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passengers. Time for the latest business news. | :00:00. | :00:15. | |
Budget day for India. Will the new government deliver on promises to | :00:16. | :00:23. | |
reform the economy? Both candidates claim victory in | :00:24. | :00:27. | |
Indonesia's presidential election, with results due out in two weeks. | :00:28. | :00:38. | |
Welcome to Asia Business Report. India's new government will be in | :00:39. | :00:43. | |
the spotlight later today when it reveals its first budget. There will | :00:44. | :00:53. | |
be a lot to look out for. We are at joint from Delhi. Some are calling | :00:54. | :01:00. | |
this a budget of hope, others say it is the most crucial since 1991. What | :01:01. | :01:11. | |
could be some of the features? It is bright and early in Delhi. | :01:12. | :01:14. | |
That building behind me, that is the Indian parliament. In three hours, | :01:15. | :01:20. | |
we will hear the Finance Minister begin to deliver his budget speech. | :01:21. | :01:25. | |
They have taken over power at a difficult time for the Indian | :01:26. | :01:29. | |
economy. That is something that is being reflected in the newspaper | :01:30. | :01:33. | |
today. This is the most widely read newspaper in India. It looks as if | :01:34. | :01:37. | |
footballers factory making the headlines as well. If you look | :01:38. | :01:43. | |
closely, that is the Finance Minister's head on the body of a | :01:44. | :01:49. | |
footballer. Something he has to tackle is low growth, inflation and | :01:50. | :01:56. | |
poor rain. People will be expecting to hear a concrete plan on how he | :01:57. | :02:01. | |
plans to fix the economy. That is the promise on which the government | :02:02. | :02:05. | |
was voted to power less than two months ago. People will be waiting | :02:06. | :02:09. | |
to hear the details, to really see how they plan to do that. | :02:10. | :02:16. | |
And they plan to focus on jobs particularly in the manufacturing | :02:17. | :02:22. | |
and infrastructure sector. That is right. They are expected to | :02:23. | :02:32. | |
boost manufacturing. One of the things that businesses and all the | :02:33. | :02:35. | |
people we have been speaking to over the past few weeks want to see is a | :02:36. | :02:42. | |
single tax. India has several layers of taxation. If you are running a | :02:43. | :02:50. | |
factory, you might have to pay 20 ` 30 different taxes. That makes | :02:51. | :02:52. | |
running any business really cumbersome. What has been proposed | :02:53. | :03:00. | |
is a central tax across India. The previous government was not able to | :03:01. | :03:05. | |
set out a roadmap for it. Businesses are hoping that they see a concrete | :03:06. | :03:13. | |
plan for this to be put in place. Analysts are expecting that given | :03:14. | :03:17. | |
the government has won with such a strong majority, perhaps some of the | :03:18. | :03:20. | |
tough decisions to actually fix the economy, to fix the amount the | :03:21. | :03:25. | |
country is spending, that is something we might see. | :03:26. | :03:31. | |
The Indian economy and the Indian government also has to address its | :03:32. | :03:37. | |
battered government finances. Everyone is also looking for reforms | :03:38. | :03:47. | |
in terms of cutting subsidies. Exactly. India's finances have not | :03:48. | :03:51. | |
been in order for a while. India spends a lot of money on subsidies. | :03:52. | :03:58. | |
A lot of that on fuel. India imports about 70% of the oil it needs. That | :03:59. | :04:04. | |
makes it cheaper for its people, but that the bill is being courted by | :04:05. | :04:07. | |
the government. It is something gets into cannot afford. Even though it | :04:08. | :04:15. | |
might be an unpopular decision to reduce the subsidy, analysts are | :04:16. | :04:20. | |
hoping the government might be able to do that. Indonesia is in its | :04:21. | :04:26. | |
tightest election that will for presidency since the end of | :04:27. | :04:38. | |
authoritarian rule. `` for the role of. Quick counts by pollsters give | :04:39. | :04:45. | |
the mayor of the car to a slim lead over his rival. `` Governor of | :04:46. | :04:50. | |
Jakarta. I asked what the result means for the country's business | :04:51. | :04:54. | |
environment. Uncertainty is what foreign investments `` investors are | :04:55. | :05:11. | |
looking for `` certainty. They are looking for something much more | :05:12. | :05:15. | |
certain, much more pro`business. The concern among investors will be this | :05:16. | :05:23. | |
disputed result, which could push out that transition. It could upset | :05:24. | :05:30. | |
the timetable. Upset the timetable for economic reforms moving forward. | :05:31. | :05:36. | |
If the results are not accepted by either candidate, this could lead to | :05:37. | :05:39. | |
a further cloud of uncertainty on the economy, which has been slowing | :05:40. | :05:45. | |
down since last year. The river close Indonesia watchers will be | :05:46. | :05:51. | |
looking forward to analysing who is going to populate the economic | :05:52. | :05:54. | |
ministries inside the next government. That should be starting | :05:55. | :06:00. | |
now, rather than the husband over who is going to be president. Those | :06:01. | :06:07. | |
decisions, and the groups who surround them, are going to set the | :06:08. | :06:14. | |
chart for the next Administration. And of course, your claims want to | :06:15. | :06:20. | |
really find out, is this a time to stay on or is it time to go to the | :06:21. | :06:24. | |
sidelines for a move out of the country? There has been a lot of | :06:25. | :06:32. | |
speculation about the position on economic nationalism or a | :06:33. | :06:39. | |
technocratic approach. I actually do not think there is much between | :06:40. | :06:46. | |
them, in all honesty. If we get the new president, he has surrounded | :06:47. | :06:50. | |
himself with most of the country's vested interests. They will have a | :06:51. | :06:58. | |
drag on the form. Equally, with the incumbent, the party supporting him | :06:59. | :07:04. | |
is heavily populated with their own vested interests. Key sectors like | :07:05. | :07:13. | |
mining or resources. That is going to have an impact on policy. | :07:14. | :07:23. | |
China chalked up a 60% rise in trade surplus in the month of June to $31 | :07:24. | :07:27. | |
billion. The latest numbers also show the rise in imports and | :07:28. | :07:30. | |
exports, signalling continued strength in the world's | :07:31. | :07:34. | |
second`largest economy. The vast amount of foreign trade is done in | :07:35. | :07:39. | |
US dollars. But it is forecast at 30% will be in its currency. Earlier | :07:40. | :07:47. | |
I spoke to someone from HSBC and asked what this means for the ease | :07:48. | :07:53. | |
with which the country's currency can be converted into other | :07:54. | :07:58. | |
currency. Our prediction is it will be fully convertible around three | :07:59. | :08:06. | |
years. The nature of it becoming convertible is one of the factors of | :08:07. | :08:11. | |
the trade settlement. What difference will use in its mean for | :08:12. | :08:18. | |
China's trade figures? The issue for suppliers and buyers that trade with | :08:19. | :08:23. | |
China is by adopting the currency, it means it is easier for people to | :08:24. | :08:29. | |
build long`term, sustainable relationships with their | :08:30. | :08:32. | |
counterpart. What a server has said is of the companies surveyed, 47% of | :08:33. | :08:36. | |
companies believe there is a financial benefit to trading. Such | :08:37. | :08:44. | |
as price discounts. 49% also believe there is a relationship that in | :08:45. | :08:50. | |
using it as a trade currency as opposed to an alternative. What do | :08:51. | :08:55. | |
they mean by relationship benefit? Making it easier for them to win | :08:56. | :08:59. | |
business in China. They see themselves as being differentiated | :09:00. | :09:04. | |
from other buyers or suppliers in the industry who are trying to trade | :09:05. | :09:07. | |
with China. There may be only trade in the euro or US dollar. Cities | :09:08. | :09:16. | |
across Asia are facing the largest sustained population migration in | :09:17. | :09:26. | |
human history. We went to speak to Microsoft, which has developed | :09:27. | :09:28. | |
software being used to help create safer and more efficient cities. | :09:29. | :09:35. | |
The transformations and technology are providing more opportunity. As | :09:36. | :09:38. | |
with a pet cloud cover mobile, big data, the new things as this can do | :09:39. | :09:44. | |
will have a dramatic impact on citizens. This is about putting | :09:45. | :09:49. | |
people first. It is about providing solutions that create jobs and more | :09:50. | :09:53. | |
sustainable cities. And you have some examples about providing | :09:54. | :09:56. | |
technology to realise situations. We have so many examples, but I want to | :09:57. | :10:01. | |
share a view. One of them is around public safety. We have a partner | :10:02. | :10:07. | |
based in New Zealand, looking at social media in terms of the safety | :10:08. | :10:13. | |
of a city. Having a constant pulse and what has been happening in the | :10:14. | :10:20. | |
cities. We are seeing this technology getting deployed in | :10:21. | :10:25. | |
public safety and for other applications. Social media is having | :10:26. | :10:29. | |
a dramatic impact on how governments create a more sustainable and | :10:30. | :10:32. | |
exciting city. They give are watching. | :10:33. | :10:35. | |
`` thank you for. Here are the headlines: Gaza's | :10:36. | :10:46. | |
deadly conflict is still escalating. A second day of missile | :10:47. | :10:52. | |
and rocket attacks on Israel and Palestinians lead to at least 60 | :10:53. | :10:53. |