21/03/2018 Asia Business Report


Download Subtitles

SRT

ASS


21/03/2018

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 21/03/2018. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

And the top story here in the UK.

0:00:000:00:00

BBC News understands

that the government is poised

0:00:000:00:02

to announce a significant pay rise

for almost all NHS staff

0:00:020:00:05

apart from doctors.

0:00:050:00:06

It's thought around a million

people will benefit.

0:00:060:00:08

Now on BBC News, all the latest

business news live from Singapore.

0:00:080:00:27

Because of ongoing concerns about

the use of data by the social

0:00:270:00:31

networking giant. And please

reconsider tariffs against China.

0:00:310:00:35

That is the message from America's

retail giants to President Trump.

0:00:350:00:45

Good morning, welcomed Asia Business

Report live from Singapore with me,

0:00:450:00:49

Marika Oi. Social media companies

are in the spotlight once again with

0:00:490:00:55

Facebook shares falling for a second

day following reports US authorities

0:00:550:01:01

are looking into Facebook's handling

of personal data and the scandal

0:01:010:01:07

involving the consultancy, Cambridge

Analytica, is affecting and other

0:01:070:01:12

social media firm, Twitter, whose

shares closed down 10% in US trade.

0:01:120:01:19

Let's bring in our business

reporter.

Cambridge Analytica has

0:01:190:01:23

suspended its boss, Alexander Nix,

over these allegations of data

0:01:230:01:31

harvesting and meddling in

elections. Cambridge Analytica has

0:01:310:01:35

denied all wrongdoing, as has

Facebook. We saw it to the share

0:01:350:01:40

price though. $60 billion wiped out

over two days, the size of a small

0:01:400:01:46

economy. Investors are worried about

the implications of the scandal.

0:01:460:01:50

Will this deter investors and

advertisers? Will they face more

0:01:500:01:56

regulatory restrictions? On Tuesday,

we saw shareholders sue Facebook in

0:01:560:02:00

a class-action lawsuit saying that

they have suffered losses because of

0:02:000:02:05

this and this could be the first of

several lawsuits. Again, we are at

0:02:050:02:09

the tip of the iceberg when it comes

to the scandal and we don't know how

0:02:090:02:14

deep this rabbit hole goes.

We also

heard from Facebook, but not the

0:02:140:02:21

CEO.

Investors are wondering why

Mark Zuckerberg or Cheryl Sandberg

0:02:210:02:28

have not said anything. The teams

are working around the clock to get

0:02:280:02:33

all the facts and take the

appropriate action moving forward.

0:02:330:02:37

The entire company is outraged that

we were deceived. Again, people are

0:02:370:02:48

very worried. Whether Facebook is

going to do something about that.

0:02:480:03:00

And Cambridge Analytica has worked

in Asia as well.

Cambridge

0:03:000:03:05

Analytica, in that secret video

recording, we saw some of the bosses

0:03:050:03:08

talking about Shell companies to

disguise some of that activity. They

0:03:080:03:14

have been involved allegedly in

Mexico, Brazil and other countries

0:03:140:03:17

and in Asia, Malaysia and India but

I want to talk about Malaysia

0:03:170:03:21

because it's a very sensitive time

politically for the country. They

0:03:210:03:25

are set to hold another of elections

this year and so the Malaysians

0:03:250:03:29

government came out with a statement

saying they had never hired

0:03:290:03:34

Cambridge Analytica to help them in

the last round of elections in 2013.

0:03:340:03:39

The fallout continues. In other

business news, at Japanese carmaker

0:03:390:03:45

Toyota is hitting the brakes on

tests of self driving cars on

0:03:450:03:50

American roads after a woman in

Arizona was killed at the weekend

0:03:500:03:55

after being hit by an Uber vehicle

in autonomous mode. That accident is

0:03:550:04:03

under investigation. American retail

giants are asking President Trump to

0:04:030:04:07

reconsider in posing trade tariffs

on China. The likes of Walmart and

0:04:070:04:13

target say any tariffs will increase

the price of everyday goods for

0:04:130:04:17

consumers at President Trump is

reportedly announcing further

0:04:170:04:19

tariffs against China worth $60

billion this week. Debra elms is the

0:04:190:04:27

Executive Director of the Asian

Trade Centre and as tensions rise

0:04:270:04:31

between the world's two biggest

economies, she explained why even

0:04:310:04:35

more tariffs against China could be

announced.

The original number was

0:04:350:04:39

around $30 billion. As designed by

his trade team. It was not seen as

0:04:390:04:47

big enough by Donald Trump himself.

In the last few days, there have

0:04:470:04:52

been scrambling to double that

number and we expect those to be

0:04:520:04:56

announced potentially this Friday,

possibly slipping into early next

0:04:560:04:59

week but in the coming days.

Do you

think this warning from the likes of

0:04:590:05:04

Walmart and target have any impact?

Probably not because this is a

0:05:040:05:10

long-held desire of Donald Trump to

raise tariffs on China and do it now

0:05:100:05:14

so I don't think he cares one way or

the other what these retailers say.

0:05:140:05:19

His desire is to have higher tariffs

and he's saying he will do so.

Does

0:05:190:05:25

he have a point? Does he have a

point about intellectual property

0:05:250:05:33

and so on?

There are two issues. The

US has a trade deficit. Is that

0:05:330:05:41

damaging? No. Does the United States

have a long-standing issue? Yes. Is

0:05:410:05:49

it is significant as it used to be?

No. Our tariffs, the way to address

0:05:490:06:01

that, is unilateral action the way

to address that? No. What those are,

0:06:010:06:07

that is the tricky part.

I's growth

forecast has been downgraded by

0:06:070:06:15

Goldman sacks. From 8% down to 7.6%

for the year to March 20 19. What

0:06:150:06:26

happened? The world's fastest

growing economy hit by this but not

0:06:260:06:31

good news.

It's all to do with the

recent banking scandal that has

0:06:310:06:37

happened in India. One of I's

largest national banks, it was

0:06:370:06:42

discovered that $2 billion worth of

credit was swindled. This is when

0:06:420:06:49

you open Pandora 's box. Following

this news, other smaller public

0:06:490:06:53

sector banks which have come forward

and registered complaints alleging

0:06:530:07:00

that they have also been defrauded.

It's led to this sort of crisis

0:07:000:07:07

within India, in a public sector

bank, the lot of rich companies and

0:07:070:07:14

billionaires have been able to

swindled money at different periods

0:07:140:07:17

of time is over the last 7-8 years

at a time and I's banking sector is

0:07:170:07:24

struggling because of high amounts

of bad debt which has led to lower

0:07:240:07:28

credit growth and banks are not in a

position to lend too much money

0:07:280:07:32

which Goldman sacks says will affect

growth because if companies can't

0:07:320:07:37

borrow, how will they expand?

You

talked about this crisis. How is it

0:07:370:07:45

going to change because of the

scandal?

It's quite significant. I's

0:07:450:07:53

Central Bank's head said the Indian

Central Bank needs more power. Not

0:07:530:07:59

able to regulate I's public sector

banks. Public sector banks dominate

0:07:590:08:05

the space here and if they start to

crack up, it affects the economy.

0:08:050:08:15

Thank you for the update. Were the

work, the public sector,

0:08:150:08:20

manufacturing or services, the big

focus is usually on boosting

0:08:200:08:25

productivity. In a factory, as

simple as buying more machines. Can

0:08:250:08:32

you technology help us work more

effectively. We try out some of

0:08:320:08:37

them.

0:08:370:08:42

Could a study of my brainwaves make

the more productive? This company,

0:08:420:08:50

MindPlay, certainly thinks so. Even

when I go to get my lunch. We will

0:08:500:09:02

find out later what the results are.

Here is another trend. We are

0:09:020:09:07

producing vast amounts of

communications data. Telephone

0:09:070:09:10

calls, emails, chat of all kinds

what if we could analyse that they

0:09:100:09:17

learn lessons about productivity?

That is email dater. Behavox

0:09:170:09:22

monitors communications by bank

workers mainly to spot any unlawful

0:09:220:09:26

or unethical activity. But now is

using artificial intelligence to

0:09:260:09:34

assess whether your communications

are productive. It all sounds a bit

0:09:340:09:38

Big Brother.

In our personal lives,

we are giving away this part of a

0:09:380:09:45

freezer when it comes to the

workplace, all of a sudden everybody

0:09:450:09:49

is upset about the fact that

companies are going to use that dart

0:09:490:09:52

to make more money.

Let's find out

what the brain monitor says about

0:09:520:09:59

me.

For the first 7- ten minutes of

the meetings, you are very highly

0:09:590:10:07

engaged. There was a slow tapering

off. That's because you become less

0:10:070:10:14

involved in the meeting. What were

you saying? Exactly.

We can all

0:10:140:10:25

train ourselves to be more

productive in the office. Perhaps

0:10:250:10:28

fewer, better meetings could be one

answer.

0:10:280:10:33

That's it for this

0:10:330:10:34