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90 mile-per-hour gusts are forecast
to batter the UK overnight. | 0:00:00 | 0:00:00 | |
Now on BBC News, all the latest
business news live from Singapore. | 0:00:00 | 0:00:16 | |
Stop the incessant criticism with
Brexit. That is the message of the | 0:00:16 | 0:00:23 | |
Trade Minister of Britain. Wall
Street closes at a record high in | 0:00:23 | 0:00:31 | |
the first session of the year. Can
it be sustained? Good morning, Asia. | 0:00:31 | 0:00:39 | |
Hello, world. Welcome to another
edition of Asia Business Report. I'm | 0:00:39 | 0:00:42 | |
Rico Hizon. It's a Wednesday. Happy
New Year. Welcome to 2018. It is his | 0:00:42 | 0:00:54 | |
first work trip this year. Liam Fox
is arriving in China today. He has a | 0:00:54 | 0:01:00 | |
tricky job. Nothing formal can be
agreed before Britain leaves next | 0:01:00 | 0:01:09 | |
year. China is the eighth largest
export market with the UK. Trade | 0:01:09 | 0:01:17 | |
between the two countries is
estimated at 80 billion US dollars. | 0:01:17 | 0:01:20 | |
What kind of deals are in store? I
ask. The International Trade | 0:01:20 | 0:01:31 | |
Secretary cannot begin negotiating
new trade deals while the UK | 0:01:31 | 0:01:35 | |
remains, for the moment, a member of
the EU. But, of course, Brexit is | 0:01:35 | 0:01:40 | |
the issue that looms large over
almost every piece of UK business at | 0:01:40 | 0:01:46 | |
the moment. And we can be pretty
sure Liam Fox will be trying at | 0:01:46 | 0:01:50 | |
least to lay the foundations for a
deal. What kind of things will they | 0:01:50 | 0:01:54 | |
focus on? Well, one area in
particular the UK would like China | 0:01:54 | 0:01:59 | |
to give a little bit more room on is
access to the UK's service | 0:01:59 | 0:02:03 | |
industries, things like banking,
things like insurance, those kinds | 0:02:03 | 0:02:09 | |
of things which traditionally have
been very hard for European | 0:02:09 | 0:02:13 | |
companies to gain access on. And I
think we can expect talks when Liam | 0:02:13 | 0:02:18 | |
Fox is here with his counterpart,
the commerce minister in China, | 0:02:18 | 0:02:22 | |
pushing to open the ground in that
area in particular, possibly with a | 0:02:22 | 0:02:27 | |
view in a few years' time to begin
forming the basis for some sort of | 0:02:27 | 0:02:31 | |
trade deal. What about China, John
Sudworth? Is it pro Brexit? Well, | 0:02:31 | 0:02:39 | |
China has played its cards pretty
close to its chest. It recognises, | 0:02:39 | 0:02:44 | |
of course, Brexit is a fait
accompli, a fact, if you like, and | 0:02:44 | 0:02:54 | |
at the time, it seems China was
pretty happy with the EU set up as | 0:02:54 | 0:02:58 | |
it was. It enjoyed its trade
relationship with Britain because it | 0:02:58 | 0:03:02 | |
gave it access to the European
Union. And clearly, things have | 0:03:02 | 0:03:06 | |
changed. But, I think, you know, the
difficulty for Britain, of course, | 0:03:06 | 0:03:12 | |
and this is a point the critics of
Brexit make, trying to negotiate | 0:03:12 | 0:03:16 | |
trade deals with China on your own
as opposed to trying to stand up to | 0:03:16 | 0:03:23 | |
China, fight for your interest as
part of a much larger trading bloc, | 0:03:23 | 0:03:27 | |
obviously, it makes it slightly more
difficult. And, there are some who | 0:03:27 | 0:03:33 | |
will say that, in terms of China's
own interests, it may be able to | 0:03:33 | 0:03:38 | |
drive a much harder bargain as a
result. And, John, briefly, what are | 0:03:38 | 0:03:41 | |
opinion makers saying? Will
something tangible, this is it? I do | 0:03:41 | 0:03:48 | |
not think we are expecting any
breakthroughs. As I said, the UK | 0:03:48 | 0:03:53 | |
cannot begin negotiating any new
trade deals. But we can expect some | 0:03:53 | 0:03:58 | |
positive mood music, common areas of
interest. That is what the UK will, | 0:03:58 | 0:04:04 | |
of course, see as positive signs of
the possibility going forward into | 0:04:04 | 0:04:09 | |
the future. John Sudworth in
Beijing. Spotify has been sued for a | 0:04:09 | 0:04:16 | |
alleged infringement of the rights
of music publishers. They are | 0:04:16 | 0:04:21 | |
seeking damages of $150,000 for more
than 10,000 songs amounting to at | 0:04:21 | 0:04:28 | |
least 1.6 billion. Spotify declined
to comment. They have tried to | 0:04:28 | 0:04:34 | |
settle a class-action lawsuit
brought about by song owners. The | 0:04:34 | 0:04:39 | |
richest man in China, Jack Ma, who
met with Donald Trump a month ago, | 0:04:39 | 0:04:47 | |
have refused his deal of $1.2
billion citing security concerns | 0:04:47 | 0:04:50 | |
that it has joined the long list of
Chinese deals torpedoed under the | 0:04:50 | 0:04:58 | |
current administration. Shares are
down 8% in aftermarket trade. The | 0:04:58 | 0:05:03 | |
plans of creating a modern-day Silk
Road throughout Asia, China is | 0:05:03 | 0:05:08 | |
building three massive powers as
part of airport project. An | 0:05:08 | 0:05:13 | |
agreement is expected He signed this
month according to a minister. Asian | 0:05:13 | 0:05:22 | |
markets finished higher after Wall
Street finished the opening session, | 0:05:22 | 0:05:28 | |
the first for 2018, on a winning
note. This is how other markets are | 0:05:28 | 0:05:35 | |
trading. The Hang Seng Index is open
for trade. It is currently up by | 0:05:35 | 0:05:41 | |
0.5%, 142 points. The All Ordinaries
Index of Australia, gaining 8.1 | 0:05:41 | 0:05:49 | |
points, a 10th of a percent. So far,
a positive start for Asian bourses. | 0:05:49 | 0:05:58 | |
The NASDAQ, breaking records. And a
very strong year in 2017. The Dow | 0:05:58 | 0:06:07 | |
Jones industrial average gained a
hefty 25%. The SNP was up 19%. In | 0:06:07 | 0:06:15 | |
the NASDAQ, 28%, stocks, technology
stocks, up by 28%. So, will 2008 in | 0:06:15 | 0:06:25 | |
be another bullish year? I asked the
mirror Hussein. In speaking to many | 0:06:25 | 0:06:30 | |
traders at the New York Stock
Exchange, many believe there is | 0:06:30 | 0:06:35 | |
still more room for these stocks to
grow. Are we going to see another | 0:06:35 | 0:06:39 | |
gain of 25 percentage points?
Probably not. But there is still | 0:06:39 | 0:06:44 | |
some more economic news coming out
that looks like it will be positive. | 0:06:44 | 0:06:48 | |
That should still push stocks
higher, for it is the first six | 0:06:48 | 0:06:55 | |
months of 2018. -- at least. What
are the expectations? Which sectors | 0:06:55 | 0:07:02 | |
will grow the most? Investors are
looking at the infrastructure | 0:07:02 | 0:07:09 | |
spending bill the president said he
wants to pass. That will have a big | 0:07:09 | 0:07:13 | |
impact on construction companies.
Think big companies like | 0:07:13 | 0:07:19 | |
Caterpillar. They will do really
well, because they will need | 0:07:19 | 0:07:24 | |
construction material to improve
roads and infrastructure in the US. | 0:07:24 | 0:07:29 | |
This is supported by the recent tax
support built which benefits big | 0:07:29 | 0:07:33 | |
corporations. American Airlines said
they would give employees a $1000 | 0:07:33 | 0:07:39 | |
bonus thanks to the bill. SouthWest
said a donated $5 billion to | 0:07:39 | 0:07:47 | |
charitable companies, organisations.
Sales of cars are likely to pass 90 | 0:07:47 | 0:07:58 | |
million for the first time since
2017. Asian buyers were a quarter of | 0:07:58 | 0:08:05 | |
sales. Demand for trucks remains
strong. Of course, they are not as | 0:08:05 | 0:08:10 | |
sexy as this. Driverless cars. What
a beauty. A few years ago, they | 0:08:10 | 0:08:17 | |
seemed like the stuff of science
fiction. Not any more. There are | 0:08:17 | 0:08:22 | |
plenty of different concepts out
there. Our reporter roadtested one | 0:08:22 | 0:08:26 | |
which has just been launched by a
French | 0:08:26 | 0:08:29 | |
which has just been launched by a
French manufacturer, Renault. | 0:08:29 | 0:08:35 | |
Now, if you have never done this
before, it really does feel quite | 0:09:11 | 0:09:14 | |
strange. We | 0:09:14 | 0:09:16 | |
before, it really does feel quite
strange. We are doing 115 kilometres | 0:09:16 | 0:09:17 | |
per hour on the motorway, and I am
not touching anything. I have come | 0:09:17 | 0:09:22 | |
here as a safety set up in case
anything goes wrong, but it is | 0:09:22 | 0:09:27 | |
driving itself. I will do something
I have never done before. We are | 0:09:27 | 0:09:32 | |
doing 103 kilometres per hour on the
motorway, and I will put a virtual | 0:09:32 | 0:09:36 | |
reality headset on. Here we go. I
don't think anyone else has done | 0:09:36 | 0:09:40 | |
this either. Now, at the moment, I
know I am driving along a motorway. | 0:09:40 | 0:09:50 | |
But, because I have got the virtual
reality headset on, I am actually | 0:09:50 | 0:09:54 | |
flying over a valley. I can see
lakes beneath me. There are birds | 0:09:54 | 0:09:57 | |
around me. Umm, there is a large
lunar landscape up in front. It is a | 0:09:57 | 0:10:06 | |
completely different world. What the
company is trying to do is make you | 0:10:06 | 0:10:13 | |
turn your mind to other things,
relax, sit back, and enjoy the show. | 0:10:13 | 0:10:25 | |
Thank you so much for investing your
time with us. I am driving away. | 0:10:25 | 0:10:29 | |
Goodbye | 0:10:29 | 0:10:29 |