24/01/2018 Asia Business Report


24/01/2018

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LineFromTo

I'm Babita Sharma

with BBC World News.

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Our top story.

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President Trump says he's not

expecting a trade war with China

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despite new US import tariffs that

target Asian manufacturers.

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The tariffs on washing machines

and solar panels are part

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of Mr Trump's "America First" policy

to protect local industry.

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China and South Korea are among

those unhappy at the move.

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The US Attorney-General,

Jeff Sessions, has become the first

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member of President Trump's

cabinet to be questioned

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by the Special Counsel investigating

alleged Russian interference

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in the presidential election.

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And this video is

trending on BBC.com.

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It's a timelapse of the Philippines'

most active volcano,

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Mount Mayon - which has been spewing

ash on local communities.

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There are fears of a major eruption

after two weeks of activity.

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That's all from me for now.

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Stay with BBC News.

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And the top story here in the UK.

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The Foreign Secretary,

Boris Johnson, has been rebuked

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by the Prime Minister and other

cabinet colleagues after saying

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the NHS should be

given extra money.

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Now on BBC News all the latest

business news live from Singapore.

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11 countries have agreed to join the

Trans-Pacific Partnership but how

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much does this deal will mean

without the United States? Prime

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Minister Narendra Modi tells the

World Economic Forum that India is

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open to business. Good morning,

Asia. Hello, world. Glad you could

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enjoy and dashed glad you could join

us for another exciting addition of

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Asia Business Report. 11 countries

are aiming to form an Asia-Pacific

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trade pact. They have all reached a

deal and will be signing a final

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agreement this March in Chile. Also

called the TPP 11, it does not use

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include the United States after

Donald Trump withdrew. Timothy

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McDonald is in the newsroom. How

significant is the TPP without the

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United States?

The answer is much

less significant. Given that it is

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in fact the biggest economy in the

world. You are talking about a

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market of 300 million people. Of

course, by any objective measure, it

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is less significant. That said, US

wheat growers have expressed concern

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about not being included. Canadian

auto workers are worried about being

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part of the deal. It is also a very

interesting snapshot of where things

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are at with trade negotiations

because on one hand, we have this

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agreement, which is about come off.

We have the President, Donald Trump,

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slapping tariffs on Chinese solar

and large family washing machines

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and on top of that, there is an

extremely vigorous round of Nafta

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negotiations going on. That is going

to be made even trickier by the fact

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the US has imposed tariffs on

Canadian aerospace company

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Bombardier. The Australian Prime

Minister Malcom Turnbull said that

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all would be open for the US should

it ever decide to join but it's

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difficult to see that happening at

least within the next three years.

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The other members want to prove they

can do it without the United States.

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This agreement comes as world

leaders gather in Davos. Prime

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Minister Narendra Modi is the first

Indian leader to attend in 20 years

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and it's one of the fastest growing

economies in the world. The

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government expects growth of 6.5%

this fiscal year while growth is

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expected to increase next year.

Despite some economic rot -- despite

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some economic reforms and the goods

and services tax. Narendra Modi is

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facing a huge challenge of the

wealth gap. 1% owned 60% of the

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wealth, a gap second only to Russia.

He opened a form with some tough on

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trade.

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TRANSLATION: forces of protectionism

are raising their heads against

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globalisation. Their intention is

not only to avoid globalisation

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themselves but they also want to

reverse its natural glow. The result

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of all of this is that we get to

witness new types of tariff and

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nontariff barriers. Bilateral and

multilateral trade agreements and

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negotiations have come to a kind of

standstill.

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I am joined by our business

correspondence. What does this mean

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for Indian's relationship with the

rest of the world?

The comments of

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Narendra Modi really echoed what

China's president said last year at

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Davos as well. He tried to position

India as a counter to the US and

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China. He brought up a lot of things

including terrorism and climate

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change and of course protectionism

as we heard. He went after China and

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Blues alluded to its hunt and

natural in Africa. And its

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relationship with Pakistan. But

really, his speech was aimed at one

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country. As we heard, non- barrier

tariffs are really affecting

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domestic business in India, they are

affecting the price of imports. So

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the speech of Narendra Modi was

really in trying to reduce that.

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That was affecting investments,

business. Indian investment could

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really help that. He also wanted to

pitch India as an investment

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destination. He quoted scripture

that said the world is one big

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family and we need to bridge those

gaps rather than break them down.

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Thank you so much for that update.

Stating with India. Over the past

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few years, the country has emerged

as a fierce battleground for

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International technology companies.

Amazon, Google, Facebook, Uber, all

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want a slice of a promising market.

Shelling out $12 million in a

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little-known start-up.

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We find out what caught Google's

interest. At this time last year,

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this 33 wrought was staring at a

crisis. His app based servers had

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started off well. The ship

professionals used macro free -- is

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Dunzo to so many things but two

years on, he was struggling to pay

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his 1500 bikers. That is when Google

came calling.

It's been tough people

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invest in. They will all about

solving a problem.

With almost 500

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million users, India is the world's

second largest on line market and is

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growing. Global giants like Amazon

and Ali Barba realise the potential

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in India and with an investment in a

home-grown start-up like Dunzo,

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Google is sending a clear message

that it is here to stay and it can

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be more than just a search engine.

To do that, Google is going beyond

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the virtual world into the real

world, by allowing customers to

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search and then purchase within its

ecosystem.

A number of companies are

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doing this like in many markets. We

had done a number of investments

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like this. We tend to look at, are

they in the right space, do they

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have the right product? In this

case, we were really excited by all

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three factors.

The deal has changed

the fortunes of those working for

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Dunzo whose regular income and job

security are invaluable to them. Are

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you feeling cold? And for Dunzo

customers like this woman, it is a

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service she has come to rely on,

especially on days when the office

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is cold.

It would have taken me an

hour to get my jacket but I got it

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in ten minutes.

Dunzo serves almost

3500 customers every day and is

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planning to expand. You can't put a

price on convenient and that is

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something Google has realised is the

key to getting a foothold in the

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Indian market.

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Investigators in the United States

are investigating the crash of a

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Tesla vehicle with a fire truck

while driving in semiautonomous

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mode. It's the second time a crash

may be linked to autopilot. It

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highlights some of the concerns with

the technology but the chairman of

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Nissan and Mitsubishi motors says

despite the worries, autonomous

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driving will be here very soon.

This

is going to happen in the next 5-6

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years, gradually. This is something

on which we are working very hard.

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It is development to put this

technology into the car. A lot of

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announcement made by many carmakers.

We want to see who is going to come

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to mass market this technology.

Obviously today, we are the largest

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producer of electric cars in the

world. We have the intention to be

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in between the first carmakers to

bring autonomous and connective

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cars.

The US Senate has confirmed

Joe Rowen Powell as the next head of

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the Central Bank, succeeding Janet

Yellen. -- Joe Powell. He will hold

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the job for four years. And before

we go, let's have a look at the

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markets. As you can see, most of

them are in negative territory.

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This is after the Dow Jones

industrial average

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