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ago in Oxfordshire. Ben Blakeley, who is 22 and from Reading, is due | :00:00. | :00:00. | |
to appear before magistrates later this morning. | :00:00. | :00:07. | |
Now on BBC News, all the latest business news live from Singapore. | :00:08. | :00:19. | |
One year on, the Japanese economy. Is it a hit or miss? | :00:20. | :00:29. | |
To hike or not to hike, the dilemma facing India's central bank. | :00:30. | :00:37. | |
Thank you for joining us. We start off with Japan and business | :00:38. | :00:46. | |
confidence among big manufacturers has increased. A survey revealed | :00:47. | :00:55. | |
that the sentiment index for big manufacturers improved by four | :00:56. | :01:00. | |
points from the September quarter to a six-year high. The data comes | :01:01. | :01:11. | |
after the President marks his one-year in office. He promised | :01:12. | :01:17. | |
economic reforms. This morning 's survey also showed that large | :01:18. | :01:23. | |
companies planned to increase capital spending by just 4.6% in the | :01:24. | :01:28. | |
financial year to March 2014. That is lower than what economists were | :01:29. | :01:33. | |
hoping for. The government also plans to go ahead with the higher | :01:34. | :01:38. | |
sales tax from 5% to 8%, starting April. I asked if the upcoming | :01:39. | :01:47. | |
consumer tax will create a dent in wealth prospects for the Japanese | :01:48. | :01:50. | |
economy. We will certainly see demand being | :01:51. | :01:57. | |
brought forward and we will have strong consumer spending in the | :01:58. | :02:00. | |
first quarter. And then it will slump. The survey showed that | :02:01. | :02:11. | |
manufacturers are quite confident and will only see out mild | :02:12. | :02:14. | |
deterioration in the second quarter. What are the three top | :02:15. | :02:18. | |
things in your wish list that you hope that Shinzo Abe at will | :02:19. | :02:25. | |
implement next year? We want to see more easing. So far, we see that | :02:26. | :02:32. | |
piece is insufficient to reach the deflation target. We want to see | :02:33. | :02:39. | |
some reforms in the labour market and in the TPP negotiations to | :02:40. | :02:45. | |
succeed. We want to see agricultural production to be lowered. | :02:46. | :02:51. | |
For more on the progress of the Japanese economy, log onto our | :02:52. | :02:58. | |
website and check out the latest commentary. | :02:59. | :03:03. | |
In the airline industry, Singapore -based budget carrier is joining | :03:04. | :03:08. | |
with Thailand's low-cost airline. The two are coming together to | :03:09. | :03:13. | |
create a new low-cost carrier. It will be based in Bangkok. It will | :03:14. | :03:24. | |
have a 51% 's -- it will be split 51% to 49%. The investment is over | :03:25. | :03:31. | |
-- with over $60 million. Australian Prime Minister Tony | :03:32. | :03:33. | |
Abbott has supported calls from Qantas for a level playing field | :03:34. | :03:41. | |
against Virgin Australia. Qantas called for a change in rules as it | :03:42. | :03:44. | |
faced a record loss. The Qantas sales act, which came into place in | :03:45. | :03:51. | |
1992, limits foreign ownership of the carrier to 49% and requires | :03:52. | :03:56. | |
Qantas to keep the majority of its maintenance operations in Australia. | :03:57. | :03:58. | |
The airline has long complained that Virgin Australia and its majors | :03:59. | :04:09. | |
shareholders provide virgin to access -- access to foreign funding, | :04:10. | :04:15. | |
that by denying at the level playing field. | :04:16. | :04:17. | |
In New Zealand, consumer confidence is bouncing back to a four-year high | :04:18. | :04:21. | |
as consumers got to talents there finances. More jobs are being | :04:22. | :04:28. | |
created and it is one of the reasons that a reading of the consumer | :04:29. | :04:40. | |
confidence index Rose to 120, from 150. | :04:41. | :04:41. | |
India's central bank will revealing whether or not whether it will | :04:42. | :04:45. | |
change interest rates over the following month. It has increased | :04:46. | :04:50. | |
borrowing twice to try to keep soaring prices in check. It is also | :04:51. | :04:53. | |
doing a time when growth has remained slow. | :04:54. | :05:04. | |
This man has lived in this building all of his life. In the next few | :05:05. | :05:09. | |
months, he has to move out. Like most old buildings in the city, his | :05:10. | :05:17. | |
home is going to be redeveloped. Even though the developer is | :05:18. | :05:20. | |
providing him with compensation, he says it will not be enough to buy a | :05:21. | :05:25. | |
new home. The prospect of taking a loan is not very appealing. I will | :05:26. | :05:29. | |
be looking for a home loan, but I cannot take the burden right now. | :05:30. | :05:34. | |
The interest rate just keeps going up. Might budget cannot make it | :05:35. | :05:45. | |
happen in the current scenario. High interest rates coupled with the | :05:46. | :05:48. | |
slowing economy has made it difficult for consumers to buy | :05:49. | :05:52. | |
homes. It has hit sales in a big way, forcing many real estate | :05:53. | :05:55. | |
developers to offer discounts. That has not helped much. It is not only | :05:56. | :05:59. | |
consumers that are feeling the pressure of high interest rates. | :06:00. | :06:04. | |
Businesses to our feeling the heat. -- are feeling the heat. This | :06:05. | :06:09. | |
factory based in Mumbai and makes switchgears, which are used in | :06:10. | :06:16. | |
housing apartments and apartment complexes desperate housing | :06:17. | :06:19. | |
competence. The slowdown means it has not been getting many orders | :06:20. | :06:24. | |
over the past few years. Rising labour and energy prices have impact | :06:25. | :06:33. | |
that its costs. If that was not bad enough, high interest rates have | :06:34. | :06:39. | |
squeezed its profit even further. We have to look for some alternate way | :06:40. | :06:45. | |
of financing. We may have to look for some cheaper funds from a rule | :06:46. | :06:50. | |
-- from abroad, if it is available. The banking industry here cannot | :06:51. | :06:53. | |
provide us and we have to look for alternatives if we are to stay in | :06:54. | :06:57. | |
business. It will be a big challenge for us. The Indian central bank, | :06:58. | :07:01. | |
also known as the RBI, has increased key lending rates twice in the last | :07:02. | :07:07. | |
three months. This is mainly due to high inflation, driven by rising | :07:08. | :07:12. | |
food prices. The government and industry have been clamouring for a | :07:13. | :07:16. | |
rate cut to revive the slowing economy, but so far, the bank is | :07:17. | :07:19. | |
showing no signs of getting the pressure. | :07:20. | :07:25. | |
The rates decision from the Indian Reserve Bank is due later this | :07:26. | :07:30. | |
week, on Wednesday. December is traditionally one of the | :07:31. | :07:34. | |
best months. Markets because of the so-called Santa Claus rally. That is | :07:35. | :07:40. | |
when the sharemarket rise over the ten days before the New Year. | :07:41. | :07:45. | |
Overall volatility would best describe 2013. I spoke to the stock | :07:46. | :07:53. | |
exchange president in Philippines, which has experienced some major | :07:54. | :07:56. | |
bumps. I think the year has been quite good | :07:57. | :08:00. | |
for the Philippines and for the stock market for 2013. Good in the | :08:01. | :08:04. | |
sense that we have a lot more activity on the exchange, more | :08:05. | :08:10. | |
liquidity, more IP growth and new products and services be launched. | :08:11. | :08:13. | |
How have the regional conflicts, the bribery scandals and the natural | :08:14. | :08:20. | |
rate cashback natural cork at these impacted -- bribery scandals and | :08:21. | :08:26. | |
natural calamities impacted customer they have contributed to the | :08:27. | :08:33. | |
volatility that you talk about. I would say there have been some | :08:34. | :08:37. | |
overreactions. But overall, I would say that the basic fundamentals | :08:38. | :08:42. | |
prevail when you take a look at trends. This year has been a | :08:43. | :08:47. | |
milestone for the Philippines. It got an investment-grade status from | :08:48. | :08:54. | |
some of the key ratings agencies. How has this helped in terms of | :08:55. | :08:58. | |
bringing new investors? Tremendous. We are seeing a lot of first time | :08:59. | :09:05. | |
portfolio managers who have never invested because they could never | :09:06. | :09:07. | |
invest in an investment-grade investment and that rating has given | :09:08. | :09:14. | |
a third-party cheque in terms of saying the country is okayed, the | :09:15. | :09:21. | |
financials OK, and the fundamentals are looking decent. When you take a | :09:22. | :09:26. | |
look at who we are seeing, a big influx, for example, in what I would | :09:27. | :09:37. | |
call Japan Inc. An amazing number of portfolio flows coming in from that | :09:38. | :09:40. | |
sector, which was not present before. In 2014, what would be the | :09:41. | :09:44. | |
red flags for the Philippine economy and for the capital markets? | :09:45. | :09:49. | |
The biggest red flag on the ground will be how this reconstruction | :09:50. | :09:55. | |
relating to the storm will be, in terms of how much infrastructure | :09:56. | :09:59. | |
build will the company -- country be able to do, something people have | :10:00. | :10:03. | |
been looking forward to for quite sometime. The capital market, the | :10:04. | :10:10. | |
real question is what will be the impact of the US Federal cup talk. | :10:11. | :10:16. | |
That last year that created so much volatility in our local market and | :10:17. | :10:21. | |
that could be a swing back in how markets are perceived, including the | :10:22. | :10:27. | |
Philippines. Thank you for investing your time | :10:28. | :10:28. | |
with us. Goodbye for now. I'm Adnan Nawaz. The top stories | :10:29. | :10:46. | |
this hour: the actor Peter O'Toole, renowned for playing 'Lawrence of | :10:47. | :10:47. | |
Arabia' in the | :10:48. | :10:48. |