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tv   Asia Business Report  BBC News  October 9, 2018 1:30am-1:46am BST

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has been sworn in as the latest member of the us supreme court at a special white house ceremony. president trump apologised on behalf of the american people for what he called the campaign of political and personal destruction, based on lies and deception, the judge had to endure. china's foreign ministry says the man who untiljust a few days ago was the president of interpol is now being investigated for bribery. it said meng hongwei's detention showed china is determined to stamp out corruption. and this video is trending on it is the president of the european commission, jean—claude juncker, showing his moves ahead of a speech on monday. some have compared it to the british prime minister, theresa may's, disco demonstration at her party conference last week. and the top story in the uk: the second suspect in the salisbury nerve agent attack has been named. the investigative website bellingcat said alexander mishkin is a military
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doctor employed by the russian intelligence service, the gru. coming to you live from the indonesian island of bali, where the annual imf and world bank summit is taking place. we will be getting an assessment of the health of the global economy injust assessment of the health of the global economy in just about 30 minutes. and from the paris motor show, our roving reporter strikes up a conversation with a man driving vietnam's carmaking empire. good morning and welcome to asia business report, live from singapore, with
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me, mariko 0i. the us china trade war, wobbles in emerging markets and the fear of contagion are just some of the risks global finance chiefs and central bankers will be discussing at their international monetary fund and world bank summit in bali this week. later today the imf will release its world economic 0utlook imf will release its world economic outlook and our asia business correspondent is in bali covering the meetings for us. what can we expect from this report? we are expecting the report to be released in the next 30 minutes or so, and expecting the report to be released in the next 30 minutes orso, and i think what we will hear is that, when we heard from the fund the last time they released the world economic 0utlook a little earlier on in the year, the fund expected global growth to come in at around 3.9%. it said growth was picking up quite steadily, but at that point as well we were getting a sense that trade tensions in particular between the us and china could cloud that
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horizon. emerging market contagion, as well. fear of that is something that i have heard a lot about over my time here in bali, and what i expect to hear in the coming days as theseissues expect to hear in the coming days as these issues are discussed amongst central bank chiefs and finance ministers. and this isn'tjust something that is contained between the us and china. it is something that affects all of us, in particular developing economies like indonesia. that is what the indonesian finance minister had to say when she spoke to the bbc about this earlier. we see the globalisation and the relationship among countries, advanced, emerging and developing, is a win—win, mutually beneficial relationship. the advanced countries can continue to manage and maintain prosperity, while developing companies will emerge from poverty and become middle income. so there is a
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convergence in these cases. and today, i think this is no longer guaranteed and this will be a serious setback for world development. i just serious setback for world development. ijust got back from palu, which of course has just been hit from the deadly earthquake and tsunami. can indonesia pull this event tsunami. can indonesia pull this eve nt off 7 tsunami. can indonesia pull this event off? well, that certainly was the fear ahead of this annual summit in bali, some had said and some had feared that the event wouldn't go ahead after that devastating earthquake in palu. and this is a massive event for indonesia to pull off, something like 30,000 participants. it has cost the government something like $70 million, and the administration here is facing some criticism from the opposition which says you really shouldn't be pulling off an event like this at a time of national disaster. having said that, though, a lot of people i have spoken to at the imf and world bank's annual summit here in bali have said that
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the fact that it is going ahead is a real sign of their confidence in pulling this off and there are signs of the earthquake in palu in the sense that there are booths in different parts of the conference centre where where they are collecting donations for that disaster, so still very much on the top of people's mines here, but this event is very much going ahead. we will speak to you as the report comes out in 30 minutes. in other business news, google is shutting down much of its social network, after of up to 500,000 people on google+ worst exposed —— was exposed. information that people believed was part, a private had been accessible by third parties. the company knew about the issue in march but did not inform users or regulators. the nobel prize for economics has been awarded to these
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economists for their contributions regarding how to create long—term sustainable economic growth. the two winners have design methods that addressed some of the most pressing issues today. one for his work on how climate change affects economic growth, and the other for looking at how economic forces affect how willing companies are to produce new ideas and innovations. the us secretary of state, mike pompeo, is on his way to washington after a round of high—profile meetings in pyongyang and beijing. the main focus of his drip, of course, has been the issue of north korea's denuclearisation but the trade war with china was not far from mind. china's trade minister, wang yi, criticised the imposition of tariffs on chinese goods, raising questions about the willingness to co—operate with the us on matters like north
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korea. 0ur correspondent offered this analysis. mike pompeo's visit comes at a time when us president donald trump and vice president mike pence have been particularly vociferous and pointed in criticising china so there is a lot of anger expressed. 0fficial media in china, nothing to indicate that this is anything other than another diplomatic visit. but in terms of what seems to be actually a matter of expressed feelings, the chinese side has very much been dissatisfied and let that be known. it is quite fascinating seeing this trade war between the two countries while the us really needs beijing's help on north korea. how does this work? well, i think you have do look at this as part of a us game strategy. i know it is very frustrating, certainly not just for the authorities in beijing but the average observers, to try and figure out what the gameplan is here, it seems to be contradictory. but this isa seems to be contradictory. but this is a very different white house and
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they look at things as transactional, and they are looking at this as a matter of kind of deal making. they have the trade chips, as it were, they have north korea as as it were, they have north korea as a chip. they want north korea's co—operation but they are treating beijing as though everything can be negotiated. it is quite a good strategy, i feel, that negotiated. it is quite a good strategy, ifeel, that the us is making complaints and then looking for concessions from beijing. starting up a new mass—market carmaker is no easy task, just ask tesla, but that is what this vietnamese company is trying to do. it is showing off its first—ever designs at the paris motor show. 0ur correspondent has been finding out more. this is one of the freshest and newest cars at the paris motor show, the vinfast luxury sedan. and over here we have its big brother, the lux suv. these cars are built by
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vinfast, a start—up in vietnam, using chassis is built by bmw, and an austrian company is already involved, and the styling is from italy. here is the chief executive of the company. tell me, first of all, vinfast, where does it come from? so to understand vinfast you need to understand the group, the largest conglomerate in vietnam, whether it is real estate or retail, healthcare or hospitality, agriculture or education. it is in the lives of the vietnamese people. 0ut the lives of the vietnamese people. out of that conglomerates, vingroup, is born vinfast, the first domestic automobile company of vietnam. and initially you are planning to make about 300,000 cars a year and sell them the vietnamese people. the capacity of the plan we have industrialised as 250,000 units per year on a industrialised as 250,000 units per yearona pre— industrialised as 250,000 units per year on a pre— ship basis. our initial focus is on vietnam. and
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what happens from there are? will you expand to a more international market? we made it clear yesterday at our introduction that our goal was to be a global round, with our vinfast brand in markets around the world. so we start in vietnam, we move through asean, and from there the rest of the story will be created. in terms of where and when, thatis created. in terms of where and when, that is not for today. i would say stay tuned. it is a very ambitious plan but what you have is really two older bmw designs reinvented with the help of other partners. what we have done in 24 months is what most oems have done in 24 months is what most 0ems do in 60. a desire to create rivals everyone else in the world, so we use rivals everyone else in the world, so we use technology from bmw and used engineering partners to actually create these two beautiful,
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aspirational products. while we are doing that, we are building the internal capability to develop our own products long—term. but the need to do this quickly, manifested itself in this enterprise relationship with partners. we think of the right recipe and we think the product speak for themselves. —— we think it is the right recipe and we think it is the right recipe and we think the products speak for themselves. japan's nikkei has opened after the public holiday yesterday, extending losses after the trade war between the us and china. that's it for this edition of asia business report. thank you for watching. this is bbc news. the top stories this hour: after weeks of division, justice brett kavanaugh has been sworn in as the latest member of the us supreme court at a special white house ceremony. it is hard to get on the housing ladder, and new figures suggest 40% of young adults can't afford to buy
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one of the cheapest homes in their area, even with a 10% deposit. colletta smith reports from york. careful with it. that's perfect, well done, darling. these two collea g u es well done, darling. these two colleagues have been friends for yea rs. colleagues have been friends for years. they are the same age and even have the same name. but for becky and rebecca, things have panned out differently when it comes to buying a house. i've been a homeowner for two years now. i've been renting for eight years. i've been renting for eight years. i've been saving up since i was 15. been renting for eight years. i've been saving up since i was 15m feels like, because we both have lived here for a long time and we love it here. and i feel i know that i can't stay living here. when i move house next i will not be moving within the same area that i am in now. i am going to have to move at least five miles, maybe even ten miles outside of the city to get an affordable home that suits my needs. and i'm not asking for, like, a
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mansion, i'm just asking for a suitable family home. our parent 's problem be bought houses for a few thousand pounds. significantly lower percentages of their income. yes, whereas now it is hundreds of thousands of pounds. the money we save the deposit is what they probably pay for their first homes. lots of people under 35 will understand that feeling. peter runs an estate agents over the road.|j can't remember the last time i that i saw somebody in their 20s who was out there looking to go and buy a house through me. it is couples, and they are older, people buying together a lot more, sometimes even friends buying together to try and make the mortgage more affordable. but it is a rarity. affording a home isa but it is a rarity. affording a home is a problem for young people across the country, not just is a problem for young people across the country, notjust here in york. but the government say the situation is improving. they say that last year more first time buyers were able to get hold of a home than at any point over the last decade. but
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the organisation behind today's report said there is more the government can do. there are no easy solutions, but for a government that really cares about increasing our homeownership, the key is to increase the supply of homes, and the responsiveness of construction to demand. the government needs to facilitate more housebuilding in places and areas where people want to live. although the pictures are looking different for becky and rebecca's futures, they are both sick of being made to feel that their generation is to blame. we are not being lazy, and we not expecting, you know, something for. —— something for nothing. lots more on our website and you can get in touch with me and some of the tea m get in touch with me and some of the team on social media. now on bbc news, sport today. hello, i'm chris mitchell and this is sport today,
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live from the bbc sport centre. coming up on this programme: the astros are flying high, sweeping their american league division series with victory over the indians. shocks aplenty in shanghai. stan wawrinka is out on day two. the nominations are revealed for this year's ballon d'or. world cup winner antoine greizmann is on the list. major league baseball to start with. the houston astros are through to the american league championship series. game three of american league division series was ended ii—3 to the astros, as the cleveland indians ii—3 failed to take advantage of their early lead.


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