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tv   Asia Business Report  BBC News  April 8, 2024 1:30am-1:46am BST

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between the two countries because of tough conversations. now, this comes after she raised concerns about china's overproduction of electric vehicles, solar panels, and other clean energy products with premier li qiang. she says the huge subsidies china is providing to companies is giving them an unfair advantage overforeign firms. for giving them an unfair advantage over foreign firms. for his part, li said constructive progress had been made. the bbc business reporter has more. soon after arriving secretary yellen addressed business leaders in guangzhou and promised to address the oversupply of chinese goods in key industries such as electric vehicles and solar panels. on sunday she met the chinese premier li qiang and struck an emolent tone. we premier li qiang and struck an emolent tone.— emolent tone. we put our bilateral— emolent tone. we put our bilateral relationship - emolent tone. we put our bilateral relationship on . emolent tone. we put our bilateral relationship on a | bilateral relationship on a more stable footing. this is not meant ignoring our differences or avoiding tough conversations. it has meant understanding that we can only
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make progress if we directly and openly communicate with one another. , , ., . , another. china's news agency has accused _ another. china's news agency has accused the _ another. china's news agency has accused the united - another. china's news agency| has accused the united states of fabricating a china threat and criticised washington for erecting trade barriers but the premier mr li seemed optimistic about dr yellen�*s visit. translation: i have read online reports about your visit and from the moment you touched down in guangzhou, chinese citizens have been enthusiastic and continually commenting. in fact, this reflects their expectations for the outcome of your visit. expectations for the outcome of our visit. . , . , expectations for the outcome of our visit. . , ., , ., your visit. china is angry at us sanctions _ your visit. china is angry at us sanctions on _ your visit. china is angry at us sanctions on its - your visit. china is angry at us sanctions on its access | your visit. china is angry at i us sanctions on its access to semi—conductors. they say they're designed to suppress its technological development. also concerned us moves to force bite—downs to divest the popular tiktok app. the us is concerned about tensions over taiwan and in the south china sea. china claims taiwan as an inherent part of its own
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territory and ownership of some disputed islands in the south china sea. we're witnessing something of a reproshment but everything could change later this year if president trump is returned to the white house. stephen olson, a former us trade negotiator said the us and china will continue to be challenged by fundamental differences. i challenged by fundamental differences.— challenged by fundamental differences. i think talking is alwa s differences. i think talking is always better _ differences. i think talking is always better than _ differences. i think talking is always better than not - differences. i think talking is l always better than not talking. so for that reason alone, the meetings are positive. but in myjudgement at least i don't expect anything to come out of the discussions that will significantly move the needle on the overall bilateral relationship. china will continue to believe correctly or incorrectly that the united states is determined to block its quote unquote peaceful rise and the united states will continue to believe correctly or incorrectly that china engages in a host of predator y, engages in a host of predator y, economic and trade policies which threaten the rules—based
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global system. those were the perceptions that were entrenched before the meeting start, and whenjanet entrenched before the meeting start, and when janet yellen gets on the plane and flies back to washington, i'm afraid that those perceptions will remain entrenched.- that those perceptions will remain entrenched. janet yellen was actually _ remain entrenched. janet yellen was actually in _ remain entrenched. janet yellen was actually in china _ remain entrenched. janet yellen was actually in china a _ remain entrenched. janet yellen was actually in china a year- was actually in china a year ago or last year, have things changed since then though? i think both countries have an interest at this point in trying to improve the mood music, if you will tox at least signal to the rest of the world that they're stabilising the relationship, that the relationship, that the relationship is being managed well. and i think you see that coming through clearly in the messaging. i have seen secretary yellen on a couple of different occasions saying, well, look, work remains to be done but we have really put the relationship on a more — on a more stable footing. i think she's acknowledging that she's not expecting any real breakthroughs in this — in this round of meetings. but she does want to emphasise to the
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outside world that the relationship is being stabilised. i think that's important for both countries and china, of course, is trying to signal to the international business community that the china should remain at the top of their list as a business and investment destination. the other diplomatic _ investment destination. the other diplomatic trip i want to get your thoughts on that we're watching for this week is japan's kishida, he's expected to be visiting the us. what are you expectations there?- expectations there? well, i think - i — expectations there? well, i think - | think— expectations there? well, i think - i think biden - expectations there? well, i think - i think biden and i expectations there? well, i | think - i think biden and his think — i think biden and his japanese counterpart are going to give each other a very big bear hug and very warmly embrace each other. i think they're going to stress the importance of both the economic relationship as well as the security relationship and if at all possible try to move this relationship even more close together. of course, the 800 pound gorilla that will be sitting in the room during these discussions will be nippon steel and us steel whether us presidential election looming in the not too
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distant future, i don't think that biden�*s really got the political manoeuvrability to substantially change his position on that issue. so it's something that the leaders are going to have to carefully manage. an official investigation is under way in the us after the engine cover of a boeing aircraft dislodged on sunday during take—off in denver, striking its wing flap. the southwest airlines flight which was headed to houston returned safely to denver international airport. southwest airlines says its maintenance teams are reviewing the aircraft after the incident. plane—maker boeing who has been in the spotlight in recent times over manufacturing and safety concerns declined to comment. let's take a look at what is coming up on the economical der. on wednesday, the us will release key inflation data for the month of march — prices picked up in february and that makes the case for an interest rate cut of this year a bit trickier for the rate cut of this year a bit trickierfor the federal trickier for the federal reserve. inflation trickierfor the federal reserve. inflation data from china will be closely watched as things — as well to see if
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things are turning around for the economy. then on friday, trade data, this is going to be key to help us understand why manufacturing activity in china has expanded for the first time in six months. priyanka kishore from research company asia decoded said a lot of focus, though, will be on the us. i expect that headline though, will be on the us. i expect that headline inflation in the us will continue to diverse. we have seen rising energy price, that means month on month inflation will remain elevated at a headline level and you could see the headline jump and you could see the headline jump again around 3.4% from 3.2% last month. on the other hand, will be supported declining — declining inflation will be supported by slowing inflation and a decline in used car prices. that actually keeps in place the support for rates from fed even if you know headline inflation remains
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around 3% over the rest of the year. however, i must add that given the strength of the us level market, record supply chain disruptions and geopolitical risks, there is really no urgency for the fed to cut at this point of time. i think that the fed pause will extend well into the second half of this year.— half of this year. priyanka kishore there _ half of this year. priyanka kishore there from - half of this year. priyanka kishore there from asia l kishore there from asia decoded. now the fashion industry is the second largest industrial polluter accounting for 10% of global pollution ranking higher than emissions from air travel. but the british men's wear design told my colleagues that he is hoping to usher in a cultural shift from fast fashion and slow fashion and urging other fashion and urging other fashion brands to follow suit. sow what we're trying to do is to encourage and is big piece of education, our customers to bring their clothing back to us when they finished with it. and then we will decide on what the afterlife process is for that piece of clothing. the idea was
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to tell our customer, look, if you finished with thing something, you might have bought something you don't really wear that much or it might be thread bare and you worn it to absolute death, because we use a lot of pure fabrics, we can offer many different types end—use for the clothing. so, yes, we're encouraging and educating, trying to educate, our customers that this is a really good idea. customers that this is a really good idea-— good idea. what will encouraging - good idea. what will encouraging them i good idea. what will j encouraging them to good idea. what will - encouraging them to make good idea. what will _ encouraging them to make that move? to physically come to your shops to hand things back in or actually make the effort to post things back to you, what's the encouragement to do that? , ., ., .,, that? first and foremost, the 're that? first and foremost, they're being _ that? first and foremost, | they're being responsible. that? first and foremost, - they're being responsible. so that's in itself going to be part, i hope it will become part, i hope it will become part of their everyday habits as farr as clothe ——as far as clothing is concerned. and secondly we'll be offering them a discount on their next purchase. a discount on their next purchase-—
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a discount on their next urchase. ., , ., , , purchase. the fashion industry is a hue purchase. the fashion industry is a huge polluter _ purchase. the fashion industry is a huge polluter and - purchase. the fashion industry is a huge polluter and many i is a huge polluter and many organisations within it, big and small, such as yourselves, are extremely aware of that and trying to take action. to what extent do you think you can impact the narrative on that? well, i'm hoping to impact the narrative in a very — in a fairly major way. i'm definitely wanting to talk to especially online businesses that are sending out, perhaps, six or seven dresses to somebody and the customer is only taking one and then the dresses are not returned to the company, they're actually put directly into landfill. so that — there's two things here — there's the one thing is you need to say to the high street simply that's wrong. and secondly — we need to educate the customer otherwise a lot of these businesses are finding it too expensive to recycle that unwanted product.
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lots of food for thought there from british men's wear designer oliver spencer. speaking to my colleague. interestingly, currently only i% of textile waste is recycled into new clothes. a lot of work to be done for sure. that's it for this edition of asia business report. i'll be back in the next hour.
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hello and welcome to sportsday. the headlines tonight. old rivals manchester united and liverpool draw in the premier league to keep liverpool second in the table. it's also all square in the old firm as celtic retain their edge over rangers in the scottish premiership. and we're at west ham's training ground as the club hold an iftar event for the local community in ramadan.
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we're starting with the premier league where liverpool missed out on going top again held to a 2—2 draw by their old rivals manchester united at old trafford. it means liverpool stay second in the table behind leaders arsenal on goal difference. our football correspondent john murray reports. liverpool will be wondering how they didn't win this match having led i—o they didn't win this match having led 1—0 at halftime through a diaz goal and being so dominant. yet, in fact, they needed a late mo salah penalty to salvage a point which means this exciting three—way premier league title race has tightened up. manchester united came out at halftime and proceeded to turn the game around. an error led to fernandez equalising from the centre circle and to
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general amazement united

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