0:00:00 > 0:00:0090 mile-per-hour gusts are forecast to batter the UK overnight.
0:00:00 > 0:00:16Now on BBC News, all the latest business news live from Singapore.
0:00:16 > 0:00:23Stop the incessant criticism with Brexit. That is the message of the
0:00:23 > 0:00:31Trade Minister of Britain. Wall Street closes at a record high in
0:00:31 > 0:00:39the first session of the year. Can it be sustained? Good morning, Asia.
0:00:39 > 0:00:42Hello, world. Welcome to another edition of Asia Business Report. I'm
0:00:42 > 0:00:54Rico Hizon. It's a Wednesday. Happy New Year. Welcome to 2018. It is his
0:00:54 > 0:01:00first work trip this year. Liam Fox is arriving in China today. He has a
0:01:00 > 0:01:09tricky job. Nothing formal can be agreed before Britain leaves next
0:01:09 > 0:01:17year. China is the eighth largest export market with the UK. Trade
0:01:17 > 0:01:20between the two countries is estimated at 80 billion US dollars.
0:01:20 > 0:01:31What kind of deals are in store? I ask.The International Trade
0:01:31 > 0:01:35Secretary cannot begin negotiating new trade deals while the UK
0:01:35 > 0:01:40remains, for the moment, a member of the EU. But, of course, Brexit is
0:01:40 > 0:01:46the issue that looms large over almost every piece of UK business at
0:01:46 > 0:01:50the moment. And we can be pretty sure Liam Fox will be trying at
0:01:50 > 0:01:54least to lay the foundations for a deal. What kind of things will they
0:01:54 > 0:01:59focus on? Well, one area in particular the UK would like China
0:01:59 > 0:02:03to give a little bit more room on is access to the UK's service
0:02:03 > 0:02:09industries, things like banking, things like insurance, those kinds
0:02:09 > 0:02:13of things which traditionally have been very hard for European
0:02:13 > 0:02:18companies to gain access on. And I think we can expect talks when Liam
0:02:18 > 0:02:22Fox is here with his counterpart, the commerce minister in China,
0:02:22 > 0:02:27pushing to open the ground in that area in particular, possibly with a
0:02:27 > 0:02:31view in a few years' time to begin forming the basis for some sort of
0:02:31 > 0:02:39trade deal.What about China, John Sudworth? Is it pro Brexit?Well,
0:02:39 > 0:02:44China has played its cards pretty close to its chest. It recognises,
0:02:44 > 0:02:54of course, Brexit is a fait accompli, a fact, if you like, and
0:02:54 > 0:02:58at the time, it seems China was pretty happy with the EU set up as
0:02:58 > 0:03:02it was. It enjoyed its trade relationship with Britain because it
0:03:02 > 0:03:06gave it access to the European Union. And clearly, things have
0:03:06 > 0:03:12changed. But, I think, you know, the difficulty for Britain, of course,
0:03:12 > 0:03:16and this is a point the critics of Brexit make, trying to negotiate
0:03:16 > 0:03:23trade deals with China on your own as opposed to trying to stand up to
0:03:23 > 0:03:27China, fight for your interest as part of a much larger trading bloc,
0:03:27 > 0:03:33obviously, it makes it slightly more difficult. And, there are some who
0:03:33 > 0:03:38will say that, in terms of China's own interests, it may be able to
0:03:38 > 0:03:41drive a much harder bargain as a result.And, John, briefly, what are
0:03:41 > 0:03:48opinion makers saying? Will something tangible, this is it?I do
0:03:48 > 0:03:53not think we are expecting any breakthroughs. As I said, the UK
0:03:53 > 0:03:58cannot begin negotiating any new trade deals. But we can expect some
0:03:58 > 0:04:04positive mood music, common areas of interest. That is what the UK will,
0:04:04 > 0:04:09of course, see as positive signs of the possibility going forward into
0:04:09 > 0:04:16the future.John Sudworth in Beijing. Spotify has been sued for a
0:04:16 > 0:04:21alleged infringement of the rights of music publishers. They are
0:04:21 > 0:04:28seeking damages of $150,000 for more than 10,000 songs amounting to at
0:04:28 > 0:04:34least 1.6 billion. Spotify declined to comment. They have tried to
0:04:34 > 0:04:39settle a class-action lawsuit brought about by song owners. The
0:04:39 > 0:04:47richest man in China, Jack Ma, who met with Donald Trump a month ago,
0:04:47 > 0:04:50have refused his deal of $1.2 billion citing security concerns
0:04:50 > 0:04:58that it has joined the long list of Chinese deals torpedoed under the
0:04:58 > 0:05:03current administration. Shares are down 8% in aftermarket trade. The
0:05:03 > 0:05:08plans of creating a modern-day Silk Road throughout Asia, China is
0:05:08 > 0:05:13building three massive powers as part of airport project. An
0:05:13 > 0:05:22agreement is expected He signed this month according to a minister. Asian
0:05:22 > 0:05:28markets finished higher after Wall Street finished the opening session,
0:05:28 > 0:05:35the first for 2018, on a winning note. This is how other markets are
0:05:35 > 0:05:41trading. The Hang Seng Index is open for trade. It is currently up by
0:05:41 > 0:05:490.5%, 142 points. The All Ordinaries Index of Australia, gaining 8.1
0:05:49 > 0:05:58points, a 10th of a percent. So far, a positive start for Asian bourses.
0:05:58 > 0:06:07The NASDAQ, breaking records. And a very strong year in 2017. The Dow
0:06:07 > 0:06:15Jones industrial average gained a hefty 25%. The SNP was up 19%. In
0:06:15 > 0:06:25the NASDAQ, 28%, stocks, technology stocks, up by 28%. So, will 2008 in
0:06:25 > 0:06:30be another bullish year? I asked the mirror Hussein.In speaking to many
0:06:30 > 0:06:35traders at the New York Stock Exchange, many believe there is
0:06:35 > 0:06:39still more room for these stocks to grow. Are we going to see another
0:06:39 > 0:06:44gain of 25 percentage points? Probably not. But there is still
0:06:44 > 0:06:48some more economic news coming out that looks like it will be positive.
0:06:48 > 0:06:55That should still push stocks higher, for it is the first six
0:06:55 > 0:07:02months of 2018.-- at least. What are the expectations? Which sectors
0:07:02 > 0:07:09will grow the most?Investors are looking at the infrastructure
0:07:09 > 0:07:13spending bill the president said he wants to pass. That will have a big
0:07:13 > 0:07:19impact on construction companies. Think big companies like
0:07:19 > 0:07:24Caterpillar. They will do really well, because they will need
0:07:24 > 0:07:29construction material to improve roads and infrastructure in the US.
0:07:29 > 0:07:33This is supported by the recent tax support built which benefits big
0:07:33 > 0:07:39corporations. American Airlines said they would give employees a $1000
0:07:39 > 0:07:47bonus thanks to the bill. SouthWest said a donated $5 billion to
0:07:47 > 0:07:58charitable companies, organisations. Sales of cars are likely to pass 90
0:07:58 > 0:08:05million for the first time since 2017. Asian buyers were a quarter of
0:08:05 > 0:08:10sales. Demand for trucks remains strong. Of course, they are not as
0:08:10 > 0:08:17sexy as this. Driverless cars. What a beauty. A few years ago, they
0:08:17 > 0:08:22seemed like the stuff of science fiction. Not any more. There are
0:08:22 > 0:08:26plenty of different concepts out there. Our reporter roadtested one
0:08:26 > 0:08:29which has just been launched by a French
0:08:29 > 0:08:35which has just been launched by a French manufacturer, Renault.
0:09:11 > 0:09:14Now, if you have never done this before, it really does feel quite
0:09:14 > 0:09:16strange. We
0:09:16 > 0:09:17before, it really does feel quite strange. We are doing 115 kilometres
0:09:17 > 0:09:22per hour on the motorway, and I am not touching anything. I have come
0:09:22 > 0:09:27here as a safety set up in case anything goes wrong, but it is
0:09:27 > 0:09:32driving itself. I will do something I have never done before. We are
0:09:32 > 0:09:36doing 103 kilometres per hour on the motorway, and I will put a virtual
0:09:36 > 0:09:40reality headset on. Here we go. I don't think anyone else has done
0:09:40 > 0:09:50this either. Now, at the moment, I know I am driving along a motorway.
0:09:50 > 0:09:54But, because I have got the virtual reality headset on, I am actually
0:09:54 > 0:09:57flying over a valley. I can see lakes beneath me. There are birds
0:09:57 > 0:10:06around me. Umm, there is a large lunar landscape up in front. It is a
0:10:06 > 0:10:13completely different world. What the company is trying to do is make you
0:10:13 > 0:10:25turn your mind to other things, relax, sit back, and enjoy the show.
0:10:25 > 0:10:29Thank you so much for investing your time with us. I am driving away.
0:10:29 > 0:10:29Goodbye