Transcripts For BBCNEWS Asia Business Report 20240715

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Said booster. Asian stocks follow wall street as the Central Banks chairman indicates great heights amongst lows. Argentina beat. Resident xijinping amongst lows. Argentina beat. Resident xi jinping and trump amongst lows. Argentina beat. Resident xijinping and trump our in one sourest in a bid to solve their bitter trade row. Are in buenos aires. Good morning asia, hello world. Glad you could join us. We start off with the asian stock markets and currently they are well entrenched in positive territory. That is after wall street shares soared sharply overnight after the head of the Us Central Bank indicated that ame not be as many Interest Rate rises in the future as expected. The remarks come after repeated attacks on his policies but president donald trump. Interest rates are still low by historical standards and they remain just below the range of estimates for that level that would be neutralfor the economy. That is neither speeding up oi economy. That is neither speeding up or slowing down growth. Our Business Reporter explains why this comment moved the market so much. When he said Interest Rates are just below the neutral level of that neither hastings or slows growth, investors interpreted that as a sign there may not be as many Interest Rate rises going forward. To be clear, a rate rise is expected next month, but the question is how many rate rises we will see in the new year. Just last month, he said the bank had a long way to go before reaching that level. This appears to be a significant change in tone. Us president donald trump, however, has been very critical of the fed and has even said he is not happy with him. The president claims Interest Rate rises for recent drops on us markets. He has said that future rate rises are the biggest risk to the us economy. To be clear, mr powell did not address the criticisms directly but many fed watchers believe this is a way for the central bank to send a message to the white house that is listening. Donald trump has set new to it on imports are being studied now. On twitter, he suggested that such levies could prevent layoffs and planned closures, like those announced by General Motors this week. The us trade representative follow those comments by saying that he is examining all available tools to raise tariffs on chinese vehicles that beijing is now charging on vehicles produced in the us. For the First Time Since the trade walk started, president xijinping and President Trump a meeting this weekend at the g20 summit. Investors and monitoring their comments, but here is what you may not know about its host argentina. It received a 57 billion bailout from the i am at this year after the currency lost half of its value. The south American Country is well known for its and the industry is back among the world s top io exporter s. This is possibly the Fastest Growing population in argentina. Cattle. For decades, argentina was a powerhouse in beef and milk production, then 12 yea rs in beef and milk production, then 12 years ago the government and beef exports in an effort to keep down prices for local consumers, results we re prices for local consumers, results were catastrophic, i2 prices for local consumers, results were catastrophic, 12 million animals were lost and argentina gave up animals were lost and argentina gave up its top spot as a beef exporter. Three years ago, the ban was lifted, but since then argentina has tripled its export. Livestock production is one of the sectors that has helped argentina make a comeback in the International Stage and that is the image that the government is trying to project during the g20 summit. International investors certainly think that is the way to go, but if you talk to local businesses, they have a different message for the government. Local cattle range saw many farms close down in the last few years, only to reopen now, but he says producers still faced tough economic conditions. Translation today we cannot take out loans with Interest Rates around 60 . We have to find out our production with our own capital. Those who go to banks and up losing their money. And then there is a new tax on export. Argentinas president says the come the country needs cattle ranges to help pay for the financial problems. Despite the challenges, a nalyst say problems. Despite the challenges, analyst say this is a good time for argentinian eat to keep international markets. The market is growing rapidly, particularly in asia. Currently, chinas consumption of beef per capita is very low, so their growth will drive growth of all of the global beef markets. Agriculture once helped save argentina from the worst crisis in its history, the hope now is that these farmers will be the main engine driving the country into a new stage. In other Business News making headlines, the bank of england has warned that a no deal brexit could send the pound plunging and trigger a worse recession than that 2008 financial turmoil. This central bank said the economy could shrink by 8 in the immediate aftermath if there was no transition period and high house prices could fall by almost a third. That analysis came after the treasury said that britain would the worse off under any form of brexit. The former chairman of nissan has spoken out for the First Time Since been taken into custody and held on allegations of financial misconduct. Is lawyers said he denied reports that he passed personal trading losses to the carmaker. While he acknowledged not declaring his compensation, they have said that he has consulted nissans accountants before doing so. Meanwhile, chairman of the carmaker is a meeting in the netherlands to discuss the future without a man who led all of these companies. Clean, green eating is more than a trend, it has turned into a major industry with support from billionaires. They argue it is in everybodys interest, as the world s population is expected to grow almost 10 billion by the year 2050. World Food Production will need to increase by 70 to feed all of those people. Environmentalist argue that modern meat production is ecologically devastating and on sustainable. A billion dollar start up focused on making plant based products is considering building a manufacturing facility in asia. But will the region have an appetite for alternative is to make its favourite dishes . I was told about the company s aims. Its favourite dishes . I was told about the company s aims. It is about the company s aims. It is about making it easier for people to eat well. People are not eating well, particularly in asia, whether thatis well, particularly in asia, whether that is diabetes, obesity or food that is diabetes, obesity or food thatis that is diabetes, obesity or food that is degrading our water, soil and land. We need to think about it and land. We need to think about it and think about a new way to feed people well. These are plant based products, have you think it will be accepted in here in asia . There are two reasons. The reasons people are not eating well is because the Building Blocks are not working. We do two things, we find plants that we throw into a pen that scrambles and 80. We also take a single cell from an animal, a cow or a chicken, feed it nutrients itself and manufacture a clean, healthy green metre. This is also what you call cultured meat. Meat. According to surveys in the united states, three out of ten consumers will not plant based products or cultured meat. Out of ten consumers will not plant based products or cultured meatlj am based products or cultured meat. am from alabama, they care about a few things. One is if the food tastes good, is it affordable and does it make me feel good . At the end of the day, whether we are talking about cultured beef or an 999 talking about cultured beef or an egg that scrambles from a client, people want in tastes really good and makes them feel good that they can afford, if we do that people will move towards it. Here in asia, the biggest eaters are in china. Talking about cultured meat, eggs, they eat pork. Can we manufacture cultured pork . Right now china has a land all around the world to deal with growing soy and corn to feed its pigs and it will run out of land pretty soon. What if, for a millennial in beijing or grandma in shanghai, if we can make clean, healthy, more affordable pork at the would choose that that of the regular thing. I would choose that that of the regularthing. I bet would choose that that of the regular thing. I bet they would choose that. Lets have a recap of the markets because the Hong Kong Stock Exchange has just opened for trading and we have the initial numbers, following the trend of the nick kay and all ordinaries index on it is in positive territory. Nikkei. This is after comments by the fed chair saying that Interest Rates were below the neutral, sparking a sharp rally on wall street and easing investors of rake heights rate hikes. That also saw the dow, the nasdaq and the snp surge in overnight. 84 investing your time with us, sport today is coming up next. Thank you for. This is bbc news, the top stories this hour. The bank of england warns that the uk could face a deep recession and a collapse in the pound if theres a no deal brexit. A preliminary report into last months deadly indonesian plane crash has found that the jet involved was not airworthy. While theresa may was in scotland, the first minister Nicola Sturgeon was criticising her brexit deal, saying the Prime Minister cannot promote opportunity, when economic analyses suggest her proposals will make everyone poorer. The Scottish Government published its own projections yesterday, saying brexit would cost every person in scotland more than £1,600 by 2030, when compared with eu membership. Heres our scotland editor, sarah smith. s the edinburgh beer factory is a small, Young Company with big ambitions to rapidly expand their exports. At the moment, they dont yet know if brexit is a problem, or if it could provide new opportunities. Actually, some of our early sales have been to japan, hong kong and canada, so were not entirely tied to the eu. That said, the eu is the single biggest exporting bloc. If theresa may is to convince scottish business her deal will work for them, she needs to persuade people like these brewers. New opportunities to sell beer or anything else to the rest of the world beyond the eu is what the Prime Minister wants to sell to scottish businesses. But if the economy here slows down, then that will really affect Companies Like this one, which sell most of their product in the uk. Visiting a leather factory outside glasgow, theresa may insisted her deal does take scotlands interests into account. And she tried to reassure some of the factorys employees she met that it will protect scottish jobs and business. But scotlands first minister says that is simply denying reality. Im struggling to believe that the Prime Minister is in scotland or anywhere else in the uk today talking about economic opportunities, when her own government has published modelling showing that every outcome of brexit will make the whole country poorer. I mean, itjust beggars belief. It is hard to convince businesses like the beer factory that they will benefit from brexit, when the treasurys own analysis forecasts a slowing economy. And the Scottish Government predicts leaving the eu could hit scotland harder than the rest of the uk. Sarah smith, bbc news, edinburgh. On our website we have a special section dedicated to exit. If you have any questions, to look at that. What is more on our stories on our website. Lots more. You can reach me on twitter. Im bbckasiamadera now on bbc news, sport today. Hello, this is sport today, from the bbc sport centre. Coming up on this programme neymar piles the pressure on liverpool, as victory puts paris st germain in control of their own destiny in the champions league. The final showdown. Fury and wilder clash on stage ahead of their heavyweight bout in la. And checkmate. Norwegian Magnus Carlsen retains his world chess championship title. Hello and welcome to the programme. We start with the champions league, where wins for napoli and paris st germain mean group c is still wide open. It is the only group from which no one has qualified yet. Dries mertens scored twice as the leaders, napoli, beat Red Star Belgrade 3 1 to remain top of the group. They are one point clear of paris st germain. Juan bernat and neymar scored for the french champions as they beat liverpool 2 i, to move above them into second place in the group. James milner managed to pull one back for liverpool, who now have to beat napoli on matchday 6 to have any chance of qualifying for the last 16. Managerjurgen klopp was very critical of psgs tactics. It

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