0:00:00 > 0:00:01to those still opposed to Brexit and says it's cause for hope not
0:00:01 > 0:00:01fear.
0:00:01 > 0:00:12Now on BBC News, all the latest business news live from Singapore.
0:00:24 > 0:00:26US stocks shrugged off the latest inflation report despite worries
0:00:26 > 0:00:30that rising prices would trigger more rate hikes. We will find out
0:00:30 > 0:00:36why. And as Donald Trump cracks down on immigration, the spouses of
0:00:36 > 0:00:39thousands of Asian immigrants working there could soon lose their
0:00:39 > 0:00:52jobs. Good morning, Asia. Hello, world. It is the eve of Chinese New
0:00:52 > 0:00:58Year. Glad you could join us. We have been waiting for this piece of
0:00:58 > 0:01:03data all week. The latest inflation number from the world's biggest
0:01:03 > 0:01:08economy. American consumer prices rising farther than expected in
0:01:08 > 0:01:13January, balancing up by 0.5%. Economists were expecting a rise by
0:01:13 > 0:01:280.3%. In increased by 2.1%, the same pace as the month of December. This
0:01:28 > 0:01:40time, markets were shaken by the numbers. The NASDAQ gaining 1.9%.
0:01:40 > 0:01:43Our business reporter Joe Miller explains why.Job numbers we got a
0:01:43 > 0:01:51couple of weeks ago are up. People have more money to spend. Really,
0:01:51 > 0:01:55this is quite good news and that may explain why in the markets haven't
0:01:55 > 0:02:01really reacted in the way we thought. My inbox has been full all
0:02:01 > 0:02:04week with Wall Street analysts saying if inflation figures were
0:02:04 > 0:02:10higher than expected, you would see another sell-off like last week but
0:02:10 > 0:02:14it hasn't happened and that is because 2.1% in the year of
0:02:14 > 0:02:20inflation is a normal figure for an economy doing well.Tens of
0:02:20 > 0:02:24thousands of Indian and Chinese women in America could soon lose
0:02:24 > 0:02:28their right to work as President Trump looks to overturn another
0:02:28 > 0:02:33policy from the Obama era. In 2015 the US government granted the
0:02:33 > 0:02:37spouses of highly skilled immigrants the right to work. Most of these
0:02:37 > 0:02:43foreign workers come from India and China and the men are liars --
0:02:43 > 0:02:48largely holding the primary visas.
0:02:48 > 0:02:54America is the only home her children have ever known. Neham
0:02:54 > 0:02:59Majan migrated from India a year ago. Her husband is on these of a
0:02:59 > 0:03:06highly skilled workers and as a spouse, she was given the right for
0:03:06 > 0:03:10the first time ever to work in this country. Now, President Trump hopes
0:03:10 > 0:03:19to revoke that.I am getting back into a holding cage. -- it feels
0:03:19 > 0:03:24like I am. It's as if they are sending a message to me that my
0:03:24 > 0:03:30skill sets and ability don't matter in this world and I should live the
0:03:30 > 0:03:34life of a homemaker than being a contributing member of the society.
0:03:34 > 0:03:37Earlier this month she was among a group of Indians who gathered
0:03:37 > 0:03:41outside the US capital. Tens of thousands of women from India and
0:03:41 > 0:03:45China are most impacted by the proposed change because the number
0:03:45 > 0:03:49of immigrants from these countries are high in the primary visa holders
0:03:49 > 0:03:55are normally men. This is a little bit of India in New Jersey just
0:03:55 > 0:04:00outside of New York. It is one place where Indians with technical skills
0:04:00 > 0:04:04have really thrived over the decades, living the American dream
0:04:04 > 0:04:07and employers have benefited too because hiring foreigners is
0:04:07 > 0:04:12cheaper. The Obama administration's decision to allow spouses of foreign
0:04:12 > 0:04:17workers to get a job was opposed by some groups. It was even challenged
0:04:17 > 0:04:22in court. A case that might be rendered irrelevant now, given the
0:04:22 > 0:04:27new president's views.That's something Trump has been vocal
0:04:27 > 0:04:31about. He wants jobs for Americans and wages to increase. If you keep
0:04:31 > 0:04:35bringing in more workers, the employer wins, he gets cheaper
0:04:35 > 0:04:39Labour but that does not help the American worker.For many who make
0:04:39 > 0:04:43the journey from India, a country with social pressures often forced
0:04:43 > 0:04:47women to quit jobs. The idea that America would deny them that right
0:04:47 > 0:04:54is hard to come to terms with.
0:04:54 > 0:04:58Jacob Zuma has agreed to resign, avoiding a no-confidence vote
0:04:58 > 0:05:03planned for the same date. We explain what all this uncertainty is
0:05:03 > 0:05:09doing to the country's currency, the rand.The rand will sit as a
0:05:09 > 0:05:13stagnant level as they wait this change of leadership for more
0:05:13 > 0:05:17business friendly leadership and that hope, perhaps we're not going
0:05:17 > 0:05:22to see too much movement in the rand but if things go pear shaped in the
0:05:22 > 0:05:26current state President digs in his heels and refuses to resign and
0:05:26 > 0:05:34things become chaotic, analysts, as they say, will see movements as much
0:05:34 > 0:05:41as four, 5% in the rand.One of India's biggest banks as detected
0:05:41 > 0:05:46fraud in one of its branches and are concerns the scandal could spread to
0:05:46 > 0:05:56other banks. We are joined by our business correspondent in India
0:05:56 > 0:06:00Devina Gupta.There is a big loop all in the system that has been
0:06:00 > 0:06:12exposed by this scandal. According to initial investigation, bank
0:06:12 > 0:06:15employers from the Punjab National bank were given a letter undertaking
0:06:15 > 0:06:20that is guaranteed that a leading luxury jeweller can be given loans
0:06:20 > 0:06:24on the basis of that and they were leased 30 banks which trusted this
0:06:24 > 0:06:30guarantee given by the bank. The only difference is, these employers
0:06:30 > 0:06:33did not register the guarantee interbank books which led to about
0:06:33 > 0:06:41$1.8 billion going out of the system without any record.How big a blow
0:06:41 > 0:06:46is this to the banking industry? Well, in India, at least 70% of the
0:06:46 > 0:06:54banking system is owned by the government and a fall of the
0:06:54 > 0:06:58second-largest government bank with its employees taking advantage of
0:06:58 > 0:07:04the system speaks of big trouble because at least 30 banks. The
0:07:04 > 0:07:08government is looking at cleaning up bad loans in the system. They need
0:07:08 > 0:07:19to start by looking at the scandal very closely.They given an update.
0:07:19 > 0:07:22-- thank you for an update. Cisco Systems has beaten expectations on
0:07:22 > 0:07:27its latest earning report. Revenues jumping for the first time in two
0:07:27 > 0:07:34years as the company starts to shift to a software focused company. Cisco
0:07:34 > 0:07:39also announced a $25 billion share buyback plan helping send shares up
0:07:39 > 0:07:43more than 5% in after-hours trading. Workers at General Motors factory in
0:07:43 > 0:07:47South Korea have protested after the automaker said it would shut down
0:07:47 > 0:07:54the plant earlier this week. The factory in Gunsan had been
0:07:54 > 0:08:00struggling and was running a 20% capacity in recent years. The moves
0:08:00 > 0:08:04to revamp its loss-making South Korean odds -- operations a series
0:08:04 > 0:08:10of steps to boost profit ability. Finally some good news for Toshiba.
0:08:10 > 0:08:15It's got a new boss and it's likely to have made money for the first
0:08:15 > 0:08:24time in four years. I am joined by my colleague Marika Oi. It seems the
0:08:24 > 0:08:29fortunes of Toshiba are turning around in the Year of the Dog.Every
0:08:29 > 0:08:33time we talked about Toshiba, it was bad. The accounting scandal, the
0:08:33 > 0:08:37mounting loss of the nuclear division, and there were read and
0:08:37 > 0:08:40fears that the company could be delisted from the Tokyo stock
0:08:40 > 0:08:45exchange because of this ballooning loss. As you say, some good news.
0:08:45 > 0:08:53The company now has a new boss starting in April. I think we can
0:08:53 > 0:09:01show you the picture of the new boss. He is Nobuaki Kurumatani, and
0:09:01 > 0:09:04has even worked with ko, which was at the heart of the Fukushima
0:09:04 > 0:09:14nuclear disaster. -- TEPCO. He looks like a man on a mission. He is,
0:09:14 > 0:09:19because his first task is to make sure the sale of the chip business,
0:09:19 > 0:09:24which makes money for Toshiba, goes smoothly. It is a controversial deal
0:09:24 > 0:09:29and some people have opposed it but Toshiba really needs that sale to go
0:09:29 > 0:09:34ahead. It needs the money. As you mentioned, the company has also said
0:09:34 > 0:09:38it may have made money for the first time in the fiscal year ending in
0:09:38 > 0:09:42March for the first time in four years which is good news. That means
0:09:42 > 0:09:49the company would avoid being delisted.All right, it looks like
0:09:49 > 0:09:55it will be a good year for Toshiba with this new Chief Executive.
0:09:55 > 0:09:59Marika Oi, how business report. A quick look at the market 's before
0:09:59 > 0:10:12we go. It is the eve of Chinese New Year. I'm sure that traders are
0:10:12 > 0:10:21smiling from ear to ear. You have Australia gaining 0.6%. But the
0:10:21 > 0:10:25Chinese and South Korean markets are closed today due to the Lunar New
0:10:25 > 0:10:33Year holidays. Have great Thursday, everyone. Sport Today is up next.