0:00:08 > 0:00:12I'm Kasia Madera with BBC News.
0:00:12 > 0:00:14Our top story: There's been an historic announcement
0:00:14 > 0:00:21about North Korea at the White House.
0:00:21 > 0:00:24President Trump has agreed to meet the North Korean leader,
0:00:24 > 0:00:24Kim Jong-un.
0:00:24 > 0:00:27The White House confirmed the meeting would happen at a time
0:00:27 > 0:00:32and place yet to be determined.
0:00:32 > 0:00:35The head of a South Korean delegation that held talks with both
0:00:35 > 0:00:38leaders this week said the meeting would happen by May.
0:00:38 > 0:00:40The South Korean envoy praised Mr Trump's uncompromising stance
0:00:40 > 0:00:50for adding to the pressure on North Korea.
0:00:50 > 0:00:53North Korea has agreed also agreed to halt nuclear and missile tests.
0:00:53 > 0:00:56The White House said the Trump administration looked forward
0:00:56 > 0:00:58to the denuclearisation of North Korea -
0:00:58 > 0:01:00but in the meantime, all sanctions and maximum pressure
0:01:00 > 0:01:04must remain on Pyongyang.
0:01:04 > 0:01:09The President said he agreed to the meeting because he is the ultimate
0:01:09 > 0:01:10decision-makers in his country.
0:01:10 > 0:01:12And the top story here in the UK:
0:01:12 > 0:01:16A jury at the Old Bailey has been shown a video,
0:01:16 > 0:01:19of the moment a bomb partially exploded on a tube train
0:01:19 > 0:01:20in South West London last September.
0:01:20 > 0:01:33Now on BBC News all the latest business news live from Singapore.
0:01:33 > 0:01:39President Donald Trump accepts North Korea's offered to talk about
0:01:39 > 0:01:44denuclearisation. Our tough sanctions responsible for the change
0:01:44 > 0:01:51of heart? And looking for the next big flavour. For those with a sweet
0:01:51 > 0:02:03tooth in Asia. Good morning, Asia. Hello, world. Glad you could join us
0:02:03 > 0:02:08on this Friday edition of Asia Business Report. As you have been
0:02:08 > 0:02:13hearing on BBC World News over the past 90 minutes, Donald Trump has
0:02:13 > 0:02:19agreed to meet with North Korean leader Kim Jong-un in order to
0:02:19 > 0:02:29defuse the nuclear. Let's get more on this with Leisha Santorelli. The
0:02:29 > 0:02:33potential meeting that might take place. But still, no venue. Donald
0:02:33 > 0:02:39Trump tweeted that currently in the midst of coming up with a date and
0:02:39 > 0:02:42time and place but initially, what has been the reaction of the
0:02:42 > 0:02:49financial markets in Asia?As this news was coming through, Japan and
0:02:49 > 0:02:53South Korea in stock markets were opening and they are soaring. Japan
0:02:53 > 0:03:00up by 2%, South Korea 1.5% and its currency is doing well and this is
0:03:00 > 0:03:04because of such a dramatic breakthrough in the tensions on the
0:03:04 > 0:03:10Korean Peninsula and obviously investors are overjoyed. At the
0:03:10 > 0:03:15prospect we could see a de- nuclearised North Korea. We have to
0:03:15 > 0:03:23treat this planned meeting with caution. Previous attempts to
0:03:23 > 0:03:26negotiate with North Korea on a bilateral and multilateral level
0:03:26 > 0:03:33have all failed. A lot of credit must be given to Donald Trump and
0:03:33 > 0:03:37his administration for putting a lot of pressure on North Korea but that
0:03:37 > 0:03:41we still need to be sceptical as to whether we will see any deal
0:03:41 > 0:03:48delivered.What about giving credit to China who is a major political
0:03:48 > 0:03:53and economic ally for North Korea? We know that North Korea has been
0:03:53 > 0:04:00hit by its toughest ever sanctions on an international level -- level.
0:04:00 > 0:04:06From the EU, Japan and South Korea. Crucial to all is China. It accounts
0:04:06 > 0:04:13the 90% of trade with North Korea. The US and China have been having
0:04:13 > 0:04:18their own intense relationship. China has been in a position where
0:04:18 > 0:04:22they need to be more accommodating for North Korea. We are seeing a
0:04:22 > 0:04:31crackdown on smuggling of goods into North Korea. I think China must be
0:04:31 > 0:04:36given some credit.A knee-jerk on the upside for markets in Asia.
0:04:36 > 0:04:41Thank you for the update. My business colleague Leisha
0:04:41 > 0:04:47Santorelli. President Trump has followed through on his campaign
0:04:47 > 0:04:50promise and signed an order putting steel and aluminium tariffs in
0:04:50 > 0:04:57place.We want a lot of steel coming into our country but we wanted to be
0:04:57 > 0:05:01fair and we want our workers to be protected and we want frankly our
0:05:01 > 0:05:06companies to be protected. By contrast, we will not place any new
0:05:06 > 0:05:12tax on product made in the USA. So there is no tax if a product is made
0:05:12 > 0:05:19in the USA. You don't want to pay tax? Bring it to the USA, there is
0:05:19 > 0:05:23no tax.Some argue that these tariffs are moving the US closer to
0:05:23 > 0:05:29a trade war but there are exemptions for Mexico and Canada, according to
0:05:29 > 0:05:37experts.Their 25% import tariffs on steel, 10% import tariffs on
0:05:37 > 0:05:45aluminium. Steel imports to the US are not gigantic. 1.6% of imports.
0:05:45 > 0:05:490.2% of GDP. These are not huge numbers when it comes to the overall
0:05:49 > 0:05:54US economy but the key thing is whether or not these tariffs set up
0:05:54 > 0:05:58a trade war. We have seen threats of retaliation by the European Union
0:05:58 > 0:06:03who has threatened to tax everything from American bourbon which is
0:06:03 > 0:06:08manufactured in Mitch McConnell's home State of Kentucky to American
0:06:08 > 0:06:14motorcycles in Paul Ryan's State of Wisconsin. We will see the European
0:06:14 > 0:06:18Union is successful at getting rid of these extensions. This is a White
0:06:18 > 0:06:22House which likes to put on a show so inviting nations to apply for
0:06:22 > 0:06:26exemptions, give us your best offer and we are more than willing to give
0:06:26 > 0:06:32what we've given to Mexico and Canada.The Republican Party, some
0:06:32 > 0:06:36of President Trump's major allies, and the Democrats are against these
0:06:36 > 0:06:41trade tariffs. Is there a likelihood they will even get into effect?We
0:06:41 > 0:06:46have 15 days for the tariffs to take effect. We have seen strong
0:06:46 > 0:06:52opposition from President Trump's own party. There are over 100
0:06:52 > 0:06:56members who said they were deeply concerned, in the Republican Party,
0:06:56 > 0:07:01and other Republicans who came out and say they wanted to introduce new
0:07:01 > 0:07:05legislation which could strip President Trump of his powers to
0:07:05 > 0:07:13institute tariffs such as these. More to be seen.More than a year
0:07:13 > 0:07:18ago, Mr Trump through a wrench into a free-trade arrangement once ranked
0:07:18 > 0:07:22as the world's largest and now the remaining 11 countries are going
0:07:22 > 0:07:26ahead without America and signing a revamped version. It's been
0:07:26 > 0:07:33rebranded as comprehension -- copperhead seven progress of
0:07:33 > 0:07:39agreement for the Trans-Pacific Partnership or CP TPP. We sat down
0:07:39 > 0:07:44with the Australian Trade Minister.
0:07:44 > 0:07:48We know already there is interest from other economies who would like
0:07:48 > 0:07:51to join. The more that do, the stronger the value of the
0:07:51 > 0:07:56Trans-Pacific Partnership.Seeing this become a reality, there are
0:07:56 > 0:08:02some huge hurdles in each of the countries to deal with Congress.
0:08:02 > 0:08:05Ultimately that will be determined by the domestic processors each
0:08:05 > 0:08:11country must pursue but the consensus view, the agreement coming
0:08:11 > 0:08:18into effect by the end of this year or early next year. We need six
0:08:18 > 0:08:30countries to give effect to it. If we do that, the agreement should
0:08:30 > 0:08:35come into effect in the not too distant future.Today has been a day
0:08:35 > 0:08:39of mixed feelings with the US going one day and Australia, and others
0:08:39 > 0:08:44going the other way in terms of trade. Is this the new way for
0:08:44 > 0:08:48global trade now?There is nothing particularly new about the fact that
0:08:48 > 0:08:51different countries adopt different positions on trade. History has
0:08:51 > 0:08:56taught us that has been the case since time immemorial. We have seen
0:08:56 > 0:09:01over the last 40 or 50 years in particular the liberalised trade has
0:09:01 > 0:09:06driven economic growth and jobs. Countries that engage in trade a
0:09:06 > 0:09:11more prosperous. Countries engaged in trade have higher levels of
0:09:11 > 0:09:15employment in the country is because you can grow businesses, they are
0:09:15 > 0:09:20more stable if they are engaged in international trade is that is what
0:09:20 > 0:09:26drives our approach.The Australian Trade Minister there. Opening a
0:09:26 > 0:09:32chewing gum lab in Singapore makes as much sense as setting up a bar at
0:09:32 > 0:09:39a meeting of teetotallers. The government sees gum as a sticking
0:09:39 > 0:09:45nuisance but global snack company Mondelez saw an opportunity to sink
0:09:45 > 0:09:51its teeth into a project.
0:09:51 > 0:09:55Chewing gum and Singapore are an unusual pairing but global snacks
0:09:55 > 0:09:59company Mondelez says Singapore was just the place rich new research
0:09:59 > 0:10:04centre for gum and candy.Singapore is a wonderful place because of its
0:10:04 > 0:10:09diversity. Course the high quality of talent and good R&D.Mondelez was
0:10:09 > 0:10:15spun off from US food giant craft in 2012 and makes everything from
0:10:15 > 0:10:21Cadbury chocolates and Oreo cookies to denting chewing gum. It may seem
0:10:21 > 0:10:25like child's play but developing suites is supplied singly
0:10:25 > 0:10:30complicated. Creating a jelly can take months or even years in
0:10:30 > 0:10:35research and development and make sure it's just right and this is the
0:10:35 > 0:10:39place where scientists are working on new types of gum candy. I could
0:10:39 > 0:10:47try one. I can't tell you what it tastes like because still top
0:10:47 > 0:10:52secret. Consistency and flavours are a big part of the work here and that
0:10:52 > 0:10:58can vary from market to market. Take China, for example.There is a
0:10:58 > 0:11:01cultural heritage which is using lower sweetness and less sugar and
0:11:01 > 0:11:05our products see we will customise this product is the China to have a
0:11:05 > 0:11:10lower level of sweetness.Suites and snacks are $41 billion is this in
0:11:10 > 0:11:14Asia-Pacific and with an expanding middle-class, the region is set to
0:11:14 > 0:11:19become the fastest-growing market. So localising flavours helps to win
0:11:19 > 0:11:26over more palates. How are you doing? Every little detail right
0:11:26 > 0:11:29down to the packaging is important as Mr Kelaher and his team are
0:11:29 > 0:11:39hoping to win over hearts and satisfy Asia's sweet tooth.
0:11:39 > 0:11:44It has been a sweet day so far operation stock markets. They are
0:11:44 > 0:11:47surging. Japan, Hong Kong and Australia