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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:13. | |
Has the Olympic Games come to an end, next stop, Tokyo. The 2020 | :00:14. | :00:21. | |
Olympics, could they ignite the sluggish economy? And could this | :00:22. | :00:26. | |
football club become the next target for rich Chinese investors? Good | :00:27. | :00:31. | |
morning, Asia. Hello, world. I'm Rico Hizon. In glad you could join | :00:32. | :00:37. | |
us for the Monday edition of Asia Business Report. The 2016 summer | :00:38. | :00:44. | |
Olympics is ending. The flag will now be passed to Tokyo. The 2020 | :00:45. | :00:50. | |
games have already been hit by a number of scandals, including | :00:51. | :00:54. | |
corruption allegations. The biggest headache of all is the ballooning | :00:55. | :00:59. | |
cost. The budget was just over $7 billion. But now with a swell it has | :01:00. | :01:03. | |
gone to as much as 30 billion US dollars. That will make the Tokyo | :01:04. | :01:10. | |
Olympic Games the most expensive ever. Is at work that? I spoke with | :01:11. | :01:16. | |
an economist in Tokyo and asked them if this will jumpstart the Japanese | :01:17. | :01:20. | |
economy? It will definitely help Japan. Tokyo is a construction | :01:21. | :01:26. | |
industry. But for the taxpayer as a whole I think it will be very | :01:27. | :01:31. | |
wasteful to spend it on sport. Where can the government save in boosting | :01:32. | :01:39. | |
the Games? The Governor has been quoted in The Japan Times saying | :01:40. | :01:44. | |
that he will definitely try to save on many venues and make it useful | :01:45. | :01:48. | |
going forward after the Olympic Games. The Japanese government and | :01:49. | :01:53. | |
the Tokyo government should definitely try to cut as much as | :01:54. | :01:56. | |
possible. Given that they have committed certain infrastructure for | :01:57. | :02:02. | |
the Olympic Committee I think there is a limit to how much they can cut | :02:03. | :02:08. | |
down on infrastructure. But if they do spend on infrastructure, to build | :02:09. | :02:14. | |
all these new venues and roads, how will this help the Japanese economy? | :02:15. | :02:19. | |
This is a big spending projects. This will definitely help Japan's | :02:20. | :02:27. | |
growth, at least in the medium term. 2016- 2018, in the run-up to the | :02:28. | :02:33. | |
Olympics. It is estimated that because of this investment, the | :02:34. | :02:36. | |
Japanese economic growth will be boosted by 0.1- 0.2%. It does help. | :02:37. | :02:43. | |
But the question is, is it worth it? Is it, in your view? No. I am of the | :02:44. | :02:55. | |
opinion that Tokyo should not have become the host of the Olympics. Now | :02:56. | :03:01. | |
it is too late. But as I said, the Japanese government and the | :03:02. | :03:05. | |
governors should attempt to reduce the inefficiency as much as | :03:06. | :03:18. | |
possible. From Tokyo. Profits in Australia's Blue Scope Steel missed | :03:19. | :03:21. | |
expectations even though they doubled their demands. They made | :03:22. | :03:28. | |
$230 million in the year until June, 110% of a rise in profits. The Chief | :03:29. | :03:34. | |
Executive expects the global steel glut to remain for some time despite | :03:35. | :03:38. | |
the shutdown of some Chinese facilities as the country tries to | :03:39. | :03:42. | |
reduce pollution. The operator of the Hong Kong stock exchange has | :03:43. | :03:46. | |
introduced measures affected the day to deal with extreme price waves in | :03:47. | :03:50. | |
the stock market. It will restrict stock from moving more than 10% | :03:51. | :03:56. | |
during a five minute period during the trading day. That is similar to | :03:57. | :03:59. | |
models used by stock exchanges in Singapore and Tokyo. China's Mertu | :04:00. | :04:09. | |
has applied for a share sale in Hong Kong later this year. The selfie app | :04:10. | :04:15. | |
is the most popular on the Chinese mainland. It could raise up to $1 | :04:16. | :04:21. | |
million. Most companies like Alibaba refer to list in the US. After | :04:22. | :04:27. | |
months of speculation, the Indian government has appointed this man to | :04:28. | :04:34. | |
replace the Governor of India's Central Bank. Who is he? This is a | :04:35. | :04:41. | |
promotion. He is currently the deputy governor at the Reserve Bank | :04:42. | :04:48. | |
of India who is an economist who has worked with the IMF. Like the man | :04:49. | :04:52. | |
currently in the job, he has a reputation for being a warrior on | :04:53. | :04:55. | |
inflation, who believes in keeping rates high to keep the cost of | :04:56. | :05:00. | |
living under control. What are some of the big issues that the new | :05:01. | :05:05. | |
governor will face when he takes over next month? We have been taking | :05:06. | :05:12. | |
a look from the capital, Mumbai. His appointment has a thumbs up from | :05:13. | :05:15. | |
most analysts and economists. He seems a safe pair of hands, maybe | :05:16. | :05:21. | |
even more than the current man in the job. His reputation might be | :05:22. | :05:28. | |
different from the previous person. But the situation he faces is the | :05:29. | :05:33. | |
same. Cleaning up India's banking system will be a priority. State | :05:34. | :05:36. | |
owned banks have been plagued by high levels of bad notes with bad | :05:37. | :05:42. | |
economic growth and the delayed infrastructure projects. Given that, | :05:43. | :05:49. | |
thanks provide over 75% of credit to individuals, getting their books in | :05:50. | :05:54. | |
order is crucial to the well-being of India's economy. -- banks. The | :05:55. | :06:00. | |
predecessor kept interest rates high to fight inflation which was close | :06:01. | :06:04. | |
to double digits three years ago. Now it has slowed down to about 6%. | :06:05. | :06:14. | |
But the RBA has set an ambitious target of reducing a further 24% | :06:15. | :06:18. | |
next year. A huge task even the volatility of global food prices. | :06:19. | :06:25. | |
Deciding whether to raise or cut rates will soon no longer be the | :06:26. | :06:33. | |
only job of the Governor. They are putting in a monetary policy for | :06:34. | :06:36. | |
collective decision. It is similar to the one followed in the US and | :06:37. | :06:41. | |
UK. The government would have a say on who is on the committee. That is | :06:42. | :06:46. | |
while most of the challenges for Patel will be using the system | :06:47. | :06:51. | |
without ruining the autonomy of the Central Bank. He proposed a Monetary | :06:52. | :06:57. | |
Policy Committee. That is why we will have vested interest in making | :06:58. | :07:02. | |
it work and making it a success, the 24th Governor. BBC News, Mumbai. The | :07:03. | :07:11. | |
world's biggest pharmaceutical companies are in an ongoing legal | :07:12. | :07:17. | |
fight. The Japanese firm bought a stake of the Indian company. But | :07:18. | :07:27. | |
there was misrepresentation of data and fraudulent activities. The | :07:28. | :07:30. | |
dispute is in India and Singapore. We have more. Most Indians who | :07:31. | :07:39. | |
visited a pharmacy like this one would have had contact with a | :07:40. | :07:43. | |
factory. They employ more than 10,000 people creating medicines on | :07:44. | :07:47. | |
display here. This vaccine is owned by some pharmaceuticals. But in | :07:48. | :07:57. | |
2008, Japan's Daijisankyou took a controlling stake in the largest | :07:58. | :08:05. | |
seas of an Indian company abroad. Damaging data surfaced a few years | :08:06. | :08:09. | |
back and made headlines on financial pages. But most of the medicines | :08:10. | :08:15. | |
they make our genetic. It is not something people talk about much. | :08:16. | :08:19. | |
Why does this arbitration have the potential to cost it millions of | :08:20. | :08:22. | |
dollars? It is unlikely to cause reputation damage in its homeland, | :08:23. | :08:34. | |
though. China's Olympic gold medals have been done. It has set the | :08:35. | :08:39. | |
target of winning the World Cup by 2050. They have bought much of Milan | :08:40. | :08:45. | |
Dhammika AC Milan and Atletico Madrid and others. 26 years since | :08:46. | :08:53. | |
Liverpool last won the top flight of English football. For two decades | :08:54. | :08:57. | |
before that they were absolutely dominant internationally and | :08:58. | :09:01. | |
domestically. But with the exception of the Champions League victory in | :09:02. | :09:04. | |
2005, it has been relatively quiet for Liverpool fans. Any investment | :09:05. | :09:12. | |
in the club, whether that is a stake or something more, could enable the | :09:13. | :09:14. | |
club to buy the kind of players that win leagues like Pogba, Neymar, or | :09:15. | :09:21. | |
Ronaldo. The clubs says it is not for sale of course. But it has | :09:22. | :09:25. | |
hinted it may sell part of the business. China, of course, has been | :09:26. | :09:30. | |
buying a load of European football clubs over the last two weeks alone. | :09:31. | :09:35. | |
-- lot. It has Aston Villa, Atletico Madrid, AC Milan, Inter Milan, and | :09:36. | :09:44. | |
just to name a few. China has a stated goal of winning the World Cup | :09:45. | :09:49. | |
by 2050. To do that you need to get the populace interested in the sport | :09:50. | :09:53. | |
and playing the sport, and where better to start than taking a stake, | :09:54. | :09:57. | |
whether large that is, in a major European club. Before we go, a quick | :09:58. | :10:08. | |
look at the stock market. We can see now, previous investors will be | :10:09. | :10:12. | |
focused on oil prices, dollar weakness, and the Japanese yen. The | :10:13. | :10:17. | |
Nikkei is up by 28 points currently. The All Ords Index is flat or lower. | :10:18. | :10:24. | |
Thank you for an the singer to Nina us. I am Rico Hizon. Sport Today is | :10:25. | :10:29. | |
up next. I am Greg Olsen. The top stories | :10:30. | :10:39. | |
now. | :10:40. | :10:50. |