14/03/2018 Asia Business Report


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14/03/2018

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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In his spring

statement, the Chancellor has

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revealed

forecasts for higher growth

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and lower inflation and debt.

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Now on BBC News, all the latest

business news live from Singapore.

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More market malaise as technology

stocks lead US indices into the red.

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We'll be finding out what's

troubling investors.

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South Korea's gaming industry is

under scrutiny after several worker

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deaths spurred a change in labour

laws.

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Good morning, Asia. Hello, world.

It's Wednesday, glad you could join

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us for another exciting addition of

Asia Business Report, I'm Rico Hizon

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and we kick off with the financial

markets. A choppy session on Wall

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Street overnight with technology

issues leading the major US indices

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lower. Equities in turn put pressure

on oil prices. Here's were Wall

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Street closed overnight, the Dow

Jones industrial average tumbling by

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172 points, and the NASDAQ losing 77

point. Let's get an updated version

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the Asian stock markets. Japan

currently down by 127 points, and

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the All Ordinaries giving back 39

points.

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Why are the markets heading lower?

Kim Cattrall Stern explained that

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much of it is to do with the new

Deal.

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The proposed merger, broad, was

thinking about buying QUALCOMM for

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$117 billion, it was being scuppered

by US regulators. The committee on

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foreign investment in the United

States said they had

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national-security concerns about the

merger, which was all about the five

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G network in the US. This is part of

a pattern we have seen of deals this

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particular body has essentially

called off as a result of security

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concerns, concerns about

intellectual property in the US and

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they tend to be clustered in the

technology centre. In September we

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saw Lattice Semiconductor in Oregon,

they tried to sell themselves to a

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Chinese backed investment firm, that

deal was called off. That has left

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technology stocks broadly lower as

investors grapple with this setback.

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Has the sacking of Rex Tillerson by

Donald Trump had any impact on

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market sentiment?

The former

Secretary of State, feels funny to

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say that already, this move was

widely expected. Trump and Tillerson

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had clashed pretty publicly, there

were reports there were words like

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more news, I won't go much further

than that, so in some ways this was

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priced into markets. We will see how

this plays out through the week --

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like moron.

India and two of the country's

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low-cost carriers had to cancel more

than 60 flights after its aviation

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regulator grounded Airbus planes

because of faulty planes. We can go

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to Delhi and join our business

correspondent. How is this affecting

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the budget airline industry in

India?

It's going to be holiday

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season soon and peak travel times

during the holiday season, we're

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talking about two of the market

leaders in the budget airline space

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with 11 of its planes grounded

between Indigo and, Air, there were

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significant delays yesterday,

although the airlines made

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significant arrangements -- Go Air.

Apart from the financial issues they

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are looking at how to tide over the

peak travel time in summer. There

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are about 45 A320s, or 11 of which

have been grounded by the top

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aviation regulator, because there is

believed to be an engine glitch --

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11 of which. A similar glitch was

reported in Europe as well by the

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regulator. They allowed these

flights to operated if the problem

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was only in one engine. In India

there's been three midair scares and

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the Indian aviation regulator isn't

taking any chances. Experts predict

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losses of 8000 for these airlines,

which will see a possible

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replacement by next quarter only --

8000.

Thanks for joining us on Asia

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Business Report -- 8000.

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South Korea has some of the longest

working hours in the developed world

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and the gaming industry in

particular has been under scrutiny

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for making employees work huge

amounts of overtime without extra

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pay. South Korea is looking to ban

employees for working more than 52

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hours a week but can the gaming

industry change this culture? --

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from working.

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The South Korean gaming firm you

just heard Netmarble, said:

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Do you remember these pictures? They

are images of plastic pollution in

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Bali and the Pacific that recently

went viral. It's a growing problem

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and at the Asia-Pacific Maritime

Conference taking place this week,

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industry leaders are looking to

tackle the problem. Earlier Paul

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Holt is, founding president and CEO

of the World Ocean Council, told us

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more about the pollution issues

facing our seas.

There's a huge

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range of problems, plastics has

caught a lot of attention, the

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shipping industry is working to see

there are port reception facilities

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around the world so when a vessel

comes into sure it can properly

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dispose of the waste on the vessel

but the plastics goblin has garnered

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so much attention because it is

largely a land-based source of

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pollution so governments,

municipalities and others need to

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manage waste to keep it from going

into the ocean.

This is where

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technological innovation comes into

play?

Right, there's a lot of work

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going on on a whole range of these

pollution issues affecting the

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ocean.

For the plastics in particular there

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is a lot of work going on creating

new kinds of plastic so we have

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biodegradable plastic, but

particular with the circular

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economy, preventing plastics from

getting into the ocean in the first

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place is where the technology is

working.

Our companies and

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governments really walking the talk?

There are a lot of good people and

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good companies working to address

the problems -- are the. Especially

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with the focus on Maritime in

Singapore and the Asia-Pacific

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Maritime conference this week, some

of the other pollution problems we

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can point to excellent efforts by

companies to understand and address

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and tackle these problems with

technology developments around

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issues, for example, in basic

species and the role of vessels in

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transmitting those, a solutions on

the horizon for that. Some of the

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water pollution issues from fuel

spills and so on being tackled

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through the development of new fuel

types that then eliminate the

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problem because we don't have

hydrocarbons.

But you need money and

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resources to be able to do this and

many Asian countries don't have the

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money to undertake these

initiatives?

The exciting part about

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a lot of these solutions is that

there are business opportunities in

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them to develop the technology that

creates the value that companies can

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provide in selling those solutions.

That becomes part of business

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operations that companies need to

weave into their business model.

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The founding president and chief

executive officer of the World Ocean

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Council on pollution issues facing

our seas.

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That's it for this edition of Asia

Business Report. Have a productive

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Wednesday, everyone. Don't forget to

follow us on Twitter, we are at:

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