:00:00. > :00:00.most other developed countries. It has raised its growth forecast to
:00:00. > :00:16.2.4%. Time for the latest business news from Singapore.
:00:17. > :00:25.Turbulence in the air, all live on a way is gets the mixed reaction to
:00:26. > :00:28.its latest commercial. And we are in Davos where global leaders at the
:00:29. > :00:38.world economic forward kickstart their annual summit. -- walled
:00:39. > :00:42.economic Forum. Welcome to the Asian business report. Japan's Vadis
:00:43. > :00:48.airline, Nippon Airways, has pulled a television commercial after
:00:49. > :00:54.receiving complaints that labelled the advert racist and offensive.
:00:55. > :00:58.This was a television ad that was released on Saturday by Nippon
:00:59. > :01:02.Airways, it is supposed to be humorous and it is supposed to be
:01:03. > :01:10.directed at Japanese audiences only. It is about being promoted as a
:01:11. > :01:15.place. It is supposedly funny and the Japanese people. The ad was all
:01:16. > :01:19.in English and its famous Japanese actor and a famous Japanese comedian
:01:20. > :01:25.dressed as airline pilots speaking to each other in English and it is
:01:26. > :01:28.particularly the last little bit of the ad that has caused offence. I
:01:29. > :01:35.will let you judge for yourself. Take a look. Do want a hug? Such a
:01:36. > :01:46.Japanese reaction. I am Japanese. Won I see. Let's change the image of
:01:47. > :01:51.Japanese people. Sure. This did not just go to Japanese audiences, it
:01:52. > :01:55.spread around the world. There was a media response e-mailing the AMA
:01:56. > :02:00.saying that it engages in racial stereotyping. They apologise on
:02:01. > :02:05.Monday and by Tuesday they pulled the advert completely. You can say
:02:06. > :02:10.it is engaging in racial stereotyping in particular the big
:02:11. > :02:15.nose, in Japan, blonde hair and the big nose is a positive attribute.
:02:16. > :02:25.That is not really the rocketry races. -- derogatory racism. I asked
:02:26. > :02:33.someone from a public relations company their reaction. There is no
:02:34. > :02:39.place in marketing for racial stereotyping. No matter how well the
:02:40. > :02:45.intention. There is an argument that some people, domestically, in fact,
:02:46. > :02:51.the Japanese local audience do not find it particularly offensive, a
:02:52. > :02:55.bit of slapstick humour. There is no such thing as a domestic advert any
:02:56. > :03:02.more. Social media has a explosive and disruptive effect. Any advert
:03:03. > :03:10.that can be put on social media becomes wild ride -- world wide.
:03:11. > :03:18.They did not realise this could go viral. That is exactly what
:03:19. > :03:23.happened. It is a different era. Let's look at the Facebook comments
:03:24. > :03:38.that came into the AMA Facebook page. Your latest commercial is
:03:39. > :03:42.import taste. Others say it is not that offensive, it is a bit of
:03:43. > :03:48.humour. What is clean now, Bob, is how the AMA have handled this and
:03:49. > :03:53.where they go from here. I don't think they'd pulled the advert
:03:54. > :03:58.fastener. It took three days. They did not apologise the right way.
:03:59. > :04:02.They apologised for offence but did not apologise for having produced
:04:03. > :04:08.and run the advert in the first place which undermines the
:04:09. > :04:13.sincerity. You have been working in public relations for a number of
:04:14. > :04:18.years. If this happened on your watch, what would you say? Who
:04:19. > :04:22.signed a soft? I would make sure that any advert that is produced
:04:23. > :04:30.anywhere in the world frame old -- multinational organisation has the
:04:31. > :04:38.world in its mind. Global passengers of the AMA are stereotyping. What
:04:39. > :04:42.are the people out there going to do and think in consequence of such an
:04:43. > :04:45.advert. Bob Picard there. In Australia inflation picked up at a
:04:46. > :04:50.faster than expected case in the final quarter of last year as the
:04:51. > :04:55.cost of food, holiday and travel as well as tobacco rose. Inflation
:04:56. > :05:02.ticked up by 0.8% in October to December. Taking annual inflation to
:05:03. > :05:07.2.7%. The rising prices has lowered the possibility of another cut to
:05:08. > :05:13.the central bank key lending rate which is at a record low of 2.5% the
:05:14. > :05:18.Thai government has declared a state of emergency in the capital Bangkok
:05:19. > :05:24.from 60 days for today. The move is aimed at countering protesters who
:05:25. > :05:29.have been on a campaign to oust the prime Minister Yingluck Shinawatra.
:05:30. > :05:34.The decree will grant extra powers. The political stand-off which has
:05:35. > :05:38.been going off for two months now has resulted in millions of dollars
:05:39. > :05:43.in lost business. Business and global political leaders are
:05:44. > :05:51.arriving at the Swiss ski resort of Davos. Two and half thousand guests
:05:52. > :05:58.will be there representing 1000 organisations. Lindy you is there
:05:59. > :06:02.for us. It is an unlikely spot for the
:06:03. > :06:08.biggest meeting of business leaders in the world. Here in Davos,
:06:09. > :06:13.Switzerland, 2500 executives and world leaders congregate each year.
:06:14. > :06:18.This year is how to reshape the world. Whether it is by bus, train
:06:19. > :06:23.or helicopter, it is not just CEOs and finance ministers but academics
:06:24. > :06:28.and journalists who come here to finances. When I was a special
:06:29. > :06:36.adviser, I was always asked to compose concrete policy solutions.
:06:37. > :06:42.First, what does he had think reshaping the world means? Reshaping
:06:43. > :06:47.means the is changing. The world in ten years will look different to
:06:48. > :06:53.what it looks today, look at the technological revolutions look at
:06:54. > :06:59.the whole question of the cyber world. But at 3-dimensional
:07:00. > :07:05.printing. I could go on and on, the tremendous progress made in biology,
:07:06. > :07:09.medicine and so on. We will be in a different world and we have to
:07:10. > :07:16.prepare for this world. Preparations may nearly be finished but the hard
:07:17. > :07:20.work is yet to begin. There is going to be a lot of sessions talking
:07:21. > :07:25.about what the reshape the world will look like. There are the issues
:07:26. > :07:28.of slow growth, high unemployment, rising inequality and climate change
:07:29. > :07:33.to name just a few. Maybe there will be a report but usually there is.
:07:34. > :07:39.That is why Davos is frequently described as being a talking shop.
:07:40. > :07:42.When the talking is by leaders, the networking process can be important.
:07:43. > :07:47.I have been invited to have drinks with a royal, dinner with a
:07:48. > :07:51.billionaire and a fireside chat with a tech entrepreneur. Some would say
:07:52. > :07:57.it is those conversations rather than any concrete outcomes that will
:07:58. > :08:05.matter to reshape the world. As with all grand plans, time will tell.
:08:06. > :08:08.Record-breaking prices for art from China in recent years have created
:08:09. > :08:15.huge interest in contemporary pieces from Asia. Why? We caught up with
:08:16. > :08:19.Nigel Hirst, the head of the London Saatchi Gallery and asked him about
:08:20. > :08:24.the current interest in Asian art. It is particularly interesting, the
:08:25. > :08:29.region, probably for the breadth and the diversity for the work we have
:08:30. > :08:34.seen that would only be possible in greater Asia. Not only do you have
:08:35. > :08:40.an area that has countries whose economies are growing the fastest in
:08:41. > :08:45.the world. Societies are changing the fastest in the world. Also, you
:08:46. > :08:53.have incredible and different disparity within the region. You
:08:54. > :09:00.have China, Korea, Indonesia, Japan Russia and Australia. All in same
:09:01. > :09:03.region, having different cultures. We have seen record prices being
:09:04. > :09:09.achieved at auction for Chinese artists. Why is a sudden interest in
:09:10. > :09:20.Asian and Chinese art in particular? I think growers and interest in art
:09:21. > :09:22.goes hand in hand. If you look back in history. It is not a new thing.
:09:23. > :09:30.It happens in cycles and certainly there has been a shift in interest
:09:31. > :09:34.particularly from America and Europe to Asia. I think that is a good
:09:35. > :09:39.thing. It is not just China. We are focusing on rate Asian because there
:09:40. > :09:43.is far greater breadth and interest, in particularly in the
:09:44. > :09:49.equality of the work the artists are -- in the quality of the work the
:09:50. > :09:53.artists are producing. Hamley more Asian artists have you been showing
:09:54. > :09:58.in recent years? We spend a lot of time in Asia because of the growth
:09:59. > :10:03.in interest in that area and the number of artists we have seen from
:10:04. > :10:08.that region. It is very much the focus on greater Asia rather than
:10:09. > :10:13.one particular country. Latterly markers before we go in the shelling
:10:14. > :10:19.stock exchange has reacted to the fact that inflation figures are out
:10:20. > :10:22.and consumer rights as rose by 0.8% in the fourth quarter, taking
:10:23. > :10:27.inflation up to 2.7%. The Asian markets are pretty subdued this
:10:28. > :10:34.morning and are reacting to the news there may be a further injection of
:10:35. > :10:41.cash from the US Federal reserve. -- a withdrawal of cash, I should say.
:10:42. > :10:47.The main news stories in London this hour. Syrup of my government has
:10:48. > :10:50.rejected without credibility allegations it has systematically
:10:51. > :10:53.tortured