Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.
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I'm Sharanjit Leyl with BBC News.
Our top story: Students have staged
a protest outside the White House,
demanding action on gun control.
President Trump has said he supports
efforts to improve background checks
on gun buyers in the wake
of the Florida school shooting that
left seventeen people dead.
A UNICEF report on global infant
mortality has found that many
newborn deaths are preventable.
Around the world, 2.6 million babies
die each year before turning
one month old.
And this story is
popular on BBC.com.
Fast food chain KFC has been forced
to temporarily close around six
hundred of its restaurants
across the UK and Ireland
after delivery problems caused them
to run out of their most important
ingredient - chicken.
KFC said it had been let down
by a company that took
over its supply chain last week.
That's all from me for now.
Stay with BBC News.
And the top story here in the UK.
Theresa May has launched her
year-long review of higher education
funding in England, but has already
ruled out completely
scrapping tuition fees.
The Prime Minister said
she understood the "serious
concerns" of students who struggle
to afford the cost of studying
for a degree.
Now on BBC News, all the latest
business news live from Singapore.
A changing of the guard at HSBC.
Will a new leadership mean more
profits for the banking giant? And
Richard Branson tells the BBC about
his plans to build the Hyperloop
train in India. Its Tuesday. Good
morning, Asia. Hello, world. Glad
you could join us. HSBC will have a
new CEO taking the helm today after
major restructuring turned its
fortunes around. UK-based lender
reports full earnings and many will
be watching for signs that the
bank's pivot to Asia will be a
success. In the third quarter of
last year, nearly 90% of its pre-tax
profit came from here in the region.
Asia has been a key driving growth
in the loans, insurance and wealth
management business. The bank is
betting big on the Pearl River
Delta, the world's most populous
urban area, by investing billions of
dollars in infrastructure and the
area but as Stuart Gulliver hands
over to John Flint, will this
HSBC is in a
sense of an Asian bank, it makes
most of its profit out of Hong Kong.
The UK is not even second or third.
But aren't they putting too many
eggs in one basket? Are they betting
too much of Asia?
It's a global
bank. Yes, but in all these years,
Hong Kong and Asia has been the
anchor underpinning HSBC. Hong
Kong's retail business is the engine
which keeps the bank going.
different for the management bile --
management style be?
Gulliver, Oxbridge, trader, global.
John Flint, Polytechnic, sportsman,
on the ground, retail builder. I
expect to see John Flint on the
ground and working the machinery and
bringing it back to what its
original focus is which is asset
heavy mortgages, retail, wealth
management, those types of
Let's create a job
description for John Flint.
Flint has to demonstrate a digital
strategy for the bank, it is the one
global bank which doesn't seem to
that articulated one very strongly.
He needs to up the fees side of the
business and not be so asset
dependent on the cost part, it is
still nagging. He needs to work on
that to bring global costs down.
to 2018 seems to be rising
inflation. Will HSBC Biela to use it
to their advantage?
HSBC is the most
organic commercial global bank. The
others have been making money from
trading accounts, investment
banking, global strategy. HSBC is on
the ground, a retail bank and that
is where it will be seeing more
benefit from rising interest rates
than the other banks.
Brexit impact it? Or will they be
Brexit is a distraction.
Look at the numbers. Despite the
good topline numbers, the bottomline
is very challenged. Brexit will add
a lot more cost. The idea of having
a front in London and others and so
on, it will be a distraction.
other business news, five Central
American countries will sign a free
trade arrangement with South Korea
this week after more than two years
of talks to ease tariffs and
barriers on a range of products.
Costa Rica, El Salvador, Honduras,
Nicaraguans, and Panama will sign on
to the deal. Guatemala will remain
outside pending negotiations.
Central America imported more than
$1 billion from South Korea and
exported $143 million to the
country. Finger licking but gone
missing. KFC has ruffled a few
feathers after closing hundreds of
its restaurants across the UK and
Ireland because of a shortage of
chicken. The problem arose over the
weekend after the fast food chain
switched its contract to DHL. The
delivery company has blamed the
problem on operational issues. KFC
apologised saying it let customers
down but getting chicken to 900
restaurants is very complex. Richard
Branson wants to bring a futuristic
Hyperloop style train system to
India. He signed a preliminary
arrangement with the Prime Minister
to build a route that will connect
the cities of Pune and Mumbai and 25
minutes, saving three hours. We met
with him and asked whether this
could become a reality.
Look, there are going to be
naysayers at the start of any new
industry and our right to be
naysayers until we have actually
proven wrong. The upside of it is
gigantic. Trains made a very big
difference to India in the last
century. I believe that Hyperloop
will be the giant step forward that
India needs. Hyperloop can connect
most of the major cities in India in
well under two hours.
You have to
make sure that the cost is
reasonable because the cost of
building is too high. Certainly in
countries like India where basic
transportation and infrastructure is
an issue. A lot of governments might
find the idea interesting but the
project cost could be too high and
they would get turned off.
the cost of building Hyperloop would
be private money. The cost to the
passenger of travelling on a virgin
Hyperloop will be competitive with
any high-speed train and we believe
quite a lot less. We think we can
build virgin Hyperloop for a lot
less than you can build a high-speed
train. Therefore, we should be able
to charge less.
Recent deal friend
and rival Elon Musk launched the
fault can heavy rocket. You said you
are a bit jealous.
You said it could
be this year? I would be very
disappointed if it's not this year.
Before other people go up, we'll
have our break, test pilot is going
up. And I will go up.
Will we see
you going up this year?
obviously love to go up this year so
we will see how it goes.
trying to do this a long time. As
Elon Musk increased the pressure?
this business, there must be no
pressure. We spent 12 years getting
this part. We will not rush
unnecessarily to be the first to put
people into space. If we happen to
be the first to put people into
space, I hope Elon Musk would do the
same but we'll see how it goes. The
reason he has not put people into
space is because he wants to be sure
of their safety.
Stating that India and Canada's
Prime Minister Justin Trudeau
continues a week-long visit to
promote trade and investment. It is
his first visit to India since
taking office. He will meet the
Prime Minister with an agenda
covering energy and education and
infrastructure. For more, we are
joined by a macro -- or more, we are
joined by Devina Gupta. It looks
like both countries want to increase
trade and investment?
Yes, and it is
down to business for Justin Trudeau
who will be meeting Mumbai business
leaders in the financial hub of the
country. India and Canada trade is
at about $8 billion and Justin could
I was looking to expand it. India is
crucial for Canada agricultural
produce. Almost a third of Canadian
exports to India are agricultural
produce for dental and other pulses
but also its clean technology where
Canada would be hoping to see the
deal with India. -- lentils. A very
crucial deal of $280 million to
supply uranium for India's nuclear
power plants. Going ahead, looking
at green technology. There is a
retinue of businessmen from Canada.
Today will be a day-long crucial
A lot of high-profile CEOs
and leaders visiting India. You have
the son of the US President visiting
Delhi. There it a business trip or
is it a political trip?
It is purely
a commercial trip. Look at these
adverts which are out in almost
every national daily. India is the
largest market for Trump real estate
Thank you so much the
update, Devina Gupta there are
joining us from Delhi. And with that
we end this edition of Asia Business
Report. Have a productive day ahead.