |
corporate world in America. You are talking about the head of Pepsico, | :04:45. | :04:52. | |
the chairman of General Electric. The heads of Mark Stone and Black | :04:53. | :04:58. | |
Rock. These are well-known global companies. -- Blackstone. Many | :04:59. | :05:03. | |
responses followed a similar pattern, which was to condemn the | :05:04. | :05:07. | |
violence we saw over the weekend. It is worth pointing out that none were | :05:08. | :05:12. | |
prepared to go as far as Ken Frazier, and none were prepared to | :05:13. | :05:15. | |
give up their place on presidential advisory councils. And we just | :05:16. | :05:23. | |
learned minutes ago that the chief executive of Under Armour will also | :05:24. | :05:26. | |
be stepping down from the Trump administration's American | :05:27. | :05:30. | |
Manufacturing Council. He said in his tweet I love our country and | :05:31. | :05:33. | |
company. I am stepping down from the council to focus on inspiring and | :05:34. | :05:40. | |
uniting through power of sport. That was the CEO, and it follows Ken | :05:41. | :05:45. | |
Frazier's resignation from the Council of President Trump. Moving | :05:46. | :05:51. | |
on to the partition of India, which triggered the largest mass movement | :05:52. | :05:54. | |
of people ever, Hindus moving to India and Muslim is moving to the | :05:55. | :05:59. | |
newlyformed state of Pakistan. Among the millions affected were people | :06:00. | :06:02. | |
with flourishing businesses they had run for decades. One suites | :06:03. | :06:09. | |
franchise eventually thrived in a new homeland, but it was a painful | :06:10. | :06:16. | |
and challenging journey. Partition was destructive for everyone. We had | :06:17. | :06:18. | |
to start once again from zero. We had the restaurant in Karachi, | :06:19. | :06:58. | |
and due to partition we had to move to Bombay. Business takes years to | :06:59. | :07:03. | |
build and it can take minutes to destroy. | :07:04. | :07:15. | |
Our base in Karachi was totally destroyed. Developing and Bombay, it | :07:16. | :07:22. | |
is hard work in Bombay. It is not imported from Karachi. | :07:23. | :07:34. | |
Well, this is the house where we had come and stayed here. It was almost | :07:35. | :07:44. | |
like a dormitory. And all of those who came from Karachi stayed with us | :07:45. | :07:47. | |
for a number of years before we could establish alternative | :07:48. | :07:48. | |
arrangements. The memory cannot be wiped out | :07:49. | :08:07. | |
entirely, and therefore the pain is still there. The mockery of the | :08:08. | :08:14. | |
whole thing is that it was not a question of I that religion or | :08:15. | :08:20. | |
politics or state, then what was the cause of partition? After the | :08:21. | :08:29. | |
WannaCry attack in May caused chaos and confusion around the world, | :08:30. | :08:32. | |
cyber security is at the forefront of many minds, especially for | :08:33. | :08:38. | |
business. As CEO spent three decades fighting cyber crime with the FBI. | :08:39. | :08:42. | |
He told my correspondent what companies can do to defend against | :08:43. | :08:46. | |
cyber attacks. Think about this. Instead of starting with the | :08:47. | :08:49. | |
technology, start with the adversary. There are really five | :08:50. | :08:53. | |
categories of at the street you have to consider. Nationstates, | :08:54. | :08:59. | |
multinational Grimal organisations, hacktivists, terrorists and the | :09:00. | :09:03. | |
insider threat. Think about your corporate strategy and corporate | :09:04. | :09:07. | |
assets and ask yourself which one of those categories of adversary would | :09:08. | :09:11. | |
be most likely to come after you to do harm? At certain times it will be | :09:12. | :09:15. | |
a multinational Grimal organisation, other times it could be hacktivists. | :09:16. | :09:23. | |
We have seen global attacks like WannaCry, even crime against states. | :09:24. | :09:27. | |
So how bad could the situation become? What are some of the worst | :09:28. | :09:33. | |
case scenarios? WannaCry, really, if you had a mature cyber security | :09:34. | :09:37. | |
programme, was a nonevent for most companies. The patch came out in | :09:38. | :09:41. | |
March and the event started in May. So think about having very | :09:42. | :09:46. | |
mainstream programmes in your company, such as patch management | :09:47. | :09:51. | |
and how you allow access to your network, and you can explain and | :09:52. | :09:55. | |
defend against that. You can resolve a great deal of these problems with | :09:56. | :09:59. | |
just routine behaviours and cyber security. And do you think companies | :10:00. | :10:05. | |
generally are taking this threat seriously? It depends on the | :10:06. | :10:08. | |
industry. If you go to the defence industry, the financial services | :10:09. | :10:12. | |
sector industry, and communications, they take it very seriously. But, as | :10:13. | :10:18. | |
you get into other industries, healthcare, retail, hospitality, | :10:19. | :10:22. | |
they are really not as mature as they need to be to defend against | :10:23. | :10:26. | |
these attacks. Thank you so much for investing your time with us. I am | :10:27. | :10:30. | |
Rico Hizon in Singapore. Sport Today is coming up next. | :10:31. | :10:38. | |
The top stories this hour: North Korea's leader has been | :10:39. | :10:42. |