this is newsday on the bbc. i'm rico hizon in singapore, the headlines: us markets take a big hit. the dowjones industrial nosedives nearly 1,200 points in one day alone — making it the largest point drop in history. us vice president mike pence begins his journey to the winter olympics in south korea, as he seeks to counter warming ties with north korea. i'm sharanjit leyl in london. also in the programme: in 1987 she blew up a south korean plane, the bbc speaks to a former north korean spy about the country she was once prepared to kill for. the ultimate goal of north korea is to complete its nuclear programme. they have nothing on their mind but nuclear weapons.
closing down 4.6% by nearly 1,200 points. it is the worst drop in points since september 2008, when a plan to rescue the us banking industry after the financial crisis was rejected and the worst single day point decline in history. with me is karishma wasvani, our business correspondent. in two trading days the fall of the
dow has been more than 1800 points. what is because of this mayhem as i was talking to some traders before we we re was talking to some traders before we were meant to have this discussion on air. a lot of them we re discussion on air. a lot of them were saying to me this morning that really this is a natural reaction to what many people have called an overheated stock market in the us. it seems counterintuitive, doesn't it? the fact that the us economy is doing quite well, job growth has been relatively strong, we are hearing about this from the donald trump's tweets, of course, and wages are rising marginally, not as much as people hoped or expected, so why would you have a situation where people take their money out of the stock market? a couple of words for you, federal reserve interest rates. that is the key factor in all of this. we could have several interest—rate this. we could have several interest— rate hikes this. we could have several interest—rate hikes this year. indeed. but we have known about this for the better part of the last
year. right now, from montana state, people have been saying to me there isa people have been saying to me there is a lot of aboutjust how quickly the federal reserve will raise interest rates at —— from what people have been saying to me. there is also the issue, according to traders i have been speaking to, that many investors have borrowed money to get into this very frothy stock market in the hope of making extra cash. you're starting to see some of that pull out and a degree of nervousness about the impact of these interest rates in the future. how will this impact asian stock markets today? you also have monetary policy meetings from australia, philippines, india, latest this week, could we see higher interest rates having an effect on asia? absolutely. whatever happens in the us has a very profound impact out here in asia. we have already seen the impact of that
with regards to stock markets, with the australian share index down some 2.6% when it opened this morning. with regards to the delicate balance between interest rates in the us and what happens in the economies of asia, this is something that has been signalled for the better part of the last year. the end of cheap money, the financial flows from us investors into asian markets, we have known that is coming to an end. many economists have been saying to me today the fundamentals of asia's economies are still strong. that is the same situation for the us. 0ne economist saying to me we haven't seen such good numbers coming out of the us for the last ten years or so. so while there is a great deal of nervousness at the moment, there is a case to be made that economic fundamentals are still strong and thatis fundamentals are still strong and that is what investors should be paying attention to. and the japanese stock—market has just opened for trading. the uk is down
by 3.5%. yesterday it was down by 2.596. -- by 3.5%. yesterday it was down by 2.5%. -- nick. the minister in charge of the economy is looking closely at what has been happening in the us on financial markets today and economic fundamentals in japan remains strong. there is the message many asian governments will be trying to relate to investors through because of the trading week. thank you so much for updating us on the markets, al asia business correspond, karishma wasvani. —— our asia business correspondence. let's take a look at some of the day's other news. the south korean president, moonjae—in, says he hopes north korea's participation in the winter olympics will lead to a broader peace in the region. the north's decision to send a senior leader to the olympics has prompted speculation of possible talks on non—sporting issues at the games, which begin in pyeongchang on friday. my colleague stephen mcdonnell is in pyeongchang and told us
about the excitement building ahead of the games. we are waiting to host the winter 0lympics we are waiting to host the winter olympics in the coming days in these mountains and already international political events are overshadowing the sport will stop there are three main players, you have north korea, south korea, and the us administration. moon jae—in‘s administration, they will be hoping there will be talk surrounding the games and you have the us vice president with his group of north korean defectors trying to pooh— pooh the whole thing. the north koreans, they would be trying to talk freely, the north korean team is trying to do everything to keep its team away from the general
community. the joint women's its team away from the general community. thejoint women's hockey team, the north korean players stay ina team, the north korean players stay in a different place. there is a tea m in a different place. there is a team of north korean performers who are coming, they arrive on a ferry, they will get off the ferry, go to they will get off the ferry, go to the performance space, go onto the ferry and stay there and eat there. they will not be with the rest of the people. what the whole 0lympic myth is built around, people really hope that for at least two weeks we can stop fighting with one another and that former enemies can become friends and the like. we will have to wait and see in the coming weeks and into the future if these games to bring a greater dialogue between north and south korea and open up channels of communication which just went there. it looks very frosty where you are in the mountains of
pyeongchang. a number of frosty reception by the russians to this decision by the iec today not to allow 15 russians who are cleared of doping allegations to take part in the winter olympics, how is that going down there? —— 10c. the winter olympics, how is that going down there? -- ioc. we saw those russian athletes who had their names cleared come out cheering. i think many of them thought they would be coming to these mountains and participating in the games. the ioc and participating in the games. the 10c said despite that ruling they are not going to be invited to the games. that is a source of great disappointment in russia. in terms of the 10c, they say they are standing firm on this. i guess, for those who are big critics of the russian use of steroids, the like, doping over the years, many have welcomed the ioc‘s decision to not let these 15 extra athletes and
coaches participate. stephen macdonald in pyeongchang. also making news today: the sole surviving suspect of the paris attacks in 2015 has gone on trial in belgium in a separate case linked to his arrest in brussels. 29—year—old salah abdeslam is accused of attempting to murder police officers during a gun battle, four months after the paris attacks. the former president of the maldives, maumoon abdul gayoom, has been arrested, shortly after a 15—day state of emergency was declared. the political crisis was triggered when president abdulla yameen refused to comply with a supreme court order, to release nine political prisoners and reinstate a group of opposition mps. translation: police are here to arrest me. i remain steadfast in my resolve. i urge all our supporters to be strong. we will not give up on the reforms we started. stay courageous. the former us gymnastics doctor larry nassar has been sentenced to an additional a0 years to bring his total prison term to 125 years.
the sentence relates to the sexual abuse of young female athletes. nassar carried out the abuse over two decades under the guise of medical treatment. president y one may be first visit to the vatican by a turkish president in decades. they discuss the status ofjerusalem. meanwhile, scuffles broke out between police and demonstrators. two people were detained after trying to get closer to the vatican. let us look at some footage now. a greedy dog's efforts to steal some leftover pancakes at a home in the us state of massachusetts almost went horribly wrong after it accidentally ignited the stove, causing something on top of it to catch fire. luckily, the alarm system alerted first responders, before any serious damage was done. the us vice president mike pence is starting a trip to asia
which is meant to show solidarity with allies and help south korea celebrate the launch of its olympic games. but he actually has a much tougher task — mending a potential breach with the south korean government over how to deal with the north korean regime of kim jong—un. earlier i spoke to hiro katsumata from tohoku university. i began by asking him how significant is this visit of vice president pence to japan before south korea? let me point out that the us— japan alliance is stronger than ever before under the trott administration for many reasons. one of the reasons is that the alliance has become important, notjust for japan, but for the us —— trump
administration. north korea has almost succeeded in ballistic missile is that can reach the us territory of guam. it is more serious not only forjapan, but the us. vice president pence wants to make sure to put the pressure on north korea and to demonstrate the power and strength of the usjapan alliance. how worried is japan right now on how south korea is dealing with the north koreans. japan has a lwa ys with the north koreans. japan has always been worried about the issue of north korea. it is a serious issue forjapan for 20 years and so on. importantly, again, this issue is becoming important, serious, not only for the us, not only forjapan,
but also for the us, so the interest of the us and japan, the visit is timely and important. there are reports right now that north korea is planning to hijack the korean winter olympic games through a propaganda campaign. how should this be handled by the japanese and the americans? that is a tricky issue. north korea is trying to use this opportunity to showcase, improve its image, to reject its image as a peaceloving country, or whatever. but the us is becoming strategic as well. vice president pence does not stop by anyway, he is going to south korea to attend the opening ceremony
of the olympics. he doesn't have too go there anyway, but he has decided to make a brief stop at oher now up in order to remind them that sports and security are two different issues. that is hiro katsumata speaking to wreck it is on. we have some breaking news. that is the plunge in the markets. we saw wall street plunging dramatically overnight. we are now seeing the nikkei in tokyo plunging more than 496. nikkei in tokyo plunging more than 4%. the thing the yen against the dollar which is not helping. you're watching newsday on the bbc. still to come on the programme: a rare insight into the cult of the kim dynasty from the north korean agent who blew up a korean airlines plane in 1987. also on the programme: one of the world's leading investigators of the illegal ivory trade has been killed in kenya.
this is the moment that millions in iran had been waiting for. after his long years in exile, the first hesitant steps of ayatollah khomeini on iranian soil. south africa's white government has offered its black opponents concessions unparalleled in the history of apartheid. the ban on the african national congress is lifted immediately, and the anc leader, nelson mandela, after 27 years injail, is to be set free unconditionally. the aircraft was returning from belgrade, where manchester united had entered the semi—final of the european cup. two americans have become the first humans to walk in space without any lifeline to their spaceship. one of them called it "a piece of cake". thousands of people have given the yachstwoman ellen macarthur a spectacular homecoming in the cornish port of falmouth after she smashed the world record for sailing solo around the world non—stop.
this is newsday on the bbc. i'm rico hizon in singapore. i'm sharanjit leyl in london. our top stories: the dowjones industrial closed down down nearly 1,200 points, making it the worst single—day point decline in history. the us vice president, mike pence, is starting a trip to asia meant to show solidarity with allies and help south korea celebrate the launch of its olympic games. and this was the most watched on bbc.com. an investigation has revealed thousands of british people sold timeshares in the 1980s are now trapped in the arrangement,
and it's costing them hundreds of pounds in fees each year. timeshares are a holiday property investment that was popular at the time. let's ta ke let's take a look at some front pages from around the world. the financial times reports on turmoil in global markets, with this photo showing the main indexes all in the red. it gives more information on why there's been such a decline, saying investors are worried the global recovery is reviving long—dormant inflationary pressures on wages and prices. the philippine inquirer leads with a warning from a supreme court official that appeasing china over disputed islands in the south china sea won't work. it says it will only embolden beijing further. china has angered regional rivals by building a military bases on islands. and the china daily has the story of an 81—year—old who has finally completed her bachelor's degree. you can see a photo of xue minxiu, who started her degree in 1957, but she was also working as a nurse so she had to put it on hold. until now. in trending, trump and the uk healthcare system is sparking discussions on line?
yes, let's looks at what is trending right now. donald trump has sparked a backlash after tweeting that the uk's healthcare system is "going broke and not working." his comments are thought to be in response to a protest in london over the weekend demanding more nhs funding. among those who retaliated to mr trump's comments was the british health secretary, who tweeted that he's proud of the system. one of the world's leading ivory trade investigators has been killed in kenya. esmond bradley martin was found in his nairobi home on sunday with a stab wound to his neck. mr bradley—martin had spent decades risking his life to secretly photograph and document illegal sales of ivory and rhino horn. here he is in 2005 on the trade. we have about a00,000, 450,000
elephants we have about 400,000, 450,000 elephants in africa, and we are losing 20— 25,000 a year. most of that seems to be going into china, where i have been working through the last year also. there are huge ivory markets in africa that need to be closed down. one can go to angola and just the 23 tables or so of ivory on sale. you can see the same in nigeria, egypt, sedan, and sometimes if the obr. they are illegal market. —— ethiopia. —— markets. our correspondent, alastair leithead, is in nairobi, and told us more about the esmond bradley martin. esmond bradley—martin really was a colourful character in the conservation world. he always wore sharp suits and had a large colourful handkerchief in his
pocket. he had shocking white hair. he would walk into some of the most dangerous and difficult ivory markets in the world. he travelled across africa and asia, going to see people working with ivory, pointing out where the tusks had come from, where trafficking routes were, posing as a buyer to find out the prices. most recently he was in myanmar, writing research before he died. he and his colleague went to laos to a casino populated by drug dealers and criminals. they photographed the ivory and found out the prices. they found out it was one of the fastest growing ivory markets, laos, in the world. his work has been hugely valuable. he was in kenya for more than 40 years. his old friend, in douglas hamilton, the founder of the save the elephants organisation, called him a
hero. —— ian douglas. he was found deadin hero. —— ian douglas. he was found dead in his home on sunday afternoon. he had been stabbed in the neck. his wife discovered him. it is not known whether he was killed for his work or whether it was simply a robbery that had gone wrong, but he will be hugely missed by the conservation community around the world. alastair leithead there. a north korean spy who blew up a korean airlines aircraftjust months before the 1988 seoul olympics has issued a stark warning ahead of south korea's winter games. kim hyon he says the regime that recruited her and trained her to murder 115 south koreans has not changed. and she believes pyongyang's current offer of peace during the winter olympics is part of a propaganda plan. she's been recounting her extraordinary story to our seoul correspondent, laura bicker. she was under heavy sedation with her mouth covered with adhesive tape... translation:
her mouth covered with adhesive tape... translationzlj her mouth covered with adhesive tape... translation: i was told that i was on the front line to unify korea, that i would be free in south korea, that i would be free in south korea like a revolutionary hero. i was full of pride and dignity. but i realised it was murder, given my own people, innocent, everyday people. —— killing. it was a japanese radio, a small radio, and that is where i put the detonator. next to it was a liquid explosives in a plastic bag which i placed on the shelf in the plane. in the north, we are told that the south is a colony of america, poor and corrupt, that the us is an aggressor. we are told they
are the arch enemy and we cannot live under the same sky. ina in a blaze of publicity this morning, the south koreans paraded the woman they claimed was a north korean agent. she told officers she blew up the airline to disrupt the olympic games. do you think right now all of this is fake at do you think the run—up to the olympics, the overtures of peace coming from kimjong—un, do the overtures of peace coming from kim jong—un, do you think the overtures of peace coming from kimjong—un, do you think it is fa kefa ke, . kimjong—un, do you think it is fakefake,. translation: of course it is fake. the ultimate goal of north korea is the complete nuclear programme. they have nothing in their mind but nuclear weapons. north korea will not change through dialogue. north korea cannot be changed by soft words. i believe
only pressure will work on north korea. so, you have life, you have love, and now i believe you have children. umm, do they know what you did? translation: my children are not old enough to know the story, and i have not tried to tell them the details yet. but these days, with internet readily available, and my interviews on media, i suspect they must know something. my son is quiet, but i think he knows. as the bomber, i have a lifelong work of atonement. it is my cross to bear for the rest
of my life. before we go, a recap of the markets. the fall of us stocks overflowing into asia. thank you for watching. bye for now. it is remaining cold for much of this week. snow in the forecast. that will cause many of you problems on the roads to start tuesday. it is going to be a very cold day with frost. sunshine around as well. this is the weather front bringing the sleet and snow. scotland and northern ireland over the course of the night will have it. some rain at lower levels. sleet and snow to the high ground with plenty of showers behind it. skies will be brightening up behind it. skies will be brightening up gradually through the morning across scotland and northern ireland. these are snow showers.
hail showers adding to snow in scotla nd hail showers adding to snow in scotland and northern ireland. very cold. you can see the blue. sub—zero for many. that weather front lies this way. it could cause problems. further east, cold. largely dry. sunshine. certainly scraping cars first thing before heading out. the band of rain, sleet, and snow, will fizzle out. ahead of that, continuing to be sunshine for east anglia and the south—east. and further north and west apart from showers, it will be cold. the weather front may even invigorate again and go to east anglia before it clears out. behind it, widespread clear skies. a cold night to come on tuesday night and wednesday morning at the coldest night of the week.
temperatures well below freezing out of town. it does mean a ridge of high pressure should bring spells of sunshine on wednesday. this weather system will bring wind and cloud and rain to the west of the uk. with that, while they are. it will make a return by the end of the week. a very cold and frosty start across the board on wednesday, pretty much. crisp, winter sunshine. scotland and northern ireland, england and wales, cloudy with outbreaks of rain. sleet and snow to the hills. starting to get more mild. thursday, slightly less cold air. 6—9 — 10 degrees. cloudy. breezy. friday, a ridge of high pressure building in. plenty of winter sunshine with cold air coming in from the west. i'm sharanjit leyl with bbc world news. our top story: the dowjones
has fallen dramatically in the united states. the main index in new york fell by nearly 4% — its biggest fall since 2008. this comes after sharp losses at the end of last week. a short time ago the nikkei in tokyo dived 4% as well. the us vice president mike pence is starting a trip to asia which is meant to show solidarity with allies and help south korea celebrate the launch of its olympic games on friday. and this video is trending on bbc.com. home surveillance video shows a dog sneaking a leftover pancake, but by doing so, the ignition button on the stove came on, causing something on top to ignite. luckily the alarm system called first responders before the fire spread — and a friendship ensued. that story is popular on bbc.com. that's all from me now. stay with bbc world news. now on bbc news it's time for hardtalk.