tv Asia Business Report BBC News January 21, 2020 1:30am-1:46am GMT
experts confirmed that a new virus that emerged in the city of wuhan can pass from human to human. the outbreak has now spread to more cities in china and the wider region, with more than 200 cases confirmed. meng wanzhou, a top huawei executive, has appeared in court to fight an attempt to extradite her from canada to the us. she's wanted there on charges including fraud and breaching sanctions against iran. and video from a part of the new south wales coastline is doing well on our website. it's glowing bright blue in a natural phenomenon caused by algae. they light up when they're disturbed, creating this beautiful effect. that's all. stay with bbc world news. and the top story in the uk: the cost of high speed rail link
hs2 from london to manchester and leeds could rise to as much as £106 billion, that's triple the original budget. the figures come from a leaked review into the project. more on our website bbc.co.uk/news and the news app. now on bbc news, live to singapore for asia business report. huawei's meng wa nzhou huawei's meng wanzhou is in court, but will she be extradited from canada or not? climate change dominates talks at the world economic forum in davos. good morning, asia and hello, world. it is tuesday and glad you could join us for another exciting
addition of asia business report and i'm rico hizon and we start with huawei, because court proceedings have got under way in a vancouver court and the company's chief financial officer meng wa nzhou is fighting extradition to the us on charges of violating sanctions against iran. last year in may the chinese technology giant was put on aus chinese technology giant was put on a us government blacklist, effectively banning american companies from doing business with huawei. earlier i asked zoe thomas, oui’ huawei. earlier i asked zoe thomas, our business reporter, when we could expect to find out the outcome. we've got several more days of arguments expected at the court behind me and then the judge will go away and consider what she has heard and makea away and consider what she has heard and make a recommendation, but even after that we expect appeals and other cases, so it will be several more weeks or possibly months before we know whether meng wanzhou will be sent to the us to face those charges. you have huawei in aus blacklist, are there other mainland companies also on the watchlist of the united
states government? huawei is certainly not the only one on the watchlist, there are other companies, mostly chinese, on the watchlist but huawei has really been at the centre of us ire. they have been put on a watchlist and they publicly labelled it a security threat and they said china may use its products for spying and they've put a lot of pressure on other countries to block huawei for being involved in the development of their sg networks, and that is hurting huawei and they've taken a step back to figure out how they will get access to equipment and programmes they need and how they will get an operating system for the phone it uses operating system for the phone it uses because it has been using google's android services. it will be unclear what they are going to do but huawei is making plans to get around that because they know regardless of what happens at this trial, they will have to deal with a us government not happy with them. this outcome certainly will have an impact on the future of high—speed
internet but it's creating a rift in the china canada business trade relations? meng wanzhou's arrest came at the height of us—china tensions, she was arrested more than a year ago, but it put canada in the middle of the dispute so even as the us and china has been mending that relationship with a signed phase one ofa relationship with a signed phase one of a trade deal about a week ago. canada is smack in the middle. the country had to delay a decision on whether or not huawei should be involved in ca nada's whether or not huawei should be involved in canada's sg whether or not huawei should be involved in canada's 56 network development because of this case and because they didn't want it to become too highly political. canada has a lot of decisions to make and it is stuck between two countries that are big trading partners for it and it doesn't want to offend or upset either. zoe thomas outside a court in vancouver canada. to the world economic forum in davos, switzerland, an annual event where old leaders, business executives and economists gather to network and discuss the latest local
economy issues. the top economist at the imf kicked things off by cutting her global growth forecast for this year and next. the downward revision comes from a country you might not expect, india. the biggest contributor to the downward revision for global growth is india, and india's downward revision is mostly to do with domestic issues and very little to domestic issues and very little to do with the trade issues that we have seen. it has to do with slowing credit growth in india, which has slowed quite sharply, owing to stress in the financial sector. we are out rising geopolitical risks as one of the important risks to worry about. if you look at at the immediate impact of the tensions in the middle east, those have been fairly muted. looking at oil prices, they have gone up by 3—4 dollars per barrel, but not that much more. this
is relatively muted but we don't know where this could head and there isa know where this could head and there is a sharp escalation in tensions and if oil prices shot up much more, there are several emerging markets including india that would be negatively impacted. continuing with davos, because the hot topic for the world economic forum this year is global warming. attending this year will be president trump. you also have teen climate activist greta thunberg and top executives from companies including google, netflix and coca—cola. but is there the will to be able to tackle the issue of climate change? there's clearly a business impact because a report by the imf and cambridge university found if attempts continue to rise by 0.01; found if attempts continue to rise by 0.04 degrees every year, people's wealth on average will be 7% lower for the next 80 years compared to if action is now taken. sally bundock is there for us.
world leaders, chief executives, celebrities and others who are gathered here at the world economic forum are being full to face the multifaceted climate crisis. for the first time ever, it dominates the forum's annual report. we spoke to one teenage climate activist here who talks of her frustrations. we see that the intention is in the right place but the change isn't happening fast enough, so one of the roles us as the ten selected young changemakers here is to not only add pressure but convince them if we can lead by example, why can't they? business leaders recognise a lot needs to be done to tackle the issues that climate change presents, but it will come at a cost. when you look at the shipping industry, they are facing problems, ensuring that they use a clean fuel that does not harm the environment.
that is a problem for the industry and that will add to the cost of shipping, but they have to do it. whoever pays the price, greta thunberg and the other teenage climate activists here say that it is necessary and they will put pressure on the leaders gathered here in davos to make the change. sally bundock in davos and earlier i wasjoined by sally bundock in davos and earlier i was joined by alex caprio from the national university of singapore and i asked him if we can expect some action. i think if davos is going to become more thanjust i think if davos is going to become more than just a very expensive talking shop, we are going to have to see real progress with public/ private partnerships but these will have to occur increasingly at a local level, grassroots, bottom—up. so you have the big corporations and you absolutely have to have government involvement and regulations really pushing policy in that area. but at the grassroots levels, do they have the funding? do
they have the political will to institute these changes for climate change? look, if all of these very, very grandiose plans to attack climate change are going to go beyond just talking, then we're going to have to see real action. every year we have this discussion, don't we? every year it is either inclusive capitalism, this year it is climate change, and then we look to see the results and it's just not there yet. i think we're going to have to see a doubling down on efforts. doubling down on efforts indeed, because over the past several months we have seen catastrophic fires, alex, in australia and before that california. rising sea levels, flooding and supercharged storms. this really has to put everything in perspective that solutions have to be made yesterday. i think there are market incentives to tackle this. i think there's some real opportunities in clea ntech, to tackle this. i think there's some real opportunities in cleantech, in all of the ai and the machines that go into this sustainable growth,
sustainable development and all of the start—ups and all of the new industries that can come out, industries that can come out, industries of the future, if you well, that can come out of clea ntech. well, that can come out of cleantech. but clean technology and investments in these sectors, are they being done quickly enough? no, not enough, not fast enough and certainly not enough in terms of volume. that really has to change and pick up. alex capri from the national university of singapore business school. a big status update from french president emmanuel macron today. let's look at this point: —— this point: france has argued its digital tax would ensure the well‘s technology giants would pay appropriate taxes for transactions even in countries where they don't have a physical presence by the us says it unfairly
discriminates against the us companies like google and amazon. as a result washington has put tariffs on $2.4 billion of french goods, such as wine, as early as this month. netflix has announced 21 films from the legendary studio gibli will be available next month and some famous films include 0scar—winning spirited way and house moving castle. they will be available in 190 countries around the world, apart from japan and the us. not a lot of action on the markets today because wall street is closed due to a public holiday. the nikkei and the all lords are in positive territory, including the hang seng in hong kong. i'm rico hizon, thanks for your company. goodbye for now. this is bbc news. the top stories this hour: doctors have confirmed that a new virus in china can be transmitted from human to human as the outbreak continues to spread from wuhan to other major cities.
a court in canada has begun hearing the united states' request for the extradition of meng wanzhou, huawei's chief financial officer and the daughter of the compa ny‘s founder. the director general of the bbc is to leave the corporation in the summer. lord hall said leaving after seven years had been a hard decision to make. there are many challenges for whoever succeeds him, like competing with streaming services such as netflix, the future funding of the bbc including the future of the licence fee and the ongoing issues over fair and equal pay. here's our media editor, amol rajan. there have been countless crises for the bbc since lord hall, seen here at a staff leaving do today, was appointed in the aftermath of thejimmy savile scandal — from the corporation being co—opted into welfare policy through free tv licences for the over—75s to a spate of equal—pay grievances. we've always proceeded in good
faith that the leaders would participate... but, as ever with the bbc, politics is the greatest source of peril. in the recent election, the bbc showed an empty chair when the prime minister declined an interview. four days later, this... i think the system of funding out of what is effectively a general tax, isn't it, on everybody who has a tv, it bears reflection. today, the bbc faces unprecedented competition for eyes. given that millions of people are choosing to subscribe to a range of different services, like netflix, like amazon, like apple, the case for continuing to fund the bbc through a compulsory licence fee becomes weaker. the rise of the streaming giants provides cover for the bbc‘s political opponents, allowing them to question the very basis of the licence fee without appearing to be engaged in an ideological war. and yet with younger audiences flocking to other digital offerings, the future of the licence fee has to be in question.
so the perfect candidate to be the next director—general needs to combine political nous with commercial experience, editorialjudgment, and an intuitive understanding of what young people want. that means the perfect candidate doesn't exist. how can the next director—general win the argument for the licence fee? well, em... has anybody come up with a better system? you know, the bbc is in pretty rude health creatively, a lot of people are still consuming it. what's surprising, actually, is that it has managed to compete. i think people were predicting, ten years ago, that the bbc would be on its knees now, and clearly it isn't. but with young people tempted elsewhere, frequent hostility from government, and a revolutionised immediate landscape, this is a moment of high danger for the bbc. amol rajan, bbc news. as always, there's more on our website and i'm on social media. now on bbc news, sport today.
hello, this is sport today, from the bbc sport centre. coming up on this programme: we are alive at the australian open on day 2 of the championships, where we have already seen and upset. the number 12 seed, konta, we have already seen and upset. the number12 seed, konta, is we have already seen and upset. the number 12 seed, konta, is out. the toronto raptors proved too good for the hawks in atlanta as they make it four successive wins. and spar move off the bottom of serie a with a shock to — one win over atlanta. hello there and welcome to the programme, where we start with tennis, because the second day of the year's first grand slam, the australian open, is well under way in melbourne. monday's rain has