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women who claim he sexually harassed them. -- to four women. Time now put | :00:00. | :00:00. | |
latest business news from Singapore. Where are the jobs? The | :00:00. | :00:18. | |
International Labour Organisation sees rising unemployment in the next | :00:19. | :00:22. | |
few years. Smaller cars in Malaysia 's - the | :00:23. | :00:26. | |
government unveiling policies which could create big changes for foreign | :00:27. | :00:33. | |
calm and factories. Viewer watching Asia Business | :00:34. | :00:38. | |
Report. The world economy may have turned the corner, but the job | :00:39. | :00:42. | |
market is yet to recover. That is according to the latest report from | :00:43. | :00:44. | |
the International Labour Organisation. The study shows not | :00:45. | :00:48. | |
enough new jobs are being created to keep up with a growing labour force. | :00:49. | :00:53. | |
This is how it looks. Almost 202 million people will be jobless and | :00:54. | :00:57. | |
around the world last year. That is 5 million more than the previous | :00:58. | :01:03. | |
year. Global unemployment is expected to continue to rise. There | :01:04. | :01:07. | |
will be 250 million people seeking jobs by 2015. An economist gave as a | :01:08. | :01:15. | |
breakdown of the findings. The latest report finds that | :01:16. | :01:20. | |
unemployment has increased by 5 million. Half of that increase has | :01:21. | :01:25. | |
been in East Asia and South Asia. It is from a rally attracting young | :01:26. | :01:30. | |
people. Young jobseekers. In key finding is that the quality of jobs | :01:31. | :01:33. | |
will remain very low in developing economies. Nearly 600 million | :01:34. | :01:38. | |
workers are still on too little to escape poverty. This is hindering | :01:39. | :01:45. | |
consumer demand and hindering prospects for business expansion. | :01:46. | :01:51. | |
Did we find out why? There are a number of factors team place. | :01:52. | :01:55. | |
Because of the rapid structural transformation taking place, young | :01:56. | :02:00. | |
graduates are facing skills mismatch is in terms of what they | :02:01. | :02:02. | |
qualifications are and what demands are. And South Asia, economic | :02:03. | :02:08. | |
structural changes have been slower. There has been more labour falls | :02:09. | :02:13. | |
growth and population growth. It has created more pressure on the economy | :02:14. | :02:15. | |
to create jobs that will lower poverty and reduce vulnerability. | :02:16. | :02:20. | |
Not enough jobs are being created. Is there any solution being put | :02:21. | :02:28. | |
forward to cope with that? It is important to support business in | :02:29. | :02:34. | |
terms of finance and business services to expand their | :02:35. | :02:37. | |
opportunities to create new markets. It is also important to help workers | :02:38. | :02:41. | |
developing new skills and filling the skills gaps we see. This will | :02:42. | :02:46. | |
help workers have better access to higher quality jobs with higher | :02:47. | :02:51. | |
wages. For businesses, this will help increase productivity and | :02:52. | :02:58. | |
competitiveness. We are getting reports that China's Lenovo has | :02:59. | :03:07. | |
restarted talks to buy part of IBM. The two companies could not agree on | :03:08. | :03:11. | |
a deal last year. Lenovo had previously placed at $2.5 billion | :03:12. | :03:16. | |
value on the server business which provides equipment for the running | :03:17. | :03:19. | |
of corporate data centres. Malaysia has unveiled a new policy on cars, | :03:20. | :03:28. | |
with incentives for smaller vehicles. Previously, vehicles could | :03:29. | :03:36. | |
only be manufactured with a size of 1.8 litres. The changes as single | :03:37. | :03:41. | |
new opportunities for international brands who are looking for new | :03:42. | :03:46. | |
avenues of growth. Around six and 30,000 cars were sold in Malaysia | :03:47. | :03:51. | |
last year. That is a 5% growth can purchase sales in 2012. The | :03:52. | :03:57. | |
government hopes to increase total production to 1.2 5 million vehicles | :03:58. | :04:03. | |
by 2020. From Kuala Lumpur, respondent explains while that -- | :04:04. | :04:08. | |
why the government is changing its policy. The are trying to compete | :04:09. | :04:12. | |
with Thailand for foreign investment. From now on, foreign | :04:13. | :04:17. | |
carmakers can make smaller cars, but only if they energy efficient. The | :04:18. | :04:23. | |
idea is that there are only two National carmakers who dominate the | :04:24. | :04:27. | |
market. They produce cheaper cars. They are asking Malaysians to now | :04:28. | :04:35. | |
have more choices with foreign car makers coming in. It will hopefully | :04:36. | :04:38. | |
bring down prices by 30% in the next four years. They were previously | :04:39. | :04:44. | |
quite squared about protecting narrow and is not protecting their | :04:45. | :04:48. | |
own. What impact do you think this will have? National carmakers know | :04:49. | :04:52. | |
this is then coming for quite sometime. It is what Malaysians have | :04:53. | :04:56. | |
been asking for. The average Malaysia is spending a lot of money | :04:57. | :05:00. | |
per car. Either one of the cheapest cars can cost more than a years | :05:01. | :05:06. | |
worth of salary for average family. That is just an idea of how | :05:07. | :05:10. | |
expensive cars are. We have heard some Malaysians we have spoken to | :05:11. | :05:13. | |
who are concerned about the rising cost of living. Cutting of prices | :05:14. | :05:23. | |
for cars is a major point for major carmakers. Already they are looking | :05:24. | :05:28. | |
at more innovative path. They are trying to look at other factors | :05:29. | :05:32. | |
including adding more social digital technologies. Now you can control | :05:33. | :05:38. | |
your car through a smartphone. Consumers will buy local brands as | :05:39. | :05:43. | |
opposed to foreign brands. We saw a muted reaction to China's GDP | :05:44. | :05:47. | |
figures yesterday. One country which is quite pleased is Australia. It is | :05:48. | :05:54. | |
China's largest trading partner. The shipment of goods from Australia to | :05:55. | :05:56. | |
China reached a record high in November. There was a growth rate of | :05:57. | :06:03. | |
55% year-on-year. The world's second-largest economy imports | :06:04. | :06:06. | |
mainly iron ore from Australia. I spoke with a resource analyst and | :06:07. | :06:11. | |
asked him for his reaction to China's latest growth figures. We | :06:12. | :06:19. | |
expect that China growing at 7.7% to 2013 was actually a very good | :06:20. | :06:23. | |
number. The markets have been quite pessimistic that we would see, | :06:24. | :06:29. | |
32013, a heartland if that particular economy. It is not going | :06:30. | :06:34. | |
down that road at this point. Going forward, we still expect a very | :06:35. | :06:42. | |
stable and robust growth in 2014. What does that mean for Australia? | :06:43. | :06:47. | |
How significant is that? It is very significant for Australia. We are, | :06:48. | :06:52. | |
as you suggested, very big exporters to that particular country. Provided | :06:53. | :07:05. | |
we do see China growing at a very stable 7%, we think that the | :07:06. | :07:09. | |
physical delivery of both commodities in food and energy will | :07:10. | :07:17. | |
continue to enjoy quite robust growth through 2014. What is your | :07:18. | :07:22. | |
biggest concern when you look at the ties between China and Australia? If | :07:23. | :07:27. | |
we had one concern for Australia, it is that all of our eggs are pointed | :07:28. | :07:36. | |
toward one major market. If that major market had some geopolitical | :07:37. | :07:42. | |
event or perhaps did start a hard landing cycle in its economy, | :07:43. | :07:46. | |
Australia would unfortunately catch a very serious flu. If there was a | :07:47. | :07:53. | |
concern, that is it. However, China is such an immense country. It has | :07:54. | :07:59. | |
the firepower in terms of government policies, high interest rates that | :08:00. | :08:03. | |
it can keep its economy ticking over. I think Australia will be | :08:04. | :08:08. | |
well-placed for some years to come to deliver its food commodities and | :08:09. | :08:10. | |
it's hard rock and energy commodities. Thank you. | :08:11. | :08:15. | |
Tens of thousands of workers who might half of the world's Platinum | :08:16. | :08:19. | |
asset to go on strike in South Africa. Japan and China are in the | :08:20. | :08:25. | |
top five export destinations. The strike is due to take place on | :08:26. | :08:30. | |
first. Our correspondent has more. -- on Thursday. The Association of | :08:31. | :08:40. | |
Mineworkers are demanding wage increases to the tune of more than | :08:41. | :08:45. | |
double what the average mine worker earns at entry level. The South | :08:46. | :08:51. | |
African finance Mr has weighed in on the issue, saying that South Africa | :08:52. | :08:55. | |
could not afford more instability in the mining sector. This is a | :08:56. | :09:00. | |
situation that has been monitored closely internationally, mainly | :09:01. | :09:05. | |
because South Africa holds about 80% of the world 's platinum reserves. | :09:06. | :09:10. | |
As a result, the nation is a major exporter to countries in Europe and | :09:11. | :09:20. | |
also Asia. Analysts have been quite bullish about the sector, saying | :09:21. | :09:24. | |
that they expected an increase in prices and demand with the increases | :09:25. | :09:29. | |
and improvements in the automotive sector. Demand is also up in China, | :09:30. | :09:35. | |
where 80% of Platinum is used in jewellery making. Japan has seen an | :09:36. | :09:41. | |
increase were that amount is about two thirds the figures we see coming | :09:42. | :09:45. | |
out of China. They have been some concerns about the expected slowdown | :09:46. | :09:54. | |
in the Chinese economy. In general, analysts are monitoring the | :09:55. | :09:57. | |
situation in South Africa's mines. There is a sense that a protracted | :09:58. | :10:02. | |
strike could holds about half of global production. That a halt. | :10:03. | :10:10. | |
Markets have crept pretty high at the moment as Japanese stocks are | :10:11. | :10:14. | |
driven largely by demand for the yen which has dragged stocks from South | :10:15. | :10:20. | |
Korea and Taiwan. Bull markets currently up. More earnings reports | :10:21. | :10:25. | |
out of America later today. It will be interesting to see what impact | :10:26. | :10:28. | |
those markets will have. That is the Asia Business Report. | :10:29. | :10:41. | |
Headlines: Syrian peace talks are to go ahead after the main opposition | :10:42. | :10:50. | |
group has said it will attend. An invitation to Iran has been | :10:51. | :10:51. |