Browse content similar to 11/07/2014. Check below for episodes and series from the same categories and more!
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Cable said the price was the best that could be achieved. Now on BBC | :00:00. | :00:00. | |
News, all the latest business news live from Singapore. | :00:00. | :00:11. | |
India's new government delivers its first Budget, reaction from the | :00:12. | :00:19. | |
financial capital is next. Japan looks to a Pacific nation to secure | :00:20. | :00:30. | |
important energy supplies. Thank you for joining us on Asia Business | :00:31. | :00:38. | |
Report. I'm Rico Hizon. India's new government delivers its first | :00:39. | :00:40. | |
Budget, reaction from the financial capital is next. India's new | :00:41. | :00:45. | |
government is promising to bring back higher economic growth with its | :00:46. | :00:48. | |
first Budget, but the reaction has been mixed. Some were disappointed | :00:49. | :00:51. | |
that a number of key issues were ignored, and others thought it was a | :00:52. | :00:54. | |
pragmatic Budget. The new administration had indicated that | :00:55. | :00:57. | |
tough measures had to be in place to help the Indian economy gets back on | :00:58. | :01:01. | |
track. We're now joined by our correspondent. Shilpa, is the Budget | :01:02. | :01:14. | |
the bitter medicine that the Finance Minister and Narendra Modi had said | :01:15. | :01:21. | |
it would be? This morning's newspapers have been kind. The | :01:22. | :01:25. | |
verdict is that it was a cautious start. Industrial leaders we spoke | :01:26. | :01:31. | |
to yesterday were disappointed. They said it was a missed opportunity, | :01:32. | :01:35. | |
because the electoral mandate was so strong, they had the leeway to do a | :01:36. | :01:40. | |
good job here. They haven't done a bad job, it is not strong enough. | :01:41. | :01:51. | |
Nothing was a big bang, there were no fireworks or subsidy cuts. What | :01:52. | :01:59. | |
about foreign investors, what is in it for them? One was a policy | :02:00. | :02:03. | |
introduced by the previous government, which has hit local | :02:04. | :02:05. | |
taxpayers, including Vodafone, which was hit by a tax bill | :02:06. | :02:08. | |
retrospectively, which made many foreign investors cautious about | :02:09. | :02:13. | |
putting money here. This controversial law has been blamed | :02:14. | :02:16. | |
for choking investment pipelines into India, and so he made a strong | :02:17. | :02:19. | |
statement saying that they would not support any retrospective amendment, | :02:20. | :02:26. | |
but did not repeal the law. Many analysts are saying that this is | :02:27. | :02:29. | |
good enough to get started with, and that the Foreign Minister will look | :02:30. | :02:38. | |
at the market again. What are experts saying in India? The economy | :02:39. | :02:42. | |
has been expanding below 5% over the past several quarters, could it at | :02:43. | :02:44. | |
least improve the economic fundamentals going forward? | :02:45. | :02:54. | |
Absolutely. It was meant to be a Budget to revive growth, and | :02:55. | :02:58. | |
kickstart the recovery, while the country is in the worst economic | :02:59. | :03:03. | |
state in a decade. While there were many good intentions, much debated | :03:04. | :03:09. | |
goods and services taxes will be discussed, they will iron out the | :03:10. | :03:15. | |
differences, introduce it next year. Bringing down the fiscal deficit, | :03:16. | :03:19. | |
building more manufacturing zones, creating more jobs. We didn't see it | :03:20. | :03:25. | |
any actual roadmap. We didn't see a plan in place. So a lot of people | :03:26. | :03:29. | |
are talking about, yes, it is all good intentions, but how will he | :03:30. | :03:34. | |
achieve this? How will he bring down the fiscal deficit? India has a huge | :03:35. | :03:40. | |
subsidy burden for things like food, fuel, and fertiliser. It is about | :03:41. | :03:44. | |
$40 billion, and another that has been cut. He said there has be more | :03:45. | :03:49. | |
effective, but there are no actual cuts. Thank you for joining us. | :03:50. | :03:59. | |
Meanwhile, for the first time in nearly three decades, Papua New | :04:00. | :04:03. | |
Guinea is playing host to a Prime Minister from Japan. He is looking | :04:04. | :04:06. | |
to shore up Japan's future energy supplies, and Papua New Guinea is | :04:07. | :04:09. | |
becoming a big provider of natural gas. And while the future of | :04:10. | :04:14. | |
Japan's 50 nuclear facilities remained undecided, finding | :04:15. | :04:21. | |
alternative sources is a priority. They rely on the south`east Asian | :04:22. | :04:27. | |
nation for their energy needs. I spoke to a correspondent from | :04:28. | :04:30. | |
Sydney, and asked him what makes Papua New Guinea an attractive | :04:31. | :04:32. | |
provider. They have extensive resources, and they have proved they | :04:33. | :04:35. | |
might just take the first step in tapping them. It is quite clear that | :04:36. | :04:46. | |
popular New Guinea will be an important player in the region for | :04:47. | :04:52. | |
many years to come. A key player in deed, but should foreign investors | :04:53. | :04:55. | |
be concerned about the security situation in the nation, and the | :04:56. | :04:58. | |
corruption case involving the Prime Minister of the country? There are | :04:59. | :05:01. | |
certainly risks involved in being in Papua New Guinea, and investing in | :05:02. | :05:03. | |
large infrastructure projects there, but a lot has been learned in recent | :05:04. | :05:06. | |
years, where environmental concerns and failure to include landowners in | :05:07. | :05:09. | |
the benefits have meant that projects have been shut down. These | :05:10. | :05:19. | |
lessons are fresh in the minds of investors, and in the minds of the | :05:20. | :05:22. | |
government, and while there is turmoil at the moment, the value | :05:23. | :05:25. | |
that could be released through these projects is so large that many are | :05:26. | :05:33. | |
willing to take the risk. Michael McCarthy. When it comes to doing | :05:34. | :05:42. | |
business and forcing changes, it can be quite difficult. Even harder when | :05:43. | :05:45. | |
the people you work with are your relatives. In this latest part of | :05:46. | :05:48. | |
our family business series, we take you to Taiwan, and a firm which is | :05:49. | :05:58. | |
reinventing itself. For more than a century, this woman's family has | :05:59. | :06:05. | |
been making calligraphy brushes. Their skills and knowledge are the | :06:06. | :06:08. | |
best types of family business branding. This man is the fourth | :06:09. | :06:11. | |
generation in the business, and he was not going to do things the way | :06:12. | :06:14. | |
his parents, grandparents and great grandparents did. Take a closer | :06:15. | :06:24. | |
look. Some of the shelves display not calligraphy but cosmetic | :06:25. | :06:27. | |
brushes. Using their expertise in hair, they now sell more than a 100 | :06:28. | :06:31. | |
types of brushes for cosmetics as well. We have just written the | :06:32. | :06:48. | |
Chinese characters for BBC. Yes. Why did you decide to transform the | :06:49. | :06:51. | |
business from strictly calligraphy into one that makes cosmetic | :06:52. | :07:00. | |
brushes? TRANSLATION: It was in 2008, I was working in sales in the | :07:01. | :07:06. | |
family business, and I noticed that deliveries had declined, and passed | :07:07. | :07:09. | |
by a nail salon and noticed how fine the nail brushes were. I thought | :07:10. | :07:12. | |
that we could make brushes as fine as that. I didn't tell my elders, I | :07:13. | :07:21. | |
secretly asked my brush making Master to make one. When my | :07:22. | :07:25. | |
grandfather found out, he thought it was good quality, and that it was a | :07:26. | :07:31. | |
good idea. Despite getting tacet approval from his elders, he faced | :07:32. | :07:34. | |
other challenges. He had to convince customers that his company could | :07:35. | :07:37. | |
make great brushes, not just for calligraphy, but for makeup. He also | :07:38. | :07:40. | |
had to source new materials, and market his product in a different | :07:41. | :07:48. | |
way, including online. Taiwan's's economy is made up of many | :07:49. | :07:51. | |
family`run companies. This store is an example of how, in recent years, | :07:52. | :07:54. | |
many of these businesses had transformed in order to keep running | :07:55. | :08:05. | |
for generations to come. Their hard work has paid off. Revenue has | :08:06. | :08:08. | |
increased, and the company is increasingly known for the makeup | :08:09. | :08:10. | |
side of the business, which now makes up 70% of all revenue. But he | :08:11. | :08:17. | |
has no plans to abandon the roots of the family business. He wants people | :08:18. | :08:20. | |
to continue to appreciate calligraphy, but if they come to him | :08:21. | :08:23. | |
first for makeup brushes, that is just good business. Coming up, don't | :08:24. | :08:37. | |
miss Talking Business. Our host will be talking about the music industry. | :08:38. | :08:44. | |
It has come a long way since the money was made from selling records. | :08:45. | :08:49. | |
It is all about downloading, live performances, and music streaming. | :08:50. | :08:54. | |
So what is the new business model for those working in industry? Here | :08:55. | :08:57. | |
is the founder of the Black Eyed Peas. It has been a big change. Back | :08:58. | :09:05. | |
in the day, we had to prove ourselves to the record companies, | :09:06. | :09:07. | |
that our music was tangible, because in LA, it was predominantly gangster | :09:08. | :09:10. | |
music, and we were not tangible enough. We would shop our demos to | :09:11. | :09:25. | |
Interscope, Sony, we had to prove ourselves. Back then, I don't want | :09:26. | :09:30. | |
to reveal my age, but there was no e`mail or Facebook, no Twitter, and | :09:31. | :09:35. | |
so we had to create a mailing list. But nowadays, artists have more | :09:36. | :09:37. | |
avenues to present their music, through YouTube and Instagram and | :09:38. | :09:40. | |
other social media sites, and so there has been a big difference. | :09:41. | :09:56. | |
More of that interview on the programme. | :09:57. | :10:02. | |
Before we go, a quick look at the markets. Asian stocks are mostly in | :10:03. | :10:10. | |
negative territory, in mid morning trade, after concerns about the | :10:11. | :10:16. | |
financial health of Portugal's top listed rank. Investors are also | :10:17. | :10:21. | |
anxious about the US earnings season and a spate of disappointing | :10:22. | :10:27. | |
economic data globally. Have a great World Cup weekend, everyone. | :10:28. | :10:30. | |
Argentina versus Germany on Sunday. Goodbye for now. | :10:31. | :10:44. | |
The top stories sour: as the conflict between Israel and the | :10:45. | :10:51. | |
Palestinians escalates, a ceasefire is being discussed. Germany will | :10:52. | :10:58. | |
expel a top CIA official from the country in a row over | :10:59. | :11:00. |