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Now on BBC News, all the latest business news live from Singapore.
Asian market reactions. Pyongyang's latest nuclear test and Donald Trump
threats. And from a vibrant tourist town to a ghost town. Why did
authorities shut down a resort destination in China? Good morning,
Asia. Hello, world. Welcome to another edition of Asia Business
Report. I'm Rico Hizon. Thank you for joining us. It's a Monday. A few
things we are keeping an eye on from the business calendar. We start with
China playing host to leaders from the BRICKS grouping, which includes
Brazil, South Africa, and other countries, on Tuesday. The Central
Bank will look at whether it needs to change the cost of borrowing from
a record low of 1.5%. It has been at that rate since August last year. We
will begin with developments over the weekend. Just hours after
Pyongyang said it tested a hydrogen bomb, Donald Trump tweeted the
United States is considering slapping trade embargos on all
countries that do business with North Korea. How are the markets
reacting? It is the start of the brand-new trading week. We will ask
Lisa, our business reporter. We are two minutes into the open for
Australia, Japan, and South Korea. What has the reaction been? Markets
are down following the sixth test by North Korea. The biggest fallout is
South Korea. At the open there was a steep sell-off, negative 1.4% last
time I checked. Australia and Japan are down. Investors are taking a
risk-off approach, moving money from risky stocks to safe havens. Gold is
now trading at $1335. Other safe havens include the Japanese yen, the
Swiss franc, and other US government bonds. We are seeing the ten year
Treasury yields doing well, even though US markets are closed today.
This has happened too often over the past several months. North Korea
missile tests, stabilisation, and markets going up again to be given
the severity, and similar to Hiroshima, people are wondering if
this is a game-changer. If President Trump cuts off all trade ties for
countries to trade with North Korea, it will be difficult to implement,
but it would be severe, and cutting off the oil supply to North Korea
would be difficult as well. North Korea will be the crucial element.
The tension is more intense. Thank you so much. Of course, events in
Pyongyang overshadowed the annual meeting of BRICKS members in the
south China city. I asked what the future holds for these emerging
economies that seemed to be drifting apart. The term BRICKS was coined at
the turn of the millennium in 2001. It was supposed to exempt the thigh
five countries that were supposed to grow relatively quickly. --
exemplify. Three of those economies have knows dived, one is slowing and
one is growing -- nose-dived. It is difficult to see what connects these
countries now. I don't know what this summit is supposed to achieve.
It is meant to be a talking shop for Russia, China, India, and... Well,
those are the main economies. Then you have South Africa as well. The
largest technology show in Europe is currently under way in the German
city of Berlin. Over the past two years, titans like Samsung has
abandoned the exhibition, preferring to launch flagship products on the
rain. That has allowed others to use these exhibits to show their goods.
-- on their own. This is the stand out product. There is no
sightscreen, no modular design. The focus is on taking pictures and
shooting videos. To that end, there are two cameras, a beautiful OLED
screen, and is in figure where you can pick and -- an object or person
and zoom in. Some have had cutting edge technology. I think LG has
always been about choice. It may not be number one, it may not be the
thinnest, cheapest, brightest, I mean, there are many things we are
not. But one thing we have always been is giving people an alternative
choice. There are two ways you can compete with the Samsungs and Apples
of this world, cutting-edge features, and like this $400 Moto
X4, compete massively on price. Someone who wants a high quality
smartphone experience but cannot afford the flagship phones. That is
what we provide. In just a couple of weeks, a new iPhone is likely to
dominate the headlines. Manufacturers like those here will
be hoping they can also make a splash. BBC News. Since the 1980s,
China's unbridled development has brought improved standards for
millions of its citizens. It has also had issues with its unregulated
expansion, especially when it comes to the natural environment. That has
led authorities in the south-west to take the drastic step of shutting
down an entire resort town. Not everyone is happy. Steve McDonald
has more. TRANSLATION: This has usually affected allies. We used to
work in hotels. -- our lives. Now we have lost our lives. TRANSLATION:
Businesses have closed. The economy has been affected. People don't
understand. In the long-term, I think they will. The little hotel
behind me has been forced to close, as with all the other small
businesses along the for sure. That is because this once thriving
tourist town in the lake behind it were being loved too much. --. A
victim of success. And with such spectacular scenery, you can
understand why people have been coming in to visit. But now China is
slowly but surely moving away from the unregulated chaos of the past in
order to protect places like this. We have come here to find out why
the authorities pulled down the local tourism industry pretty much
overnight. We will meet one of the hotel owners.
TRANSLATION: We make our living from fishing now. Our income is very low.
Of course, we are angry they closed the hotel. Before the closure, rooms
would be booked out before the summer holidays.
TRANSLATION: Before we put economic develop and the head of the
environment. Now we pay attention to both. -- ahead of the. If we keep
everything clean, business will be better in the future.
Stephen MacDonald in China. And before we go, here is a look at
another business development. Steven Mnuchin, the US secretary, says
areas hit by Hurricane Harvey may have help delayed. Donald Trump has
said it will give $1 billion of aid, but the US is set to hit the debt
limit soon. This is one of the costliest storms in US history. $800
billion, according to the mayor. Thank you for investing your time
with us. I am Rico Hizon. Goodbye for now. You are watching BBC News.
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