Browse content similar to 06/05/2014. Check below for episodes and series from the same categories and more!
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Economy versus politics, what role will the central bank play ahead of | :00:10. | :00:19. | |
Australia's Budget? The Filipine economy, we look at the | :00:20. | :00:22. | |
impact of rising prices on future growth. | :00:23. | :00:27. | |
Welcome to Asia Business Report. Australia's central bank is expected | :00:28. | :00:30. | |
to leave interest rates on hold when it meets today, as the economy shows | :00:31. | :00:39. | |
signs of returning to growth. But, a much anticipated economic audit | :00:40. | :00:41. | |
released last week warned of a looming fiscal crisis. The | :00:42. | :00:45. | |
government has hinted at a temporary income tax hike, a higher retirement | :00:46. | :00:49. | |
age, and cuts to spending on social services. Earlier, I spoke to our | :00:50. | :00:53. | |
Sydney reporter, Phil Mercer, asking him if the government's view of the | :00:54. | :00:57. | |
economy is at odds with that of the central bank. Interest`rates are at | :00:58. | :01:09. | |
2.5%, which is historically low. As far as the central bank is | :01:10. | :01:12. | |
concerned, the economy is in a reasonable state, considering the | :01:13. | :01:20. | |
fading of the mining boom. Conservatives believe that radical | :01:21. | :01:22. | |
spending cuts need to be addressed, that welfare rates are too high, and | :01:23. | :01:26. | |
that there may need to be a deficit tax, for example, in next week's | :01:27. | :01:29. | |
budget, to try to bring that back into surplus. There seems to be a | :01:30. | :01:36. | |
clear gulf between what the reserve bank of Australia thinks, and that | :01:37. | :01:46. | |
of the government. If there is a tough budget next week, it may be | :01:47. | :01:50. | |
the case that they have to try to counter some cuts. Could that be the | :01:51. | :01:54. | |
case, if growth looks like it is in danger? Next week's budget could | :01:55. | :02:02. | |
look like that. If they pursue a very aggressive and austere budget, | :02:03. | :02:06. | |
with cuts to spending on welfare, we could see the reserve bank having to | :02:07. | :02:09. | |
wade in to reach interest rates to pick up slack in the economy. Not | :02:10. | :02:23. | |
only is next week's budget crucial to the health of the Australian | :02:24. | :02:26. | |
economy, it is shaping up to be extremely important to Tony Abbott. | :02:27. | :02:32. | |
He did mention this temporary deficit levy, and all hell broke | :02:33. | :02:35. | |
loose, with some of his own party members saying it would be political | :02:36. | :02:42. | |
suicide to pursue that idea. In just over a week, we will blow which | :02:43. | :02:48. | |
direction Tony Abbott and his government will want to take the | :02:49. | :02:52. | |
budget. `` we will know which direction. | :02:53. | :02:56. | |
Inflation figures for the Philippines are out today, and it | :02:57. | :02:59. | |
seems the basics of life, like food and electricity, will be the biggest | :03:00. | :03:02. | |
drivers of consumer prices. The Supreme Court recently blocked a bid | :03:03. | :03:05. | |
by the country's largest energy supplier for a large hike, and they | :03:06. | :03:08. | |
are trying to import more rice to ease the cost. Figures this morning | :03:09. | :03:11. | |
are expected to see prices rising in the range of 4%. I was speaking to a | :03:12. | :03:19. | |
Filipino expert from Credit Suisse. He shared his outlook for the | :03:20. | :03:27. | |
south`east Asian country. I think inflation should calm down. We have | :03:28. | :03:30. | |
seen a sequential momentum of CPI coming down, so I think that should | :03:31. | :03:33. | |
be helpful in the second half of this year. When you have inflation | :03:34. | :03:40. | |
running at about 4%, is that a risk to growth? The Philippines has been | :03:41. | :03:41. | |
one of the fastest`growing regional economies. Yes, I think the issue | :03:42. | :03:46. | |
for the Philippines is not so much, but too much of it. It is growing | :03:47. | :03:50. | |
very fast, and the key sure the growth is sustainable in | :03:51. | :03:55. | |
the long run. I don't think inflation per se should impact | :03:56. | :04:04. | |
growth. Once the stimulus programme has ended in the US, will interest | :04:05. | :04:09. | |
rates have to rise? Absolutely. What will that mean for growth? I think | :04:10. | :04:14. | |
growth will continue, and if the government continues to implement | :04:15. | :04:17. | |
the structural reforms, if it continues its path of reform over | :04:18. | :04:26. | |
the rest of the next three years. A Macau casino operator has come up | :04:27. | :04:30. | |
with a winning hand, raking in $750 million in its first quarter. The | :04:31. | :04:40. | |
territory has hit the jackpot to become the world's gambling capital. | :04:41. | :04:43. | |
Casinos in Macau took in $45 billion last year, earning more in two | :04:44. | :04:46. | |
months than Las Vegas does in a year. | :04:47. | :04:55. | |
This is the newest casino resort from Sands China, in Macau. It is a | :04:56. | :05:04. | |
popular destination from tourists from mainland China. More of them | :05:05. | :05:06. | |
are coming, and on average staying for longer. That is translating into | :05:07. | :05:17. | |
profits for the company, which hosted more than 17 million visits | :05:18. | :05:20. | |
in the first three months of the year. Tourists like to state their | :05:21. | :05:23. | |
money on roulette or slot machines. It has become the jewel in the crown | :05:24. | :05:27. | |
for Las Vegas Sands. In the first three months of the year, profits at | :05:28. | :05:30. | |
Sands China jumped by almost 66%, compared to 2013. Ever since the | :05:31. | :05:37. | |
Chinese government launched a crackdown on corruption last year, | :05:38. | :05:39. | |
business from its expanding VIP customers has been under pressure. | :05:40. | :05:47. | |
That has so far been offset by a rise in holidaymakers. So, casino | :05:48. | :05:52. | |
operators are counting on them to drive revenue in the coming years. | :05:53. | :06:02. | |
AIG has reported a drop in quarterly profit, due to high losses in its | :06:03. | :06:10. | |
subsidiary businesses. The net income fell to $1.6 million. Last | :06:11. | :06:20. | |
year, it was more than $2 billion. Apple closed $6 billion up for the | :06:21. | :06:37. | |
first time in several years. Renewed growth for the iPhone. Last month, | :06:38. | :06:42. | |
they posted its quarterly earnings, which beat expectations. Target says | :06:43. | :06:50. | |
it is chief executive and chairman has resigned. His departure comes | :06:51. | :06:52. | |
after a difficult year for the retailer, which was a victim of a | :06:53. | :06:55. | |
data breach that shook customer confidence and hurt the company's | :06:56. | :06:58. | |
profits. Up to 70 million customers had their payment card and personal | :06:59. | :07:00. | |
information stolen from the company's database is in December. | :07:01. | :07:07. | |
The chief information officer, Beth Jacob, who oversaw the computer | :07:08. | :07:18. | |
systems, resigned in March. For more on that story and other headlines | :07:19. | :07:22. | |
around the world, please visit our website. What began as one woman's | :07:23. | :07:29. | |
desire to work for herself, has turned into a multi` million`dollar | :07:30. | :07:33. | |
business. An American retailer got its start by selling clothing on | :07:34. | :07:36. | |
eBay, and its owner is one of the people who will be speaking at a | :07:37. | :07:44. | |
conference for tech start`up people. This is Tech Crunch. It is the place | :07:45. | :07:49. | |
to be if you want advice from other success stories. It is events like | :07:50. | :07:56. | |
these that give many tech companies their first big break. Sophia | :07:57. | :08:14. | |
Amoruso has a different story. She is the founder of the already | :08:15. | :08:16. | |
successful online retailer, Nasty Gal, is now one of tech's biggest | :08:17. | :08:20. | |
retailers. I had no idea that when I chose the name Nasty Gal, would be | :08:21. | :08:23. | |
saying it over seven years later, but it. You were one of the | :08:24. | :08:31. | |
fastest`growing retailers in the US, to what you credit that success? We | :08:32. | :08:41. | |
have always carried unique pieces. It started with vintage, really | :08:42. | :08:44. | |
memorable vintage pieces, and that was my buying training. We went to | :08:45. | :08:50. | |
trade shows, and now we are designing. We are designing for a | :08:51. | :08:53. | |
girl with an appetite for something unique which you can't find at the | :08:54. | :09:04. | |
shopping mall. Arc do you consider yourself a tech company? I wouldn't | :09:05. | :09:22. | |
call us a tech company, but I wouldn't call us many e`commerce | :09:23. | :09:25. | |
sites are now opening bricks and mortar stores. Is that something you | :09:26. | :09:27. | |
are considering? And is that something that is necessary for | :09:28. | :09:31. | |
these kinds of companies? We will be opening stores within the next year, | :09:32. | :09:33. | |
which I'm excited about. We will start in LA. I think a brand is best | :09:34. | :09:37. | |
experienced in all channels. While some people have to go off`line to | :09:38. | :09:40. | |
continue going, perhaps their businesses more niche, it is a | :09:41. | :09:43. | |
choice. I want to let our customers touch and feel our clothes. I want | :09:44. | :09:47. | |
to see someone run out of stall happy a shopping bag, I have never | :09:48. | :09:53. | |
had that experience. It is people talking on social media, which is | :09:54. | :09:56. | |
great, but to meet a customer in the real world is an exciting thing. It | :09:57. | :09:59. | |
is that experience, physically finding something perfect, that time | :10:00. | :10:00. | |
for a quick check of the markets. The one market that is trading is up | :10:01. | :10:13. | |
a little, having taken its lead from Wall Street. The Australian market | :10:14. | :10:24. | |
is even, head of the interest rate decision due out in two hours. That | :10:25. | :10:29. | |
is it for this edition of Asia Business Report. | :10:30. | :10:41. | |
Our top stories: Nigeria's Boko Haram | :10:42. | :10:42. |