Browse content similar to 03/11/2015. Check below for episodes and series from the same categories and more!
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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:16. | |
China unveils its first home-grown passenger jet, how will it compete | :00:17. | :00:23. | |
globally? Desperate farmers in Indonesia try to end the drought the | :00:24. | :00:34. | |
old-fashioned way. Good morning, Asia. That you could join us for | :00:35. | :00:40. | |
Asia Business Report. I am Rico Hizon. China's first passenger | :00:41. | :00:45. | |
airliner has rolled off the assembly line. It is a narrow body jet that | :00:46. | :00:54. | |
can seat 168 passengers. It is similar in size to the Airbus A320 | :00:55. | :00:58. | |
and the Boeing 737. It could still be several years until it enters | :00:59. | :01:04. | |
service but will it be able to compete with the European and | :01:05. | :01:08. | |
American rivals? Earlier, I asked these questions to a member of happy | :01:09. | :01:19. | |
knack flight Global. Right now, China purchases a large percentage | :01:20. | :01:25. | |
of American and European aircraft. This won't take a dent out of Boeing | :01:26. | :01:33. | |
and Airbus's books,... There will surely be room in the Chinese | :01:34. | :01:37. | |
industry, because this initiative is led by the Chinese government, so | :01:38. | :01:41. | |
they will be a signing these aircraft are the major carriers. | :01:42. | :01:47. | |
Yes, all the Chinese airlines will be running this aircraft, but the | :01:48. | :01:53. | |
question will be how efficient it will be, will it be as good as its | :01:54. | :02:01. | |
rivals? This will only be rolled out in 2019, and by that time, in terms | :02:02. | :02:06. | |
of tech ology and innovation, Airbus and Boeing will be way ahead of | :02:07. | :02:10. | |
them. Airbus and Boeing move incrementally as well, but they will | :02:11. | :02:13. | |
have very competitive product at that time. The 2019 date is also not | :02:14. | :02:19. | |
a fixed date, there are a lot of issues the Chinese will have to deal | :02:20. | :02:24. | |
with to get this off the ground. Systems integration, ensuring safety | :02:25. | :02:28. | |
and getting it certified. This is just the beginning, we are nowhere | :02:29. | :02:33. | |
near the end. In other business news, US regulators have found that | :02:34. | :02:38. | |
more Volkswagen made cars, including Porsche and Audi were fitted with | :02:39. | :02:44. | |
devices designed to cheat emissions tests. VW has already admitted that | :02:45. | :02:49. | |
the 11 million cars had the so-called defeat device. A US | :02:50. | :02:52. | |
investigation is under way and affecting at least 10,000 more cars | :02:53. | :03:01. | |
from 2015-2016. Search giant Google will be launching its own delivery | :03:02. | :03:07. | |
service in two years. Other online retailers like Amazon and Alibaba | :03:08. | :03:13. | |
are experimenting with this. Google has announced its plan to return to | :03:14. | :03:16. | |
China after leaving the market five years ago due to government | :03:17. | :03:22. | |
censorship. Austria's central bank holds the key interest rate meeting | :03:23. | :03:25. | |
today, and another carcass on the table. The reserve bank's last move | :03:26. | :03:30. | |
was in May, when it reduced the cash rate to 2%. It has been cautious | :03:31. | :03:34. | |
ever since, with inflation at key concern. How will that factor in | :03:35. | :03:42. | |
today's decision? I was speaking to a representative from HSBC in Sydney | :03:43. | :03:46. | |
saying there is a good chance the RBA would make a cut. The economic | :03:47. | :03:51. | |
regulator has looked reasonable, with great looking like it is | :03:52. | :03:53. | |
lifting into the third quarter this year. The RBA themselves have said | :03:54. | :04:01. | |
that they expect GDP to lift in the third quarter. The question is | :04:02. | :04:05. | |
whether there is enough rope in the economy to get the unemployment rate | :04:06. | :04:08. | |
falling, and whether we have enough growth to keep inflation on target. | :04:09. | :04:15. | |
On that front it is a little... It hasn't really started to fall, | :04:16. | :04:19. | |
unemployment, but it has not been falling. Last week, we were told | :04:20. | :04:25. | |
that inflation is running at a low level. We think on balance the RBA | :04:26. | :04:29. | |
will be more worried about inflation, potentially undershooting | :04:30. | :04:32. | |
their target even though growth is lifting. We think that means we will | :04:33. | :04:42. | |
see a cut. While financial analysts place their bets on whether the RBA | :04:43. | :04:45. | |
will cut interest rates today, the rest of the country will be getting | :04:46. | :04:49. | |
on the nation's best-known and most prestigious horse race, the | :04:50. | :04:58. | |
Melbourne happy knack cup. It is the biggest betting day in Australia. I | :04:59. | :05:07. | |
spoke to be CEO of one of the largest betting agencies in the | :05:08. | :05:15. | |
country. The Melbourne Cup close to 163 countries, and in Asia we will | :05:16. | :05:22. | |
see customers betting about 100 million Hong Kong dollars, we will | :05:23. | :05:30. | |
see Singapore also betting on the customers -- customers in Singapore | :05:31. | :05:38. | |
betting. A famous Japanese horse is running, so there will be a lot of | :05:39. | :05:43. | |
money that in Japan as well. Who are the favourites? Fame Game will be | :05:44. | :05:53. | |
hard to beat, but my money is on Are Trip to Paris. Heavy rain in some | :05:54. | :06:02. | |
parts of Indonesia has significantly reduced the number of peatland fires | :06:03. | :06:07. | |
that have enveloped much of South East Asia in a thick haze. But Rice | :06:08. | :06:11. | |
producing areas are still suffering from a severe drought. Farmers are | :06:12. | :06:14. | |
desperate for rain. Let us pray that rain comes and | :06:15. | :06:27. | |
washes our sorrows away, chunk of the women of this village in central | :06:28. | :06:33. | |
Java. After months of severe drought they are hoping the gods will be | :06:34. | :06:38. | |
moved by this rainmaking ritual. TRANSLATION: This is about | :06:39. | :06:41. | |
communicating with God in order for rain to be sent by God. After the | :06:42. | :06:51. | |
mock battle the community eats rice together. At this time of year they | :06:52. | :06:54. | |
should be planting their paddy fields. TRANSLATION: All the land in | :06:55. | :07:01. | |
the village is dry and uncultivated. We are waiting for the rain to come | :07:02. | :07:04. | |
then we will start to plant out paddy fields. Agriculture accounts | :07:05. | :07:10. | |
for nearly 40% of Indonesia's gross domestic product. More than half of | :07:11. | :07:15. | |
poor households in Indonesia live off the land. Due to the drought, | :07:16. | :07:19. | |
this man says he is thinking about selling his soil to make Rex. | :07:20. | :07:26. | |
TRANSLATION: This year, the dry season has been very long, we are | :07:27. | :07:32. | |
already preparing our rice seeds. These are the conditions we have | :07:33. | :07:39. | |
without water -- bricks. Where water is available, people wait in line to | :07:40. | :07:43. | |
get it. Relief is meant to be on its way with rain is predicted to fall | :07:44. | :07:50. | |
next month. But the World Bank says due to failed crops caused by this | :07:51. | :07:52. | |
drought, the price of rice could rise by 10%, hitting the poor the | :07:53. | :07:58. | |
hardest. This would put pressure on President Joko Widodo, who has made | :07:59. | :08:01. | |
poverty reduction a key target. In China, the so-called peer-to-peer | :08:02. | :08:10. | |
lending industry has grown substantially. It allows you to lend | :08:11. | :08:16. | |
directly to an individual and bid against others to establish the | :08:17. | :08:20. | |
interest rate. Companies that facilitate this are now in direct | :08:21. | :08:25. | |
competition with banks. So, why is one company seeking to expand with | :08:26. | :08:28. | |
backing from a major bank and how will regulators react? If you look | :08:29. | :08:38. | |
at what has been happening lately, not just in finance but with | :08:39. | :08:48. | |
companies like Uber, Airbnb, it is a concept of shared economy. Resources | :08:49. | :08:54. | |
are limited and we have to learn how to share. Peer-to-peer lending is | :08:55. | :09:02. | |
still in its infancy and is quite unregulated in China. If authorities | :09:03. | :09:07. | |
decide to tighten the screws, your company should face significant | :09:08. | :09:14. | |
challenges. We are often asked questions about what might happen, | :09:15. | :09:19. | |
and we try to tailor that to our ability. We try to limit the | :09:20. | :09:24. | |
business model... I think the best thing that could happen to our | :09:25. | :09:28. | |
industry is to have regulations. Essentially your company falls under | :09:29. | :09:33. | |
shadow finances? We fall under non- banking financial transactions. I | :09:34. | :09:39. | |
was discussing earlier how the word shadow means that the transactions | :09:40. | :09:46. | |
are not on the credit bill of China, but it does not mean they are | :09:47. | :09:52. | |
illegal. They are 100% legal. A bank, when it gets a customer it has | :09:53. | :09:58. | |
to register its actions, or guarantee companies won't be able to | :09:59. | :10:02. | |
tell. That is an industrywide problem, so we want to be able to | :10:03. | :10:10. | |
put our data on the register and access other people's data. That is | :10:11. | :10:15. | |
how we will all end up doing a good job in debt management. If you would | :10:16. | :10:24. | |
like to follow us on social media, we are on Twitter. Thank you for | :10:25. | :10:30. | |
investing your time with us, I'm Rico Hizon. | :10:31. | :10:40. | |
The Russian aviation authority says it's too early to speculate what | :10:41. | :10:45. | |
caused a plane to crash in Egypt on Saturday, | :10:46. | :10:48. |