tv Asia Business Report BBC News December 17, 2019 1:30am-1:46am GMT
its best—selling aircraft. it was grounded in march after two fatal crashes in indonesia and ethiopia that killed 346 people. the company says it won't lay off workers, but the stoppage is likely to affect suppliers and the wider economy. opposition parties in india have condemned the government over what they say was the police‘s violent suppression of student protests against a controversial citizenship law. and doing well on our website is the launch of new york's largest lantern festival. more than 10 million lights are on display. it's described as a multisensory event that's meant to celebrate culture and diversity. that's all.
stay with bbc world news. more on our website bbc.co.uk/news and the news app. now on bbc news live to singapore for asia business report. bowing is set to suspend the production of its 737 max airliner and shares are extending their losses. —— bowing's. china's dominant in rarer reduction, we visit a site in the texas desert. it's a tuesday, good morning. glad you could join us for another exciting addition of asia business report. we start off with boeing because it. the production of its bestselling 737 max jet. the plane has been grounded since march
following to deadly crashes which killed 346 people. so far it's cost boeing more than $9 billion and that is climbing every day. it's josephine falling as the company's board met all day. there are worries this would impact the overall us economy. everyone is saying, what will this mean to those parts suppliers. boeing says they will not be of any workers and at the moment, they are going to safeguard against that obviously for many of those suppliers who make parts for the 737 max, will boeing have to then stop buying their parts until they resume production, will they continue their orders until they figure it out themselves? it's a bit unclear how it will be handled but we've seen several companies taking it on the stock prices because of this and it is very, very early but i think any people are anticipating this will have ripple effects across the
global economy. arsenal's football clu b start global economy. arsenal's football club start player mesut ozil has become involved in an argument with china after he criticised the treat of uighur muslims. there is evidence more than a million people were detained in the north—western reason —— the north—western region of xinjiang but china says these camps we re xinjiang but china says these camps were voluntary. beijing says he's been deceived by fake news. translation: i don't know if mr mesut ozil has ever visited xinjiang before but i can sell here is deceived by false news report and misled by unfounded statements. arsenal released a statement saying: it is his personal opinion and arsenal has always not involved itself in politics. chinese state tv
pulled a live broadcast on sunday and there is as well a broader context of this. after the manager showed support for hong kong protesters. the babies's asia—pacific editor has more. protesters. the babies's asia—pacific editor has morelj mean, asia—pacific editor has more.” mean, really money talks here. china is the premier league's most lucrative market. people are saying, look, that's what's going to happen next, contracts will explicit explicitly say you're not allowed to tweet anything political but this really is a fine line because the longer beijing begins to push this, they just testing who longer beijing begins to push this, theyjust testing who is going to really react to this. in hong kong where protests have been going on for more than half a year and on monday's the chief executive was in
beijing for a visit. both sides mentioned in the protests have taken an economic toll on this special region. translation: hong kong's economy is an obvious downturn. many industries had suffered major set backs. we may say this situation is unprecedented and how severe and uncomplicated it is. translation: in terms of the economy, remarkable slowdown has emerged in the first half of this year. at this time, the main causes lay in external factors including the trade dispute between china and the us. therefore we've only recorded 0.5% growth in the first half. it is said the weakness in the economy will not deter the
protests. this is what the hong kong government is banking on. ultimately, normal people will desert the movement. but so far it hasn't happened. there is nothing to suggest it will happen. instead, all of the messaging and communications on the protest movement indicates the struggle is far more important to them than the economic costs. the struggle is far more important to them than the economic costsm you have more than $1 million in investments in assets, the means that you will mostly retire quite co mforta bly, that you will mostly retire quite comfortably, correct? not according toa comfortably, correct? not according to a recent study which examines the savings and investment habits of 10,000 individuals who hold up to $1 million in investments across ten fast—growing economies such as china, india and singapore. the report found more than half of those surveyed will be disappointed with
their financial situation when they retire at around the age of 60. i asked fernando morillo how much will make people satisfied in retirement? what the numbers tell us it should be twice as much. $2 million? that would be the average. that varies by age and income but the key thing is to realise that the way we think about the future has changed because our lives are longer than the cost of living is higher and today, when you have 12 years on average of money for the aspiration we want to have in future and we have 23 years to fund it so there is a gap there. fernando morillo of standard chartered. us china relations, the us is almost completely dependent on china for rare earth. in fact, eve ryo ne china for rare earth. in fact, everyone is. china produces 85—100%
of all rare earth metals which are essential to most defence and consumer technology but there is a hill in the west texas desert that contains a lot of these rare earths. samaria hussein met the people who plan to mine and get it to market. here in the far west of texas, 25 kilometres from the mexican border, sits a mountain that has a big stake in the power—play between the us and china. what you see right in front of us is round top mountain. dan gorski is a geologist. in securing the mining rights to round top mountain, he believes his struggle on the big one. it's something you work for your whole career. hidden in the rocks a large amount of annuals known as rare earths, crucial elements for tech gadgets and military weapons. right here is the rock... combined with other
mineable elements, this amber mountain could be worth $8 billion. so this is what is going to make you your millions? that's it. building his confidence is the us government. the trump administration has said it is essential for national defence to boost production of rare earths. military technology without rare earth technology would be about the same as it was in the middle 60s so we would be dealing with the chinese military on the 21st century and we would be in the mid 60s. it's down's bet on mineral deposits here pays off, it could make his company very, very rich. it could also solve a national security issue for the united states. but mining is a very dirty and risky business. for now, the us only has this one rare earth mine but with no domestic processing facilities, these rough are still being sent to china to get the
minerals out. —— rocks. doctor nick pingittori is a scientist and has found in his lab what maybe the secret of getting rare earths out of round top's rocks, but easily and cheaply. no-one else has ever been reported to have rare earth in a mineral called fluorite, which is highly soluble, so we have a unique deposit. and there is nothing else like this? no. but this is still an u ntested like this? no. but this is still an untested operation on a large—scale in the mind is not slated to open until 2022 at the earliest. we finally got mine, itjust looks like it's a real winner. finally got mine, itjust looks like it's a realwinner. given finally got mine, itjust looks like it's a real winner. given the finally got mine, itjust looks like it's a realwinner. given the high sta kes it's a realwinner. given the high stakes between the us and china, it's not just dan stakes between the us and china, it's notjust dan that is looking for a big win here. let's look at the asia pacific markets open for trade. currently they are in positive territory.
japan up as is the all ordinaries. this is on the back of wall street's rally overnight sparking the new us— china trade deal. investors also cheering up the economic data out of china, particularly the industrial output numbers. thanks for investing your time with us. sport today is coming up next. this is bbc news — the top stories this hour. a crisis at boeing — the company suspends production of its 737 max aircraft — grounded since march, after two fatal crashes. opposition parties in india condemn police for what they say is violent suppression of protests over a new citizenship law.
new talks have taken place in northern ireland, to try to restore the devolved government at stormont. it's nearly three years since power sharing collapsed because of disputes between sinn fein and the democratic unionists. there's renewed pressure on the parties to get back into government with a crisis in the health service, strike action planned and patient waiting lists the worst in the uk. from belfast, here's our ireland correspondent emma va rdy. winter at stormont, parties out in the cold. each morning civil servants arrive to run the country. it's many moons since politicians took decisions here. it's a source of continuous pain. john's one of thousands of patients in northern ireland now waiting years for routine operations. a lack of government has led to the slow decay of services. while the parties try to resolve their differences, he faces another year—and—a—half‘s wait for a hip replacement. i mean, to wait that long, and your life's on hold. in the kind of pain you're in.
yeah, yeah. it's just on hold. you can't do anything. there's too many people pointing the finger at each other. theyjust need to get on. today, calls for an irish language act. the main issue pretending sinn fein and the democratic unionists from governing together again. as ever, we enter into these negotiations in a spirit of optimism and determination. and now the big test is political will. i have listened very carefully during this election campaign, and right throughout the campaign there was a desire to get stormont back up and running again. therefore, we are here to try and make that happen, i hope all the other parties will too. since the dup lost its influence in westminster, there's new incentive to get back to power—sharing here, but deeply held positions on both sides make compromise
a difficult task. both parties were punished in the general election for three years of stalemate. if there's no agreement in weeks they will face assembly elections, a path they may want to avoid. emma vardy, bbc news, belfast. don't forget you can get in touch with me and some of the team on twitter. i'm @ bbckasiamadera. now on bbc news sport today. hello, i'm gavin ramjaun and this is sport today, live from the bbc sport centre. coming up on this programme: why arsenal's mezut ozil finds himself at the centre of a row with china, which could hurt the english premier league. the champions of europe, liverpool return to madrid. they take on atletico, in the draw for the champions league knockouts. and there's a late late winnerfor lazio, as they come from behind to stun
cagliari in serie a. welcome to the programme. arsenal forward mesut ozil has thrown his club and the english premier leauge, into a confrontation with china, following his social media posts on the treatment of uigher muslims. the german claimed they were persecuted, prompting a chinese broadcaster to drop arsenal's match with manchester city from its schedule. and that could have damaging implications in the lucrative chinese market. here's our sports editor, dan roan. arsenal's premier league match against manchester city, yesterday, was watched around the world. except in china. coverage of the game there cancelled, after comments by mesut ozil about the plight of fellow muslims in the country sparked what could prove a damaging dispute. in a social media post to his millions of followers, arsenal's german midfielder criticised the treatment of china's uigher population, referring to persecutors and details