13/03/2018 Asia Business Report


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13/03/2018

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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A 17-year-old boy has been jailed

for more than ten years

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for attacking six moped riders

with acid last July.

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Derryck John admitted

carrying out the attacks.

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Now on BBC News all the latest

business news live from Singapore.

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Donald Trump blocks takeover bid of

Qualcomm, citing national security

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concerns. The leaked report alleges

North Korea is believed to be

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evading international sanctions

using Asian companies. Hello,

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everyone. And good morning. Glad you

could join us for this Tuesday

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edition of Asia Business Report. We

kickoff the programme with breaking

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news and over the past hour, US

President Trump has blocked a

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takeover bid of computer chips maker

Qualcomm. He has cited national

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security concerns about the bid by

its rival, Singapore-based Broadcom.

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Timothy McDonald joins us. What has

Broadcom said about this Trump

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blocking.

Broadcom has issued a

brief statement that they are

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reviewing the order and they

disagreed proposed acquisition of

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Qualcomm raises national security

concerns. Qualcomm pointed back to

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the order itself and the order said

there is credible evidence that

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leaves Donald Trump to believe this

deal might take, the entity that

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would emerge might take action and

threaten national security of the

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US. The concern seems to be around

five G. The US sees itself in a

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dominant position right now and they

think the tie-up between these two

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companies could end up with the US

losing that position. Interestingly

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enough, Broadcom has been trying to

get around these national security

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concerns by moving to the US. It

appears the committee on foreign

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investment in the US didn't take to

that too kindly and has suggested

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Donald Trump scupper the deal

entirely. It seems like they want to

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scupper it, a rearranged deal would

not be acceptable. This may be the

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end of it but we will see.

Watch

this space on what will happen next

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to Qualcomm. Timothy McDonald. One

of Europe's biggest financial

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institutions has criticised the

Trump administration for its tariffs

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on steel and aluminium imports. The

head of the European investment bank

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said the move would trigger a trade

war with far-reaching consequences.

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We are observing this not only with

the threat of a trade war but a

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demonstrative department --

departure from multilateral as is a

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threat to the economic world order

and if that is at stake, it's not

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actually something that promotes

cooperation and peace and prosperity

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around the world. David Solomon has

emerged as a favourite to become the

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new boss of Godlman sacks. And we

have this exclusive story. A leaked

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draft of a United Nations report.

Two Singaporean companies have

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violated sanctions against North

Korea. This potentially raises

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questions about how common this is

in the rest of the region. The final

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report that has been submitted is

expected to be published later this

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week. A draft copy of the report has

been seen by the BBC.

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This is a shop in Pyongyang is

selling branded watches, handbags

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and alcohol. Items which are banned

under UN sanctions and Singapore law

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as well but now a leaked UN report

claims there is evidence of at least

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one Singaporean company selling

luxury goods in North Korea as

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recently as last type -- to lie.

There are two companies named in the

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report. But share the same director

and up until late last year they

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shared the same address here it is

building. The main allegation

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against them in the report that we

have seen is that they received

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funds in Singapore for doing

business in North Korea. Both

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Singaporean companies deny any

wrongdoing. According to the UN, in

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the 1997, Singapore's Dae opened an

account with the North Korean

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Daedong credit bank and late to

change the name to T Specialist.

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That account was used to transfer

money for goods T Specialist sold in

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North Korea to its account in

Singapore. Between 10-- 2011 to 2014

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when sanctions had already kicked

in, that account continued to

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transfer money into T Specialist's

Singapore account, the draft says.

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The companies deny any knowledge,

both in relation to the goods being

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sold in North Korea and the funds

coming from that account which the

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report alleges. The other main

allegation in the report is that OCN

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and T Specialist have long-standing

close ties, including ownership

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ties, with a commercial bank that

has been on the sanctions list since

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2017.

The companies have denied

this. I would say that our clients

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do not have any financial

relationship with these entities in

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the DPRK, North Korea, and they also

do not have any interest or any

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financial interest or relationship

with this commercial bank that you

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have named in the DPRK.

And your

clients ever had any financial

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relationship or done business in

North Korea?

They have done business

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with North Korean entities

previously before these UN sanctions

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came into force. But that was

previously. After the sanctions came

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into force, they reduced their

involvement, but this all formed

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part of the investigations that are

ongoing.

Many of these transactions

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according to the report appeared to

have used Singapore's financial

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system. The monetary authority told

the BBC it is working closely with

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the UN in these cases. In a

statement, it specifically warned

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that banks need to be aware of the

increasing use of multi-

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jurisdiction or front companies,

Shell companies, joint ventures and

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complex or opaque ownership

structures. Singapore has a

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reputation of being one of the most

well regulated financial hubs in the

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world so what's troubling is it this

has happened here, how widespread

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problem exists in the rest of Asia?

When it has serious issues with

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corruption and a lack of oversight.

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For many of us, the thought of

senior Counsel law or mental health

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professional, a start-up in India

wants to change how we deal with our

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emotions during tough periods in our

lives. We report on how a chat robot

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is providing some comfort.

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It's been

is providing some comfort.

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It's been less

is providing some comfort.

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It's been less than

is providing some comfort.

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It's been less than a

is providing some comfort.

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It's been less than a year

is providing some comfort.

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It's been less than a year this

is providing some comfort.

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It's been less than a year this man

is providing some comfort.

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It's been less than a year this man

was laid off from his job in India's

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IT sector but the experience left

him feeling angry and sometimes even

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depressed. And he found it difficult

to open up to his family. But he did

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find some comfort in chatting up.

The difficult thing was not getting

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to a state where this happened to me

and that's where I keep call talking

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to it. Why do I feel like this

today? The chat robot or chat bot

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behaves like a counsellor, focusing

on what users are feeling and how to

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respond to them.

So this is what the

future of therapy looks like, an

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interface where people can ask

questions and this chat bot will

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answer so if I type in question

about, say, losing my job, the codes

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in the software process it and give

you options. I'd like to help but

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can first to equip check to see how

this is affecting you? Ops Shimon,

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yes, sure. Option two, maybe later.

The founders say the chat bot has

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200,000 clients who are using this

app for free. The company behind the

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chat bot makes money from personal

and users who use the act.

We also

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have models were psychiatrists use

Wysa in conjunction with their

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practice and they pay us.

Artificial

intelligence -based counselling is a

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new field and there isn't a clear

consensus on how effective it is.

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There are many things that are

real-life therapist can actually

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pick up from what you are talking

which an on line therapist will not

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be able to pick up. You are venting

out you crying, feeling sad?

The

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pitch, the tone. Figures from the

World Health Organization show

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nearly 80 million Indians suffer

from depression and anxiety

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disorders and with the accessibility

of mobile phones, Wysa is confident

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about serving a market that is very

much in need of counselling in the

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digital age.

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President Trump has blocked a

takeover bid of

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