23/02/2018 Asia Business Report


23/02/2018

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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to thrash out a plan.

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Now on BBC News, all the latest

business news live from Singapore.

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Trade and the Trans-Pacific

Partnership are at the top of the

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agenda for the Prime Minister of

Australia, Malcolm Turnbull, and his

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first visit to Washington. How

valuable is one celebrity's worth?

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Snapchat is finding out the hard way

as its stock falls more than 7%.

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Good morning, Asia, hello, world, it

is a Friday. Thank you for joining

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Asia Business Report. We start with

Malcolm Turnbull, the Prime Minister

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of Australia, meeting Donald Trump

very soon at the White House. He is

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travelling with a large delegation

of business leaders to boost trade.

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Australia- US trade last year rose

to $34 billion. Major Australian

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exports include beef, other meats,

and spacecraft. The US is the

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largest foreign investor into

Australia, pumping in $672 billion

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into the economy last year to be I

spoke to a professor at the

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University of Sydney, who said it is

an important relationship.

They are

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at the largest investor in

Australia, and the largest

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destination of Australian foreign

investment. It has been that way for

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decades. The role of the US is

fundamental and is critical to the

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growth of Australia.

It is critical

to the relationship of both of these

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countries. You were part of the

Trans-Pacific Partnership. Now the

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US is out of it. The revised TPP

taxed has been released this week.

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Can Australia convince Donald Trump

to rejoin the TPP trade group?

It is

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unlikely. That does not mean the

Prime Minister will not bring it up.

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The Prime Minister is also going to

be the keynote speaker at the

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National Governors Association. The

Prime Minister is taking a

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multifaceted approach. Speaking to

Donald Trump directly and getting

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the governors on board.

Joining us

earlier from Sydney. Television

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reality star, Kylie Jenner, says she

is "So over the social media app,

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Snapchat." While it may not seem

important to some, it put investors

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into a panic. Snap stock loss $1.5

million, with its stock lowering by

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7%. She said that to 24.5 million

followers. Can she really be blamed?

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We explain.

She tweeted yesterday at

4:50pm local time, 50 minutes after

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the markets closed. Suddenly, today,

when the markets opened, it had been

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a bad day for Snap. They ended 6%

down. A dramatic fall. The other

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thing that happened is that they

released a report, and in that

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report they talked about the

compensation the Chief Executive is

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getting. He actually gets a stocks

grant of more than $600 million.

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There are some analysts who are

saying it is a combination of those

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two factors, and generally, many

Snapchat uses have been unhappy with

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the new update they have released on

Snapchat. -- might.

Justin Trudeau's

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aged a trip to India has been bumpy,

politically speaking. -- eight-day.

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Indian companies have walked away

with $1 billion worth of deals. Will

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it be successful? Joining me from

Mumbai is our reporter. The $1

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billion, in which sector to be see

the largest cooperation between the

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two countries? -- did we see.

Justin

Trudeau signed these deals after

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one-on-one meetings with some of the

big corporate leaders here in India.

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Primarily technology companies that

decided to invest. The $1 billion

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will be spread through Canada and

India, not just in one or the other.

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The investment made by Indian

companies will create jobs in

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Canada. But I think the real details

will emerge after the trip, where

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they will give out a detailed plan

as to be specific areas in which the

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Canadian companies will invest. They

are looking to invest in India in a

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big way.

And we will talk about

trade now. Where do they agree and

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disagree, which industries and

sectors?

There is a huge amount of

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growth possible. India and Canada

have a deep cultural Thai in terms

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of the population and influence. --

tie. Bilateral trade is only $8

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billion, unfortunately. There is a

huge possibility that. Narendra Modi

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will meet Justin Trudeau in the

capital. They will talk about

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infrastructure. Infrastructure is

something India is looking at. A

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Canadian pension fund wants to

invest in India. India wants to

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modernise infrastructure and needs

$1 billion. The other issue Canada

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could raise with India is that India

recently put a hefty import duty on

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products like chickpeas and beans.

That is something Canada could

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raise.

Thank you for joining us. The

US unit of Japanese airbag

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manufacturer, Takata, has reached a

settlement with 44 US state

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attorneys. There was a deadly safety

defect with the airbags. The

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settlement could pave the way for a

sale of the company to rival the

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safety systems. I am joined by

Timothy McDonald. This could be good

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news for Takata, but they are

bankrupt. They have run out of

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money.

That is a big issue because,

interestingly enough, even though

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$650 million have been decided upon,

no one will make them pay it. They

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were pushing for this penalty but

said they do not expect them to pay

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it. The reason is there is a

separate settlement of $1 billion.

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Within that, there is money for the

car settlement and those affected

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and victims. Let's not forget, many

people were injured and died because

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of these airbag faults. Of course, I

guess the other issue is they are

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trying to re-establish the company.

They are doing that through a buyout

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from one of their competitors. There

are a number of hurdles and this is

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one of them.

Hopefully it is

resolved sooner rather than later.

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Thank you so much for that on

Takata, Timothy McDonald, the

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business reporter. The Chief

Executive of Uber has vowed to

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continue investing in Southeast Asia

even though it expects to lose money

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as it battles its local rival. In

doing so, they have dismissed

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earlier reports they may sell their

business in Asia to their

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competitor. Softbank, from Japan,

which owns a stake in both

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companies, has suggested it could be

a strategy, but Uber says it will

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make its own decisions on mergers

and acquisitions. And now let's take

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a look at this report from Aaron

Heslehurst on the history of the

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duct tape, its role, you see it

everywhere, to patch up things that

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are leaky and broken. It has even

been used on the moon. Aaron

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Heslehurst tells us the story. Ow!

It's duct tape. It is what we used

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to patch up cars, furniture, even

shoes! Where does come from? It

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comes from her! She was working in

World War Two in an American arms

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factory and she wrote to president

Roosevelt. She said there was a

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problem with US ammo boxes. It was

hard for soldiers to remove the

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waterproof seal on them, and that

lost precious time in combat. They

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were working on a sticky tape they

could rip off to open the box. The

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wartime government told Johnson &

Johnson, the maker of bandaids, to

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start churning it out. They called

at 100 mile an hour tape because it

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could be used for all sorts of

repairs to be after the war,

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builders used it to steal air ducts.

And that is how it got the word duct

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tape. -- seal. It was even used on

the moon to fix a broken fender on

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the lunar Rover in 1972. The leading

maker sells $300 million of it every

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year. Hmm, they must be over the

moon. Aaron Heslehurst with the

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history of duct tape. Thank you for

investing your time with us. I am

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Rico Hizon. Sport

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