Now on bbc news, live to singapore for Asia Business report. Is the trade war deescalating . China and the us agreed to roll back some tariffs. Three years on, we assess the impact of indias ban on high value Currency Notes. It isa it is a friday, almost the weekend, good morning, asia, helloworld, glad you canjoin good morning, asia, helloworld, glad you can join us good morning, asia, helloworld, glad you canjoin us for good morning, asia, helloworld, glad you can join us for another action packed edition of Asia Business report, i am packed edition of Asia Business report, iam rico packed edition of Asia Business report, i am rico hizon, packed edition of Asia Business report, iam rico hizon, starting off with the trade war because the two economic superpowers appear to be inching towards a endgame and on wall street, investors are pleased with the latest signs of progress with the latest signs of progress with all of the major benchmarks surging to record highs. Asia is in positive territory as well. As you can see right now on your screens, the neck a 225 gained 0. 6 . The trade war has gone on for nearly two yea rs trade war has gone on for nearly two years but dating announced on thursday that both sides have agreed to cancel some of the tariffs imposed in phases along a timetable both can agree on. Translation the trade was started with tariffs and should end with the cancellation of tariffs. Regarding how much of the ta riffs tariffs. Regarding how much of the tariffs should cancel at the first phase, we can come to an agreement based on the content of the phase i agreement. Our Business Reporter in new yorks America Hussein says it is probably too soon to celebrate as yet. We have to be clear here though, they have not said they have agreed to any phase i of a trade agreement, or have said is if there is going to be some sort of phase one of a trade agreement, it would have to include rolling back some of these tariffs. Earlierl have to include rolling back some of these tariffs. Earlier i was joined by trade expert deborah elms and i asked her what makes investors think that they will come to an agreement this time around. I dont know love two. You are a sceptic. We think nothing will happen . At some point something will happen but i am less confident something will happen soon. I think we are in the holidays so soon. I think we are in the holidays soi soon. I think we are in the holidays so i wouldnt be surprised to see them say it cannot be now because it is thanksgiving and then it is christmas, then it is new year, then it is chinese new year, it will be february. Does this make sense that the chinese have made a statement ahead of donald trump, who likes to tweet about this ongoing us china trade dispute . I think they have taken out trade dispute . I think they have ta ken out but trade dispute . I think they have taken out but have taken a page of toms book, lets put you in a box and Say Something that we want that we wa nt and Say Something that we want that we want to hold you accountable to so we we want to hold you accountable to so we want you to withdraw tariffs, we wa nt so we want you to withdraw tariffs, we want to say that we heard you say that you are going to withdraw tariffs, now you respond. But why hasnt the Trump Administration really confirmed that we could see sort of like a face deal that could be signed before december 15 when the new paint tariffs will be imposed. Is there because they could be some rumblings within the administration . A couple of things, they are struggling with where they would sign a deal because. Because it would have been rico . Exactly, because that venue is gone, when do we go, where can we sign it, who else can sign it,. Go to washington or beijing and sign it. Why do you need a venue . Because if i were advising the chinese leader, would i allow him to go to washington and signed a deal . No. And if i was drunk, would i go to beijing . No. You need to find a neutral spot if i was donald trump would i go to beijing. The venue trump would i go to beijing. The venue is difficult, and then you have to say what are we going to sign when we get there. Also challenging. If some tariffs will be lifted, will it be the december 15 ta riffs lifted, will it be the december 15 tariffs or previous tariffs that cover tariffs or previous tariffs that cover that have only been imposed . That is the issue. If you suspend the december 15, but is an easier thing for the us but it is not helping china, china wants the rollback of existing tariffs, that is what they are trying to get the us to commit to and that is where i think the challenges. I mean, in principle, the us would say yes if you give us all of these other things and the chinese would say give us the tariff reductions and we will give you these other things so again we back to where we started which is why i dont understand why markets are excited. Deborah elms there still spectacle about a trade deal about the two economic superpowers. The company just released its latest earnings numbers, disney are remaking lion king, misting their earnings past wall street targets. Joining me to crunch those numbers and tell us more about the force of disney is my colleague monica. The force definitely with his entertainment giant, we learned its revenue up 34 , or than 19 billion. And a lot of this is, you know, investors very happy, investors were up 5 . It is Companies Going through seismic changes on tuesday we are expecting to see the long anticipated disney plus, and with it will come a package of classic films, Television Programmes and a new variety of shows for 6. 99 per month. That is two cheaper than netflix. Disneys style awards themepark got off to a slow start when it launched in california but they made it up, operating income rose 17 . But it has had a record breaking year of box office dominance. The remake of lion king and toy story four, they broke box office records, it was about 1 billion each and itjust happened in the last three months. The fourth of disney could and Even Stronger this december with the final instalment of the star wars trilogy, the rise of the skywalker. Thank you for the update, monica miller, in the newsroom. In other news, day two of the uk general Election Campaign and the central bank has been under pressure to cut rates. Will the bank of england keep them on hold but the global slowdown as well as the governments brexit deal will impact the uk economy. Airbus is flying high after it took in more than 415 aeroplane orders in october. Including the largest ever from a single carrier, extending its lead over boeing which has been hit by the grounding of the 737, boeing has reported 170 orders through the end of september, after cancellations. German airline luftha nsa cancellations. German Airline Lufthansa has cancelled 13oo flights after it lost a last minute legal bid to halt a strike by cabin crew. The two day action over pay and conditions is disrupting travel plans of about 180,000 passengers. But flights by lufthansas other airlines including euro wings, swiss, austrian and Brussel Airlines are not affected. To india, because it has been three years since the contraband it has been three years since the contra band of it has been three years since the contraband of high value Currency Notes and since then, it has been hit with an economic slowdown, resulting in the lowest growth rate in six years. He comes as many Small Businesses are still coping but also dealing with the introduction of a sales tax. We visited the netware industry in northern india. This is the worst he has seen in his 40 this is the worst he has seen in his a0 yea rs of this is the worst he has seen in his a0 years of making knitwear. A combination of factors, a slowing economy, competition from cheaper imports, and the lingering effects of the governments cash ban has altered his business. Translation employment has fallen by 30 a0 , the cash flow stopped and people we re the cash flow stopped and people were afraid of doing business. We we re were afraid of doing business. We were in direct competition with china but now, they have captured the entire market. His is one of the 12,000 manufacturers in the knitwear hub in punjab. Small businesses like his known as the unorganised sector in india, are struggling to stitch their businesses back together. At a time of the economy is growing at 5 . Its lowest place in six years. The detail that the government is using is only for the organised sector is not factoring in the unorganised sector which is declining but if you add all of the data and added, Indian Economy would be in territory but of negative territory. Government measures to counter the economic downturn have already focused on Large Industries and the benefits of the currency band three years ago seem to be wearing off. In busy markets like these, cash is still king, the government had hoped that by withdrawing high value Currency Notes, it would force people to bank their wealth and weed out unaccounted cash from the system. While this has led to an increase in digital payments, caches preferred by shopkeepers and customers. Crowds thronged this bustling market in delhi. But shopkeepers say customers are not buying as much and when they do, it is with cash. Translation if i have sales, 10,000 in a day, out of it would only be 500 by card. If the customer is ready to give me cash, why should i say no . Small businesses in india contribute nearly half of the countrys gdp and employ more than 90 of the workforce. Experts say unless the government takes steps to address the concerns of this sector, believe shopkeepers with little to do except count the cost of the slowdown. And before we go lets have a quick look at how asia pacific markets are faring in mid morning trade. After wall streets main benchmarks finish at record highs overnight. The negate is up by half a percent. Hang seng opened for business just now, up seng opened for business just now, up by seng opened for business just now, up by 0. 2 , however a slight fall in syd neys up by 0. 2 , however a slight fall in sydneys all ordinaries, lowered by one tenth of a percent. Thank you, see you in the next hour. This is bbc news. The top stories this hour President Trump denies asking the attorney general to exonerate him of any wrongdoing over his controversial phone call to the ukrainian president. A new yorkjudge orders President Donald Trump to pay 2 million for misusing funds from his charity to finance his 2016 political campaign. A Major Incident has been declared in sheffield in response to heavy downpours and flooding, which has also affected other parts of northern england. The don river in sheffield has breached its flood defences in parts of the city. City authorities and are monitoring the situation and Emergency Services are standing by, though thereve not yet been compulsory evacuations. Hundreds were stranded at the meadowhall shopping centre, and tom ingall was there. It should have been one of the busiest nights of the year for them, the Christmas Lights switch on, thousands of people inside the centre, but at 530, the decision was made to pull the event and that is because this constant steady rain we have had all day but seriously affected local Road Networks and rail networks. People would not trapped that it was difficult for them to get out onto nearby roads as a police asked them to stay behind for a while. My understanding is most of the people have left the centre but there could still be some inside, maybe some Young Children as well who came for the event and are waiting still to be picked up by pa rents. Waiting still to be picked up by parents. The members of staff has told us they could get to the staff car park because it was flooded crew for could not. River don is close to the centre on the other side and i have had unconfirmed reports this evening that the river has over topped the flood defences that were only built into thousand seven after the last floods. Elsewhere across the last floods. Elsewhere across the north of england, vivid descriptions over roads, particularly in sheffield, on Cross Pennine railings as well, the rain is due to continue until three in the morning. My colleague Lukwesa Burak has been speaking to Primary School teacher mark bebbington, who lives in sheffield, next to the river. It was much worse in 2007, but it is looking pretty bad. I have got friends who live at the river and they are on the actual ground floor next to it and it is about two feet away and the river will come into the property. What are their plans . They have just posted that they have got to see what happens so they dont know really but there is not a lot that they can do because it is you said it is very fast flowing. We re you said it is very fast flowing. Were you prepared for this . Was the city centre prepared for what we are seeing on the screen now . All you somewhat caught unawares . They forecasted rain but not as long as this and from what i have seen a p pa re ntly this and from what i have seen apparently it is just not moving, the weather is stuck over the city. It is just the weather is stuck over the city. It isjust dropping the weather is stuck over the city. It is just dropping rockets, bucket after bucket. When i was at school earlier we had parents wanting to come and pick their kids up and they we re come and pick their kids up and they were saying sheffield is in a bad way. Now on bbc news, sport today. Hello, im Gavin Ramjaun and this is sport today, live from the bbc sport centre. Coming up on this programme a 5 star showing from sevilla in the Europa League as they cruise into the next round. Dollar bills for sonny the all black switches codes, to rugby league on the biggest contract in the sports history. And a solid start forjustin rose as he bids to win a third turkish open in a row. We start with football. Sevilla are through to the knockout stages of the Europa League. The spanish side aiming to win the trophy for a record extending 6th time cruised into the last 32 with a comfortable victory in luxembourg. Munas dabbur opened the scoring after only 7 minutes against dudelange the first of two goals on the night for the israeli international. Munir el haddadi went one better, by scoring a hat trick as sevilla won 5 2 to become the only side, in the competition, to make it four wins out of four in the group stage
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