Transcripts For BBCNEWS Asia Business Report 20200306

As always, plenty more on the website. And you can download the bbc news app. Now lets go to singapore with Asia Business report. Coronavirus fears hit markets a shares and oil resumes slump as global recession concerns grow. International womens day how the annual events organisers are calling on men and women to challenge stereotypes. Good morning, welcome to Asia Business report live from singapore with me, mariko 0i. Let us begin with me, mariko 0i. Let us begin with stock markets, because asian shares have started the day sharply lower as fears grow that the coronavirus outbreak will push the Global Economy into a recession. Let us Global Economy into a recession. Let us show you japans nikkei, down by more than 2 . That followed another bruising session on wall street where all the three Main Industries fell by more than 3 overnight. Michelle fleury has more from new york. Health care systems grapple with how to cope with the virus, Financial Markets are doing the same. Us stocks were once again pummeled, and after two days, the dowjones industrial average fell more than 3 29 of the 30 stocks that make up the index finished in the red. The yield on the us debt fell to a record low. Not exactly a vote of confidence in the Growth Prospects of the Worlds Largest economy. Earlier this week, clevela nd economy. Earlier this week, cleveland Federal Reserve president told the bbc that this will be a more or less temporary shock to the economy. But how temporary . And that is the problem for Company Bosses and investors. Nobody knows how bad things can get. As one investor put it, there is no way to model this model this. Will it be worse Case Scenario like china, where mass quarantines essentially scenario like china, where mass quara ntines essentially came scenario like china, where mass quarantines essentially came to a standstill, or something mild or . Given all these unknowns, it is hard to gauge what is the right medicine for the world economy. Here in policy response so far has been an emergency Interest Rate cut. Congress is working on an 8. 3 billion aid package. But again, if you dont know whether the problem is demand, people not buying things, or supply as a result of business disruptions, then how can you administer the right solution . All of this means expect a lot more volatility ahead in the markets. Michelle fleury in new york. Well fell sharply with the spread of coronavirus showing no signs of slowing down with concerns ramping up slowing down with concerns ramping upfor slowing down with concerns ramping up for the Global Economy. Brent crude actually fell below 50 a barrel in us trade, and as asian training starts, they are currently trading at 50. 02 despite Oil Exporters agreeing to cut supply by 1. 5 Million Barrels a day until june. The proposal will be discussed ata june. The proposal will be discussed at a meeting in vienna later this friday. Earlier i spoke with alejandra from argus media who told me when oil is at this level, it is more likely that an agreement will be reached at. When we see the price of brent below 50, there is even more likelihood that they will agree. In fact in the past, but we have seen is that russia has agreed, evenif have seen is that russia has agreed, even if they dont fully comply with the full cut of half a Million Barrels a day for non 0pec producers, they can still commit to doing so. And 0pec is giving themselves room to actually take out of the market the 1 million themselves room to actually take out of the market the1 Million Barrels per day that they need to take out to probably keep the floor on their brent at 50 a barrel. Are you surprised they didnt intervene quicker . In a way, yes, because they could have gone into an extraordinary meeting a few weeks ago when they started to see the depletion of demand. We have Chinese Oil Demand down three or three and a half Million Barrels a day, and they couldve done earlier but i think they were waiting on this formal meeting to make sure that also non 0pec is on board so that it is a decision that can also be extended up decision that can also be extended up until the end of this year because they will now allow themselves the Second Quarter to see how the market rebalances, if it does, and if not they could extend the deeper cuts of 1. 5 in addition to the previous 2. 1 up until december. And other Business News making headlines, india has placed in the countrys fifth biggest private sector lender under a so called moratorium. That means that the countrys central bank has taken over the that the countrys central bank has ta ken over the country that the countrys central bank has taken over the country for 30 days, and imposed limits on withdrawals in order to protect depositors. The bank of india said the measure was necessary. After coronavirus, Aviation Industries expect to see the cost of the outbreak spiral dashed back to coronavirus. The industrys trade body predicts that 0pera could cause bodies up to 13 billion in lost rows revenue. It has already taken 0n flybe. With the spread of coronavirus, industries across the board are bracing for tough times. The Airline Industry is no exception. Its main Industry Association says they are predicting steep losses between 63 113 billion. They based their projections on two different scenarios one involving a limited spread of the virus, and other involving more extensive spread. The associations chief Economist Says these numbers will serve as a warning to the industry and governments. They are really sort of fighting for survival in many cases. We have seen the stock market fall 2596 we have seen the stock market fall 25 for airline shares, i think theyre recognising 25 for airline shares, i think they re recognising the 25 for airline shares, i think theyre recognising the challenges that they are under. While airlines are making dire predictions, another mode of chart full has already proven more dangerous cruise ships. Travel. 0ver700 passengers became infected in a number died from the coronavirus on board the diamond princess injapan. What you see here are the enhanced security measures that the singapore authorities have put in place, essentially screening passengers coming off cruise ships or fairies here at one of singapores maine cruise terminals. You see the medical team here in white shirts, they are basically screening these passengers, they also have the help ofa passengers, they also have the help of a temperature screening machine there, watching for symptoms or any signs of fever. If these passengers display some symptoms, they will be taken aside to be swabbed, which im told is quite an uncomfortable procedure. These are all part of the precautions singaporean authorities are putting in place. Singapore of course was one of the first places outside china to see infections in the coronavirus, and they are determined not to see those numbers rise. While it is clear that demand for travel on everything from planes, trains and ships will see a massive drop, analysts say it will also be the first industry to recover once the coronavirus is contained. This sunday marks the annual International Womens day, and in india laws have helped towards putting more women and boardrooms. But a high profile battle at one of indias leading companies shows there is still a long to go. Nicola mondo reports from the dutch mumbai. This woman has been fighting a battle for six months for a seat on the board of her country. Dutch company. A 5 billion conglomerate with sales. To fertilise an auto parts. She says her uncles and cousins are denying her uncles and cousins are denying her a seat at the table only because shes a woman. While every branch of the maricopa family tree has at least one representative on the board, ourfamily least one representative on the board, our Family Branch least one representative on the board, ourFamily Branch has no representation murugappa. This is the only branch that has female heirs and no male heir. So this is clearly gender bias. The Murugappa Group have declined to comment on the matter, but herfight group have declined to comment on the matter, but her fight is possibly the most high profile example of the deep seated gender bias prevalent in parts of Corporate India where women in Senior Management positions are few and far in between. The climb of the corporate letter is a struggle for women notjust in india but across the world. Goldman sachs recently announced it will not do ideals for companies only have all male boards. In india, man dacian. Have at least one woman on the board. And thatis least one woman on the board. And that is bringing about some improvements. In 2012, around 5 of Board Members in select the macro listed companies were women. That figure has risen to 15 in 2019. Industrial giant the gold rich group has been one of indias largest producers of salt, shampoos and hair dyes over the past century. Its Consumer Division has five women on a1li Consumer Division has five women on a 1k member board. Its chairperson says it is much a business imperative as a moral one. Our consumers, the deciders, even if they are men and children using the products, is normally the woman who is deciding and shopping. So how can you not have that representation of what life is . Life is 50 50. You not have that representation of what life is . Life is 5050. And thatis what life is . Life is 5050. And that is gold richs goal, 50 50 on a board that is gender equal. Before we go, ijust want board that is gender equal. Before we go, i just want to board that is gender equal. Before we go, ijust want to show board that is gender equal. Before we go, i just want to show you how hung saying it has opened down 1. 5 as it started treating ten minutes ago. Thats this addition of Asia Business report, thanks so much for watching. This is bbc news. The top stories is our as infections and deaths from coronavirus continue to mount, the World Health Organisation says it fears some countries are not taking the threat seriously enough. A cease fire agreed between the russian and turkish president s has begunin russian and turkish president s has begun in syrias ad lib process. Dutch province. The government says it will accelerate work on preparations for the next phase of its plan to tackle coronavirus, and thatis its plan to tackle coronavirus, and that is when it will introduce further mothers to try to stop the spread. 0nce further mothers to try to stop the spread. Once the strategy is decided, it will be down to local authorities to implement it. Lucy manning reports now from brighton on how they are readying themselves. Brightons already been hit by coronavirus. They contain the outbreak well, but like everyone else in the uk, it must now tackle delaying any further spread. Those living here have questions about how moving to this mainly delay phase will affect them. Working from home, is that something where employers have to make decisions themselves . Weve had big events are cancelled but it would good to know how long the sort of thing will be going for. It isa the sort of thing will be going for. It is a very simple message about washing your hands. For those in charge of health, the elderly and schools this is now a challenge. Charge of health, the elderly and schools this is now a challengem is up to every employer to. To make sure that they are staying at home. People of wanted to know how long this will last for. We expect a three month period to peek in that. But one of the things we want to do obviously is to push that as far into the future as possible, the delay phase. So they could come later in the year. My biggest concern is my son doing his gcs ease. He needs to know whether he will be going to school and taking his exam. All schools in brighton hove are open. Are you trying to stop people getting together in public spaces . Look at cinemas, restau ra nts, public spaces . Look at cinemas, restaurants, shopping centres. The moment, our full restaurants, shopping centres. The moment, ourfull programme restaurants, shopping centres. The moment, our full programme of events is going ahead. It is a busy city, people need to repeat the message about washing their hands. They are taking it seriously, but we are also trying to get on with life, life has to go on. In the delay phase, authorities will have to make a decision about sporting events like football matches. In italy, all sports are being played behind closed doors. At Brighton And Hove albion, players are already restricted from shaking hands, doing high fives, or posing with selfies with supporters. That was lucy manning there, plenty more on the coronavirus outbreak on our website. You can always download the bbc news app. Now on bbc news, it is time for sport today. Hello, this is sport today, live from the bbc sport centre. I marcus edwards. Coming up on this programme. Its a no go england vs italy in the six nations is postponed due coronavirus outbreak. Marc edwards. And if its not the virus, its the weather. India go through to the final of the womens t20 world cup at englands expense without a ball bowled. And joining them in the showpiece will be australia, who defied the rain to beat south africa. 0dion ighalo on the money as united thump derby in the fa cup. Hello, thanks for joining hello, thanks forjoining us on sport today. We start with the news that the six nations matches between italy and england schduled for 1a 15 march have all been postponed because of the coronavirus outbreak. But organisers say the mens, womens and under 20s matches will all be re scheduled. This comes hot off the heels of italys match away to ireland this weekend which has already been called off while it also opens up the possibility that unless france, who are the only Unbeaten Team in the tournament, win both their remaining matches