Browse content similar to 12/05/2014. Check below for episodes and series from the same categories and more!
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for Mr Gove says the claims are totally wrong. Now on BBC News, all | :00:00. | :00:07. | |
the latest business news, live from Singapore. Countdown as India enters | :00:08. | :00:27. | |
the final days of its elections. Can the upcoming weather conditions | :00:28. | :00:34. | |
impact the country's economy? And we will find out what is really | :00:35. | :00:40. | |
worrying some of the world's biggest bank. Thank you for joining us. | :00:41. | :00:47. | |
India is in the final week of the world's biggest democratic election, | :00:48. | :00:49. | |
in which rising costs have been a key issue on voters' minds. The | :00:50. | :00:56. | |
increasing amount people have to pay for basic goods is one of India's | :00:57. | :01:01. | |
biggest economic and political problems. And there is increasing | :01:02. | :01:04. | |
concern that higher cost could be exacerbated this year, when the | :01:05. | :01:07. | |
forecast is for the return of El Nino weather conditions. The weather | :01:08. | :01:10. | |
system can trigger floods and droughts in different parts of the | :01:11. | :01:15. | |
world. Earlier, I spoke with one economist from Barclays. How could | :01:16. | :01:24. | |
El Nino impact this economy? Last time it came around, it was in 2009, | :01:25. | :01:29. | |
and the north`west monsoons suffered quite badly. Inflation increased | :01:30. | :01:35. | |
quite a bit. At this point, India's Weather Bureau says that rainfall is | :01:36. | :01:42. | |
going to be probably normal but in the past, their forecasts have been | :01:43. | :01:45. | |
wrong and if that happens, I think that we will have a big problem on | :01:46. | :01:52. | |
the inflation front. Inflation coming out today and also wholesale | :01:53. | :01:58. | |
prices. What are you expecting? Will it be impacted by this weather | :01:59. | :02:05. | |
pattern? The run`up to the monsoons normally begins in June but we have | :02:06. | :02:10. | |
already seen some dry weather and this will have some impact on | :02:11. | :02:14. | |
particular food items. We expect an increase in inflation numbers for | :02:15. | :02:18. | |
the month of April. The main risk is that we will have a failure in crops | :02:19. | :02:23. | |
and this will have significant impact for the second half of the | :02:24. | :02:26. | |
year, especially when the new government is in power. That can | :02:27. | :02:30. | |
potentially be the first major challenge they face in office. Thank | :02:31. | :02:39. | |
you. In the north`east of India, the state of Bihar once lagged far | :02:40. | :02:43. | |
behind the rest of the country when it came to economic development. It | :02:44. | :02:47. | |
was a place where young people could not find jobs and were forced to | :02:48. | :02:50. | |
relocate to other areas. Now, things are changing. | :02:51. | :02:59. | |
Far away from home in Mumbai's melting pot, this man is still | :03:00. | :03:03. | |
trying to acquire a taste for the big city. He sells spicy Indian | :03:04. | :03:09. | |
snacks from his roadside eatery and lives with six other men all from | :03:10. | :03:17. | |
his village in Bihar. He came here about 20 years ago in search of work | :03:18. | :03:21. | |
and goes back just once every year to meet his wife and children. | :03:22. | :03:27. | |
TRANSLATION: When we left, there was no chance of getting any work in | :03:28. | :03:32. | |
Bihar. We were poor and were forced to come here to make money and send | :03:33. | :03:38. | |
some back to our families. If there had been any jobs there, I would not | :03:39. | :03:41. | |
have left my home. Millions of people like him moved away from the | :03:42. | :03:48. | |
heart, but now, things seem to be moving forward for the young people | :03:49. | :03:52. | |
there. Ravi recently bought this motorcycle with the salary he makes | :03:53. | :03:57. | |
working at a local factory. When he finished his education a few years | :03:58. | :04:01. | |
ago, he found a job almost immediately. TRANSLATION: I'm very | :04:02. | :04:08. | |
happy that I did not have to leave my home. I have a wife and small | :04:09. | :04:14. | |
baby. It would have been very hard without them and I would have been | :04:15. | :04:18. | |
constantly worrying. Earlier, claims like these used to be full of people | :04:19. | :04:22. | |
leaving the heart and moving to more developed parts of the country in | :04:23. | :04:27. | |
search of work. Now, young people ready to join the workforce have | :04:28. | :04:31. | |
found there are opportunities for them here. In this area of Bihar | :04:32. | :04:37. | |
state alone, more than 100 factories have started up in the last few | :04:38. | :04:43. | |
years. One of them is this skit manufacturing plant. Set up three | :04:44. | :04:47. | |
years ago, it employs 350 people. `` biscuit manufacturing grant. But | :04:48. | :04:54. | |
Bihar is yet to attract many big names and while the state's rapid | :04:55. | :04:59. | |
rate of growth has been welcomed, it will take a while to catch up with | :05:00. | :05:07. | |
the rest of the country. Much of how the state of Bihar progresses | :05:08. | :05:11. | |
depends on politics here, and so people are relying on whichever | :05:12. | :05:13. | |
party comes to power both in national government and here in the | :05:14. | :05:22. | |
state to keep them moving in the right direction. For the first | :05:23. | :05:26. | |
time, the UK has more billionaires per head of population than any | :05:27. | :05:30. | |
other country, according to a rich list published by the Sunday Times | :05:31. | :05:37. | |
newspaper. To Indian born brothers topped the list, with a fortune of | :05:38. | :05:44. | |
more than $20 billion. There are now more than 104 billionaires based in | :05:45. | :05:46. | |
the UK, with a combined wealth of more than $500 billion. The chairman | :05:47. | :05:52. | |
of Samsung is in a stable condition after undergoing emergency heart | :05:53. | :05:57. | |
surgery. He underwent the operation after suffering breathing | :05:58. | :06:00. | |
difficulties late on Saturday night. He took over as chairman of Samsung | :06:01. | :06:08. | |
in 1987 after his father's deaths. He is now recuperating and is in a | :06:09. | :06:13. | |
stable condition. India's biggest casino operator announces its | :06:14. | :06:17. | |
earnings today. It runs 20 out of 30 casinos in Macau. But in the past | :06:18. | :06:23. | |
week, its shares have hit a rough patch. It's among six casino | :06:24. | :06:31. | |
operators to have seen this takes plunge after concerns China may | :06:32. | :06:36. | |
tighten its currency controls in Macau. The Hong Kong listed shares | :06:37. | :06:43. | |
in Macau casino operators fell by something up to 9%. And it comes | :06:44. | :06:48. | |
after worries of a growing crackdown on money`laundering and illegal | :06:49. | :06:52. | |
money transfers out of China. We had news from the biggest network of | :06:53. | :07:01. | |
debt and 80 cards in China, saying they would tighten their | :07:02. | :07:04. | |
restrictions. This is how most Chinese travellers when they leave | :07:05. | :07:09. | |
China access money. There are lots of restrictions on how much they can | :07:10. | :07:12. | |
take out of the country including two places like Hong Kong and | :07:13. | :07:17. | |
Macau, and there are also restrictions as to how much they can | :07:18. | :07:20. | |
take out once they arrive in these places. People in the Macau casino | :07:21. | :07:25. | |
industry have said that the way some gamblers have been getting around | :07:26. | :07:29. | |
these currency controls has been going to a porn shop in Macau, | :07:30. | :07:32. | |
buying something expensive, returning that item immediately in | :07:33. | :07:44. | |
exchange for cash. `` pawn shop. And the pawn shop owners would get a cut | :07:45. | :07:53. | |
on that. Thank you. From rogue traders to sub`prime mortgages, | :07:54. | :07:56. | |
banks are dealt with major crises in recent years, but a recent survey | :07:57. | :08:00. | |
has found the industry is now worried that technology may pose one | :08:01. | :08:03. | |
of the biggest risks to their businesses. We asked why this was | :08:04. | :08:21. | |
the main concern. Immediately after the global financial crisis, people | :08:22. | :08:24. | |
were very concerned about where the economy was growing, `` where it was | :08:25. | :08:30. | |
going, what they could do about it and how that would affect them. By | :08:31. | :08:36. | |
and large, people have settled down on that. Now the main issue is how | :08:37. | :08:41. | |
the regulators will respond to the crisis. The regulators have not | :08:42. | :08:45. | |
quite put their plans in place yet. While the banks are pretty certain | :08:46. | :08:49. | |
what their business strategies will be as we go forward, they are | :08:50. | :08:52. | |
concerned about what regulations they will be working under. | :08:53. | :08:57. | |
Macroeconomic factors really do affect this region, however. The | :08:58. | :09:03. | |
Asia`Pacific banks were not as badly damaged by the global financial | :09:04. | :09:11. | |
crisis as their counterparts in the US and Europe. They will be looking | :09:12. | :09:17. | |
at how the market develops after the changes in regulation. Then they are | :09:18. | :09:22. | |
looking at things that are slightly different. What consistent between | :09:23. | :09:26. | |
the two is the uplift of technology risk, which is consistent between | :09:27. | :09:30. | |
the board. What do you mean by that? Cyber risks? Everything. | :09:31. | :09:37. | |
Customers drive the banks to be more efficient in their services and they | :09:38. | :09:42. | |
are almost making that... The banks have had to adopt two world`class | :09:43. | :09:48. | |
technology standards in order to service their customers. This comes | :09:49. | :09:52. | |
with a certain amount of risk and the banks are beginning to | :09:53. | :09:55. | |
understand the type of risk in the marketplace to the sort of internet | :09:56. | :10:01. | |
and other platforms where they need to serve their customers. How big a | :10:02. | :10:07. | |
risk is this? Technology risk has arisen for the first time. The last | :10:08. | :10:16. | |
time technology risk came up was in 1998, two years before Y2K. Thank | :10:17. | :10:26. | |
you for investing your time with us. Goodbye for now. | :10:27. | :10:34. | |
The top stories this hour: Unofficial self`rule referenda have | :10:35. | :10:38. | |
been held in parts of the east of Ukraine. | :10:39. | :10:45. | |
There has been a shooting in one town. | :10:46. | :10:48. | |
Voting has begun in the final round of India's five`week general | :10:49. | :10:51. | |
election. Three key states are going to the polls. Senior Liberal | :10:52. | :10:59. | |
Democrats have increased pressure on the Education Secretary Michael | :11:00. | :11:00. | |
Gove, | :11:01. | :11:02. |