Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.
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rejected a call by 95 Tory backbenchers for Parliament to be
given powers to veto laws from Brussels. Mr Hague said that the
idea was unrealistic. Now on BBC News, all the latest business news
live from Singapore. Threat to grow. The economic impact
of the shutdown in Bangkok. An export ban. Indonesia lays down the
law on the country's mineral ore industry.
Welcome to Asia Business Report. We began in Bangkok where
anti-government protesters are planning to shut down Thailand's
capital. The aim to oust the Prime Minister Yingluck Shinawatra and her
cabinet following widespread ministrations. She has called for an
election in February. Processes hope to block it from happening since
polls indicate the government would stay in power. Thailand could use
$30 million per day for every day of political stand. -- political
stand-off. It is very difficult for major
corporations and businesses in Bangkok to operate. They are
expecting between 150,000 to 450,000 demonstrators in support of the
opposition today. That is going to close down Bangkok. Even outside of
Bangkok we are seeing the red shirts looking to close down places like
Chang Mai. It'll have a big impact on business.
It seems an tractable what is going on at the moment. The Thai Chamber
of Commerce last week said some $30 million is being lost per day. Will
the damages be protracted? Will they be long-lasting ?
The most recent was in 2006. We saw big demonstrations in 2010. Every
time, Bangkok has bounced back strongly. It has a resilience that
has surprised analysts around the world every single time. I don't
expect anything different this time. I think that a guest amateur talent
will be the tourist dollar. Big airlines like Singapore airlines are
affected. It is not because they are worried about the threat, although
that would be there, it is more a round the mainland Chinese and
tourists around the world who just on travelling. The controversial new
law came into force in Indonesia yesterday banning exporting
unprocessed minerals like nickel and tin.
They want to keep more profits within the country but they want of
job cuts. The Indonesian President diverted things to affect exports.
It will impact several large companies like Freeport.
The underlying concept was to develop downstream processing of
mineral ores. These kinds of facilities take a lot of investment.
For small companies the only option is to outsource and process within
third parties. At the moment they have relaxed basic infrastructure. A
lot of their facilities and projects are a long way. Apart the issue is
over implementation and timing. We also saw the nickel price going
up my jumping about 3% on Friday in anticipation of the bank. It is
having international repercussions of markets. There are also
inconsistencies with an election coming up. Will be more clarity?
Hopefully, once the presidential regulation is issued. At the moment
there is a lot of uncertainty around that. Example, the Supreme Court in
Indonesia revoked the 2012 regulation which set up a minimum
processing requirements. It is very unclear how the ban is going to be
implemented and enforced going forward.
For more on that story and other business headlines you can go on our
website. China's securities regular track Mission plans to strengthen
conditions over the stock market. New measures will include random
inspections and procedures of a building and roadshows. A statement
from the stock market regulator comes after one Chinese firm dilated
share sale after pricing above the industry average. Food scares have
become increasingly common in the headlines these days. One week a go
at Walmart recalled donkey meat. Horsemeat has also been found across
Europe. A global food safety partnership is trained to tackle
this, made up of 70 countries and other organisations. It looks at how
food is traded across borders. A spokesman if from one organisation.
You need to understand how you test a product and you with borders and
customs. That, in totality is complicated. It can Michu
harmonisation to make sure that a flow of products between countries
is smooth. That is what different regions are trained to harmonise and
bring together. If we look at places that have had
different food scares over the years. China has ten the chief
culprit. A committee is being set up in the country. It country also has
a protectionist stance in terms of letting food and the standards it's
has raised over imported food... How is it acting as an impediment was
mark in the case of China, it is very interesting.
We speak alert food safety and go back for the last five years, China
has been growing fast acting on different occasions. We are now
seeing dynamics in reforming food safety system in the country. It
will take time until we see the whole food safety system in China
changing. In the coming 510 years we see China being more active. --
coming five to ten years. I think they are moving from reforming food
safety policies and standards to looking more at global level.
The Golden Globes awards are under way in Hollywood. Keeping with the
movie theme, we spoke to a film director in India who funded his
latest work through an unusual method online in a crowd funding.
That was after he was unable to find reduces unable to prepare to pay for
a film in his native language in Canada.
I have done about three feature films in Canada. I was bothered by
needing to adjust my script because the producer wouldn't think it makes
sense. I wrote a frustrated block the excess at -- frustrated blog
because the key to it is the audience. It went viral. Within two
or three days I started getting people saying, why don't we all
pitch in something for the song. I didn't know that it was called crowd
funding. I said, OK, they will blame me if I don't do anything.
I put up the proposal and a request for $5 million will -- $5 million.
The first person to put money into it didn't know anything about it. A
realised I had started a revolution. We gave ourselves about 100 days to
raise the funding. We got it and 27 days. We got it from about 510
random people I have never met. Once we were filming, and I figured we
had enough money to finish the film, it was becoming popular day by
day because of the music. Some of the audience wanted to watch it on
the big screen. When you have a film on the big screen it is another big
investment. We created an online web page where some it could pre- order
the film and become a distributor. That person can share the film would
anybody he wants and gets a cut from the sales. What was happening was
that we were encouraging people to share the legal length rather than
torrent links because they could make money off it. Because we were
getting the money is a pre- order, we were using it for distribution.
Everything fell in place. This was the first film to experiment with on
distribution will stop I think it will grow bigger from now.
Let's have a look at markets. We saw wicked than expected payrolls
reports out from the US on Friday. It is ironically boosting
expectations of the Federal Reserve. It is having a positive
impacts on Asian markets amongst those that are open.