Transcripts For BBCNEWS Asia Business Report 20170627

Now on bbc news, all the latest Business News live from singapore. America first or made in india . Well trump hails Narendra Modi for boosting the economy, there are several thorny issues which could make foran several thorny issues which could make for an uncomfortable visit. And as we mark the 20th Anniversary of the Asian Financial turmoil, we met with South Koreans who sacrifices we re with South Koreans who sacrifices were worth their weight in gold. Whose sacrifices. Good morning asia, hello world. It is a tuesday. Glad you could join us for this edition of Asia Business report. I am rico hizon and as we recorded on newsday, Narendra Modi hasjust met hizon and as we recorded on newsday, Narendra Modi has just met with donald trump at the white house. Both men portray themselves as outsiders and promised to bring back jobs during their campaigns. President trump had this to say about his counterpart. Thank you very much. It is a great honour to have Prime Minister Narendra Modi of india, who has been such a great Prime Minister. I have been speaking of him and reading about you, and you have done a greatjob economically, and india is doing very well, and in so many other ways. So i would like to congratulate you. I would like to congratulate you. I would like to congratulate you. I would like to congratulate you very much. Well, despite the praise, there are some thorny issues that they need to address. But, as our north America Business correspondent told me earlier, Prime Minister Narendra Modi did not waste his time meeting with some take bosses in Silicon Valley before meeting with the president. Modi made a stop on sunday where he met with some executives of big american tech companies. Obviously the two have a close tie, these two countries, in part. Many of the American Technology giants depend a lot on intellectual capital, if you like, that comes from Technology Workers from india. That is actually one of the sources of tension when he met with donald trump. They were keen to downplay the issue of the h 1b these are when the two met a short while ago. When they stood at the podium and gave their speech donald trump gave a Joking Reference to the fact that he wanted america to be as fast growing as the Indian Economy was, and he hoped that certainly it could start to see the rapid increase in gdp growth that india was currently enjoying. And currently that h ib these ares status is under review by the Trump Administration and during his visit both countries will try and come up with a middle ground. Yes, watching these two leaders speak, they were keen to emphasise what the countries have in common and to avoid going too dip into some of the trade tensions which exist. You mentioned the h1b tensions which exist. You mentioned the h 1b visa. That is one area i suspect that Narendra Modi was keen not to push too hard, this programme which allows American Companies to hire Hi Tech Workers from abroad, who may be paid less. It certainly has benefited indian workers. About 70 of those visas go to indian nationals. In particular that has benefited Indian Technology companies, not at this meeting, like i say, they didnt want to dwell on it too much. It makes for a difficult meeting at a time when donald trump has emphasised America First and talked tough on immigration. So this was really all about trying to emphasise what these countries have in common. Now to the latest developments with the uks decision to leave the eu and the government has outlined in some detail what will happen to eu citizens in the uk once brexit happens. Here is the Prime Minister speaking earlier. I know there has been some anxiety about what would happen to eu citizens at the point we leave the european union. Today i wa nt to we leave the european union. Today i want to put that anxiety to rest. I wa nt To Com Pletely want to put that anxiety to rest. I want to completely reassure people that under these plans no eu citizen currently in the uk lawfully will be asked to leave at the point the uk leads the eu. We want you to stay. In other Business News making headlines, troubled Electronics Giant toshiba will sell its business as early as today. They have been in final negotiations with a group led by the japanese government. And the Summer Meeting of the World Economic forum is taking off today. At this yea rs event, forum is taking off today. At this years event, innovation and sustainability rank high on the agenda and according to Industry Research china is now home to almost 100 unicorns, private Companies Worth more than 1 100 unicorns, private Companies Worth more than1 billion us dollars, and their combined value is estimated to be a staggering a45 billion estimated to be a staggering 445 billion us dollars. Earlier i spoke to our correspondent about innovation with a chinese touch. There is a lot under discussion, about things like artificial intelligence. I think there are three different panels on al and the impact ai will have. So innovation and automation and ai are big on the agenda as well as chinas role in the world. Are western countries now viewing china as a country of innovation, or is it still being branded as a land of copycats . think there still is a belief that china is a land of copycats, but i think that was five or ten years ago. You have now. I heard about a company in the states two weeks ago which is trying to emulate a Communications Platform in china so we now have western Companies Going to china for ideas. Things Like Financial Services and Payment Technologies in china are far ahead of the west. But how does china right now, tony, stacked up in terms of Innovation Vis A vis the japanese, the South Koreans, The Americans and the Western Europeans . When you look at things like Intellectual Property and patent and that kind of thing, china is now ahead of all of them except the us. It is expected to catch up with the us at some point. The real issue is around the efficacy of those patterns. How often are they referenced, how powerful are they, that sort of thing patents. They are not there in terms of number, but they are getting there. And as we mentioned yesterday, it is nearly 20 years since the Asian Financial crisis and during that time banks throughout Southeast Asia were in danger of collapsing. South korea was brought to its knees and accepted a bailout from the International Monetary fund. The nations women donated their own gold to help protect the economy. Our correspondent steve evans met with one of the women. 20 years ago, ordinary citizens took the Wedding Rings from theirfingers ordinary citizens took the Wedding Rings from their fingers and gave them away to their country. Tv campaigns mobilised south korea as it ran out of money to buy imports. Banks were on the verge of bankruptcy. A third of the countrys biggest conglomerates were bankrupt. One of the ordinary people who stepped in was this woman. She was honoured later for her patriotism. Translation we gave rings that were gifts when our children were born, and when i got married. They had great sentimental value, but we decided to sell them to save the nation. So, 20 years on, was it all worth it . Translation of course it was worth it. I believe we played a pa rt was worth it. I believe we played a part in helping the country at a time of crisis. I have no regrets, andi time of crisis. I have no regrets, and i still feel proud about it. But there was also opposition at the time, as belts were tightened. Government spending was cut. Painful change was made. In return for which, the imf stepped in with 60 billion. This man was the Korean Ambassador who did the deal. Panic, ambassador who did the deal. Panic, a sense of panic. It was regionwide. That is why it they call it the Asian Financial crisis. It was just a great nightmare. That nightmare is over. Just look around you. This country thrives. The crisis was caused primarily because the banks we re caused primarily because the banks were unstable. They had lent much money. Sure, the imf came with its help, and sure, the people gave their gold. But governments here also restructured the economy. Patriotism, certainly, but more importantly, better policy. And tomorrow, wednesday, we will be looking at the struggles faced the indonesian economy during the financial turmoil, and it is to recovery for closer look at how far these economies have come two decades after the Asian Financial crisis. Tune into our special programme going out this weekend, starting on saturday. And before we 90, starting on saturday. And before we go, here is a look at the markets. Lets have a quick look where they stand in early asian trade. Some unpredictability. The nikkei 225 up, the all ordinaries down. This despite wall street closing volatile with defensive sectors emerging as the best performers. Thank you so much for investing your time with us. Iam rico much for investing your time with us. I am rico hizon. Much for investing your time with us. Iam rico hizon. Sport much for investing your time with us. I am rico hizon. Sport today is coming up next. The top stories this hour President Trump and the indian Prime Minister, Narendra Modi, have been holding their first meeting at the white house. Mr trump has said the us relationship with india has never been stronger. The Us Supreme Court has ruled that parts of Donald Trumps controversial travel ban can go ahead. The state Department Says it will keep travellers airlines informed of any changes. An inquest has opened in hastings into the deaths of five friends who drowned on a trip to camber sands, in east sussex, last august. The men, aged between 18 and 27, all lived in the london area and were of sri lankan origin. The circumstances surrounding the deaths of two other swimmers at the same beach, a month earlier, are also being taken into account, as our correspondent Duncan Kennedy reports. This was camber sands this afternoon, its stunning Beach Drawing Thousands of people. No sign of what one lawyer today called its hidden dangers. But, last summer, this was the same beach shortly after five men drowned this was the same beach shortly afterfive men drowned here, all friends on a day trip. Today, the mens families, some of whom escaped the civil war in sri lanka, came to their inquest, hoping others wont suffer like they have. We are just hoping to learn that at least they will be more secure, safe, more lifeguards, and the beach is being protected. This is what we want. What have the last ten months been like for you and your family . Tragic. Tragic is the word. It has been hell for us, yes. This was one of the five men to drowned. The others were kobi saththiyanathan, his brother, ken,. The inquest heard they were all fit, and they could all swim. At one month earlier, two man and also drowned on the same beach. The fact that seven men drowned here in the space of one month has made this double inquest is not just about month has made this double inquest is notjust about personal tragedy, but also about beach safety. The coroner in this case said today he wa nted coroner in this case said today he wanted to make sure that it never happened again. At the time of both incidents, there were no permanent lifeguards on the beach. This summer, there are. The families of the men who died say they want lessons learned, so no one else has to suffer this appalling tragedy. Time now for all the sports news in sport today. Hello, im Tulsen Tollett and this is sport today, live from the bbc sport centre. Coming up on this programme. Emirates Team New Zealand win the americas cup with a resounding 7 1victory over oracle team usa. Alexey sorokin, the Man Organising Next yea rs Football World Cup tells the bbc Doping Stories on russian footballers is made up news. Novak djokovic talks to the bbc as he sets his sights on returning to the summit of mens tennis. Hello and welcome to the programme where we start with the news that emirates Team New Zealand have won sports oldest event, the americas cup, after a 7 1victory over oracle team usa. It reverses the result from four years ago in san francisco. Todd niall has been covering the event for Radio New Zealand and gave me a flavour of the atmosphere in bermuda. The scenes are monks that the new zealand supporters here and the team itself were extraordinary when they crossed the line. Amongst. This is not just crossed the line. Amongst. This is notjust winning a Sporting Event that something new zealand has pursued with some success and some disappointment for 30 years. It has been 14 years since new zealand lost it with the Third Campaign since we lost in auckland in 2003. A big