The british Prime Minister says he wants a fast track visa scheme to attract foreign scientists to the uk. Now on bbc news live to singapore for Asia Business report. Hoover disappointing. Shares are down sharply after the firm reported its latest results uber. Brisk domestic demand, japans economy grew stronger than expected, betrayed tensions are expected to weigh the future. In the future. Hello and welcome to this friday edition of Asia Business report. Im Sharanjit Leyl. Edition of Asia Business report. Im shara njit leyl. We edition of Asia Business report. Im Sharanjit Leyl. We start with uber because it shares are falling sightly in extended wall street trade sharply. The firm has lost over 5 billion in the three months tojune. Over 5 billion in the three months to june. The bbcs over 5 billion in the three months tojune. The bbcs Michelle Fleury has more. Responding to urban puzzle make Second Quarter results, ubers Second Quarter results. Uber has turned into the magical money burning machine. It goes to the heart of the business, can it become profitable . Sceptical investors gave the stock a cold shoulder. It doesnt help that its rival, lyft suggested it could achieve profitability sooner than expected. Initially, uber has spent heavily to achieve market share. Ubers costs still rose ia7 to 8. 65 billion in the quarter, it spent more on research and development. Ubers ceo is betting that future growth will come notjust from is betting that future growth will come not just from ride is betting that future growth will come notjust from ride services, but from other businesses like food delivery. All wall street, these numbers so this is still a company stuck in traffic. Michelle fleury there in new york. Now, but the second time this week, chinas currency has made the news. On thursday Chinas Central Bank set the value of the yuan below seven per us dollar, effectively weaken the chinese currency and it comes just a few days after following the yuan going below that g7 level during trading weakening, the first time in more than a decade. Does this signal a new front in the countrys trade war with United States . Countrys trade war with United States . And however active with be . I put that to the analyst at hs market. I think it has created a significant escalation in the us trade war with the us becoming extremely concerned about the fall of the yuan against the us dollar, and although it broke through seven and although it broke through seven and that triggered the us to designate china as a currency manipulator, i think if you look at the backdrop to this since april last year, the yuan is down about 10 against the us dollar. So i think it is that Bigger Picture of the decline of the yuan that is triggering these concerns and backlash from the us. 0, to what extent is this yuan fix purely simply economic, is it a new salvo in the trade war, or is this something as you say, it had already been weakening . I think its a major escalation in the trade war in that it is now triggered the us to designate china as a currency manipulator. That is a new front to the trade war. The trade war is escalating into a Technology War and now potentially also action in relation to chinas currency. So far the us hasnt taken action, but it could and it could put tariffs even higher on china in response to the fall of the yuan because a 10 slide in the one against the us dollar offsets a lot of the tariff measures that the us has put in place. So i think its the beginning of a new front in the confrontation between the us and china at 810 slide in the us and china at 810 slide in the yuan. What do you think beijing could use at its disposal to increase this escalation . Nontariff measures perhaps . I think it is unlikely that the Chinese Government would want to sell of us treasuries because that would push down the values of their holdings of us treasuries and because us treasuries form a very important part of their Foreign Exchange reserves. They need to invest them somewhere. I think what we are seeing though is retaliation in other areas such as their decision to stop buying Agricultural Products from the us. Soi Agricultural Products from the us. So i think we will see alternative measures to try and respond to that. Where do they go from here . They have a ready done so much in terms of escalation, what next . It looks like were in for a long trade war thatis like were in for a long trade war that is going to keep ramping up. I dont think there is an end in sight. I think both sides are digging in their heels on this, so it looks like the World Economy is going to be hit by the escalating impact of the trade war and of the impact of the trade war and of the impact that will have on the asian supply chain. Let snouts talk about japan, because the worlds Third Largest economy released its latest growth figures this morning. It expanded 0. 4 from the previous quarter, which is stronger than expected. That is thanks to brisk domestic demand. But, economists expect trade tensions and cooling Global Demand to weigh on exports in the future. Earlier i asked the managing director at anyway parthenon about the long term impact of trade tensions with south korea. The long term impact from this, the industry highlighted in the trade restriction currently, is that south korean companies, which are large buyers from forjapan, may choose to diversify their supplies was if the restrictions continue. This could leave more permanent damage on the japanese suppliers, which has a market share about 50 worldwide for semiconductor material. Moving forward , semiconductor material. Moving forward, you mentioned a lot of private consumption was up during this period thanks to golden week. But eight months ahead, japan still has a lot of challenges to face . Exactly. Short term, however, the number of the gdp is expected to be up number of the gdp is expected to be up by number of the gdp is expected to be up by i on annual index to growth because again, it is short term, the tax hike in october and the consumption rushed to buy stuff before the consumption tax hike. 04 on the other hand is expected to be a negative growth because of the backlash from that and also the uncertainties around the global economy, stagnating wages. Now, big tag is under the spotlight today, with leading firms summons of the white house for meeting on curbing violent online extremism. It comes just days after two misusing is in the us which left 31 it will dad big tech. The suspect of the texas shooting posted material online on the controversial 8chan message board before the attack and pressure was already mounting after the christchurch shootings in new zealand which were live streamed on facebook. 51 people barrister did not attack. In the Global Internet forum to counterterrorism set up by firms like those books have already pledged to do more to identify and remove extremist contest and extremist content and says it has ruled out a Cross Platform toolkit. The forum has also promised to do more to block offensive content as violent events actually unfold. But that may not be enough for white house officials, donald trump says he wants the tech firms to develop tools that can detect maths tutors before they strike. Now, if youre feeling daunted by this year a scale of the problems you face running your firm, well, help of the problems you face running yourfirm, well, help is at hand. Here is the advice from entrepreneur ronald mundoora, founder of several private members clubs who wraps up our guidance for young ceos on the challenges of starting a business. Ive been on a conscious journey to bea ive been on a conscious journey to be a little bit more diverse with the spaces they create. Whenever you make anything, you are always anxious about whether what youre creating is going to be good enough and whether people will sign up for it, whether people will buy it. An artist recording a music album or a painter or a filmmaker will all have similar feelings. Painter or a filmmaker will all have similarfeelings. The painter or a filmmaker will all have similar feelings. The way i taught myself to overcome these is you know, when i was younger i remember teaching a friend of mine how to drive. I kept saying to her, if you think about the fact that theres billions of people in the world that can drive, and yourejust billions of people in the world that can drive, and youre just one of those people, you know, youre better than the average person. If you turn around and you apply yourself to this task, you also can drive a car. So, this applies to almost any task in life. If you think there is millions of other people who can do this, then you can understand that you can achieve anything you set your mind to doing. Some good advice there. Now, lets have you about the situation in hong kong. Cathy pacific has come under attack from Chinese State media after some of its staff took part in the strike on monday. The global times warned cafe it will pay a painful prosperous actions. Meanwhile, the Hong Kong Government released a statement in response to travel Warnings Issued by a number of countries. It said the impact of these illegal confrontations is confined to a limited area near the procession reads and is not widespread. Locals are expecting more protests again this weekend. That is it for this edition of Asia Business report, im Sharanjit Leyl in singapore. Thanks for watching. This is bbc news. Iam ben i am ben bland. The top stories this hour a major, un report on land use and Climate Change says the wests High Consumption of meat and dairy produce is fuelling global warming. Millions of people visit snowdonia every year. But until recently few local residents were getting involved with the opportunities offered. A charity stepped in to help people from deprived communities find jobs and take part in outdoor pursuits themselves. As sian lloyd reports. Getting the adrenaline pumping in the mountains of north wales, an area where the adventure Tourism Market has been growing. But taking the leap into working in the Outdoor Activity sector has been challenging for some. Growing up in north wales, there were very few opportunities to take part in outdoor activities. There was certainly no outdoor club in my community so we grow up. We dont have the skills, the knowledge, the confidence to use our Natural Resources on our doorstep and that cultural vicious cycle develops. So what the Outdoor Partnership has been doing in the last 15 years is starting to break that cycle. And theyre doing it through groups like this one. Ryan gibson is now a fully qualified climbing instructor, but for most of his teenage years was homeless, living on the streets in holyhead. Be able to get the qualifications and be able to progress that was that was the hardest step really from for someone from my background, if you like. You know, because weve always been led to believe the outdoors is for the middle class, really. A study carried out by Bangor University found there was a common held view that mountains were for visitors, and that local people were not benefiting from the opportunities on their doorstep. In 2003, just 7 of all outdoor instructor posts in snowdonia were filled by local people. The figure has now risen to 20 . The impact of this project has been recognised by the National Lottery community fund, with an award of almost £3 million given to replicate its model of working elsewhere. It doesnt have to be big steps all the time. It can be little baby steps, too. It also encourages people like carina to have the confidence to enjoy the great outdoors. I had an opportunity to try out, you know, climbing and walking and stuff like that. So its helped mejust overcome personal issues and. Oh, im going to get emotional here, sorry. It means a lot. Yeah, it does mean a lot. After blazing a trail in north wales, the team will now share its experience with communities in east ayrshire, newry and cumbria. Sian lloyd, bbc news, snowdonia. Hello, im adam wild and this is sport today, live from the bbc sport centre. Coming up on the programme ahead of the start of the English Premier League season, the transfer window is now closed. We will have details of all the late big money moves. Also on the way, the very latest from montreal and toronto, as both reigning champions safely progress at the canadian open. And the end of an era for South African cricket, as one of their greats, hashim amla, announces his retirement from the international game. Welcome along. Thanks for your company. With just hours to go before the start of the English Premier League season, the transfer window for the clubs involved has now closed, but not before a flurry of movement right across europe, as players find their new home ready for the start of the eagerly anticipated campaign. Dozens of players on the move. Lets talk through just a few of the big names involved, starting with this man, romelu lukaku. His move away from Manchester United wont come as a surprise to many people. Here is the belgian striker arriving in milan. He has signed with interfor a Club Record Fee of 90 million, the third most expensive signing ever by a serie a club
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