Browse content similar to 22/01/2016. 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. | :00:15. | |
Oil dominates discussions as China's president visits the Middle | :00:16. | :00:20. | |
East. We ask what he hopes to achieve. How businesses are trying | :00:21. | :00:26. | |
to revamp the way tea is consumed in India. Welcome to Asia Business | :00:27. | :00:39. | |
Report. China's president Xi Jinping is on a five-day trip to the Middle | :00:40. | :00:44. | |
East and relations with his country's oil suppliers are high on | :00:45. | :00:48. | |
the agenda. He is already visited Saudi Arabia which is China's | :00:49. | :00:53. | |
biggest oil supplier and she is also headed to Iran which is the fifth | :00:54. | :00:57. | |
largest exporter of oil to China. Let's take a look at where oil | :00:58. | :01:00. | |
prices are right now, because they have been trading over $29 a barrel | :01:01. | :01:07. | |
and this has reversed some of the recent lows we have seen over the | :01:08. | :01:11. | |
last few weeks. Earlier I asked an oil analyst what he stands to gain? | :01:12. | :01:21. | |
If you look at these two economies, Saudi Arabia and Iran as producers, | :01:22. | :01:26. | |
a supply more than 25% of China's oil so although China has | :01:27. | :01:30. | |
traditionally had a strategy to diversify its oil supplies within | :01:31. | :01:34. | |
the Middle East, there are two of the top suppliers. At the same time, | :01:35. | :01:39. | |
it is a perfect opportunity not to antagonize Saudi Arabia at a time | :01:40. | :01:41. | |
when around is returning to the global scene. -- Iran. This would be | :01:42. | :01:48. | |
a great opportunity for Saudi Arabia to create an outlet, and four I ran | :01:49. | :01:54. | |
in China which is their biggest market and that which is expected to | :01:55. | :02:02. | |
grow the most. You mentioned that relationship and it is very tenuous, | :02:03. | :02:09. | |
it is rife with tension, between the Saudis and the Iranians. What are | :02:10. | :02:18. | |
the odds that OPEC cuts production this year to try to boost prices | :02:19. | :02:23. | |
which are at historic close? The first thing we need to see is the | :02:24. | :02:26. | |
declining US production because that is the ultimate objective of the | :02:27. | :02:35. | |
Saudi strategy in OPEC. To produce that will. So as soon as we see a | :02:36. | :02:39. | |
significant drop, and by that, I mean half a million barrels per day | :02:40. | :02:43. | |
in total of US production, then Saudi can come back and say that the | :02:44. | :02:48. | |
strategy had worked. They kicked out whatever they could in the market in | :02:49. | :02:54. | |
terms of non- OPEC production and at the same time, by the middle of this | :02:55. | :02:58. | |
year, according to the international energy agency, we should see an | :02:59. | :03:04. | |
output of 6000 barrels per day from Iran. They will be much more | :03:05. | :03:07. | |
comfortable in their total output and at that point in the second half | :03:08. | :03:11. | |
of this year, towards the end of this year, there could be talks | :03:12. | :03:17. | |
within OPEC, independent of the tensions that happen bilaterally | :03:18. | :03:20. | |
between Saudi Arabia and Iran that could allow the organisation to | :03:21. | :03:25. | |
redesign individual quotas and cut. This week China revealed its economy | :03:26. | :03:29. | |
had hit the slowest pace of growth for a quarter of a century. After | :03:30. | :03:33. | |
years of rapid economic development, how can the government | :03:34. | :03:37. | |
achieve more sustainable expansion? It is a hot topic at the World | :03:38. | :03:48. | |
Economic Forum in Davos where our correspondent spoke to the national | :03:49. | :03:53. | |
treasury secretary. I think they have tough challenges to meet and | :03:54. | :03:56. | |
policies that would make a difference. The question is whether | :03:57. | :04:00. | |
they stick to them and that is something that takes political | :04:01. | :04:03. | |
leadership. They know the policies they need to have in place. Do you | :04:04. | :04:07. | |
think they're trying to gain an unfair vantage with their currency | :04:08. | :04:12. | |
devaluation? I think they are in a very challenging position because | :04:13. | :04:14. | |
after a long period of being fixed to the dollar, we're seeing a | :04:15. | :04:20. | |
strengthening dollar make them less competitive in other countries than | :04:21. | :04:27. | |
they would have been otherwise. Crime to maintain parity to the | :04:28. | :04:33. | |
dollar and other currencies is challenging -- trying. Doing it in a | :04:34. | :04:38. | |
way that is not communicated clearly is confusing. People are scared | :04:39. | :04:42. | |
because of the way they have done it, not because they're try to | :04:43. | :04:44. | |
manage through different set of policy choices that the we have to | :04:45. | :04:54. | |
communicate our policies clearly -- that we have. We have to communicate | :04:55. | :05:00. | |
our policies clearly and get our policies right. European and US | :05:01. | :05:05. | |
stocks have rallied after the European Central Bank chief | :05:06. | :05:07. | |
suggested the ECB is willing to offer more stimulus at its next | :05:08. | :05:12. | |
meeting in March. He cited a significant change in economic | :05:13. | :05:14. | |
conditions with oil prices plunging and pushing inflation lower. GM has | :05:15. | :05:23. | |
opened its first Cadillac factory in China to target the country's | :05:24. | :05:28. | |
growing but crowded luxury car market. The joint venture with | :05:29. | :05:32. | |
Shanghai Automotive Industries will be able to produce 160,000 vehicles | :05:33. | :05:38. | |
per year. China is the fastest growing auto market but sales have | :05:39. | :05:45. | |
slowed in the last year. T is India's most widely consumed | :05:46. | :05:48. | |
beverage but it is usually drunk at home or bought from small roadside | :05:49. | :05:53. | |
tea stalls -- tea. Coffee dominates the country's cafes and now some | :05:54. | :05:58. | |
entrepreneurs are trying to give tea a makeover by reinventing how it is | :05:59. | :06:04. | |
consumed and sold. Now we go to our correspondent. A bubbling pot of | :06:05. | :06:11. | |
tea. That is what most Indians wake up to each morning but the humble | :06:12. | :06:14. | |
tea may now be making a journey towards rediscovery. This tea room | :06:15. | :06:22. | |
in Mumbai Indians one of many restaurants that have come about | :06:23. | :06:26. | |
recently which centred around tea. In a country where this is virtually | :06:27. | :06:30. | |
the national drink, it has taken a long time for tea houses to come | :06:31. | :06:36. | |
about. People do not realise the commercial value of tea because of | :06:37. | :06:40. | |
the massive availability. Be produced close to 118 million kilos | :06:41. | :06:47. | |
of tea. People call it a poor man's drink, everyone has it to start | :06:48. | :06:52. | |
their day, and nobody marketed it like coffee was done earlier. When | :06:53. | :06:59. | |
I'm craving a cup of tea, like many other Indians, this is the kind of | :07:00. | :07:02. | |
place I would normally come to where it is normally served in these small | :07:03. | :07:08. | |
glass cups. This has a charm of its own, but if you wanted to sit away | :07:09. | :07:13. | |
from the heat and the noise, perhaps working on your laptop, you are | :07:14. | :07:17. | |
virtually forced to have a cup of coffee because so far, you couldn't | :07:18. | :07:21. | |
get a wide variety of good tea options in a cafe kind of setting. | :07:22. | :07:27. | |
That is what this man is hoping to change. He's trying to build places | :07:28. | :07:30. | |
that give you the same environment as a coffee shop but serving tea | :07:31. | :07:38. | |
instead. Founded three years ago, he has more than a dozen stores in | :07:39. | :07:42. | |
Delhi and Mumbai and is expanding rapidly, hoping to reach as many as | :07:43. | :07:45. | |
a thousand outlets in the next three years. What coffee is to the West, | :07:46. | :07:51. | |
tea is to this country. It is a requirement for a good place to sit | :07:52. | :07:55. | |
and for the daily cup of tea that you are drinking anyway. For | :07:56. | :08:05. | |
India's tea entrepreneurs, the challenge will be brewing something | :08:06. | :08:09. | |
new and different yet with a taste that is familiar. Returning to our | :08:10. | :08:18. | |
coverage of the World Economic Forum that is taking place in Davos, there | :08:19. | :08:27. | |
are many successful entrepreneurs attending but how effective are | :08:28. | :08:28. | |
these business tycoons when attending but how effective are | :08:29. | :08:32. | |
to giving back? Now we go to our correspondent. One of the | :08:33. | :08:36. | |
overarching themes of the World Economic Forum here in Davos is how | :08:37. | :08:40. | |
the countries of the world can best benefit from philanthropy. Here | :08:41. | :08:45. | |
billionaires and charities can rub shoulders but can they establish | :08:46. | :08:51. | |
common goals? So, a big effort for the next few years is how we find a | :08:52. | :08:54. | |
language to talk to each other so we are very clear about who is doing | :08:55. | :08:58. | |
what, how we measure it and how we really understand not only outcomes | :08:59. | :09:10. | |
but motives. Cabral's top 27 philanthropic organizations spend | :09:11. | :09:10. | |
some $15 billion world's. Of that about two thirds | :09:11. | :09:10. | |
goes towards global there is a geographic mismatch. Of | :09:11. | :09:22. | |
the top 27, only two are from outside North America and Europe. Is | :09:23. | :09:27. | |
it now time for the culture of philanthropy to extend to emerging | :09:28. | :09:32. | |
markets? Does the idea of giving back need to be planted at a young | :09:33. | :09:36. | |
age? In countries where the practice is less established? I get really | :09:37. | :09:42. | |
annoyed and frustrated that people think you have got to have a lot of | :09:43. | :09:45. | |
money before you can become a philanthropist or become | :09:46. | :09:51. | |
charitable. A child can be exposed to her role model of a parent or a | :09:52. | :09:57. | |
teacher and volunteer their time. So philanthropy must be carved into all | :09:58. | :10:03. | |
parts of the community here at the World Economic Forum and not just | :10:04. | :10:05. | |
remain the preserve of a small band of billionaires. And before we go | :10:06. | :10:16. | |
let's have a look at the markets. They are all rallying this Friday, | :10:17. | :10:20. | |
reversing those huge losses we saw on Wednesday, especially the Nikkei | :10:21. | :10:27. | |
and Hang Seng. That is mainly because of all the promising | :10:28. | :10:32. | |
economic stimulus from Europe and the central Bank of Japan. That is | :10:33. | :10:33. | |
all for this edition. In the US a state of emergency has | :10:34. | :10:38. | |
been declared in the capital and across several states as an | :10:39. | :10:44. | |
historic snow blizzard approaches. Russia has warned that a British | :10:45. | :10:50. | |
inquiry which found that | :10:51. | :10:53. |