tv Asia Business Report BBC News March 27, 2018 1:30am-1:46am BST
australia has joined more than 20 countries are expelling a total of over 100 russian diplomats in response to the nerve agent attack against a former russian agent in britain. russia's foreign ministry calls it "unfriendly and provocative", and promises to retaliate. the kremlin says president putin will make the final decision about moscow's response. officials investigating a deadly fire in a shopping centre in siberia say the alarm system was switched off and fire exits were blocked. and this video is trending on bbc.com. the adult film actress stormy daniels is suing donald trump's lawyer for defamation, after he denied that the president had an affair with her in 2006. she's also accusing michael cohen of violating campaign law by negotiating a hush agreementjust before the presidential election. and the top story here in the uk: there've been protests outside westminster with demonstrators saying anti—semitism is growing within the labour party. asia business report next with all
the business. the troubles of facebook deepens after the us trade commission confirms it is investigating the company's confirms it is investigating the compa ny‘s and data confirms it is investigating the company's and data privacy rules. south korea and the united states agree on a revised trade deal. we look into what is different this time around. it is tuesday. good morning, eight. hello, world. glad you could join us this edition of asia business report. we start off with the social media giant facebook. it did not have a good week last week. this week things are not much better. us federal trade
commission has confirmed that it is opening an investigation into facebook‘s rules on privacy. this comes facebook‘s rules on privacy. this co m es after facebook‘s rules on privacy. this comes after revelations that a political consulting company had been given access to use as people ‘s personal data without their consent. facebook shares have dropped 13% since the scandal broke. we have more about the background behind this probe. this goes back to 2011 when facebook had an agreement with the federal trade commission in the united states and said that the company would always ask express consent from facebook users if it changed its privacy settings. this is called a consent decree. facebook said it would investigate how third parties are given access to users because they do. as a result of that, facebook said if it violated the consent decree it would be fined $60,000 per violation. the consent decree it would be fined $60,000 perviolation. if the consent decree it would be fined $60,000 per violation. if there were
50 million people that they say it might have had their data in accurately used by cambridge analytica as a result of the settings, facebook could be facing a pretty hefty fine of 800 billion or 200 trillion, depending on how you do the maths. it is a pretty substantial fine that it could be facing from us regulators. we are still time to figure out what is happening. it is a fast moving story. we will keep you in the loop for the rest of the week. after months of negotiations, south korea and the united states have a trade deal. it is not a new trade arrangement but a revised version of the previous one dating back to the 0bama administration, which president trump had been critical. what is new this time around? very little. except the us president will not be imposing tariffs on steel imports from south korea and shipments to american shores will be limited to 2.7 million tons per year. south korea will allow american manufacturers to sell up to
50,000 cars in south korea annually, double the current limit. we have simon littlewood. i asked him in south korea gave up too much for this arrangement. they have had to reduce their steel exports to around 7596 reduce their steel exports to around 75% of the average of the last three yea rs. 75% of the average of the last three years. it was that of a significant ta riffs years. it was that of a significant tariffs on all their steel exports. their main is to resist any changes on agriculture. they must be proud of that tutt they managed to. that would be difficult for any government in korea to. allowing us cars, the increase in volume and sales of us cars, the fact that the matter is korean made cars overwhelmingly dominate the market. it is hard to the us to make an inroad there. the annual trade deficit between the united states and south korea is out 23 billion us dollars, favouring the koreans. with this revised trade arrangement will
this revised trade arrangement will this be reduced ? this revised trade arrangement will this be reduced? not much, no. this is an important topic. donald trump has essentially gone after four countries. the us‘s main trade gives in goods is mainly with germany, japan, china, and south korea. he has a ready gone atjapan. he has reduced about 10% of trade exports with china. and here we are with a deal with south korea. it is less fair what will go on with germany though. we have south korea and the united states signing off on the new trade deal and, potentially, united states signing off on the new trade dealand, potentially, no tariffs, at no trade war will materialise between china and the americans. it is if you take a trunk in view of the world, i either win 01’ in view of the world, i either win or you win in view of the world, i either win oryou win and in view of the world, i either win or you win and you can use brinkmanship to get what you want —— trumpian. if you have a greater interest in maintaining a
relationship with those countries you take a different view. south korea is now closer to north korea thanit korea is now closer to north korea than it has been in about 30 years. in general, when the us gets grumpy like this, china benefits in geostrategic terms. simon littlewood there. we cross to the business room. here are the other business histories making headlines. let us stay in south korea. general motors has warned that its units that will file for bankruptcy if the workers union in south korea does not agree to concessions by april 20. general motors has four factories in south korea but is seeking a government bailout to help keep its money—losing business in south korea float. they employ nearly 16,000 people but is looking to cutjobs and worker. twitter will bana to cutjobs and worker. twitter will ban a cryptocurrency from tuesday, hot on the heels of a similar ban by
facebook and google. they said the policy will cover initial queen offerings, which is a method of raising money for new digital coins. bitcoin fell on this announcement. it is official, because amazon is entering the french food delivery market. the us e—commerce giant is teaming up with the casino group in france to sell products on their site. amazon's high—speed delivery service will launch later this year, starting with paris. finally, dictionary .com may be put up for sale. its owner has hired an investment bank told to check if there is any interest. ioc is also there is any interest. ioc is also the owner of other internet brands such as tender and 0k cupid. that is the latest business news headlines. shifting our attention to india. a lack of support from the government is the reason farmers are
protesting. it joined government is the reason farmers are protesting. itjoined other states in waiving of billions of dollars in farmers loans. many are saying they have not received the benefits. we travelled there to find out if the policy of debt forgiveness has any economic sense. this woman and her family have been struggling to get food on the table. three years ago, her husband had his own life. he had borrowed $500 to build his house. but he wasn't able to make enough money from the family farm to repay the debt. she says money was a constant worry for him. she is now hoping a government plan to forgive loans for farmers will help ease the burden for her family. translation: my son and i work on some deals's farm. together we earn $3 per day. that is not sufficient
given the high debt we have to repay. if the government cancels the loa n repay. if the government cancels the loan repayments then it will give us some respite. almost all the farmers in this village are among the 7.7 million people across the area who are applied for the loan repayments to be cancelled. the last ten years consecutive droughts and unseasonal has damaged crops across the state, forcing farmers to borrow more money to continue with farming and support theirfamilies. to continue with farming and support their families. fahmy income to continue with farming and support theirfamilies. fahmy income has been declining across most of india, forcing farmers across india to take to the streets to highlight their plight. it is one of five states that has announced programmes to raise the debts. farmers say they still don't know if their loans have been cancelled. even then they say the policy won't stop the crisis. translation: loan repayments
cancellations won't solve our problems. the main issue is that we don't get proper remuneration for the crops we grow. our financial condition will improve. translation: we need to 24 hours of electricity. if these things are provided we would not need any kind of financial help. it is expected to spend more than $5 billion to cancel all loan repayments. but experts say the policy is bad economics, which will only drain on state finances and not address the root of the problem. and before we go, let us have a look at the asian stock markets. we are currently half an hour into the opening of the new trading day this tuesday. currently, they are all rebounding in positive territory.
the nikkei higher. the all ordinaries higher by three fifths. this is after wall street stocks surged amid hopes that the united states and china could negotiate new terms of trade and avoid a trade war. now surging by 2.4% overnight. the nasdaq higher by 3.3%. thank you for investing your time with us. i am rico hizon. sport today is next. the top stories this hour: australia has joined the united states, canada, and countries across europe to order the largest concerted expulsion of russian diplomats since the end of the cold war. australian cricket's governing body is investigating the ball—tampering scandal and says it hopes to share results in the next 24 hours. southern health nhs foundation trust has been fined two million after admitting failures that led to the deaths of two patients.
our social affairs correspondent michael buchanan reports. konnor had many issues. the reason he is death is because of neglect by the nhs. he had a epileptic , he is death is because of neglect by the ff he’had a epileptic , he is death is because of neglect by the ff in a’had a epileptic , he is death is because of neglect by the ff in a had a epileptic , he is death is because of neglect by the ff in a had a in jileptic , he is death is because of neglect by the ff in a had a in 2013. c , he is death is because of neglect by the ff in a had a in 2013. his and died in a bath in 2013. his family were in court this morning to hear the trust fined more than £1 million for multiple failures in his care. no one should die a preve nta ble care. no one should die a preventable death in the care of the state. disabled people should not be dying 20 years on average before their nondisabled peers. he was here now, if he was here now he was a white? and i would have to say i don't know, but we have done you proud that mickey was a white?
before tea five—year—old killed herself in a southern health hospital in hampshire in 2012 —— the 45—year—old. despite the trust being aware that the watch your was on had ligature points that those with suicidal tendencies could use. nothing will bring them back. nothing will bring them back. nothing anyone says will bring them back. at least there are some resolution, some recognition of the seriousness and the void ability. both deaths were preventable. it should not have happened. the judge said the two deaths were caused by systemic and deep—rooted failures to southern health that did not take health and safety seriously, including failing to investigate hundreds of unexpected deaths. to date the trust's new chief executive gave a heartfelt apology. chorizo and konnor should not have died. their deaths were preventable and entirely preventable —— theresa.
konnohs entirely preventable —— theresa. konnor‘s family fought a skilled and determined campaign to getjustice for their son and brother. the effo rts for their son and brother. the efforts were praised by the judge today. they have ensured southern health were held criminally liable for his death. a major victory after the years of hurt. hello. this is sport today lie from the bbc. steve smith steps down from captaining as the bbc. steve smith steps down from ca ptaining as cricket the bbc. steve smith steps down from captaining as cricket australia's delegation arrives in south africa to deal with the ball tampering issue. edinson cavani scores the only goal as england beat wales in the china cup. and sloane stephens
is through to the quarter—finals of the miami open after a straight sets win. welcome to the programme. cricketing news coming out of south africa regarding ball tampering involving the australian team continues. steve smith has been banned from playing the fourth test injohannesburg, banned from playing the fourth test in johannesburg, saying banned from playing the fourth test injohannesburg, saying he will stand down from his position as captain of the england and england premiership team. the inquest has begun. australian cricket investigators arriving at the hotel this morning to get to the bottom of the scandal stunning the sport to be a warm welcome from nathan lyon, one of those potentially complicated. the