Browse content similar to 03/07/2014. Check below for episodes and series from the same categories and more!
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that over 150,000 victims in the UK. Time for the latest business news, | :00:00. | :00:00. | |
live from Singapore. China's president heads for South | :00:00. | :00:17. | |
Korea. Will the two sides finally agree to a trade deal? India is | :00:18. | :00:24. | |
taking steps to combat food waste caused by improper storage and | :00:25. | :00:31. | |
transport. Welcome to Asia Business Report. The economic relationship | :00:32. | :00:38. | |
between South Korea and China is likely to be high on the agenda when | :00:39. | :00:43. | |
the Chinese president, Xi Jinping, touches down in Seoul today. Trade | :00:44. | :00:51. | |
between the two countries tops $270 billion annually. Foreign investment | :00:52. | :00:56. | |
is about a quarter of that, at $57 billion. The two sides have been in | :00:57. | :00:59. | |
talks about a bilateral free trade agreement, so what is the likelihood | :01:00. | :01:05. | |
of that passing through the trip? I posed that question earlier. From | :01:06. | :01:11. | |
South Korea's perspective, getting a free trade agreement done with China | :01:12. | :01:17. | |
is a top priority. The US has been trying to get South Korea to join a | :01:18. | :01:23. | |
multilateral trade agreement with the US and China, but the president | :01:24. | :01:29. | |
he has made it clear that China will happen first. Both sides have had | :01:30. | :01:33. | |
about a dozen meetings and are coming close to a deal. I think that | :01:34. | :01:37. | |
is part of what they are looking forward to pushing towards in this | :01:38. | :01:44. | |
visit. Much has been made of President Xi Jinping visiting the | :01:45. | :01:50. | |
South head of the North, a break with tradition. How much assisted | :01:51. | :01:54. | |
with business links? Business links are getting more and more | :01:55. | :01:57. | |
important, as you mentioned. South Korea is one of the most important | :01:58. | :02:01. | |
trading partners with China, and the reverse is even more true. From | :02:02. | :02:09. | |
China's perspective, South Korea is the destination for many exports. | :02:10. | :02:15. | |
From China's perspective, as you know, North Korea is, it is not what | :02:16. | :02:23. | |
it used to be, and certainly from Beijing's perspective, we see South | :02:24. | :02:27. | |
Korea as being more important. That is something they want to court and | :02:28. | :02:31. | |
encouraged. President will be accompanied by a delegation of some | :02:32. | :02:39. | |
100 Chinese businessmen. What kind of deals are you expecting to come | :02:40. | :02:43. | |
out of this? The President will be spending a lot of his Friday | :02:44. | :02:48. | |
afternoon at and investment forum. We have already seen a battery | :02:49. | :02:56. | |
making company within LG group, they have announced they will be opening | :02:57. | :02:59. | |
another battery factory in China over the next year or so. Those are | :03:00. | :03:04. | |
the sort of agreements that both sides want to see. Samsung | :03:05. | :03:06. | |
electronics, the big smartphone maker, they have the plans as well | :03:07. | :03:13. | |
to make connections in China. A lot of that foreign investment you are | :03:14. | :03:18. | |
going to see, and that is really the sort of Thais they want to | :03:19. | :03:23. | |
strengthen. Rare earth elements played a crucial role in the | :03:24. | :03:28. | |
manufacture of of modern electronics, but getting them out of | :03:29. | :03:31. | |
the ground and processing them can be risky. An Australian company has | :03:32. | :03:33. | |
a rare earth processing facility in Malaysia, but it struggles to | :03:34. | :03:39. | |
contain local protests over potential environmental and health | :03:40. | :03:43. | |
impacts. Despite the controversy, it plans to move its headquarters to | :03:44. | :03:47. | |
Malaysia from Australia. Earlier, I asked Jennifer Pak would lead to | :03:48. | :03:53. | |
that decision? This is part of a bigger plan for them to cut cost per | :03:54. | :03:57. | |
of moving their headquarters to Malaysia. They said they would be | :03:58. | :04:02. | |
cutting some jobs, mainly contract positions. Also, they are looking to | :04:03. | :04:09. | |
renegotiate supply contract as well. They have been facing a very tough | :04:10. | :04:13. | |
two years, because rare earth metals, although very precious, | :04:14. | :04:17. | |
their prices have dropped significantly. More importantly, | :04:18. | :04:19. | |
they haven't been able to boost their output up to capacity here at | :04:20. | :04:25. | |
the Malaysia planned, because of various reasons. One of them being | :04:26. | :04:29. | |
the various protest from environmental activist as well as | :04:30. | :04:33. | |
residents, against the company. Has there been any reaction from those | :04:34. | :04:37. | |
environmental protests as well as the residents, in terms of his big | :04:38. | :04:43. | |
boot they are making? They see the move as probably, there is a mixed | :04:44. | :04:51. | |
sign, that the company are showing sign, that the company are showing | :04:52. | :04:56. | |
they are here to stay. Perhaps to show to invest as they are | :04:57. | :05:00. | |
confident, they will be able to get a licence renewal, which activists | :05:01. | :05:03. | |
say will be coming up shortly. Activists say it might the better | :05:04. | :05:10. | |
that they are here, if their executives here it might be easier | :05:11. | :05:14. | |
to lobby them. We have to remember why people are so against the | :05:15. | :05:17. | |
company being here in setting up the refinery. Rare earth, despite its | :05:18. | :05:21. | |
name, is not very rare to mind. But it is a very dirty and messy process | :05:22. | :05:27. | |
to refine, and much of that has been left up to China up until now. In | :05:28. | :05:32. | |
Malaysia, this has been one of the first companies to try to break | :05:33. | :05:39. | |
China's chokehold. Malaysian airlines may possibly be taking | :05:40. | :05:45. | |
private by its largest investment firm. It owns about 70% of the | :05:46. | :05:52. | |
company and is reportedly looking for different ways to fix its | :05:53. | :05:56. | |
fortunes. It has been losing money for several years, and finances have | :05:57. | :06:01. | |
worsened since the disappearance of flight MH370 in March. French | :06:02. | :06:06. | |
carmaker Peugeot plans to build its fifth factory in China. It has two | :06:07. | :06:10. | |
joint ventures in the country, one with its new shareholder, and one | :06:11. | :06:18. | |
with another Chinese company. The factory will produce an additional | :06:19. | :06:22. | |
300,000 vehicles per year starting from 2016. Facebook is buying a | :06:23. | :06:27. | |
video advertising technology company. The social network did not | :06:28. | :06:34. | |
disclose how much they paid, but the move reflects its desire to attract | :06:35. | :06:37. | |
more advertising money online and away from television. LiveRail | :06:38. | :06:42. | |
creates online video ads for companies like Major league | :06:43. | :06:49. | |
baseball, and ABC. India is the world's second`largest grower of | :06:50. | :06:51. | |
fruit and vegetables after China, but by some estimates they say 14% | :06:52. | :06:58. | |
of all fresh food produced in India is wasted because it rots before it | :06:59. | :07:03. | |
can get to customers. A major cause is the lack of cold storage and | :07:04. | :07:08. | |
investment. As part of our series on global food wastage, we look at what | :07:09. | :07:11. | |
is being done to try to tackle the problem. | :07:12. | :07:17. | |
This is one of Asia's largest wholesale markets. It is in the | :07:18. | :07:24. | |
Indian capital. Truckloads of produce a here every day to be | :07:25. | :07:28. | |
auctioned and sold at the best prices. This man has driven eight | :07:29. | :07:36. | |
hours from a village in a neighbouring state, bringing his | :07:37. | :07:41. | |
harvest of potatoes. It is a long trip that might earn him as much as | :07:42. | :07:48. | |
$3000. But he says he has no other choice. TRANSLATION: Once we harvest | :07:49. | :07:53. | |
our vegetables, we just don't know what to do with them. We need to | :07:54. | :07:57. | |
sell them fast or they are just going to rot. We don't have large | :07:58. | :08:02. | |
markets in the village, so I have to pay for them to be transported all | :08:03. | :08:09. | |
the way to Delhi. More food is brought here than ever before to | :08:10. | :08:14. | |
feed India's hungry cities. But conditions here haven't really | :08:15. | :08:16. | |
changed in the last few decades. This reflects one of the biggest | :08:17. | :08:24. | |
threats to India's food security. Improper storage means that nearly | :08:25. | :08:28. | |
14% of what the country produces perishes before even reaching | :08:29. | :08:34. | |
consumers. Despite being the world's second`largest grower of | :08:35. | :08:37. | |
fruits and vegetables, India throws away fresh produce worth about $7 | :08:38. | :08:46. | |
billion every year. This is one solution, India has just over 6000 | :08:47. | :08:51. | |
are still it is like this. Only a fraction of what it actually needs. | :08:52. | :08:57. | |
Providing technology for climate controlled warehouses is proving to | :08:58. | :09:02. | |
be a good business for companies. The price of milk per litre | :09:03. | :09:07. | |
potentially could go down by 20 to 40% if wastage was reduced. For | :09:08. | :09:12. | |
fruit and vegetables, prices could be halved potentially, so for a | :09:13. | :09:17. | |
country, as I said earlier, of 1.2 billion people, if you can bring | :09:18. | :09:21. | |
down pricing it is good for everyone. India's inability to keep | :09:22. | :09:27. | |
much of what it produces edible means many are left hungry. Unless | :09:28. | :09:33. | |
India invests in modern warehouses and cool trucks, or perhaps tempting | :09:34. | :09:41. | |
foreign retail giants to make the investment for them, the problems of | :09:42. | :09:46. | |
hunger and high food prices will only get worse. | :09:47. | :09:52. | |
Little change with Asian shares, that a flat at the open. Some are | :09:53. | :09:58. | |
gaining, the ASX mainly taking its cues from the record close on Wall | :09:59. | :10:08. | |
Street. All eyes to date on the crucial decision, and the June | :10:09. | :10:13. | |
payrolls report keeping investors fairly cautious in Asia. A record | :10:14. | :10:23. | |
close, but a short week for Wall Street, which will be closed for the | :10:24. | :10:26. | |
Independence Day celebrations on Friday. Thank you for watching. | :10:27. | :10:36. | |
Our top stories: There have been violent clashes in East Jerusalem | :10:37. | :10:43. | |
over the killing of a Palestinian teenager. Many fear it was a revenge | :10:44. | :10:47. | |
attack for the killing of three young | :10:48. | :10:48. |