Browse content similar to 21/02/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
the force be with your wallet. Why parents in Asia are spending so much | :00:00. | :00:10. | |
a birthday parties like this. It is Tuesday. Glad you could join us for | :00:11. | :00:14. | |
this edition of Asia Business Report. I'm Rico Hizon. The new Tata | :00:15. | :00:20. | |
group chairman takes up office today, ending one of India's most | :00:21. | :00:25. | |
public boardroom spats. A bitter feud was sparked with its | :00:26. | :00:29. | |
predecessor, when he was fired last year. Tata owns more than 100 | :00:30. | :00:34. | |
companies and is one of the oldest businesses in the country. So what | :00:35. | :00:38. | |
are the top issues waiting for the new boss? | :00:39. | :00:45. | |
Seeking divine help, this man is all set to lead one of India's oldest | :00:46. | :00:50. | |
businesses, the Tata Group. He is the first person out of India's | :00:51. | :00:57. | |
community to be appointed to the post. After an acrimonious stand-off | :00:58. | :01:01. | |
with its previous chairman, it will be a huge shift here at the | :01:02. | :01:07. | |
headquarters of Tata. He is the seventh chairman of the Tata Group. | :01:08. | :01:13. | |
He spent his entire professional life inside the group. He is popular | :01:14. | :01:17. | |
amongst employees and has long in the favourite for the new role. It | :01:18. | :01:21. | |
is lower -- it is largely accepted that the task ahead of him is | :01:22. | :01:27. | |
nothing more -- short of monumental. The Tata Group has interests ranging | :01:28. | :01:34. | |
from steel and cars to salt and tea. But many other companies have been | :01:35. | :01:37. | |
struggling in recent years. Luxury car maker Jaguar Land Rover and TCS | :01:38. | :01:43. | |
are generating enough profits to keep the group afloat. Together they | :01:44. | :01:47. | |
account for more than half of the combined revenues. So Natarajan | :01:48. | :01:51. | |
Chandrasekaran's first challenge would be to reduce the dependence on | :01:52. | :01:55. | |
these two businesses and turnaround others. | :01:56. | :02:02. | |
His second big challenge will be making a decision the future of Tata | :02:03. | :02:08. | |
Steel in the UK, when it has suffered heavy losses. Union workers | :02:09. | :02:17. | |
backed the move towards saving Britain's largest steel producer. | :02:18. | :02:26. | |
His other challenge will be the global uncertainty are round the IT | :02:27. | :02:35. | |
industry. TCS is the jewel in the crown for Tata Group, contributing | :02:36. | :02:39. | |
40% of its profit. But that's now threatened as a new US bill aims to | :02:40. | :02:43. | |
limit the entry of high skilled workers. With over 100 group | :02:44. | :02:47. | |
companies, many analysts compared the Tata Group to a lumbering | :02:48. | :02:53. | |
elephant, but Mr Chandrasekaran has the experience and many hope he will | :02:54. | :03:02. | |
have success with a conglomerate. There is indeed a gift for | :03:03. | :03:06. | |
shareholders, as he takes over today. The group's outsourcing | :03:07. | :03:12. | |
company says it will spend a whopping 2.4 million dollars to buy | :03:13. | :03:16. | |
back shares. TCS shares jumped on Monday after the company said it | :03:17. | :03:20. | |
would buy back their shares at a price 20% higher than on Friday. | :03:21. | :03:24. | |
Moving to other news making headlines. Trading in shares of | :03:25. | :03:29. | |
Fairfax media have been halted this morning news that the company is | :03:30. | :03:32. | |
considering is reeling off domain. That is its online real estate | :03:33. | :03:38. | |
classified business. Major shareholders have been asking | :03:39. | :03:42. | |
management to sell Domain, which they believe could be worth billions | :03:43. | :03:48. | |
of dollars. Toshiba wants to raise nearly $9 billion by selling a | :03:49. | :03:51. | |
majority stake in its business, according to Reuters. The troubled | :03:52. | :03:55. | |
Japanese companies under pressure to raise money after revealing a $6 | :03:56. | :03:59. | |
billion write-down due to its US nuclear business. Part of the | :04:00. | :04:08. | |
company has been reluctant to sell a majority stake. | :04:09. | :04:13. | |
Unilever's rejection of a merger with Heinz has seen the stock fall | :04:14. | :04:20. | |
by 9%, before clawing back some losses to close about 7% lower. The | :04:21. | :04:26. | |
sharp fall follows the collapse of a takeover deal which would have been | :04:27. | :04:31. | |
the biggest in corporate history. Banking giant HSBC reports its | :04:32. | :04:36. | |
full-year numbers later today. The shares have surged over the past six | :04:37. | :04:42. | |
months in part course of a $2.5 billion buyback programme. Also a | :04:43. | :04:46. | |
weaker pound since Brexit mail, it was the UK-based lender does most of | :04:47. | :04:54. | |
the business abroad. Andrew Sullivan explained what we can expect. They | :04:55. | :05:00. | |
would have turned to profit in the last quarter, which will be | :05:01. | :05:03. | |
encouraging. A lot of that is because the year-on-year basis is a | :05:04. | :05:08. | |
very bad quarter in 2015. It was a disaster, the last quarter. Yes. But | :05:09. | :05:13. | |
things have been improving. We put a lot of structures in place. | :05:14. | :05:17. | |
Cost-cutting was one of the majors things mentioned last year, so it | :05:18. | :05:21. | |
will be interesting to see how far they've got with that. Will the bank | :05:22. | :05:26. | |
react to potentially 2-3 rate hikes in the US this year? A rate hike | :05:27. | :05:30. | |
should be good for them. That interest margin should increase as | :05:31. | :05:35. | |
the rates go up, but it is still a very competitive with us. It is not | :05:36. | :05:39. | |
like they can immediately erase the rates. It is competitive and they | :05:40. | :05:44. | |
will have to stay on their toes. What about return in equity in their | :05:45. | :05:48. | |
Hong Kong business? The Hong Kong business has held up quite well and | :05:49. | :05:52. | |
one of the key thing is what they will do with the US. You mentioned | :05:53. | :05:57. | |
share buybacks. A lot of that has come out of cash they taken out of | :05:58. | :06:02. | |
US operations, but obviously with Trump saying you have to be in | :06:03. | :06:06. | |
America to deal with America that could be problems with that. | :06:07. | :06:12. | |
Speaking of President Trump, trade finance is an integral part of | :06:13. | :06:18. | |
Asia's business and they have major businesses in China and Mexico, | :06:19. | :06:23. | |
which are currently the focus of President Trump. -- HSBC's business. | :06:24. | :06:30. | |
What will they do? I think they will focus on saying we still have the | :06:31. | :06:34. | |
household industry, we are still HSBC USA, which will be crucial. | :06:35. | :06:38. | |
Obviously a lot of the money last year came out of the share buybacks. | :06:39. | :06:45. | |
The question is that it opens them up to the regulators as well. That | :06:46. | :06:48. | |
was Andrew Sullivan on HSBC. How much money did your mum spend on | :06:49. | :06:53. | |
your fifth birthday party? These days children's parties are becoming | :06:54. | :06:56. | |
increasingly more elaborate and expensive. As part of our business | :06:57. | :07:00. | |
of kids series, we met some top-notch party planners who are | :07:01. | :07:07. | |
cashing in on the opportunity. Laser lighting, storm troopers, | :07:08. | :07:13. | |
Darth Vader. It looks like a big old way production, but it's not. It's a | :07:14. | :07:20. | |
kids birthday party in Singapore, which cost $150,000. Planning such | :07:21. | :07:27. | |
parties has become big business. Meet Tanya, the party plan behind | :07:28. | :07:35. | |
this costly soirees. She sorts everything out from the Cape to the | :07:36. | :07:39. | |
venue and even doubles up as an entertainer. Are you ready to have | :07:40. | :07:43. | |
some fun? Boast of them have an idea of how much they will spend. We | :07:44. | :07:47. | |
don't mention money to the kids, as the kids are just kids and they | :07:48. | :07:51. | |
don't understand that concept. But if the kids really want to have a | :07:52. | :07:54. | |
particular thing, then the parents might go, OK, we will have it. On | :07:55. | :08:01. | |
average parents coming to her have budgets of just over $2000 for kids | :08:02. | :08:07. | |
as young as one. But it would always need a party planner. For parents | :08:08. | :08:15. | |
like this, a party for their 100 day old baby is more than just a fun | :08:16. | :08:19. | |
celebration. It is part of tradition. Historically, it is kind | :08:20. | :08:24. | |
of like the Chinese one-month party, a celebration to say we are out of | :08:25. | :08:29. | |
the woods, the baby made it. These days it's a little bit more like the | :08:30. | :08:34. | |
parents are still alive after 100 days. They've invited their friends | :08:35. | :08:38. | |
to an ice cream themed party and are giving it the personal touch. In | :08:39. | :08:42. | |
line with the trend of big budgets, it is being held at one of | :08:43. | :08:47. | |
Singapore's most luxurious hotels, where celebrities like Madonna have | :08:48. | :08:51. | |
stayed. High end event planner augur offers advice. I think it's a bit of | :08:52. | :09:00. | |
peer pressure. -- plan A Olga. If one person holds a big party is an | :09:01. | :09:04. | |
indication for other parents to do a similar thing. So as parents strive | :09:05. | :09:11. | |
to create memories of that special day, it could also mean a lot of | :09:12. | :09:15. | |
money going up in a puff of smoke, law and after the candles are blown | :09:16. | :09:17. | |
out. Expensive parties for young kids! | :09:18. | :09:26. | |
YouTube plans to scrap the 32nd advertisements that you normally can | :09:27. | :09:30. | |
skip. You won't have to watch them on the video stream service from | :09:31. | :09:36. | |
next year. Google confirmed the plans want to focus on formats that | :09:37. | :09:40. | |
work well for users and advertisers. Before we go, a quick look at the | :09:41. | :09:45. | |
markets. As you can see on the screen is trading is very thin in | :09:46. | :09:49. | |
Asia at the moment. This is because US markets remain shut for the | :09:50. | :09:55. | |
holidays. Wall Street reopens and investors await reports on economic | :09:56. | :10:01. | |
data and minutes from the Fed's meeting. Thanks for investing your | :10:02. | :10:05. | |
time with us. Sport Today is a | :10:06. | :10:07. |