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tv   Business Today  BBC News  May 20, 2024 12:30am-12:46am BST

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�* and we start the monday and we start the programme in taiwan, where william lai is set to be inaugurated as the next president in a few hours, replacing the outgoing president. much of the focus will be on the new president's approach across trade relations with china, but a key focus on the election was taiwan's economy. gdp expanded by 1.3% as exports suffered due to a drop in global demand. another major election issue, youth unemployment, thejobless rate unemployment, the jobless rate for the unemployment, thejobless rate for the young is over 11%. i asked for the young is over ii%. i asked and economist for her perspective on what the new president should prioritise. taiwan's has been very resilient over the last few years, with growth averaging around 3.4% between 20 and 90 to 2023. despite the pandemic, and this was driven to a large extent by a taiwan's dominus of
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the global semiconductor industry, where it produces around 60% of global semiconductors —— dominance. 90% of the high—end chips. but economic success has not been felt. so willie and lai has to address the younger population, opportunities about housing affordability and the higher cost of living in taiwan —— william wilai. he has to maintain the competitiveness of taiwan in the technology space. and he also has to address the energy challenges of taiwan and ageing populations among others. . . , ., others. he certainly has a lot on his plate _ others. he certainly has a lot on his plate on _ others. he certainly has a lot on his plate on the _ others. he certainly has a lot on his plate on the domestic| on his plate on the domestic front. 0n the international front, he doesn't have to look far for a front, he doesn't have to look farfor a challenge front, he doesn't have to look far for a challenge there, front, he doesn't have to look farfor a challenge there, how do you see his relationship with china and how do you think you will manage that considering china is one of the key trading partners?- key trading partners? yes, beijing's — key trading partners? yes, beijing's reaction - key trading partners? yes, beijing's reaction to - key trading partners? yes, l beijing's reaction to taiwan's election has been fairly muted. but tensions between beijing and taiwan is unlikely to be
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reduced in the next four years of dpp rule compared to the past eight years of the ppp�*s rule. but still, i think there is no incentive for either side to increase tensions because this could come at a high economic cost for both. so at the same time, taiwan is trying to increase its cooperation with the us. and it has to continue to toe the line of china. and for china, it has to do with a lot of domestic issues —— deal with a lot of domestic issues at the moment, so i think there will be restrained on both sides to maintain peace and also to keep, to prevent an escalation of the risk. it keep, to prevent an escalation of the risk-— of the risk. it is a delicate line for— of the risk. it is a delicate line for william _ of the risk. it is a delicate line for william lai - of the risk. it is a delicate line for william lai to - of the risk. it is a delicate| line for william lai to work with that relationship with china and the us as well. what does it mean for other countries, if these tensions are to continue, will it damage perhaps taiwan's prospects of attracting more investors to the territory? i attracting more investors to
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the territory?— attracting more investors to the territory? i think taiwan will continue _ the territory? i think taiwan will continue to _ the territory? i think taiwan will continue to be - the territory? i think taiwan | will continue to be attractive because of its dominance of other global semiconductors industry. trade with china as you mentioned is still an important part of taiwan's economy. trade and investment between china and taiwan has not only been shaped by the cross trade developments, as with other parts of asia, because there are other factors in play including the us and china tensions. donald trump and fermented a tariff on chinese goods in 2018 and that has accelerated the flow of investment and production out of china. and that has only increased in recent years as a result of the slowdown in china's economy. and also, after covid—19. so that has led to an acceleration of that aspect from china. and into other parts of asia and taiwan as well. but despite all that,
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china is still taiwan's largest trading partner, accounting for around 20% of taiwan's total trade. so even as taiwan wants to reduce its reliance on china and increase its cooperation with the us, it has to do so in a fragile way. china has an extensive manufacturing industry and supply chain. china has launched an anti—dumping probe into imports of an important engineering chemical from the european union, the us, japan and taiwan. the chemical is used in medical quipment, car parts and even phones. according to commerce ministry, the investigation could take from six months to a year, and follows similar probes by the eu and us into china's subsidies for its strategic sectors. it's a big day in india, as the country crosses the halfway mark of its two—month long election. today the fifth phase of polling kicks off,
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with voters in the financial capital ready to cast their vote. home to some of india's richest, mumbai is the key economic hub driving the nation's economic policy. but the widening wealth gap is a pressing issue for many. the bbc�*s archana shukla has more. india's financial capital sends 11 lawmakers to the parliament and has been at the centre of economic policy making in the country. and why not? the city contributes over 6% to the country's gdp and over a quarter of its industrial production. the business activity and consumption in the region are reflected from markets like this one, a key link in india's to being the fastest growing major economy in the world. but the city is also one of contrasts. 0n in the world. but the city is also one of contrasts. on one hand,it also one of contrasts. on one hand, it is home to the most number of billionaires in asia and on the other, it houses's largest slums. the reason why some of the election issues are being talked about this time our own economic lines is reflective of this inequality as well. whether it is the massive infrastructure development in the country, some of which has benefited
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mumbai as well through sea bridges and highways been constructed and better connectivity, or price rise. remember, mumbai is an expensive city to live in and rising prices is resonating with the waters here. it is a concern. add to that, rising unemployment, especially among the uneducated you, something people are talking about. stock markets in mumbai have been jittery over the last few days, indicating nervousness as we inch closer to the last leg in this general election. in other news, billionaire elon musk is in indonesia for the launch of spacex's sattelite internet service for the country's national health sector. the �*starlink�* service as its known, will help improve internet connectivity across remote areas of the country. it is currently available in two health centers in bali, and one on the remote island of aru in maluku. the tech magnate will meet with indonesian president joko widodo later today.
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let's turn to japan where saudi arabia's crown prince mohammed bin salman will arrive in tokyo on monday. the crown prince has moved to open the kingdom's economy to tourism, as well as new business ventures including tech and gaming. fun fact — the sovereign wealth fund of saudi arabia owns a stake injapanese gaming giant nintendo. the kingdom is also a major oil supplier to japan. energy analyst ellen wald of president of transversal consulting laid out the types of ventures both japan and saudi arabia may push for on this trip. it is about more than just a supplier visiting a consumer, it is more about forging economic ties across areas that don't just encompass economic ties across areas that don'tjust encompass oil. so with the paf, the saudi public investment fund holding a major stake in nintendo and also with other investments, some work has been done with japanese
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companies in terms of exporting blue ammonia and there is a lot more going on there for that and the chemical industry. it is definitely about forging longer lasting economic ties. i could you tell is more about some of the other ventures that saudi arabia will be pursuing injapan —— and could you. particularly investment coming into japan? yes, particularly investment coming intojapan? yes, i particularly investment coming into japan? yes, i wouldn't be surprised. a lot of the energy stuff is going to be left mostly to aramco executives who already have deep ties with japan and japanese companies. so i would expect to see for mbs to really pursue looking at other investments both money going into japan, other investments both money going intojapan, but other investments both money going into japan, but also to see perhaps to kind of bring some japanese see perhaps to kind of bring somejapanese investment see perhaps to kind of bring some japanese investment to saudi somejapanese investment to saudi arabia. the saudis are really looking to diversify their economy. they would like to manufacture things. for example, in saudi arabia, i think they would love to get toyota to open up a plant in saudi arabia and other things.
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and what saudi arabia has to offer is they have land, they have very cheap energy resources to offer, subsidies in terms of that, so it'll be interesting to see if there are any kind of mou is that are signed as evidence of companies injapan looking to pursue economic investment in saudi arabia. and then also, there is the saudi money that can be invested in japanese the saudi money that can be invested injapanese companies with the paf looking to really diversify their holdings and their investments. it's set to be a busy week on the conomic calender, with a number of central banks in focus. on tuesday, the reserve bank of australia's will release minutes from its meeting in april, which analysts hope will offer clues on the central bank's decision to keep the cost of borrowing higher for longer — at 4.35%. midweek, across the tasman — the reserve bank of new zealand will review its interest rate policy. it was one of the early movers when it comes to lowering the key lending rate,
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which is currently at 5.5%. on thursday, closer to asia — we'll get the rate decision from the bank of korea. the benchmark interest rate there has been on hold at 3.5% for more than one year. that is it for now, stay for more with bbc news. goodbye for now.
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hello and welcome to sportsday. i'm lizzie greenwood—hughes. here are the headlines. manchester city make history, winning four premier league titles in a row.
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it's auf wiedersehen, jurgen klopp, as he fist—pumps his goodbyes to liverpool. and a stunning solo ride moves pogacar a step closer to a first zero title. —— giro. welcome to the programme. manchester city have won the premier league title for the fourth successive season, becoming the first team in english football history to do so. leading at the start of the day, all they had to do was better arsenal, who were two points behind them, and they did it in style, beating west ham 3—1. katie gornall was at the etihad to witness history. they've been selling champions, banners, flags and scarves here since since full time. but in truth, they probably had them ready for weeks. and the fans were confident that today would be the day
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because they know city have been in this position before

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