09/12/2013 Asia Business Report


09/12/2013

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passed to it by the Sun on Sunday newspaper. Now on BBC News all the

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latest business news live from Singapore.

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Slowing down ` revised data points to weaker growth in the Japanese

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economy. An election in 60 days ` Prime Minister Ying`luck Shinawatra

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dissolves parliament and promises a general election. Welcome. We start

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with Japan's economy which expanded by 0.3% compared to the previous

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quarter. That is a revision down from an earlier estimate with a 0.5%

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expansion. It underscores the economic recovery and there is? Over

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future growth as the sales tax is to be raised. The risk concerned about

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the impact that sales tax increase will have. That is why the

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government last week announced a 50 Ilion US dollar growth package ``

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billion, to be launched at the same time as that tax. It will take money

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out of people 's pockets. And then splurge it on spending will it work?

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A lot of spending promise of this year has not happened so it will be

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difficult getting that money flowing through the economy. A lot of

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challenges ahead for Mr Abe. Looking at 2014, but at the general

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projections for the economy as Mac thinks again to pick up again in the

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New Year. The result hope there will be increasing exports. The low value

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of the yen, going up above 100 to the US dollar in recent weeks, we

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could further is helping optimism with a Japanese exporter 's but so

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far, those massive increases have not come through and we have seen

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increases in imports, particularly energy imports. It is still early

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days to see whether this policy is going to work. I think the first six

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` eight months we are seeing the figures for our still very early

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days to see if this is going to work or not. As you may have heard from

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the earlier bulletin, Thai Prime Minister Ying`luck Shinawatra will

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resolve parliament and hold elections within 60 days. There was

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a major rally in the capital Bangkok marching towards the Prime

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Minister's offers. The protest have been going on for a week and are

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calling for the government to step down. A dramatic change in fortune

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for The top stories this hour: Thailand's Prime Minister Yingluck

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Shinawatra has dissolved parliament and promised a general election in

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the wake of massive demonstrations across the country. It would be a

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while before it will be business as usual in Tacloban. This is all that

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remains of the biggest shopping while in Abe. Smashed storefront and

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empty shelves. Cleared by desperate survivors of Typhoon Haiyan. These

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were some of the scenes from a month ago. People scrambling to find food,

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water and medicine. By whatever means necessary. No shop was left

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untouched but it was not just supermarkets and pharmacies that had

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their shelves emptied, people also took on political appliances,

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jewellery and other luxury items. `` took home. Armed security guards

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have been installed and workers are clearing away the debris so they can

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reopen by next year but so far, only about 30% of the city's business

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plan have returned. One of them is that this man, who runs a

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distribution warehouse. He worries that the situation will deteriorate

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again. The security is concentrated only on a particular area but on the

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outskirts where the factories and warehouses are located, there is

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very little security and there is also noticed that security will be

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pulled down by December. They are very down and discourage, the

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business, security was not existed, their businesses were looted,

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everybody lost investments and life savings. We generally need the

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government to come in all the centre banks and other banks to help local

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business. He said he was lucky his warehouse was protected right after

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the storm hit. This rival warehouse across the street was destroyed and

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also completely ransacked. The businessmen, facing this kind of

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damage, cleaning up and starting over is a daunting task. In other

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news, trade ministers from 12 countries are in Singapore in a

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last`minute effort to strike a basic agreement by the year 's end on a

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transpacific partnership. They are looking for political solutions on

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issues such as property right. Negotiations have been going on for

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nearly four years and if the countries to reach an agreement, it

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countries to reach an agreement it could pave the way to form stronger

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ties with China who is not a member. A lot of the countries on both sides

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of the Pacific already have strong relationships. China also has strong

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relationships with chilli and South America. Canada is also increasing

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its trade with China. The point is to use this as a bridge and

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strengthen the relationship. Use that as a lever to pull China in and

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gradually change Chinese policies around it government backed

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companies and enterprises. Data from the weekend in China shows demand is

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picking up from big economies such as the US and Europe. Imports also

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rose 5%. A signal China may still have some waste to go when it boosts

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growth in local consumption. Consumer prices slowed to 3% in

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November compared to 3.2 in October. The reading was at a eight month

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high. You can go to our website for more headlines in business. Emerging

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markets like India are looking more at track he then ever to retailers,

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particularly luxury retailers. The number willing to flash their cash

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is going stronger. We spoke to both sides of the counter. Combining

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sushi with shopping in the country's biggest luxury moll in the

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south of Delhi. Many come here with friends for what is popularly called

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a kitty party in India. Elite women get together over lunch and put

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money to spend on luxury handbags or shoes. Catering to them, several

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international brands have open stores here now. It is so much

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easier because I can walk into a store, single the options and just

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pick up what I like. `` see an option. It has made lifestyles and

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better. The responder variety and chances to buy, you're not

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restricted to a particular holiday. As Western markets are slowing

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down, luxury brands are pushing to be here in India. The number of rich

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individuals who can afford all this is growing. Which means that they

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are likely to spur demand in the near future. There were still a few

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barriers to this growth. India lacks high street so retail space is

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limited. Yet, the luxury market has witnessed a robust growth of 50%

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over the last three years and has now estimated to be worth $8

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billion. But high import duties on luxury products are Warringah

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retailers. Pricing is one of the many things we try to balance.

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Especially in other regions like Europe. But it is true that import

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duties. Or reduce or slowdown and the possibilities for customers to

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buy in their country. It will effect the economy in India. Unlike their

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parents, India's young Labour spending over saving. There is a

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growing breed of a new kind of customer here. Entrepreneurs,

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officials and the rural rich who are discovering luxury for the first

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time and are not afraid to plod. time and are not afraid to plod

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Demand for all kinds of products is expected to soar and luxury

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retailers will be waiting to tap into the new Indian maharanis.

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Looking at the markets: strong Chinese trade numbers and good job

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numbers. Games ready much across the board in Asia. `` gains. Thanks for

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watching.

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