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tv   Asia Business Report  BBC News  May 6, 2024 2:30am-2:46am BST

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off his first trip to europe in five years. he's arrived in france and will make stops in serbia and hungary later this week. his visit comes as some countries in europe are taking action over what they perceive to be anticompetitive practises by china. our business reporter david wadell has more. president xi arrived to the orly airport in paris with his wife, pen liyuan. france is the only major eu country on the tour which will also include serbia and hungary. here at the airport, he was greeted by france's prime minister, gabriel attal. he'll also be meeting a man with whom he has very warm relations and that is the french president. president xi hosted president macron at the chinese city of guangzhou last year where president macron was rapturously received and president macron will be hosting his chinese counterpart in the pyrenees — a place where he spent much time as a boy
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visiting his grandmother. but first on monday, it's down to business. trade tensions between china and the west are running high particularly over the effect that china's production of electric vehicles has on the international market. tesla, for example, is already struggling to compete with big chinese players such as byd. later the european commission president, ursula von der leyen, will take part in talks to resolve frictions over this particularly over chinese subsidies. the eu wants to fight the corner of european manufacturers hoping to sell their cars both to european consumers and globally. and, of course, there's irritation about china's perceived toleration of russia since its full—scale invasion of ukraine over two years ago. president macron will voice european concerns about that but those words — they're not likely to upend the current world order. mr xi faces an uphill task in unwinding measures against china. that's according to zsuzsa anna ferenczy, she's an assistant professor at the national dong hwa university in taipei. i don't think the effectiveness will be likely, i don't think that this will slow down
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the appetite in the commission to push back against chinese assertiveness but i'm very aware that the eu is not united when it comes to china. i think we have reached a level of unity when it comes to how we deal with russia but this is not the case with china. beijing knows that. hence the visit to some of the member states that xijinping considers to be key partners and this is also another purpose of this visit to make these countries feel special, that they have a privileged access to china and this will always undermine the european union and this is also very clear in the eu hence the pushback so i don't think there will be a positive outcome for xi as far as stabilising and strengthening eu—china relations, but, of course, member states are in the driving seat when it comes to how we go forward with eu—china relations.
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in other business news this morning. the head of berkshire hathaway has told his shareholders his successors are ready for the job. speaking at the company's annual meeting, warren buffett announced the vice chairman, greg abel, at the giant will take over the company in the future. the 93—year—old legendary investor also announced his firm sold its entire stake in paramount global at a loss and cut its investment in apple by 13%. telecommunications company optus has appointed a new chief executive effective from november. stefan rue currently leads australia's national broadbound network. he will take on the role at optus, the australian unit of singapore telecommunications after its previous boss resigned following a massive network outage. qantas says it has agreed to pay a penalty of around $66 million to settle a law suit in the country. australia's competition regulator had alleged that after the pandemic, the airline illegally sold thousands of tickets for flights that had
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already been cancelled. as part of the settlement, a remediation programme will also be created four customers affected by the cancellations. that is expected to cost qantas an additional $13 million. now, in a few hours' time, we will learn how indonesia's economy performed in the first three months of the year. the country is in the midst of a leadership transition after prabowo subianto was declared the winner of its elections in february. euben paracuelles from investment bank in brokerage firm namura believes that we will likely see growth of around 5%. i think we have to look a bit more into the details because there's a little bit of unevenness there, we are are expecting goods exports to see growth which is kind of moderating a little bit. that's partly because of weaker from china. there's offsetting factors that will boost deened mas including prive consumption should hold up.
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but also government spending should do well. this is all because of the election—related spending that tends to provide a good boost to growth overall. speaking of the election, indonesia is currently in a leadership transition. is that been seen as a market risk? there is a little bit of that which is always the case when you have some uncertainty as a result of a political transition. so, for example, investment spending tends to slow a little bit, you know, investors tend to hold back until they get some clarity in terms of the policy priorities of the incoming administration which tends to be a pretty long transition in indonesia given that the new president only takes over in october. so that uncertainty is a little bit — we'll be here for a while which means investment spending could be on the softer side for quite some time. has been some good news recently though.
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microsoft announced a $1.7 billion investment into indonesia recently. how is this being viewed by investors? must be encouraging. that is definitely a step in the right direction and, you know, obviously these big tech names are going into indonesia and these are the sort of sectors that they want to welcome and it also helps take advantage of the country's young dynamic labour force. obviously that's going to be very helpful. the trick that we need to watch. today marks 30 years since the official opening of the eurotunnel, also known as the channel tunnel. its prominent connections include carrying eurostar passenger trains from london, paris and beyond. our correspondent has been taking a look at the impact the eurotunnel has had and what comes next. a moment in history 30 years ago today queen elizabeth and french president mitterrand officially opened the new
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connection between their two countries which made an idea dreamed up centuries earlier a reality. since the queen made her journey through the channel tunnel, 480 million passengers have done the same. these days 400 trains speed through it each day. we're now going at about i20kph which is roughly 75mph and we're coming up to the middle of what is still the world's longest undersea tunnel. driver martin has been here since the beginning. people have this concept that it's just straight through to france and it's totally not. the tunnel itself is up, down, around the corners and everything. it's no straight lines at all. so you know this tunnel like the back of your hand? absolutely. yeah, yeah, like a second home really. building it was an exceptional feat of engineering. there are actually three tunnels — the one i'm standing in right now with my high—viz and my hard hat, isn't for training, it's used
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for ventilation, access for maintenance and evacuating people in an emergency. we're now on the france side and the uk is 32 miles that way. the tunnel carries a quarter of trade between the uk and the eu. plus plenty of holiday—makers whether on the eurostar to paris and beyond or using the car shuttle to reach somewhere like letukai, an hour's drive from the calais terminal. drove down to folkston, jumped on the tunnel, half—an—hour; calais, a0 minutes down the coast. perfect. nice and easy. no problems at all. you have done that before? tunnel tourists help keep the wheels moving for small businesses including this one. translation: i drive a little train, lots of english people come on the weekend, in cars, in the shuttle, it's very good. the tunnel�*s financial journey hasn't always been smooth. it opened £2 billion over
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budget, at one point the company which runs it nearly went bust, predicted passenger numbers were never reached but eurotunnel became profitable. more recently, new challenges — the pandemic and brexit meant putting millions into new systems to deal with additional customs rules. what's next? well, the boss here wants more trains running, that could include for the first time rivals to eurostar running passenger services. new companies have said that they want to launch new services within the five next years in the tunnel. we're very confident that within the ten next years, there will be a doubling of the direct connection between london and europe. the tunnel�*s 30—year history has already proved eventful and it's far from the end of the story. tesla news for you. it appears the company has been rescinding some internship
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offers weeks before they were due to begin. that's according to students who are sharing their experiences on linkedin. the bbc has reached out to tesla for comment. bye for now.
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hello and welcome to sportsday. i'm olly foster. really, really good and then really rubbish — that's jurgen klopp�*s assessement of his liverpool side, but they still beat spurs. it's magical miami for maclaren as lando norris wins his first formula one race. and kyren wilson has the edge after the first two sessions of the world
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snooker championship final. there are just two weeks left in the premier league season and there's so much riding on every game now, there were three games on sunday and tottenham's hopes of a top four finish are pretty much over after their 4—2 defeat at liverpool. they were 2—nil down at halftime, 4—down on the hour mark at anfield. goals from mohammed salah, andy robertson, cody gakpo and a top corner screamer from harvey elliott. for spurs despite a late rally with goals from richarlison and son heung—min, that is their fourth defeat in a row, and they are seven points behind aston villa in fourth. the win for liverpool mathematically keeps them in the title race, but it does guarantee that they finish at least third, which is more likely.
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we were really, really, really, really, really good

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