16/03/2018 Asia Business Report


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16/03/2018

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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Survivors have described

the finding as "shocking."

0:00:000:00:01

Now on BBC News, all the latest

business news live from Singapore.

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The US slaps sanctions on some

Russian individuals and companies

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for cyber-attacks and meddling in

the 2016 presidential election.

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Would you want to ride a jet pack to

work? How some businesses are

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reinventing the daily commute. Good

morning, and welcome to Asia

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Business Report, live from

Singapore, with me, Marika Oi. News

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from the US. The Treasury has

imposed sanctions on five Russian

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organisations and 19 individuals. It

is basically in response to their

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involvement in cyber-attacks on

American businesses and institutions

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as well as alleged meddling in the

2016 presidential election. We

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explain what is new.

The US already

has sanctions against many Russian

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oligarchs. Today, 19 individuals

have been picked by the Treasury.

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Robert Mueller, investigating

Russia's actions in the election,

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has helped this. One of these is

someone known as Putin's Chef,

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owning a restaurant business up at

close to the Kremlin. What is

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interesting is that Steve Mnuchin

says these sanctions are for

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meddling in the election, but also

for the recent use of a military

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grade nerve agent to murder to UK

citizens. --2. He has gone further

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than Donald Trump has in pointing to

this alleged attack by Russians on a

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UK citizen as a reason for these

further sanctions.

In other business

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news, Broadcom in Singapore has

reported better than expected

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earnings only a day after they were

expecting to take over a US company,

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but were blocked by President Trump.

They upgraded to $5.2 billion in the

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first quarter, but no mention of the

deal. Wesfarmers is spinning off its

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Coles operation, planning to list on

the Australian Stock Exchange. The

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demerger comes 11 years after the

biggest takeover deal in Australia

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at the time. They are searching in

trade on the news. -- surging. India

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has said its trade deficit has

narrowed to its lowest in five

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months since February. Just this

week, a challenge was launched to

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Indian subsidies worth $7 billion

each year at the WTO. Let's go to

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the India business report in Mumbai.

What has been the reaction in India

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for this US to be GHO challenge?

--

WTO. India spoke about the challenge

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on Thursday. The secretary said she

will engage with Washington over the

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challenge and talk about concerns

and respond within 60 days. This

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comes after the US took the

challenge to the World Trade

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Organisation on Wednesday. It is

over the Indian government's

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exemptions for duties, taxes, and

some fees for Indian exporters who

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are sending products to the US. They

include companies that produce steel

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products, pharmaceuticals, textiles,

and IT products. The US says those

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subsidies make the goods very cheap

in the US and it is unfair to US

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companies and workers there,

creating an uneven playing field.

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The US pegs the benefit to Indian

exporters at around $7 billion a

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year.

Thank you for that update from

Mumbai. Bitcoin prices have fallen

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sharply to below $8,000 after Google

announced it was removing all

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advertisements related to crypto

currencies. Facebook made a similar

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move earlier this year over concerns

about scams in the market. One of

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the biggest industry players still

believes that tighter regulation is

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needed.

XRP is a digital asset

related to Ripples tech, last year

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up almost 20,000%, the best

performing of all digital assets.

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The reason is because Ripple solves

real problems for customers, working

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with regulators. People are

recognising Bitcoin may be the

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Napster of digital assets. What I

mean is that Napster showed what

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digital music could do. But Napster

tried to circumvent laws and

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trademarks and royalties, and what

have you. In a way, Bitcoin tried to

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avoid regulation, to have anonymous

transactions. That is not what

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Ripple is doing. In the same way

Napster graduated to Spotify and

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iTunes, the third generation may be

the one that lasts.

To crypto

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currencies lose appeal when

governments regulate them? -- do.

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The idea of the crypto world can

live in the shadows and avoid

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regulation, I think, it is just not

reality. Some in the community, the

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crypto community, were borne of an

anti-government and anti-bank point

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of view. Ripple says you need to

work with the system and

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regulations.

There are degrees of

regulation. China, a massive market,

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took a massive stance against the

currencies. This hurts development

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of the market.

I agree with you.

What has happened in the ICO market

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is bad for the whole market. It

really is fraud. There are many

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scams going on, and it is bad for

the entire blockchaing and crypto

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market. But countries by China have

taken a strong stance against

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crypto. They say if they are safe

and efficient, they say digital

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assets are inevitable.

So, Ripple

and XRP, that success has seen you

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become a paper billionaire. Had it

that there?

I am looking at the

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long-term. It is not about three

weeks, three days, three months, we

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are solving a multitrillion dollar

problem. If we do that, we will be

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in a good spot.

For most of us,

getting the work is straightforward.

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You drive yourself, or take public

transport. These days, though,

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advances in robotics, automation,

and artificial intelligence, they

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are changing the way we travel, even

to the office. Kicking off the new

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series, The Future of Work, Rico

Hizon looks at the alternative

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choices. People have long dreamt of

taking a jet pack or a flying car to

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work. And that reality is closer

than most of you think. The

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challenge is moving people from

transportation hubs to final

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destinations. For urban planners, it

is a complex problem that involves

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congestion, runtimes, and population

density. And this is a driverless

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bus. The latest step some cities are

taking to get you where you need to

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go.

Human nature is that if

transport is not comfortable, you do

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not adapt it.

Drones are being

tested, but widespread use is yet to

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come. For now, battery powered

electric vehicles are moving people

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in new ways. For many commuters,

this is the last mile solution. If

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the office is there and the train is

only taking them here. How does it

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work?

Battery operated scooters,

electric scooters, you can use them,

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activate them, by a QR code. We see

a huge popular demand in all places

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we have launched, especially when

you need connection from the MRT

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station to offices and schools.

There will be a transport technology

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explosion in the coming years

because of new technologies and life

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starch trends. -- lifestyle.

Jet

packs and the likes were only used

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by James Bond and Maya McFly in the

past. -- Marty. But learning to fly

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is one man aircraft is apparently

easier than riding a bicycle.

We are

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at the stage we can get into really

it boring the dream and the idea and

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the concept behind true human

flight. -- we can achieve things

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people have been dreaming of for a

long time.

They may not be real just

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yet, but one thing is for sure, the

way we get to work is quickly

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changing and will be vastly

different in the future. Rico Hizon,

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BBC News, Singapore. For more on the

series, go to the website on your

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screen now. That is it for this

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