Browse content similar to 08/09/2017. 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. | :00:18. | |
Irma churns through the Caribbean towards Florida, one week after | :00:19. | :00:24. | |
Harvey slams into Texas. But who bears the cost? And earning a degree | :00:25. | :00:30. | |
in winemaking. Find out why this dude and are choosing to learn the | :00:31. | :00:34. | |
trade in Australia. -- these students. Welcome to Asia Business | :00:35. | :00:40. | |
Report. As you've been hearing Newsday, | :00:41. | :00:49. | |
Hurricane Irma is barrelling through the Caribbean towards the US. Irma | :00:50. | :00:55. | |
arrives a little over a week after Hurricane Harvey slammed into Texas, | :00:56. | :01:00. | |
which caused severe flooding and displaced more than 1 million | :01:01. | :01:03. | |
people. The damage bill from Hurricane Harvey is currently | :01:04. | :01:09. | |
estimated at about $180 billion, with much of the bill going towards | :01:10. | :01:14. | |
the taxpayers. Earlier I spoke to someone from research house and | :01:15. | :01:18. | |
asked who is likely to foot the bill. The range of damage can vary | :01:19. | :01:23. | |
tremendously, however the consequences for the population is | :01:24. | :01:28. | |
very much linked to insurance. So the ability of the countries to | :01:29. | :01:37. | |
ensure and take private cover varies tremendously and that also in packs | :01:38. | :01:42. | |
and long-term impact. Nonetheless, with the intensity of storms and the | :01:43. | :01:46. | |
frequency, surely this will take a toll on the insurance industry? | :01:47. | :01:50. | |
Certainly, but they prepare for this over hundreds of years. The | :01:51. | :01:56. | |
insurance industry has been quite resilient in its capacity to cover | :01:57. | :02:01. | |
events because they use actual estimates the project potential | :02:02. | :02:04. | |
losses. How much are they prepared to deal with the intensity that we | :02:05. | :02:10. | |
are seeing now and the frequency? They've had some good years and | :02:11. | :02:14. | |
build up reserves. Of course insurance companies also use | :02:15. | :02:18. | |
reinsurance so they spread the risk between insurers, citing they have | :02:19. | :02:23. | |
the capacity. Of course one of the big problem is that happening right | :02:24. | :02:26. | |
now is climate change is changing the dimension of the intensity of | :02:27. | :02:34. | |
storms and the projections by many scientists are that the damage from | :02:35. | :02:37. | |
such weather-related events will intensify. | :02:38. | :02:44. | |
US credit reporting agency Equifax may have suffered the country's | :02:45. | :02:49. | |
biggest cyber bridges, potentially compromising the personal details of | :02:50. | :02:55. | |
about 143 million consumers. Shares were down as much as 13% in market | :02:56. | :02:59. | |
trading. Our reporter has more. What's happened? We know that cyber | :03:00. | :03:05. | |
attacks are becoming more commonplace. What makes this | :03:06. | :03:09. | |
interesting is the size and scope of this attack, one of the largest to | :03:10. | :03:13. | |
head to America behind the large one that he Yahoo last year. Equifax is | :03:14. | :03:18. | |
one of three credit reporting agencies in America. They collect | :03:19. | :03:23. | |
financial data into build a credit score. People need this in order to | :03:24. | :03:28. | |
buy a car or house or apply for a student loan, for example, to which | :03:29. | :03:33. | |
we imported. With 143 million people potentially affected by this | :03:34. | :03:36. | |
information breach, that's about half of the US population. The | :03:37. | :03:42. | |
hackers targeted wings like names, addresses, birthdays, driving | :03:43. | :03:46. | |
licence numbers, social Security numbers and about 200,000 Americans | :03:47. | :03:49. | |
also saw their credit card numbers taken. So the CEO of the company has | :03:50. | :03:55. | |
apologised for what he called a disappointing event, but it will | :03:56. | :03:59. | |
take a long time to recover from this and assure customers that they | :04:00. | :04:04. | |
can protect their information online. Quite a worrying | :04:05. | :04:07. | |
development. Thank you. In other news, Japan's government | :04:08. | :04:12. | |
has revised the economy's growth rate in the second quarter. Gross | :04:13. | :04:16. | |
domestic product rose by 2.5% in the three months to June, but that's | :04:17. | :04:20. | |
down from a more preliminary estimate of 4%. The revised figure | :04:21. | :04:25. | |
came in below the average forecast, but still marks Japan's longest | :04:26. | :04:29. | |
period of economic expansion in more than a decade. | :04:30. | :04:33. | |
Amazon Fire TV a second headquarters in North America, with a whopping $5 | :04:34. | :04:40. | |
billion. US states like Colorado are now going to compete for the | :04:41. | :04:43. | |
contract, which could bring in about 15,000 new jobs. Separately, a | :04:44. | :04:48. | |
former analyst for Amazon Fire TV guilty to insider trading will stop | :04:49. | :04:52. | |
the former employees sold details about its results to a form of | :04:53. | :04:56. | |
fraternity brother before the actual earnings were released. | :04:57. | :05:00. | |
Students from China are hoping to emulate the success of companies in | :05:01. | :05:04. | |
Australia by heading there to study winemaking. In the last 20 years, | :05:05. | :05:09. | |
the value of Australian wine exports has more than doubled to over 1.8 | :05:10. | :05:16. | |
billion dollars US. Last year China became its biggest customer, with | :05:17. | :05:20. | |
orders up 44% in the year. The students enrolled at the University | :05:21. | :05:23. | |
of Adelaide spoke to our correspondent. | :05:24. | :05:28. | |
Learning techniques tested over decades, these students hope they | :05:29. | :05:33. | |
are on the path to prosperity. You don't have to be a connoisseur to | :05:34. | :05:38. | |
know turning grapes into wine can be a very profitable business. But by | :05:39. | :05:42. | |
coming to learn in Australia, home to some of the world's exist wine | :05:43. | :05:48. | |
brands, they can clearly see opportunities ahead. Hopefully I can | :05:49. | :05:56. | |
be a winemaker in a big winery at the beginning and in the and I can | :05:57. | :06:01. | |
have my own winery. Do you think one day you can make Chinese wine that's | :06:02. | :06:04. | |
as good as or even better than French, Italian or Australian wine? | :06:05. | :06:08. | |
Probably, definitely. But there are differences because we have a very | :06:09. | :06:13. | |
short winemaking history, so there's a long way to go. The University of | :06:14. | :06:19. | |
Adelaide has seen a number of Chinese didn't in rolling for | :06:20. | :06:23. | |
winemaking degrees travel in five years. Drawn not so much by the | :06:24. | :06:27. | |
weather, but by the booming local industry. Winemaking here in the | :06:28. | :06:33. | |
Barossa Valley is known around the world. Australia is the fifth | :06:34. | :06:37. | |
biggest wine producer over the planet -- on the planet, but could | :06:38. | :06:42. | |
soon be overtaken by China. The Chinese wine makers are issue won't | :06:43. | :06:47. | |
be the quantity and quality. And that doesn't come quickly. Australia | :06:48. | :06:53. | |
took decades to shake off the snobbery attached to wine, so can | :06:54. | :06:58. | |
China do the same? Vignettes are only ten or 15 years old, so they | :06:59. | :07:05. | |
are several decades behind where Australia was -- vineyards. | :07:06. | :07:10. | |
Knowledge is needed to know what works best. Used well, that | :07:11. | :07:14. | |
knowledge can have international awards. This winery in the Adelaide | :07:15. | :07:20. | |
Hills has won gold medals for extra rows and plenty of orders in China | :07:21. | :07:25. | |
as well, but customers are becoming more demanding. You start to see the | :07:26. | :07:28. | |
trend of using Chinese imagery or Chinese references like the number | :07:29. | :07:35. | |
eight. I think we are seeing a consumer that's getting on the back | :07:36. | :07:38. | |
and realising that Australian wine needs to be about the Australian | :07:39. | :07:41. | |
story and our pedigree, a region a key. | :07:42. | :07:46. | |
As China's wine market mature is, these students hope they will have a | :07:47. | :07:52. | |
part to play and get to enjoy the fruits of their labour. | :07:53. | :07:56. | |
Well, it's not just Australia or China, Europe, the traditional home | :07:57. | :08:02. | |
of wine, and in European wine consumption is slowly falling. Asia, | :08:03. | :08:06. | |
specifically China, is the new growth market for wine, expected to | :08:07. | :08:10. | |
become the second most valuable maker by 2020. Is it time for | :08:11. | :08:14. | |
producers to pop the court and celebrate? Earlier I spoke to the | :08:15. | :08:18. | |
global chief executive of a champagne maker and asked how | :08:19. | :08:21. | |
important markets like China were for her company. We are not so much | :08:22. | :08:27. | |
interested in trying to become like a fashion brand, because when you | :08:28. | :08:36. | |
take over a house, there's so much craftsmanship and it is limited in | :08:37. | :08:40. | |
its volume, you take 20 years to make a champagne. You have to be | :08:41. | :08:49. | |
very careful and try to work with market that are stable, where you | :08:50. | :08:54. | |
can guarantee the sustainability and long-term stability. So it's crucial | :08:55. | :09:00. | |
to try to meet that demand. Let's take a look at global champagne | :09:01. | :09:05. | |
sales. They fell by 2% in 2016 will stop this was partially driven by | :09:06. | :09:10. | |
lower sales in the UK due to Brexit. In France as well, your home market, | :09:11. | :09:15. | |
where there were terror attacks, fewer tourists visiting, are you | :09:16. | :09:19. | |
worried about the future of the industry? Though. I'm not worried | :09:20. | :09:26. | |
about the industry. I think it's a normal temporary kind of thing. In | :09:27. | :09:30. | |
the case of France, there is a big consumption and very low price for | :09:31. | :09:35. | |
champagne, which is not very healthy. So it will change and in | :09:36. | :09:42. | |
the case of the UK it is Brexit, but also very significant is per se -- | :09:43. | :09:56. | |
Prosecco. For a long time Japan has been one of your biggest markets. It | :09:57. | :10:01. | |
is a big market. In the past, 40 years ago, it was a big spirits | :10:02. | :10:08. | |
market. In its evolution, it is now an important market for champagne. | :10:09. | :10:15. | |
Let's take a look at the markets. The Nikkei over in Japan has opened | :10:16. | :10:21. | |
lower. Of course as stronger Japanese yen isn't helping and there | :10:22. | :10:26. | |
are continuing geopolitical worries over the Korean crisis. The | :10:27. | :10:30. | |
Australian market is flat, mirroring what happened on Wall Street | :10:31. | :10:34. | |
yesterday. That's it. Thanks for watching Asia | :10:35. | :10:35. |