tv Asia Business Report BBC News July 9, 2019 1:30am-1:46am BST
president trump attacks theresa may over her handling of brexit, saying she made a mess of it. it comes after leaked emails from the uk's ambassador to washington criticising the president and his administration. donald trump says he'll no longer deal with him. american fiancierjeffrey epstein has pleaded not guilty to charges of trafficking underage girls for sex more than a decade ago. the judge ordered the businessman, who once counted bill clinton and donald trump among his friends, to remain in custody. and this story is trending on bbc.com. the restoration of one of the world's most famous paintings, rembrandt‘s the night watch, is underway in the rikes museum in amsterdam. visitors will be able to watch the work live as it happens. that's all. stay with bbc world news. and the top story in the uk: the bbc has learned that fraudsters targeting
the universal credit benefits system have stolen tens of millions of pounds by targetting an online payments scheme. now on bbc news, live to singapore for asia business report. facebook face—off, why a case in europe's top court has major implications for how your personal data is transferred around the world. in your belly, not the bin! one restau ra nt‘s in your belly, not the bin! one restaura nt‘s simple approach in your belly, not the bin! one restaurant's simple approach to tackling the global problem of food waste. it's tuesday, everyone. good morning asia. hello, world. glad you could join us for this action packed addition of asia business report, i'm rico hizon. let's start with a landmark court case that will have
huge implications for hundreds of thousands of companies who have operations in europe as the european court ofjustice will decide whether the way facebook transfers personal data to the united states should be outlawed. for more i'm joined by my colleague and business reporter mariko oi. who is bringing up this case? by an austrian privacy activist and it's about what is known as cross—border data tra nsfers. known as cross—border data transfers. many of us may not even realise that facebook and other companies, including your bank and carmakers, transfer our personal data to the us and other parts of the world as part of their business practice and it's worth billions. what mr schrems is challenging on behalf of european users is that facebook is not offering them sufficient data protection safeguards. it's not his first battle over privacy. you might remember him from 2015 when he
successfully fought against the eu's previous safe harbour privacy rules. this time he's challenging the legality of so—called standard contractual clauses, sounds very complicated! they are complex mechanisms that allow facebook and other companies to move data freely from europe to the us and elsewhere. the european commission sees the system as legal but mr schrems is expected to argue later today that it breaks eu privacy rules. if you're wondering why this matters in asia, this isn't just you're wondering why this matters in asia, this isn'tjust about europe because the court ruling will have an impact on companies operating in europe but also asia when the decision is announced. keep my personal data private! thanks very much, mariko oi. it's been a grim 2a hours for deutsche bank as the process of cutting 18,000 jobs begins. that as a fifth of its global workforce
goes. in london, new york and tokyo workers have been seen leaving with their belongings and at the same time, the share price plummeted more than 5%. the biggest lender in germany has been struggling for yea rs, particularly germany has been struggling for years, particularly its investment bank. this graph shows their share price from a high of 91.5 euros in 2007, falling each year, despite attem pts 2007, falling each year, despite atte m pts to 2007, falling each year, despite attem pts to reva m p 2007, falling each year, despite attempts to revamp the business and in three months —— three months ago it was in talks to merge with rival commerzbank to create a german financial services giant but the plan was deemed too risky and it fell apart. damien mcguinness reports from berlin. they didn't manage to keep the business clean enough, taking too many risks and they didn't deal with regulations efficiently and there we re regulations efficiently and there were a number of court cases going on and investigations, including a probe into alleged attacks evasion in germany, as well as allegations of negligence with money laundering. they've hit the bank's reputation
and also their balance sheet, so what we've seen are huge costs and legal fees. this is what we've seen are huge costs and legalfees. this is more really than just a simple restructuring programme, big as it is. it's an entire new direction because the jettisoning, most of the international investment banking —— there jettisoning most of the international investment business. —— they are. they are going back to helping german companies export, like what they were founded on in the 19th century but is it enough of a reform and will they be profitable enough to do that and avoid being taken over? damien mcguinness in berlin. as tensions build over iran's plan to breach uranium enrichment limits, there's a worry that it will affect asian oil supply. the region is heavily dependent on crude going through the strait of hormuz. 80% of the oil passing through here goes to the region,
heading to fast—growing economies in asia. china, indonesia, japan and south korea are among those depending on this route. earlier i asked someone from snp global plants what the impact would be if there is a disruption in the strait of hormuz. if there a disruption, total blockade, there would be serious consequences for asia. asia heavily depends on the middle east and supplies for all major companies but the chances of that are still small. only in the case of real disruption, there would be an issue for asia. that's why many asian countries are storing oil. which particular asian country would suffer the most? there's china, indonesia, japan and south korea, these asian pacific nations that depend most from middle east oil. all major age in countries in the north—east of asia in
particular. japan, number one, korea, taiwan, they depend 100% on middle eastern oil. japan, 50%, but big volumes. southeast asian countries, you mentioned the philippines, and singapore is a big one, one of the largest southeast asian importers, and other countries. so north—east and southeast asia. what about lng coming from that part of the world, is asia affected as much? canada is among one of the biggest lng exporters. asia is at the receiving end. all the countries and economies i mentioned earlier are receiving volumes from the middle east. it is less important than oil. but still the key supplier from the middle
east. let's look at the worst—case scenario if this oil trade route is disrupted, the strait of hormuz, what kind of an impact will this have on oil prices, which is currently trading between $60 and $70 per barrel? it is highly speculative because the chance isn't very high, but it would be very disruptive. people in asian countries and around the world...- least $100 per barrel? spiking can be unlimited in these worst—case scenarios, and then people have to resort to strategic reserve to help the situation. food waste is a problem around the world. one restaurant in toronto may have a simple and affect solution, sell off every dish before the end of the night. here's how farmhouse tavern reduces unnecessary waste. it's the most satisfying... it's the best rush... it's also exhausting,
because that means we've had a really busy weekend. i tried to strategise some ways to draw a crowd on sunday nights, and make sure we were busy and it be worthwhile being open on sunday night, but i had a firm plan to be closed for three days, realising we didn't want to have a lot of waste left over and didn't want to try to save food until thursday, because then you would have less quality, and that wasn't an option. six stakes available now. —— steaks.
lot of restaurants are in the mindset of reducing waste, but this is the first time i've had an opportunity to be challenged to create dishes on the fly and reduce waste in a more interactive and, like, important, intense, in the moment way. from 3pm to 4pm, $3 mimosas. $1 oysters from 5pm to 6pm. we do $8 glasses of wine. at 9pm, any main course dishes that are left and andres, half price. —— entrees. it also respects the farmers,
respects the ingredients, respects the fact we have access to this delicious, fresh food and i think that's an amazing privilege. making me hungry, i'm ready for my avocado toast for breakfast! looking at the markets, and as you can see, the nikkei 225 ofjapan is open for business, and the all ordinaries index up marginally. this is despite us stocks falling overnight after strong us job gains on friday. thank you so much for investing your time with us. i'm rico hizon. sport today is coming up next. this is bbc news. the top stories this hour: president trump criticises teresa may's government and says the us won't work with britain's ambassador to washington, after he calls the white house dysfunctional.
wealthy american financiers jeffrey epsteen pleads not guilty to charges of trafficking underage girls for sex more than a decade ago —— financiers. voting is now under way for more than 160,000 conservative party members who are choosing the next prime minister. our political editor laura kuenssberg is in the north—west of england to see what members of the public make of borisjohnson and jeremy hunt. enjoying the spectacle? or wishing the tories would just stop their games? trafford is a conservative seat but the front runner borisjohnson won't persuade gail. mr hunt. why do you say that? don't like borisjohnson. just something about him. did you vote in the european election? idid. i voted for mr farage — sorry. i'm not a fan of boris. and then, yeah, jeremy hunt's fox hunting comment just. .. definitely wouldn't be able to vote for him after that. this is remain territory but laura statham, who runs this business, prefers the chief brexiteer.
i think boris is a character and i think he's strong—willed, and in that respect i think he would be quite good. but whoever wins, what do families actually want the new prime minister to concentrate on? obviously more police and obviously more budget for the nhs would be best, yeah. and from what you've heard so far, have you heard anything that makes you think, "oh, i know who i would like it to be?" no idea. both men hoping to be prime minister have clocked up the miles — talking to tory members, though, not most of us. remember, in theory this is a purely conservative contest, but in practice borisjohnson orjeremy hunt will have to govern for us all. notjust stitching together the two warring sides of the tory party, but leave or remain, north or south, town and country. in labour warrington, there was a strong vote to leave in 2016... i voted to come out. so for many like margaret and frank, it's straightforward now. definitely borisjohnson. why? well, he's natural the way
he comes over explaining things on television. he is definitely the next prime minister, definitely. i'd sack them. you'd sack both of them? i would. why do you say that? none of them are worth the money. they shouldn't be where they are. why do you say that? they're disgusting. why do you think they're disgusting? they're not fighting for us. they're only looking after themselves. who'll be the chosen one, though? only two weeks left for the tories to make up their minds. laura kuenssberg, bbc news, cheshire. hello, i'm gavin ramjaun, and this is sport today, live from the bbc sport centre. coming up on this programme: no party for ashleigh barty at wimbledon, as the world number one is beaten by america's allison riske in the fourth round. while the women's draw is wide open, it's the usual suspects through in the men's. roger federer sets up a quarter—final against kei
nishikori. and india and new zealand prepare to battle it out for a place in the final of the cricket world cup. hello and welcome to the programme. the big three in men's tennis cruised into the quarter finals at wimbledon. novak djokovic, roger federer and rafael nadal all enjoying straight—sets victories, but the fairytale is over for 15—year—old coco gauff. and it was a day to forget for the top seeds the women's draw. holly hamilton has more from wimbledon. fairto fair to say the women's draw is wide open at the business end of the tournament. we started the day with five of the top ten seeds and now we're down to just two. world number one ashleigh barty was first to go, knocked out by american allison riske. party took the first set but allison riske took into a decider to win the biggest victory of her