0:00:15 > 0:00:17I'm Babita Sharma with BBC News.
0:00:17 > 0:00:18Our top story:
0:00:18 > 0:00:21The former doctor for the US gymnastics team has sentenced to 175
0:00:21 > 0:00:23years in prison for sexually assaulting young female athletes.
0:00:24 > 0:00:27Larry Nassar was jailed after a week of harrowing testimony from nearly
0:00:27 > 0:00:35160 women, including Olympic gold medal winners.
0:00:35 > 0:00:37A veteran US diplomat, Bill Richardson, has resigned
0:00:37 > 0:00:40from a panel set up in Myanmar to advise on communal tension,
0:00:40 > 0:00:47and denounced the country's leader Aung San Suu Kyi.
0:00:47 > 0:00:49And this video is trending on BBC.com.
0:00:49 > 0:00:52The owners of Grumpy cat have won more than $700,000
0:00:52 > 0:00:53in a copyright lawsuit.
0:00:53 > 0:00:57A US coffee company was found to be in breach of an agreement that used
0:00:57 > 0:01:00the cat's image on products other than their Grumpuccino iced drink.
0:01:00 > 0:01:01That's all from me for now.
0:01:01 > 0:01:07Stay with BBC News.
0:01:11 > 0:01:13And our top story here in the UK:
0:01:13 > 0:01:16Downing Street says the Prime minister is appalled by allegations
0:01:16 > 0:01:19that women were sexually abused at an all men charity
0:01:19 > 0:01:20dinner in London.
0:01:20 > 0:01:22The Presidents Club says it's to close following the allegations.
0:01:22 > 0:01:27Now on BBC News all the latest business news live from Singapore.
0:01:37 > 0:01:41Celebrities and chief executives are looking for ways to solve the
0:01:41 > 0:01:42plastic
0:01:42 > 0:01:42looking for ways to solve the plastic problem
0:01:42 > 0:01:43looking for ways to solve the plastic problem
0:01:43 > 0:01:44looking for ways to solve the plastic problem in the World
0:01:44 > 0:01:50Economic Forum. And the Philippines retains its titles as one of Asia's
0:01:50 > 0:01:53fastest-growing economies, as the government spends billions on
0:01:53 > 0:02:04infrastructure. Good morning Asia, hello world. It is Thursday, glad
0:02:04 > 0:02:08you could join us for another exciting edition of Asia Business
0:02:08 > 0:02:16Report. We kick off the programme with Davos and images showing the
0:02:16 > 0:02:19threat of plastic to wildlife and the food chain has touched a public
0:02:19 > 0:02:23nerve and made it one of the hottest topics at the World Economic Forum.
0:02:23 > 0:02:30Coca-Cola is responsible for one quarter of all plastic bottles made
0:02:30 > 0:02:36globally and its CEO has announced plans to recycle 100% of its plastic
0:02:36 > 0:02:41bottle production by 2030. Our business editor was there and sent
0:02:41 > 0:02:45this report.
0:02:45 > 0:02:47Just over those mountains into France, Alpine water
0:02:47 > 0:02:49starts its journey into this bottle.
0:02:49 > 0:02:51Like billions of others, from many companies,
0:02:51 > 0:02:53those bottles and their journey here, clogging rivers and beaches,
0:02:54 > 0:02:57threatening wildlife and the food chain.
0:02:58 > 0:03:00But up on the Swiss side, in classic Davos style,
0:03:00 > 0:03:03campaigners and celebrities are setting out their stall on how
0:03:03 > 0:03:06bottles and other waste products like clothing can be recycled,
0:03:06 > 0:03:10rather than passed away.
0:03:10 > 0:03:13People have begun to understand what happens to plastic packaging,
0:03:13 > 0:03:17and unless we change the way we make it, design its coming use it,
0:03:17 > 0:03:20feed it back into the system or even change the material,
0:03:20 > 0:03:21then will just get worse.
0:03:21 > 0:03:23Where does fashion fit into this?
0:03:23 > 0:03:25Fashion is the second most harmful industry on the planet
0:03:25 > 0:03:29of the environment and we now need to be encouraged to be
0:03:29 > 0:03:31mindful of that and pay attention, and to consume
0:03:31 > 0:03:33in a more responsible way.
0:03:33 > 0:03:39So look at that, pristine, not a plastic bottle inside.
0:03:39 > 0:03:42-- in sight.
0:03:42 > 0:03:45For many of the people that is the perennial problem.
0:03:45 > 0:03:47One of the criticisms of Davos is the global elite who meet
0:03:47 > 0:03:49in this rarefied air are thousands miles away
0:03:49 > 0:03:59from the problems.
0:03:59 > 0:04:01Can they make a difference?
0:04:01 > 0:04:02Can they really get results?
0:04:02 > 0:04:03You need industry muscle.
0:04:03 > 0:04:18Coca-Cola produced 127 billion plastic bottles last year,
0:04:18 > 0:04:23one of 11 companies, including Evian, to make committments.
0:04:23 > 0:04:25We made a clear commitment that by 2030
0:04:25 > 0:04:28we will recover every bottle we put into the marketplace.
0:04:28 > 0:04:30The better thing produce fewer plastic bottles?
0:04:30 > 0:04:33If we could not see a solution to recover them and reuse them,
0:04:34 > 0:04:36if we could not generate the circular economy then
0:04:36 > 0:04:39we would have the question shall ago the cans
0:04:39 > 0:04:42and more glass, but because we think we can get there and eliminate
0:04:42 > 0:04:47single use, within the utility of plastic remains.
0:04:47 > 0:04:48That reluctance to the reducing production
0:04:48 > 0:04:51is a problem for Greenpeace, who say it is not go
0:04:51 > 0:04:57far enough fast enough.
0:04:57 > 0:04:59These are all positive first steps to tackle plastic
0:04:59 > 0:05:02pollution, but with a truckload of plastic entering our oceans
0:05:02 > 0:05:05every minute what we need is bold and urgent now.
0:05:05 > 0:05:07We need companies to commit the reduction targets,
0:05:07 > 0:05:09and to look into investing in alternative delivery systems
0:05:09 > 0:05:11that help promote the reuse.
0:05:11 > 0:05:13We cannot recycle our way out of this crisis.
0:05:13 > 0:05:13APPLAUSE.
0:05:13 > 0:05:16$1 million was awarded last night to develop the best
0:05:16 > 0:05:19new idea to keep plastic out of the ocean.
0:05:19 > 0:05:21The ultimate prize is many billions and many years away.
0:05:21 > 0:05:24Simon Jack, BBC News, Davos.
0:05:24 > 0:05:29Market moving comments are now coming out from the Davos Summit.
0:05:29 > 0:05:35The US dollar has hit a three-year low after the US Treasury Secretary
0:05:35 > 0:05:38said he would welcome a weaker currency and that is having a
0:05:38 > 0:05:47knock-on effect. Let's cross over to my colleague. Why these statements?
0:05:47 > 0:05:51What he actually said is that he welcomes a week dollar for the trade
0:05:51 > 0:05:57but longer term, the strong dollar is good news for the economy. But
0:05:57 > 0:06:01because of what he said, some traders and investors interpret it
0:06:01 > 0:06:04as a possible departure from the US traditional strong dollar policy and
0:06:04 > 0:06:10that meant that the dollar fell rather sharply from hitting the
0:06:10 > 0:06:17lowest level in about three years major currencies. -- against. It has
0:06:17 > 0:06:27recovered somewhat at the moment, trading at around 109 yen. Japan
0:06:27 > 0:06:33opened a short while ago, falling sharply. Exporters being affected
0:06:33 > 0:06:39because a strong yen makes their product less competitive abroad.
0:06:39 > 0:06:51Thank you so much for that update. Well, in other business news, South
0:06:51 > 0:06:55Korean company LG Electronics says it will raise the prices of most of
0:06:55 > 0:07:00its washing machines sold in the United State. This move comes two
0:07:00 > 0:07:04days after the Trump Administration announced plans to slap tariffs on
0:07:04 > 0:07:07imported washing machines which are mostly made in South Korea and
0:07:07 > 0:07:13China. In order to protect their domestic producers. LG did not
0:07:13 > 0:07:20disclose how big the price hikes would be. The Philippine economy is
0:07:20 > 0:07:26still one of Asia's best performers, darter revealed shows it expanded by
0:07:26 > 0:07:316% and % last year, marking 70 six quarters of uninterrupted growth.
0:07:31 > 0:07:35This is attributed to the President's recent tax reforms and
0:07:35 > 0:07:42multi billion dollar infrastructure spending plans. This can mean higher
0:07:42 > 0:07:55disposable income for many but not everybody stands to benefit.Help me
0:07:55 > 0:08:00build a better tomorrow.President due to take was campaigned on the
0:08:00 > 0:08:04promise that during economic development poverty would be tackled
0:08:04 > 0:08:10in the Philippines. That appeal to the 71-year-old supporter. She makes
0:08:10 > 0:08:14around $4 per day sifting through rubbish for plastic bottles and is
0:08:14 > 0:08:17one of 10 million Filipinos whose income falls beyond the poverty
0:08:17 > 0:08:23line. TRANSLATION:I hope he will help us poor. He is our last hope.
0:08:23 > 0:08:29Other presidents did not fulfil anything, I hope you'll do like he
0:08:29 > 0:08:34fulfils his promises, that is my prayer.The
0:08:38 > 0:08:42-- it is people like her that the President says he is tried to help
0:08:42 > 0:08:45under the recent tax reforms. Starting in January this year,
0:08:45 > 0:08:51anybody earning under $5,000 will be exempt from income tax and
0:08:51 > 0:08:54businesses with total annual sales up to $60,000 will no longer have to
0:08:54 > 0:09:02pay value added tax. To balance the books, the government is increasing
0:09:02 > 0:09:08so-called sin taxes, for products harmful to people 's help, health
0:09:08 > 0:09:13and environment. Cigarettes are up and sugary drinks.I think that
0:09:13 > 0:09:17these are unhealthy drinks including for the poor. If you change
0:09:17 > 0:09:25behaviour it helps that efforts our taxes.The government says that
0:09:25 > 0:09:29those certifying its tax system can generate more revenue to pump into
0:09:29 > 0:09:32massive infrastructure projects and chief among them are plans for a
0:09:32 > 0:09:37Metro system in the capital, known for its appalling traffic.We lose
0:09:37 > 0:09:43anywhere between $50 million a day in traffic. This create a lot of
0:09:43 > 0:09:49economic losses and so if we want to reach out GDP growth for the next
0:09:49 > 0:09:52few years and defeat poverty, infrastructure will play a key role.
0:09:52 > 0:09:56High hopes for the structure spendings but for many of informal
0:09:56 > 0:10:01workers who have never played taxes in the first place, the rising
0:10:01 > 0:10:09duties could lead to an uncomfortable squeeze on budget. --
0:10:09 > 0:10:16paid. And the Philippine President will be in India along with other
0:10:16 > 0:10:21leaders, they will be attending a summit focus to promote maritime
0:10:21 > 0:10:26security in the region dominated by China. For more, it is cross over to
0:10:26 > 0:10:32our business reporter. -- lets. Closer relations between India and
0:10:32 > 0:10:39South East Asia.That is right. If you look at India over the last of
0:10:39 > 0:10:44the five years, they have been trying to maintain a close
0:10:44 > 0:10:47relationship with Asian countries and the Prime Minister went down
0:10:47 > 0:10:50there for the summit last year. The reason why they have assembled
0:10:50 > 0:10:54together today is for India's Republic a function which will take
0:10:54 > 0:11:00based on the 26th of January. On this day India has a huge parade in
0:11:00 > 0:11:03New Delhi and all of these leaders will be chief guest at this
0:11:03 > 0:11:10function. Later today, the Prime Minister will be holding a summit in
0:11:10 > 0:11:14which all if Asian leaders will be participating and discussing
0:11:14 > 0:11:19maritime security. A lot of Asian countries want India to play an
0:11:19 > 0:11:25active role, given what is happening on the South China Sea where China's
0:11:25 > 0:11:28dominance in this region, a lot feeling that India could up their
0:11:28 > 0:11:33game and that could help maintain peace. Whether they will sign any
0:11:33 > 0:11:37concrete deals or any kind of statement is unknown but they will
0:11:37 > 0:11:46be discussing that during the summit.Thank you for that update.
0:11:46 > 0:11:54Thank you so much for investing your time. Sport Today is coming up next.