tv Asia Business Report BBC News August 19, 2019 1:30am-1:45am BST
our top story: hundreds of thousands have taken part in peaceful rallies in hong kong. organisers say 1.7 million people braved monsoon rains in the territory's latest pro—democracy march. beijing hinted at sending in military police in the event of clashes. burials have been taking place in kabul after a bomb exploded at a wedding, killing 63 people. almost 200 people were injured in saturday's attack. and this video is trending on bbc.com. a power station in oxfordshire was demolished on sunday, although things didn't go to plan. about 40,000 people in the local area lost power when debris struck an overhead electricity line. there were reports of some minor injuries and power was restored after 80 minutes. an investigation has begun into what went wrong.
that's all. stay with bbc world news. stay with us for all the international news and business stories here on the bbc. and you can visit our website as bbc.com/news. hong kong demonstrations in the wake of the 11th weekend of protests we look at the impact on the asia financial economy. grey matters. why many of singapore's asian population are working well into their 70s. good morning and welcome to this monday's edition of asia business report live from singapore with me, mariko 0i. let's start with hong kong because as you heard on newsday, the city has seen the 11th weekend in a row of pro—democracy rallies. the protest organisers say the crowd was 1.7 million strong
other police have said it was much smaller. this comes amid warnings of the economic impact of the unrest on the economic impact of the unrest on the asian financial hub. in just two days after airline cathay pacific saw the departure of it chief executive. the bbc‘s stephen mcdonnell sent this report from the demonstration. in terms of the impact ona demonstration. in terms of the impact on a city, you couldn't avoid it today. it was everywhere. four kilometres in that direction, the road was just jammed with kilometres in that direction, the road was justjammed with protesters despite the heavy driving rain and of course there is going to have an impact on the city. the people we spoke to today think any economic pain in the short term is worth the long—term effort. we also spoke to people today about the sacking of cathay pacific's ceo. people have come here today pretty angry about that, actually. they think it is
unfair intervention from beijing just because people in the airline industry have supported the pro—democracy movement and for some, thatis pro—democracy movement and for some, that is the reason to have a protest like this. itjust shows you that everything is tied in now in terms of politics, the economy and hong kong's way of life. many people in the business community expect that there will be more intervention from beijing. for example, we have had the australian business chamber calling on the government of hong kong to scrap the bill altogether. and to consider this independent enquiry into the police to try to ease tensions. some of the business community are really feeling it here. however, if two things are true, they are, that beijing will keep getting involved, that this is going to be something businesses are going to be something businesses are going to be something businesses are going to have to deal with and that this movement is not going to
finish. that is something they will probably have to deal with as well. there still will be protests like this. i think, there still will be protests like this. ithink, going there still will be protests like this. i think, going on from now until 2047 because that is when the big shift is going to happen. stephen mcdonnell reporting from hong kong. the hong kong government has announced some stimulus measures but earlier, we were told why it is too little too late. they have already been losing physical and it has been reduced. another half a percent of gdp and stimulus is not going to really turn around the economy which has already been slowing anyway because of the trade war. and now with the additional protest, we estimate the impact on that on gdp is probably larger than the support this fiscal stimulus will provide. i don't think it will be enough to prevent the economy from slipping into a recession. we already had a contraction last
quarter and that looks likely to deepen given that the protests have come more disruptive, shutting down the airports, general strikes, the broader impact on the economy. what can the government do? they can do more on the fiscal front. they don't even run a deficit at the moment. they could be a lot more loose on the purse strings and that could be a good thing in the current environment. even if they seem relu cta nt to environment. even if they seem reluctant to do that. it is difficult because they are very exposed, particularly on the tourism front, and people on mainland are staying away because of the protests. there is not much they can do about that. making headlines this morning, donald trump has confirmed that he will, on monday, make the on whether american companies are allowed to sell to huawei but the us
president also said that he, "doesn't want to do business" with the chinese technology giant for national security reasons. it comes asa90 national security reasons. it comes as a 90 day exemption is set to expire ina as a 90 day exemption is set to expire in a new set of us— china trade talks due to start next month. white house officials have pushed back against concerns that us economy growth may be faltering. larry cutler said, "there is no recession insight". earlier i asked what was made of those comments. recession insight". earlier i asked what was made of those commentslj think what was made of those comments.” think there is, of course there is some component to calm the nerves but it is true. if you look at the underlying data, the us economy has been pretty strong. 0f underlying data, the us economy has been pretty strong. of course, the equity market was volatile and that was in anticipation of trade conflict or escalation of further trade conflict, could potentially have some sort of impact further down the track but nothing imminent for this year, certainly. but of course there are concerns about a
global slowdown, chinese a slowdown which would no doubt have an impact on earnings from companies like bhp and qantas. what are you expecting from them? absolutely. because the early—season is still reflecting a strong period for commodity, we expect good earnings for bhp. however, the outlook but might be uncertain. qantas is interesting because they have cited weak traffic numbers are quite some time given the australian domestic economy was pretty wea k the australian domestic economy was pretty weak so we are actually looking for commentary on how the domestic economy here in australia is going. and how about bhp? of course, the mining industry is quite reliant on the chinese market? absolutely. the iron ore prices have been very strong over the last 6— eight months. we have seen them falling but it seems to have found a level. there is a lot of expectations of chinese continuous to —— china continuously stimulating the economy during that shade ——
trade conflict and slowing growth. singapore has one of the world's most rapidly ageing societies. the citystate expects a fifth of its 5.5 million population will be senior citizens by the year 2030. the retirement age at the moment is 62 but since 2017, employers must allow workers to stay on until the age of 67 stop if they are willing and able. and many of them are now working into their 70s and beyond for top notjust to stay working into their 70s and beyond for top not just to stay active working into their 70s and beyond for top notjust to stay active but also because they need the extra income. young people working at a fast food joints is nothing new but now the restaurants are turning to an unlikely demographic. senior citizens. here in singapore, older workers like 70—year—old cecilia r donning aprons, wiping down tables and taking orders at chains such as
pizza hut and kfc. and after all my children have grown up and got married, i've got nothing to do at home so i think i carry on with my job is part—time. home so i think i carry on with my job is part-time. beyond the big names, homegrown outlets here are also hiring more mature workers.” find that older workers are more loyal and they turn up on time. once they like thejob, loyal and they turn up on time. once they like the job, they willjust stay with us and do the best for us. 0fficial stay with us and do the best for us. official figures show stay with us and do the best for us. 0fficialfigures show a stay with us and do the best for us. official figures show a dramatic rise in the numbers of older workers. last year, almost 27% of singaporeans aged 65 and above were working. nearly double the rate from a decade earlier. the government is actively encouraging people in their golden years to stay in the labour force. singapore's labour crunch is tough on the services industries. as a millennials prefer officejobs and
fewerforeign workers a millennials prefer officejobs and fewer foreign workers are being allowed into the country. experts say the key is persuading and educating companies about the value of older workers. this is where the government has stepped in by stubbs —— subsidising salaries of older workers in lower wage jobs. —— subsidising salaries of older workers in lower wagejobs. 0ther incentives include retraining and gra nts to incentives include retraining and grants to redesign for older workers. element people are worried about how they will finance their old age. —— people are worried. you people want to live at a certain standard of living, they will be needing to continue to work. many seniors are happy to oblige. element as long as i can work, no mentally problem, my physical still 0k. with mentally problem, my physical still ok. with older people living longer
than ever, we will be seeing more working seniors like cecilia and jake in singapore next time you go for a coffee or a bite. let's look at the markets before we go because asian markets have opened higher. as you can see, japan's nick kane is up by 1%. —— mckay nikkei to stop we had a very low volatile week. —— nikkei. that's it for this week's asia business report. thanks for watching. this is bbc news. the top stories this hour: hundreds of thousands of people braved heavy rains for hong kong's latest pro—democracy march — the 11th consecutive weekend.
burials have been taking place in the afghan capital, kabul after a bomb exploded at a wedding killing 63 people. police have warned it's unlikely a six—year—old boy, who fell into a river in kent, will be found alive. lucas dobson disappeared in the river stour at sandwich on saturday, while on a fishing trip. hundreds of volunteers have joined the emergency services to try to find him. simonjones reports. searching the river stour for a little boy who hasn't been seen since yesterday lunchtime. it's thought lucas dobson fell into the water as he was stepping onto a fishing boat. his father and two other people jumped in after him. the current swept lucas away. i'm not accepting it, yet. because we can't find him, i tell myself he got out and he's lost, he's looking for us, he's wandering around, wondering where we are. that's what i'm telling myself, because to think that my little nephew is still in the river is too
much to think about. 0n the clay, on the clay. the coastguard, the lifeboat, the police and the fire service have all been involved in the search, plus hundreds of volunteers from the local community, who have heard about what happened and have come out to walk the length of the river bank, desperate to help. sticking together. i think if i was in the family's situation, i would expect people to help me out as well. you just want a good outcome, really, don't you? bless him. the police say they're determined to provide answers for the family, but tonight admitted it was unlikely to be a positive outcome. we are working extremely well together. we've got the best kit and equipment. we've got the best skilled, trained personnel out there looking for lucas, and i can't say enough how much we are looking to get a quick resolution to this. the search will resume in the morning. lucas' family have thanked everyone who's helped. their message: "wejust want our boy back".
simonjones, bbc news, sandwich. more than 110,000 pounds has been donated to a crowdfunding page set up to support the family of a police officer who was killed in berkshire on thursday. 28—year—old pc andrew harper died in sulhamstead when he was dragged along the road by a vehicle. ten males aged between 13 and 30 have been held on suspicion of murder and remain in custody. a fundraising page was set up by the thames valley police federation, and is currently at 117,000 pounds. don't forget you can get in touch with me and some of the team on twitter, i'm @ricohizon. now on bbc news: sport today. hello, i'm tulsen tollett and this is sport today, live from the bbc sport centre. coming up on this programme: frank lampard's chelsea are still looking for their first win of the season after playing out a 1—1 draw at home to leicester. england take australia close in the second ashes test
at lord's, but it ends in a thrilling draw. and madison keys wins her fifth career title by claiming the cincinnati 0pen after beating russia's svetlana kuznetsova in straight sets. hello there and welcome to the programme, where we start with the footballing news that frank lampard is still looking for his first premier league win after chelsea were held to a 1—1 draw by leicester at stamford bridge on sunday. it was lampard's first match in the home dugout since taking over and they started well. 20—year—old mason mount with chelsea's opener capitalising on some sloppy defending by wilfred ndidi. but it was a different leicester in the second half though, as ndidi made up for that lapse by heading the equaliser from a corner, but both sides are still looking for their first win of the season. this is home for me. you know? and i'm here to do a job,