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of a Labour-supported amendment by a majority of 269. Now on BBC News, | :00:00. | :00:00. | |
all the latest business news live from Singapore. It's the first day | :00:00. | :00:24. | |
of Singapore's Airshow. We get a sneak peek at Airbus' new plane and | :00:25. | :00:27. | |
speak to Boeing about competing in Asia. It's a dirty business - | :00:28. | :00:31. | |
authorities are doing their best in Asia to stop money-laundering but | :00:32. | :00:35. | |
it's an uphill battle. Hello and welcome. The Singapore | :00:36. | :00:42. | |
Airshow opened today, with more than 1,000 companies from 50 countries | :00:43. | :00:52. | |
there this year. We can go live to our reporter on the scene. | :00:53. | :01:04. | |
Good morning. Here we have many planes on show. Asia-Pacific has | :01:05. | :01:07. | |
become a key battleground for the two main rivals, Boeing and Airu. -- | :01:08. | :01:17. | |
Airbus. Airbus has revealed its new plane. We went to take a look. If | :01:18. | :01:26. | |
you want to know what $15 billion worth of research and investment can | :01:27. | :01:36. | |
get you, it is right here behind me. This is what is claimed to be the | :01:37. | :01:39. | |
most modern type in its category. More than 50% of the plane is made | :01:40. | :01:43. | |
up of carbon fibre. Meanwhile, other parts of use titanium and special | :01:44. | :01:50. | |
alloys to further bring down weight. Rolls-Royce has custom-designed and | :01:51. | :01:54. | |
engine for the plane, to help fuel efficiency. Airbus claims all of | :01:55. | :02:01. | |
this means it will use 25% less fuel than the current generation of | :02:02. | :02:04. | |
similar aircraft, offering the airlines capabilities to offer long | :02:05. | :02:07. | |
haul services and better fuel efficiency. The demand for such | :02:08. | :02:14. | |
planes is expected to rise, with more than 7,000 such aircraft are | :02:15. | :02:18. | |
forecast to be sold over the next 20 years but Airbus is facing | :02:19. | :02:20. | |
competition, not least from the Boeing Dreamliner, which is had a | :02:21. | :02:24. | |
two year head start and, as Boeing found out, new technology can create | :02:25. | :02:34. | |
issues. The A350 is expected to lead the commercial services in the | :02:35. | :02:40. | |
middle half of this year. Airbus will be hoping for takeoff. | :02:41. | :02:50. | |
Boeing is already losing ground in some of its key markets in Asia, | :02:51. | :02:58. | |
like Japan. But the $10 billion deal was signed last year with Airbus and | :02:59. | :03:02. | |
Boeing says it is unfazed by the condition. | :03:03. | :03:09. | |
There's no question that the A350 is a response to our 787. Today, there | :03:10. | :03:18. | |
are 121 Dreamliner is flying. 88 of those fly in Asia and they are | :03:19. | :03:24. | |
delivering great fuel efficiency. We have taken every precaution with the | :03:25. | :03:27. | |
Dreamliner and the battery situation. We have a solution that | :03:28. | :03:33. | |
we are confident with. We are confident in the reliability and | :03:34. | :03:37. | |
capability. And our customers are confident as well. Much of the | :03:38. | :03:43. | |
demand for new planes in Asia is coming from low-cost carriers. They | :03:44. | :03:49. | |
want small bodied single aisle planes. It isn't just are bus and | :03:50. | :03:53. | |
Boeing trying to do this but one of the key players is a Brazilian | :03:54. | :04:01. | |
manufacturer. -- Airbus and Boeing. We can talk to the CEO of one | :04:02. | :04:11. | |
Brazilian company. Tell us about the prospects for this airline? We have | :04:12. | :04:21. | |
got so far 152 orders. The largest regional airline in the world. It is | :04:22. | :04:31. | |
a continuation of this family, which has been a success in the world. But | :04:32. | :04:35. | |
of the growth comes from emerging markets. What is your strategy to | :04:36. | :04:40. | |
deal with that? Emerging markets play a key role in our strategy. | :04:41. | :04:45. | |
Most of the demand in the next year will come from emerging markets. We | :04:46. | :04:51. | |
have a very good presence in China and we are implementing and growing | :04:52. | :04:57. | |
our presence in other countries in Asia. Are you worried about the | :04:58. | :05:04. | |
potential slowdown? We see wicked and in some emerging markets. Not | :05:05. | :05:09. | |
really. -- we see weakening demand. We have been seeing some bumps but, | :05:10. | :05:16. | |
when we look at the trends, they are going up. You operate in China and | :05:17. | :05:23. | |
you are relying on that for growth. Tell us about doing business there. | :05:24. | :05:27. | |
What are some of the challenges you face? China is a very important | :05:28. | :05:32. | |
market to us. We have been there for 11 years. We have a lot of aircraft | :05:33. | :05:38. | |
there now these days. We have 130 jets in China already. However, we | :05:39. | :05:44. | |
believe there is a shortage of pilots in China. It is very costly. | :05:45. | :05:50. | |
This is something of course that the airlines will have to face and find | :05:51. | :05:56. | |
a way to get more pilots over time. And in terms of China, where else | :05:57. | :06:03. | |
would you like to build your business that? -- there. India is a | :06:04. | :06:13. | |
huge market. We are going back there now. And Indonesia, another huge | :06:14. | :06:23. | |
market. And we believe the jets will do very well in that market. And all | :06:24. | :06:30. | |
over the Asia-Pacific. We want to have a good presence in China but | :06:31. | :06:33. | |
there are also very good opportunities. Great. Thank you. | :06:34. | :06:39. | |
Obviously a very optimistic outlook. For this company and for Boeing. We | :06:40. | :06:44. | |
expect that to continue over the days ahead. | :06:45. | :06:51. | |
Quite exciting. Thank you. Of course we will ring you live all of the | :06:52. | :06:54. | |
latest from the airshow throughout the day. You can go to our website | :06:55. | :07:02. | |
for more analysis. We have a story about how the Chinese are not big in | :07:03. | :07:13. | |
aerospace yet. In other news making headlines, | :07:14. | :07:16. | |
Toyota is to end its vehicle production in Australian by the end | :07:17. | :07:20. | |
of 2017. The decision marks the end of Australia's carmaking industry. | :07:21. | :07:24. | |
Last year, Ford and General Motors also announced plans to stop | :07:25. | :07:28. | |
producing cars in Australia. Investors are watching shares of | :07:29. | :07:34. | |
Nissan today because flat earlier. The firm posting nearly a 50 this -- | :07:35. | :07:40. | |
57% rise for the October- December period last year. That constantly | :07:41. | :07:46. | |
beat expectations. Results were lifted by the weaker yen and | :07:47. | :07:49. | |
improving sales in the firm's biggest market, China. | :07:50. | :07:55. | |
The dark underbelly of many financial systems, the process of | :07:56. | :07:59. | |
money laundering is made easier by countries that allow anonymous | :08:00. | :08:03. | |
banking or fail to clamp down on fake companies. It is estimated that | :08:04. | :08:08. | |
in developing countries alone, around $1 trillion is laundered | :08:09. | :08:19. | |
every year. These tax havens are displayed by criminals but the bulk | :08:20. | :08:22. | |
of the money comes originally from countries like China and Malaysia | :08:23. | :08:31. | |
and India. I asked why authorities identify what is illicit. Much is | :08:32. | :08:43. | |
paper-based. In the Asia-Pacific region, in Singapore, we have | :08:44. | :08:46. | |
140,000 vessels going through this port every day. What is on those | :08:47. | :08:51. | |
vessels? How is that paid? What countries are they going to? Other | :08:52. | :08:56. | |
things on it that should not be that? -- there? Right now, it is | :08:57. | :09:05. | |
paper-based. It allows them to move services and take something from the | :09:06. | :09:07. | |
site. You are right, about $1 trillion. Between China and Hong | :09:08. | :09:13. | |
Kong in the last year, about $155 billion of laundered money. These | :09:14. | :09:17. | |
are staggering numbers. What is being done to clamp down on this? | :09:18. | :09:22. | |
Many large companies are now pursuing this and many of the large | :09:23. | :09:25. | |
banking associations are pursuing solutions. What they are trained to | :09:26. | :09:30. | |
do is use data to automate this trail. The paper trail alone is $138 | :09:31. | :09:41. | |
billion just to manage the paper. Surely they could use some of that | :09:42. | :09:45. | |
money to take a look at this. The countries you have named, China, | :09:46. | :09:47. | |
Malaysia, India - what makes these countries particularly prone to | :09:48. | :09:53. | |
-- to delete prone to money-laundering? The problem is | :09:54. | :09:57. | |
worldwide. But all three countries are booming. Their trade finance is | :09:58. | :10:03. | |
booming. Where you will have more trade, there will be more money | :10:04. | :10:06. | |
laundering. More ships going into more ports. We know that in China | :10:07. | :10:11. | |
there has been a huge crackdown on corruption, so what is being done | :10:12. | :10:16. | |
specifically their? Have you seen major improvement? Significant | :10:17. | :10:22. | |
improvement from China. It recently issued a risk warning for all of its | :10:23. | :10:25. | |
banks, so that when they do business they must be sure. Chinese | :10:26. | :10:32. | |
regulators look at the material coming in and they know which ones | :10:33. | :10:38. | |
to pay special interest too. -- interest to. | :10:39. | :10:41. | |
Thanks for watching. This is BBC News. The headlines: | :10:42. | :10:54. | |
Hundreds | :10:55. | :10:55. |