tv Asia Business Report BBC News December 19, 2017 1:30am-1:46am GMT
of competition with global powers like china and russia. in a speech outlining his national security plan for america, he also said the us had no choice but to deal with the challenge from north korea, although he didn't outline how. several people have been killed and more than 100 injured after a passenger train derailed from a bridge near the us city of seattle. and this video is trending on bbc.com: china says it has flown its first tourist flight to the south pole. 22 people were on board thejet, which made its way from south africa to antarctica. china says the trip opens the way for more visa—free travel to the frozen continent. that is all from me for now. stay with bbc news. and the top story here in the uk: the bbc has learned that inmates at liverpool prison are being kept in the worst living conditions inspectors have ever seen. a report into the facility identifies a lack of leadership,
at all levels, as the prime cause of the problems. now on bbc news, all the latest business news live from singapore. india's ruling party sees its majority squeezed, after elections in prime minister narendra modi's home seat, as voters react to his economic policies. and virgin's founder takes over a futuristic start—up and raises $50 million to keep it running. good morning, asia, hello, world. it is a tuesday. glad you could join us for another exciting edition of asia business report, i'm rico hizon. we kick off the programme with india, where
elections in prime minister narendra modi's home state of gujarat have seen a modi's home state of gujarat have seena dip modi's home state of gujarat have seen a dip in his majority. the optimism which brought him to power is beginning to fade. the indian economy is beginning to slow due to de monetisation and the imposition of taxes. we spoke to our top guru and author who thinks the country will regain its glow in 2018.” think india will go back to 80%. india needs to grow between eight or 996 if it india needs to grow between eight or 9% if it wants to enjoy the demographic dividend —— go back to 8%. demographic dividend —— go back to 896. it doesn't help when you see headlines that they are going to try and recapitalise state banks that have been failing for years. 0verlent, and now having to deal with non—performing loans. why are they still propping up unproductive industries? this is where i have fought with their finance minister.
personally i think that no country should have 70% of its assets controlled by the public sector. nonetheless, we have seen a series of what many economists globally are calling errors, the move to de monetise, the sales tax recently enacted, how much impact has this had? we enacted, how much impact has this had ? we have enacted, how much impact has this had? we have seen it have some impact on india, but in terms of future growth? i think that modi promised three things when he got elected. he said he would stop corruption, he would control inflation, and he would bring drop. well, —— bring jobs. inflation, and he would bring drop. well, —— bringjobs. well, inflation is under control. of course, he has been helped by low oil prices around the world. the jobs agenda is unfulfilled. that is the key agenda
for this government. president trump is seeking to change the status quo with a new national security strategy. he named china and russia as competitors, seeking to challenge the united states. it reflects president trump's america first slogan which aims to protect the american people and promote asperity. we will attempt to build a great partnership with those and other countries, but in a manner that always protect our national interest. so how is it likely that the world's number one and number two economies may start a trade war? by two economies may start a trade war? by posed that question. it is always ha rd to by posed that question. it is always hard to predict where things go at different points in time. it could be areas or sectors which could be impacted. people have been talking
about the automobile side. but what we are looking at when we talk to companies on the ground is really looking at areas where there is real growth coming in from china's domestic economy. and that has been unleashed by its biggest trend, which is human capital. so 5 million engineering graduates which are working within china, and that is quite apparent when we talk to companies on the ground, and the government really allowing companies or pushing companies to innovate further. that is really what this whole shift towards easter notation is. easternisation is. in the east has been significantly outgrown by the west. when you look at us there is enough evidence to show that the powershift is happening, that western companies are also looking at companies in the east and looking at companies in the east and looking at their business models. and when
you look at asia today, it is not just about being value added reduces, but importantly, asia is also giving the world value added consumers. it is notjust china, it is countries like india and indonesia and we are excited about these opportunities on the ground. so online companies, for example, even some of the automakers for the chinese market. now to our year end special, and today we focus on asia's second—biggest economy. it has not been a great year for the made injapan brand, and some of its biggest brands made news headlines for all the wrong reasons. the infamous apology by japanese executives became a familiar sight this year, thanks to this long list of corporate scandals, from toshiba to kobe steel, to yesterday when some of the biggest manufacturing
firms were accused of bid rigging to win deals from centraljapan railway. is there a breakdown in how business is done injapan? 0ur correspondent said absolutely not. it isa correspondent said absolutely not. it is a resurgence of the japanese way of doing business. top quality. you know, as the world gets more competitive, as china is emerging as a real competitor, japan is upping the game. the control for super, super top quality, that is what this is all about. japan is actually getting better as we move. so will these revelations and scandals further strengthen corporate governance in japan? absolutely, you are making a very important point. you will remember around 1.5 years ago japan tightened its you will remember around 1.5 years agojapan tightened its corporate governance standard, so managers for the first time really in the history of japan the first time really in the history ofjapan are being held the first time really in the history of japan are being held accountable to the very highest standards, both in terms of quality control, but also in terms of shareholder value
creation. so you know, the fact that you do have management being held accountable is actually a great sign that corporate japan is improving and getting ready for a more competitive world. so if this is a positive thing that is taking place, these scandals, will this lead to more revelations in 2018, more misdeeds being revealed ? more revelations in 2018, more misdeeds being revealed?” more revelations in 2018, more misdeeds being revealed? i think that, you know, you never know what is going to be coming down the pike here but the one thing that is for sure, you have injapan, you know, the pressure and the accountability to being held to the very highest standard, to actually perform to the top 0.1% rather than the sort of... we can also do this kind of standard, that is what corporate japan is focusing on, and that is really where prime minister abe is tightening the screws, because he knows that in order to be a top tier
country, to be a top tier country, you have got to have the highest standards, and the government plays its role in enforcing that those standards are being held. transport start—up virgin hyperloop has appointed richard branson as its new chairman and started a new round of financing. iamjoined chairman and started a new round of financing. i am joined by my colleague. should we be surprised by richard branson's appointment? not really, because richard ranson actually invented in hyperloop back in october, so we had the virgin name at the top of the company. him being named chairman doesn't come as a huge surprise. he has this reputation for taking these big business risks, and hyperloop com pletely business risks, and hyperloop completely fits that mould. it is a futuristic train company which is looking to cut the travel time between major cities. so in the future, once this is up and running,
they are hoping it will only take 30 minutes between washington, dc and new york city. so theyjust recently did another test run and they hit a new speed record of 240 mph at the test site in las vegas. so it has very exciting ambitions. it also means it is bleeding cash, so it managed to get a financial lifeline from two new companies, from a russian firm as well as from a company in dubai. they are all putting money into virgin hyperloop, which will keep these operations going. this is amazing technology and innovation at richard branson will be competing against elon musk. this is interesting, because it was actually conceived by elon musk, it was his idea, but also that of a man who is on leave after being accused of sexual misconduct, as well as
another engineer. but they are dealing with not just another engineer. but they are dealing with notjust programme but leadership issues. hopefully hyperloop can fix that. and before we go, here is a quick look at the markets and it is an up heat session right now for asia. the nikkei and australia currently in positive territory, together with the south korean index, after wall street rose to new milestones overnight as us republican lawmakers moved closer to passing tax—cut legislation. and potentially there could be more. thank you for investing your time with us. i am rico hizon, sport todayis with us. i am rico hizon, sport today is up next. the top stories this hour: president trump says the united states faces a new era of competition with rival powers such as china and russia. several people have been killed and more than 100 others injured after a high—speed passenger train crashes off a bridge near seattle, in the north—west of america. police in lebanon have arrested an uber driver in connection
with the murder of a 30—year—old british diplomat in beirut. the body of rebecca dykes, who worked at the british embassy in the city, was found beside a motorway over the weekend. officers say she had been strangled and sexually assaulted. 0ur middle east correspondent quentin somerville reports. becky dykes fell in love with lebanon. she had onlyjust moved here full—time, but she was deeply committed to her work, helping the country cope with the influx of refugees from syria. there was a final night out before she returned home for christmas — a colleague's leaving do at this bar here in gemmayzeh. at around midnight, she called a taxi, an uber, to take her home. she was never seen alive again. she was driven out of beirut. her body was found by a highway the next day. she had been strangled and sexually assaulted. a 35—year—old lebanese man is in police custody. the suspect is believed to be an uber driver. he has worked for the company for a short period of time. here in beirut, uber is generally seen as a safe way of getting about,
especially by women on their own. the company responded in a statement, saying that it was horrified by this senseless act of violence, and that it is fully cooperating with the police investigation. lebanon's dark days lie mostly in its past. in these neighbourhoods, there is now a relaxed approach to personal safety. this is not the first attack of its kind, but they are rare here. we all drink in this area, we go out on friday and saturday nights in this very neighbourhood, which is usually very, very safe. so i think we're alljust deeply saddened that one of our friends left by herself and just didn't come back. at the british embassy, staff are heartbroken. the ambassador took to social media and said, "the whole embassy is deeply shocked. it was a tragic loss." embassy staff are now providing consular assistance to the family of one of their own.
becky dykes hadn't been in lebanon long, but she had already made a big difference. her friends say that is how they want to remember her — as someone who cared, a bright star just beginning her career, and a woman who had already helped improve the lives of the most vulnerable here in lebanon. quentin sommerville, bbc news, beirut. the right reverend sarah mullally has been named the new bishop of london, making her the most senior clergywoman in the history of the church of england. she became a priest in 2001, after spending over 35 years working as a senior nurse for the nhs. bishop sarah will be the third woman to run a diocese, and will take up a seat in the house of lords. time now for all the sports news in sport today. hello. this is sport today, live from the bbc sport centre. i'm tolsen tollet. coming up on this programme:
everton's resurgence under sam alla rdyce continues with a glyfi sigurdsson stunner sinking swansea in the premier league. australia target a series whitewash after regaining the ashes with a thumping victory over england in perth. and american rapper, puff daddy, is ready to pounce for the carolina panthers in the nfl. hello, and welcome to the programme. we start with the footballing news that everton have made it four wins from their last five played as they continue their resurgence in the english premier league. sam allardyce's side beat bottom placed swansea city 3—1 at goodison park and move up to ninth in the table. leroy fer had opened the scoring in the 35th minute for the visitors but dominic calvert lewin scored from the rebound after a wayne rooney penalty was saved. then gylfi sigurdsson grabbed a super goal against his former club to compound their misery before a late rooney penalty means manager alla rdyce is yet to lose since taking over at the beginning of the month.