:00:00. > :00:00.Rishart Masierak is charged with causing death or serious injury
:00:00. > :00:00.by dangerous driving and causing death by drink driving.
:00:00. > :00:19.Now on BBC News all the latest business news live from Singapore.
:00:20. > :00:27.North Korea rattles the market after launching a missile over northern
:00:28. > :00:34.Japan. As tropical storm Harvey batters the production hub in the
:00:35. > :00:43.US, we will look at the impact on the industry. Bit's Tuesday, good
:00:44. > :00:54.morning, Asia. Hello, world. Glad you could join us. -- it's. A
:00:55. > :01:03.missile flew over northern Japan before catching into the sea. --
:01:04. > :01:07.landing in the sea. The Japanese government says this latest missile
:01:08. > :01:16.launch is a threat that Tokyo will respond to firmly. They call it a
:01:17. > :01:21.clear violation of UN resolutions. The Asian markets have opened, and
:01:22. > :01:33.for the reaction on how it will be trading, we are joined by my
:01:34. > :01:47.colleague. What's happening? Japan, Australia and China have opened
:01:48. > :01:53.lower, Japan and a four-month low. Similar conditions in South Korea.
:01:54. > :02:01.Not down by a huge amount. With the Japanese yen, it is rising to a high
:02:02. > :02:05.against many currencies including the US dollar, because it is seen as
:02:06. > :02:12.a safe haven for investors in times of crisis. It seems that this
:02:13. > :02:17.reaction, it does seem somewhat unusual and overblown. What we saw
:02:18. > :02:21.this time around was a missile going over Japan. This happens
:02:22. > :02:36.infrequently. It has only happened twice in the past. At the time that
:02:37. > :02:41.there were previous launchers over Japan, they were claimed to be
:02:42. > :02:45.satellite launches. People are waking up to alerts on television
:02:46. > :02:50.and sirens, it was quite a tense time before the all clear was given.
:02:51. > :02:57.That is part of the reason that markets would have been rattled. In
:02:58. > :03:03.the middle of August, we saw a war of words intensifying between
:03:04. > :03:09.Washington and Pyongyang. That was when Donald Trump used the words
:03:10. > :03:14.fire and furious. Pyongyang retaliated saying they would launch
:03:15. > :03:24.a missile to Guam. We saw then a huge impact on the Korean markets,
:03:25. > :03:29.they fell one and a half %. Experts suggest that this geopolitical
:03:30. > :03:37.uncertainty creates volatility in the markets but has no big long-term
:03:38. > :03:42.impact. This is seen as more provocative than the other missile
:03:43. > :03:51.launchers, we are waiting for a response from Donald Trump on this
:03:52. > :03:58.latest launch. Tropical storm Harvey has not let up, it has left very bad
:03:59. > :04:05.flooding and it is expected to stay around the coast of the Gulf of
:04:06. > :04:16.Texas for the next few days. Houston is the heart of the US energy
:04:17. > :04:25.industry. Here is how oil prices are faring in early Asian trading. They
:04:26. > :04:33.are both up. The markets are not responding the way they usually do,
:04:34. > :04:40.gas futures have hit a high while crude oil prices fell. I asked why.
:04:41. > :04:51.You have to think about oil as a value chain, crude oil goes in as
:04:52. > :05:00.fire and comes out as a distillate. The bottleneck is the 200 bottles
:05:01. > :05:07.capacity per day that has gone off-line in Texas. Gasoline prices
:05:08. > :05:14.are surging to a high of 7%, could this put more pressure on prices at
:05:15. > :05:25.the pump? This could have a knock-on through other parts of the world.
:05:26. > :05:30.Other parts of the world cannot move refined products from one part of
:05:31. > :05:35.the country to others when they need to, they may need to look overseas.
:05:36. > :05:39.Could we see higher gasoline prices in Asia because of refineries being
:05:40. > :05:48.shut down? That could last for a week? If we saw a long shot down in
:05:49. > :05:54.the Texas region, prices could go up slightly. Americans will need to go
:05:55. > :06:02.to overseas refineries, namely Asia, to source those products. Is there
:06:03. > :06:06.still enough global capacity with potentially US refineries being shut
:06:07. > :06:14.down? There is definitely enough capacity, but there is not enough in
:06:15. > :06:25.the right place. You can refined products, but it is not in optimal
:06:26. > :06:29.places around the world. In other business news headlines, Samsung is
:06:30. > :06:34.expected to invest $7 billion over the next three years to build a new
:06:35. > :06:43.memory chip production facility in China. Analysts say the tech giant
:06:44. > :06:49.accounted for almost 40% of flash memory chip revenue. China is trying
:06:50. > :06:55.to produce its own, but it is likely to be several years before they can
:06:56. > :07:09.compete with existing manufacturers like Samsung. Infosys shares rose
:07:10. > :07:13.after the CEO returned as chairman. It was seen as a victory for the
:07:14. > :07:18.company. They waged an acrimonious battle with the board for months
:07:19. > :07:26.over alleged corporate governance lapses. Indonesia is facing a
:07:27. > :07:32.shortage of salt. Many would assume that all of that seawater makes it a
:07:33. > :07:35.natural producer of salt, but the government has significantly
:07:36. > :07:40.increased imports this year, including 75,000 tons from
:07:41. > :07:45.Australia. Here is a look at what is causing a shortage.
:07:46. > :07:52.Indonesia uses around 4.1 million tons of salt per year. That is
:07:53. > :07:58.primarily used in households, the rest by industries. Production is
:07:59. > :08:04.not meeting demand. There is a shortage of 2.2 million tons. That
:08:05. > :08:17.is the weight of 550,000 Sumatran elephants. The weather last year was
:08:18. > :08:20.quite extreme. That had an impact on local production. The way we produce
:08:21. > :08:26.salt is still very traditional, which makes it hard to improve our
:08:27. > :08:33.quality. It is not just Mother Nature being blamed. Indonesia's
:08:34. > :08:37.minister of maritime affairs is suggesting cartels may be behind it.
:08:38. > :08:39.Authorities have uncovered cases where import is brought in more they
:08:40. > :08:48.could dump Mac than -- than they could use, and have
:08:49. > :09:09.sold it on to companies. It is not sufficient to meet their
:09:10. > :09:17.needs. This would only be a temporary solution. Over the
:09:18. > :09:32.long-term, the government have to regulate the industry. That could
:09:33. > :09:38.encourage more producers, allocating more land in eastern Indonesia to
:09:39. > :09:45.increase the land allocation for that salt, that could increase
:09:46. > :09:50.supply. If the government deregulates the industry, are we
:09:51. > :10:03.likely to see prices coming down from current levels? In China, they
:10:04. > :10:11.have deregulated the salt industry. That would mean that the government
:10:12. > :10:20.would not be controlling the quota all the retail price of salt. It
:10:21. > :10:24.would not decide the prices of salt based on transportation costs and
:10:25. > :10:33.the quality. There is a better way of ensuring supply of salt to
:10:34. > :10:34.people. Thank you for investing your time with us. Goodbye for