Browse content similar to 19/08/2016. Check below for episodes and series from the same categories and more!
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We expect the Asian economy will grow by 10%, but we are disappointed | :00:00. | :00:31. | |
by those who say the country will collapse. The former finance | :00:32. | :00:35. | |
minister in Southeast Asia's largest economy weighs in on the current | :00:36. | :00:40. | |
state of affairs. And book a bright or halo taxi. Find out how cab | :00:41. | :00:44. | |
drivers in more buy are battling the wave of ridesharing apps -- or hail | :00:45. | :00:51. | |
a taxi. Good morning. It is Friday! The | :00:52. | :00:57. | |
weekend is just around the We start off in Indonesia and the | :00:58. | :01:07. | |
central bank will decide today on whether its key lending rates need | :01:08. | :01:10. | |
to go lower to help spur economic growth. The country's struggle is | :01:11. | :01:14. | |
partly due to slowing demand for its come -- commodities from China. We | :01:15. | :01:21. | |
spoke to Indonesia's former finance minister and asked if there is room | :01:22. | :01:27. | |
for interest rates to be cut. I think there is room for Indonesia to | :01:28. | :01:33. | |
lower the interest rate, especially if this amnesty were to have an | :01:34. | :01:39. | |
impact on capital as well. There are concerns about the impact that a | :01:40. | :01:43. | |
potential hike in US interest rates could have on Indonesia's economy. | :01:44. | :01:48. | |
What do you think that might be? I am not so worried about the | :01:49. | :01:51. | |
possibility of the raising of interest rates. It will probably be | :01:52. | :01:59. | |
short lived. In addition, it is better to have this weak currency in | :02:00. | :02:06. | |
order to boost our manufacturing, otherwise the economy will continue | :02:07. | :02:11. | |
to focus on natural resources. Indonesia has launched this new tax | :02:12. | :02:15. | |
amnesty programme. It is very ambitious and claims, certainly from | :02:16. | :02:19. | |
what we've been hearing from the government, they are expecting | :02:20. | :02:21. | |
billions of dollars worth of revenue back to Indonesia. You think it will | :02:22. | :02:26. | |
work? In general I think there will be some repatriations. But the | :02:27. | :02:32. | |
question is by how much it will improve the tax space will the new | :02:33. | :02:37. | |
minister of finance suggested the budget and I think it was the right | :02:38. | :02:40. | |
decision because she put the budget in a very conservative way, taking | :02:41. | :02:45. | |
this amnesty as a bonus, rather than taking it as part of the government | :02:46. | :02:54. | |
decision. There were worries that the economy would continue to grow, | :02:55. | :02:59. | |
and foreign investors are looking anxiously at Indonesia because they | :03:00. | :03:03. | |
are hearing mixed signals. Indonesia is a disappointing country. It | :03:04. | :03:08. | |
disappoints optimists who think the economy will grow by 10%, but it | :03:09. | :03:13. | |
disappoints people who think that economy will collapse every day. | :03:14. | :03:21. | |
Everytime there about 6.5% growth we are exposed with the problem of the | :03:22. | :03:26. | |
deficit because we don't have enough to finance investment. So the only | :03:27. | :03:32. | |
decision is to improve the activity. Indonesia, you can't rely on | :03:33. | :03:35. | |
national resources any more or completely Bangladesh because the | :03:36. | :03:39. | |
wages don't compare with ours, so the only solution is how to come up | :03:40. | :03:46. | |
with a sector supported by human capital. That was the former finance | :03:47. | :03:51. | |
minister of Indonesia. Sydney, Beijing, London and Rio have earned | :03:52. | :03:54. | |
the privilege of being Olympic hosts. The sporting extravaganza is | :03:55. | :04:00. | |
often touted as a major tourism boost, with millions of visitors | :04:01. | :04:06. | |
guaranteed. But what happens after the Games to the stadiums and | :04:07. | :04:09. | |
swimming pools, after the party is over? One architect has worked on | :04:10. | :04:14. | |
many events over the decades and has spoken about what developers can do. | :04:15. | :04:19. | |
There are huge budgets allocated to the Olympic Games and in a perfect | :04:20. | :04:22. | |
world the vast majority of those funds are spent on legacy items, so | :04:23. | :04:26. | |
for the roads, the railway lines et cetera. Those things are done | :04:27. | :04:32. | |
because of the Olympic Games but are left as lasting legacies. For the | :04:33. | :04:36. | |
monetisation of the individual venues, the key thing is creating | :04:37. | :04:40. | |
flexibility in the venues and actually putting things inside the | :04:41. | :04:43. | |
venues which is beyond the sports themselves. If you would like to | :04:44. | :04:49. | |
name a couple or several host countries, which have been | :04:50. | :04:55. | |
successful not only in hosting the Olympic dames but have also been | :04:56. | :04:59. | |
successful in monetising the venues after the events? I would say it is | :05:00. | :05:06. | |
almost impossible to host the perfect Olympic Games. There are | :05:07. | :05:11. | |
always floors. However, I would think that for the Olympics I have | :05:12. | :05:15. | |
participated in and witnessed, I would say that London is still | :05:16. | :05:20. | |
perhaps the high watermark in my opinion, in terms of being | :05:21. | :05:24. | |
responsible, in terms of delivering the Games and after the Games | :05:25. | :05:30. | |
leaving a lasting legacy. As an example, I worked on the handball | :05:31. | :05:34. | |
venue and the fencing venue, that was used inside the London Olympic | :05:35. | :05:38. | |
park. However, it was designed in such a way as to be left as a | :05:39. | :05:43. | |
lasting legacy. So kindergartens, fitness centres, cafes, all | :05:44. | :05:50. | |
incorporated into the buildings so that that's actually what the | :05:51. | :05:54. | |
community uses it for. The Olympics is just something that was used in | :05:55. | :05:58. | |
the building for one month. The next Olympic Games will be held in Tokyo | :05:59. | :06:04. | |
in 2020. Everyone will be looking ahead to the 2024 Olympic Games. For | :06:05. | :06:09. | |
those who are interested to bid, what would be the ultimate checklist | :06:10. | :06:13. | |
for countries looking for hosting rights? It is all about trying to | :06:14. | :06:18. | |
create efficient Olympic master plans. It is about trying to | :06:19. | :06:22. | |
minimise the amount of permanent buildings that are necessary for the | :06:23. | :06:27. | |
future and maximising the temporary venues so that you don't leave too | :06:28. | :06:33. | |
many so-called white elephants. But most importantly it is about | :06:34. | :06:36. | |
creating long-lasting benefits for the people of that city. Olympic | :06:37. | :06:45. | |
venue architect with us there. Samsung has just seen its market | :06:46. | :06:50. | |
value cross the $200 billion mark, making it five times more valuable | :06:51. | :06:57. | |
than Sony and pushes it closer towards the ranks of Chinese | :06:58. | :07:03. | |
internet giants Alibaba and 10 cents holdings. Alibaba shares jumped 5% | :07:04. | :07:08. | |
to an all-time high yesterday and this morning they are slightly lower | :07:09. | :07:13. | |
in early sole trading. It is the end of the road for hundreds of workers | :07:14. | :07:21. | |
in India's taxi company that try to compete with Uber. What are | :07:22. | :07:26. | |
traditional cab drivers to do? For more than 50 years more by's | :07:27. | :07:40. | |
black taxis have driven the city's roads, but these drivers have a | :07:41. | :07:43. | |
problem, because instead of hailing a ride in a traditional cab more | :07:44. | :07:47. | |
passengers are using their smartphones to make a booking | :07:48. | :07:53. | |
through Uber, or one of its Indian rivals. This man used to own a -- | :07:54. | :07:59. | |
earn about $400 a month but over the past couple of years he has seen his | :08:00. | :08:03. | |
income almost half and so drivers like him are hoping their fortunes | :08:04. | :08:09. | |
can be reversed with an app of their own that lets customers book a black | :08:10. | :08:11. | |
and yellow taxi on their smartphones. TRANSLATION: It is the | :08:12. | :08:18. | |
age of technology, so even we have to use it to survive in the market. | :08:19. | :08:22. | |
Hopefully this will help us get more customers. Five years ago there were | :08:23. | :08:27. | |
nearly 55,000 black and yellow taxis in more by. Now there are only about | :08:28. | :08:33. | |
35000 and that's because more and more drivers are signing up with | :08:34. | :08:36. | |
what is seen as the modern alternative. Uber claims that nearly | :08:37. | :08:46. | |
one third of its drivers in India used to use black and yellow taxis | :08:47. | :08:50. | |
or auto rickshaws. To try to recruit more it is offering deals, so | :08:51. | :08:54. | |
drivers can buy their own vehicle and then drive under the system. The | :08:55. | :09:00. | |
benefit to us clearly and always is more drivers partners. There is a | :09:01. | :09:07. | |
commitment we've given to create 75,000 jobs. Already in two and a | :09:08. | :09:13. | |
quarter years 65,000 drivers are registered. Many more by taxi | :09:14. | :09:20. | |
drivers still see the likes of Uber as unset competition and wants the | :09:21. | :09:23. | |
government to regulate fares. But that's only part of the problem. | :09:24. | :09:30. | |
Black and Yellow taxis are often too old or uncomfortable to travel in. | :09:31. | :09:36. | |
This one's window doesn't even function. So little wonder that | :09:37. | :09:39. | |
passengers are increasingly using their smartphones and booking | :09:40. | :09:46. | |
air-conditioned cars. That means the survival of Black and Yellow taxis | :09:47. | :09:51. | |
will depend not just on them embracing technology introduced by | :09:52. | :10:02. | |
rivals, but also the standards. Before we go, a quick look at the | :10:03. | :10:09. | |
markets. Asia is ticking a touch higher in early Friday trade. | :10:10. | :10:18. | |
Surging oil prices meant they touch their highest in six weeks, lifting | :10:19. | :10:21. | |
energy sector stocks, especially in Japan and Sydney. Brent crude is now | :10:22. | :10:28. | |
at $50 per barrel. And the US dollar is hitting its lowest level in | :10:29. | :10:33. | |
nearly eight weeks in an eight-week low, after the July meeting showed a | :10:34. | :10:40. | |
bias. Thanks for investing your time with us. Goodbye for now. | :10:41. | :10:53. | |
The top stories: Brazilian police accuse a | :10:54. | :10:54. |