Browse content similar to 20/01/2014. Check below for episodes and series from the same categories and more!
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dead in Fife will appear in court later today. Time for Asia Business | :00:00. | :00:00. | |
Report. It's official, China's economy is | :00:00. | :00:21. | |
slowing down. We will look at the implications. A bank account for | :00:22. | :00:26. | |
every adult in the country. India's bold ambitions. Welcome to the | :00:27. | :00:46. | |
programme. China's economy expanded by 7.7% in the final three months of | :00:47. | :00:53. | |
last year, the same as in 2012. It exceeds the government's target of | :00:54. | :00:56. | |
7.5% but they are the worst the country has seen in 14 years. Thank | :00:57. | :01:11. | |
you for joining us. Is this good news or bad news? Well, I think this | :01:12. | :01:19. | |
is a positive development that the market should be welcoming. China | :01:20. | :01:28. | |
requires this slowdown. We expected growth to slow in the fourth quarter | :01:29. | :01:32. | |
and we have got that. People need to get used to a new way of thinking | :01:33. | :01:36. | |
about Chinese growth. It is going to be slowing down in the coming | :01:37. | :01:42. | |
years. It won't be a straight line but growers will be slow and not | :01:43. | :01:54. | |
just as a downshift but as a continual deceleration. Are the | :01:55. | :02:03. | |
Chinese party leaders going to be pleased with this? They are trying | :02:04. | :02:07. | |
to tread a difficult line. The leadership believes it needs a | :02:08. | :02:12. | |
certain amount of growth to keep employment up. And growth targets | :02:13. | :02:15. | |
has always been about making sure there is enough growth to keep | :02:16. | :02:20. | |
employment robust but as you change your economic model, as things shift | :02:21. | :02:25. | |
more towards services, you can still have robust employment growth even | :02:26. | :02:31. | |
if GDP slows down. It just means you have a weaker headline great number. | :02:32. | :02:36. | |
They may not be pleased about the number. We may not be pleased about | :02:37. | :02:41. | |
the slowdown but the fact that they are accommodating it is a good | :02:42. | :02:47. | |
thing. One final question. What does this mean for the rest of the world? | :02:48. | :02:52. | |
Lots of foreign investors might be thinking... We deal with companies | :02:53. | :03:06. | |
who have a heavy footprint in China, multinational companies. For those | :03:07. | :03:13. | |
companies, we think this slowdown will help them from various | :03:14. | :03:16. | |
standpoints. The most important one is it will help level the playing | :03:17. | :03:21. | |
field. Right now, large, state-owned Chinese company 's can compete on an | :03:22. | :03:25. | |
uneven playing field because of heavy government support. As the | :03:26. | :03:29. | |
economy slows, we expect some of that support will have to be drawn | :03:30. | :03:32. | |
back because government resources will have to be diverted to other | :03:33. | :03:36. | |
areas. From a foreign investment perspective, we should not be too | :03:37. | :03:41. | |
worried about this. In fact, it's a positive thing in the long-term. The | :03:42. | :03:45. | |
transition for the Chinese economy might be difficult but there is | :03:46. | :03:48. | |
something of a myth that China drives global growth. It does not | :03:49. | :03:53. | |
really drive global demand because other countries are buying from | :03:54. | :03:57. | |
China. China drives a lot of commodity demand but in general, a | :03:58. | :04:00. | |
Chinese slowdown will not affect other markets too heavily, apart | :04:01. | :04:05. | |
from the heavy commodity producers like Brazil and the Middle East. | :04:06. | :04:19. | |
Chinese GDP in the last quarter has increased 7.7%. Nintendo shares have | :04:20. | :04:26. | |
fallen by more than 18% of -- after the company said it would be posting | :04:27. | :04:36. | |
another loss. The game maker has cut down its sales forecast for the | :04:37. | :04:41. | |
latest Wii by 17% and as a result, it expects to post an operating loss | :04:42. | :04:46. | |
of more than $300 million. That's compared to an initial forecast of | :04:47. | :04:52. | |
profit. Taiwanese manufacturers are also struggling with profit. One | :04:53. | :04:59. | |
company has posted a net loss of millions of dollars. It also said | :05:00. | :05:04. | |
its senior executives will take a 30% pay cut. India's banking sector | :05:05. | :05:15. | |
is one of the government's priorities for 2014. It has already | :05:16. | :05:20. | |
got plans to give out more banking licences and improve finances in | :05:21. | :05:24. | |
rural areas. A new plan has been put forward to give every adult Indian a | :05:25. | :05:28. | |
bank account by 2016. Is that feasible? This man is 60 years old | :05:29. | :05:38. | |
and he has never had a bank account. He sells vegetables to make his | :05:39. | :05:41. | |
living from this shop just outside of his home. It's hard for him to | :05:42. | :05:47. | |
save very much but whatever he does is kept in his home. TRANSLATION: | :05:48. | :05:55. | |
The nearest bank is about one hour 's walk away. There are some private | :05:56. | :05:59. | |
lenders slightly closer but I cannot trust them with my money. If there | :06:00. | :06:03. | |
was a government bank closer to home, I would deposit my savings | :06:04. | :06:06. | |
there but right now, it's not worth my time. This is a suburb of Mumbai | :06:07. | :06:13. | |
and yet many people do not have bank accounts simply because there is not | :06:14. | :06:17. | |
a bank branch that is close enough. In fact, around one third of the | :06:18. | :06:21. | |
Indian population has no access to bank accounts. Now, there is a | :06:22. | :06:26. | |
proposal to change that and bring more people from low-income houses | :06:27. | :06:29. | |
like these into the formal financial system. An expert panel set up by | :06:30. | :06:35. | |
the Reserve Bank of India has recommended that special banks | :06:36. | :06:39. | |
should be opened, focusing on those making smaller amounts of money. Why | :06:40. | :06:44. | |
2016, every adult Indian should have a bank account. -- by 2016. That is | :06:45. | :06:51. | |
a big target. The country is home to more than 1.2 billion people. In | :06:52. | :06:56. | |
2010, India launched a massive scheme to give every person a unique | :06:57. | :07:02. | |
identification number, a process that is still under way and likely | :07:03. | :07:06. | |
to be completed next year. The central bank's panel believes that | :07:07. | :07:10. | |
if bank accounts are links to this unique ID number, 2016 may be an | :07:11. | :07:18. | |
achievable goal. But to really get people to use these accounts, | :07:19. | :07:20. | |
thousands of new bank branches would also need to be opened and its | :07:21. | :07:24. | |
customers are only depositing very small amounts, there are questions | :07:25. | :07:28. | |
about whether these branches would be financially viable. They are | :07:29. | :07:34. | |
ambitious goals but achieving them, many believe, is key for equitable | :07:35. | :07:40. | |
growth in the country. The slowdown in China has prompted investors to | :07:41. | :07:46. | |
look to other parts of Asia. South East Asia's largest art show took | :07:47. | :07:49. | |
place in Singapore, highlighting a growing interest in artist. I am at | :07:50. | :07:59. | |
South East Asia's largest art show, with over 150 galleries from around | :08:00. | :08:04. | |
the world showcasing art as diverse as installations to traditional | :08:05. | :08:07. | |
forms like painting and sculpture. But the question for a would-be art | :08:08. | :08:12. | |
collector or investor is, with such a bewildering array of choice, where | :08:13. | :08:17. | |
do you start with art? It's a question I put to and avid | :08:18. | :08:22. | |
Singaporean collector of south-east Asian art. I have been collecting | :08:23. | :08:36. | |
for many years and somehow, I stay with south-east ASEAN to simply | :08:37. | :08:40. | |
because it's familiar territory. -- south-east Asian art simply because | :08:41. | :08:47. | |
it is familiar territory. South East Asia as a country is still quite... | :08:48. | :08:54. | |
-- as a region is still quite in its infancy in terms of the value of | :08:55. | :09:00. | |
art. In this region of growth, as we become wealthier, art will surely | :09:01. | :09:09. | |
appreciate in South Asia. He will be pleased with what is on offer. Art | :09:10. | :09:16. | |
from South East Asia dominates this year's fare, with Indonesian pieces | :09:17. | :09:21. | |
like this one taking centre stage. Record-breaking prices for Chinese | :09:22. | :09:24. | |
art in previous years has overshadowed offerings from | :09:25. | :09:30. | |
elsewhere in Asia. But a suspected slowdown and a clampdown on luxury | :09:31. | :09:34. | |
spending their mailing to a shift in interest. -- may lead to a shift in | :09:35. | :09:44. | |
interest. We achieved growth of over 30% and one of the success stories | :09:45. | :09:49. | |
was south-east Asian art, which has seen a lot of new interest, | :09:50. | :09:53. | |
regionally and internationally. And that is a result not only of the | :09:54. | :09:58. | |
growth of the economies in Asia but also, as those economies grow and | :09:59. | :10:05. | |
Asia becomes very much part of everybody's mindset, there is more | :10:06. | :10:07. | |
international interest in what happens here. Investors are taking a | :10:08. | :10:14. | |
serious look at art from this part of the world, and interest that was | :10:15. | :10:18. | |
reflected at the show where many local artists sold out on the first | :10:19. | :10:38. | |
night. Thank you for joining us. This is BBC News. The headlines: | :10:39. | :10:43. | |
Both the US and Syria's main opposition group have voiced their | :10:44. | :10:46. | |
disapproval of Iran's invitation to peace talks, which begin in | :10:47. | :10:50. | |
Switzerland this week. The Ukrainian president will convene a special | :10:51. | :10:55. | |
cross-party commission to try to resolve weeks of political | :10:56. | :10:56. |