Browse content similar to 14/04/2016. Check below for episodes and series from the same categories and more!
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when he met her, and the relationship hadn't affected | :00:00. | :00:00. | |
Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:15. | |
Europe's largest oil and gas exporter tells us how weak is coping | :00:16. | :00:21. | |
with lower commodity prices. -- how it is. India's only a electric car | :00:22. | :00:28. | |
maker talks about the challenges of getting motorists to embrace battery | :00:29. | :00:40. | |
power. Good morning. It is Thursday. Thank you for joining us. I am Rico | :00:41. | :00:48. | |
Hizon. How much you pay for your fuel may be determined bad a meeting | :00:49. | :00:58. | |
being held in Qatar. --. 15 or producers will decide whether to | :00:59. | :01:04. | |
freeze oil production. -- oil. Norway has been hit badly by the | :01:05. | :01:10. | |
fall in oil prices. We caught up with the Prime Minister of Norway to | :01:11. | :01:16. | |
ask her what she expected from the summit. I hope that the OPEC meeting | :01:17. | :01:24. | |
is finding a deal where they will at least not increase a fall in the old | :01:25. | :01:32. | |
price. I think we should have... I am not over optimistic. We have a | :01:33. | :01:38. | |
surplus in the world economy. It will take time before it fixes. Will | :01:39. | :01:45. | |
they freeze at? I hope they find an agreement. We have had a lower in of | :01:46. | :01:55. | |
it for the last ten years. -- lowering. Our impact has become | :01:56. | :02:01. | |
lower on the market. But gas production has become higher. That | :02:02. | :02:05. | |
is more direct with the European market. Tax transparency has become | :02:06. | :02:13. | |
a key issue in the world because of the Panama Papers. In Norway, | :02:14. | :02:17. | |
everyone publishers there's. You think this will influence the UK? -- | :02:18. | :02:24. | |
theirs.. You have to give up your identity when checking. We have a | :02:25. | :02:29. | |
model where you are open on how much tax people are paying and how much | :02:30. | :02:36. | |
money people have and open on who is looking at your numbers. That is a | :02:37. | :02:42. | |
good balance. You haven't been untouched by the crisis from the | :02:43. | :02:47. | |
papers. Your country's largest bank has been found guilty of helping | :02:48. | :02:55. | |
wealthy clients avoid their taxes. As the Prime Minister of a country | :02:56. | :03:00. | |
that prides self on being transparent when it comes to public | :03:01. | :03:04. | |
finances and taxes, what do you do about this? I am disappointed about | :03:05. | :03:13. | |
it. I am surprised? No. The temptation of making money will | :03:14. | :03:18. | |
always be there for every type of company, even if it is regional. I | :03:19. | :03:23. | |
and disappointed because it has been clear, especially the largest bank, | :03:24. | :03:30. | |
they should follow higher standards of ethics and deciding on what is in | :03:31. | :03:37. | |
and out of the Lord. -- I am. They should follow effects. -- law. -- | :03:38. | :03:47. | |
ethics. China's growth figures are out tomorrow and they are expected | :03:48. | :03:53. | |
to show the economy remaining under pressure with overcapacity and a | :03:54. | :03:54. | |
growing number of unemployed workers. The IMF is concerned as | :03:55. | :04:03. | |
well. In its global stability report they put China down as a key concern | :04:04. | :04:10. | |
for the global economy. The IMF has warned that the volatility we saw in | :04:11. | :04:14. | |
the stock market could be repeated if nothing was done to clean up the | :04:15. | :04:18. | |
bank balance sheets, especially in China. Its transition into a more | :04:19. | :04:24. | |
consumer driven economy instead of depending on trade and investment is | :04:25. | :04:29. | |
having an impact on the corporate sector according to the IMF. $1.3 | :04:30. | :04:35. | |
trillion of corporate loans are owed by companies whose profits don't | :04:36. | :04:41. | |
even cover their interest payments. The IMF estimates that this could | :04:42. | :04:45. | |
translate into potential back losses of 7% of the country's GDP. The | :04:46. | :04:52. | |
director of the IMF says this is manageable as long as they continue | :04:53. | :04:56. | |
their strong economic growth. Not everyone shares the IMF's pessimism | :04:57. | :05:04. | |
about China. Mark Mobius told us he believes worries may be overblown. I | :05:05. | :05:10. | |
believe that a lot of the negative press about China is off the market. | :05:11. | :05:22. | |
Yes, the economy is slowing, but seven or 6% today in dollar terms is | :05:23. | :05:29. | |
much more than 10% in 2010. People are looking at the actual numbers at | :05:30. | :05:34. | |
the end of the day. Secondly, if you see the shift taking place in China | :05:35. | :05:38. | |
from an industrial export economy to a service economy, a more consumer | :05:39. | :05:44. | |
led economy, that is a big change that is going to provide | :05:45. | :05:48. | |
opportunities. You say you are still investing quite a bit in China. But | :05:49. | :05:53. | |
there are concerns about its slowing growth. It was expected to have | :05:54. | :06:00. | |
expired 7% this year but people are saying 4%. -- shown. It was 7%! They | :06:01. | :06:13. | |
forget that China is a plant economy. They make a plan, 7% | :06:14. | :06:23. | |
growth, orders go out to each of the governors of the provinces and | :06:24. | :06:25. | |
manners of the cities and they say you need this. -- mayors. So they go | :06:26. | :06:34. | |
out and start building. Roads, bridges, apartment buildings, | :06:35. | :06:38. | |
complexes, so forth, to achieve what they have in a signed. The growth is | :06:39. | :06:46. | |
there. -- been. And now they have gone to the government banks and | :06:47. | :06:50. | |
received these loans. Many projects are not viable, it may go nowhere, | :06:51. | :06:57. | |
it may be a housing complex that is an the, but, the growth rate has | :06:58. | :07:04. | |
been hit. -- empty. The consequences are something we have to deal with | :07:05. | :07:09. | |
down the road. What do you think is the biggest risk in China? Any kind | :07:10. | :07:15. | |
of political instability would be very bad. I and talking about on a | :07:16. | :07:25. | |
national level. -- am. National strikes, changes in leadership that | :07:26. | :07:32. | |
indicate turmoil, that would be bad news. A US Federal Reserve survey | :07:33. | :07:43. | |
suggests there is increasing optimism about the state of the | :07:44. | :07:46. | |
economy. It found that the economy continues to expand, from late | :07:47. | :07:51. | |
February to early April, unemployment seems to be sparing | :07:52. | :07:58. | |
wage growth. -- spurring. They increased in the bank districts. The | :07:59. | :08:03. | |
report found only modest increases in consumer and capital spending. | :08:04. | :08:09. | |
Moving to auto. Thousands of cars hit the roads in India every day. | :08:10. | :08:15. | |
That brings pollution. By 2030, all cars told in the country could be | :08:16. | :08:24. | |
electric vehicles. But Mahindra, the auto company, is that only electric | :08:25. | :08:28. | |
car company. It sold only 1000 units last year. Are they ready? We spoke | :08:29. | :08:35. | |
to the head of their electric car division. Last year, in April, the | :08:36. | :08:40. | |
Indian government announced that scheme. Incentives on research and | :08:41. | :08:45. | |
development projects as well and infrastructure. I have to say that | :08:46. | :08:51. | |
in the last year the growth has been good. But having said that, Europe | :08:52. | :08:55. | |
and China have been increasing for the last four years. What are the | :08:56. | :08:59. | |
big challenges with India to find more buyers of electric vehicles? | :09:00. | :09:06. | |
Electric infrastructure. We have fuel stations on every corner of the | :09:07. | :09:14. | |
country but no charging stations. Anxiety of finding electricity is a | :09:15. | :09:20. | |
problem for the buyer. Until that infrastructure comes in you will | :09:21. | :09:26. | |
always have this barrier. If you go to London or Amsterdam or China | :09:27. | :09:30. | |
there a charge points almost every half a kilometre. Do you think | :09:31. | :09:37. | |
electric cars are ready to go mainstream? They are very mainstream | :09:38. | :09:42. | |
when it comes to cities because to distances are not very far, the | :09:43. | :09:52. | |
cities are very polluted, and if you find a higher rate of electrics, you | :09:53. | :09:57. | |
will solve the congestion and pollution problems. -- your cities. | :09:58. | :10:02. | |
The way we have the vision our vehicle, it is more designed for | :10:03. | :10:07. | |
city driving, not long as. I don't see the big need for that yet. -- | :10:08. | :10:15. | |
long distance. But congested cities, especially in India, Electric is | :10:16. | :10:17. | |
definitely the way to go. A quick look at the markets. In early | :10:18. | :10:25. | |
trading day. Positive results from the financial sector. An upbeat | :10:26. | :10:30. | |
China trade. These are the GDP numbers this week. Thank you very | :10:31. | :10:35. | |
much for investing time with us. I am | :10:36. | :10:36. |