14/01/2014 Asia Business Report


14/01/2014

Similar Content

Browse content similar to 14/01/2014. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Prime Minister unveiled financial incentives for councils in England

:00:00.:00:00.

which approve new shale projects. Critics say the incentives amount to

:00:00.:00:00.

bribes. Now on BBC News, all the latest

:00:00.:00:00.

business news live from Singapore. The Japanese Prime Minister rounds

:00:00.:00:21.

up his African tour with a stop in Ethiopian.

:00:22.:00:27.

Malaysia, hiring foreigners in the fast food industry.

:00:28.:00:38.

Welcome to the programme. Japan's Prime Minister is in Ethiopia for

:00:39.:00:41.

the final stages of an African tour, where he has visited

:00:42.:00:47.

Mozambique and Ivory Coast. It is the first time a Japanese leader has

:00:48.:00:51.

visited the region since 2006. He will deliver a speech at the

:00:52.:00:57.

headquarters, emphasising Japan's relationship with the continent. Our

:00:58.:01:02.

correspondent has more. It has been eight years since a last

:01:03.:01:07.

official visit by a Japanese leader to Africa. The continent is home to

:01:08.:01:13.

one of the fast growing economies. It is rich with minimal resources

:01:14.:01:16.

and have attractive consumer markets. Japan's Prime Minister is

:01:17.:01:22.

keen to promote trade ties. This brought a large business delegation.

:01:23.:01:27.

At a brief stop, Shinzo Abe troubled to the Ivory Coast where the economy

:01:28.:01:34.

is bouncing back after emerging from after a decade of violence and

:01:35.:01:41.

instability. Next, Mozambique. Shinzo Abe signed a raft of

:01:42.:01:46.

agreements, including at credit of almost $670 million of loans to help

:01:47.:01:52.

develop infrastructure. He comes fresh off the back of an African

:01:53.:01:58.

tour by China's Prime Minister. The comparisons are unavoidable. Japan

:01:59.:02:03.

has been engaged with Africa for decades but has slipped behind China

:02:04.:02:09.

in importance. Its trade with the region accounts for more than five

:02:10.:02:10.

times that of Japan. region accounts for more than five

:02:11.:02:16.

interpreted Shinzo Abe's visit as an effort to counter China's Athers in

:02:17.:02:22.

the region. It is ironic that when Shinzo Abe addresses his keynote

:02:23.:02:26.

address, it will be held in African union headquarters, built and

:02:27.:02:37.

financed by the Chinese. The Detroit show takes place this

:02:38.:02:42.

week. A different show full US automakers have survived tough times

:02:43.:02:46.

in previous years of debt and bailouts. There are optimistic

:02:47.:02:57.

prospects. Our sales are up 52% in China last year alone. Moving

:02:58.:03:03.

forward, the economy is expanding. Around China, 7.5%. There will be

:03:04.:03:13.

millions of vehicles. We have the number one vehicle in the world and

:03:14.:03:18.

China. We will bring all of our new vehicles to China. They love the

:03:19.:03:22.

Ford brand. Stay with us. More details later.

:03:23.:03:33.

Shares of Japanese spirits maker are high this morning. There are

:03:34.:03:44.

acquiring Jim Beam. As part of the deal, the Japanese company will take

:03:45.:03:52.

on the debt. It will make the Japanese company the world's

:03:53.:03:56.

third-largest spirits maker. For more details, visit the website.

:03:57.:04:05.

Malaysia has banned fast food outlets from hiring foreigners.

:04:06.:04:09.

At least one in six workers from Malaysia are from poorer countries

:04:10.:04:14.

like Indonesia. The government is in the businesses to employ locals

:04:15.:04:21.

instead. -- keen for businesses. Our correspondent has more.

:04:22.:04:31.

Most of the staff who work here are locals. The government says more

:04:32.:04:37.

Malaysians would work is they didn't have to compete with foreigners.

:04:38.:04:41.

From now on, fast food outlets have to make sure their staff are 100%

:04:42.:04:48.

Malaysians. It will affect our service. Editor but slow. It might

:04:49.:04:58.

affect our sales. Malaysians are frustrated with foreigners, who they

:04:59.:05:00.

blame for causing crime, working longer hours for low pay. This

:05:01.:05:06.

customer is tired of slow servers from foreigners who do not speak the

:05:07.:05:10.

local language. The government said a lot of Malaysians want to work

:05:11.:05:15.

here. Is that your experience? Yes. They want to work. But after they

:05:16.:05:23.

work for a few days, sometimes they are tired or not interested anymore.

:05:24.:05:29.

They resign. This food outlet has had trouble finding the staff. The

:05:30.:05:33.

hiring son has been out for more than one year. Not a lot of

:05:34.:05:37.

Malaysians what to do this job. Foreigners who add up working here

:05:38.:05:42.

do the cleaning. The labour here is cheap. Customers do not have to

:05:43.:05:48.

clean up after themselves fast food outlets. Thank you. This person

:05:49.:05:57.

earns $300 a month. That is enough to take off his wife's family and

:05:58.:06:03.

his family. But that is barely enough to survive in Malaysia. Even

:06:04.:06:08.

if employers increase the salaries, it is not conquerors of a wider

:06:09.:06:13.

problem. Foreigners are mainly working in construction, plantations

:06:14.:06:17.

as domestic helpers. If the government is serious about moving

:06:18.:06:22.

away from cheap labour pool, have to start with those sectors first.

:06:23.:06:28.

Affection of Australia once more of those foreigners. They want to boost

:06:29.:06:42.

the skilled immigrant intake of the middle of next year. There is a

:06:43.:06:48.

skill -- need for skilled workers in the mining sectors. Few Australians

:06:49.:06:52.

are putting their hands up for those jobs. Our correspondent has more.

:06:53.:06:59.

Our population is not at the moment supporting the numbers of skilled

:07:00.:07:05.

workers we need. Objections are going through to 2025. We will be

:07:06.:07:11.

2.8 million skilled workers short. Between now and then, we have to

:07:12.:07:15.

train up our workforce but we cannot avoid the fact we need large numbers

:07:16.:07:22.

of skilled migrants. You know how much of a hot topic immigration is

:07:23.:07:28.

in Australia. How do you explain the proposals the Australian workers

:07:29.:07:32.

looking for jobs? In Australia, we had a mining boom. That has sucked

:07:33.:07:41.

out from the east over to the west. Large numbers of highly skilled

:07:42.:07:44.

workers are leaving the commercial construction and residential

:07:45.:07:47.

construction and manufacturing sectors. That is why they resorted

:07:48.:07:58.

to programmes that are short-term and three-year these programmes

:07:59.:08:02.

skilled workers. We are not training people in these jobs that we need

:08:03.:08:08.

and to be in the places that we need in time, so we need to look at these

:08:09.:08:15.

alternatives. The earnings season is under way for

:08:16.:08:21.

corporate America. JPMorgan Chase the first two of America's largest

:08:22.:08:26.

banks to report the result. The US economy is on the mend. Corporate

:08:27.:08:32.

earnings are not improving at the same pace as stock market. Our

:08:33.:08:37.

correspondent has more. JPMorgan, Bank of America, CitiBank,

:08:38.:08:45.

Goldman Sachs, Morgan Stanley. Some of America's largest banks,

:08:46.:08:50.

combined, they make almost $75 billion in profits. Many banks have

:08:51.:08:55.

been cutting expenses and releasing money set aside for bad loans. The

:08:56.:09:00.

profits big banks made last year has not been seen since the peak of the

:09:01.:09:06.

US housing bubble in 2006. In the last 12 months, the share price for

:09:07.:09:11.

some of America's largest banks have gone up anywhere from 25 to 35%. It

:09:12.:09:18.

was a big driver for some of the record highs seen on US markets in

:09:19.:09:24.

2013. This year, that might not continue for financial institutions.

:09:25.:09:31.

Banks no longer have to rely on the low interest breaks. And lots of

:09:32.:09:36.

home owners were reminded -- refinancing mortgages. There were no

:09:37.:09:42.

longer be finances. Banks are not getting that sort of profit anymore.

:09:43.:09:50.

Also, regulators are finally going after financial institutions that

:09:51.:09:53.

sort of mortgage-backed securities. As for the loans led to the collapse

:09:54.:09:57.

of the US housing market and the financial crisis. JPMorgan is paying

:09:58.:10:03.

$13 billion to settle charges and others will soon follow including

:10:04.:10:07.

Bank of America, which is expected to pay the steepest fine.

:10:08.:10:12.

Mortgage-backed securities, the instrument that great banks to

:10:13.:10:17.

record highs, maybe the same ones that temper profits this season.

:10:18.:10:26.

That is it for Asia Business Report. Thank you for watching.

:10:27.:10:37.

These are the headlines: Francois Hollande will make his first public

:10:38.:10:46.

appearance since allegations surface about his affair with an actress.

:10:47.:10:51.

A spate of arson attacks in Brazil where 12 have been shot and killed.

:10:52.:10:54.

The police might be behind the deaths.

:10:55.:10:57.

Download Subtitles

SRT

ASS