Browse content similar to 12/02/2014. Check below for episodes and series from the same categories and more!
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flood warnings are in place - 14 affecting the River Thames and two | :00:00. | :00:00. | |
in the Somerset Levels. Now on BBC News, all the latest business news | :00:00. | :00:17. | |
live from Singapore. No emerging market relief for the Federal | :00:18. | :00:21. | |
reserve chief. They will continue winding down the stimulus programme. | :00:22. | :00:26. | |
Day two of the Singapore airshow. We find out more about the first DT | :00:27. | :00:31. | |
you'll is -- deals being made at Asia's biggest aviation event. We | :00:32. | :00:43. | |
kick off with the first congressional testimony of Janet | :00:44. | :00:46. | |
Yellen who is becoming chair of the US Federal reserve. She made it | :00:47. | :00:49. | |
clear the central bank is on track in pulling back in stimulus | :00:50. | :00:52. | |
programme. It will continue to gradually reduce the amount of money | :00:53. | :00:55. | |
it pumps into the US economy as long as there is no slowdown. US stocks | :00:56. | :00:59. | |
rallied overnight on her statement with the Dow Jones and NASDAQ also | :01:00. | :01:06. | |
gaining. Ms Yellin's comments come despite a rocky start to the year | :01:07. | :01:16. | |
that saw a sharp sell-off. It has been a little over a week since | :01:17. | :01:19. | |
Janet Yellen was sworn in as chair of America's central bank. She is | :01:20. | :01:24. | |
already made the trek to Capitol Hill. The US has seen some weak | :01:25. | :01:32. | |
economic data. Including some lacklustre unemployment numbers. Has | :01:33. | :01:39. | |
the weak jobs report caused you to consider slowing the pace of the | :01:40. | :01:53. | |
Fed's 's tapering? I was surprised that the reports in December and | :01:54. | :01:55. | |
January, the pace of job creation was running under what I had | :01:56. | :01:59. | |
anticipated. But we have to be very careful not to jump to conclusions. | :02:00. | :02:04. | |
The Fed believes that the US economy may still be on the path to | :02:05. | :02:14. | |
recovery. The gradual reduction in asset purchases is wreaking havoc in | :02:15. | :02:20. | |
emerging markets. As investors pull money out. We have been watching | :02:21. | :02:30. | |
closely the recent volatility in global financial markets. Our sense | :02:31. | :02:33. | |
is that at this stage these developments do not pose a | :02:34. | :02:36. | |
substantial risk to the US economic outlook. We will, of course continue | :02:37. | :02:38. | |
to monitor the situation. The Federal reserve believes its primary | :02:39. | :02:41. | |
responsibility is to this country's economy. While it is watching very | :02:42. | :02:47. | |
closely what happens in emerging markets, unless it negatively | :02:48. | :02:49. | |
effects America's economic recovery, we can expect the Federal reserve to | :02:50. | :03:02. | |
stay the course. As you heard, the house of Representatives have voted | :03:03. | :03:04. | |
to suspend the debt limit until March 2015. The move raises the | :03:05. | :03:19. | |
government authority to avoid a default at the end of the month. The | :03:20. | :03:22. | |
outcome is a victory for President Obama who has lobbied for weeks to | :03:23. | :03:32. | |
have the debt ceiling reached. Positive reactions from Asian | :03:33. | :03:34. | |
markets regarding Janet Yellen's testimony. Currently they are all in | :03:35. | :03:50. | |
positive territory. In other business news making headlines, | :03:51. | :03:52. | |
fresh official trade numbers from China revealed. The country's | :03:53. | :03:56. | |
exports in January rose by just over ten and a half percent compared to | :03:57. | :04:00. | |
last year. That is well above most forecasts. The Asian giant imports | :04:01. | :04:02. | |
also exceeded expectations, growing by 10% and leaving the country with | :04:03. | :04:10. | |
a surplus of $32 billion. In Australia, one of the big lenders, | :04:11. | :04:13. | |
Commonwealth Bank gained 14% to about $3.8 billion. The results of | :04:14. | :04:21. | |
the period came in better than analysts' expectations. The results | :04:22. | :04:29. | |
show that the bank is focused on its long-term priorities. Staying with | :04:30. | :04:40. | |
banking and to the UK lending giant, Barclays. It says it is set to cut | :04:41. | :04:49. | |
12,000 jobs. The bank has a global staff including teams in Asia. The | :04:50. | :04:54. | |
staff cuts come at a time when the bank is increasing its staff | :04:55. | :05:17. | |
bonuses. Its bonus pool is rising by 10% to nearly $4 billion. One of the | :05:18. | :05:22. | |
things that we do when we look at bonuses is we have to be competitive | :05:23. | :05:26. | |
on pay and we have to pay for performance. We operate in countries | :05:27. | :05:29. | |
from Singapore to San Francisco and we compete for talent in global | :05:30. | :05:32. | |
markets so we have to be competitive and our judgement was this year, it | :05:33. | :05:36. | |
was important that we increase the bogus pull by 10%. The profits are | :05:37. | :05:39. | |
down for the reasons that I said. It is in the interest of our | :05:40. | :05:42. | |
shareholders that we pay the compensation that we are. People | :05:43. | :05:54. | |
don't understand that? Aside from our investment, two of our | :05:55. | :06:06. | |
businesses have done really well. Equities and the banking division | :06:07. | :06:09. | |
grew by 3%. Our fixed income business was down. We have paid for | :06:10. | :06:13. | |
performance as it is aligned with our principles. Earlier I spoke to | :06:14. | :06:26. | |
the managing editor at eight Asian bank to ask him his thoughts on the | :06:27. | :06:35. | |
bonus scheme. On the surface of it, it raises a number of questions at a | :06:36. | :06:39. | |
time when topline and bottom-line numbers are down. As you mentioned, | :06:40. | :06:42. | |
Barclays is in the process of transition. A transformation. The | :06:43. | :06:58. | |
CEO and board of directors obviously have to look at what this means for | :06:59. | :07:02. | |
the business. They are trying to grow their business and retain | :07:03. | :07:08. | |
staff. He mentioned one point two billion in restructuring costs. It | :07:09. | :07:14. | |
is substantially higher. With this mindset there has been a lot of | :07:15. | :07:17. | |
backlash against banks and their higher paid CEOs since the financial | :07:18. | :07:21. | |
crisis in the UK. Do people in financial centres like Hong Kong | :07:22. | :07:26. | |
share this feeling? In Singapore, we have observed that the culture in | :07:27. | :07:46. | |
Asia is much more conservative. The first deals to be made at Asia's | :07:47. | :07:49. | |
largest aviation event, the Singapore Air Show has just been | :07:50. | :07:55. | |
revealed. Airbus has said that it had 20 orders for its super jumbo | :07:56. | :08:00. | |
worth about $8.3 billion. Other deals announced this week. Myanmar's | :08:01. | :08:04. | |
national carrier also announced a deal worth nearly $1 billion. I | :08:05. | :08:16. | |
spoke earlier to our reporter who is at the airshow. Myanmar is seen as | :08:17. | :08:25. | |
having huge potential. Some even describing it as the next frontier | :08:26. | :08:35. | |
in aviation. Myanmar has had some of the highest passenger rates in Asia. | :08:36. | :08:39. | |
There are many challenges. Thank you, Andrew for joining us. There | :08:40. | :08:45. | |
are already eight carriers in Myanmar. Is there a risk of | :08:46. | :08:58. | |
overcapacity? Until recently, it has been a small market. There were a | :08:59. | :09:02. | |
number of small airlines that are looking to grow with the opening up | :09:03. | :09:05. | |
of the market. We are seeing exciting developments. It is very | :09:06. | :09:13. | |
competitive. Do you think with the domestic market being so fierce but | :09:14. | :09:16. | |
there are foreign players coming on board. Do you think the country and | :09:17. | :09:19. | |
its infrastructure are ready? It is a fantastic tourist destination. The | :09:20. | :09:30. | |
tourist numbers are growing rapidly but the key challenges are, while | :09:31. | :09:34. | |
the infrastructure keep up? That involves new investment and the | :09:35. | :09:37. | |
Myanmar government is talking to new investors and bringing foreign | :09:38. | :09:40. | |
expertise. The potential is there but it needs to be carefully | :09:41. | :09:42. | |
co-ordinated to make sure we can satisfy that demand effectively. | :09:43. | :09:51. | |
Very exciting times for the Asia Pacific, particularly Myanmar. The | :09:52. | :10:08. | |
challenge will now be will be whether infrastructure be able to | :10:09. | :10:10. | |
keep pace with the growing demands? We will be bringing you the latest | :10:11. | :10:13. | |
from this major airshow events throughout the day and this week. | :10:14. | :10:17. | |
You can go to our website for the latest news. Today, the competition | :10:18. | :10:19. | |
to have the best in-flight entertainment. We have a new Twitter | :10:20. | :10:33. | |
ID. That is BBC News Asia at BBC News Asia. | :10:34. | :10:44. | |
The top stories this hour. Officials from South Korea have left Seoul for | :10:45. | :10:49. | |
the border village of Panmunjon where they will hold the highest | :10:50. | :10:52. | |
level talks with the North for several years. Hundreds of civilians | :10:53. | :10:55. | |
remain trapped in the Syrian city of Homs after attempts to get them out | :10:56. | :11:02. | |
of the besieged centre failed. Many of the country's top scientists are | :11:03. | :11:05. | |
warning that in some communities the floodwaters will | :11:06. | :11:07. |