03/01/2018 Asia Business Report


03/01/2018

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90 mile-per-hour gusts are forecast

to batter the UK overnight.

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Now on BBC News, all the latest

business news live from Singapore.

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Stop the incessant criticism with

Brexit. That is the message of the

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Trade Minister of Britain. Wall

Street closes at a record high in

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the first session of the year. Can

it be sustained? Good morning, Asia.

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Hello, world. Welcome to another

edition of Asia Business Report. I'm

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Rico Hizon. It's a Wednesday. Happy

New Year. Welcome to 2018. It is his

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first work trip this year. Liam Fox

is arriving in China today. He has a

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tricky job. Nothing formal can be

agreed before Britain leaves next

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year. China is the eighth largest

export market with the UK. Trade

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between the two countries is

estimated at 80 billion US dollars.

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What kind of deals are in store? I

ask.

The International Trade

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Secretary cannot begin negotiating

new trade deals while the UK

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remains, for the moment, a member of

the EU. But, of course, Brexit is

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the issue that looms large over

almost every piece of UK business at

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the moment. And we can be pretty

sure Liam Fox will be trying at

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least to lay the foundations for a

deal. What kind of things will they

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focus on? Well, one area in

particular the UK would like China

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to give a little bit more room on is

access to the UK's service

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industries, things like banking,

things like insurance, those kinds

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of things which traditionally have

been very hard for European

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companies to gain access on. And I

think we can expect talks when Liam

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Fox is here with his counterpart,

the commerce minister in China,

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pushing to open the ground in that

area in particular, possibly with a

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view in a few years' time to begin

forming the basis for some sort of

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trade deal.

What about China, John

Sudworth? Is it pro Brexit?

Well,

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China has played its cards pretty

close to its chest. It recognises,

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of course, Brexit is a fait

accompli, a fact, if you like, and

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at the time, it seems China was

pretty happy with the EU set up as

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it was. It enjoyed its trade

relationship with Britain because it

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gave it access to the European

Union. And clearly, things have

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changed. But, I think, you know, the

difficulty for Britain, of course,

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and this is a point the critics of

Brexit make, trying to negotiate

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trade deals with China on your own

as opposed to trying to stand up to

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China, fight for your interest as

part of a much larger trading bloc,

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obviously, it makes it slightly more

difficult. And, there are some who

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will say that, in terms of China's

own interests, it may be able to

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drive a much harder bargain as a

result.

And, John, briefly, what are

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opinion makers saying? Will

something tangible, this is it?

I do

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not think we are expecting any

breakthroughs. As I said, the UK

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cannot begin negotiating any new

trade deals. But we can expect some

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positive mood music, common areas of

interest. That is what the UK will,

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of course, see as positive signs of

the possibility going forward into

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the future.

John Sudworth in

Beijing. Spotify has been sued for a

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alleged infringement of the rights

of music publishers. They are

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seeking damages of $150,000 for more

than 10,000 songs amounting to at

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least 1.6 billion. Spotify declined

to comment. They have tried to

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settle a class-action lawsuit

brought about by song owners. The

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richest man in China, Jack Ma, who

met with Donald Trump a month ago,

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have refused his deal of $1.2

billion citing security concerns

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that it has joined the long list of

Chinese deals torpedoed under the

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current administration. Shares are

down 8% in aftermarket trade. The

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plans of creating a modern-day Silk

Road throughout Asia, China is

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building three massive powers as

part of airport project. An

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agreement is expected He signed this

month according to a minister. Asian

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markets finished higher after Wall

Street finished the opening session,

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the first for 2018, on a winning

note. This is how other markets are

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trading. The Hang Seng Index is open

for trade. It is currently up by

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0.5%, 142 points. The All Ordinaries

Index of Australia, gaining 8.1

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points, a 10th of a percent. So far,

a positive start for Asian bourses.

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The NASDAQ, breaking records. And a

very strong year in 2017. The Dow

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Jones industrial average gained a

hefty 25%. The SNP was up 19%. In

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the NASDAQ, 28%, stocks, technology

stocks, up by 28%. So, will 2008 in

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be another bullish year? I asked the

mirror Hussein.

In speaking to many

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traders at the New York Stock

Exchange, many believe there is

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still more room for these stocks to

grow. Are we going to see another

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gain of 25 percentage points?

Probably not. But there is still

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some more economic news coming out

that looks like it will be positive.

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That should still push stocks

higher, for it is the first six

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months of 2018.

-- at least. What

are the expectations? Which sectors

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will grow the most?

Investors are

looking at the infrastructure

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spending bill the president said he

wants to pass. That will have a big

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impact on construction companies.

Think big companies like

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Caterpillar. They will do really

well, because they will need

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construction material to improve

roads and infrastructure in the US.

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This is supported by the recent tax

support built which benefits big

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corporations. American Airlines said

they would give employees a $1000

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bonus thanks to the bill. SouthWest

said a donated $5 billion to

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charitable companies, organisations.

Sales of cars are likely to pass 90

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million for the first time since

2017. Asian buyers were a quarter of

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sales. Demand for trucks remains

strong. Of course, they are not as

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sexy as this. Driverless cars. What

a beauty. A few years ago, they

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seemed like the stuff of science

fiction. Not any more. There are

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plenty of different concepts out

there. Our reporter roadtested one

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which has just been launched by a

French

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which has just been launched by a

French manufacturer, Renault.

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Now, if you have never done this

before, it really does feel quite

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strange. We

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before, it really does feel quite

strange. We are doing 115 kilometres

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per hour on the motorway, and I am

not touching anything. I have come

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here as a safety set up in case

anything goes wrong, but it is

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driving itself. I will do something

I have never done before. We are

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doing 103 kilometres per hour on the

motorway, and I will put a virtual

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reality headset on. Here we go. I

don't think anyone else has done

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this either. Now, at the moment, I

know I am driving along a motorway.

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But, because I have got the virtual

reality headset on, I am actually

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flying over a valley. I can see

lakes beneath me. There are birds

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around me. Umm, there is a large

lunar landscape up in front. It is a

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completely different world. What the

company is trying to do is make you

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turn your mind to other things,

relax, sit back, and enjoy the show.

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Thank you so much for investing your

time with us. I am driving away.

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Goodbye

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