Browse content similar to 18/02/2016. 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. | :00:14. | |
A huge drop in profits and worries about China. Why is the boss of | :00:15. | :00:31. | |
Caplan upbeat? And does flight mode now means staying connected? Good | :00:32. | :00:39. | |
morning Asia and hello world. Glad you could join us for Asia Business | :00:40. | :00:46. | |
Report. We start off with the real estate market and the head of one of | :00:47. | :00:52. | |
Asia's largest companies, Singapore's Capital Land saying he | :00:53. | :00:58. | |
is optimistic for 2016 despite the slowing of China. They have posted a | :00:59. | :01:03. | |
near 40% fall in their fourth-quarter numbers compared to | :01:04. | :01:08. | |
their year ago numbers and get its chief executive says its growth | :01:09. | :01:19. | |
forecast remains positive -- yet. Despite the slowdown, we expect | :01:20. | :01:23. | |
China to continue to grow at about 615%. There is a major change now in | :01:24. | :01:29. | |
the composition of the overall GDP of the economy in that the focus is | :01:30. | :01:38. | |
less on export and more on consumption. And consumption is | :01:39. | :01:46. | |
growing in China. In our specific sector, we are looking at, for | :01:47. | :01:51. | |
example, retail consumption which has grown. It is still growing in | :01:52. | :01:59. | |
the double digits and we continue to enjoy high growth. In the case of | :02:00. | :02:08. | |
the residential property sector, the government has been putting in | :02:09. | :02:15. | |
policies that are encouraging homeownership insofar as people who | :02:16. | :02:21. | |
are purchasing their first home or upgrading will be supported. It will | :02:22. | :02:29. | |
underpin some of the real demand for property. What about how the | :02:30. | :02:33. | |
authorities have been managing this situation? Not just the economy but | :02:34. | :02:38. | |
the sharp falls we have seen in the stock markets? I think the stock | :02:39. | :02:41. | |
market volatility is something that none of us want to see, including | :02:42. | :02:45. | |
the Chinese authority. From what I can gather from all the different | :02:46. | :02:51. | |
speeches made by the people responsible for looking after the | :02:52. | :02:55. | |
economic sector, they are also very clear that they're learning from | :02:56. | :02:58. | |
this whole experience. Going forward, I think there will be a lot | :02:59. | :03:03. | |
more preparation in terms of dealing with this disruption in volatility | :03:04. | :03:11. | |
in the market. In other business news making headlines, Japan's | :03:12. | :03:15. | |
exports have fallen for a fourth month in a row. This January they | :03:16. | :03:21. | |
were 12.9% lower than January last year. The data also revealed Japan | :03:22. | :03:26. | |
is importing less. The situation is worse than forecast and confirms the | :03:27. | :03:30. | |
economy is still showing signs of weakness amid concerns of the global | :03:31. | :03:33. | |
economic slump and in particular, slowing growth in the mainland. | :03:34. | :03:41. | |
Those concerns are reflected in the freshly released minutes from | :03:42. | :03:44. | |
January's US central bank meeting. They show that members considered | :03:45. | :03:52. | |
changing course in terms of raising rates for 2016. The decision to hike | :03:53. | :03:58. | |
the cost of borrowing was made in December. Venezuela has devalued its | :03:59. | :04:04. | |
currency and massively it -- back raised the cost of fuel. The | :04:05. | :04:12. | |
exchange rate will be simple five and the cost of petrol which was | :04:13. | :04:15. | |
practically free in the oil-producing country will increase | :04:16. | :04:20. | |
the first time in 20 years. As of Friday, the cost of gasoline will | :04:21. | :04:32. | |
increase more than 6000%. For a long time Australia got rich on the back | :04:33. | :04:35. | |
of the mining boom but the collapse in global commodity prices have left | :04:36. | :04:38. | |
the government struggling to balance its books. The price of coal has | :04:39. | :04:43. | |
jumped by 60% over the last five years. Australian coal exports to | :04:44. | :04:53. | |
China are down by 25% over the past year, reflecting a slowdown in the | :04:54. | :04:57. | |
Chinese economy to which Australia is so strongly tied. Now we go to | :04:58. | :05:09. | |
our correspondent. Dawn in central Queensland. Ground Zero for | :05:10. | :05:15. | |
Australia's: history. The state has some of the largest coal reserves | :05:16. | :05:18. | |
and was at the bottom of the country's mining boom -- coal. It is | :05:19. | :05:24. | |
a boom at which hasn't gone bust yet but which these days is certainly | :05:25. | :05:27. | |
providing a lot less bang for the buck. Coal continues to be pulled | :05:28. | :05:34. | |
out of the ground here in Queensland on a massive scale but such has been | :05:35. | :05:40. | |
the fall in the price of the product that many of the big mines are | :05:41. | :05:50. | |
struggling to turn a profit. That has hit mining communities like this | :05:51. | :05:54. | |
one hard. Nearly everyone here is connected to the coal industry but | :05:55. | :05:58. | |
wages have been cut and jobs have been lost. I'm not quite sure where | :05:59. | :06:05. | |
boom and bust originated from but it certainly is cemented into the | :06:06. | :06:09. | |
mining industry in particular. We do need to work towards sustainability | :06:10. | :06:16. | |
and more consistency. And this town has definitely not seen that. These | :06:17. | :06:20. | |
houses don't look to flash but during the boom when miners were | :06:21. | :06:26. | |
flushed with cash, this small, nondescript town had some of the | :06:27. | :06:31. | |
most expensive real estate in all of Queensland. But in the last few | :06:32. | :06:37. | |
years, many people have left and property prices have dropped by as | :06:38. | :06:42. | |
much as 70%. The town is starting to struggle now because of the impact | :06:43. | :06:46. | |
from the mines. You don't have the money to spend around the town. I'm | :06:47. | :06:51. | |
always concerned about my family in the community's future. Hopefully it | :06:52. | :06:56. | |
will come back. Always live in hope. We hope we will see a flattening and | :06:57. | :07:00. | |
general increase in demand, but there is always that worry. | :07:01. | :07:05. | |
Australia's coal reserves are not going to run out anytime soon but | :07:06. | :07:09. | |
digging it up is one thing. Selling it for profit is another. Tomorrow | :07:10. | :07:21. | |
we hear about Australia's boom in agricultural investment as Asia's | :07:22. | :07:25. | |
middle classes demand more high-quality food. Over the weekend | :07:26. | :07:29. | |
you can get a look at how Australia is repositioning itself in the new | :07:30. | :07:35. | |
global economy on Talking Business at these times. Anyone who has used | :07:36. | :07:41. | |
the Internet on a plane may have had a less than favourable experience. | :07:42. | :07:45. | |
Low-speed, delays in loading, dropped connections, and all at a | :07:46. | :07:51. | |
significantly higher cost than what can be purchased on the ground. Is | :07:52. | :07:55. | |
there a future where we will all be surfing at 30,000 feet? We have | :07:56. | :08:01. | |
details from the Singapore air show. We have all had those moments | :08:02. | :08:05. | |
where we desperately need to send an e-mail or two before we get onto our | :08:06. | :08:08. | |
flight and switch off our phones and laptops. That that is now changing. | :08:09. | :08:16. | |
-- but. It was on multimillion dollar debts like this one that the | :08:17. | :08:20. | |
idea of Wi-Fi was first pioneered and that is because the owners were | :08:21. | :08:23. | |
the only ones who could afford it that technological advances mean | :08:24. | :08:26. | |
that now commercial aviation can adopt it as well. By 2023, | :08:27. | :08:34. | |
commercial aircraft with high-speed broadband communications are | :08:35. | :08:41. | |
expected to reach more than 13,000 but passengers have had mostly | :08:42. | :08:43. | |
negative experiences so far and the economics of it means that we saw | :08:44. | :08:49. | |
headlines like passengers stung with $1200 bills or the crazy economics | :08:50. | :08:54. | |
of in-flight Wi-Fi. Some airlines have also complained that they are | :08:55. | :08:58. | |
not making money from the service. So does it still makes financial | :08:59. | :09:03. | |
sense for airlines to install it? This company is one of the biggest | :09:04. | :09:08. | |
makers of aircraft Wi-Fi equipment. It has a 20 year deal with a | :09:09. | :09:14. | |
satellite provider to build a new global network for aircraft which | :09:15. | :09:16. | |
they say will transform rapid connectivity. If you can imagine | :09:17. | :09:23. | |
flying across the ocean, not dropping a signal, having the | :09:24. | :09:27. | |
ability to actually stream video, it is a completely different parameter | :09:28. | :09:31. | |
of customer experience that has never been touched before. Carriers | :09:32. | :09:38. | |
here at the Singapore air show are keen to show they're investing in | :09:39. | :09:41. | |
this type of technology to keep ahead of the competition. Indonesia | :09:42. | :09:46. | |
says first and business class passengers don't have to pay for | :09:47. | :09:50. | |
onboard Wi-Fi and that in economy it is about $25 for 20 hours of use. | :09:51. | :09:57. | |
But you after member that airlines will have different types of | :09:58. | :10:01. | |
networks as well as price data plans because ultimately they all have | :10:02. | :10:07. | |
different bottom lines. And over the last few minutes we have heard from | :10:08. | :10:12. | |
China on their inflation numbers. The CBI measure of inflation, say it | :10:13. | :10:25. | |
has risen to 1.8% which is less than expected. Thank you for spending | :10:26. | :10:29. | |
your time with us and goodbye for now. | :10:30. | :10:35. |