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.
Now on BBC News, all the latest
business news live from Singapore.
Trade and the Trans-Pacific
Partnership are at the top of the
agenda for the Prime Minister of
Australia, Malcolm Turnbull, and his
first visit to Washington. How
valuable is one celebrity's worth?
Snapchat is finding out the hard way
as its stock falls more than 7%.
Good morning, Asia, hello, world, it
is a Friday. Thank you for joining
Asia Business Report. We start with
Malcolm Turnbull, the Prime Minister
of Australia, meeting Donald Trump
very soon at the White House. He is
travelling with a large delegation
of business leaders to boost trade.
Australia- US trade last year rose
to $34 billion. Major Australian
exports include beef, other meats,
and spacecraft. The US is the
largest foreign investor into
Australia, pumping in $672 billion
into the economy last year to be I
spoke to a professor at the
University of Sydney, who said it is
an important relationship.
at the largest investor in
Australia, and the largest
destination of Australian foreign
investment. It has been that way for
decades. The role of the US is
fundamental and is critical to the
growth of Australia.
It is critical
to the relationship of both of these
countries. You were part of the
Trans-Pacific Partnership. Now the
US is out of it. The revised TPP
taxed has been released this week.
Can Australia convince Donald Trump
to rejoin the TPP trade group?
unlikely. That does not mean the
Prime Minister will not bring it up.
The Prime Minister is also going to
be the keynote speaker at the
National Governors Association. The
Prime Minister is taking a
multifaceted approach. Speaking to
Donald Trump directly and getting
the governors on board.
earlier from Sydney. Television
reality star, Kylie Jenner, says she
is "So over the social media app,
Snapchat." While it may not seem
important to some, it put investors
into a panic. Snap stock loss $1.5
million, with its stock lowering by
7%. She said that to 24.5 million
followers. Can she really be blamed?
She tweeted yesterday at
4:50pm local time, 50 minutes after
the markets closed. Suddenly, today,
when the markets opened, it had been
a bad day for Snap. They ended 6%
down. A dramatic fall. The other
thing that happened is that they
released a report, and in that
report they talked about the
compensation the Chief Executive is
getting. He actually gets a stocks
grant of more than $600 million.
There are some analysts who are
saying it is a combination of those
two factors, and generally, many
Snapchat uses have been unhappy with
the new update they have released on
Snapchat. -- might.
aged a trip to India has been bumpy,
politically speaking. -- eight-day.
Indian companies have walked away
with $1 billion worth of deals. Will
it be successful? Joining me from
Mumbai is our reporter. The $1
billion, in which sector to be see
the largest cooperation between the
two countries? -- did we see.
Trudeau signed these deals after
one-on-one meetings with some of the
big corporate leaders here in India.
Primarily technology companies that
decided to invest. The $1 billion
will be spread through Canada and
India, not just in one or the other.
The investment made by Indian
companies will create jobs in
Canada. But I think the real details
will emerge after the trip, where
they will give out a detailed plan
as to be specific areas in which the
Canadian companies will invest. They
are looking to invest in India in a
And we will talk about
trade now. Where do they agree and
disagree, which industries and
There is a huge amount of
growth possible. India and Canada
have a deep cultural Thai in terms
of the population and influence. --
tie. Bilateral trade is only $8
billion, unfortunately. There is a
huge possibility that. Narendra Modi
will meet Justin Trudeau in the
capital. They will talk about
infrastructure. Infrastructure is
something India is looking at. A
Canadian pension fund wants to
invest in India. India wants to
modernise infrastructure and needs
$1 billion. The other issue Canada
could raise with India is that India
recently put a hefty import duty on
products like chickpeas and beans.
That is something Canada could
Thank you for joining us. The
US unit of Japanese airbag
manufacturer, Takata, has reached a
settlement with 44 US state
attorneys. There was a deadly safety
defect with the airbags. The
settlement could pave the way for a
sale of the company to rival the
safety systems. I am joined by
Timothy McDonald. This could be good
news for Takata, but they are
bankrupt. They have run out of
That is a big issue because,
interestingly enough, even though
$650 million have been decided upon,
no one will make them pay it. They
were pushing for this penalty but
said they do not expect them to pay
it. The reason is there is a
separate settlement of $1 billion.
Within that, there is money for the
car settlement and those affected
and victims. Let's not forget, many
people were injured and died because
of these airbag faults. Of course, I
guess the other issue is they are
trying to re-establish the company.
They are doing that through a buyout
from one of their competitors. There
are a number of hurdles and this is
one of them.
Hopefully it is
resolved sooner rather than later.
Thank you so much for that on
Takata, Timothy McDonald, the
business reporter. The Chief
Executive of Uber has vowed to
continue investing in Southeast Asia
even though it expects to lose money
as it battles its local rival. In
doing so, they have dismissed
earlier reports they may sell their
business in Asia to their
competitor. Softbank, from Japan,
which owns a stake in both
companies, has suggested it could be
a strategy, but Uber says it will
make its own decisions on mergers
and acquisitions. And now let's take
a look at this report from Aaron
Heslehurst on the history of the
duct tape, its role, you see it
everywhere, to patch up things that
are leaky and broken. It has even
been used on the moon. Aaron
Heslehurst tells us the story. Ow!
It's duct tape. It is what we used
to patch up cars, furniture, even
shoes! Where does come from? It
comes from her! She was working in
World War Two in an American arms
factory and she wrote to president
Roosevelt. She said there was a
problem with US ammo boxes. It was
hard for soldiers to remove the
waterproof seal on them, and that
lost precious time in combat. They
were working on a sticky tape they
could rip off to open the box. The
wartime government told Johnson &
Johnson, the maker of bandaids, to
start churning it out. They called
at 100 mile an hour tape because it
could be used for all sorts of
repairs to be after the war,
builders used it to steal air ducts.
And that is how it got the word duct
tape. -- seal. It was even used on
the moon to fix a broken fender on
the lunar Rover in 1972. The leading
maker sells $300 million of it every
year. Hmm, they must be over the
moon. Aaron Heslehurst with the
history of duct tape. Thank you for
investing your time with us. I am
Rico Hizon. Sport