Browse content similar to 30/01/2014. Check below for episodes and series from the same categories and more!
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America's central bank continues to reduce its supply of cheap money, | :00:00. | :00:20. | |
reining in its massive on buying scheme. As China becomes the | :00:21. | :00:27. | |
world's biggest market for red wine consumption, we find out how | :00:28. | :00:32. | |
producers are making the most out of it. | :00:33. | :00:39. | |
We kick off with America's central bank reducing its monthly bond | :00:40. | :00:43. | |
buying stimulus programme by another $10 billion. Staying with its plan | :00:44. | :00:49. | |
to cut back the supply of cheap money. The Federal Reserve said | :00:50. | :00:54. | |
economic growth had picked up since it last met in December. The move | :00:55. | :00:58. | |
was expected, but US share prices still fell overnight. In Asia, Tokyo | :00:59. | :01:05. | |
is down more than 3%, following the tumble in New York. Worries over | :01:06. | :01:09. | |
turbulence in emerging markets. Australia is also in negative | :01:10. | :01:14. | |
territory by 45 points. That is about 1%. Hong Kong also in negative | :01:15. | :01:25. | |
territory. South Korea is closed today due to the lunar New Year | :01:26. | :01:32. | |
holidays. I spoke to our correspondence in New York. | :01:33. | :01:36. | |
I think what this suggests is that the struggles in the emerging | :01:37. | :01:46. | |
markets, while important to keep an eye on, in terms of the US economy | :01:47. | :01:52. | |
it doesn't pose a very big threat, which is why I think you are seeing | :01:53. | :01:56. | |
that the Federal Reserve has continued on with a reduction in its | :01:57. | :02:00. | |
asset purchases. It went on to talk about the strength in the US | :02:01. | :02:04. | |
economy, that it is actually economic activity gaining steam, | :02:05. | :02:08. | |
consumer confidence is increasing, corporations are starting to higher | :02:09. | :02:15. | |
again, and there is a real sense in this country that the economy is | :02:16. | :02:18. | |
getting a little bit better. -- hire. They are seeing that to be | :02:19. | :02:24. | |
happening in the future. We can see the Federal Reserve are beginning to | :02:25. | :02:30. | |
scale back the support of the economy. With a scaling back of the | :02:31. | :02:35. | |
bond buying programme, there were no surprises. The Fed stayed the | :02:36. | :02:38. | |
course, but the market is still reacted, even though they were | :02:39. | :02:42. | |
expecting this. It is interesting, because one of the reasons some | :02:43. | :02:51. | |
analysts have commented, the reason the Fed felt comfortable with this | :02:52. | :02:55. | |
reduction, the last time they announced a $10 billion reduction, | :02:56. | :02:59. | |
the stock market took the information quite well. This time, | :03:00. | :03:04. | |
we saw that the markets in the US fell by 1% or even a little bit | :03:05. | :03:09. | |
more. Much of that has to do with some corporate earnings here in the | :03:10. | :03:12. | |
US, it was a little bit less than anticipated. Also, the strain that | :03:13. | :03:16. | |
we are seeing in emerging markets, that is also putting some pressure | :03:17. | :03:23. | |
on the markets here in the US. Also making headlines, in a a surprise | :03:24. | :03:33. | |
move, Google has sold Motorola. Google bought the company in 2012, | :03:34. | :03:40. | |
but the search engine drives will keep several lucrative patents, | :03:41. | :03:52. | |
including the smart phone and software. | :03:53. | :04:04. | |
Shares in the Nintendo Co have fallen, after they said the top | :04:05. | :04:14. | |
executives would take a pay cut to make amends for poor performance. | :04:15. | :04:19. | |
Shares in Facebook soared more than 10% in after hours trading the US, | :04:20. | :04:24. | |
after the company reported better than expected profits for the three | :04:25. | :04:28. | |
months ending in December. The company reported revenues of $523 | :04:29. | :04:34. | |
million for the quarter, which is a 63% increase from the year before. | :04:35. | :04:38. | |
The boost came from stronger mobile advertising sales, which is a | :04:39. | :04:44. | |
priority of the chief executive. Fresh growth data from the | :04:45. | :04:48. | |
Philippines revealed its economy expanded by six x 5% in the final | :04:49. | :04:53. | |
quarter of 2013, compared to one year ago. -- six .5%. The expansion | :04:54. | :05:05. | |
comes despite the impact of Typhoon Haiyan which hit in November, and | :05:06. | :05:09. | |
cause a temporary slowdown in the economy. Going forward, the | :05:10. | :05:13. | |
reconstruction effort, which is costing $8 billion over four years, | :05:14. | :05:18. | |
could provide a further boost the economy in 2014. Earlier, I spoke to | :05:19. | :05:28. | |
a guest about it. Private consumption needs to remain very | :05:29. | :05:33. | |
strong. It is one of the strongest in the region, and that could | :05:34. | :05:36. | |
continue to help support the economy in 2014. One of the other positives | :05:37. | :05:42. | |
is we are seeing some revival in manufacturing. Manufacturing growth | :05:43. | :05:48. | |
last year came into double digits, and it should benefit from a | :05:49. | :05:52. | |
slightly better than anticipated growth this year. Manufacturing has | :05:53. | :05:56. | |
in one of the weaker points of the Philippine economy, and the surging | :05:57. | :06:02. | |
growth of the outsourcing industry. You made all the right points. We | :06:03. | :06:09. | |
also need to remember that there is some infrastructure overhaul taking | :06:10. | :06:14. | |
place in the Philippines that could continue to drive investment growth | :06:15. | :06:17. | |
in the country. Investment growth has been stellar for the last couple | :06:18. | :06:24. | |
of months, and we expect that to continue this year, especially with | :06:25. | :06:25. | |
reconstruction efforts taking place in affected areas. | :06:26. | :06:35. | |
Moving to South Africa, wearing a surprise move the central bank | :06:36. | :06:40. | |
raised the of rolling to 5.5% -- borrowing. The bank's governor said | :06:41. | :06:50. | |
the global financial crisis was in a new phase, and was creating new | :06:51. | :06:58. | |
opportunities for emerging markets. US airspace giant, owing, -- | :06:59. | :07:09. | |
Boeing, has delivered more commercial aircraft. Future revenues | :07:10. | :07:18. | |
and profits will be lower than analysts expected. The company said | :07:19. | :07:24. | |
it forecast to deliver up to 725 aircraft this year, a 10% increase | :07:25. | :07:30. | |
from 2013. China has overtaken France and Italy | :07:31. | :07:36. | |
to become the world's biggest consumer of red wine. Asia's one | :07:37. | :07:39. | |
market is set to become nearly as big as America within three years. | :07:40. | :07:45. | |
We look at how some companies try to crack into the market as the | :07:46. | :07:51. | |
region's appetite for wine develops. Preparing for a dinner party isn't | :07:52. | :07:56. | |
always easy, especially for this woman, who wants to serve an unusual | :07:57. | :08:02. | |
dish called Fish head curry. It is popular in Singapore, but like many | :08:03. | :08:06. | |
Asian specialties it is difficult to pair with wine. So, she is turning | :08:07. | :08:10. | |
to a bespoke intranet site to ask producers for help. I'm not a wine | :08:11. | :08:16. | |
connoisseur myself, I'm more of a social drinker, so it is great to | :08:17. | :08:20. | |
help you with planning dinner parties for my friends. Asia's first | :08:21. | :08:27. | |
for wine is growing, fuelled by demand from China, South Korea and | :08:28. | :08:32. | |
Japan, sales across the region amount to $7 billion per year. Here | :08:33. | :08:39. | |
in Asia, red wine is a lot more popular than white, even in the | :08:40. | :08:44. | |
tropics. One reason for that is that the colour red is seen as more | :08:45. | :08:47. | |
suspicious, so the demand for red over white is something that | :08:48. | :08:50. | |
produces looking to increase their market share here need to keep top | :08:51. | :08:57. | |
of mind. 29 -year-old Paul is the founder of a website where producers | :08:58. | :09:03. | |
from around the world can showcase and sell their products for free. | :09:04. | :09:08. | |
With global intranet sales now worth $5 billion a year, he says it is | :09:09. | :09:12. | |
crucial for them to connect with buyers online. Was consumption of | :09:13. | :09:18. | |
wine is relatively low, use of social media is very high. This is | :09:19. | :09:23. | |
how people want to be marketed towards. 15 wine makers and | :09:24. | :09:30. | |
distributors now use the website. At this restaurant, one of the world's | :09:31. | :09:35. | |
biggest producers, staff are looking to add new wines to their online | :09:36. | :09:39. | |
store, because last year's sales in Singapore rose 4%. This was just by | :09:40. | :09:44. | |
being part of the website for a month. Our consumers tend to be | :09:45. | :09:49. | |
younger, and they tend not to be engaged in the more traditional | :09:50. | :09:58. | |
media forms, like print. Despite Asia's preference for red, back at | :09:59. | :10:04. | |
Kelly's apartment, they are having white wine with their curry, since | :10:05. | :10:11. | |
she got the recommendation. This highlights the potential of the | :10:12. | :10:21. | |
internet in changing Asian palates. Make sure you look at our revamped | :10:22. | :10:29. | |
Asia business news homepage. Happy lunar New Year. I Rico Hizon, | :10:30. | :10:36. | |
goodbye for now. | :10:37. | :10:38. |