Browse content similar to 16/06/2016. 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. | |
On hold. The Federal Reserve stands back on interest rates because of | :00:16. | :00:23. | |
weak growth and the possible impact of a British expert. Mickey Mouse | :00:24. | :00:30. | |
has set up base in Shanghai. Will be $5.5 billion investment be a hit? -- | :00:31. | :00:36. | |
the. Good morning, Asia. Hello, world. I'm Rico Hizon. This is Asia | :00:37. | :00:38. | |
Business Report. Thank you for investing your time with us. It is | :00:39. | :00:46. | |
Thursday. We start with the US Federal Reserve. They have left | :00:47. | :00:52. | |
interest rates on hold. It is not in a hurry to increase them. They | :00:53. | :00:57. | |
expressed concern over weak US jobs growth and the possible impact from | :00:58. | :01:08. | |
Brexit. Recent economic indicators have been mixed, suggesting that our | :01:09. | :01:14. | |
cautious approach to adjusting monetary policy remains appropriate. | :01:15. | :01:21. | |
As always, our policy is not on a preset course. If the economic | :01:22. | :01:27. | |
outlook shifts, we will shift correspondingly. Earlier, I spoke to | :01:28. | :01:34. | |
Krishnan Tshwane on the impact on markets. No one was surprised by the | :01:35. | :01:40. | |
fact that the rates have been put on hold. There is an indication that | :01:41. | :01:45. | |
they have been put up again this year slowly but surely, but not at | :01:46. | :01:48. | |
the pace we expected when the central bank in the US had said it | :01:49. | :01:53. | |
is the end of the virtually low interest rate environment. We have | :01:54. | :02:00. | |
to start weaning ourselves off cheap money and seeing interest rates go | :02:01. | :02:05. | |
up. The trouble is that the world and US economy are in a far more | :02:06. | :02:08. | |
precarious condition than they were back in December when the interest | :02:09. | :02:12. | |
rate environment started to rise. What you are seeing now is global | :02:13. | :02:16. | |
uncertainty increasing especially over factors like Brexit. That was | :02:17. | :02:23. | |
mentioned in the press conference after the official statement. This | :02:24. | :02:29. | |
is spooking many investors? It is. We have seen it happen over the last | :02:30. | :02:34. | |
couple of days. Investors are flocking to safe haven currencies, | :02:35. | :02:40. | |
like the yen, here in Asia. That has put the spotlight on another central | :02:41. | :02:44. | |
bank out here in the last couple of days from Wednesday. In fact, the | :02:45. | :02:48. | |
Bank of Japan has been meeting and assessing what to do about the | :02:49. | :02:53. | |
strength of the yen because it has been strengthening as a result of | :02:54. | :02:56. | |
investors looking for safe havens. Putting Brexit a side. With the | :02:57. | :03:01. | |
Federal Reserve sitting on monetary policy at this point, as it also | :03:02. | :03:07. | |
benefited many Asian economies? They would rather see a central bank not | :03:08. | :03:13. | |
moving on interest rates rather than raising the cost of rowing. Yeah. | :03:14. | :03:19. | |
That is true. -- borrowing. Asian economies benefited from the zero | :03:20. | :03:23. | |
interest-rate environment in the US. Billions of dollars worth of foreign | :03:24. | :03:29. | |
funds pumped money into the Malaysian currency, for example, and | :03:30. | :03:33. | |
they really benefited from this. The problem is not the fact the US is | :03:34. | :03:39. | |
not raising interest rates right now, but what it tells you about the | :03:40. | :03:44. | |
environment we are in in terms of the global economic uncertainty. | :03:45. | :03:48. | |
That is why, whether you are in Asia or the US, the outlook for the | :03:49. | :03:51. | |
economy all over the world is looking pretty grim. A la Asia | :03:52. | :04:00. | |
Business Report correspondent. -- our. Civil Aviation Authority is our | :04:01. | :04:05. | |
shaking up the rules. Bolstering competition and connecting more of | :04:06. | :04:09. | |
the country. A role has been scrapped stopping airlines being in | :04:10. | :04:13. | |
business for five years before becoming international. -- rule. No | :04:14. | :04:20. | |
passengers taking flights around India than ever before. -- more. It | :04:21. | :04:25. | |
is great news for the country's airlines. And on Wednesday, they got | :04:26. | :04:31. | |
another boost when it got easier for Indian carriers to frying abroad. -- | :04:32. | :04:39. | |
to fly. A rule stopping anyone who has not flown for five years going | :04:40. | :04:45. | |
international has been scrapped. Companies like AirAsia still must | :04:46. | :04:50. | |
have at least 20 planes in their fleet, meaning the weight to fly | :04:51. | :04:58. | |
those more lucrative journeys goes on. -- wait. TRANSLATION: On the | :04:59. | :05:06. | |
whole it is a positive policy that will promote growth in India. After | :05:07. | :05:11. | |
turbulent times, some Indian airlines made profits in 2015 after | :05:12. | :05:17. | |
a fall in crude oil Reifers meant cheaper jets fuel. The number was | :05:18. | :05:26. | |
three times that growth here. That makes India one of the | :05:27. | :05:30. | |
fastest-growing aviation markets in the world. But flying here is not | :05:31. | :05:33. | |
cheap. The government wants to change that by making a slight small | :05:34. | :05:41. | |
affordable and accessible. -- air flights. The new policy promises to | :05:42. | :05:48. | |
make fares cheaper. Capping our long flights at $42. -- hour-long. In | :05:49. | :05:52. | |
such a vast company oh country, they have promised new airports as well | :05:53. | :06:01. | |
as the bigger she country. If we can have a 22% growth rate with 15 main | :06:02. | :06:08. | |
cities imagine if I bring, you know, another 50 or 100 cities into the | :06:09. | :06:13. | |
network, how much growth would happen? Counting fares. The | :06:14. | :06:22. | |
government will be looking for signs that this policy will help the | :06:23. | :06:31. | |
industry take off. BBC News, Delhi. Disney has entertained over 1000 | :06:32. | :06:36. | |
ominous party officials in Shanghai as it prepares to open its first | :06:37. | :06:43. | |
theme park in Shanghai. It has been described as the biggest step the | :06:44. | :06:47. | |
company has ever taken. But there has been criticism in the Chinese | :06:48. | :06:51. | |
media about the price visitors have to pay. We were there. It looks like | :06:52. | :07:00. | |
Disney, with that castle anchored in the centre. It feels like Disney, an | :07:01. | :07:05. | |
escape from the real world. And it sounds like Disney! Welcome to | :07:06. | :07:11. | |
Shanghai, Disney. But this park is different. This time, Mickey Mouse, | :07:12. | :07:17. | |
is Communist Party approved. This was the latest meeting between the | :07:18. | :07:24. | |
president, Xi Jinping, and the company's Chief Executive. The | :07:25. | :07:29. | |
Communist Party chief has already been to three Disney parks, | :07:30. | :07:32. | |
apparently. It has taken $5.5 billion, but now the executive has | :07:33. | :07:40. | |
his park and it is ready for visitors. Everything they see and | :07:41. | :07:43. | |
experience, the attractions, the food, the entertainment, down to the | :07:44. | :07:49. | |
smallest level of detail, is instantly recognisable, not only as | :07:50. | :07:52. | |
authentically Disney, but as distinguish I need is. But, it -- | :07:53. | :08:01. | |
Chinese. But it comes at a price. They refused to let us have and | :08:02. | :08:07. | |
interview. Is just for rich people? I don't want to talk about it. For | :08:08. | :08:15. | |
some of the 10,000 staff behind the scenes, a day at Disney is beyond | :08:16. | :08:21. | |
their reach. A day for the show would be more than the monthly | :08:22. | :08:25. | |
income in China. This person told us he was happy with his pay. Butty | :08:26. | :08:33. | |
couldn't talk about it. Said it wasn't convenient to discuss. -- but | :08:34. | :08:39. | |
he. Disney is unapologetic about its high-end food prices. It is all | :08:40. | :08:42. | |
about a battle for the richer look last. The home-grown mega firm is up | :08:43. | :08:52. | |
for it. It has opened a home-grown theme park just two weeks ago in the | :08:53. | :08:57. | |
region. Disney thinks it will tempt people with its authentic offering. | :08:58. | :09:04. | |
And there are lots to tempt. 330 million within a few hours loop is | :09:05. | :09:10. | |
drive. Is it the real thing? -- hours'. Disney has gone through a | :09:11. | :09:19. | |
long road to change to be unique to Shanghai. But the radical difference | :09:20. | :09:25. | |
is behind the scenes. This is a joint-venture. Disney is in business | :09:26. | :09:27. | |
with firms owned by the Shanghai government. That makes lots of | :09:28. | :09:33. | |
profits. It is a distinctly Chinese arrangement in an authentically | :09:34. | :09:39. | |
Disney setting. BBC News, Shanghai. And, of course, tomorrow, on Asia | :09:40. | :09:46. | |
Business Report, we will get taking a look at whether the theme park in | :09:47. | :09:49. | |
Shanghai will draw visitors await from China's other Disneyland across | :09:50. | :09:56. | |
the border in Hong Kong. -- away. Watch out for that. A quick look at | :09:57. | :10:02. | |
the markets. A mixed sentiment about Asian investors in early Thursday | :10:03. | :10:08. | |
trading. This is after the central bank kept business -- interest rates | :10:09. | :10:18. | |
unchanged. The Nikkei is bothered by the stronger yen against the US | :10:19. | :10:22. | |
dollar and the meeting from the Bank of Japan. The All Ords Index is up. | :10:23. | :10:33. | |
There is relief for them that the Federal Reserve did not raise | :10:34. | :10:34. |