Browse content similar to 10/06/2014. Check below for episodes and series from the same categories and more!
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pleased that minds have been changed over unannounced inspections. Now on | :00:00. | :00:00. | |
BBC News, all the latest business news live from Singapore. India and | :00:00. | :00:17. | |
China have their eye on new markets, as high`level talks are | :00:18. | :00:20. | |
held to revive trade and build their economies. And we take you to a | :00:21. | :00:25. | |
fishing port in Taiwan to look at what authorities are doing to tackle | :00:26. | :00:34. | |
human chat to make trafficking. `` human trafficking. Welcome to Asia | :00:35. | :00:38. | |
Business Report. India's new government has set out its plans for | :00:39. | :00:42. | |
rapid economic reform, including a new general sales tax. To encourage | :00:43. | :00:47. | |
foreign investment, and measures to fast track approvals from major | :00:48. | :00:51. | |
business projects. The government is also boosting relations with | :00:52. | :00:56. | |
mainland China. India's Prime Minister Narendra Modi met the | :00:57. | :00:59. | |
Chinese Foreign Minister in Delhi in the first high`level talks between | :01:00. | :01:02. | |
the rival Asian giants as Mr Modi took charge. Our correspondent in | :01:03. | :01:10. | |
Delhi has more. India and China, the two Asian giants, have a growing | :01:11. | :01:13. | |
interest in each other economically. China is now one of | :01:14. | :01:16. | |
India's biggest trading partners. With two way trade deals to $70 | :01:17. | :01:22. | |
billion. That is part of the problem, for every dollar worth of | :01:23. | :01:25. | |
products that India exported to China, it imports three times as. | :01:26. | :01:30. | |
Just take this market free sample, over 70% of all products found in | :01:31. | :01:34. | |
this market come from China, with its cheap fabrics, and high and | :01:35. | :01:40. | |
electronic. So this is one of the big issues on the table for this | :01:41. | :01:44. | |
visit. India's growing concern about the trade deficit, which is now | :01:45. | :01:52. | |
closed to $40 billion. `` close to $40 billion. But it is not just | :01:53. | :01:55. | |
trade which is the problem. The two countries have traditionally eyed | :01:56. | :01:57. | |
each other with mutual suspicion. More recently, the relationship has | :01:58. | :02:01. | |
been tense, mainly due to border disputes. But now something has | :02:02. | :02:06. | |
changed, not just in the tone of statements by both sides, but also | :02:07. | :02:09. | |
in the body language of the political leaders. This is the first | :02:10. | :02:15. | |
high`profile meeting to be held here at the official residence of Prime | :02:16. | :02:22. | |
Minister Narendra Modi. He has in the past expressed his admiration | :02:23. | :02:26. | |
for China's growth model. He has visited Beijing many times in his | :02:27. | :02:30. | |
role as the Chief Minister of this state. Seeking investment for his | :02:31. | :02:36. | |
home State. He has also spoken about introducing Mandarin for | :02:37. | :02:39. | |
schoolchildren in his state. On visits, he has even printed his | :02:40. | :02:43. | |
business card and mandarins in the colour red, which is considered | :02:44. | :02:46. | |
auspicious by many in China. But this government does not just want | :02:47. | :02:49. | |
to emulate China, it is ambitious, and it wants to compete in the | :02:50. | :02:58. | |
global economy, with China. China has not been shy in supporting big | :02:59. | :03:03. | |
business opportunities. In fact, one of the greater strength in global | :03:04. | :03:06. | |
economic and trade ties in recent years has been the growing | :03:07. | :03:09. | |
relationship between China and Africa. Trade between the two sides | :03:10. | :03:13. | |
reached more than $200 billion last year. From just $10 billion in 2000. | :03:14. | :03:20. | |
And Africa's exports to China are increasing 25% every year. In some | :03:21. | :03:23. | |
African countries, those exports account for more than a quarter of | :03:24. | :03:34. | |
GDP. Our correspondent spoke to a representative of HSBC to see how a | :03:35. | :03:38. | |
slowdown would affect China. For certain countries such as the | :03:39. | :03:42. | |
Democratic Republic of Congo, GDP are accounted for by exports to | :03:43. | :03:47. | |
China. So Chinese demand slows or weakens, which is not our base case, | :03:48. | :03:52. | |
we are still expecting smooth sailing in China, but in case there | :03:53. | :03:55. | |
is a downturn for the Chinese economy, this would inevitably | :03:56. | :03:58. | |
impact the economies in Africa. Do you see that as a big risk for the | :03:59. | :04:03. | |
future? You have an optimistic outlook for China, but who knows | :04:04. | :04:07. | |
what will happen in five or ten years time? China is obviously going | :04:08. | :04:11. | |
through a tremendous transformation of its economy from investment and | :04:12. | :04:16. | |
export `based towards a more consumption led economy. In that | :04:17. | :04:19. | |
sense, maybe in the future, what China imports from the rest of the | :04:20. | :04:21. | |
world will be more consumption products rather than being a | :04:22. | :04:25. | |
commodity and sort of manufacturing focused economy. So in that sense, | :04:26. | :04:31. | |
then Africa should diversify the product line beyond commodities. And | :04:32. | :04:37. | |
they can do it, because at the end of the day, you still have very low | :04:38. | :04:40. | |
Labour costs in Africa. So Africa could start producing more | :04:41. | :04:43. | |
consumption related goods, more value`added, more technology | :04:44. | :04:48. | |
intensive product, that they can eventually export out to China | :04:49. | :04:51. | |
instead of only commodities, as Chinese economy transforms to a | :04:52. | :04:58. | |
phase. A representative from HSBC. China has launched a review into | :04:59. | :05:01. | |
potential anti`competitive behaviour across 18 major interest industries | :05:02. | :05:07. | |
including pharmaceuticals and alcoholic drinks. The president | :05:08. | :05:09. | |
promised to crack down on corruption when he came into power last year. | :05:10. | :05:15. | |
The commerce Ministry has reportedly said that the survey was not | :05:16. | :05:18. | |
targeting any specific industries, but was aimed at eradicating | :05:19. | :05:21. | |
anti`competitive practices across all industries. India's Prime | :05:22. | :05:28. | |
Minister Narendra Modi push for more reliable electricity from the Sun | :05:29. | :05:32. | |
may be under threat if the government imposes duties on imports | :05:33. | :05:36. | |
of solar panels. The charges were proposed by the previous | :05:37. | :05:39. | |
administration. Analysts say that only a quarter of the solar capacity | :05:40. | :05:43. | |
in the works now will be finished if the levies are impacted. And they | :05:44. | :05:49. | |
warned that tax would double the cost of solar power. Sony and | :05:50. | :05:55. | |
Microsoft are battling it out this week at E3, the world's largest | :05:56. | :05:59. | |
video gaming expo in Los Angeles. They will be looking to impress with | :06:00. | :06:02. | |
their offerings for the next year or so. Our north America technology | :06:03. | :06:07. | |
correspondent Richard Taylor reports from Los Angeles. Microsoft are | :06:08. | :06:11. | |
holding a press conference first to kick off proceedings at E3, the | :06:12. | :06:15. | |
three`day event. But the tone really set by today's announcements and the | :06:16. | :06:20. | |
focus exclusively on the games themselves. On the forthcoming | :06:21. | :06:24. | |
titles that we will see for Microsoft's Xbox One, which has been | :06:25. | :06:28. | |
out about seven months but hasn't done as well as Sony's console. Sony | :06:29. | :06:35. | |
always focused on the gaming aspect of the PS4. Microsoft started out, | :06:36. | :06:40. | |
when they released the Xbox One, talking about the overall | :06:41. | :06:42. | |
entertainment experience. But it was clear from today's press conference | :06:43. | :06:46. | |
that it is all about gaming for them now. They have pivoted to talking | :06:47. | :06:50. | |
about some truly next`generation titles with dutiful graphics and | :06:51. | :06:54. | |
fascinating gameplay. In truth, there wasn't that much in the way of | :06:55. | :06:58. | |
real innovation in gaming that we saw today. There wasn't even a | :06:59. | :07:05. | |
mention really of Microsoft's Kinnect, now unbundled from the Xbox | :07:06. | :07:12. | |
One as an additional accessory. They are expected to talk more about | :07:13. | :07:17. | |
project Morpheus, the virtual reality headset 80s to a few months | :07:18. | :07:22. | |
ago. That could be very interesting, along with the other virtual reality | :07:23. | :07:26. | |
headset on the show, the oculus rift. Those could open the door to a | :07:27. | :07:31. | |
new generation of gaming. As they turn their head, they are immersed | :07:32. | :07:34. | |
in their surroundings in a way that basically haven't been until now. So | :07:35. | :07:37. | |
it is said to be a fascinating three days. And we will be bringing you | :07:38. | :07:44. | |
the latest from the show floor. Richard Taylor in LA, and for more | :07:45. | :07:48. | |
on the E3 conference, check out the latest news on the BBC website. | :07:49. | :07:56. | |
Taiwan's fishing and the Ford exports `` Taiwan's fishing exports | :07:57. | :08:01. | |
have put the sector in the spotlight. Our correspondent has | :08:02. | :08:06. | |
more from a fishing port. Back from days at sea, these migrant fishermen | :08:07. | :08:11. | |
do not get a break. They are busy mending fishing nets to set out to | :08:12. | :08:18. | |
sea again. They are among at least only 4000 mostly south`east Asian | :08:19. | :08:22. | |
migrants working in Taiwan's fishing industry. According to local Labour | :08:23. | :08:27. | |
laws, they are supposed to get at least $600 a month. And put in no | :08:28. | :08:32. | |
more than 12 hours per day. But many work much longer than that. They | :08:33. | :08:35. | |
often receive less than half their salary. This man asked not to be | :08:36. | :08:39. | |
identified. Taiwan's treatment of migrant | :08:40. | :09:03. | |
fishermen amounts to human trafficking and forced Labour, | :09:04. | :09:08. | |
according to experts at the UN's agency in charge of protecting | :09:09. | :09:15. | |
worker' writes. NGOs say that, the government is not doing enough to | :09:16. | :09:18. | |
stop the exploitation of migrant workers. They say the government | :09:19. | :09:22. | |
must have clear standards on wages, hours, and working conditions. | :09:23. | :09:27. | |
Alison Lee, from the migrants union, says she has reported more than 100 | :09:28. | :09:31. | |
cases of exploitation to the government. But that nothing has | :09:32. | :09:35. | |
been done to help the workers. Did they give any of the money back? No. | :09:36. | :09:41. | |
Not one single person got a penny back? No. They have been threatened | :09:42. | :09:46. | |
with sending home. Government officials say they have done a lot | :09:47. | :09:49. | |
to help migrants, such as setting up a system to allow employers to hire | :09:50. | :09:54. | |
them directly. But most employers still prefer to go through agencies, | :09:55. | :09:57. | |
which do all the paperwork for them and charge the migrants instead. | :09:58. | :10:03. | |
TRANSLATION: The problem is their home countries allow the overseas | :10:04. | :10:06. | |
recruitment agencies to deduct higher fees from the workers. We | :10:07. | :10:09. | |
have been asking their governments to reduce the fees. This is not | :10:10. | :10:14. | |
something we can stop on our own. Workers' rights groups say that what | :10:15. | :10:18. | |
Taiwan can do in the meantime is in the meantime is enforce its laws, | :10:19. | :10:21. | |
which look good on paper, but are not being followed. They say that | :10:22. | :10:25. | |
unless Taiwan seriously addresses this issue, its reputation will be | :10:26. | :10:30. | |
marred, regardless of how much fishing nets bring in. And before we | :10:31. | :10:39. | |
go, here is news just in. China's inflation rate coming in higher than | :10:40. | :10:42. | |
expected at 2.5% in the month of May. Exhilarating from 1.8% in | :10:43. | :10:46. | |
April, and marking the highest figure in four months. Currently | :10:47. | :10:50. | |
this is having an impact on Asian markets. Japan is currently in | :10:51. | :10:55. | |
negative territory by 39 points. Thank you for investing your time | :10:56. | :11:11. | |
with us. Sport today is up next. The top stories this hour. Just days | :11:12. | :11:14. | |
before the World Cup there's been more violence on the streets of | :11:15. | :11:18. | |
Brazil ` but a subway strike in Sao | :11:19. | :11:19. |