23/10/2017 Asia Business Report


23/10/2017

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Japan's Prime Minister Shinzo Abe declares victory in his

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He said his imminent task would be to "deal firmly" with North Korea,

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which would require "strong diplomacy".

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The US Secretary of State Rex Tillerson has told Iranian backed

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militias in Iraq to 'go home' now that the fight

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against the Islamic State group is winding down.

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Divers have been leaping before before a stunning waterfall.

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Competitors have been performing acrobatics from heights of up

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The owners of the most polluting cars will have to pay an extra ten

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pounds to drive in central London from today.

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The new T-charge is aimed at reducing the levels of toxic

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Now on BBC News all the latest business news live from Singapore.

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The Japanese Prime Minister Shinzo Abe wins a landslide election

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victory giving him a historic third term in office. And would you eat

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fruit that is being produced in a lab, find out why some scientists

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are going bananas in Australia. The votes have been cast and the

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results are in, the Japanese Prime Minister has been handed a fresh

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mandate to continue with his programme of economic stimulus. His

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ruling coalition secured a two thirds parliamentary supermajority

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which will also give him the ability to push for a revision of Japan's

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post-war constitution. Earlier we discussed the policy implications of

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this historic win. It no one seems more likely he will press ahead with

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the sales tax hike in 2019, he's made it clear in the run-up to the

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elections and that could deal quite a blow to the economy in 2019. You

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say that's a blow to the economy, but his attempt to stimulate the

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economy, his three arrows, fiscal spending, was policy and reform, has

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he succeeded in those? In fiscal policy he has mostly tightened

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fiscal policy he's had some success in reducing the budget deficit so

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that's been a headwind for the economy recovering. But monetary

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policy has indeed been very supportive, interest rates at record

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lows, firms are borrowing the most since the early 90s. The one area

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where there has been not much success is structural reforms. That

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is what most people had hoped for but we have not really seen much on

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that front. Let's take a look at how the markets are reacting to this

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win. The Japanese yen already reacting somewhat against the

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dollar, weekend as much as 0.4%. Now it looks like electric car maker

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Tesla could be close to reaching a deal to set up a factory in China

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but there are some major hopes they will have to jump through before

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they can make it happen, for more on that story Monica joins us live in

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the studio, grade a bigger move? It could be a real game changer.

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Earlier this year of did say they were in talks with the Shanghai

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municipal government to build their own factory and now the Wall Street

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Journal is reporting today that this plan may actually go ahead and be

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put in place by the end of the year. This is uncharted territory for any

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foreign car-maker in China, the way the regulations stand at this point,

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they can really do this on their own, they had to set up a joint

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venture with the domestic auto maker to make cars on the mainland. What

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that means essentially is a company like Tesla have to give half of

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their profits to this other company and potentially have to give

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intellectual property which is something Tesla really wants to hold

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onto. There is also the issue of cost, buying a foreign car in China

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is massively expensive, there is a 25% tariff on imports. If you want

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to buy a Tesla it's roughly 20% more in China than the US. China are

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trying to get more hybrid and green cars on the road so they have free

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enterprise system, free trade zone that Tesla can build this back

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today. They will still had to pay the 25% tariff but the production

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costs will be cheaper. All right, hopefully people go and buy them

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then. Now is the year-end holiday season inches closer many people are

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already booking flights and travel accommodation and its increasingly

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being done online. In fact Asia's digital travel market is forecast to

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overtake North America as the world business this year. That trend

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benefiting companies such as Edinburgh-based search websites guys

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Ghana. We visited the headquarters and met with co-founder Gareth

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Williams. It started in 2001 with three friends sat down in a London

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pub and has since grown into one of the industry 's biggest players, I

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am joined by co-founder Gareth Williams and we have two magnets to

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pick your brains. You bought last year from was $2 billion, how much

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has changed since then? In terms of what we do day-to-day not much. We

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still work on strategy but now we get the chance to learn from an

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incredible success in China and we are collaborating together on

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certain projects as well. So many players, how do you continue to

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stand out and attract customers? We have always focused on trust and

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providing the best content and the easiest functionality for travellers

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and as long as we focus on that I am convinced we will keep on growing.

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Google's alphabet is pushing into the travel space which is making a

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lot of people worried, are you? Now, we can put the focus on online

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travel. Are you going to start doing home listings? Absolutely. We want

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to provide a marketplace which shows all the interesting and useful great

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value content related to travel. Code is adhered to be the Scottish

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unicorn? We can provide a hundred more times impact for travellers, we

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are at the start of something rather than having reached somewhere. If

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you could head and other tip company which one would be? I think good

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reads, I love that website. Thank you so much for joining us. China

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has lifted a ban on imports of mould ripened cheese the move follows

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meetings between the European Commission and Chinese food safety

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officials and EU China delegation said over the weekend trade would be

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allowed to resume immediately. Joe Marler imported more than $400

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billion worth of cheese last year. Continuing the theme it's a

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multi-billion dollar industry under threat from a disease slowly

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spreading around the world, banana producers here in Asia and Africa

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and Australia have been hit by Panama disease, a fungus which can

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live in soil for decades. The first series by design we met a team of

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scientists in Queensland two are on a quest to design a genetically

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modified banana. We brought the first infected farm

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and we bought it for four and a half million dollars, shut it down and it

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was a successful containment, we phoned the disease early. Contain,

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contain, contained so we had time for new varieties to be developed.

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Genes are taken from these well banana plants and added into the

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everyday variety most of us are familiar with, the goal is to make

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them disease resistant. Some fear consumers will be happy to eat GM

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here's a look to the rest of the week, we will of course be looking

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to this Monday when the Singapore Prime Minister will need Donald

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Trump at the White House and trade will be at the top of the agenda.

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And that's it for this edition. Thank you for watching.

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