28/05/2014 Asia Business Report


28/05/2014

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assault. He broke into song in court as he recalled the early years of

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his career. Now on BBC News all the latest business news live from

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Singapore. Self driving cars, Google embarks on a new venture and we have

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the exclusive details. We take a look at the Finance Minister who

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will put India's economy back on track. Hello and welcome to Asia

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Business Report. A stop and go button for a car with no control

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steering wheel or petals? Something science fiction movies are made of?

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It is something that Google wants to make a reality. They want to start

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building their own self driving cars instead of buying other vehicles

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coming they plan to manufacture their own vehicles. We can now speak

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to a correspondent. Google share these images and you had access to

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the team as well, what can you tell us about the car? The car is

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deliberately cute looking, it is small and fit for a city, a two

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seater with a smiling face to it. It is designed to be nonthreatening to

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help with the acceptance of these vehicles in urban areas. The

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windshield is made of a flexible type of plastic instead of glass so

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that if the worst happens, one would come off a little better in an

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accident. The technology is an extension of what we have already

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seen. They had previously modified SUVs and other cars before and they

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have been seen around the headquarters of the many in Silicon

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Valley. This time they are taking it a step further. You say it is a

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common sight at their headquarters but certainly not on their main

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roads. Where are the legal to drive at this point? That is still an

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interesting question. There is a whole patchwork of legality. Many

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have introduced laws so that these cars can be used on the roads. The

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goal is able to test them in California but in order to test

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these new ones without titles or steering wheels, they will have to

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fit them and will have to have a test drivers in the car at all times

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`` pedals, and it will raise questions about the law and who is

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liable at all times. We heard from the director of the project who told

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us that they are trying to understand the limitations of the

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project. What are the potential downsides? There is the whole legal

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side to consider. What if you are in a self driving car and reading your

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newspaper and there is an accident? Are you to blame or is the carmaker

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Willian and what if we make commutes so easy that more and more people

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will accept them and it will add to urban sprawl and congestion on the

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roads? There are many things to consider as this technology pushes

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us towards a brave new transportation future. Thank you for

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that groundbreaking story. For more you can visit our website. He may

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have an unenviable job. Arun Jaitley is India's new finance minister and

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the man tasked with revitalising India's economy. He is putting

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economic growth on the top of his list. He is well`known close ally

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and friend of the new Prime Minister. We hear from our

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correspondents for more. The new Indian government under the

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leadership of Narendra Modi has officially taken charge. The man who

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has been chosen to steer the economy is Arun Jaitley. But who is he? He

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is a senior and experienced politician. He was the leader of

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opposition in the upper house of the Indian Parliament for the last five

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years. He was also the Minister during the BJP government between

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1988 and 2004. He was the Minister for Commerce and later in charge of

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the Law and Justice Department. He is also a lawyer. Now as he takes

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charge of the Finance Ministry, he will take that experience to revive

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the economy which has been growing at its slowest pace in the last

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decade. Controlling inflation driven by high food prices is one of the

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biggest challenges he faces. This was one of the main reasons the

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previous government was voted out. There are already concerns that food

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prices could be pushed up again. The other important task would be to

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improve the business climate. Foreign investors have stayed away

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from India in last few years due to policies and tax issues. India is

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also one of the toughest laces to do business `` places. They rank Turkey

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fourth when it comes to ease of doing business. Improving the

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business climate will be a critical area because that will help in

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providing the investment cycle which in turn will give a big push for

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India's economic growth rate. He has also been in charge of the Defence

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Ministry and that is why many people are wondering, how will he handle

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two ministries at the same time? He has made it clear that he will be in

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charge of the Defence Ministry only for the time being as a new minister

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is expected to be appointed in the next four to five weeks. His main

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job will be the Finance Ministry. Earlier I spoke to someone from

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Berkeley 's Bank. I asked him if he is the right candidate when it comes

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to fixing the economy of India. Given his stature in the party, he

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is effectively the second most important leader after Narendra Modi

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and clearly, his position in the Cabinet, even though he lost the

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elections has been secured for a prestigious position. Given that it

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was expected that he would become the finance minister, I think a lot

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of preparation would have already been done in the background. At this

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juncture, what he does bring to the table is political will to execute

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some difficult decisions. That is a key requirement for the job because

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it is not going to be pleasant over the next couple of years. We know

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that Arun Jaitley has already met with the Central Bank governor in

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India and they have a very tough task ahead of them with high

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inflation and high interest rates. How will they boost growth? Arun

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Jaitley has greeted in some good steps. We have already seen

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inflation numbers coming down at the margin and our forecasts are that

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inflation will move lower as long as we get a good monsoon. That is the X

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Factor. Overall, if there is co`ordination within the Finance

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Ministry, if reforms are being undertaken, there is nothing to say

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that inflation cannot be brought down. That has been the experience

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of the previous governments. GlaxoSmithKline is under

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investigation by Britain's Serious Fraud Office. That is over its

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commercial practices. The firm says it will fully cooperate. Earlier

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this week, Chinese authorities accused staff of bribing government

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and hospital officials in the country. GlaxoSmithKline refused to

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comment on whether the investigation was connected to this incident. They

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are also facing criminal investigation into similar

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allegations in Poland and Iraq. Cadbury is one of the oldest and

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most famous chocolate makers in the world. It is suffering a major

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setback in Malaysia after traces of pig DNA were found in two varieties

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of its signature chocolate bar, Dairy Milk. They have been removed

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from shelves across the majority Muslim country. They said the

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following. We have been speaking to an

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individual regarding business strategy and we asked him what it

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would take for Cadbury to restore its image in Malaysia. We are

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learning that the products are being withdrawn. I think there are still

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some steps ahead in terms of communicating with Malaysian

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authorities and reassuring the public that this will not happen

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again. And the chocolate will be clean chocolate. You have to keep it

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up. You can't lower the bar, you need to put in a lot of effort and

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sales will drop for a while. How long will it take? Three to six

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months. In half the time if they deal with it well, they will be back

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on track. We will now have a look at the Asian markets. Yet another

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record close from the S 500 on Wall Street. The Nikkei is at its

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highest level in two months. The dollar is high at the moment which

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is helping Japanese export reliant firms. We also have a rise in metal

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prices which is helping the Australian index. That is it for

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this addition of Asia Business Report. Thanks for watching. The

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main news stories. President Obama has announced that the US plans to

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keep almost 10,000 troops in Afghanistan next year, following the

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end of American involvement in combat

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