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tv   Asia Business Report  BBC News  November 30, 2018 1:30am-1:46am GMT

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news. our top story: president trump's former lawyer michael cohen pleads guilty to lying to congress over mr trump's business interests in russia. michael cohen admitted making false state m e nts michael cohen admitted making false statements about a project to build a trump organisation skyscraper in moscow. president trump and his chinese counterpart are in argentina for the 620 summit. the world is watching to see if they can thrash out their differences over trade. and this video is trending on bbc.com. a british politician reveals he has been hiv positive for 10 years in an emotional address in parliament. lloyd russell moyle said he wanted to encourage people to get tested ahead of world aids date. —— world aids day. that's all. stay with bbc world news. and the top story in the uk: in shropshire, the head of a much—criticised nhs trust resists calls to resign. now on bbc news, live to singapore for asia business report.
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face—off in buenos aires. donald trump and xijingping have face—off in buenos aires. donald trump and xi jingping have arrived in argentina for the 620 summit, and everyone‘s looking forward to the crucial trade talks. taiwan and the trade dispute. how the island nation is dealing with the fallout of the conflict between china and the united states. 6ood good morning, asia. hello, world. it's a friday, glad you could join us it's a friday, glad you could join us for another exciting addition of asia business report. i'm rico hizon. the 620 summit is our main story at this hour, kicking off in buenos aires, argentina later today
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and the main focus will be the first face—to—face meeting between us president donald trump and his chinese counterpart xi jingping since their trade war began. both leaders have arrived in the capital. investors, businesses and politicians will be watching the event very closely to see whether the leaders of the two biggest economies can strike a deal to diffuse tensions. from the event, the head of the world trade organization told the bbc‘s daniel 6allas that global trade faces its biggest challenges in more than 70 yea rs. i would say it's the worst crisis not for the wto but for the whole multilateral trading system since 1947. this multilateral trading system since 19117. this is the moment when some very basic principles of the organisation, principles of cooperation, principles of nondiscrimination, are being challenged. the bbc‘s michelle fleury annemarie koori cup me earlier why this meeting is so crucial to america,
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china and asia as a whole —— and mariko oi. the administration has made a point of saying the relationship with trading with china is unfair. there are unhappy with this. you mix that with the message trump delivered during the election campaign and since he came to office, he promised to revive manufacturing and to stand up to revive manufacturing and to stand upfor to revive manufacturing and to stand up for american businesses —— they are unhappy. he's lucky, the timing comes when the us economy is doing well. 6dp comes when the us economy is doing well. gdp is doing well. he can afford to take on a battle. he has got the support of republicans and many blue—collar workers who see this as part of that providing american good paying jobs for the middle—class. the question is, going forward , middle—class. the question is, going forward, if this is protracted, how long can the economy with stand this? mariko, there is certainly no winner ina mariko, there is certainly no winner in a trade war, but the consensus is that china will be in a weaker
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position? that's right, rico, and that's because american tariffs on chinese products only cover about half of them. washington can do a lot more if it chooses to, while beijing tariffs on american products already cover more than 90% of them. it has less wiggle room, if you like. when it comes to policies beijing has been implementing, in order to cushion the impact from the trade war, there's not much more beijing can do and that's why many experts think china is in a weaker position in this trade war. absolutely. michelle, what does president donald trump want from xijingping in this meeting to resolve this trade dispute? in simple terms, better access for american companies, more protections for intellectual property. listening to... reading the tea leaves if you like going into this meeting, you heard tough comments earlier this week from president trump's top economic adviser. on the plane
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travelling to buenos aires there seemed to be a softening and the opening of a deal possibility. nobody expects this to be resolved but perhaps the chance to delay some of these tariffs to bring down the temperature and allow more discussions, to see if something can be reached. the fact peter navarro, one of trump's top trade negotiators is going to be in the room at the dinner on saturday evening, he is considered one of the tougher people within his administration on this trade tensions, that is seen as a sign that they intend to be tough negotiators. indeed. many investors on the edge of their seats hoping a resolution will indeed take place in buenos aires during the 620 summit. mariko, are there any companies in asia that might benefit from this trade war? rico, it's important to emphasise experts think no one will win this trade war. according to nominate, some asian countries might benefit.
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we're talking about two things, countries might start to replace foreign imports with domestic products and in that category, asia is likely to benefit. countries might start to die version investments from china to avoid those high tariffs, and in that sense, according to numara, vietnam is set to win. but it's important to emphasise that many experts agree that if this continues, if this drags on, many asian countries will suffer. mariko oi in our singapore newsroom and michelle fleury in the new york bureau. meanwhile, donald trump has cancelled a planned meeting with president putin of a naval clash between ukraine and russia. on twitter, the us president said he would not meet his russian counterpart at the 620 summit based on the fact the ships and sailors have not been returned. on sunday, russian border guards fired on three ukrainian ships and seized their ci’ews ukrainian ships and seized their crews off the crimean peninsula.
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worries about the us china trade war and how long it could drag on is all so and how long it could drag on is all so in fact in taiwan, located just next to mainland china. the island nation sees opportunities from this ongoing trade dispute and has been actively wooing investors. cindy sue has the details. these robots are being put to work at this new factory in taiwan, which makes smart tinting glass. it's a $100 million investment by a us company, kinestro technologies. the us trade award was one of the reasons why the company chose taiwan over mainland china. we were worried about tariffs but also theft of intellectual property. those two things would be a death kneu those two things would be a death knell to our business. if a company like us, a small start—up manufacturing company, at mainline china we would sign a suicide note effectively. patents are crucial for us. effectively. patents are crucial for us. taiwan has a respect for ip that
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is equal to the us. kinestro is one ofan is equal to the us. kinestro is one of an increasing number of multinationals, including 6oogle and amazon, that have already set up manufacturing and research facilities in taiwan. that's in the past three years, or they hope to in the near future. taiwan is actively trying to attract foreign companies with promotional videos, such as this one. taiwan's economic officials tout the island's advantages. translation: our industrial clusters are ready. our industrial clusters are ready. our talent is ready. the investors understand the trade war is long—term, so they are definitely reassessing where to locate their production bases. this future industrial park located in sinju county, known as taiwan's silicon valley, is among 11100 hectares of land taiwan plans to make available for investors. like many countries, taiwan faces a
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lot of risks from the ongoing us china trade war. but the government here says this is also a great opportunity for the island to convince foreign investors to invest in taiwan instead of mainland china and to lure back chinese investors. taiwanese businessmen, some of the earliest and biggest investors in china, are also thinking about switching investments back to taiwan, especially as the cost of production on the mainland has increased in recent years. but even as kinestro opened this new factory in taiwan, the huge chinese market cannot be ignored. it hopes to someday make windows in the mainland for the growing chinese middle—class and to export to the us. but only when the trade war shows signs of easing, and china protects intellectual property rights. cindy su, bbc news. in other business news, in germany, the deutsche bank headquarters in
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frankfurt have been raided in a money—laundering investigation. the country's public prosecutor alleged to staff members helped clients launder money for criminal activities. earlier this month deutsche confirmed it was involved in processing payments in estonia for denmark... a japanese in processing payments in estonia for denmark... ajapanese pilot has been jailed for denmark... ajapanese pilot has beenjailed in london for ten months after being caught more than nine times over the alcohol limit. catcher carlos 6hosn jitsukawa times over the alcohol limit. catcher carlos 6hoanitsukawa was arrested last month when he prepared to fly a passenger jet from heathrow japan airlines said they would introduce a new breathalyser system at overseas airports. the carrier said there had been 19 cases were failed alcohol tests occurred. buyer plans to sell lands including foot ca re plans to sell lands including foot care and plans to sell lands including foot ca re and sunscreen. plans to sell lands including foot care and sunscreen. they are part of a cost—cutting drive that includes about 12,000 job cuts —— they are. it follows their takeover of monsanto. the layoffs will account
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for one in ten workers worldwide, with a significant number going in its home country of germany. let's have a quick look at the asia—pacific markets. we start off with the nikkei 225 up marginally by 25 and the all ordinaries index down 29 and the hang seng gaining 55 points in early trade. a volatile friday after wall street sees off after trump's tough talk on trade. thank you so much for investing your time with us. i'm rico hizon. sport todayis time with us. i'm rico hizon. sport today is up next. this is bbc news. the top stories this hour: donald trump's former lawyer michael cohen has pleaded guilty to lying to congress about contacts with russia. president donald trump has just arrived in argentina for the 620 summit of world leaders. he is due
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to meet china's xi jingping on the sidelines to try to resolve the us—china trade war. the funerals industry in britain is to face a major investigation after the competition watchdog found prices have soared by two thirds in the last decade. personal finance correspondent simon 6ompertz has more. not justified, that's how the competition regulator describes the experiences of bereaved family members like kaye in lincolnshire. her mum jo's recent funeral cost nearly £11,000. yet her dad ken's, a full 18 years ago, cost only £1,100 from the same funeral director. it is a lot of money. and i was doing some of the running around. and although the funeral directors were very good, it makes you wonder what they do for it, at a time when people aren't going to question it. so this is what's happened to the cost of the average funeral. it's now nearly £11,300, a rise of 68% over ten years, close to three times the rate that
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other prices have gone up. an important part of most of them, the cremation, costs £737 — after an even faster rise of 84%. we have been worried about the practices, particularly of the larger funeral providers, who have followed policies of year—on—year price increases over the last decade, and that's resulted in prices varying a lot in the same area. so in the same area, you could be charged £1,000 more for the same service. co—op funeral care and the very biggest chain, called dignity, say they have started to cut some prices, but kaye believes families are being exploited at a time when the last thing they want to do is haggle about money. simon 6ompertz, bbc news. the british citizen killed in an attack on a compound in the afghan capital kabul, run by the uk security firm 64s, has been named as 33—year—old luke 6riffin. gas says five of its employees were killed in the taliban attack yesterday. dozens more people were injured.
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the rail regulator has ordered network rail to urgently address shortcomings in its handling of britain's rail infrastructure or face a fine. it said punctuality and reliability on the system were at their lowest point in five years. network rail said it was committed to working closely with train operators to improve its performance. lots more on our website. i'm on social media. now on bbc news, sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme: it may be the biggest club game in south america, but the copa libertadores final looks set to move continents. five out of five. chelsea and salzburg claim top spot in their groups with a clean run in the europa league. and the darkest day of my life.
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the war of words continues in indian cricket after the women's t20 world cup semifinals. hello and welcome to the programme. we start with the news that the final of the copa libertadores is set to take place more than 6,000 miles from its original venue in buenos aires. the second leg between river plate and boca juniors should have been staged last weekend, but a number of boca players were injured when their team bus was attacked on its way to the monumental stadium, prompting it to be postponed. the south american confederation has revealed the tie will now be played at the home of real madrid, the bernabeu, on the 9th of december. they've also said river plate will be fined $400,000 for the incident which caused the second leg to be called off. they'll also have to play their next two home games in a conmebol competition behind closed doors. boca juniors‘ request to have river plate disqualifed from the final was rejected however the club has said it

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