tv Asia Business Report BBC News April 25, 2017 1:30am-1:46am BST
news. our top story: donald trump has told un security council ambassadors at the white house that the un must be ready to impose new sanctions on north korea. the warnings were over north korea's missile and nuclear programmes. china has urged restraint from all sides in a phone call between president xijinping and donald trump. afg hanistan‘s defence minister and army chief of staff have resigned after last week's devastating taliban attack on a military base. their resignations come as the us defence secretary has visited kabul and met with the afghan president. and this story is trending on bbc.com: tennis great serena williams has released a statement over recent comments about her unborn child made by romania's fed cup captain illee nastasee. she's described his comments as racist and has backed a full investigation. that's all from me for now. stay with bbc world news. our top ourtop uk our top uk stories: —— story.
jeremy corbyn has been campaigning in scotland. he said a labour government would repeal the conservatives trade union legislation. now on bbc news, all the latest business news, live from singapore. china stocks taking a nosedive as regulators crackdown and investors lose confidence. and will south korea's giant family —— family run companies change the elections? —— ahead of the. it is a tuesday. good morning asia, hello world. glad you could join us for asia business report. i rico hizon. we start off with chinese investors and they are closely watching their portfolios today after the worst day of trading this year. as you can see right here
on our graphic board, stocks on the shanghai stock market have been on a downward spiral over the past two weeks. so what is causing the loss of confidence? regulators are cracking down on speculative trading and underlying concerns that the economy is slowing, weakening investors‘ enthusiasm. we get more from our shanghai corresponded. the shanghai and stock market and the shenzhen stock exchange are opening in about one hour. everybody will be watching how they will react to what happened yesterday. —— correspondent. yes. ithink happened yesterday. —— correspondent. yes. i think one of the most interesting statistics after yesterday‘s events was that the last time we saw a fall like this in 2015, it was followed by 820% fall over the next six days. that came two years ago in that
summer that came two years ago in that summer of horror. we had to substantial falls in the chinese stock markets and $5 trillion was wiped off the value of shares in this country. and the economic incompetence, really, of the regulators, here, and the political leadership here was exposed. in the next hour, we will see whether the trend is likely to continue from yesterday, and then the test will be the extent to which this regulatory bite is willing to tolerate falls in the market, or if there is a limit for china‘s newly emboldened regulators and we may see some kind of intervention, either in a suspension of trading, or if government backed investors will come on trade of all things up. so it will be interesting. 0ne fall —— 1.496 it will be interesting. 0ne fall —— 1.4% drop yesterday. it will be interesting. 0ne fall —— 1.496 drop yesterday. some say this crackdown is a positive for the chinese stock markets because it will increase the appeal of the
stock market to foreign investors such as pension funds. yes. volatility is a huge issue in the stock markets here, particularly in shenzhen. what we‘re seeing is effort from the newly emboldened rigoletto is to try and send a message to investors looking to come m, message to investors looking to come in, but also investors with money in the market already, that they are willing to let them write it out on oui’ willing to let them write it out on our own, really. they tried to send the message that they won‘t always be there to intervene, and this market can be more mature and become something more like a free, open stock market. but like i say, i think there is a level of tolerance here. remember this is an important political year for the government here. 0verall, political year for the government here. overall, the regulators i don‘t think will let things go com pletely don‘t think will let things go completely on their own. everybody will watch the opening trades in the shanghai stock market in about 55 minutes‘ time. south korea‘s is a
selection is in two weeks from today. there are calls for real reform and particularly in regards to chaebols. the biggest chaebols have been charged in the events that brought down the president. we take a look now at peace two. calls for of chaebols have happened many times before. but it really feels, on the ground, for many of the people that i spoke to, that this time it is different. i spoke with business leaders in small and medium—sized enterprises that said that chaebols, these massive family run conglomerates, that they stack the system against them. young people as well complain about the lack ofjobs and opportunities because of this chaebol dominated system. another saturday, another protest in seoul. many here are calling for the reform
of massive family run conglomerates, 01’ of massive family run conglomerates, or chaebols, as they are known. translation: right now, cables monopolise to much of the wealth in south korea and it isn‘t being used properly. i think this needs to be corrected. —— chaebols. properly. i think this needs to be corrected. -- chaebols. one of frustration, a sense that the system is stacked in favour of the chaebols. south korea‘s president and the heads of samsung and lotte have been charged with bribery. but at the top of the country‘s tallest tower, built by lotte, we can see how far this has brought south korea. here, south korea‘s marvel at what the chaebols have built in just a few decades. you know, it occurs to me, as i looked out from this building, towering over the city of seoul, that it is like the relationship between chaebols and
how much they dominate the south korean economy. 0n the face of it, you would never know that scandal had hit lotte. but there is recognition in the sprawling empire that something has to change. translation: the corporate brand image has been damaged. because of that, new investment and development of new businesses may have been affected. but it has also provided us affected. but it has also provided us with the opportunity to look at corporate governance, which we have not been paying attention to. that is little comfort for those who challenge the dominance of the chaebols. 15 years ago, this man was the founder of a successful business. he partnered —— partnered with a chaebol to spend. but after there was a disk ute over the deal, he lost everything. —— dispute. his business, his house, and his marriage. he should be the evidence of his long campaign forjustice, which has come to nothing. translation: i have fought for 15
yea rs. translation: i have fought for 15 years. i have met more than 170 congressmen. my case has been discussed in the national assembly and featured countless times in the media. it is impossible in korea for a small business to win against a chaebol. whatever is next for cho, his future and that of other families will inevitably be checked by chaebols. they have been some steps to change, but it is hard to see how real reform could go. and his was not the only story we heard. there were many such similar tales that people in seoul told us about the unfairness of the system. because the reformer getting louder. but we are sounding like a broken record here. over and over again, reforms for chaebols, but now, with what has happened, is there enough impetus for reform is to take root?
i think that the real test for this will be at the elections next month, when south koreans go to elect their new president. brita much every single candidate has made chaebol reform pa rt of single candidate has made chaebol reform part of their election campaign platform. —— pretty much. whether or not this actually happens, you will be very difficult, even how entrenched chaebols are within the south korean economy. while commuting to meetings, is that of traffic, could you take a helicopter? sharanjit of traffic, could you take a helicopter? shara njit leyl went of traffic, could you take a helicopter? sharanjit leyl went for a browse. if you‘re in the market for a new helicopter or a state—of—the—art drone, then this is the place for you. this is asia‘s first show dedicated to rotorcraft. and just about every big pharma is here, hawking products. so let‘s seem here, hawking products. so let‘s seem what is on offer and who buys
them. this is the airbus h160. let‘s go inside and have a look. how much is this cost? the cost of a helicopter in the basic version, it should be around, all included, about10.4 should be around, all included, about 10.4 million euros in 2017. that is a lot of money. so who buys these things? vips, of cores. we also have oil and gas operators. —— offcourse. doctors also have oil and gas operators. —— offcou rse. doctors love also have oil and gas operators. —— offcourse. doctors love the interior and it can be used as a long—range ambulance. finally, it is public services, which might include search and rescue missions, and others who need this size of a helicopter. —— of course. let's find out who some of course. let's find out who some
of these buyers are. this man has his place in orderfor three helicopters, amounting to $60 million. he is with an aircraft maintenance and charter firm. time is money. we make deals happen. people who come into the country or arrived in manila, we fly them to their meeting place, to our helipad. they have their meeting in two hours, make a big deal happen, and givejobs to a hours, make a big deal happen, and give jobs to a lot of people. so business aviation really provides the opportunity to create, actually, jobs, deals. the region is still a relatively new market for helicopters. but these companies are betting orders and demand continues skywa rd. great looking helicopters. thank you for investing your time with us. i rico hizon. sport today is coming up next. —— i‘m. you are watching bbc news.
the top stories this hour: the us president donald trump has called for new un sanctions on north korea over its nuclear and missile programme. afghanistan‘s defence minister and army chief of staff have resigned after last week‘s devastating taliban attack on a military base. their resignations come as the us defence secretary has visited kabul and met with the afghan president. the runner who provided the defining image of sunday‘s marathon, when he sacrificed his own race time to help another competitor, says it was "the perfect ending to his race". the actions of matthew rees in helping david wyeth to reach the finishing line have been described as a great example of true sportsmanship. 0ur correspondent dan johnson caught up with the two runners today. 0n the final bend, on his last legs. commentator: david wyeth goes down... after 26 miles, a helping hand summed up the spirit of the marathon shared by so many. but there‘ll be guys who‘ll help him to the line —
it‘s that sort of event. i was just trying to get to the line, and my body went. i went to the ground. it was desperate, really — really desperate. but thankfully, matthew came along. he was saying that he was determined to finish. and i helped him up and his legs went again, so i realised that i was going to have to stay with him to make sure that he did get to that finish line. ..to see it through to the conclusion of this 26 mile 385—yard course. what did you actually say to him? i was like shouting in his ear, saying, "come on, on, you can do this, it‘s 200 metres, we will finish, i‘ll stay with you!" maybe i was a bit overzealous with of my support, but, er... no, it was wonderful, it was needed, it was needed to kind of hit home. matthew was clear in knowing, if he leaves me, there's a chance that they willjust whisk me off, they won't get me along the finish. and that'sjust, you know, it'sjust so nice, he's such a gentleman for doing that.
the killer question — roles reversed, would you have done the same, david? oh, my goodness. it's... i honestly... that is... you're the first person to ask me that today, and that is such a good question. i haven't given it a moment's thought. i'd love to think i would. you can see prince william and prince harry looking out just in disbelief. what the general public see there is the spirit of the running community. and this happens all over the place, it just happened that there were quite a few cameras trained on that, at that point in the course, capturing that moment. and it was even the wobbly pair of legs that officially crossed the line first. david‘s club has offered to pay matthew‘s entry entry year, with first—class travel and accommodation — recognition of a new friendship forged in a selfless moment of sacrifice. what a great achievement. would you do that? i don‘t know if i would. do let me know. we are on twitter. mike
embley will be here at two o‘clock in the morning. but first, let‘s get all the sports news in sport today with tulsen tollett. hello, this is sport today, live from the bbc sport centre. coming up on this programme. maria sharapova set to return from a doping ban but not everyone is happy about the russian‘s comeback. newcastle united win 4—1 against preston north end as rafa benitez guides the magpies back to the promised land of the premier league and he doesn‘t need snookers — marco fu makes the quarter—finals at the world championship in sheffield.