:00:00. > :00:00.was examining claims passed to it by the Sun on Sunday newspaper. Now on
:00:00. > :00:18.BBC News all the latest business news live from Singapore.
:00:19. > :00:23.Slowing down ` revised data points to weaker growth in the Japanese
:00:24. > :00:28.economy. An election in 60 days stashed Thailand's Prime Minister
:00:29. > :00:38.dissolves parliament and promises a general election in the coming
:00:39. > :00:46.months. Hello and welcome. We start today with Japan's economy which
:00:47. > :00:57.expanded by 3.3 concerted. ``%. That is revised down earlier to half a
:00:58. > :01:01.percent. It underscores the fragile economy growth. The government plans
:01:02. > :01:10.to increase the sales tax next April. There is a great deal of
:01:11. > :01:15.concern about the impact of the sales tax increase will have. That
:01:16. > :01:20.is why the government has announced last week a 50 billion US dollar
:01:21. > :01:24.growth package to be launched at the same time as that tax. Essentially,
:01:25. > :01:29.they are going to take money out of people 's pockets and then shove it
:01:30. > :01:35.back with another massive splurge of spending. But will that spending
:01:36. > :01:39.work? A lot of spending was promised this year but it has not happened.
:01:40. > :01:47.It will be difficult to get that money flowing through the economy. A
:01:48. > :01:53.lot of challenges ahead. Looking at 2013, what are the general
:01:54. > :02:01.projections for the economy? `` 2014. That things will pick up again
:02:02. > :02:06.in the New Year. I hope for an increase in exports, the low gang `
:02:07. > :02:16.going up about 100 to the US dollars. That will weaken further
:02:17. > :02:19.optimism with exporters but those massive export increases have not
:02:20. > :02:25.come through and we have seen in creases in imports ` particularly
:02:26. > :02:33.electricity. It is still early days to see whether this policy is going
:02:34. > :02:37.to work. I think, the first 6`8 months we are seeing the figures for
:02:38. > :02:43.is still very early days to say whether it works or not. As you may
:02:44. > :02:49.have heard, Thailand's Prime Minister Ying`luck Shinawatra said
:02:50. > :02:56.she will call election within 60 days. The protesters kicked off a
:02:57. > :03:00.major rally in Bangkok. Marching towards the Prime Minister's offers.
:03:01. > :03:07.Protests have been going on for a week. It is having an impact on the
:03:08. > :03:09.stock market. It has been a dramatic change of fortunes for Tacloban.
:03:10. > :03:10.stock market. It has been a dramatic change of fortunes for Tacloban It
:03:11. > :03:15.change of fortunes for Tacloban. It is to be the biggest economic hub of
:03:16. > :03:21.the country but now it is in ruins after being hit by one of the most
:03:22. > :03:28.powerful storms experienced by the country. It may be a while before it
:03:29. > :03:34.becomes business as usual. This is all that remains of the biggest
:03:35. > :03:42.shopping maul in Tacloban. Smashed door fronts and empty shelves. These
:03:43. > :03:49.were some of the scenes from a month ago, people scrambling to find food,
:03:50. > :03:55.water and medicine by whatever means necessary. No shop was left
:03:56. > :04:04.untouched but it was not just a supermarket and pharmacy that had
:04:05. > :04:10.shelves emptied, people also took home electrical appliances,
:04:11. > :04:16.jewellery and other luxury items. Armed security guards have been
:04:17. > :04:22.installed. Workers are clearing away debris so they can reopen next year
:04:23. > :04:28.but so far, only about 30% of the businessmen in the city have
:04:29. > :04:31.returned. One of them runs a distribution warehouse. He worries
:04:32. > :04:41.that the situation will deteriorate again. The security is concentrated
:04:42. > :04:47.only on the central areas but on the outskirts where fact trees and
:04:48. > :04:56.houses are located, there is little security `` factories. Security will
:04:57. > :05:04.be pulled out by December ` that is still a concern. If I were to speak
:05:05. > :05:07.for the business, they are very down and discouraged because the security
:05:08. > :05:14.was non`existent, their businesses were looted, everybody lost
:05:15. > :05:19.investments and life savings. We need the government to come in, or
:05:20. > :05:26.the central bank and local banks, to help local businesses. He said he
:05:27. > :05:29.was lucky that he warehouse was protected right after the storm.
:05:30. > :05:31.protected right after the storm These are the warehouse was
:05:32. > :05:40.destroyed and also completely ransacked. The businessmen, facing
:05:41. > :05:50.this kind of damage, cleaning up and starting over, is a daunting task.
:05:51. > :05:55.Trade ministers from 12 countries are in Singapore in a last`minute
:05:56. > :05:59.effort to strike a basic agreement on the transpacific partnership
:06:00. > :06:03.They are looking for political solutions on issues which include
:06:04. > :06:06.intellectual property rights and the reform of state`owned companies.
:06:07. > :06:07.intellectual property rights and the reform of state`owned companies.
:06:08. > :06:13.Negotiations have been going on for nearly four years. If they reach an
:06:14. > :06:20.agreement, it could pave the way for stronger ties with China who is not
:06:21. > :06:24.a member. A lot of the countries on both sides of the Civic already have
:06:25. > :06:31.strong relationships with the China. Even China who is not a
:06:32. > :06:37.member, also has strong ties. Canada is increasing its trade with China.
:06:38. > :06:50.The point is to use this as a bridge and two strengthen the relationship,
:06:51. > :06:57.to eventually pull China in. So that they will benefit as well from
:06:58. > :07:06.greater reciprocal access. Data from the weekend in China shows a rise of
:07:07. > :07:12.30% in November. It means demand is picking up from big economies such
:07:13. > :07:17.as the US and Europe. Economists were expecting more and this signals
:07:18. > :07:22.China they still have some way to go with China boosting growth and
:07:23. > :07:32.consumption. Inflation is moderating. Consumer price slope to
:07:33. > :07:36.3% in November. `` slowed. For more on the Chinese economy and other top
:07:37. > :07:43.is this headlines, you can visit our website. Emerging markets like India
:07:44. > :07:50.are looking more at track different than ever to retailers, particularly
:07:51. > :08:01.at luxury retailers. Some willing to flash their cash. But combining
:08:02. > :08:08.sushi with shopping in the country's biggest luxury bowl in
:08:09. > :08:13.posh side Delhi. Many come here with friends for what is popularly called
:08:14. > :08:18.a kitty party in India. Elite women get together over lunch and pooled
:08:19. > :08:24.money to spend on luxury handbags or shoes. Catering to them, several
:08:25. > :08:30.international brands of the open stores here. Now it is so much
:08:31. > :08:35.easier, I can see the options, and pick up what I like in a stall. It
:08:36. > :08:45.has definitely made our lifestyles better. Obviously there is more
:08:46. > :08:50.variety. As Western markets are slowing down, luxury brands are
:08:51. > :08:54.pushing to be here in India. The good news for them is that the
:08:55. > :09:00.number of rich individuals is growing. This means they are likely
:09:01. > :09:08.to spur demand in the near future. There are still a few barriers.
:09:09. > :09:15.India lacks high street so retail space is limited. Yet, the luxury
:09:16. > :09:21.market has witnessed a robust growth of 15% over the last three years and
:09:22. > :09:28.is now estimated to be worth $8 billion. High import duties are
:09:29. > :09:34.worrying retailers. Pricing is one of the main issues. We tried to
:09:35. > :09:39.balance the prize with other regions, especially Europe and
:09:40. > :09:45.London is where Indians like to buy. Import duties. Or reduce and slow
:09:46. > :09:50.down the possibilities for customers to buy in their country. It will
:09:51. > :09:55.affect the economy in India. Unlike their parents, India's young favour
:09:56. > :10:02.spending over saving. The recent growing breed of a new kind of
:10:03. > :10:07.customer ` entrepreneurs, officials and the ruling rich who are
:10:08. > :10:11.discovering luxury for the first time and are not afraid to flaunt.
:10:12. > :10:16.Demand is expected to soar and luxury retailers will be waiting to
:10:17. > :10:27.tap into the new Indian Mara archers. `` the new Indian wealthy.
:10:28. > :10:32.Looking into the markets: Wall Street had a very good close due to
:10:33. > :10:41.the job data. That is lifting markets. Thank you for watching.
:10:42. > :10:45.The top stories this hour: Thailand's Prime Minister Yingluck
:10:46. > :10:47.Shinawatra has dissolved parliament and called a general election in the
:10:48. > :10:56.wake of massive demonstrations across the country. A statue of
:10:57. > :10:59.Lenin is pulled down by demonstrators as tens of thousands
:11:00. > :11:03.of Ukrainians take to the streets of Kiev, calling for closer ties with
:11:04. > :11:09.Europe MPs look set to get a pay increase of 11% ` that's five times
:11:10. > :11:17.the rate of inflation. The move s been opposed by the three main party
:11:18. > :11:20.leaders. The proposal by the independent body that sets MPs'
:11:21. > :11:26.salaries would take effect after the next general election. They don't
:11:27. > :11:29.normally agree on much but one thing unites the leaders of the three main
:11:30. > :11:31.parties is their complete opposition to a ?7,000 pay rise for MPs after
:11:32. > :11:32.the next