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3.1%, but campaigners say any rise is still too much after a decade's | :00:00. | 3:59:59 | |
worth of big fare increases. As much of the world gets back to | :00:00. | :00:17. | |
work we examine the opportunities and challenges facing the region in | :00:18. | :00:23. | |
2014. Malaysia is set to raise to see prices for the first time in two | :00:24. | :00:27. | |
years. The government wishes to reduce its public subsidies. -- | :00:28. | :00:35. | |
electricity prices. Welcome to Asia Business Report. For many others, | :00:36. | :00:41. | |
today is the first day back at work after holiday period and the | :00:42. | :00:46. | |
beginning of a new calendar year. With 2013 behind us and a brand-new | :00:47. | :00:52. | |
year ahead, we asked our correspondence from around the | :00:53. | :00:54. | |
region to tell us what to watch out for in 2014. First up, John from | :00:55. | :01:03. | |
Sydney. Australia saw fair amount of change | :01:04. | :01:07. | |
in 2013. Not least, three prime ministers in less than three months. | :01:08. | :01:12. | |
With the economy, the talk was also of transition and how the country | :01:13. | :01:15. | |
should cope with the slowdown in the mining boom, which has fuelled | :01:16. | :01:19. | |
growth here for so long. The economic news was a little bit | :01:20. | :01:23. | |
gloomy. Growth was down as demand from China fell. The budget deficit | :01:24. | :01:29. | |
was expanding. Unemployment was also creeping up. So 2014 could be a | :01:30. | :01:37. | |
challenging economic year. But Australia's economy has proved | :01:38. | :01:40. | |
remarkably resilient over the years. 22 years of consecutive | :01:41. | :01:46. | |
growth. The country is still doing relatively well. But as we enter the | :01:47. | :01:50. | |
new year, there is perhaps a feeling of economic uncertainty. | :01:51. | :01:56. | |
Here in Hong Kong, investors in the city 's financial district are | :01:57. | :02:00. | |
feeling upbeat in the New Year after a lacklustre six months in the first | :02:01. | :02:06. | |
half of 2013. The market for new listings has come roaring back. | :02:07. | :02:12. | |
According to the research firm, Hong Kong was the second-biggest | :02:13. | :02:15. | |
destination in the world after New York. There are hopes that this | :02:16. | :02:20. | |
trend will continue in 2014. One of the biggest questions on their minds | :02:21. | :02:25. | |
is whether a Chinese Internet giant Alibaba will eventually list here. | :02:26. | :02:30. | |
Talks over several months eventually fell apart in September because of | :02:31. | :02:35. | |
disagreements over the company 's proposed shareholding structure. The | :02:36. | :02:39. | |
comments from both sides since then suggest a Hong Kong listing may | :02:40. | :02:45. | |
indeed be a possibility. India's political parties are getting set to | :02:46. | :02:48. | |
battle it out in nationwide polls to be held a few months from now. It's | :02:49. | :02:53. | |
an election that is being watched with much hope. Here in Mumbai, the | :02:54. | :02:57. | |
country 's financial capital, most of the business voice as we have | :02:58. | :03:01. | |
heard recent months believe that if a strong government were to come to | :03:02. | :03:05. | |
power, no matter which party it was headed by, the gloomy sentiment that | :03:06. | :03:09. | |
has been surrounding India for the last few years will change | :03:10. | :03:13. | |
dramatically. There is belief that investments could pick up and | :03:14. | :03:17. | |
growth, which is at its slowest in a decade, may finally turn a corner. | :03:18. | :03:22. | |
The government that has just been voted in may be more confident to | :03:23. | :03:26. | |
take tough economic decisions. But the biggest worry for ordinary | :03:27. | :03:29. | |
citizens here of the past year has been inflation, particularly soaring | :03:30. | :03:33. | |
food prices. That is likely to be on top of people 's minds when they | :03:34. | :03:36. | |
come to polling booths around the country. Every political party will | :03:37. | :03:40. | |
have the tough task of convincing voters that they will be able to | :03:41. | :03:43. | |
bring down the prices of food and keep them stable. | :03:44. | :03:53. | |
Other notable business moments in 2013 included Twitter are going | :03:54. | :03:58. | |
public, Google and found some launching more high-tech gadgets and | :03:59. | :04:01. | |
even the likes of Virgin Atlantic selling commercial spaceflight | :04:02. | :04:15. | |
ticket for the first time. I think what is very interesting is this | :04:16. | :04:18. | |
move of emerging market brands targeting emerging market countries. | :04:19. | :04:25. | |
Tata, who famously did very badly recently... With Nano, they have not | :04:26. | :04:32. | |
succeeded in pushing that. But they have been very smart and looking at | :04:33. | :04:35. | |
other emerging markets. They are looking at launching in other | :04:36. | :04:41. | |
south-east Asian emerging countries. They are applying their | :04:42. | :04:48. | |
understanding of that market across. All the attention and spend in the | :04:49. | :04:54. | |
developing world. Blackberry is looking at where there are real | :04:55. | :04:58. | |
heartland is. Their second-biggest market in the world as Indonesia and | :04:59. | :05:01. | |
they are taking the money they would be taking fighting Samsung and Apple | :05:02. | :05:05. | |
in developed markets to focus more on those big emerging markets where | :05:06. | :05:08. | |
there is huge potential for them still. And of course, next year, | :05:09. | :05:12. | |
what with the one child policy relaxing in China, that's obviously | :05:13. | :05:23. | |
a huge boom to baby brands, infant brands. But is that a move of China | :05:24. | :05:27. | |
from being a production to a consumption economy? Is it saying to | :05:28. | :05:31. | |
the Chinese population, you have done your work, time to reap the | :05:32. | :05:40. | |
reward? In Malaysia, not such a great start to 2014. Alex is the | :05:41. | :05:43. | |
prices are set to go up for the first time in two years. -- | :05:44. | :05:48. | |
electricity prices. The move comes just two months after other bills | :05:49. | :06:02. | |
have increased. In downtown Kuala Lumpur, within two | :06:03. | :06:08. | |
blocks, you can find five shopping centres. This activity, this way of | :06:09. | :06:14. | |
attracting consumers, is becoming more expensive. Starting this | :06:15. | :06:19. | |
month, electricity prices will go up by as much as 15%. No doubt the cost | :06:20. | :06:23. | |
will trickle down to Malaysian consumers. Some say this is too | :06:24. | :06:30. | |
much, too soon. It will probably be a bit of a burden as a family. We | :06:31. | :06:37. | |
have quite a lot of electrical items in the house. Washing machine and | :06:38. | :06:42. | |
everything. The cost of living, everything is up, you see the petrol | :06:43. | :06:52. | |
money, the necessary living things. In less than 18 months, Malaysians | :06:53. | :06:57. | |
will have to pay broad-based consumption tax is. The Malaysian | :06:58. | :07:00. | |
government has been spending an average of $4000 per family a year | :07:01. | :07:04. | |
just to keep the cost of essential living low. But it pushes up | :07:05. | :07:09. | |
national debt and makes it difficult for the government to invest in | :07:10. | :07:13. | |
high-paying jobs. Malaysian leaders see it is absolutely necessary to | :07:14. | :07:18. | |
cut back on subsidies. Most Malaysians here agree. But there is | :07:19. | :07:22. | |
resistance. In recent months, the auditor general has found a | :07:23. | :07:29. | |
government departments spending 30 times more for clocks than | :07:30. | :07:33. | |
originally budgeted. Another spent seven times more for scanners. These | :07:34. | :07:37. | |
stories of government spending in west make Malaysia is sceptical. | :07:38. | :07:40. | |
People here are willing to make a sacrifice, but if they do, not all | :07:41. | :07:43. | |
Malaysians are convinced they will benefit in the long run. | :07:44. | :07:53. | |
China has reportedly lifted its year-long freeze on public offerings | :07:54. | :07:56. | |
on the mainland. Regulators have given their approval for six | :07:57. | :08:05. | |
companies to list. China's manufacturing growth slowed in | :08:06. | :08:08. | |
December, adding to view is the world 's second biggest economy lost | :08:09. | :08:23. | |
some steam lately. Any reading above 50 signals expansion while that | :08:24. | :08:27. | |
below signals contraction. The city of Shanghai it claims to set a new | :08:28. | :08:32. | |
construction milestone. The first subway system with a total length of | :08:33. | :08:39. | |
500 kilometres. Shanghai has been laying new track faster than | :08:40. | :08:44. | |
anywhere else in history. It is already on course to overtake London | :08:45. | :08:51. | |
and New York. It's hard to believe with 7 million | :08:52. | :08:56. | |
passengers a day that the Shanghai Metro system is barely 20 years old. | :08:57. | :09:03. | |
The pace of expansion has been breathtaking. It is now the world 's | :09:04. | :09:09. | |
longest subway network. And with the opening of lines 12 and 16 this | :09:10. | :09:16. | |
week, the first to stretch over 500 kilometres. TRANSLATION: I used to | :09:17. | :09:22. | |
take the bus. That took ages. This is great. This new line saves me | :09:23. | :09:29. | |
half an hour on my normal journey. I'm really happy. As of this week, | :09:30. | :09:39. | |
Shanghai now has 567 kilometres of operational track, leaving London | :09:40. | :09:43. | |
languishing with a mere 400 and New York even further behind with just | :09:44. | :09:56. | |
330 kilometres or so. In the game of my metro is bigger than yours, China | :09:57. | :09:58. | |
looks likely to remain the undisputed champion. The Beijing | :09:59. | :10:00. | |
Metro is now the world 's second largest. 16 Chinese cities already | :10:01. | :10:05. | |
have subway systems and at least 18 more have begun construction. If | :10:06. | :10:09. | |
nothing else, it is a sign that there is little letup in big | :10:10. | :10:13. | |
government spending despite all the talk of the need to rebalance this | :10:14. | :10:18. | |
economy. This week, Shanghai also announced a ban on passengers eating | :10:19. | :10:23. | |
on-board. But the appetite for growth is undiminished. In the next | :10:24. | :10:27. | |
few years, yet another 230 kilometres will added. More than the | :10:28. | :10:36. | |
total length of the Paris metro. And that's the end of Asia Business | :10:37. | :10:39. | |
Report. Time now for all the sports news in Sport Today. | :10:40. | :10:44. |