27/06/2014 Asia Business Report


27/06/2014

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children, aged from five to 75. Now on BBC News, all the latest

:00:00.:00:07.

business news live from Singapore. UK discount retailer Primark is

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investigating allegations that its clothes were using Chinese slave

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labour. And, defeating the deflation, Japan's interest rates

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rise at their fastest pace for more than 30 years. Welcome to Asia

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Business Report. Shoppers are rarely forced to think too hard about

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whether clothes are coming from, but that is not the case for one shopper

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in Northern Ireland who discovered what she described as "a cry for

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help" from a Chinese prison worker in a pair of pants that she bought.

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Karen bought these shorts from prime mark several years ago, but had

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never worn them. It was only last week when she discovered the note

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inside a pocket `` Primark. I didn't know what thing, it was a sign to

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help, it said SOS at the top, I called my partner and showed him. I

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was shocked. It was attached to a prison ID card. The note says that

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his job is to produce fashion clothes for export. They work 15

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hours a day and the food they get wouldn't be fit for dogs or pigs. A

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spokesperson for Primark said that since 2009, when the trousers were

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last sold, nine inspections of the supplier...

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The trousers cost no more than ?10, but it has made Karen think about

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who could have made them. I have never heard, or even thought of

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where my clothes would have come from, or anything like that. That

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they could have been made that way, from people treated like dogs, that

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is not nice. Primark says they have a code of conduct to ensure the

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well`being of all workers in its supply chain, and has begun an

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investigation. I spoke to our Shanghai correspondent earlier, and

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asked if such case was `` such cases were common in China. China has

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abolished re`education through labour camps, they closed at the end

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of last year. They were the camps where people were held, often for up

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to four years without any proper legal trial. You can be sent there

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on the decision of a local police bureau, and they have closed. And,

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there have been scandals in the past about products from those types of

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detention camps, making it into the international supply chain. What it

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looks like we are talking about here is a proper prison, if you like, and

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in China it isn't uncommon for these prisons to be producing goods to put

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the inmates to work. To be earning money for the prison and for

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themselves. International companies will be working hard, Primark says

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it does but, to make sure the goods from these kinds of places doesn't

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enter its stores. The difficulty is often third`party suppliers, and

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those contractors that send a workout elsewhere. That may be what

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has happened here `` send the work out. If it turns out that this note

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is genuine, that is deeply concerning. Japan's consumer prices

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rose at their fastest pace in over three decades last month, a sign

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that the Japanese prime minister is making headway is in his fight

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against inflation. Inflation was 3.4% in May, following an increase

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in nationwide sales taxes, but household spending fell by 8%, more

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than expected. Earlier, I asked a market strategist for his take on

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the figures. They were in line with estimates, and what you can draw out

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of them is that if you take with a consumption tax, if it wasn't

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happening, then you can be of the conclusion that it is slowing down

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inflation at 1.4%, for the last month, it was 1.5%. The other bit of

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that data that you haven't seen yet, household spending has been

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impacted severely by the tax. It dropped 8% year`on`year. That is

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another part. That is in the data we were looking for this month, maybe

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they need to slow it down. It is a good thing to see they are moving

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forward, but a lot of people will question, in the market side,

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whether they are doing enough. And, the Prime Minister is trying his

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hardest to do that, the results we saw from the date on Wednesday was a

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good step in the right direction. The issue is whether the market will

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let them, over the two years, whether it will take 3`4 years. What

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you are saying is that the sales tax is artificially boosting, but it is

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an aberration really. Yes. In terms of what the Japanese prime ministers

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doing, you said with those reforms that he announced this week, has

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there been evidence that what he has been doing has worked? It comes

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after his first and second arrows, as well, the stimulus, the monetary

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policy, et cetera. Will this work in the long`term? Policy reforms, no

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matter what country you look at, take a long time to filter through.

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In Japan, it takes even longer again. The jury is still out on that

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effect. There is no doubt that there has been bottom`up swelling of

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euphoria feelings, that things are getting better in Japan, you can see

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that in the market, reflected by the fact the currency had a 52%

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appreciation last year. There are suggestions he is doing the right

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thing, you have the Bank of Japan stimulating the economy. The core

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part of your question is whether regenerates inflation, the jury is

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out. If you look at what has gone on in the third in the US, they are

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struggling to make inflation. In other business news, shares of Nike

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jumped 3% in the US trade, after it reported better`than`expected

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profits. The world 's largest sportswear maker saw the net income

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rise to several hundred million dollars in the three months to raise

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`` three months to May. That beat estimates. It follows strong sales

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in America and Europe ahead of the World Cup. Sales of go pro cameras

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surged by more than 30% on the first day of the trade in the US. Sports

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enthusiasm `` sports enthusiasts use them to do their sporting

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activities. They managed to raise more than $400 million from the

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oversubscribed share sales. After months of speculation, Chinese

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commerce giant Ali Baba says it will list on the US stock exchange, the

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move rivals NASDAQ. It is expected to be the largest public offering

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for a tech company. A Chinese National audit has recovered more

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than $15 billion of loans, tied to illegal gold transactions. They

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stretch back to 2012 and involves 25 billion processing companies, that

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looks at changes in foreign exchange fluctuations. `` 25 bullion. In the

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next decade, India's billionaire count is expected to double, and

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many of the country 's superrich are expected to be from the financial

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capital mum by. `` our correspondent met some of the

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country 's entrepreneurs to find out about their ambitions `` Mumbai.

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Young India is in the fast lane. This man is 27, and ever since he

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graduated five years ago, he started one company per year. Among his

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ventures is this Harley`Davidson franchise. The only one in the city.

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He has had the financial support of his family. But, he is aiming to

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make his own mark. He is trying to achieve his own goals, but is

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realistic that not all goes to plan. I want to be the youngest

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billionaire in India, the oldest one was 31. I am aiming for 30. I think

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that will be possible. You never know, there are four years left,

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right? India has a larger population, more than any part of

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the country, the youngsters here in this city, they are the first

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exposed to this technology `` new technology and new ideas. It is

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known for entrepreneurial spirit and it is a culture that buys early on.

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This man started up his first company when he was 16. `` bites. At

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19, he is still yet to graduated, he has started six ventures already.

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Right now in India, there is amazing potential. It has grown faster than

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anyone has ever seen, anywhere. This confidence to take on the world has

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come with India's rapid rise over the past decade. Even though growth

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has slowed over the past couple of years, people like them believe that

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India still has miles to go and they want to make sure that they are

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riding along as it tries to make its way towards economic success.

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Of course, you can find out more about the rise of the super rich on

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our online special report. Go to the website.

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A quick look at the Asian markets now, they are mostly all over here

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at the moment, `` all lower. That is it for this edition, thank you for

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watching. Hello again, this is BBC News. The

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top stories this hour. A Sudanese woman ` sentenced to death for

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renouncing Islam ` has been freed for the second time. Speaking to the

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BBC, she said she remains a Christian. The White House says

:10:52.:10:54.

President Obama is asking the US Congress for 500 million dollars to

:10:55.:10:55.

train

:10:56.:10:57.

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