07/03/2014 Asia Business Report

him of using his celebrity connections to bully and manipulate

girls and women into sexual acts. He denies the charges. Time for Asia

Business Report. A Chinese solar panel maker warns

that it cannot pay out millions on interest in domestic bonds. Diamonds

are supposed to be forever. Why are some companies in India losing hope?

Welcome to the programme. In China, the country's first ever corporate

bond default is possible. One company has warned it will not be

able to pay $14.5 million in interest due today. Struggling

Chinese companies are often rescued by the government. What does this

mean for the company? It's important that the Chinese allow a company to

default. And it's important it happens while the National People's

Congress is under way. It seems like this default has the tacit approval

of the people at the top, meaning that the Chinese are going to

allow... Let's take a step back. Will they do this? They may allow

one company to default and in the future, they may allow for more bail

out manoeuvres. Will this be used as an example because of the NPC going

on at the moment? If there are more defaults, this will be part of a

greater structural adjustment. Then there would be change in the bond

market, where a good credits are priced lower and bad credits are

priced higher. That would make it difficult for bad credits to borrow,

so we go companies would exit the industry. That would address a major

problem in China, which is overcapacity in many industries.

Japan's government has said that Bitcoin is not a currency but that

some transactions using the virtual unit should be taxed. The government

said it was natural to consider how to impose taxes if there were

transactions and games involved. It also says banks cannot divide

Bitcoin as a product to their customers. The government is trying

to calculate the volume and value of Bitcoin in circulation around the

world. The US Department of Justice has launched an anti-trust

investigation into Time Warner cable. The largest cable companies

in the US would join forces. Comcast has argued that it and Time Warner

cable serve different markets and that the deal will not be negative

for the industry. Times are tough in India and the Indian diamond market.

We met diamond traders to see if diamonds really can be forever. It's

hard to imagine that amid the chaos and crowds here, precious diamonds

are being bought and sold. But this is one of the busiest streets of the

diamond market. The fluctuation in India's currency has made business

of the cult over the past year. -- business difficult. We buy diamonds

at higher prices and sometimes we have to sell at lower prices. Small

dealers cannot bear such losses. Eight out of every ten diamonds sold

anywhere in the world come from here, even though India does not

produce any diamonds of its own. This diamond industry is worth over

25 yen dollars and it directly employs over 700,000 people pull up

most of the diamonds that are processed here are exported but it

is also completely dependent on imports for top when there is

fluctuation in the exchange rate, and immediate effect is felt here.

Small and medium-sized enterprises dominate this business but they

don't have large profit margins. They need financial backing to

withstand the losses. We don't get loans very easily from banks. And

the government does not do much to help us. Recently, we have been

approached by other countries like Luxembourg and Belgium, who say they

will give us finance and other infrastructure if we set up there.

There is also competition from China, which has been slowly setting

up hi-tech diamond cutting companies. For now, the city

continues to sparkle as the world's diamond capital. But it knows it has

to work harder if it wants to maintain that spot. Small and

medium-sized businesses are at the back bone of many Asian economies

and there are more women than ever before at the helm, starting their

own businesses and continuing family trait. International Women's Day is

being marked this weekend. We spoke with one small business owner in

Singapore who says that being a woman in a male dominated industry

has given her business a competitive edge.

Today, we will be doing Janet. This is a follow-up on her tattoo. Some

pieces need to be redone. Basically, this is just a touch up. My

grandfather, Johnny to sums, came to Singapore in the 1940s and he was

the first pioneer artist in Singapore to start the tattooing

business. Then my uncles took over the trade and I started my

apprentice ship, becoming the third generation. I decided that the

business needed a new look and that many things had to change from the

stereotypical tattoo shop. Something that reflected a feminine approach

to it, something that meant anyone could walk in and feel comfortable

and not get frightened. Being a woman in this industry, it's easier

for people to approach. People who want a small tattoo, they don't want

their whole body to be covered and they don't want to have to deal with

the ego or the macho. Sometimes they feel very intimidated when they see

a large man who is fully tattooed and they just want a small tattoo.

This helps on both sides, both male and female. It took me a few years

to realise that I'm my own boss. I work the hardest and do the longest

hours. It's still like I'm working for the family. It does not feel

like I'm my own boss. Even though I called all of the shots, ironically.

More than 70% of Asian businesses are family owned and for centuries,

that ownership has moved down the male line. Today, women are taking

on family trades. One specific role is standing out. The eldest daughter

is often given a lot of responsibility both for keeping the

family together and taking care of, making sure the parents are well

taken care of, making sure the siblings are well taken care of, and

in many cases, the eldest daughter becomes the father's right-hand

person. The eldest daughter can be in many cases more trusted than even

the sons, even though the eldest son may be expected to take over the

business. Because the men often inherit these businesses.

Yes. And the men are facing the outside world. The women are behind

the scenes. The father often has a special trust in the eldest daughter

because she is not experienced as a competitor, she is not directly

compared to him. It can be a very close relationship. To the extent

that the daughter is an extension of the father in his eyes, she may be

asked to do any number of tasks in a wide range. And in many cases,

especially these days, women have been very well educated and have

experience working in the West and have responded when their fathers

call them back to help him out. Time for a quick look at the

markets. They were all trading higher olio, but they have now

scaled back some of those games. This is mainly as caution sets in

ahead of some very crucial numbers coming out of the US tonight. Those

crucial employment reports that many investors are waiting for. Thank you