:00:16. > :00:21.Be prepared for the big Trump cut, and I'm not talking hairstyles.
:00:22. > :00:26.Donald Trump will present his tax plan today.
:00:27. > :00:30.Will it make multinationals bring their huge foreign cash piles
:00:31. > :00:34.And ahead of South Korea's election, we hear from whistle-blowers
:00:35. > :00:37.on the culture of corruption which brought down that country's
:00:38. > :00:58.If you have about eight minutes, I promised to give you a fascinating
:00:59. > :01:02.snapshot of the world of business and money. Let's start in the US.
:01:03. > :01:05.Shaking up the tax system has been a major theme
:01:06. > :01:10.Today he's promising what he describes as "A big
:01:11. > :01:12.announcement" on his planned reforms.
:01:13. > :01:15.In fact Mr Trump has already said he's planning what he's called
:01:16. > :01:18."Maybe the biggest tax cut we've ever had."
:01:19. > :01:22.During the campaign he talked about cutting the top individual tax
:01:23. > :01:27.In terms of business, he wants to cut the corporate tax
:01:28. > :01:32.Mr Trump has also proposed charging American firms a one off tax of just
:01:33. > :01:35.10% on money they bring back to the US from overseas.
:01:36. > :01:45.He's also pledged to simplify the overall tax system.
:01:46. > :02:01.But can he turn all this into legislation?
:02:02. > :02:04.After all, he's failed to deliver on other key policy objectives,
:02:05. > :02:10.like healthcare reform and an extensive travel ban.
:02:11. > :02:13.Geoffrey Yu, head of Investment Office UK at UBS Wealth
:02:14. > :02:26.It is great to have you with us. Thank you for coming in. The obvious
:02:27. > :02:32.question is, can America, if they make these cuts, A40 at? One of the
:02:33. > :02:36.major planks of his health-care bill was to make available half an
:02:37. > :02:40.billion dollars in savings for this tax cut -- afford it? I think that
:02:41. > :02:48.is an open question. Let's be clear on this repatriations in, it has
:02:49. > :02:54.been talked about since 2004 and it has always been a theme in FX
:02:55. > :03:00.markets -- repatriation thing. If it has been talked about from former
:03:01. > :03:08.presidents, they have never done it? Once, and ever since, so good luck
:03:09. > :03:12.to him. Let's stay on that. Is there an argument that someone will say,
:03:13. > :03:17.say that we bring back the billions and the one-off tax, that the money
:03:18. > :03:21.won't necessarily end up in the so-called right places. It won't go
:03:22. > :03:28.into infrastructure. It might end up in shareholder pockets. A study in
:03:29. > :03:33.2005 showed 96 cents out of a dollar repatriated went into dividends even
:03:34. > :03:38.though the legislation was specifically designed not to allow
:03:39. > :03:43.this to happen. It basically went to the shareholders and back into the
:03:44. > :03:51.company. The corporate tax - he has a point. America, 35%. One of the
:03:52. > :03:57.highest. The highest in the OECD. The highest in terms of the rich
:03:58. > :04:03.countries. Ireland is called Point -- 12%. It would give a boost to the
:04:04. > :04:12.small and medium-sized businesses, the bloodline of any economy. There
:04:13. > :04:16.is a survey called the NFIB survey, that has surged since he was
:04:17. > :04:20.elected, after declining for two years, so they are clinging to this
:04:21. > :04:28.and hoping he delivers. OK. You read a lot of surveys. LAUGHTER You read
:04:29. > :04:35.a lot of surveys! I was reading this, and you would know it better
:04:36. > :04:38.than I do, but it is called pass-through companies. President
:04:39. > :04:43.Trump wants to shake up the system. People have gone, yes, because it is
:04:44. > :04:48.only going to benefit him. And others. It will benefit the really
:04:49. > :04:53.wealthy. Is there an argument for that? It comes to distribution at
:04:54. > :04:57.the end of the day. The populism we have seen over the past 12 months
:04:58. > :05:02.and beyond comes down to distribution. And who will benefit.
:05:03. > :05:07.The fear of it across the board and the political sphere is that
:05:08. > :05:12.ultimately we talk about Brexit and the cost - so, the cost will be on
:05:13. > :05:16.the people who vote for this. And the gains will not be enough for
:05:17. > :05:28.them. Where does this push politics first -- that they have to consider.
:05:29. > :05:32.I have to wrap it up, in general, for Lehman, anytime at tax cut will
:05:33. > :05:37.give a shot in the arm for the US economy, we should see a boost? --
:05:38. > :05:41.laymen. If it happens, they will benefit. Thank you for coming in.
:05:42. > :05:46.And you have just made it in the nick of time. His taxi was late.
:05:47. > :05:48.Japanese companies have been making headlines,
:05:49. > :05:59.Fujifilm - still exists! - has delayed its most
:06:00. > :06:00.recent earnings report after it
:06:01. > :06:04.And Toshiba is restructuring its business after its US
:06:05. > :06:07.The Bank of Japan starts its monthly policy meeting today.
:06:08. > :06:10.Is the central bank doing enough to reform corporate governance?
:06:11. > :06:13.Rico Hizon is in our Asia Business Hub in Singapore.
:06:14. > :06:21.That is a lot to cover, Rico! Is the central bank doing enough to reform
:06:22. > :06:28.corporate governance? It is a bit messy. Yes, it is a bit messy. That
:06:29. > :06:36.has been one of the pillars of Prime Minister Shinzo Abe and he is
:06:37. > :06:40.Abenomics reform programme. That looks at this point like there is
:06:41. > :06:44.not enough political will to push through with clear corporate
:06:45. > :06:49.governance in Japan -- his. That will be a key point to be discussed
:06:50. > :06:54.in the Bank of Japan meetings over the next two days and they will also
:06:55. > :07:03.tackle the economy and monetary policy. The bank of Japan, Aaron, is
:07:04. > :07:07.basically, maybe, upgrading growth projections for the new financial
:07:08. > :07:10.year but they are also expected to lower inflation projections owing to
:07:11. > :07:15.the rebound in global trade. Japan has seen a marked increase in
:07:16. > :07:20.exports, employment growth and industrial production and the IMF
:07:21. > :07:23.has raised GDP growth outlook for the year in the latest world
:07:24. > :07:29.economic outlook report. Monetary policy won't likely see movement on
:07:30. > :07:33.interest rates at this meeting. Corporate governance as we have
:07:34. > :07:36.discussed will be key because over the last few months we've seen
:07:37. > :07:42.Japanese companies such as Fujifilm and Toshiba making headlines because
:07:43. > :07:48.of poor corporate governance issues, so we will likely see key discussion
:07:49. > :07:56.during this meeting of the board members of the Bank of Japan over
:07:57. > :08:00.the next 48 hours. OK, Rico, I know that you are going to get your eyes
:08:01. > :08:05.on that, and I will too, if I can. It is not the most exciting, though,
:08:06. > :08:09.is it, seriously! OK, good on you, Rico!
:08:10. > :08:11.With South Korea's presidential election drawing near,
:08:12. > :08:13.questions are being raised about how corruption in the country
:08:14. > :08:16.was allowed to flourish at the highest levels
:08:17. > :08:20.It brought down the President but will the election mean change?
:08:21. > :08:22.Our Asia business correspondent Karishma Vaswani reports from Seoul
:08:23. > :08:29.on why it's so rare for employees to speak out.
:08:30. > :08:36.Get up, get on the train, go to work, repeat. It is this uniform
:08:37. > :08:41.structured formula that has helped create the massive conglomerates
:08:42. > :08:44.known as chaebols here. In order to succeed you have to follow the
:08:45. > :08:54.rules. Speaking out of turn means you might pay a high price. The 2017
:08:55. > :09:01.whistleblowers awards, it is an exclusive club that nobody really
:09:02. > :09:05.wants to join. This man said Hyundai tried to cover up a series of engine
:09:06. > :09:09.defects when he worked there. He brought the cases to light at the
:09:10. > :09:14.expense of his career. TRANSLATION: Look at me now. I am fired and I
:09:15. > :09:19.won't be able to find another job. Before I had a high salary with
:09:20. > :09:26.lifelong employment. I am close to retirement. It is a lot to ask
:09:27. > :09:32.someone with many years ahead. Those who speak out no doubt they are
:09:33. > :09:36.marked. One man is the leader of a Samsung union that isn't really
:09:37. > :09:41.recognised by the company. He says it is the structure of chaebols
:09:42. > :09:44.which leaves workers powerless. TRANSLATION: I realise this group
:09:45. > :09:51.management structure meant nothing could be addressed without approval
:09:52. > :10:00.from the very top. It is a problem rooted in economic history. Chaebols
:10:01. > :10:08.families would use capital raised from listed shares in company A to
:10:09. > :10:14.purchase stakes in company B and use capital from that to purchase
:10:15. > :10:17.company C, until you have this, founding families with
:10:18. > :10:21.disproportionate control with just a few shares in most entities. Every
:10:22. > :10:30.now and then someone emerges from this web intact. Every week, this
:10:31. > :10:36.man leads a small union meeting. He was fired when he reported his firm
:10:37. > :10:41.for deliberately overcharging customers and for the case in court.
:10:42. > :10:46.He won. TRANSLATION: I am famous as a whistleblower. I have won six
:10:47. > :10:51.lawsuits against KT and now no one bothers me, not even my boss. I am
:10:52. > :10:55.untouchable. It is only the rare few who have nothing to lose who would
:10:56. > :11:02.dare to speak out. And until that changes, corruption can often go
:11:03. > :11:04.uncheck all the way to the top. -- unchecked.
:11:05. > :11:05.Good on you. Shares of McDonalds jumped by more
:11:06. > :11:10.than 5% in US trade, after the fast food giant reported
:11:11. > :11:13.better than expected in the first Maccy Dee's pocketed
:11:14. > :11:16.a profit of $1.2 billion. That's an increase 8% compared
:11:17. > :11:21.to same period a year ago. Singapore has retained its crown
:11:22. > :11:24.as the maritime capital of the world, according
:11:25. > :11:26.to a respected biannual ranking. The Asian city topped the tables
:11:27. > :11:29.followed by Hamburg, Oslo, Shanghai and London, according
:11:30. > :11:32.to the International Chamber Don't forget you can get in touch
:11:33. > :11:50.with me and some of the team I will be back with James to take a
:11:51. > :11:56.look at some of the papers from around the world.