Browse content similar to 10/11/2017. Check below for episodes and series from the same categories and more!
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She was a Brexit campaigner. | 0:00:00 | 0:00:02 | |
Now on BBC News, all the latest
business news live from Singapore. | 0:00:02 | 0:00:15 | |
As the APEC summit in Vietnam kicks
off, we find out what the | 0:00:15 | 0:00:21 | |
negotiations might mean for the host
country. And global retailers are | 0:00:21 | 0:00:25 | |
getting ready for the biggest day in
Asia for on line sales, Singles Day! | 0:00:25 | 0:00:33 | |
Good morning, Asia. Hello, world.
Welcome to another edition of Asia | 0:00:33 | 0:00:36 | |
Business Report. I'm Rico Hizon.
Thank you for joining me. It | 0:00:36 | 0:00:41 | |
Business Report. I'm Rico Hizon.
Thank you for joining me. It is | 0:00:41 | 0:00:42 | |
another exciting Friday! We start
with US President Donald Trump. He | 0:00:42 | 0:00:48 | |
arrives in Vietnam very soon to
attend the APEC summit. Earlier this | 0:00:48 | 0:00:57 | |
year, President Trump pulled out of
the Trans-Pacific Partnership | 0:00:57 | 0:01:01 | |
arrangement, dealing a blow to the
free-trade ambitions of APEC. China | 0:01:01 | 0:01:07 | |
is trying to gain economic power in
the region at the same time. We are | 0:01:07 | 0:01:14 | |
joined from Vietnam. She is right
outside the summit site. It looks | 0:01:14 | 0:01:23 | |
like it is all about trade and
business. Yes, indeed. As you can | 0:01:23 | 0:01:29 | |
see, people are lining up and are
getting ready to listen to many | 0:01:29 | 0:01:33 | |
speeches from foreign leaders from
the APEC economies, like the | 0:01:33 | 0:01:40 | |
Japanese Prime Minister, the New
Zealand Prime Minister, and also, | 0:01:40 | 0:01:44 | |
the speech everyone is waiting for,
Donald Trump's speech, when he | 0:01:44 | 0:01:49 | |
presents his vision of what the US's
engagement in Asia on the trade | 0:01:49 | 0:01:56 | |
front and politically, frankly, will
look like. There has been a lot of | 0:01:56 | 0:02:00 | |
disappointment with the US pulling
out of the TPP, but the other 11 | 0:02:00 | 0:02:05 | |
economies that decided to go ahead
with the deal had said to me that if | 0:02:05 | 0:02:09 | |
the US does not want to negotiate,
they will continue without it. | 0:02:09 | 0:02:13 | |
Listen to what the Australian Trade
Minister told me about a new deal | 0:02:13 | 0:02:17 | |
taking place. History has told us
that countries that believe they can | 0:02:17 | 0:02:23 | |
put up barriers to trade and tariffs
thinking that will enrich those | 0:02:23 | 0:02:30 | |
countries, they will be worse off.
They will have more poor people as a | 0:02:30 | 0:02:34 | |
result for adopting those policies
that frankly don't make sense. That | 0:02:34 | 0:02:40 | |
was the Australian Trade Minister
speaking to me about the fact that | 0:02:40 | 0:02:47 | |
if countries like the US decide to
pull out of trade deals, well, Asia | 0:02:47 | 0:02:52 | |
and other economies will go ahead
without it. That is what I have been | 0:02:52 | 0:02:57 | |
getting from many people I have been
speaking to add the summit. It is | 0:02:57 | 0:03:01 | |
about the fact the US's influence in
the region is waning at a time China | 0:03:01 | 0:03:08 | |
is getting more powerful and
influential. I can point to the fact | 0:03:08 | 0:03:12 | |
President Xi Jinping will be
speaking after Donald Trump. And | 0:03:12 | 0:03:17 | |
there's rivalry between the US and
China in the region is what many | 0:03:17 | 0:03:21 | |
garment exporters and businesses in
Vietnam have been telling me in the | 0:03:21 | 0:03:26 | |
past few days. Made in Vietnam but
sold in New York. Vietnam is one of | 0:03:26 | 0:03:32 | |
the world's biggest garment
exporters. And you can see why at | 0:03:32 | 0:03:36 | |
this factory in Ho Chi Minh City
which produces everything from suits | 0:03:36 | 0:03:42 | |
to Coates every single day. --
coats. Some of the best-known brands | 0:03:42 | 0:03:49 | |
in America are made here under the
watchful eye of Michael. The US is | 0:03:49 | 0:03:53 | |
still his biggest customer
discipling out of the TPP, but that | 0:03:53 | 0:03:59 | |
could change the pillar in the last
two months we have seen sales | 0:03:59 | 0:04:03 | |
increase with China. That is a
probable business, a positive force, | 0:04:03 | 0:04:13 | |
in the near future. China is already
a major customer for Vietnam's | 0:04:13 | 0:04:19 | |
biggest coffee exporter and grains
provider. It sells rice to China but | 0:04:19 | 0:04:27 | |
also exports to the US. The German
says Vietnam needs to balance these | 0:04:27 | 0:04:32 | |
interests. TRANSLATION: The US and
China are both powerful countries, | 0:04:32 | 0:04:37 | |
but they also are locked in
conflict. They want to drag Vietnam | 0:04:37 | 0:04:43 | |
to side, and we should take
advantage. Remember, the economy of | 0:04:43 | 0:04:48 | |
Vietnam is still pretty basic, about
supplying raw materials and produce | 0:04:48 | 0:04:53 | |
to other markets and labour
intensive manufacturing. That is why | 0:04:53 | 0:04:56 | |
trade is so important. If the
original U.S.-led TPP deal had gone | 0:04:56 | 0:05:03 | |
through it could have boosted the
economy of Vietnam by 10% over the | 0:05:03 | 0:05:07 | |
next few decades, which would have
lifted the income of people out | 0:05:07 | 0:05:10 | |
here. That is why free-trade is on
the agenda at APEC which is on the | 0:05:10 | 0:05:16 | |
edge of the South China Sea. Both
Vietnam and China have clashed over | 0:05:16 | 0:05:20 | |
the waters, but the lack of
engagement from the US means they | 0:05:20 | 0:05:24 | |
have to go closer to Beijing.
TRANSLATION: The US is one of the | 0:05:24 | 0:05:28 | |
most important markets for Vietnam.
We were disappointed when they | 0:05:28 | 0:05:32 | |
pulled out of the TPP. We hope they
will join it again, but we are also | 0:05:32 | 0:05:37 | |
developing links with other
partners, including China. Back at | 0:05:37 | 0:05:41 | |
the garment factory, another
shipment heads to American stores. | 0:05:41 | 0:05:44 | |
Trade has always trumped politics in
Asia. Be more business you do here, | 0:05:44 | 0:05:49 | |
the more influence you have. By
Vietnam is now stuck in between the | 0:05:49 | 0:05:55 | |
two civil -- superpowers of the
world. Chinese and US officials say | 0:05:55 | 0:06:06 | |
they rounded up more than $250
billion in deals on Donald Trump's | 0:06:06 | 0:06:11 | |
maiden trip to Beijing to be they
covered imports and exports. Some | 0:06:11 | 0:06:17 | |
analysts are questioning how likely
it is these agreements will | 0:06:17 | 0:06:21 | |
materialise. We are joined by my
colleague for more. This sounds | 0:06:21 | 0:06:26 | |
promising, $250 billion. It does so
be it covers goods from aeroplane | 0:06:26 | 0:06:31 | |
Stute US beef. President Trump has
been critical chastising the Chinese | 0:06:31 | 0:06:39 | |
as having an unfair advantage in
terms of trade. In 2016 alone, the | 0:06:39 | 0:06:45 | |
US had a $247 billion trade deficit
in goods with China. This is showing | 0:06:45 | 0:06:50 | |
back at home that he may be bringing
in more jobs and revenue. Of course, | 0:06:50 | 0:06:56 | |
everything will have to wait to see
how it all plays out. One more | 0:06:56 | 0:07:01 | |
question before we let you go. It
seems he is turning the tables here, | 0:07:01 | 0:07:06 | |
not blaming China, but saying the
previous US president is to blame | 0:07:06 | 0:07:11 | |
for the deficit. He took a step back
and changed his tune. There was | 0:07:11 | 0:07:16 | |
laughter when he said I am not
actually blaming the Chinese. This | 0:07:16 | 0:07:20 | |
is his way of reaching some common
ground. They have many issues | 0:07:20 | 0:07:25 | |
politically and economically to get
rid of. Thank you for the update and | 0:07:25 | 0:07:30 | |
have a great weekend. Tomorrow is
the 11th of November, also known as | 0:07:30 | 0:07:35 | |
Singles Day if you are a big on line
shopper. Alibaba created the event | 0:07:35 | 0:07:41 | |
as a marketing gimmick but it is now
the world's biggest on line shopping | 0:07:41 | 0:07:46 | |
day. Last year, Chinese shoppers
spent a record $18 billion on | 0:07:46 | 0:07:52 | |
Alibaba's platforms in just 24
hours. In Southeast Asia, some are | 0:07:52 | 0:07:59 | |
browsing and buying on line up to
four days earlier. They see a 254% | 0:07:59 | 0:08:04 | |
increase in sales on Singles Day.
There have been increases recently | 0:08:04 | 0:08:16 | |
as well. What can we expect this
year? I spoke to someone earlier, | 0:08:16 | 0:08:21 | |
the general manager for the
advertising firm, Video Southeast | 0:08:21 | 0:08:26 | |
Asia. It is the biggest shopping day
by far in this region. When I say | 0:08:26 | 0:08:31 | |
this region, I'm in Southeast Asia.
We are seeing an increase in sales | 0:08:31 | 0:08:37 | |
of 254% compared to the previous
month. There is a spillover from the | 0:08:37 | 0:08:43 | |
greater China market to Southeast
Asia? That is right. There is an | 0:08:43 | 0:08:47 | |
evolution of the ecosystem here. The
more we are seeing this, the more we | 0:08:47 | 0:08:55 | |
are seeing it on line as well. This
will be much bigger than the | 0:08:55 | 0:09:00 | |
Thanksgiving day sales in the US. It
is getting bigger. Look at China. | 0:09:00 | 0:09:06 | |
This is by far bigger. Southeast
Asia, I want to mention, is, as a | 0:09:06 | 0:09:11 | |
whole, is a market that is
developing so fast we are calling it | 0:09:11 | 0:09:18 | |
the next China when it comes to on
line retail. Singles Day is focused | 0:09:18 | 0:09:23 | |
on Alibaba and JB.com. They are the
largest e-commerce sites in China. | 0:09:23 | 0:09:30 | |
What about in Southeast Asia?
Amazon, the likes of art, can they | 0:09:30 | 0:09:36 | |
compete? -- that. They have a strong
presence in the country. We are | 0:09:36 | 0:09:50 | |
seeing they are extremely aggressive
and present everywhere during these | 0:09:50 | 0:09:55 | |
promotional days. They are one of
the biggest at this point in time in | 0:09:55 | 0:10:01 | |
Southeast Asia, but you have
newcomers as well and all the giants | 0:10:01 | 0:10:04 | |
appearing in the region. -- older
giants. A quick look at the markets. | 0:10:04 | 0:10:13 | |
As you can see, they are down across
the board because Wall Street's | 0:10:13 | 0:10:17 | |
stocks extended losses last night
when Republican politicians said | 0:10:17 | 0:10:22 | |
they could be a one-year delay in
the tax cut until 2019. The Nikkei | 0:10:22 | 0:10:28 | |
is down as well. | 0:10:28 | 0:10:33 |