08/03/2018 Asia Business Report


08/03/2018

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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LineFromTo

I'm Ceila Hatton with BBC News.

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Our top story:

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President Trump pushes ahead

with his metal tariff's plan.

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There are fears the plans

could spark a trade war.

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Mr Trump wants China

to reduce its trade imbalance

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with the United States

by $1 billion.

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A private message is on its way

from North Korea to the US.

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The undisclosed communication

from Kim Jong-un was given

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to diplomatic envoys

from South Korea on Monday.

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And this video is

trending on bbc.com.

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An amazing escape from an avalanche

captured on a helmet camera worn

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by Thomas Kray while he was

on the Alpine slopes at Tignes.

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Thomas was saved activating

an avalanche airbag.

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It allowed him to

escape being buried.

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That's all from me for now.

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Stay with BBC News.

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And the top story here in the UK:

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British police say a nerve agent

was used in a deliberate attempt

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to kill a former Russian

spy and his daughter.

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Sergei and Yulia Skripal remain

in a critical condition in hospital.

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Now on BBC News, all the latest

business news live from Singapore.

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President Trump is expected to go

ahead with new controversial tariffs

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within the next day, but could

Canada and Mexico be exempt? And on

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International Women's Day, we ask if

gender equality and pay are a

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distant dream or something

achievable.

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distant dream or something

achievable. Good morning, and

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welcome to Asia Business Report,

live from Singapore. It is still all

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about trade this morning. And Donald

Trump's trade war could start today.

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That is if you believed in reports

the president will sign off on

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controversial tariffs on steel and

aluminium

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controversial tariffs on steel and

aluminium. Other industries are not

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sure this is a good idea. We have

more from New York. Brooklyn very is

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used to focusing on its

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but the company is increasingly

worried about it brewing trade war,

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especially because it makes more

than 50% of its profits by exporting

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a certain type of liquor.

It will

increase costs tremendously. If a

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trade war begins, that is very

dangerous for companies like ours.

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In this company isn't alone. Across

the United States, businesses are

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struggling to figure out the

potential impact President Trump's

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tariffs could have on their bottom

line. The uncertainty stems not so

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much from steel and aluminium

imports, but rather what could

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happen in a trade war. Already, the

European Union has threatened to

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slap tariffs on everything from

American bourbon to motorcycles.

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Some say that is a small price to

pay.

You will talk to some people in

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export sectors and they will be

worried. I do not doubt it will

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happen. But at an economy wide

level, this will not have meaningful

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impact.

The US trade deficit hit a

nine-year high this week, offering

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further motivation for President

Trump in his American first trade

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policy.

When we are down by 100

billion, the trade war hurts them,

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it does not hurt us.

That is the

problem with trade wars, there is

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always someone who gets hurt. And it

is not easy to guess who that is

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going to be. BBC News, Brooklyn. As

you just heard in that report,

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President Trump seems rather fixated

on the trade deficit and how he

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wants to reduce it. New figures show

the gap rose to the highest level in

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more than nine years in January,

coming in at over 55 billion US

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dollars. He will not be happy about

that, and will probably use it to

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justify the move to impose those

tariffs despite backlash. We told

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you yesterday the EU was having a

meeting about these tariffs and how

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to respond. The trade chief has set

up plans to retaliate, including

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higher import duties on bourbon,

peanut butter, cranberries, orange

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juice, steel, and industrial

products. You cannot get more

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American than that. The commission

says a trade war has no winners and

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if it can be avoided, they will work

with the Americans and other allies

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on the issue of overcapacity.

Remember, President Trump abandoned

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a huge trade deal Colebee

Trans-Pacific Partnership shortly

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after taking office. -- called the.

The remaining members will formally

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sign a deal in Chile. In other

business news making headlines,

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China is moving a step closer to

putting measures in place to curb

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runaway home prices. It is a

potential game-changer for the real

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estate industry, which some analysts

have called, quotes, too bit to

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fail. Washington has been leading

the charge to ramp up international

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pressure on North Korea. Now, India

is cutting back on trade with

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Pyongyang, but it is maintaining

diplomatic ties. For more on this, I

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am joined by a business reporter

from Mumbai. How much do India and

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North Korea trade to begin with?

Well, surprisingly, a lot. In 2015

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and 2016, according to Indian

government data, India was North

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Korea's third-largest trading

partner after Russia and China.

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India exported around $111 million

of goods and important $88 million

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worth of goods from Pyongyang. That

has reduced slightly because last

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April, India aligned itself with UN

sanctions and said that it would not

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trade with North Korea any more

besides food and medicine. Is latest

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sanctions, trade barriers, are

related to some equipment,

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electrical equipment, wood, and farm

products. -- these. It is

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interesting because the relationship

has been growing over the last few

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years, but finally India has

listened and is clamping down on

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trade with North Korea.

Why now? We

are now hearing reports the tensions

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between North Korea and the rest of

the world seemed to be coming down.

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Yeah, well, there is a lot in it for

India. By doing this, it improves

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its relationship with South Korea

and the United States. That opens up

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its diplomatic standing

internationally. And also, it

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attracts investment into India. And

we saw that with South Korea

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agreeing to build a $1.1 billion

factory in Andhra Pradesh in India

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last year. There is a lot in it in

India as far as investment and

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military and diplomatic relations go

as well.

Thank you so much for the

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update. It is International Women's

Day. In the business world, we are

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starting to see some women at the

top of big companies. But it is

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still a very small percentage,

making it a super niche club. So,

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what does it take to be the next

female leader? We caught up with

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several female bosses in Asia to ask

about their journey.

The most

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irrelevant question...

The most

irrelevant questions I got...

What

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irrelevant question? Hmm...

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Hard work, integrity, and, umm,

perseverance. You just have to keep

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on trying.

Followed your passion.

Take every opportunity. -- follow.

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And try not to get into situations

where you feel compromise.

If you

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are not sure you want to rise to the

top, there is no one to help you,

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just remember you have to motivate

yourself.

There is no doubt my

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career path would have been

different if I were a man. Women

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face all sorts of challenges, big

and small, throughout their career.

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Looking after children, managing

sexist attitudes, filling a need to

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prove ourselves constantly. --

feeling.

The good old boys' club is

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in the co-ordinated. --

old-fashioned. Now we share a

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vision.

The most irrelevant question

would he, you know, you reach a

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stage being a woman, and it has no

correlation.

How do I manage time

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between family and business? As a

single parent, that is. It is

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irrelevant because it puts emphasis

on me being a single mother when, in

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fact, it actually applies to men as

well.

There is a greater tendency

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for people to question your

commitment to the job as a result of

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being a woman, and that is something

that really sticks in our craw. We

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tend to be incredibly efficient and

focused because we need to go off

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and do other things.

And an

interesting development from the

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biggest hotel chain in India. They

have announced new plans to pay for

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female staff to undergo fertility

treatment if they need or want it.

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They said they would reimburse

expenses for family action as part

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of a policy to keep female employees

in their company and promote equal

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opportunities. A look at the markets

before we go. And other volatile

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session on Wall Street. We are

seeing mixed reaction in Asia. Japan

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is up and Australia is down. One

stock is Nikko. They are cutting

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4000 jobs in Europe. The economy

expanded more than expected. That

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could be helping Japan's Nikkei

today. That is it

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