Browse content similar to 07/12/2015. Check below for episodes and series from the same categories and more!
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Many people have had to be rescued from their homes in Cumbria | :00:00. | :00:00. | |
and Lancashire, while hospitals have had to cancel operations and | :00:00. | :00:07. | |
Now on BBC News, all the latest business news, live from Singapore. | :00:08. | :00:17. | |
A new warning about emerging markets and how they will cope with the rise | :00:18. | :00:23. | |
in interest rates in the US. A bitter pill or a promising cure. We | :00:24. | :00:28. | |
look at how online pharmacies are shaking up the industry in India. | :00:29. | :00:40. | |
Welcome to the programme. Emerging markets will be at risk from an | :00:41. | :00:45. | |
eventual interest rate rise in the US. That is the warning from the | :00:46. | :00:50. | |
bank of International settlements, which says that 2016 could be a bad | :00:51. | :00:54. | |
year for those markets, even worse than two years ago when the US | :00:55. | :00:58. | |
Federal Reserve said it would stop dumping money into the economy. With | :00:59. | :01:01. | |
new data last Friday showing more data -- more jobs were created than | :01:02. | :01:06. | |
expected in the US, many believe the federal reserve will raise interest | :01:07. | :01:10. | |
rates when it meets on December 16. We can take a look at those | :01:11. | :01:14. | |
markets. They rallied in the US, increasing 2% on the close on | :01:15. | :01:19. | |
Friday. And Asian markets are also making strong gains. The Hong Kong | :01:20. | :01:26. | |
market is about to open but we have already seen gains in Tokyo and | :01:27. | :01:33. | |
Australia, although that is now retreating from what we saw earlier. | :01:34. | :01:38. | |
From Sydney, we can speak to Michael McCarthy. | :01:39. | :01:42. | |
We are seeing this very positive start for Asian markets with these | :01:43. | :01:50. | |
rallies, but will these markets be as audience if and when the Federal | :01:51. | :01:55. | |
Reserve do eventually raise interest rates? The job numbers that we saw | :01:56. | :02:00. | |
on Friday are pointing clearly to an increase. The buying that was done | :02:01. | :02:05. | |
on Friday night and is occurring in the Asia-Pacific region is in full | :02:06. | :02:09. | |
knowledge that it is almost certain US rates will rise on December 16, | :02:10. | :02:13. | |
and while volatility in the markets is likely to continue, it is quite | :02:14. | :02:18. | |
clear that at this stage at least investors are taking on the positive | :02:19. | :02:23. | |
news, the increase in jobs and the revision upwards of the October | :02:24. | :02:28. | |
data. That means the economy in the US is not only recovering but the | :02:29. | :02:33. | |
pace of recovery is increasing and that is good for the global economy | :02:34. | :02:37. | |
and for companies in general. It is not likely to be a single day | :02:38. | :02:42. | |
phenomenon. You said that much of the anticipation of a rate rise in | :02:43. | :02:46. | |
the US has already been factored in but we saw this report saying that | :02:47. | :02:51. | |
emerging markets will be quite badly hit once those rates start heading | :02:52. | :02:56. | |
up. Is this something that we should be worried about? The idea that | :02:57. | :03:01. | |
rising US interest rates could attract global investment flows that | :03:02. | :03:06. | |
the US is not new or controversial but because it is not new, we have | :03:07. | :03:11. | |
already seen a lot of potential adjustments to a higher US interest | :03:12. | :03:15. | |
rate market being made. That weakness that we have seen across, | :03:16. | :03:20. | |
emerging markets this year is a direct reflection of investors | :03:21. | :03:25. | |
adjusting to that ahead of the fact. Markets look to price the future, | :03:26. | :03:29. | |
not what is happening today. The world is very different from 2011 | :03:30. | :03:33. | |
and 2012 and the situation of economies like Russia, Brazil and | :03:34. | :03:38. | |
China are very different, so I would be very careful about any analysis | :03:39. | :03:42. | |
that makes a blanket call for countries like that. Last week, we | :03:43. | :03:48. | |
saw OPEC decided to continue with their output and that keeps oil | :03:49. | :03:53. | |
prices low. We are seeing some impact in Australian markets with | :03:54. | :03:57. | |
energy stocks. How will this affect the global economy and commodity | :03:58. | :04:04. | |
remind economies like Australia? --, did his reliance. -- commodity | :04:05. | :04:14. | |
reliant. Oil prices affect many economies in this region but the | :04:15. | :04:20. | |
clear issue is that OPEC is broken and the Saudis, the biggest | :04:21. | :04:27. | |
producers, are pushing that. If they can find a way for it to come back | :04:28. | :04:32. | |
together, we could see Titan is returning to the oil market. -- | :04:33. | :04:38. | |
things return to normal in the oil market. | :04:39. | :04:44. | |
A Chinese bank is trying to list on the stock exchange again this year | :04:45. | :04:49. | |
for the second time... Regulators in Europe are extending | :04:50. | :04:59. | |
trade protections aimed at helping European solar power manufactures | :05:00. | :05:04. | |
compete against cheaper products from China. The protections had been | :05:05. | :05:09. | |
in place for two years and were due to expire on Monday. | :05:10. | :05:13. | |
As the world works towards a binding framework for emissions reductions | :05:14. | :05:19. | |
in Paris, climate change is having an impact not just on the | :05:20. | :05:25. | |
environment but also on trade. Melting ice in the Arctic offers the | :05:26. | :05:28. | |
potential for new shipping routes. At a climate change exhibition in | :05:29. | :05:32. | |
Singapore, I asked the Norwegian ambassador about the outlook. | :05:33. | :05:37. | |
Global climate change is happening twice as fast in the Arctic as | :05:38. | :05:43. | |
otherwise globally. The ice is melting. It also gives opportunity | :05:44. | :05:49. | |
like new shipping routes and a new north-eastern shipping route and | :05:50. | :05:54. | |
north-west shipping route. In the long-term perspective, these will be | :05:55. | :06:02. | |
near impossible routes for ships globally. In the short-term | :06:03. | :06:07. | |
perspective, I don't think there will be any kind of competition to | :06:08. | :06:12. | |
the present shipping routes, to the Suez Canal. But it will also open up | :06:13. | :06:18. | |
for Asian countries to become more involved. Surely be opening up of | :06:19. | :06:23. | |
the Arctic shipping routes will impact this part of the world, | :06:24. | :06:28. | |
particularly countries like Singapore, which is a huge shipping | :06:29. | :06:33. | |
hub. The Straits of Malacca and the Suez Canal as well. Is this a | :06:34. | :06:38. | |
threat? On the opposite side. We see this as a very long-term | :06:39. | :06:44. | |
development. There are different ice conditions on both of the shipping | :06:45. | :06:50. | |
routes, the north-east and north-west, so we do not think this | :06:51. | :06:56. | |
is an issue for the next 20 years. And what about the concerns over the | :06:57. | :07:00. | |
environment as well as displacing many of the communities in the | :07:01. | :07:05. | |
region? For most of the Arctic people, shipping, oil and gas | :07:06. | :07:12. | |
production and other kinds of economic entity would be positive. | :07:13. | :07:19. | |
-- activity. It would create jobs and it would create engagement. We | :07:20. | :07:24. | |
would look at the increased engagement from Asian countries as | :07:25. | :07:28. | |
very positive, not as a threat to the Arctic. | :07:29. | :07:35. | |
A BBC investigation earlier this year found how easy it is to | :07:36. | :07:39. | |
purchase prescription drugs over the counter in India. It is an industry | :07:40. | :07:44. | |
that is under pressure as online only pharmacies are drawing more and | :07:45. | :07:49. | |
more customers away from traditional shops. | :07:50. | :07:57. | |
A one-day strike at 850,000 of India's pharmacies. The demand is a | :07:58. | :08:06. | |
ban on websites selling medicines online. TRANSLATION: Online firms | :08:07. | :08:16. | |
can buy medicines in bulk directly from large pharmaceutical companies | :08:17. | :08:19. | |
at huge discounts. We cannot match those prices. The bigger issue is | :08:20. | :08:24. | |
that India does not have a law to regulate online sales yet. This is | :08:25. | :08:30. | |
one start-up sending medicines online. It does not stop any drugs | :08:31. | :08:33. | |
itself, linking up with pharmacies to fulfil orders. It says more price | :08:34. | :08:38. | |
transparency means the consumer wins, with no risk to safety. In my | :08:39. | :08:47. | |
company, we have 35 pharmacists who check the prescription and eight | :08:48. | :08:50. | |
senior pharmacist who validated before we go to the third party, | :08:51. | :08:53. | |
which is the chemist. And the chemist has his own pharmacist which | :08:54. | :08:57. | |
again looks at the prescription before dispensing it. The local | :08:58. | :09:01. | |
neighbourhood chemist is something most Indians have grown up with and | :09:02. | :09:05. | |
you really have to go far to find one. But you can see the appeal of | :09:06. | :09:10. | |
the new services. It is quite easy to buy medicine online. Go to the | :09:11. | :09:14. | |
website, it global prescription and once it is approved, pay for it. | :09:15. | :09:20. | |
That is especially appealing if you are sick. With over-the-counter | :09:21. | :09:25. | |
drugs on the High Street worth $12 billion per year, it is no wonder | :09:26. | :09:29. | |
that online and offline businesses are fighting over it. We went to | :09:30. | :09:32. | |
more than half a dozen pharmacies in Delhi... Problems in India's | :09:33. | :09:39. | |
pharmacy sector were highlighted by the panorama programme earlier this | :09:40. | :09:42. | |
year, which found it was easy to buy prescription drugs, including | :09:43. | :09:44. | |
antibiotics, without having a prescription. The government is now | :09:45. | :09:51. | |
exploring how to better regulate the sale of medicines and whether | :09:52. | :09:58. | |
pharmacies need to face up to the modern reality of e-commerce is | :09:59. | :10:00. | |
something regulators are also bound to look at. | :10:01. | :10:05. | |
And a quick look at the markets before we go to stop we are starting | :10:06. | :10:12. | |
to see those gains as Asian markets take their choose from the strong | :10:13. | :10:18. | |
closure on Wall Street on Friday, which was down to the | :10:19. | :10:24. | |
better-than-expected US jobs report. In Australia, energy stocks are | :10:25. | :10:27. | |
being sold off after OPEC maintained its output. That is it for now. | :10:28. | :10:32. | |
Thank you for | :10:33. | :10:34. |