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tv   Asia Business Report  BBC News  September 26, 2019 1:30am-1:46am BST

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a us congressional committee has received details of a whistleblower complaint against president trump, which led to impeachment proceedings against him. it comes after the white house released partial details of a conversation donald trump had with the leader of ukraine. the us president says he's done nothing wrong and called the move a witchhunt. there have been angry scenes in the british parliament, the day after the supreme court ruled its suspension by the prime minister was unlawful. borisjohnson has dismissed repeated calls to resign. and this video is trending on bbc.com the creator of the first ever labradoodle, has said creating the breed is his "life's regret". it is a very popular breed of dog, but these labrador—poodle crossovers often suffer serious health problems. that's all. stay with bbc world news.
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you can find more on all those stories on the website and you can also check in on the news app. now on bbc news live to singapore for asia business report brexit heads markets. uk focus shows file amid angry scenes as parliament reopens. pedal power, we look at the phenomenon as bike businesses are set to hit the market. good morning and welcome to this thursday addition of asia business
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report live from singapore. let's start with britain because they have been angry seem in the commons as mps have returned to work after the supreme mps have returned to work after the supreme culturaljust mps have returned to work after the supreme cultural just yesterday that prime minister boris johnson's decision to suspend parliament was unlawful. the pound fell by more than 1% against the us dollar and uk shares also lost ground. many more months of brexit impasse and a general election. the uk economy, even without brexit, has a unique combination of relatively low gdp growth, about half that of the us, and a large current account deficit about 4% which is roughly the same as south africa which is the widest deficit in the developed world. as
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it is, the supply of pounds visit demand on a daily basis, purely on trade terms, is greater so we rely on the kindness of strangers than net investment coming into the country. it just not net investment coming into the country. itjust not has been the most conducive environment for investors. there is a lot of uncertainty, structural uncertainty due to brexit and other reasons. the pound was lovely 145 at the time of the referendum, immediately afterwards it dropped to about 124 and it has remained roughly thereabout. every day we make an assessment as to whether it is more likely that we get an orderly brexit... likely that we get an orderly brexit. .. are you expecting more volatility going forward? yes, it is a play between orderly and disorderly brexit. when it looks like it is going to be disorderly, no deal, following off the cliff, it is heavy on the pound. we will see more volatility because elections
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campaigning has already started and the politicians are playing to a polarised electorate so there is a lot of back—and—forth and volatility in between. nothing as dramatic as we saw at the time of the referendum, until we get to the result of the elections when we will see a dramatic move in the pound. what about uk focus shares, they fell overnight as well. do you see them heading south again?” fell overnight as well. do you see them heading south again? i think they will trade with a heavy bias. the ftse 100 they will trade with a heavy bias. the ftse100 is up some 9% for the year which is about half the move up in developed market stocks this year. private sector investment, business investment in business it, thatis business investment in business it, that is declining and so the layers of uncertainty has just been elevated and on top of that you have the toxicity in parliament today
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because of the verdict of the supreme court yesterday about the prorogation of parliament being unlawful. the us and japan have outlined initial details of a new deal. there is still more work to do is they ironed out a broader agreement. some of the key issues: washington is keen to reduce its more than $67 billion trade deficit with japan, with a large part of that imbalance to do with cars. that is why president trump has been threatening to impose tariffs of up to 25% onjapanese cars but tokyo seems to have managed to avoid this. agricultural products have been another sticking point but sitting alongside the japanese prime minister, mr trump hailed the agreement for holding up the japanese market to american farmers. under the market access agreement that we are announcing today, japan will open new markets to
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approximately $7 billion in american agricultural products. japanese ta riffs agricultural products. japanese tariffs will now be significantly lower or eliminated entirely for us beef, pork, wheat, cheese and wine and so much more. this is a huge victory for american farmers, ranchers and growers and that is very important to me. the international monetary fund has confirmed that bulgarian‘s economist has been selected as its new managing director. she was previously the chief executive of the world bank issue becomes the first person from an emerging economy to lead the imf, she will succeed christine lagarde who left the role to become the head of the central european bank. the chief executive ofjuul central european bank. the chief executive of juul is central european bank. the chief executive ofjuul is stepping down. the company says it will withdraw
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all us advertising. the haze from illegal burning of forests in indonesia have been choking southeast asian cities like singapore and kuala lumpur. entities believed to be responsible include palm oil companies. i asked a non—profit organisation aiming to lower the negative impacts of palm oil plantations wait companies are not doing more to stop the fire. some companies are actually committing sustainable palm oil practice. they are doing more than the majority. but however, these companies who are in theirjourney, they will no longer be viable... no
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longer see business as usual as a viable approach. pressure and demand, likely the outcome is more unsustainable palm oil. what is the solution? this is still a journey. penalty might work with some companies but actually there are a lot of needs for more pressure from both sides, government and also the industry itself. is there anything we can do as consumers? yes, of course, because there is a lot of business and motivation on this. if there is any huge demand on this
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product of sustainable palm oil, of course, that becomes a reasonable motive for companies to do more, to fulfil the market. peloton motive for companies to do more, to fulfilthe market. peloton has reportedly raised more than $1 billion for its upcoming stock market debut, at the top of its price range. although the bugs have a pretty hefty price range, the company has yet to meet a profit. we went to see what the hype was all about. there is a stationary bike is unique, with live and on demand classes which allow users to virtually ride with thousands of others. ican i can certainly understand that the appeal but i really miss the
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communal aspect of going to the gym. there is a sort of community element. you can see people on the leaderboard. you kinda feel like you are ina leaderboard. you kinda feel like you are in a community even though you are in a community even though you are all over the world. translating popularity is as a sex on the stock market is a whole different game. —— popularity to success. to eventually become public, peloton would need to get people to dig the class. become public, peloton would need to get people to dig the classlj become public, peloton would need to get people to dig the class. i might buy one. i like the experience of being ina buy one. i like the experience of being in a community and having an energetic teacher in the room. we woke a lot, we are alone a lot so it is nice to have a social dynamic to the work and experience. users are
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loyal and that may help the company succeed when it goes public. there will always be alternative to this. peloton seems to have established a brand for itself and has a loyal user base. the company will need to keep going, unlike peloton users, investors will not want to sweat. if she is trying to make me feel unfit, she is trying to make me feel unfit, she has succeeded! the negate taking a cue from wall street after up beat state m e nts a cue from wall street after up beat statements from president trump lifted it. this is bbc news the top stories this hour: president trump has described the formal launch of impeachment proceedings against him as "sad" and based on a "hoax". the british prime minister,
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borisjohnson, has addressed a rowdy parliament, the day after the supreme court ruled that he'd suspended it unlawfully. one of the uk's main bus makers, wrightbus, has gone into administration. the company, which is one of northern ireland's largest employers, is best known for manufacturing london's routemaster double—deckers. 1,200 workers have been made redundant. emma vardy reports from ballymena. downed tools and an exodus of workers following this morning's announcement. many leaving behind lifelong employment. their services no longer required. telling us everything's 0k, everything's going to be fine, they are good jobs, we are safe, and thenjust bring us in and tell us there is nothing more they can do, that's it, company's closed, ceased trading. what will you do now? i honestly don't know. i've worked with wrightbus for 30 years now. i'm ashamed to be part of it.
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who's going to employ a 62—year—old man? i've nothing now, that's it. in 2012, the company was enjoying success, launching a double—decker fleet for london, it became known as the boris buses. but since then, demand for new vehicles has fallen. changes from diesel to electric buses blamed for the downturn. today, unions appealed to borisjohnson to rescue the company he once championed. the british prime minister, who said in the last few weeks he'd do everything in his power to save a company like wrightbus, and we are putting it to him again — do everything in your power, invest into wrightbus and keep it open. with so big an employer going under, there could be hundreds morejobs affected on top of the 1200 redundancies, from companies
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in the supply chain to shops where workers buy lunch. it's believed the wright family paid the last staff wage bill themselves, but now, unless a new buyer can be found, the wheels of wrightbus will stop turning for good. emma vardy, bbc news, ballymena. the transport secretary grant shapps has said the government will look at whether bonuses paid to thomas cook executives can be recovered through the insolvency process. there has been growing anger at the amount paid to executives in the years before the travel operator's collapse. a huge operation is currently under way to repatriate around 150,000 british holidaymakers booked with thomas cook. sainsbury‘s is to close another 70 argos shops and move them inside its supermarkets. it will also close up to 15 supermarkets and 40 convenience stores. the company says the closures are part of a plan to reduce costs by £500 million over five years. now on bbc news sport today. hello, this is sport today,
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live from the bbc sport centre. coming up on this programme: can uruguay believe it? the youngest team at the rugby world cup stun the flying fijians. we'll have a round up of the action from serie a as inter go top. there's no world number one spot for pliskova as she loses in wuhan. hello and thanks forjoining us. day six of the rugby world cup produced the first big upset of this year's tournament in japan. uruguay — the rank—outsiders in pool c, with the youngest squad in the competition, most of whom only turned professional this year— edged out fiji by 30 points to 27, claiming just their third victory in 12 world cup finals matches. it's a second successive defeat for the fijians, who now face an uphill battle to reach the quarter—finals.

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