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tv   Asia Business Report  BBC News  June 10, 2019 1:30am-1:46am BST

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at a law that would allow suspects to be extradited to mainland china. there were violent scenes when police tried to clear demonstrators from outside the city's legislative council. earlier on sunday, organisers say as many as1 million people marched through the streets in opposition to the extradition plan. one of the leading contenders to become britain's next prime minister has admitted he committed a crime when he took cocaine 20 years ago, before he became a politician. and this story is trending on bbc.com. rafael nadal‘s victory at the french open has put him in the record books. he has become the first player to win 12 singles titles at the same grand slam competition. that's all, stay with bbc world news. and the top story in the uk:
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an investigation has begun into a fire in east london which forced residents to spend the night in temporary accommodation. now on bbc news, live to singapore for asia business report. pound pressure. how the race to number ten downing street is affecting the price of stirling. trade war impact. what numbers out this week will tell us about the us— china trade war —— sterling. hello and welcome to this monday edition of asia business report. i am sharanjit leyl. of asia business report. i am shara njit leyl. now, of asia business report. i am sharanjit leyl. now, the pound remains under pressure this morning as the contest to find britain's next prime minister officially kicks off later. that is as nominations for the leadership of the ruling conservative party are set to close,
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and with a very real possibility of and with a very real possibility of ano and with a very real possibility of a no deal brexit looming, traders are braced for more falls in stirling. this is where it is trading right now. earlier i asked a market analyst where he sees the pound heading next. firstly, the theresa may resignation was seen as somewhat of a sitting duck eventful financial markets, that investors knew would come at some point because of the speculation over her resignation that has now persisted for over two years. but now what traders are looking for is the sleeping giant events, and that is brexit. now, everybody knew that brexit. now, everybody knew that brexit was coming, and we still know it is coming, but now that giant has been very slowly awoken because the october deadline is slowly looming. now, what is the risk to the pound is ifa now, what is the risk to the pound is if a eurosceptic pro brexiteer wins the race for number ten downing street. we cannot rule out losses in the pound to extend beyond a further
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596, the pound to extend beyond a further 5%, which is quite a significant distance because at the beginning of may the british pound sterling was 1.32. it had fallen already to 1.25. it could go another 5% from here. 1.32. it had fallen already to 1.25. it could go another 596 from here. we know that investors have shied away from making really big bets over sterling because of all the brexit issues, but we know the leadership contest, as we have been seeing, is heating up. are any of the front runner candidates, one of whom has admitted to taking cocaine, seemed to be positive or negative for the pound? well, generally brexit has been as unpredictable as the british weather, and even entering the summer weather, and even entering the summer period umbrellas could still be out because there are some eurosceptic candidates, some pro brexiteer candidates such as boris johnson, who has admitted and claimed that he would be prepared to ta ke claimed that he would be prepared to take the united kingdom out on a no deal brexit in a couple of months‘ time. now, that means a great deal of uncertainty for the united
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kingdom economy and for investors, and this is why a no deal brexit is still seen today is the most negative potential outcome for the british stirling. let's stay with brexit, because the uk secretary of state for international trade, liam fox, will be signing an agreement in principle on trade with south korea. now, remember, the uk cannot sign a formal agreement until it leaves the eu. our business reporter mariko oi has the details. that's right, this is an agreement to agree in the future because as you said the uk can‘t sign a formal deal until it leaves the eu. nevertheless, liam fox has been very busy negotiating possible bilateral trade deals with various countries across asia, and he will be signing this deal in principle with his south korean counterpart in just under an hour‘s time. this is the first trade
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agreement in principle here in asia, and it is very important for the uk. because if you remember south korea has a free trade deal with the eu which has benefited the uk until now, but it will no longer be in effect after brexit, and from the south korean perspective, the uk is the second biggest trading partner in the eu after germany, so it was important for seoul to come to this agreement as well. the uk will continue negotiating a similar deal with japan, which hasn‘t been successful, as well as china. china and the uk have said they will start negotiations after brexit. thank you for that update. we are set to get some signals this week of how the us- some signals this week of how the us— china trade war is impacting the world‘s two biggest economies. chinese car sales are under scrutiny on tuesday, it is the largest market, it has been weakening since last year and at the same time the us tariffs increases are likely to have a significant impact on china‘s exports of auto parts. on wednesday
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we get inflation numbers from both china and the us which may give indications about whether tariffs have started to feed through to what consumers are paying for imported goods. earlier i was joined consumers are paying for imported goods. earlier i wasjoined by an investment officer and i started by asking her, with the threat of the us tariffs on mexico off the table, what her concerns were about the global economy now. well, i think the question of what the economist has called the weapon of mass destruction, using tariffs and trade really is a way to get another agenda, including political gender, remains. clearly the dispute with china is important to the global economy and we have to remember global trade is important to gdp. the resolution with mexico, interestingly, there was news this morning that apparently a deal in
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agriculture would have been discussed but mexico doesn‘t really recall discussing it. ithink discussed but mexico doesn‘t really recall discussing it. i think that is not over. what we‘re saying is a few things. number one, the global economy is slowing down. part of it is global trade, part of it is a very elongated cycle. for the markets, it is bad news and good news. as we see clearly the prospect of cuts in rates. clearly central banks around the world are more diverse, and for the markets, that could be of support if we don‘t fall into a recession. the second thing is really the political agenda ahead of the us election, and there, you know we‘re going to talk about china, we are going to talk about immigration, and we‘re going to talk about growth. and trump has wanted a rate cut for awhile. it is going to be really interesting in the next 12 months. that's right, a long list of things to watch, but one of the most interesting things is we have china, the world‘s biggest car market, and certainly they are not buying as
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many cars as they used to. is this an indication perhaps china, which is the world‘s second—largest economy, a lot in asia and this region rely on it as a trading partner, is this an indication it is slowing faster than it is admitting? i think you can‘t only look at car sales. you have to look at a series of things. we are expecting retail sales, which are also coming this week, to be above 7%. the economy in china is finding its new footing in terms of its revolution and it is maturing. what we know is because of the target that was set up, what will have been ten years ago in 2020, two double income per capita, is very important to president xi, and for that we need gdp growth of at least 6%. so i think we will see measures to support in terms of loa ns, measures to support in terms of loans, in terms of consumption, fiscal and monetary policies, rate cuts, we will see a lot of other things, so cars are not the only
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thing. in other business headlines, united technologies has agreed to buy raytheon. as one of the defence industry‘s biggest deals ever, it would see united technologies spin off its carrier air—conditioning business. renault has signalled it will block reforms proposed by partner nissen in the wake of the carlos ghosn scandal. the french carmaker has informed its japanese counterpart it planned to abstain in a shareholder vote on the plans. now, this month on our ceo secret series, we‘re looking at young entrepreneurs. and today it is turn of amy golding of the firm opus. she became ceo of the recruitment firm at the ripe old age of 31. here is
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some of her advice. i think people are some of her advice. i think people a re often some of her advice. i think people are often surprised when they meet me, as the ceo of a £100 million global company. i don‘t know what they were expecting, but i guess it is not someone that looks like a 12—year—old. very early on in my career, i got my first feedback. it was that i was doing a really good job, but if i wanted to progress, then i would have to act less young and less girly, which is quite difficult feedback to action. the way that i‘ve been able to be taken seriously as a leader at a young age is by never pretending to know more than i did. you know, i‘ve always felt very much part of the team, not
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running a team. i don‘t have, you know, a separate office. i‘m on the move all the time. i go where i‘m needed, do what is needed, and i‘ve never had to act less young or less girlish. let's take a look at those markets before we go, because as you can see they have opened higher here in asia, pretty much taking their cu es in asia, pretty much taking their cues from wall street, which also had a good day on friday. i should also just had a good day on friday. i should alsojust add that had a good day on friday. i should also just add that japan had a good day on friday. i should also just add thatjapan has come out with some revised growth figures. it is saying it has analysed growth for the first quarter and it is actually 2.2%, it was expected to be revised down. that is it for the show. this is bbc news. the top stories this hour: police in hong kong are still dispersing activists defying orders to clear the streets after a massive protest. organisers say more than a million people turned out to protest against an extradition law, which will allow suspects to be
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handed over to the mainland authorities. authorities put the number of protesters at around 250,000. five teenagers arrested in connection with a homophobic attack on two women on a london night bus have been released on bail. a group of young men began harassing the women after discovering they were a couple, and asked them to kiss while making sexual gestures. the suspects were questioned on suspicion of robbery and aggravated grievous bodily harm. a southampton theatre has been forced to cancel its last performances of a gay and lesbian play after some of the cast reported that they had been victims of a homophobic attack. two women actors say they were verbally abused and one was struck in the face with a flying object as they made their way to the nuffield theatre, at southampton university. the police are now investigating, as roger finn reports. two actors, who are also partners, pausing before they leave
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southampton after what they say was a shocking ordeal. yesterday morning, they were on their way to the nuffield theatre on the university campus where they were due to perform in the award—winning comedy rotterdam. they say they were kissing when a car drew up. we kissed once, and i saw the car approaching out of, like, my eye. and then, we kissed again. you know, like, you kiss, you laugh, and you kiss again. and then they shouted something out of the window, and i felt something hit my face, but i was turned this way. and i felt it hit my face, it knocked me down, and then i could hear laughing, because the car window was down as they were driving off. it was obviously quite upsetting, because i didn't really know what happens. i heard some shouts, and then luce was in pain and on the floor and, like, was struggling to breathe properly, and i was trying to calm her down. i heard boys‘ voices, young boys‘ voices, and then laughing as
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they were going off. not really sure why they were laughing. it‘s not really funny to do that. the play they are in is described as a queer love story which explores issues of gender and sexuality. we‘re just people. we‘re just two people looking for happiness, like everybody else is, so i don‘t really understand why we‘re met with aggression from strangers to strangers. a 55—year old woman has died after being struck by lightning in the highlands. she was hiking near kinlochleven when she and another member of her group were hit. much more on our website, but that is it for me. now on bbc news, sport today. hello, i‘m tulsen tollett and this is sport today, live from the bbc sport centre. coming up on this programme: rafael nadal is still the king of clay as he beats dominic thiem to win the french open title
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for a record—extending 12th time. italy stun australia with a last—minute winner at the women‘s world cup. we‘ll round up all the action from day 3. shikhar dhawan narrowly avoids running out his captain kohli — and hits a century as india beat australia, to make it two wins out of two at the cricket world cup. and despite crossing the line first, sebastian vettel is penalised five seconds for dangerous driving meaning lewis hamilton wins the canadian grand prix. hello and welcome to the programme where we start with the tennis news that rafael nadal has claimed a historic 12th french open title and 18th grand slam crown on sunday with a four set win over austria‘s dominic thiem. it‘s made him the first player to win the same slam tournament 12 times and puts him just two behind roger federer‘s all—time record of 20 majors.

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