tv Asia Business Report BBC News August 27, 2019 1:30am-1:46am BST
been quick to reject the idea. the us pharmaceutical giantjohnson &johnson has been ordered by a judge in oklahoma to pay a fine of more than $500 million for fuelling an epidemic of pain—killing opioids in the state. the ruling is being seen as a test case for litigation against drugs companies across the united states. and this video shows one of the fastest—sinking cities in the world. the indonesian capital is to be moved from jakarta, seen here, to the island of borneo 1,200 kilometres away. jakarta is home to more than 10 million people, but it sits on swampy land and is slowly sinking. that's all. stay with bbc world news. and for the top stories and more in the uk, take a look at the bbc website.
that's bbc.co.uk/news. now on bbc news, live to singapore for asia business report. austeo jordan is drugmakerjohnson & johnson to pay more than $500 million over its part in fuelling america's painkiller epidemic. we look at the country's house prices a year after foreigners were barred from most of the market ‘s. welcome to asia business report, i'm sharanjit leyl. welcome to asia business report, i'm shara njit leyl. we welcome to asia business report, i'm sharanjit leyl. we start with america's opioid crisis and johnson &johnson has america's opioid crisis and johnson & johnson has been america's opioid crisis and johnson &johnson has been ordered to pay
$572 million for its part in fuelling the painkiller crisis in 0klahoma. shares of the us drugmaker actually rose on the news as the ruling was much lower than the $17 billion the state had been seeking. the bbc‘s samira hussain has more. the bbc‘s samira hussain has more. thejudge in the bbc‘s samira hussain has more. the judge in oklahoma the bbc‘s samira hussain has more. thejudge in oklahoma said johnson & johnson was responsible for fuelling the opioid crisis but the company was only fined $572 million, a fraction of the $17 billion the state of oklahoma was asking for. in a brief statement made by the judge, he indicated the fine being levied on the company was the maximum amount he could force them to pay. lawyers for the drug maker argued physicians knew the risks associated with opioids and abusing the drug could lead to overdose and death. ultimately, though, it was the state's argument that the aggressive marketing tactics helped to flood
the market with drugs, leading to thousands of overdose deaths in the past decade 0klahoma alone. this court case is being closely watched because it really opens the door for other lawsuits against drug companies, and it's whyjohnson & johnson has already said it will appeal the decision. if the company is found responsible in this particular case, it could be found responsible in other pending lawsuits or lawsuits that have yet to be filed. samira hussain in new york. turning to the trade war, because stock markets have risen after donald trump said ports with china will restart very shortly. in asia, this is how markets are doing, the nikkei sharply up over 1%, taking its cues from the us. asia fairly flat, but wall street had a huge rebound from friday's massive losses due to the us president's comments
because it came after a sharp escalation in tensions between washington and beijing over the weekend. i think they should make a deal and i think they should make a deal and i think if they don't make a deal it's going to be very bad for china. and i very much appreciate the fact that they came late last night and they said they want to make a deal, they said they want to make a deal, they want it to be under calm circumstances. it was a little different kind of a statement, i thought it was a beautiful statement. earlier i asked an international trade expert, alex capri, whether the stock market volatility is the new norm. markets need to settle in and look at the landscape as its transforming under these different trade scenarios and all of them involve uncertainty going forward. 0bviously we're hearing very mixed signals from washington, from president donald trump, from china as well, so really no sense of a resolution to this trade crisis. again, if i'm looking at this from a
corporate perspective, managing cross—border value chains, i'm looking to really bolster my internal compliance team. what was interesting about the biarritz g7 was the amount of talk about other types of trade agreements, it wasn't just china—us, it also involved certainly the us mca, uk us, japan us, even us eu. that's a lot of work coming upfor us, even us eu. that's a lot of work coming up for compliance experts at companies when it comes to nontariff barriers, figuring out the new tariff schedules and so forth. that will be a new challenge for a lot of these companies having to deal with this new territory. absolutely. what would you suggest they do and what advice would you give these businesses? businesses should be mapping out different scenarios catered towards different types of outcomes from these trade talks. there the extreme scenario where ta riffs there the extreme scenario where tariffs are imposed and they stay in place, maybe they even increase, what does that do to supply chains?
but even more importantly, companies should be paying attention to nontariff measures stop these are, for example, licensing requirements, export controls... but these have a lwa ys export controls... but these have always existed, business regulation, but these are a bigger challenge than some of the tariffs?” but these are a bigger challenge than some of the tariffs? i would say it's going to become and will become a bigger challenge because of the complexity because these types of nontariff measures are becoming more pervasive. that'sjust going of nontariff measures are becoming more pervasive. that's just going to be part of life for doing cross—border business. be part of life for doing cross-border business. alex capri. a key focus of the trade war is china's currency, the yuan. the trump administration has labelled beijing a currency manipulator, claiming it keeps the yuan value unrealistically low. yesterday the currency touched an 11 year low and earlier i asked a chinese economist about the issues beijing's faces over weakening its currency. first of all, this can't boost
exports if the tariffs are 25% or 30%. how can a currency depreciate 25% or 30% in one year? that's impossible. the yuan is not the cure for chinese exporters, and i believe the pb 0c also wants to avoid a 1—way trend of the yuan. the depreciation is not in the cost of the pbac because that will fuel the sentiment of capital flows. that's a big concern for china as well as the us, who are blaming their currency manipulation to a certain extent, but how powerful a tool is the yuan in this trade war? is it something the chinese could use against the americans? actually last friday hong kong time in the evening, when china released the announcement of tariffs, the offshore yuan per dollar shot up and that means... it
weakened a lot and it pokes the emotion of trump. therefore we cannot avoid second time of this emotion stimulus. alice pang in hong kong. in other business news, a leading chinese facial recognition provider has filed papers for a listing on hong kong's stock exchange. the alibaba are hong kong's stock exchange. the aliba ba are backed hong kong's stock exchange. the alibaba are backed company is one of the country's best—known artificial intelligence companies. earlier this year a western study suggests its technology was more accurate than rival systems from amazon and ibm. the brazilian environment minister has welcomed the financial aid promised by the g7 countries to tackle wildfires engulfing large parts of the amazon, but he said his country would decide how the country was to be used. the g7 has pledged $22 million mostly to pay for
firefighting planes. netflix has been celebrating that it's now shipped 5 billion dvds to its customers since first sending out the iconic red envelopes 21 yea rs out the iconic red envelopes 21 years ago. now best known for its video streaming service, its dvd subsidiary is still a highly profitable part of the business, contributing close to $46 million in profits in the second quarter this year. now, it's been eight years since new zealand decided to ban foreigners from most of the country's housing market. it came after skyhigh prices saw many locals locked out of the market and we have more from auckland. afamily a family home for sale in one of auckland's top suburbs. have a look around and let me know if you have any questions. a few years ago properties like this were under the hammer at skyhigh prices. an undersupply of homes, a
surge in migration and huge interest from chinese buyers led to a housing crisis, leaving many locals priced out of the market. it was not something i could compete with. we knew our very limited finite offer that had an absolute cap and we felt like there were people with unlimited pockets. last year, the government banned overseas buyers from purchasing most property. since then, sales volumes have dropped dramatically and prices have dropped dramatically and prices have fallen to two. while the restrictions on foreign ownership have had an impact, many argue it was really policy changes in china that took the heat out of the market. three years ago beijing's stepped—up capital controls to curb the flow of money leaving china's assures. sales volumes have dropped, but it wasn't just what our own sales volumes have dropped, but it wasn'tjust what our own government did,i wasn'tjust what our own government did, ithink wasn'tjust what our own government did, i think a lot of it was certainly from the chinese. when the
chinese government changed the restriction on how much they could ta ke restriction on how much they could take out of china was really the main factor that slowed the market. whatever the reason, sarah isjust pleased the property ladder is no longer out of reach. it now feels like the right house is just maybe one or two offers down the track, and we will definitely be into the family home that we can live in for the next 5—10 years, maybe longer hopefully. and that's it for the show. i'm sharanjit leyl. and that's it for the show. i'm shara njit leyl. thanks and that's it for the show. i'm sharanjit leyl. thanks for watching. this is bbc news. the top stories this hour: the g7 summit draws to a close in biarritz with president trump considering a meeting with his counterpart in iran. it's realistic, he says, although iran's state media has rejected the idea. the drugmakerjohnson & johnson is to be fined over $500 million for its part in fuelling america's
opioid painkiller addiction crisis. the strongest ever earthquake at a uk fracking site was recorded this morning in lancashire. with a magnitude of 2.9, it's the latest in a series of tremors at the site, and prompted many local people to join protestors there, as fiona trott retalks. concerned, angry and gaining support. tell cuadrilla they have no social licence! campaigners here have spent years trying to put a stop fracking, but today they are joined by a new group of residents, who this morning felt the tremor in their own homes. the whole house rocked. i was frightened. i thought, "oh my gosh, this is a real earthquake, or an explosion or something." i've never had the same feeling that my house is in trouble, my home is, my family, pets, everybody is and it's not ok. it's all right for them sitting in westminster, but what is happening here, to us, the residents? what about our health,
our security and our peace of mind? on a normal day, there'd be about ten protesters here. today, there have been up to 400 because this is the third and strongest tremor since wednesday. cuadrilla, not for the first time, is trying to put these people's minds at rest. i'm sorry that if there has been any concern or anxiety created by this, but, again, iwould reiterate that if you look at it in context, the actual scale of the event, at two or three seconds, and the ground motion vibration typically of a construction site is not something that could possibly or even near to cause harm to people or material damage to property. fracking was suspended here after the first tremor on wednesday. today's was almost six times as strong as the agreed limit. the operating company, cuadrilla, has said minor tremors are to be expected during fracking. here's why.
the first stage is to drill straight down. the drill is then turned horizontally. water, sand and chemicals are pumped at high pressure into shale rock to release gas. the gas is then brought to the surface, but the process has been linked to earth tremors. today, the debate around fracking has intensified, and while the government has given it the green light, the local conservative mp is now calling for it to be stopped. fiona trott, bbc news, lancashire. now on bbc news, sport today. coming up at 2am is mike embley. hello, this is sport today, live from the bbc sport centre. i'm tulsen tollett. coming up on this programme:
defending men's champion novak djokovic breezes through his opening match at the us open. but in the women's draw a former champion is out, as angelique kerber loses to kristina mladenovic. saudi arabian's al nassr hold a 2—1 lead over qatar's al sadd after the first leg of their asian champions league quarterfinal. and romelu lukaku scores on debut for inter as they win their opening serie a match against lecce. hello there and welcome to the programme, where we start with the tennis news from the opening day of this year's final grand slam, the us open, in new york. world number one and defending champion novak djokovic booked his place in the second round with victory over spaniard roberto carballes baena. the serb, a three—time champion, won 6—4, 6—1, 6—4 to kick—off the defence of his title