12/03/2018 Asia Business Report


Download Subtitles

SRT

ASS


12/03/2018

Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.


Similar Content

Browse content similar to 12/03/2018. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

been told to wash their belongings

after the discovery of a nerve agent

0:00:030:00:06

used to poison a former Russian

spy and his daughter.

0:00:060:00:09

Now on BBC News all the latest

business news live from Singapore.

0:00:090:00:16

Closer relations between French and

Indian leaders. President Macron

0:00:160:00:23

says his country is desire is to be

one of the new's best partners in

0:00:230:00:30

Europe. With steel tariffs just days

away, which US businesses will be

0:00:300:00:35

affected by higher costs? Good

morning, Asia. Hello, world. It's

0:00:350:00:47

Monday, the start of a brand-new

trading week. We start off with

0:00:470:00:53

French President Macron in India and

security and energy relations a

0:00:530:00:59

higher on the agenda. Let's get the

latest. 14 agreements have already

0:00:590:01:06

been signed between the two

countries. Tell us more.

That's

0:01:060:01:10

right. Prime Minister Modi and

French President Macron have signed

0:01:100:01:20

$16 billion worth of contracts and

that was just on the first day of

0:01:200:01:25

his visit. They include any aviation

deals, industrial gas deals, water,

0:01:250:01:30

system deals and a plan to build

what will be the largest nuclear

0:01:300:01:36

power plant in the world. They also

agreed to strengthen ties on defence

0:01:360:01:41

cooperation and security. Prime

Minister Modi thanked President

0:01:410:01:45

Macron for investing in his flagship

making India programme which seeks

0:01:450:01:52

to boost local manufacturing and

President Macron said the countries

0:01:520:01:58

would work together on maritime

supervision in the Pacific and

0:01:580:02:00

Indian oceans.

But President

Macron's visit to India hasn't come

0:02:000:02:06

without controversy. What has

happened?

That really happened after

0:02:060:02:13

President Macron made some comments

about France being the gateway to

0:02:130:02:18

Europe for Indian students. The UK's

Foreign Secretary Boris Johnson

0:02:180:02:24

tweeted in reply, saying the UK also

invites around 14,000 students to

0:02:240:02:31

the UK every year so that kind of

shows the battle over Brexit and the

0:02:310:02:39

UK's Place after Brexit but there is

no doubt India and France have

0:02:390:02:46

strong partnerships, shown by the

kind of deals that were showing here

0:02:460:02:51

over the weekend including a really

big aviation deal for Indian carrier

0:02:510:03:00

Spice Jet, its biggest expansion

plans in recent history.

Thank you

0:03:000:03:05

for that update on the visit of

President Macron do I. Staying with

0:03:050:03:09

India, some of the country's biggest

airlines announced major expansion

0:03:090:03:13

plans. Despite the bright prospects,

carriers face one major challenge.

0:03:130:03:24

We travelled to an airline show in

Hyderabad to find out more.

0:03:240:03:33

I's aviation industry is flying

high. Last night -- last year,

0:03:330:03:37

airlines flew nearly 120 million

domestic passion that passengers.

0:03:370:03:43

More than any other country in the

world. 25, 20 6% applies are first

0:03:430:03:50

timers. The market is exploding. We

plan to get to 20 aircraft and in

0:03:500:03:58

the next three, five years we plan

to be I's second largest low-cost

0:03:580:04:03

carrier. By 2025, India is expected

to overtake the UK to become the

0:04:030:04:12

third-largest air passenger market

after China and the United States

0:04:120:04:16

but there is one major roadblock to

the rapid growth. The biggest

0:04:160:04:20

airports in Mumbai and Delhi are

struggling to cope with the growing

0:04:200:04:24

traffic and while the government is

trying to build new airports and

0:04:240:04:27

expand existing ones, that is taking

time.

The first of course is the

0:04:270:04:33

land. It is typical in today's day

and age to build large-scale

0:04:330:04:37

airport. We need to find land close

to major centres.

The site got

0:04:370:04:53

delayed the nearly a decade. This

organisation was on display. This

0:04:530:05:06

runway would normally be packed with

the latest international commercial

0:05:060:05:10

aircraft models but this year, there

are only private Jets and small

0:05:100:05:15

aircraft with a maximum capacity of

20 seats. Airlines say they are not

0:05:150:05:25

able to fly their fractured

aircraft. Airlines put it down to

0:05:250:05:31

bad organisation. You will upgrading

infrastructure quickly will be

0:05:310:05:38

essential.

0:05:380:05:41

In less than two weeks, the US

tariffs on steel and aluminium get

0:05:410:05:46

imports will be taking effect. About

a third of it is important from

0:05:460:05:53

countries like Canada, South Korea.

The commodities are important in raw

0:05:530:06:04

materials made in the US but also in

many other products made in America.

0:06:040:06:11

I asked Paul Bartholomew from

Standard and Poor's what types of

0:06:110:06:14

steel are affected by this move. You

can put them into two main

0:06:140:06:22

categories.

There is flat steel.

That is the steel that is used in

0:06:220:06:27

manufacturing, anything from going

into cars to high-end engineering

0:06:270:06:32

type products and we have the long

products, those bits of metal that

0:06:320:06:39

we see, then there is a third,

slightly smaller one.

Which

0:06:390:06:49

particular type of steel will be

affected due to the higher tariffs?

0:06:490:06:54

The big concern to the age and

region is the flat steel. That is

0:06:540:07:01

what Japan exports of South Korean

exports. South Korea makes up 10% of

0:07:010:07:07

US imports. It suddenly knocking up

against Chinese steel -- Chinese

0:07:070:07:19

steel. That can have quite a big

impact. Suddenly, there is all this

0:07:190:07:27

steel sloshing around.

It's made a

big move into China. After a Chinese

0:07:270:07:43

conglomerate took over the company.

It is an established British band.

0:07:430:07:58

We have to reinvent our brand in the

Asian consumer. It's a very

0:07:580:08:10

important feature. It represents the

authentic product.

0:08:100:08:21

It is not a designer label. As a

result, our marketing is very

0:08:250:08:35

important. Bespoke dressing is all

about dressing for the event and

0:08:350:08:42

feeling fantastic. If you're running

a media campaign, digital media is

0:08:420:09:02

all about the constant evolution. A

constant flow of images and

0:09:020:09:07

information.

0:09:070:09:09

This boat has been very successful

in terms of the Asian market

0:09:140:09:18

specifically. Authenticity counts

for a lot.

Before we go, let's have

0:09:180:09:28

a look at the week ahead. It will be

the focus of investors as they try

0:09:280:09:37

to gauge how US interest rates will

wise. The Central Bank unveiling

0:09:370:09:42

minutes from its recent policy

meeting. Also, we will find out if

0:09:420:09:47

Chinese consumers are losing their

urge to splurge. Towards the end of

0:09:470:09:52

the week, the focus will be back on

the US. Washington slapped duties on

0:09:520:09:59

aluminium imports from China because

they said that they were being sold

0:09:590:10:03

below market prices in the US. All

of this of course will have an

0:10:030:10:14

impact on regional markets, the Nick

Kay surging by 2.2%. The All

0:10:140:10:24

Ordinaries Index rising by 0.7%.

0:10:240:10:31