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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:14. | |
It has been weeks off back and forth but finally Sharp will be taken | :00:15. | :00:27. | |
over. As part deal closes up shop in the UK, what does it mean for the | :00:28. | :00:32. | |
Indian company's global business? -- as Tata Steel closes up. | :00:33. | :00:38. | |
Welcome to Asia Business Report. It is a deal that has been a longtime | :00:39. | :00:47. | |
in the making and Taiwan's fox commonwealth takeover Japan's | :00:48. | :00:52. | |
struggling economics giant Sharp. -- Foxcom. The tag is to be 3.5 million | :00:53. | :01:02. | |
dollars, US, $900 million less than offered one month ago. That was | :01:03. | :01:06. | |
before more details were revealed about Sharp's debt. Earlier I spoke | :01:07. | :01:14. | |
to somebody from the KU has been following the negotiations. -- from | :01:15. | :01:21. | |
Nikkei. This deal marks a juncture in Foxcom's as you will of | :01:22. | :01:31. | |
revenues. There is a faltering global issue and I do believe... | :01:32. | :01:45. | |
INAUDIBLE. Yes, this is a way forward for both companies and it | :01:46. | :01:48. | |
will be interesting to see what they are going to do in their joint | :01:49. | :01:55. | |
collaboration in the future. Indeed. There have been many reports | :01:56. | :01:59. | |
about wholesale management changes at Sharp once Foxcom takes over. | :02:00. | :02:03. | |
What do you think their plans are for the company? Will they keep it | :02:04. | :02:07. | |
as the group as it is now, or sell bits of? Basically Foxcom said it is | :02:08. | :02:19. | |
investing in Sharp strategically, although Foxcom is taking control of | :02:20. | :02:24. | |
Sharp. I believe Foxcom will apply its operational efficiency on Sharp | :02:25. | :02:28. | |
so that Sharp can become more popular in the future and then | :02:29. | :02:35. | |
Foxcom can jumpstart the brand and secure more orders in the mobile | :02:36. | :02:40. | |
gadget market. Is the key for Foxcom the consumer brand of Sharp? It is | :02:41. | :02:48. | |
actually one of the parts of what Foxcom is after. Basically it is | :02:49. | :02:59. | |
looking to transition from a contract manufacturer into a brand | :03:00. | :03:05. | |
business. At the same time, Foxcom was to depend on Sharp's business. | :03:06. | :03:12. | |
So it will see if it can get more orders and also try to secure more | :03:13. | :03:20. | |
orders from other smartphone brands. In other news, some of China's | :03:21. | :03:23. | |
largest banks have reported lacklustre earnings growth. Profits | :03:24. | :03:29. | |
for the industrial and commercial bank of China and China Construction | :03:30. | :03:34. | |
Bank oath grew by 0.5% industrywide. -- both grew. Agricultural Bank of | :03:35. | :03:43. | |
China, the third-largest lender in the country, will have its results | :03:44. | :03:49. | |
today. South Korea's industrial output grew at its fastest rate in | :03:50. | :03:54. | |
more than six years, as demand for smartphones and cars drove activity. | :03:55. | :04:01. | |
There was a fall of 1.8% the previous month. A decision by Indian | :04:02. | :04:11. | |
giant Tata to sell its loss-making steel plants in the UK has sent | :04:12. | :04:17. | |
shock waves through Britain. The UK is just one part of the global steel | :04:18. | :04:22. | |
enterprise. We have been speaking to Tata Steel's chief executive | :04:23. | :04:29. | |
director. We asked if leaving the UK would affect its global reputation. | :04:30. | :04:33. | |
We are a business enterprise at the end of the day. I think we will do | :04:34. | :04:39. | |
all that is necessary to preserve their reputation and preserve the | :04:40. | :04:47. | |
lives of the people. The question is, at one point in time the company | :04:48. | :04:52. | |
was public listed and it is accountable to stakeholders and | :04:53. | :04:57. | |
shareholders. Therefore, a time comes when such exposure is | :04:58. | :05:02. | |
unavailable. We just hope that we work towards, without stakeholders, | :05:03. | :05:10. | |
employers and unions, defined a solution which is potentially the | :05:11. | :05:13. | |
best solution under these circumstances and that's what our | :05:14. | :05:18. | |
aim is. When the takeover happened there was almost a sense of pride, | :05:19. | :05:23. | |
especially in India, that an Indian company was taking over a company in | :05:24. | :05:27. | |
the UK and becoming the UK's weakest steel company. Where does this | :05:28. | :05:32. | |
announcement leave you today? -- biggest steel company. It is part of | :05:33. | :05:38. | |
our business strategy, but we didn't come to this decision in one or five | :05:39. | :05:46. | |
years. The world has changed significantly and completely as far | :05:47. | :05:50. | |
as the steel industry is concerned. Firstly the global financial crisis | :05:51. | :05:55. | |
in 2008, which is about two years from when we acquired it. At that | :05:56. | :06:00. | |
point in time the development of markets, which had a fairly steady | :06:01. | :06:05. | |
demand position, including in Europe, went through a collapse | :06:06. | :06:08. | |
because of the liquidity problems and so on. And we have seen a | :06:09. | :06:14. | |
structural change in demand by about 30% post crisis. In the last few | :06:15. | :06:19. | |
years we have significant capacity coming out of China, which has | :06:20. | :06:28. | |
flooded the markets. So the dynamics of the steel industry globally have | :06:29. | :06:31. | |
changed significantly, compared to the time of the acquisition. Would | :06:32. | :06:36. | |
you say the strategy was a mistake? Not at all. I think it is a question | :06:37. | :06:43. | |
of the strategy looking at future scenarios. If there was anybody who | :06:44. | :06:47. | |
could have predicted the global financial crisis in 2008 we would be | :06:48. | :06:53. | |
in a very different position and certainly, if I may say so, it was | :06:54. | :06:59. | |
not correctable. That was one of the biggest issues that happened in this | :07:00. | :07:06. | |
whole acquisition process. Tata Steel's group executive director | :07:07. | :07:11. | |
talking to us. Mental health problems are thought | :07:12. | :07:15. | |
to cost the Australian -- Australian economy some $8 billion a year. It | :07:16. | :07:21. | |
is said absenteeism and reduced productivity from unwell workers are | :07:22. | :07:25. | |
hurting business. Now companies, the health sector and the government | :07:26. | :07:28. | |
have come together for a national campaign promoting mentally healthy | :07:29. | :07:29. | |
workplaces. This report from Sydney. About one in five Australian workers | :07:30. | :07:42. | |
are experiencing some kind of mental health issue. Two suicides in my | :07:43. | :07:53. | |
family, depression and anxiety. This father and -- this man is a director | :07:54. | :08:00. | |
of a nationwide firm of landscape architects and has battled his own | :08:01. | :08:05. | |
demons. For him there are three key ingredients for a mentally healthy | :08:06. | :08:08. | |
workplace. In gender a culture of openness. There's nothing you can't | :08:09. | :08:13. | |
talk about and I mean nothing. The second is observation, which is just | :08:14. | :08:17. | |
keeping your eyes and ears open. If someone is struggling a talk to | :08:18. | :08:21. | |
their colleagues and that works its way up if they wanted to. The | :08:22. | :08:26. | |
structure should allow that, people understanding their roles and | :08:27. | :08:27. | |
objectives and then enjoying the ride. Part of Australia's mental | :08:28. | :08:32. | |
health problem is people who are addicted to work, or workaholics. | :08:33. | :08:39. | |
Combine that with long hours, job insecurity and the pressure to | :08:40. | :08:42. | |
perform and it is hardly surprising that cracks start to appear. The | :08:43. | :08:47. | |
government has recognised that mental illness harms Australia's | :08:48. | :08:53. | |
productivity and has promised to overhaul support services. Lost | :08:54. | :08:56. | |
productivity through an treated depression in the loan -- alone in | :08:57. | :09:01. | |
the workplace is costing Australian businesses just under $11 billion a | :09:02. | :09:05. | |
year. Companies in Australia are more aware of the corrosive effects | :09:06. | :09:08. | |
of mental health problems than ever. But the Stig -- stigma of | :09:09. | :09:15. | |
depression still lingers. Think twice before you disclose to your | :09:16. | :09:21. | |
workplace, because I still hear horror stories far too often of | :09:22. | :09:25. | |
people who have taken a step and said, I've just been diagnosed with | :09:26. | :09:28. | |
depression, or I am really struggling and they get marched out | :09:29. | :09:34. | |
and given a box and marched off the premises. This is an illness, not a | :09:35. | :09:40. | |
sign of weakness or character trait. You don't leave your depression at | :09:41. | :09:43. | |
the door when you come to work. Bright and optimistic is how the | :09:44. | :09:48. | |
world often sees Australia, but this is a country that is still | :09:49. | :09:51. | |
struggling to lift the burdens from a stressed out workforce. | :09:52. | :09:57. | |
Let's have a look at the markets. If we look at how Asian markets open, | :09:58. | :10:04. | |
the Hang Seng was opened yesterday. The Nikkei is up .5%. The All Ords | :10:05. | :10:14. | |
making solid gains, up 1.6%. The US really set the tone for two days in | :10:15. | :10:18. | |
a row. It has moved into positive territory. Investors still digestive | :10:19. | :10:23. | |
those words from Janet Yellen about a more cautious approach to interest | :10:24. | :10:28. | |
rates. That's it for this edition of Asia Business Report. Thanks for | :10:29. | :10:29. | |
watching. | :10:30. | :10:40. |