Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.
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Kane. The Conservatives were pushed into third place by UKIP. The
by-election was brought about by the sudden death of the serving MP Paul
Goggins last month. Now on BBC News, all the latest business news live
from Singapore. ET is the last day of deals at the
Singapore Airshow. We find out the final figures, live from the
organiser. And doing trade between the Gulf and China. It's no longer
about oil. Welcome. Trade is winding up at
Asia's biggest aviation event, the Singapore Airshow. There have been
orders worth $11 billion. We will bring you the final figures shortly
when we speak with the organiser live from the air show. Let's take a
look at some of the highlights. Their boss revealed its latest
plane, the A350. It is seen as a rival to the Boeing 787 Dreamliner.
Boeing forecast its fleet will triple in 20 years. Airbus won the
biggest deal, with an order for 20 A380 super jumbo jets. That's worth
more than $8 billion. Let's cross to the Singapore Airshow and talk to
the organiser, who can give us the final figure on the deals. Thanks
for joining us. Over the next few hours, we are talking about the
figure of over $11 billion. Can you tell us what is the final tally of
how many deals have been closed? Good morning. At the end of the
third day of trading, yesterday there was the announcement of close
to US $32 billion worth of deals announced. That surpasses what we
did two years ago. Indeed, it does surpass what happened last time.
Close to $30 billion. But with Asia driving growth in air travel, there
were many expectations for this 2014 airshow. Do you think you met
expectations? The orders have come from all over Asia this time. I
think we are moving close to where I hope we will end up at the end of
trading this evening. But, if you take a look at the other global
airshow is over the past year, you have the likes of Dubai, with 206
billion dollars, US, we also have the likes of others at over $70
billion worth of deals. This figure of $32 billion, isn't that
disappointing? No, it isn't a disappointment because I think one
should consider that the middle eastern countries are suffering from
a very low base. Being the objective of making themselves a major hub
over the next few years, their orders are largely concentrated on
the bigger aircraft, the super jumbo jet is, the triple sevens, those
kinds of orders. But in the Asia-Pacific, most of the growth
will come from the LCCs. -- 777. Base of most regional and domestic
routes. The condition is different. We can't possibly reach those sorts
of numbers that Asia. It is a more mature market than the middle east.
But you should also consider that LCC has at least on order a fleet
that is going to be over what they are operating right now. They are
commanding something about 1000 aircraft but they have on their
books 1500 aircraft to be delivered over the next ten years and this
year alone 230 aircraft. It is one aircraft per day. Before we let you
go, a lot of people are saying that this is your last airshow that he
will be overseeing. Have you changed your mind? Will you come back for
another one? LAUGHS. I don't think so. I think I need a rest before I
embark on any other projects. It has been quite a ride. The last four
shows. It has been a great team effort and I think the show has
paced itself -- placed itself as one of the most important events in the
global aviation calendar. We will have to leave it there. Thank you so
much for joining us. And for revealing for the first time the
final tally of figures at the Singapore Airshow. As you mentioned,
more than 32 million dollars, US. Thanks for joining us. -- 30 $2
billion. Other news, fresh numbers from China
reveals consumer prices or inflation coming in at 2.5% in January,
compare to one year ago. The data measures changes in the prices paid
by consumers for a basket of goods and services. The figure to January
falls broadly in line with market expectations. Analysts say that
expect the central plank -- central bank will keep its monetary policy
tight this year, as the inflation situation is under control.
Australian goldmining giants have been announcing a big fall in
profits. The underlying results for the six months in December dropped
to 6% to $180 million. The report follows problems in certain minds
and big write-downs of assets in West Africa.
It's no secret that Chinese companies are investing billions of
dollars around the world. But it's not just cash-strapped companies
proving attractive. The Middle East has been viewed as a good place to
do business. Our reporter has been to meet the Chinese business
community in Dubai to find out what deals are being done.
This is Dragon Mart. It the biggest trader of Chinese products outside
of the country itself. This tour group is the biggest tenant and has
been here since it opened in 2004. What attracted them here as a
trading post for their products? TRANSLATION: First of all, Dubai is
very well located. It is halfway from China to Europe. Another very
important aspect is the government in Dubai has offered favourable
policies, including zero taxes and EasyBiz processing. Plus, people --
easy business. In this country are very friendly to us. We find it safe
to live here and our business is growing by 30% every year. Even
though they are less than one decade-old, they have experienced
enough demand to the overall footprint of the shopping centre
with this construction. When it opened in time for the 10th
anniversary later this year, the overall floor space will be around
the area of 50 international football pitches. So, what is
driving the demand? There has been great exchange of trade. The huge
amount of trade between the country and China is done through Dragon
Mart. The trade is much more than goods and services. Around two
thirds of the oil imports, from the Middle East, with Saudi Arabia alone
providing 1 million barrels a day. That dependency has led the IMF to
suggest that a slowdown in Chinese economic productivity could prove to
have a more significant impact on Gulf economies than the European
debt crisis. A cat Dragon Mart, -- back at, it is worth noting not
everyone is celebrating. Some said business was flat or declining,
particularly in the wake of the global financial crisis. None of
them wanted to appear on camera but it serves as a reminder that while
over Royal trade volumes are growing, there is always the chance
that business can go splat. -- overall trade. You can get more from
the team in Dubai in the Middle East business report this weekend.
The recoveries of major economies around the world seem to be gaining
pace and becoming attractive again to investors. What happens when
people are doing better? Apparently they drink more. In an exclusive
interview, we ask Alan Clark, the Chief Executive of a large company,
that the relationship between beer and the economy. If the economy
slows down, there is quite price elastic. About 75% of our business
is in merchant markets. You can see the impact of that in the economic
slowdown. -- emerging markets. Consumers can be affected by the
downturn. In the US today, where there is quite a lot of pressure on
the beer market, that's a result of the high levels of unemployment and
the economic position they have together with the rest of the world.
You can catch the rest of that interview and much more discussion,
whether businesses expect to find future growth, in Talking Business.
Before we go, a quick look at the markets.
future growth, in Talking Business. Before we go, a quick look at Most
Asian stocks in good territory. US shares closed higher for a sixth
straight day. shares closed higher for
You can keep up-to-date with more news from Asia and special ABC
reports on Twitter. -- BBC reports. The sport is up next.
The top stories this hour: Belgian MPs have voted to give terminally
ill children the right to die, regardless of age, taking the law on
euthanasia further than anywhere else.
At least 20 people have died in accidents resulting from the winter
storm that is paralysing much of the east coast of the United States.