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neither of them had an outright majority. Now on BBC News, all the | :00:00. | :00:00. | |
latest business news live from Singapore. One year on, we look at | :00:00. | :00:13. | |
what has changed from the worst industrial disaster to hit | :00:14. | :00:19. | |
Bangladesh. Global trade ambitions, the US President is in Japan to push | :00:20. | :00:28. | |
for progress. Thanks for watching Asia Business Report. We start off | :00:29. | :00:34. | |
in Bangladesh. The south Asian nation witnessed its worst ever | :00:35. | :00:37. | |
industrial disaster one year ago, when a clothing factory collapsed, | :00:38. | :00:43. | |
killing more than 1,100 people. It severely dented the image of the | :00:44. | :00:51. | |
country's garment industry. They exported more than $22 billion worth | :00:52. | :00:57. | |
of clothes last year. Our correspondent reported on the | :00:58. | :01:00. | |
disaster, and now looks at what has changed. This woman was lucky enough | :01:01. | :01:10. | |
to survive the disaster. She was among hundreds of women working | :01:11. | :01:12. | |
inside the complex when it came crashing down last year. Trapped | :01:13. | :01:17. | |
under the rubble, she was rescued two days after the disaster. Her | :01:18. | :01:23. | |
mangled legs had to be amputated. TRANSLATION: I am borrowing money to | :01:24. | :01:29. | |
survive. My husband is taking care of me and he has no time to go to | :01:30. | :01:33. | |
work. Who will look after me and do the housework? Even one year later, | :01:34. | :01:44. | |
I am still waiting for my full compensation. That is because | :01:45. | :01:48. | |
western brands and retailers have so far contributed only $15 million to | :01:49. | :01:51. | |
a $40 million fund to compensate victims and their families. Money | :01:52. | :01:54. | |
has only just started trickling down, and it is likely to take | :01:55. | :02:07. | |
months to reach the victims. Rebecca and thousands of others were saved | :02:08. | :02:10. | |
from the rubble. It was a Bangladesh's worst ever industrial | :02:11. | :02:12. | |
disaster. More than 1,100 people were killed. The disaster was a | :02:13. | :02:16. | |
major wake`up call for the clothing sector. A series of measures have | :02:17. | :02:22. | |
been taken in the last year. The minimum monthly wage for workers has | :02:23. | :02:25. | |
been increased from $38 per month to $68. Western retailers have also set | :02:26. | :02:33. | |
up a fund to help improve safety standards in the clothing industry | :02:34. | :02:39. | |
in Bangladesh. Around 200 new safety inspectors will be appointed to try | :02:40. | :02:42. | |
and prevent another major collapse or fire in the factories. For others | :02:43. | :02:50. | |
who escaped, they are back at work in new jobs. Safer factories, but | :02:51. | :03:04. | |
life has not been easy. TRANSLATION: I do not want to work anymore. I get | :03:05. | :03:07. | |
flashbacks about those horrible days. I cannot sleep properly. As I | :03:08. | :03:24. | |
have nightmares, but I don't have any option as we are poor. My father | :03:25. | :03:29. | |
and brother are no more. We have to work to pay our bills. Learning the | :03:30. | :03:32. | |
lessons from the disaster is crucial to the economy. The clothing sector | :03:33. | :03:35. | |
represent nearly 80% of exports, but while Western retailers say they | :03:36. | :03:37. | |
want safety to improve, they have not been shy to warn they will go | :03:38. | :03:43. | |
elsewhere if costs rise too high. It was a busy session in the US | :03:44. | :03:47. | |
overnight, with a lot of companies reporting their quarterly earnings. | :03:48. | :03:52. | |
Some of the highlights. Facebook made a profit of $642 million in the | :03:53. | :03:57. | |
first quarter of the year. It is nearly three times more than the | :03:58. | :04:02. | |
profit it made over the same period in 2013. The company said the surge | :04:03. | :04:06. | |
in mobile advertising helped push its revenues higher by 70%. Facebook | :04:07. | :04:13. | |
had 1.8 million users in the first quarter, and more than 1 billion | :04:14. | :04:17. | |
access the site through a mobile device such as a smartphone or a | :04:18. | :04:23. | |
tablet. Apple made $10 billion in the first three months. That is a 7% | :04:24. | :04:27. | |
jump. The quarterly earnings announcement came with a hint from | :04:28. | :04:36. | |
Tim Cook that new products are on the way. They sold 43 million iPods | :04:37. | :04:45. | |
worldwide this year. US aircraft manufacturer Boeing has raised its | :04:46. | :04:50. | |
profit outlook after strong demand. Its main rival Airbus had 141. Their | :04:51. | :05:02. | |
revenues amounted to $20 billion. An 8% hike. Net profit fell by 12%. | :05:03. | :05:07. | |
That was due to changes in its retirement plan. New Zealand's | :05:08. | :05:14. | |
central bank raised its cost of borrowing by a quarter of a percent. | :05:15. | :05:19. | |
The bank says there will be more rate hikes to come to keep on top of | :05:20. | :05:24. | |
inflation pressures as economic growth remains robust. New Zealand | :05:25. | :05:28. | |
is the only central bank in the developed economy to have raised | :05:29. | :05:33. | |
interest rates this year. Barack Obama spent his first night in Japan | :05:34. | :05:38. | |
on a tour of Asia. Today he will be having talks with Shinzo Abe, and | :05:39. | :05:41. | |
high up on their agenda will be the potential free trade deal. US and | :05:42. | :05:46. | |
Japan hold the key to the success of negotiations, but even if a deal is | :05:47. | :05:49. | |
done between the two countries or the 12 countries involved, could | :05:50. | :05:52. | |
Obama get the approval from Congress to sign it? Our correspondent | :05:53. | :06:04. | |
reports from New York. This is the UPS sorting facility in Kentucky. | :06:05. | :06:07. | |
Thousands of packages make their way through here every day. If the US | :06:08. | :06:10. | |
agrees on a free trade deal with 12 other countries, this place could | :06:11. | :06:19. | |
get a whole lot busier. We would see a tremendous growth from a trade | :06:20. | :06:22. | |
agreement. We have seen that in past trade agreements. Some previous | :06:23. | :06:24. | |
agreements that were negotiated, like the US`Singapore agreement and | :06:25. | :06:26. | |
the US`Chile free trade agreement. We saw a 20% increase in volume. | :06:27. | :06:36. | |
Past agreements have taken manufacturing jobs from the US, | :06:37. | :06:39. | |
which is why not all businesses are getting behind the massive trade | :06:40. | :06:41. | |
partnership that would link nearly 60% of global GDP. Businesses like | :06:42. | :06:56. | |
Ford, maker of the iconic Mustang. It could hurt our business. It could | :06:57. | :07:01. | |
cause imbalance and take jobs away from American workers, and use that | :07:02. | :07:04. | |
for countries that are trying to manipulate their currency and always | :07:05. | :07:07. | |
export their unemployment problems to other parts of the world, and we | :07:08. | :07:14. | |
do not think that is right. US manufacturers often complain that | :07:15. | :07:16. | |
countries engaging in currency manipulation by keeping it | :07:17. | :07:18. | |
artificially low have had a devastating impact on America's | :07:19. | :07:30. | |
manufacturing sector. In last year's State of the Union address, | :07:31. | :07:32. | |
President Obama made specific mention of the TPP. To boost | :07:33. | :07:38. | |
American exports, support jobs, and level the playing field in the | :07:39. | :07:41. | |
growing markets of Asia, we intend to complete negotiations on the | :07:42. | :07:42. | |
transpacific partnership, and tonight, I am announcing we will | :07:43. | :07:46. | |
launch talks on a competency of transatlantic trade and investment | :07:47. | :08:01. | |
partnership with the EU. Because trade that is fair and free across | :08:02. | :08:04. | |
the Atlantic supports millions of good`paying American jobs. But this | :08:05. | :08:08. | |
year, there was no reference to the trade deal at all. Getting | :08:09. | :08:10. | |
fast`track authority to get past regulars would be crucial in | :08:11. | :08:12. | |
extracting concessions from Japan and other countries. Getting that | :08:13. | :08:15. | |
through this divided Congress is unlikely, a sign that the | :08:16. | :08:17. | |
President's biggest obstacle could be right here at home. Two giants of | :08:18. | :08:30. | |
the pharmaceutical company announced a complicated deal which will see | :08:31. | :08:33. | |
them create a new consumer healthcare business. GSK will buy | :08:34. | :08:48. | |
the vaccine business of Novartis. And a Swiss giant will take over | :08:49. | :08:54. | |
GSK's cancer drugs unit. It is the latest in a slew of deals pointed to | :08:55. | :08:57. | |
a consolidation for the drugs industry. Our correspondent explains | :08:58. | :09:00. | |
why these deals are taking place. One reason it is scientific. | :09:01. | :09:10. | |
Rational drug design is causing more failures than successes, and | :09:11. | :09:13. | |
rational drug design is why you have Big Pharma companies. Second is | :09:14. | :09:15. | |
government, government is restricting access to doctors. You | :09:16. | :09:21. | |
need much different salesforce models. The third is capital | :09:22. | :09:25. | |
markets. They are punishing companies when they get late stage | :09:26. | :09:28. | |
failures and so they are looking for different ways to spread the risk. | :09:29. | :09:32. | |
Fewer companies with fewer product makes more sense. What does this | :09:33. | :09:38. | |
mean for Asia's pharmaceutical sector? For Asia, you look at it two | :09:39. | :09:49. | |
ways. Inbound and outbound. For outbound, Asian companies need to | :09:50. | :09:51. | |
start increasing their global footprint because this is a | :09:52. | :09:54. | |
situation with fewer competitors and more consolidation. Companies, if | :09:55. | :09:56. | |
they do it right, it will increase their global footprint. For inbound, | :09:57. | :09:59. | |
companies could increase their Asia footprint and there is a lot | :10:00. | :10:02. | |
involved in that they need to deal with. Complexity, regulatory and | :10:03. | :10:21. | |
quality big three of them. Let's have a quick look at the markets. | :10:22. | :10:26. | |
Stocks are feeling the pressure after Wall Street equities it | :10:27. | :10:42. | |
overnight. Thank you for investing your time with us. `` be `` | :10:43. | :10:43. |