:00:00. > :00:00.party for a refusing to apologise to women who he is accused of sexually
:00:00. > :00:19.harassing. Time for the latest business news live from Singapore.
:00:20. > :00:21.Where are the jobs? The International Labour Organisation
:00:22. > :00:24.sees rising unemployment in the next few years.
:00:25. > :00:29.The government unveils new policies which could create big changes for
:00:30. > :00:36.foreign car manufacturers in Malaysia.
:00:37. > :00:43.Welcome to Asia Business Report. The world economy may have turned the
:00:44. > :00:46.job sector around, but part of it is yet to recover.
:00:47. > :00:50.That is according to the latest report by the International Labour
:00:51. > :00:53.Organisation. The study shows not enough new jobs are being created to
:00:54. > :01:01.keep up with the growing labour force. Almost 202 million people are
:01:02. > :01:08.jobless around the world last year. The IMF believes that global
:01:09. > :01:17.unemployment will rise with two and 50 million people seeking jobs by
:01:18. > :01:20.2018. -- 215. Our latest report finds that
:01:21. > :01:26.unemployment has increased by 5 million and about half of that is
:01:27. > :01:35.based in East Asia and South Asia. It's primarily is young people. The
:01:36. > :01:40.quality of jobs remain very low in developing economies. Nearly 600
:01:41. > :01:45.million workers still an little to escape poverty. This is hindering
:01:46. > :01:53.consumer demand and stifling prospects for business expansion.
:01:54. > :01:56.Did you find out why? There are a number of different factors. Because
:01:57. > :02:02.of the rapid structural transformation is taking place. The
:02:03. > :02:09.people entering the labour market are facing a skills mismatch. In
:02:10. > :02:14.Southeast Asia, the structural changes have been slower, but there
:02:15. > :02:22.have been greater growth in population. They need to reduce
:02:23. > :02:26.vulnerability in the labour market. So not enough jobs are being
:02:27. > :02:31.created. Any solution for that putting forward to cope with that?
:02:32. > :02:37.It is important to support businesses in terms of finance and
:02:38. > :02:42.expanding opportunities to create new markets. It is also important to
:02:43. > :02:48.help workers develop new skills and reduce the skills gap. That will
:02:49. > :02:55.help workers have better access to higher quality jobs. It will help
:02:56. > :03:01.businesses increased productivity. We are seeing reports from several
:03:02. > :03:06.media outlets that Lenovo has started talks.
:03:07. > :03:19.A deal was not reached as they could not agree on price. Lenovo had put a
:03:20. > :03:22.$5.25 million price on the service. Malaysia has unveiled a new policy
:03:23. > :03:28.on cars that will be offering incentives on the reduction on
:03:29. > :03:37.small, energy efficient vehicles. Foreign car makers offering a size
:03:38. > :03:40.of 1.8 litres to protect the country's National carmakers. The
:03:41. > :03:47.changes signal new opportunities international car makers. Around
:03:48. > :03:54.650,000 cars were sold in Malaysia last year. That is 5% growth when
:03:55. > :03:57.compared to 2012. The government also aims to increase total
:03:58. > :04:05.production to 1.2 5 million vehicles. -- 1.2 5 million vehicles.
:04:06. > :04:11.We look at why the government is changing the policy.
:04:12. > :04:16.Malaysia is trying to complete with Thailand on foreign investment. They
:04:17. > :04:19.have decided that foreign car makers should create small cars if they are
:04:20. > :04:23.energy-efficient. You idea behind this is because currently there are
:04:24. > :04:29.only two National car makers who dominate the market. They are
:04:30. > :04:36.producing cheaper cars. They are asking Malaysians to have more
:04:37. > :04:42.choices with foreign car makers. Hopefully they can bring down the
:04:43. > :04:45.prices by around 20-30%. They were previously scared about protecting
:04:46. > :04:53.their own. What kind of impact to rethink it will have? The National
:04:54. > :04:57.car makers have been protecting themselves for a long time. The
:04:58. > :05:03.average Malaysian is spending a lot of money on each car. Even the
:05:04. > :05:09.cheapest car can cost more than a year's worth of salary. That is an
:05:10. > :05:17.idea of how expensive because. Some of the people I spoke to are
:05:18. > :05:27.concerned about the rising cost of living. The demand of cheaper cars
:05:28. > :05:31.is a major point. Already they are looking at an innovative path. They
:05:32. > :05:41.are looking at other factors, including adding more social and
:05:42. > :05:48.digital pictures. -- touches. We saw a muted reaction to china's
:05:49. > :05:52.GDP figures. But one country that is pleased is Australia. It is china's
:05:53. > :05:57.largest trading partner and main supplier of commodities. The
:05:58. > :06:04.shipment of goods reached a record high in November. The world's second
:06:05. > :06:11.largest economy imports mainly iron from Australia. Earlier I spoke with
:06:12. > :06:16.a recent analyst and asked him for his reaction to china's latest
:06:17. > :06:22.growth figures. We expect that China growing at 7.7% for 2013 was
:06:23. > :06:31.actually a very good number. Markets had been quite pessimistic that we
:06:32. > :06:39.would seek to a hard landing in the economy. Going forward, we are
:06:40. > :06:44.expect in a stable and robust growth figure in 2014. What does that mean
:06:45. > :06:52.for Australia? How significant is it? That is very significant for
:06:53. > :06:59.Australia. We are very big exporters to that particular country.
:07:00. > :07:07.Especially of rural commodities. Provided we do see China growing at
:07:08. > :07:14.a fairly stable rate, we think the physical delivery of commodities in
:07:15. > :07:25.food and energy will continue to enjoy quite robust growth from 2014.
:07:26. > :07:32.What is your biggest concern? I guess if you had one concern, it is
:07:33. > :07:37.perhaps that all about eggs are pointed towards one major market. If
:07:38. > :07:44.that major market had some geopolitical event or started a hard
:07:45. > :07:53.landing cycle, then Australia would catch a very serious flu. If there
:07:54. > :07:58.was a concern, that is it. However, China is such an immense country. It
:07:59. > :08:02.has the firepower in terms of government policies, high interest
:08:03. > :08:07.rates, that it can do adjustments to keep the economy ticking over. I
:08:08. > :08:12.think Australia will be someplace to four years to come to deliver food
:08:13. > :08:18.commodities and energy commodities. Tens of thousands of workers who
:08:19. > :08:22.mind about half of the world's precious metals are set to go on
:08:23. > :08:32.strike in South Africa. Japan and China are the top export markets. We
:08:33. > :08:36.explain what this means for the world's platinum mine is.
:08:37. > :08:41.The Association of mine worker 's and is in workers demand wage
:08:42. > :08:53.increases to the tune of 1400 US dollars. That is more than double of
:08:54. > :08:56.what the average Mineworkers own. It has been said that South Africa
:08:57. > :09:02.Centre cannot afford more instability in the mining sector.
:09:03. > :09:05.This is a situation that has been monitored closely internationally.
:09:06. > :09:12.Mainly because South Africa holds about 80% of the world's Platinum.
:09:13. > :09:17.It is a major exporter to countries in Europe and in Asia. That and is
:09:18. > :09:25.used in the making of catalytic converters. Analysts have been quite
:09:26. > :09:30.bullish about the sector, saying that an increase in prices and
:09:31. > :09:35.demand will occur with increases and improvements in the auto sector.
:09:36. > :09:42.Demand is also up in China. 80% of Platinum is used in jewellery
:09:43. > :09:50.making. Japan has seen an increase. But there have been concerns about
:09:51. > :09:55.the expected slowdown in the Chinese economy and what that will do to
:09:56. > :09:59.demand of Platinum. In general, analysts are monitoring the
:10:00. > :10:03.situation in South Africa's minds. There is a sense that a protracted
:10:04. > :10:07.strike could hold about half of global production. That will drive
:10:08. > :10:14.up prices. It is a better day for the markets.
:10:15. > :10:22.Take a look at the board. All up. That is largely due to a drop in the
:10:23. > :10:25.yen. We should just say that yesterday the American markets were
:10:26. > :10:28.not treating because of Martin Luther King Day. -- trading. See you
:10:29. > :10:43.soon. Here are the headlines: Syrian peace
:10:44. > :10:47.talks are to go ahead on Wednesday. The main opposition group says it
:10:48. > :10:49.will attend after an invitation to Iran has been withdrawn. The
:10:50. > :10:50.president of