22/03/2018 Asia Business Report


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22/03/2018

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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to stop a vote.

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That's certainly got people talking.

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That's all from me for now.

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Stay with BBC News.

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And the top story here in the UK:

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More than a million NHS staff

in England are being offered pay

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increases of at least

6.5% over three years.

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The deal, if approved,

would cost the Treasury more

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than £4 billion.

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Now on BBC News, all the latest

business news live from Singapore.

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Mark Zuckerberg breaks his silence.

He says Facebook made mistakes over

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the handling of users' data, and

he's reportedly open to testifying

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in front of US Congress.

No surprises from America's Central

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Bank, new Chair Jerome Tel delivers

its first spike of this year and he

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has signalled there may be a few

more to come.

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Good morning, welcome to Asia

Business Report, live from Singapore

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with me, Mariko Oi.

We've all been waiting to hear from

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the boss of Facebook and finally we

have. Mark Zuckerberg admitted that

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the company made mistakes over how

its users' data was handled. Of

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course, earlier this week, as we

reported, it was revealed private

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information of Facebook users, some

50 million of us, was misused by

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political consultancy firm Cambridge

Analytica. In a statement Mr

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Zuckerberg said:

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I started Facebook...

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That was the statement he posted on

his personal Facebook page and he's

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giving an interview with CNN, in

which he apologised for the breach

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of trust. He said Facebook should

not have trusted the data firm at

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the centre of this row, Cambridge

Analytica, when it said it would

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delete Facebook data it held, and Mr

Zuckerberg has been under mounting

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pressure from politicians around the

world to testify how it happened and

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he said in an interview he is open

to testifying in front of the US

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Congress. That British firm is under

mounting pressure to provide answers

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as well. The British Prime Minister

Theresa May told parliament she had

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backed an investigation into the

company.

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What we have seen in Cambridge

Analytica are the allegations that

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are clearly very concerning, it's

absolutely right that they should be

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properly investigated, it is right

the information commissioner is

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doing exactly that because people

need to have confidence in how their

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personal data is being used and I

would expect Cambridge Analytica,

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Facebook and organisations involved

to comply fully with the

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investigation taking place.

It's not just the US and Europe

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that's reacting to this data crisis,

India has taken down the local

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website of Cambridge Analytica

following the allegations the

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company misused personal data. Let's

bring in our India Business Report

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from Mumbai. Samir, tell us the

details of this Indian subsidiary of

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Cambridge Analytica?

Well, Cambridge Analytica has a

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tie-up with a local company called

SLC, which claims on its website it

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has partnered with Cambridge

Analytica and they have been working

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together over the last few years. It

also listed a few election campaigns

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it was part of, which includes the

party of the current government in

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power, and the main opposition

party, the Congress. In fact, on

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Tuesday we saw both parties alleging

that both parties had used the

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services of this particular company

during the elections in 2010, 2014

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and subsequently another state

election. Yes, but what's happened

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interestingly is the website was

taken down last night and now that

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page is not available. Clearly this

has become a hot issue. We also

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saw... A hot political issue... We

saw the IT commission of India

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coming out yesterday with a press

conference, warning Facebook if

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there's any data breach in India

during the upcoming elections they

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will take strict action. India is

now the largest market for Facebook

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with the largest number of users and

Facebook has become a very essential

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part when it comes to social media.

Samir, in Mumbai, thanks for the

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update, very interesting how

globally Cambridge Analytica has

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reached.

Today was decision day for this man,

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the new chair of the US Federal

Reserve, which of course is the

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world's most important central bank

and he delivered what was widely

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expected. Jerome Powell announced

his first interest rate rise, an

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increase of 0.24% to 1.75% from

1.5%. Let's look at the market

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reaction. Wall Street shares have

ended the day slightly lower after a

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volatile session. Asia has opened

today, Japan has reopened after a

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public holiday, we are seeing some

rise there. In the currency markets,

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we're seeing the dollar seeing the

biggest one-day loss in two months

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against a basket of currencies. When

announcing the hike, the new Fed

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chair sounded very optimistic about

the state of the US economy.

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Indeed the economic outlook has

strengthened in recent months,

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several factors are supporting the

outlook, fiscal policy has become

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more stimulative, ongoing job gains

are boosting incomes and confidence.

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Foreign growth is on a good

trajectory and overall financial

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conditions remain accommodative.

As our business reporter in

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Washington explained, the members

don't all share the optimism.

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The thread seemed quite divided

about how well the US economy is

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doing. -- said. Everyone looks at

the things called the Dot Chart,

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sorry to use the jargon, it gives

you a sense of what the committee

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are thinking about the US economy

and rate increases in the future.

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Eight thought there should be three

rate increases this year, seven

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thought there should be four. It is

a mixed bag about what the Fed will

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do in the coming months. Either way

the US economic situation has been

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improving, which suggests the Fed

has legal room Dashwood ballroom in

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terms of the timing of the interest

rate increases -- wiggle room.

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Donald Trump has announced further

tariffs on China and import tariffs

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on steel and aluminium have been

making headlines, did he say

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anything about the administration's

trade policy?

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It was quite interesting. Obviously

I was sitting in the press

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conference and every reporter once

the Fed chair to say something,

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anything newsworthy, it was

interesting Mr Powell was quite

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sitting, he said the Fed doesn't do

trade policy. Many members of the

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Federal Reserve board, we're hearing

from members of the business

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community, that they were worried

about a trade war and that has made

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the Fed reconsider the possibility

these tariffs might have some sort

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of impact on the US economy. So far

they haven't changed their outlook

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for US economic growth.

We will bring you all the latest

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ones Donald Trump announces further

tariffs against China.

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What part of your work day do you

dread the most? I'm pretty sure the

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answer would be meetings for many of

us, and in the modern office, often

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we are trying to collaborate with

people who are not even in the same

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room. What are the new-age solutions

to get over that problem? As part of

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our Future of Work series, Yogita

Limaye reports from New York.

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Meetings are hard whoever you are.

They can be boring and sometimes go

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on for too long. But the they are

necessary too. They were the most

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important decisions are taken. In an

office like ours the meetings are

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pretty easy because we all sit

across from each other, but some

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estimates suggest 45 and 50% of the

American workforce could be revoked

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by 2020 -- 45 and 50%. So what good

meetings of the future look like?

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Some companies are turning to

robots. This is a Segway like device

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with an iPad as a face.

Double

Robotics, Silicon Valley start-up,

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says they have sold these two 4000

customers. But could this be made to

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feel even more real? I look silly

nodding and Finnair but this is how

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hologram technology works, it makes

you feel like you're in the same

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place as someone who isn't there. --

at thin air. It is hard to set up

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and is still in its early days.

Our clients are lots of corporate

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fortune 500 clients using it for and

we are trying to build in the

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conference rooms for telprescence.

But for now most small companies are

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using different forms of video

conferencing to meet their needs.

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This firm's pounder says the ability

to have remote workers is critical

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to their growth.

If you're not able

to say, hey, you can't move to a new

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location or grow a new business in a

different geography we wouldn't be

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able to hire the right people we

need to hire to grow the business.

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While technology that allows people

to be face to face is key, what's

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most important is that work gets

done and so companies like this one

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are also on the lookout for

innovation that makes meetings more

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efficient.

Yogita Limaye, BBC News, New York.

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Before we go I wanted to mention

about the China's -- China's

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Facebook, we were monitoring their

share prices, Facebook has been

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having problems with share prices

but ten saying prices are doing well

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in Hong Kong. -- ten saying.

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