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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:15. | |
Advantaged Asia. Find out how the region could benefit as a trans- | :00:16. | :00:23. | |
Atlantic trade deal faces new hurdles after Brexit. India's | :00:24. | :00:27. | |
growing car industry is helping to tens of thousands of people out of | :00:28. | :00:29. | |
poverty. Good morning Asia, hello world. It | :00:30. | :00:43. | |
is Thursday. Glad you could join us for this edition of Asia Business | :00:44. | :00:48. | |
Report, I am Rico Hizon. The round of talks between the European Union | :00:49. | :00:52. | |
and the US have begun in New York over a massive trade deal called the | :00:53. | :00:56. | |
TTIP. That is short for trans- Atlantic trade and investment | :00:57. | :01:00. | |
partnership. There are now doubts on whether a deal can be pushed | :01:01. | :01:07. | |
through. Here is some background. Plans to create a free trade zone | :01:08. | :01:13. | |
between Europe and America have stirred up controversy from the | :01:14. | :01:17. | |
start. The pact will group together 850 million consumers in the one | :01:18. | :01:21. | |
market. Those in favour say it would offer tens of billions of dollars | :01:22. | :01:27. | |
worth of benefits to both Europe's and America's economy. At sceptics | :01:28. | :01:32. | |
disagreed, saying it would favour big business and lower product | :01:33. | :01:39. | |
safety standards. An earlier I spoke with Debra elms from the Asian trade | :01:40. | :01:44. | |
centre. She says the failed trade outcome will benefit Asia especially | :01:45. | :01:51. | |
China. I asked whether there will be approval of TTIP before the US | :01:52. | :01:55. | |
elections in November? It is to complicated, the gap is too big. | :01:56. | :01:59. | |
There are too many growing doubts on both sides of the Atlantic, so I | :02:00. | :02:04. | |
don't think it can be done. And what would be the repercussions if TTIP | :02:05. | :02:08. | |
is not designed and delivered to the transpacific partnership led by the | :02:09. | :02:13. | |
US? I don't know that there are so many implications for the TPP, the | :02:14. | :02:20. | |
Asia trade agreement, exactly, because I don't think the two | :02:21. | :02:24. | |
unnecessarily linked. But I do think there are implications if TTIP | :02:25. | :02:28. | |
collapses for Asia, which is that the European Union is now freed up | :02:29. | :02:32. | |
to do a lot of other things. And for the EU, I think they will turn their | :02:33. | :02:37. | |
attention to other activities. Chief among them is negotiating a lot of | :02:38. | :02:41. | |
trade agreements here in Asia. And for the transpacific partnership, | :02:42. | :02:45. | |
could it be signed before the presidential polls, or even before | :02:46. | :02:50. | |
the next president, whether it be Clinton or Trump, takes office in | :02:51. | :02:56. | |
January? It will not be signed before the US election, that is for | :02:57. | :03:00. | |
sure but it could be signed between the narrow window between when the | :03:01. | :03:06. | |
election takes place and when the new president takes office, that is | :03:07. | :03:10. | |
called the lame-duck session. If the TPP is not signed then, I think it | :03:11. | :03:15. | |
will be very difficult for the next president to take up very soon. | :03:16. | :03:18. | |
Trump has said he doesn't want it at all, Clinton has said she does not | :03:19. | :03:22. | |
want it either. She is more likely to sign it in the medium term but | :03:23. | :03:27. | |
prospects are not rate. So it will have to come in a while, but | :03:28. | :03:32. | |
hopefully soon -- not great. So how will this benefit Asia, especially | :03:33. | :03:37. | |
China? If the TTIP agreement between the US and EU collapses, then | :03:38. | :03:41. | |
attention will be turned to Asia. They are already negotiating a | :03:42. | :03:44. | |
number of agreements and I think they will speed up especially their | :03:45. | :03:48. | |
bilateral investment treaties talks with China, and they will speed up a | :03:49. | :03:53. | |
lot of negotiations that they have ongoing in Asia, with Indonesia, for | :03:54. | :03:56. | |
example, which just launched last month, with a number of countries in | :03:57. | :04:01. | |
this region, and I think they will prioritise negotiations in Asia in a | :04:02. | :04:05. | |
way that they haven't, because they have been very busy negotiating with | :04:06. | :04:10. | |
Americans. And all this week the BBC is looking at trade and its impact | :04:11. | :04:16. | |
around the world. Today we examine car exports from India, and they | :04:17. | :04:22. | |
have been rising steadily. It is also helping many people out of | :04:23. | :04:27. | |
poverty. This report was sent from the southern city of Chenai. This | :04:28. | :04:33. | |
woman lives with her mother in a small town near Chenmai. -- Chennai. | :04:34. | :04:42. | |
She lived in a village, and after he her father died it was up to her to | :04:43. | :04:47. | |
put food on the table. By night she helps out in the kitchen but today | :04:48. | :04:51. | |
she is a technician at a car factory. She leads a small team | :04:52. | :04:54. | |
here, and can't imagine a life without this job. TRANSLATION: I | :04:55. | :05:00. | |
would have had to work on a farm, and we would have had just enough | :05:01. | :05:04. | |
money for our day-to-day lives. Before I started this job, because | :05:05. | :05:08. | |
we were poor, no one gave us any respect. Now, people say she is | :05:09. | :05:12. | |
working in a big company and making money. In fact, a lot of people | :05:13. | :05:17. | |
asking for jobs for their children as well. Thousands of people are | :05:18. | :05:20. | |
employed at this plant. Each salary earned helps keep the home running. | :05:21. | :05:26. | |
Hundreds of cars are made here every day. They are sold across India, and | :05:27. | :05:33. | |
nearly half of them are exported. This car is being loaded onto a | :05:34. | :05:38. | |
lorry, from where it will be taken to the Chennai nearby on India's | :05:39. | :05:43. | |
eastern coast, to be sold overseas. Cars that are made here are sent to | :05:44. | :05:47. | |
more than 100 countries, and the West is a big market. So a lot of | :05:48. | :05:51. | |
the jobs at the factory depend on exports. Like this carmaker, several | :05:52. | :05:55. | |
other foreign brands have set up shop in Chennai. There are | :05:56. | :06:02. | |
challenges. Inadequate infrastructure, and India's famed | :06:03. | :06:06. | |
bureaucracy. But there are big advantages as well. India is a cost | :06:07. | :06:10. | |
competitive country. That means Labour is relatively cheap compared | :06:11. | :06:14. | |
to other countries, and it also means that we can get parts | :06:15. | :06:17. | |
relatively cheap. So in other words, we can make cars here, the total | :06:18. | :06:24. | |
delivered cost of the vehicles, more competitively than perhaps western | :06:25. | :06:28. | |
Europe or North America or Japan. If more factories open in India, and | :06:29. | :06:33. | |
sell more to the world, the faster it economy will grow. For many of | :06:34. | :06:39. | |
these workers it could be a chance to grow as well. From being the | :06:40. | :06:43. | |
makers of cars to perhaps someday becoming buyers. In other business | :06:44. | :06:58. | |
news, Dutch bank ING will cut 700 jobs in the next five years, the | :06:59. | :07:02. | |
majority of them from their offices in the Netherlands and Belgium. The | :07:03. | :07:05. | |
bank expect to make savings of $1 billion a year. It says it will | :07:06. | :07:09. | |
invest in new technology to deal with the increasing use of digital | :07:10. | :07:13. | |
banking services. The digital world is shaking up. In the past only | :07:14. | :07:21. | |
shareholder reports were required but the internet is making them more | :07:22. | :07:25. | |
accountable to the wider public. A survey by business School revealed | :07:26. | :07:29. | |
80% of chief executives are now on social media. But do they really | :07:30. | :07:34. | |
know how to properly sell themselves, and is it a good idea? | :07:35. | :07:39. | |
We put the question to the chief executive of one of the biggest | :07:40. | :07:43. | |
social advertising platforms. Depends what they do with it. I | :07:44. | :07:48. | |
mean, if they are posting some embarrassing pictures from holidays | :07:49. | :07:51. | |
or getting drunk, probably not. But if they are coming out with | :07:52. | :07:54. | |
intelligent thoughts and articles, or even challenging thoughts and | :07:55. | :07:58. | |
articles, but things that define what they believe in, challenge | :07:59. | :08:02. | |
things they don't believe in, give it reinforces or amplifies what | :08:03. | :08:06. | |
their company does, that is cool. Should CEO is beyond Twitter and | :08:07. | :08:15. | |
Facebook and LinkedIn? Yes. All three? I would probably prioritise | :08:16. | :08:21. | |
Twitter and Facebook in terms of CEO social media. So who in terms of | :08:22. | :08:26. | |
companies has a successful digital strategy or profile? Starbucks have | :08:27. | :08:30. | |
a good approach to every part of social media. Their CEO has really | :08:31. | :08:33. | |
strong values he wants to project, he says here is what we believe in. | :08:34. | :08:38. | |
They have all this PR around guns not being welcomed in Starbucks in | :08:39. | :08:43. | |
America, that is a big debate. Most companies stay clear of it, he has | :08:44. | :08:47. | |
said you can't ring a gun into Starbucks. The CEO believes in it, | :08:48. | :08:51. | |
the company believes in it and they are proud and will tell people about | :08:52. | :08:55. | |
it. Power Asian CEOs doing relative to their global counterparts in | :08:56. | :08:59. | |
selling themselves? To start with, probably not enough. I don't think | :09:00. | :09:03. | |
they are publishing enough. So how can they be seen as the leaders? | :09:04. | :09:07. | |
Because ultimately a lot of people in business but also customers like | :09:08. | :09:11. | |
to read visionary statements. Richard Branson is a good example, | :09:12. | :09:17. | |
Larry Page is a good example, Mark Zuckerberg is a good example. These | :09:18. | :09:20. | |
people challenge the way people think and it is stimulating. So the | :09:21. | :09:24. | |
first thing is, if they have cool ideas, put them down. So that would | :09:25. | :09:29. | |
be one, and probably around that would be travel and speak outside of | :09:30. | :09:33. | |
Asia as well. Go to conferences in the US or Europe or whatever it | :09:34. | :09:37. | |
might be, as opposed to just in Asia, because if you want to be seen | :09:38. | :09:41. | |
as a global company, you want to be seen on the global stage, not just | :09:42. | :09:47. | |
on the Asian stage. That was Ben Legg. Here is a quick look at the | :09:48. | :09:55. | |
markets. The Nikkei 225 is up 0.6% as of the stronger than expected US | :09:56. | :10:00. | |
manufacturing number. That is indeed inspiring Japanese investors to buy | :10:01. | :10:04. | |
into the Japanese stock market. But you have the all ordinaries index | :10:05. | :10:09. | |
down by 22 points, and this is after US stocks slipped on the first | :10:10. | :10:13. | |
trading day of the fourth quarter, led by declines in utilities and | :10:14. | :10:17. | |
real estate companies. The Dow Jones industrial average overnight in the | :10:18. | :10:20. | |
red, with the Dow lower and the NASDAQ listing 11. Thank you so much | :10:21. | :10:27. | |
for investing your time with us. I am Rico Hizon. Sport Today is coming | :10:28. | :10:29. | |
up next. The top stories this hour: One | :10:30. | :10:40. | |
of the worst typhoons in decades barrels towards Japan, with gusts | :10:41. | :10:44. | |
of 300 kilometres per hour. As the misery continues in Aleppo, | :10:45. | :10:46. | |
the United States suspends talks | :10:47. | :10:50. |