tv Asia Business Report BBC News February 12, 2018 1:30am-1:46am GMT
under control, hundreds of other children are suffering from malnutrition. the health crisis has put the spotlight on a region closed off to journalists for decades, and revealed serious government failings. russian investigators are searching snow—covered fields south of moscow for the wreckage of an airliner which crashed on sunday, killing all seventy—one people on board. and this story is trending on bbc.com: at the pyeongchang winter olympics, red gerard snatched a dramatic victory in the men's slope—style to win the united states‘ first gold of the games. the 17—year—old said "i cannot believe whatjust happened — it is insane". that's all from me for now. stay with bbc news. and the top story here in the uk: the international charity, oxfam has responded to fresh allegations of sexual misconduct by some of its staff — announcing further changes aimed at strengthening its recruitment procedures. now on bbc news all the latest
business news live from singapore. is the wild ride over or is itjust the beginning? we find out where the global markets may end after the volatility of last week. and and enduring sports legacy. we find out about triathlon‘s plans for asia. it's monday, everyone. good morning, asia. hello, world. thank you for joining us for this edition of asia business report. we begin the programme with the asian markets that are offered from heavy selling last week following volatility on wall street. we had the bench mark
indices injapan, hong kong and shanghai falling at least 10% from recent highs. chinese equities in particular were under pressure, partly due to the weakening of their currency. should we be bracing ourselves for another wild ride this week? i asked that question earlier. investors seem to be responding to increased expectation that in flirtation will pick up —— inflation will pick up. the strength that we are seeing in global economy that is driving market and as we may be in the midst of this shift, i expect investors will see more volatility that has the workers went through the market. inflation and potential increases in interest rates are basically feel all of this volatility in the stock market over the last week. on wednesday, you have the consumer price index coming
up have the consumer price index coming up injanuary in the united states. could this add more fuel to the fire? it could add more fuel to the fire? it could add more fuel to the fire or it could dampen it somewhat if we saw a softer than expected reading. traffic returns to the issue that we will not see any real closure in terms of this debate as to what is driving markets over the next several days and i don't think that the cpi is going to do edi there. as the volatility works its way through i think that investors will be somewhat more defensive. when we look across currency, i think that means that nondollar safe havens will outperform the smaller and riskier currencies. last year, many economists were predicting three orfour more many economists were predicting three or four more interest rate hikes from the fed in 2018. at that time, the market didn't move. why the reaction now? that is an interesting question as we have been seeing rises in yields for sometime. i think when it comes down to is the difference in terms of what is motivating that rise. if you had
asked most investors several weeks ago what was driving, they would say was growth expectations and that is the ninth of the market. it is probably the ninth of the market. it is pro ba bly less the ninth of the market. it is probably less benign if risk arises, is volatility arises and if investors are more concerned with inflation. briefly, how much of this volatility on stocks is due to the weakening dollar and stocks being affected in china by their currency? i think it is circular. a large component is both each market drives the other. remember the airbag maker ta kata ? there are the other. remember the airbag maker takata? there are reports that its us unit has reached a settlement to end their bankruptcy. i'm joined now by our colleague. is this a good thing? it is and it is not, depending on who you why. basically, the us unit of the company was
gearing up for the us unit of the company was gearing upfora the us unit of the company was gearing up for a court fight this week to get a judge a judge's approvalfor its week to get a judge a judge's approval for its plans to exit ba n kru ptcy approval for its plans to exit bankruptcy because there has been strong opposition from injured drivers as well as creditors. there have been hundreds of injuries related to these airbags. they also caused at least 21 deaths around the world. over a dozen carmakers as well is the new owner of takata's air bag business, they have managed to agree a deal with them over the weekend. they will establish a trust to pay compensation and if the agreement is approved by the us ba n kru ptcy agreement is approved by the us bankruptcy court it will mean injured drivers will not be allowed to sue the carmaker. they will monitor whether they gets approved. we will have to wait and see if this will push through. thank you very much. india's latest federal budget has drawn criticism from luxury carmakers. the government has increased taxes for foreign
automakers and that has affected global brands like audi, mercedes and others are doing business in india. our reporter speaks from their auto show. luxury cars on display in the world's third—largest auto market. and emerging young and growing middle class has attracted major global high—end auto brands to set up global high—end auto brands to set upa shop global high—end auto brands to set up a shop in india. but after doing so, with promises of tax incentives from the government, car manufacturers say the government backtracked on its plans when it announced a plan to hike tax on imported auto—parts. most global luxury brands in india import beer engine in different parts from their countries and assemble at here. they do that with a tax benefit promised earlier by the government. now that
incentives is withdrawn and investment is in doubt. for this man, who heads germany in india —— ta rlee man, who heads germany in india —— tarlee in india, this is a blow. currently very assemble within the country almost 95% of its cars sold here. under the new regime, the cost of doing so will rise substantially. splashback we are making substantial investments in the country. we believe in the growth of the marker but we also need to make sure that there is this growth scenario that is now being restricted. luxury cars make up 2% of the total vehicle market in india. foreign brands here fear that further protectionist measures could hurt their expansion plans in the country. overall in context i see that india will have to review their policy as well on bringing cars into the country. a short—term hopeful gain of winning a
few reve nu es short—term hopeful gain of winning a few revenues on taxation is not in line with the positioning yourself asa line with the positioning yourself as a market welcoming foreign investors. for now, luxury carmakers say they will pass on most of the tax sites to car buyers. and while that may be a small difference to those paying thousands of dollars for rape high—end car, the shaken trust between foreign brands and the government will be a big hurdle to overcome. “— government will be a big hurdle to overcome. —— thousands of dollars for a high—end car. a lawsuit has been filed against the weinstein company alleging that it failed to protect employees from harvey weinstein. becomes after the mogul‘s career ended in disgrace over allegations of sexual misconduct from over women. a royal commission into australia's banking
is set to get under way in melbourne they have faced scandals and concerns over money laundering, legislation accusations that some institutions withheld legitimate health—insurance pay—outs and gave misleading financial advice. there is no other sporting event in the world where athletes and you are a four kilometre swim, a 180 kilometre bike ride and a 42 kilometre marathon back—to—back. and did i mention a 17 hour limit? ironman celebrated its 40th anniversary and its popularity is growing in the region. it was recently purchased by a chinese company. the chief executive of ironman told us how the sport started. ironman started from the most modest beginnings. 15 people deciding to do the waikiki rough water swim, a bike race and
marys on on the same day. since that day in 1978, every year more people have crossed a ironman finish line than the year before. we are now truly a global sport. we have 235 event weekends in 50 countries around the world. despite us being the dominant global player we think that we have about 13% of the global mass participation market and we think there is an opportunity for us to continue to grow are creating new events and by acquiring other events. he has been extremely useful in the chinese market. he has deep connections, notjust within the central government but due to their real estate development, they have a presence and relationships in 100 chinese cities. those are helpful
for us as we think about getting races off the ground, getting roads closed, having direct relationships with the cities and with the party is vital and essential in china. and in the markets, it could be another week of volatility in asia. we can already see it on the board here. the hang seng is currently up by 0.7%. the all ordinaries is down by 91 points. and the south korean market is currently mixed to lower. sport today is coming up next. the government has warned it will cut funding to oxfam if it cannot fully explain its handling of reports of sexual misconduct by aid workers in haiti. oxfam has announced new measures for the prevention and handling of sexual misconduct cases.
new allegations that oxfam workers pay local women's sex. the charity says it is shocked and is made but cannot confirm reports. the head of the mission there at the time was the mission there at the time was the same man who, five years later in haiti, resigned after admitting using prostitutes. four others were sacked. as the scandal grows, the international development secretary has sent a strong warning to all british charities receiving public money. they will lose the cash if they cannot show a robust approach to safeguarding. i am clear. it does not matter if you have a whistleblowing hotline, it does not matter if you have got good safeguarding practices in place. matter if you have got good safeguarding practices in placem the moral leadership at the top of the moral leadership at the top of the organisation is not bad, then we cannot have you as a partner. she said oxfam didn't give her department the full facts about what happened in haiti.
it's about, was there any harm done? was there any involvement of the beneficiaries of aid involved? was there any impact on them? and they told us "categorically no." and they also told us... that was a lie, wasn't it? well, quite. at a meeting tomorrow, the charity will be given one last chance, or be stripped of its taxpayer funding. bbc news asked oxfam for an interview. the request was refused. but in a statement, its trustees announced a series of reforms to strengthen the vetting and recruitment of staff, set up an external whistle—blowing helpline, and bring in mandatory safeguarding training for new employees. there've been more revelations about other charities, too, reports that christian aid, save the children, and the british red cross have all investigated staff over sexual misconduct allegations. some who know the sector well aren't surprised. people need to realise that the vast majority of aid work in crisis situations is extraordinary.
it saves lives, it helps people who are very vulnerable, but aid agencies need to do a lot, lot more to make sure that the best people are going into these areas, they are monitored, and these people who are very vulnerable, they have a voice too in how this unfolds. the government is now demanding that every charity receiving taxpayers' money disclose all past and current cases of sexual misconduct. a scandal affecting one charity is now threatening to engulf the entire sector. angus crawford, bbc news. there will be more on that story throughout the night. time now for sport today. hello, i'm tulsen tollett.
and this is sport today, live from the bbc sport centre. coming up on this programme... 17—year—old american red gerard is the star on day two of the winter olympics in south korea, taking gold in the slopestyle snowboarding. no joy forjose, as manchester united lose at newcastle in the english premier league. and big wave surfing in portugal as 25 to 30 foot waves pose problems for some, but not for others. hello and welcome to the programme, where we start in south korea and red gerard was the star on day two of the winter olympics in pyeongchang. the teenage snowboarder won gold in the slope style on a day when seven gold medals were at stake — as nick marshall mccormack reports. it isa it is a mark of
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