Transcripts For BBCNEWS Asia 20240703

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lifted. katherine shi as an editor were distressed at service and she told me this will further complicate evergreen�*s restructuring plans. evergreen's restructuring . lans. ,, ., “ plans. 50, i think with the chairman _ plans. 50, i think with the chairman of— plans. 50, i think with the chairman of evergrande i chairman of evergrande arrested, the current restructuring talks with creditors is going to take a much longer time, with the police investigation ongoing creditors will need to wait for a longer time until the police investigation results come out. they had negotiated with the company for over two years com pa ny for over two yea rs about company for over two years about the terms of the restructuring, but is it brings more trouble as this esrc has denied to issue the shares for evergrande. sol denied to issue the shares for evergrande. so i think everyone either has to resort to an entirely different restructure plan or the creditors will need to wait for a longer time until the investigation by the police would come out.— would come out. what about government _ would come out. what about government policies, - would come out. what about government policies, if- would come out. what about government policies, if we . would come out. what about i government policies, if we look at that, which focus on ensuring buyers who pay deposits for their flights get that money back or get their units back, is about ensuring that property holders feel secure about restoring market confidence. others policies working and what needs to be done? i working and what needs to be done? ~ ., , done? i think for china's pronerty _ done? i think for china's property market - done? i think for china's property market now, i done? i think for china's property market now, it| done? i think for china's i property market now, it is done? i think for china's - property market now, it is for the private developers to complete the unfinished units. however, with more supply and the demand in the market we are also expecting to see more macro policy rolling out to help absorb the surplus of the supplies. so we are also expecting something like a model of the singapore affordable housing programme. but the problems faced by china's economy don't stop with evergrande and the property sector. their will second—largest economy is raising a host of change just ofjudges including slow growth and youth unemployment. do these headwinds had —— at up to headed for beijing, but why does it matter to the rest of the world? to help decode that further and summarise the latest viewpoints are there let's bring in our asia business correspondence, nick marsh, from the newsroom. good to see you once again. that is the question, isn't it, the developments in china certainly have global ramifications. the? have global ramifications. they do. china have global ramifications. they d0- china is — have global ramifications. they do. china is the _ have global ramifications. they do. china is the well's - do. china is the well's second—largest economy, like you mentioned, we are talking about one billion people. if you measure global growth china actually accounts for about 40% of that. so basically what i was trying to do when i was writing this piece, i'm trying to figure out how much the rest of the world should be paying attention when china has economic problems. now, the ramifications aren't quite as strong as when, let's say, the united states, the number one economy in the world, goes into recession, for example, we saw the back in 2008 when big globalfinancial the back in 2008 when big global financial crisis was triggered by problems over there, but ultimately it depends who you ask. some people will fill this slowdown quite heavily coming out of china, if you are a global brands and rely on the big domestic market in china, you are volkswagen or starbucks, you be concerned that people in china are spending less and then there are the thousands of suppliers and the workers who rely on that. if you are a commodities exporter in south america, australia, you will be concerned that china needs less to be imported, fewer raw materials need to go to china for housebuilding because of that property crisis we have been hearing about a little earlier as well. on the flipside, if there is weak demand in china, prices are quite low, that means chinese exports are quite cheap and things on people's cells around the world stay low in price, so that could be a way of taking the inflation we have seen around the world after covid without having to hike interest rates. so it is a mixed picture depending on who you are. how realistic are _ depending on who you are. how realistic are the _ depending on who you are. how realistic are the possibilities of a fairly extreme scenario? aye no there has been a lot of talk about aye no there has been a lot of talk abou— talk about there has. not that realistic. a _ talk about there has. not that realistic. a lot _ talk about there has. not that realistic. a lot of _ talk about there has. not that realistic. a lot of people - talk about there has. not that realistic. a lot of people are l realistic. a lot of people are to make comparisons with 2008 because then there was a property crisis, the sub—prime mortgage crisis in the united states that spilt over into the financial sector, states that spilt over into the financialsector, banks states that spilt over into the financial sector, banks went bust, and then before you knew of the whole world was in recession. clearly in china it is a property crisis as well but it is probably not going to play out in the way it did in 2008 842 simple reasons, firstly, the property sector is not so tightly bound with the financial sector, not so tightly bound with the financialsector, it's not so tightly bound with the financial sector, it's not like you have tanks in the united states who are buying and selling people's sub—prime mortgage debt. and also the chinese financial system just isn't the american financial system, is not as dominant. so if there is a problem over there is not going to have the disasters consequences that we saw back in 2008 in the united states. so clearly very consenting for people in china was going on, comments concerning fraud people outside china, but it's not really that extreme worst—case scenario that some people have been alluding to. mil that some people have been alluding tn— alluding to. all right, nick marsh, alluding to. all right, nick marsh. we _ alluding to. all right, nick marsh, we will— alluding to. all right, nick marsh, we will leave - alluding to. all right, nick marsh, we will leave it. alluding to. all right, nick. marsh, we will leave it there. thank you for those imports. more of nick marsh's inputs are there in that article he has written stop there it is on your screen. written stop there it is on yourscreen. it written stop there it is on your screen. it is called what china's economic problems mean for the rest of the world. you can log onto the bbc news website for a read. let's turn to united states with the economy grew at a solid piece in the last quarter. gross domestic product increased as an unrevised 2.1% analysed rate. it appears to have accelerated in the present quarter. there was largest economy is facing some headwinds, including an ongoing strike by auto workers as well as a looming government shutdown. well, the deadline to avert that government shutdown is just around the corner and a small fraction of hard right republicans in the house of representatives is calling for deeper spending cuts and other concessions before they approve spending levels for the next fiscal year. spending levels for the next fiscalyear. here spending levels for the next fiscal year. here is our north america business correspondent erin delmore with more on the potential economic impact of this political brinkmanship. the clock is ticking on capitol hill. lawmakers have fewer than three days to reach a deal to avert a government shutdown. to do so, the democrat led summit —— represented and the republican house will need to agree on a deal to fund the federal government passed 30 september. right now, the senate has bipartisan support on a stopgap bill that would extend funding until 17 november, but house republicans have rejected it. they are fighting over government spending levels with hardline conservatives calling for deeper cuts and tying any government funding bill to the ongoing issue of immigration and security at the us�*s southern border. house speaker kevin mccarthy is a handful of holdouts in his republican caucus who have said they will oppose any short—term funding bill. severalare oppose any short—term funding bill. several are threatening to ellis mccarthy from his post he doesn't meet their demands. any shutdown would impact hundreds of thousands of federal workers, hundreds of thousands of federalworkers, many hundreds of thousands of federal workers, many of whom would be out of work without pat’- would be out of work without pay. and, relatedly, americans who rely on federal assistance with the services slow or stop. that means nutrition benefits lapse, civil trials postponed, museums closed, inspections for hazardous drinking water stopped, cynicaltrails hazardous drinking water stopped, cynical trails for new medical treatments delayed. the us government has shut down at least partially three times in the past decade. and credit agencies have taken notice, with some downgrading the us was my credit rating already. all right, let's talk about x now. researchers are seeing the social media platform, formerly known as twitter, has disabled a feature that let users report misinformation about elections. recent .txt australia said the feature had been removed in recent weeks, except for in the european union. now, the move as real concern and head of a key australia referendum to give indigenous people more rights as well as ahead of the 2024 us presidential election. the first us trail of allegations that tesla's autopilot driver assistant led to a death has begun in california. the case stems from a lawsuit alleging that the feature caused a tesla model three to suddenly veer off a highway east of los angeles at more than 100 kilometres per hour and go ahead and strike a palm tree. the 2019 christ killed the driver and also seriously injured his two passengers, including a then eight—year—old boy. tesla has denied any liability, than the driver consumed alcohol before getting behind the wheel. and epic games has become the latest company in the tech sector to lay off workers stop the maker of the videogame fortnight is cutting 870 jobs. that's around 60% of its workforce stop in a memo to staff epic said it had tried to cut costs but was still spending more money than it was earning. and that is where the concern was. the company is also selling band camp, an online music site it acquired in the 2022. since the beginning of the year, major companies in the tech sector have cut thousands ofjobs. that's all we have for you on asia business report. dank�*s very much for watching. to stay on with bbc news. —— thanks very much. bbc news, bringing a different stories from across the uk. it all began when his dad benjamin lester was under threat and he turned to online journalism, launching bellingcat. exposing fake news, largely to the embarrassment of russell. that is made un- _ embarrassment of russell. that is made up. it's _ embarrassment of russell. that is made up. it's a _ embarrassment of russell. that is made up. it's a smart - embarrassment of russell. that is made up. it's a smart phones| is made up. it's a smart phones which have _ is made up. it's a smart phones which have changed _ is made up. it's a smart phonesj which have changed everything, combined with tools on the internet everyone can be a record of news and also tell the difference between real and fake. a , , the difference between real and fake. ,, . ., , the difference between real and fake. ., ., ,., fake. mass amounts of information _ fake. mass amounts of information that - fake. mass amounts of information that we . fake. mass amounts of i information that we didn't fake. mass amounts of - information that we didn't have 20 years ago and that has allowed us to do investigations on things like chemical weapons attacks in syria, shooting down of aircraft in ukraine, now the currents issue in ukraine. we have to take this which is from the day before the airstrike and falling on the next day seeing the damage from the strike as it happens. it’s strike as it happens. it's absolutely _ strike as it happens. it's absolutely crucial - strike as it happens. it's absolutely crucial to - strike as it happens. it's absolutely crucial to have voices _ absolutely crucial to have voices like this that are actually a bit more optimistic and what _ actually a bit more optimistic and what can seem quite a doom laden_ and what can seem quite a doom laden area — and what can seem quite a doom laden area of study. really, what — laden area of study. really, what he's doing, is coming good on the _ what he's doing, is coming good on the potential that the internet initially promised. education is the key in the fight against misinformation. we see people using the internet at younger and younger ages. and if not engaging with them, showing them how to have positive impacts on the discourse, then it'sjust going to leave them just wakerley them down some pretty nasty rabbit hole. for more stories across the uk head to the bbc news website. hi, i'm ellis with the catch up. first, police officers are switching off their body worn cameras when force is used, as well as deleting footage and sharing videos on whatsapp. a bbc investigation has uncovered more than 150 reports of camera misuse by forces in england and wales. it's been described as shocking by a leading officer. in one case, a brother and sister faced a two—year legal battle over footage showing officers' use of force against them. i was punched in the face. my sister was pushed. and then we got charged with assault. you know, we were assaulted. he and his sister were acquitted and the met police apologised to them. the home office says: the officer in charge of the cameras says the majority of recordings show good practice. some other stories now, a 15—year—old girl died after being stabbed in croydon, south london, has been named as elianne andam. her family said she was the light of their lives. police have been given an extra 24 hours to question a 17—year—old boy who was arrested after the attack. the number of students not completing any courses in england, wales, northern ireland is the highest recorded level. there has been a 28% rise in students dropping out partly through the year, with student loans companies in debt. time now for a check in seconds of queens. series five of rupaul�*s drag race is back on bbc three and bbc iplayer, with ten new contenders strutting their stuff. you're all caught up. bye for now. hello and welcome to sportsday. i'm chetan pathak — coming up on the programme: are you ready — because rome is. the start of the 44th ryder cup isjust hours away with europe looking to regain the trophy from the united states. japan beat samoa to keep their knockout hopes alive at the rugby world cup — a result that sees england through to the quarter finals. and the investigation into alleged corruption involving barcelona continues as spanish police raid the referees' offices. we'll bring you the latest. welcome along, thank you forjoining us. not too long to go now until play begins at the ryder cup in rome. europe will be hoping home advantage helps them to regain

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