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tv   Asia Business Report  BBC News  August 11, 2017 1:30am-1:46am BST

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the us may not have been tough enough. north korea says it's working on plans to fire four missiles over japan which would [and off the coast of the us territory of guam. the british authorities say modern slavery and human trafficking has become so widespread that it's prevalent in every large town and city. the uk's national crime agency says there are likely to be tens of thousands of victims. and this is trending on pop star, taylor swift, has described in court the moment she says she was groped by radio dj, david mueller. the pair were being photographed ahead of a concert. she alleges he reached under her skirt and fondled her. mr mueller denies the charges. stay with bbc news. and the top story here in the uk: the food standards agency says 700,000 potentially contaminated eggs from dutch farms have been sent to the uk, up from an earlier estimate ofjust 21,000. the agency said it was very unlikely that there was a risk
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to public health. now on bbc news, all the latest business news live from singapore. more troubles for the founder and formal boss of uber. a lawsuit for fraud. and how much is too much? we break down what expecting parents should be expecting for their newborns. good morning, asia. hello, world. welcome to another edition of asia business report. it's a friday. thank you forjoining us. i'm rico hizon. we start off with uber. the former chief executive has had a tough few months. he was forced out
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of hisjob in tough few months. he was forced out of his job in june tough few months. he was forced out of hisjob injune after a series of embarrassments for the company. now he is being sued by a venture capitalfirm forfraud. he is being sued by a venture capital firm for fraud. earlier, he is being sued by a venture capitalfirm forfraud. earlier, i spoke to a north american reporter, dave lee, who was at the headquarters in san francisco. basically, one of the biggest investors in uber are suing them because they say he fraudulently added board seats to uber to fill them with allies of himself. now we are ina them with allies of himself. now we are in a situation where he is the former ceo. he wanted to come back and it is reported he would use the allies to make that possible. venture capital say that would have been done fraud at me. —— fraudulent. there were sexual harassment scandals and other things. they said if they did not
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know about these things they would not have allowed these board seats to be added. it is unprecedented. they own 13% of uber. it is a powerful voice on the board and they are unhappy. what does the lawsuit need for travis? —— mean. are unhappy. what does the lawsuit need for travis? -- mean. he could be removed altogether. when he was ousted as ceo injune he did not leave completely. he went on to the board. the seat he took was one of the three seats he added that are now being disputed. if this lawsuit is successful, those three seats would be removed and presumably so would be removed and presumably so would travis. the company that he was running at the beginning of the year, successfully, was running at the beginning of the yea r, successfully, he was running at the beginning of the year, successfully, he has now been ousted as ceo and could be kicked off the board as well. dramatic consequences if the lawsuit is successful. also, wemo, another
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company, they are taking uber to court for stealing cyber technology. they are saying this shows the nature of travis's stewardship of uber. they think this adds to their case. that will have implications in their case as well. that was dave lee outside the san francisco uber headquarters. staying with silicon valley. snapchat just released headquarters. staying with silicon valley. snapchatjust released its numbers and they were disappointing below unless expectations of. they lost nearly $450 million in the three months untiljune. that is a lot of money. they say they added 7 million daily users during that period. slightly lower than the first quarter. the platform seems to have fallen out of favour with investors, the ipo, pricing them at $17 a piece. 0n the first day of trade the stock hit a record high of
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nearly $30 a share. but it has been ona nearly $30 a share. but it has been on a slippery slope ever since. last week the shares hit an all—time low of nearly $13. the meal kit company blue apron lost a fifth of its value two months after going public. they say the cost of building a new centre would add to losses this year. they are also being squeezed by stiff competition from amazon offering a similar service last month. they arejoining a growing list of technology start—ups failing to live up to expectations ahead of their share prices. now to a massive investment by japan's telco giant, softbank, which is on a spending spree. from uber, lyft, to fanatix, they are eager to invest. late last night it was reported they will find
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$2.5 billion into india's on line retailer, flipcart. but if they are going to do that, not all of them are going to be successful. why are not all of these japanese investments successful? some acquisitions are successful, some are not. i want to highlight two cases. first of all, japan post. the company went public just cases. first of all, japan post. the company went publicjust over two yea rs company went publicjust over two years ago in what was the biggest share sale in japan years ago in what was the biggest share sale injapan for three decades. the company just share sale injapan for three decades. the companyjust reported its latest results after the bell yesterday. while it finally started to make some money, the spotlight is still on this massive write down because of its acquisition of australia's tall holdings. they bought them in february, 2015, just ahead of the ipo, and it paid $6.5
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billion for it, but it had to write down 3.5 billion. yesterday we were telling you about toshiba which finally reported its results for the last year. but it has lost nearly $9 billion last year. and that is mainly because of the disastrous acquisition of us nuclear company, westinghouse. for that, toshiba paid nearly five and a half billion dollars. bennett had to write down more than $6 billion. —— but then. would you believe it, both of those acquisitions were made by this person, the boss of toshiba just over a decade ago. he was brought in by the japanese government to lead japan post ahead of the share sale. he has not —— he has stepped down because of health reasons. he has not made any comments. people have
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been asking why those acquisitions we re been asking why those acquisitions were made without due diligence. some acquisitions work and some do not. thank you so much. marika 0i. and now for the final instalment of the business of birth series from this week. department stores offer baby preparation services around the world to help expecting parents get what they need. you could be spending thousands of dollars. what do you need for a baby starter kit? we went out and about in new york to find out. when we were growing up we never had these. i never even had a car seat. . shopping for a baby is not what used to be. (all this the stroller pit. parents would start crying because there are so many options. there are so many choices. just take strollers. jamie is an
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expert on infant gear. there are many cribs. people do reverse investment. they spend more on the crib than the mattress. it started with the bugaboo stroller.m crib than the mattress. it started with the bugaboo stroller. it was a renaissance to be honest. they came out with a really cool stroller and all the others had to step up their game. that trickled down. in america, women are waiting longer to have children to be by that time, they often have more disposable income and the industry is changing to cater to them. this year, this was the global market for babycare products. $66.8 billion. forall of the cuteness, this is a billion—dollar industry, with baby companies focus on how to get expectant parents to spend more. and the choices can be bewildering. this china's parents know how daunting it
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can be. —— child's. china's parents know how daunting it can be. -- child's. it is geared towards wealthy parents. it is very expensive. you can get so caught up in it, especially on instagram, when you look at some of the perfect lives some of these families have. they are always so beautiful and they have wonderful homes and they have the perfect baby items and you feel like you need them. take the desire for every parents to get the best for their children, add the commercial desire to keep up with the joneses, and commercial desire to keep up with thejoneses, and it seems like child play. join the conversation on line. we are asking how much money you need to spend on a newborn. use the hashtag, #businessofbirth. the markets. nearly 30 billion us
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dollars were wiped off the value of blue—chip stocks overnight as investors remained spooked by the issue with north korea and america. this is how it ended. the dow falling. the nasdaq 135 points down. the biggest one day drop in almost three months. as for asia, well, as you can see right now on the market screens, you can see right now on the market screens, following the footsteps of wall street, all lower. thank you so much for investing your time with us. much for investing your time with us. have a productive friday, everyone. i am us. have a productive friday, everyone. iam rico us. have a productive friday, everyone. i am rico hizon. us. have a productive friday, everyone. iam rico hizon. goodbye for now. hello. you are watching bbc news. the main stories this hour. president trump ups the war of words with north korea. after vowing "fire and fury," he now says maybe he wasn't tough enough. modern slavery in britain. a report says there are victims in every town and city. a number of supermarkets have taken
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some products containing eggs, like sandwiches and salads, off the shelves after it emerged that 700,000 potentially contaminated eggs have made their way into the uk's food chain. but officials say any risk to public health is very unlikely. the eggs came from holland, where police raids were carried out today. emma simpson has this report. dumped and discarded. this belgian farmer has had to destroy notjust his eggs, but his hens too. the produce contaminated with fipranol, an insecticide which is banned for use in the food chain. but that's where it's ended up, on a potentially massive scale. translation: you cannot put your eggs on the market for three months. and so i took the decision to kill the animals, because it is really too expensive. more than 100 farms are affected in the netherlands too, although this one's in the clear. and millions of eggs have now been pulled from supermarket shelves
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on the continent. the reason, fipranol may be popular for getting rid of fleas on pets, but it can be dangerous to humans. here in the uk, we produce our own eggs, but also import them. and some of the eggs from affected farms have ended up here too. we're not talking about the kind of fresh eggs like these, that we buy off supermarket shelves. the affected eggs went into processed foods, like sandwich fillings and salads. just a few days ago the food standards agency said 21,000 eggs were affected. today, that shot up to 700,000. sounds a lot, but that's just 0.007% of all the eggs we eat every year. there's no reason why people should avoid eating eggs. 0ur assessment is, it is very unlikely there is any public health risk. but we think people deserve food
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they can trust and that means not having food that has in it a substance that simply shouldn't be there. four supermarkets are withdrawing a limited number of products as a precaution. but others will already have been consumed. yet another food scare, highlighting just how complex supply chains can be, and how easily problems can spread. emma simpson, bbc news. if you are concerned, on our website we have a full list of the withdrawn products containing those contaminated eggs. look at that if you need to. a lot more coming up at two o'clock with mike embley. i am on twitter. now it is time for the sports news with hello. this is sport today, live from the bbc sport centre. coming up on this programme: wayde van niekerk misses out on the double as turkey's ramil guliyev takes victory over 200m. denmark's thorbjorn 0lesen
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is the joint clubhouse leader on four under after the opening round of the us pga championship. and roger federer is through to the quarter finals of the montreal masters as the build up to the us open continues. hello, and welcome to the programme. we start with news from day seven at the world athletics championships in london. it was an evening when south africa's wayde van niekerk was looking to add the 200m title to the 400m he had already won. although, he came up just short, as colm harrison reports. botswa na's makwala was botswana's makwala was the favourite but it was expected that wayde van niekerk or dutch michaeljohnson's


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