Browse content similar to 12/02/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
object in dealing with the flood. 16 severe warnings are in place. Now on | :00:00. | :00:00. | |
BBC News all the latest business news live from Singapore. | :00:00. | :00:13. | |
We go to the Singapore Air Show to find out more about the first deals | :00:14. | :00:27. | |
may -- being made. We kick off with the first | :00:28. | :00:40. | |
congressional testimony of Janet Yellen is becoming chair of the US | :00:41. | :00:43. | |
Federal reserve. She made it clear to the central bank is on track in | :00:44. | :00:50. | |
pulling back in stimulus programme. It will continue to gradually reduce | :00:51. | :00:53. | |
the amount of money it pumps into the US economy as long as there is | :00:54. | :00:58. | |
no slowdown. US stocks rallied overnight on her statement with the | :00:59. | :01:03. | |
Dow Jones and NASDAQ also gaining. Ms Yellin 's comments come despite a | :01:04. | :01:09. | |
rocky start to the year that saw a sharp sell-off. | :01:10. | :01:18. | |
It has been a little over a week since Janet Yellen was sworn in as | :01:19. | :01:22. | |
chair of America's central bank. She is already made the track to Capitol | :01:23. | :01:29. | |
Hill. The US has seen some weak economic data. Including some | :01:30. | :01:36. | |
lacklustre unemployment numbers. As the weak jobs report caused you to | :01:37. | :01:39. | |
consider slowing the pace of the Fed 's tapering? I was surprised that | :01:40. | :01:48. | |
the report is in December and January, the pace of job creation | :01:49. | :01:53. | |
was running under what I had anticipated. But we have to be very | :01:54. | :02:02. | |
careful not to jump to conclusions. The Fed believes that the US economy | :02:03. | :02:05. | |
may still be on the path to recovery. The gradual reduction in | :02:06. | :02:10. | |
asset purchases is wreaking havoc in emerging markets as investors pull | :02:11. | :02:17. | |
money out of the window been watching closely the recent | :02:18. | :02:18. | |
volatility in global financial markets. Our sense is that at this | :02:19. | :02:27. | |
stage these developments do not pose a substantial risk to the US | :02:28. | :02:32. | |
economic outlook. We will, of course continue to monitor the situation. | :02:33. | :02:37. | |
The Federal reserve believes it is primary responsibility is to this | :02:38. | :02:43. | |
country 's economy. While it is watching very closely what happens | :02:44. | :02:47. | |
in emerging markets, unless it negatively affect America's economic | :02:48. | :02:50. | |
recovery, we can expect the Federal reserve to stay the course. | :02:51. | :03:00. | |
As you had, the House of Representatives have voted to | :03:01. | :03:04. | |
suspend the debt limit until March 2015. The move raises the government | :03:05. | :03:11. | |
is to avoid a default at the end of the month. The outcome is a victory | :03:12. | :03:16. | |
for President Obama who has lobbied for weeks to have the debt ceiling | :03:17. | :03:25. | |
reached. Positive reactions from Asian markets regarding Janet Yellen | :03:26. | :03:32. | |
's testimony. Currently they are all in positive territory. | :03:33. | :03:46. | |
In other business News making headlines, fresh official trade | :03:47. | :03:55. | |
numbers from China revealed. The countries exported in January rose | :03:56. | :03:59. | |
by just over ten and a half percent compared to last year. That is well | :04:00. | :04:05. | |
above most forecast. The Asian giant imports also exceeded expectations, | :04:06. | :04:09. | |
growing by 10% and leaving the country with a surplus of $32 | :04:10. | :04:14. | |
billion. In Australia, one of the big lenders, Commonwealth Bank | :04:15. | :04:22. | |
gained 14% to about $3.8 billion. The results of the period came in | :04:23. | :04:29. | |
better than analysts expectations. The results show that the bank is | :04:30. | :04:32. | |
focused on its long-term priorities. Staying with banking and | :04:33. | :04:41. | |
to the UK lending giant, Barclays. It says it is set to cut 12,000 | :04:42. | :04:49. | |
jobs. The bank has a global staff including teams in Asia. The staff | :04:50. | :04:54. | |
cuts come at a time when the bank is increasing its staff bonuses. If | :04:55. | :05:00. | |
voters pool is rising by 10% to nearly $4 billion. One of the things | :05:01. | :05:12. | |
that we do when we look at bonuses is we have to be competitive on pay | :05:13. | :05:18. | |
and we have to pay for performance. We operate in countries from | :05:19. | :05:23. | |
Singapore to San Francisco and we compete for talent in global markets | :05:24. | :05:28. | |
so we have to be competitive and our judgement was this year, it was | :05:29. | :05:31. | |
important that we increase the bogus pull by 10%. The profits are down | :05:32. | :05:39. | |
for the reasons that I said. It is in the interest of our shareholders | :05:40. | :05:45. | |
that we pay the compensation that we are. People don't understand that? | :05:46. | :05:55. | |
Aside our investment, to about businesses have done really well. | :05:56. | :06:00. | |
Aaron Baddeley banking division grew by 3%. Our fixed income business was | :06:01. | :06:13. | |
down. We have paid for performance as it is aligned with our | :06:14. | :06:14. | |
principles. On the surface of it, it raises a | :06:15. | :06:32. | |
number of questions at a time when topline and bottom-line numbers are | :06:33. | :06:38. | |
down. As you mentioned, Barclays is in the process of transition. A | :06:39. | :06:47. | |
transformation. The CEO and board of directors obviously have to get what | :06:48. | :06:53. | |
this means for the business. They are trying to grow their business | :06:54. | :07:00. | |
and retain staff. He mentioned at one point 2 billion in restructuring | :07:01. | :07:10. | |
costs. It is substantially higher. With this mindset there has been a | :07:11. | :07:15. | |
lot of backlash against banks and their higher paid since the | :07:16. | :07:17. | |
financial crisis in the UK. Do people in financial centres like | :07:18. | :07:23. | |
Hong Kong share this feeling? In Singapore, we have observed that the | :07:24. | :07:34. | |
culture in Asia is much more conservative. The first deals to be | :07:35. | :07:42. | |
made at Asia's largest aviation event, the Singapore Air Show has | :07:43. | :07:48. | |
just been revealed. Airbuses has said that it had orders for its | :07:49. | :07:57. | |
super jumbo worth about $8.3 billion. Other deals announced this | :07:58. | :08:12. | |
week. Myanmar 's national carrier also announced a deal worth nearly | :08:13. | :08:19. | |
$1 billion. I spoke earlier to our reporter who is at the airshow. | :08:20. | :08:26. | |
Myanmar is seen as having huge potential. Some even describing it | :08:27. | :08:34. | |
as the next frontier in aviation. Myanmar has had some of the highest | :08:35. | :08:37. | |
passenger rates in Asia. There are many challenges. Thank you, Andrew | :08:38. | :08:47. | |
for joining us. There are already eight carriers in Myanmar. Is there | :08:48. | :08:55. | |
a risk of overcapacity? Until recently, it has been a small | :08:56. | :08:59. | |
market. There were a number of small airlines that are looking to grow | :09:00. | :09:04. | |
with the opening up of the market we are seeing exciting developments. It | :09:05. | :09:10. | |
is very competitive. Do you think with the domestic market being so | :09:11. | :09:16. | |
fierce but there are foreign players coming on board. Do you think the | :09:17. | :09:18. | |
country and its infrastructure are ready? It is a fantastic tourist | :09:19. | :09:28. | |
destination. The truth numbers are growing rapidly but the key | :09:29. | :09:33. | |
challenges are, while the infrastructure keep up? That | :09:34. | :09:36. | |
involves new investment and the Myanmar government is talking to new | :09:37. | :09:39. | |
investors and bringing foreign expertise. The potential is there | :09:40. | :09:45. | |
but it needs to be carefully co-ordinated to make sure we can | :09:46. | :09:53. | |
satisfy that demand effectively. Very exciting times for the Asia | :09:54. | :09:59. | |
Pacific, particularly Myanmar. The challenge will now be will be | :10:00. | :10:05. | |
infrastructure be able to keep pace with the growing demands? We will be | :10:06. | :10:12. | |
bringing you the latest from this major airshow events throughout the | :10:13. | :10:17. | |
day and this week. You can go to our website for the latest news. Today, | :10:18. | :10:21. | |
the competition to have the best in-flight entertainment. With that, | :10:22. | :10:30. | |
we and that addition of Asia Business Report. | :10:31. | :10:41. | |
Officials from South Korea have left for the border village of Panmunjom | :10:42. | :10:52. | |
for talks with North Korea. Hundreds of civilians are still trapped in | :10:53. | :10:56. | |
Homs with attempts to them out on the besieged centre so far failing. | :10:57. | :11:02. | |
Many of the country's top scientists are warning that in some communities | :11:03. | :11:03. | |
the floodwaters | :11:04. | :11:05. |