17/10/2016 Asia Business Report


17/10/2016

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Now on BBC News, all the latest business news live from Singapore.

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Billions of dollars in loans and investments - find out why China is

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flexing its financial muscle in the region. And time is money in India's

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financial capital. That is helping one man make a good living from a

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fast-growing trend. Welcome to this edition

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of Asia Business Report. Chinese President Xi jinking wraps

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up his trip to Cambodia, Bangladesh and India this Monday and over the

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five days Beijing has signed off lots of loans with Cambodia

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receiving $200 million in addition to the $3 billion it has provided

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since 1992 -- Jinping. China has signed a record amount of loan

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agreements in Bangladesh worth $20 billion. This is the biggest foreign

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credit line that country has ever received. Earlier I spoke with a

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member of China market research group about what China can expect in

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return. I think there is an understanding on Cambodia's part

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that China might be a lifeline for money for development reasons and I

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think China knows that if Cambodia gets access to this they will vote

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favourably for China. They are cosying up to the current

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administration more than they have in the past. And continuing to look

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at Cambodia - will this money from China support the failing popularity

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and will it do much for the Cambodian economy? I don't know how

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much it will affect the popularity of the leading family but I think

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there is concern that there is corruption going on but it will it

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anything give the opposition party firepower. If the money is put

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towards infrastructure projects, if there is worry that there is graft

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involved or the money is under the table, it could be good but it

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remains to be seen. Moving over to Bangladesh, that was a staggering

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amount. China's growing economic role is a worry for Indian officials

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because they are exerting influence in their territory. So what is your

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view on that? If you look at China's global aspirations over the next

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5-10-15 years, they are looking at extending their power in the Asia

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region. Part of that is expanding their naval presence. One of the

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problems they have had is they haven't been able to do development

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work, that is simply because they haven't had access to deepwater

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ports. Giving money to Bangladesh give them a way to do that and I

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think that should worry India and other countries in the region

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because China will be able to exert more power than in the past.

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Australia's biggest casino company Crown Resorts says 18 staff

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including a senior executive were detained by authorities in China.

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The resort has not offered details for the detention. Crown Resorts is

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partly owned by billionaire James Packer. Airlines in Australia and

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New Zealand have joined the US in banning the recall that Samsung Note

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7 from all of their planes. Some airlines in Europe have also adopted

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the proportion. Samsung has stopped production of the Note 7 following

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reports of overheating batteries which can catch fire. News just in,

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shares in Tokyo Electric power have fallen 7% after an antinuclear

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candidate won an election on Sunday. The multilateral development bank

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formed by the BRICS group of emerging nations has been held for

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supporting clean energy and sustainable development. Since

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becoming operational year ago, $900 million has been won for these

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projects and some say the role of the bank overlapped the IMF and the

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World Bank. Our correspondent spoke with the chief, who explained why he

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believes it's needed. All of us put together are all playing a

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complementary role to a larger developmental need. To put that

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number in context, if annual spending on infrastructure in the

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developing world is around $1.5 trillion, all institutions put

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together would do less than 15% of that. Many question the potential -3

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members out of five are struggling when it comes to their economy. Will

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this ever be an effective group? I think economic cycles and shocks are

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transitional. You have to look at this over a longer period of time.

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Even with the economic shocks, I would think the BRICS countries put

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together today provide most of the growth that is happening in the

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world, coming from these five countries. Incremental growth. Even

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with the current challenges. At this stage all the founding members have

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equal shareholding at the new development bank but many believe

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that in the long-term China will dominate the proceedings because of

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the sheer size of its economy. In our articles we are clear that

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shareholding is equal. Even if the bank were to in the future looked at

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the wider membership, that is to help the pollution in P. Going

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beyond that would not be right at this stage. -- dilution. There are

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concerns about the official year of the death of King Bullmer will

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continue. We explain what businesses and foreign investors can expect

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going forward -- King Bumubhol. In the short term we will see business

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disruptions in the first 2-4 weeks. People are not at work. They are

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taking time to mourn and grief. That will impact sea ports, airports,

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manufacturing facilities. Control risk has been working around

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contingency planning for businesses on those issues and there has been a

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moratorium on entertainment events, so concerts and sporting event

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having cancelled. That will have an impact. Business travel is down. I

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have spoken with clients last week who were cancelling trips into the

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country to let things settle down before everyone has their mind back

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on business as usual. Those are short-term impacts. Tourism is a

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huge part of Thailand's economy. It is known as the land of smiles. It

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is anything but since last Friday. What impact might it have long-term

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on tourism? It will be interesting to see. I think the government knows

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that tourism is 10% of Thailand's GDP with 30 million people coming

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each year. It will be key to see the key engine of the economy get back

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to full steam as soon as so all in due course and that will be

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something to watch for, certainly with tourists being advised to pay

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respect when they come to town. There have been some tourism

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cancellations but not significant. I think in the long-term we won't a

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significant impact. Now to the fast growing geek economy creating

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opportunities for contractors and freelancers with 160 million people,

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30% of the working age population in the US and Europe alone, are earning

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money from independent work and gigs. That is according to McKinsey.

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This week we bring you stories from entrepreneurs from around the globe,

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starting with India. TRANSLATION: In a city like Mumbai, time is more

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precious than money. What I like most about my job is how we save

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people's time. My name is Sajit, I am 25 years old, and I work for

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Rush. We run errands for people. If someone need something from home,

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documents delivered or a cheque delivered in a bank, we get it done.

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For example, today I'm going to deliver food to a customer for one

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of her clients who is a home chef. Basically I'm helping her run her

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business. When we are out on deliveries the traffic is a problem.

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It can make us late. My family and friends do not think this job is

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that secure. They don't like it because they do not understand this

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industry. I think my future is promising because growth depends on

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performance and efficiency. Today I am a field executive but one day I

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could be selected as a team leader. In my opinion, there is potential in

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this business of deliveries. There is a lot of competition but with

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good performance people like me can grow. Let's have a quick look at the

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markets before we go and we can see the Nikkei has opened fairly flat.

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Australia as well, exactly flat. That is because of comments from the

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Fed reserve chaired Janet Yellen last week that is causing some

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concern. That is it for this edition of Asia Business Report, thank you

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for watching. You're watching BBC News.

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The top stories this hour: A Chinese space rocket has blasted off

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from a launchpad in the Gobi desert, carrying two men

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The mission is designed to test China's ability to send crewed

:10:52.:10:53.

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