Browse content similar to 07/03/2014. Check below for episodes and series from the same categories and more!
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him of using celebrity connections to bully and manipulate girls and | :00:00. | :00:00. | |
women into sexual acts. He denies the charges. Now, it is time for | :00:00. | :00:00. | |
Asia Business Report. A Chinese solar panel company says | :00:07. | :00:22. | |
it can't pay up, and we find out what that means and why it matters. | :00:23. | :00:26. | |
And, diamonds. They are supposed to be for ever, so why are some | :00:27. | :00:36. | |
companies in India losing hope? Welcome to this Friday edition of | :00:37. | :00:41. | |
Asia Business Report. We start in China, where we could see the | :00:42. | :00:44. | |
country's first ever corporate bond default. A Chinese solar panel maker | :00:45. | :00:51. | |
has already warned that it would be able to pay about $14.5 million in | :00:52. | :00:56. | |
interest that is due today. Chinese solar panel firms have performed | :00:57. | :01:01. | |
poorly in the past, but are often rescued by the government. Earlier, | :01:02. | :01:08. | |
I asked what this meant for the mainland. It is important that this | :01:09. | :01:14. | |
is happening when the NPC is going on, the national People's Congress. | :01:15. | :01:24. | |
It seems that this default has the tacit approval of the people right | :01:25. | :01:27. | |
at the top. That means that the Chinese are now going to lie, -- | :01:28. | :01:36. | |
they are going to allow this default. The question is, are they | :01:37. | :01:42. | |
going to do is? They will allow one default, and in the future will they | :01:43. | :01:47. | |
allow more bailouts? It has become a systematic in. You think it will be | :01:48. | :01:51. | |
used as an example, simply because the NPC is going on at the moment? | :01:52. | :01:55. | |
We heard leaky chains yesterday that the country needs painful reforms -- | :01:56. | :02:19. | |
Lee -- Li Kequiang. This will address a major problem in China, | :02:20. | :02:24. | |
which is overcapacity in many issues. | :02:25. | :02:29. | |
The European Central bank has kept its benchmark interest rate at a | :02:30. | :02:36. | |
record low, at 0.25%. Interest rates have remained unchanged since | :02:37. | :02:39. | |
November 2013. In January, inflation slowed, and that prompted worries of | :02:40. | :02:46. | |
deflation. The US department of justice has | :02:47. | :02:52. | |
launched an anti-trust investigation into a proposed buying of Time | :02:53. | :02:57. | |
Warner cable. It would see one of the largest cable companies in the | :02:58. | :03:10. | |
US joined forces with another. , -- ComCast has insisted it will not | :03:11. | :03:19. | |
reduce competition. The region of India is often caused | :03:20. | :03:23. | |
the diamond capital. But times are tough, and other high-tech diamond | :03:24. | :03:26. | |
factories are ripping us were in the world. We met traders there, to find | :03:27. | :03:32. | |
out if diamonds really can be for ever. It is hard to imagine that | :03:33. | :03:40. | |
amid the chaos and crowds here, treasures diamonds are being bought | :03:41. | :03:46. | |
and sold. This is one of the busiest parts of the diamond market. This | :03:47. | :03:52. | |
man is one of the small traders here. The fluctuation in the diamond | :03:53. | :03:58. | |
market has made things tough over the past year. Our business gets | :03:59. | :04:02. | |
messed up, and there is relativity in the exchange rate. We buy | :04:03. | :04:06. | |
diamonds at higher prices, and then have to sell them at much lower. | :04:07. | :04:11. | |
Small traders like us can't bear such losses. According to some | :04:12. | :04:16. | |
estimates, eight out of every ten diamonds sold anywhere in the world | :04:17. | :04:20. | |
are processed here, although India does not produce any diamonds of its | :04:21. | :04:25. | |
own. The diamond industry here is worth over $25 billion, and it | :04:26. | :04:29. | |
direct league employs around 700,000 people. Most of the diamonds that | :04:30. | :04:35. | |
are processed here are exported, but it is also completely dependent on | :04:36. | :04:39. | |
imports. When there is a fluctuation in the exchange rate, in immediate | :04:40. | :04:46. | |
effect is felt here. Small and medium-sized enterprises dominate | :04:47. | :04:48. | |
this business, and their profit margins aren't big. Typically | :04:49. | :04:54. | |
between one -3%. So, they need financial backing to where the | :04:55. | :05:01. | |
losses. TRANSLATION: We don't get loans from banks easily, and the | :05:02. | :05:06. | |
government also does little to help small and medium companies. | :05:07. | :05:10. | |
Recently, we were approached by leaders from other countries like | :05:11. | :05:13. | |
Luxembourg and Belgium, who say they will give us finance and other | :05:14. | :05:17. | |
infrastructure if we set up there. There is also competition from | :05:18. | :05:21. | |
China, which has been slowly setting up high-tech diamond cutting | :05:22. | :05:25. | |
companies. There are few modern firms here in India as well. For | :05:26. | :05:31. | |
now, it continues to sparkle as the world's diamond capital, but it | :05:32. | :05:35. | |
knows that it will need to shine brighter if it is to hold on to the | :05:36. | :05:44. | |
number one spot. Small and medium-sized businesses | :05:45. | :05:46. | |
are the backbone of many Asian economies, and for women and ever | :05:47. | :05:51. | |
before at the helm, starting their own businesses and continuing family | :05:52. | :05:55. | |
trade. International women's Day is being marked around the world this | :05:56. | :05:59. | |
weekend. We speak to a small-business owner in Singapore, | :06:00. | :06:04. | |
he says that being a woman in a male dominated world has given her | :06:05. | :06:05. | |
business a competitive edge. Today, we will be doing Janet. We | :06:06. | :06:20. | |
are on her third that too, it is just a follow-up. We are feeling in | :06:21. | :06:24. | |
tiny little spots that need to be done. Basically, I'm just going to | :06:25. | :06:33. | |
do a touchup. My grandfather came to Singapore in the 40s, and that is | :06:34. | :06:39. | |
when he started Tatooine. He was the first pioneer artist in Singapore to | :06:40. | :06:47. | |
start a too business. -- tattooed. After I took over the business, I | :06:48. | :06:53. | |
decided it needed a new look, a lot of things needed to change from the | :06:54. | :07:06. | |
typical stereotype that to shop. -- tattoo. We wanted to make sure | :07:07. | :07:11. | |
anybody who walks in has a comfortable mindset and doesn't get | :07:12. | :07:18. | |
scared. It is easier for men to approach people who just want a | :07:19. | :07:21. | |
small tattoo, they don't want their whole body to be covered. There is | :07:22. | :07:26. | |
no ego, it is not macho, that is what a more to do. Sometimes they | :07:27. | :07:31. | |
feel very intimidated if they come in and see a big guy who is fully | :07:32. | :07:35. | |
tattooed and all they want is a small one. I went in both ways. Male | :07:36. | :07:47. | |
and female. -- win. I still work the hardest, I still work the longest | :07:48. | :07:51. | |
hours. It is almost like I am still working for the family, doing this | :07:52. | :07:54. | |
for the family business. It doesn't really feel like I am my own boss. | :07:55. | :07:59. | |
Even though I call all the shots, ironically. More than 70% of Asian | :08:00. | :08:06. | |
businesses are family-owned, and for centuries that ownership has moved | :08:07. | :08:13. | |
down a male line. Today, women are increasingly taking on family trade. | :08:14. | :08:24. | |
One specific role stands out. The eldest daughter is often given a lot | :08:25. | :08:28. | |
of responsibility both with keeping the family together, making sure the | :08:29. | :08:35. | |
parents are well taken care of, and in many cases the eldest daughter | :08:36. | :08:42. | |
becomes the father's right-hand person, if he runs the main | :08:43. | :08:48. | |
business. The eldest daughter can in many cases more trusted than even | :08:49. | :08:55. | |
the sons, even though the eldest son may be expected to take over the | :08:56. | :08:59. | |
business. That's right, because the men often inherit these businesses, | :09:00. | :09:04. | |
don't they? When facing the outside world, the women are behind the | :09:05. | :09:12. | |
scenes. There is a special trust in the eldest daughter, because she is | :09:13. | :09:16. | |
not experienced as a competitor, she is not directly compare to him. It | :09:17. | :09:23. | |
can be a very close relationship. To the extent that the daughter is an | :09:24. | :09:27. | |
extension of the Father, the father sees her as an extension of himself. | :09:28. | :09:34. | |
She can be asked to do anyone of a wide of tasks. In many cases, | :09:35. | :09:40. | |
especially now, women in their 20s, 40s or 50s, have been very well | :09:41. | :09:44. | |
educated, have experience working in the West, and then have responded | :09:45. | :09:49. | |
when a father has said I need you to help me. I need to bring you in to | :09:50. | :09:55. | |
help me out. Let's have a quick look at the market. | :09:56. | :09:57. | |
help me. I need to bring you in to help me out. Let's have a quick A | :09:58. | :09:59. | |
positive close on Wall Street, and a good US jobless numbers is helping | :10:00. | :10:17. | |
to lift numbers. We know that the weaker yen helps to lift markets. | :10:18. | :10:22. | |
The Hong Kong market has opened and that is also trading higher at the | :10:23. | :10:25. | |
moment. You can follow us on Twitter, and go to BBC website. | :10:26. | :10:38. | |
Our top stories: In their second lengthy phone conversation in six | :10:39. | :10:47. | |
days, President Obama has again told Vladimir Putin that Russia's actions | :10:48. | :10:51. | |
in Crimea are a violation of Ukraine's sovereignty. The British | :10:52. | :10:54. | |
government has ordered an enquiry into allegations of corruption and | :10:55. | :10:59. | |
surveillance during the investigation of the murder of | :11:00. | :11:02. | |
Stephen Lawrence. We stay with that | :11:03. | :11:03. |