:00:00. > :00:00.to benefit the North of England more quickly. Time now for the latest
:00:00. > :00:15.business news live from Singapore. It is Asia business report.
:00:16. > :00:20.Of the job. Workers in India are demanding higher wages from Japanese
:00:21. > :00:26.car`maker Toyota. And a special report on Turkey. One of the economy
:00:27. > :00:37.is from a cutback in US stimulus programmes.
:00:38. > :00:41.Wellcome. Toyota's India subsidiary will meet today with the state
:00:42. > :00:44.government in an attempt to end in industrial dispute that has dragged
:00:45. > :00:48.on for ten months. Yesterday, the Japanese car`maker announced a
:00:49. > :00:52.lock`out of nearly six and a half thousand workers from its two
:00:53. > :00:54.assembly plants, claiming some employees have threatened
:00:55. > :01:01.supervisors and resorted to deliberate stoppages.
:01:02. > :01:08.Toyota has shut down its manufacturing plants. The company
:01:09. > :01:12.said in a statement over the past 25 days, a section of employees had
:01:13. > :01:17.disrupted business and stopped production lines. This after the
:01:18. > :01:20.management today met with unions and local government and failed to reach
:01:21. > :01:27.an agreement. They added that the shutdown will result in the loss of
:01:28. > :01:31.700 units every day. We are not clear as to when the planes will
:01:32. > :01:36.resume operations. India is not a huge contributor in terms of revenue
:01:37. > :01:45.for Toyota, but it is a significant market. The firm has raised millions
:01:46. > :01:51.of dollars over the years to expand its manufacturing presence in the
:01:52. > :02:02.country. The auto industry here is used to it. In 2012, another
:02:03. > :02:06.Japanese car`maker, Suzuki, had stoppages that with violent and left
:02:07. > :02:11.one person dead. They had to shut production for several weeks, losing
:02:12. > :02:16.many millions of US dollars. Activists and labour unions say a
:02:17. > :02:22.lot of companies exploit contract workers by paying them less than
:02:23. > :02:28.company employees. Auto companies have been hiring more contractors to
:02:29. > :02:34.cut costs as the union auto market has been hit by a slowdown over the
:02:35. > :02:39.last couple of years. Toyota's rival, General Motors, has
:02:40. > :02:49.issued new recalls of 1.5 million cars, it's utility vehicles, and
:02:50. > :02:53.luxury brands. It came after a report that engine fires happened in
:02:54. > :02:59.two vehicles. General Motors has recalled around 3 million vehicles
:03:00. > :03:06.worldwide due to faulty airbags and brake parts across several models.
:03:07. > :03:12.Car`maker said it would take a huge cost. As the US Federal reserve
:03:13. > :03:15.meets for the first time under its new chief, Janet Yellen, global
:03:16. > :03:21.investors are jittery with anticipation of continued reduction
:03:22. > :03:23.of the stimulus programme. That programme has provided liquidity
:03:24. > :03:30.into many emerging markets, such as Turkey. Since it was winding back
:03:31. > :03:37.stimulus last year, the Turkey Euro has lost 20% of its value, and the
:03:38. > :03:42.stock market has fallen 25%. Our correspondent went to Turkey.
:03:43. > :03:49.Turkey has one of the biggest deficits amongst emerging economies.
:03:50. > :03:54.That means that it loses more than earns on its exports and
:03:55. > :03:59.investments. A result, Turkey owns a lot of money to foreigners. The debt
:04:00. > :04:06.is up to 50% of GDP, which is a risky level. It has cut back on
:04:07. > :04:13.cheap cash infections. That cash had been going to other emerging
:04:14. > :04:21.economies. The lira has weakened, making it harder to repay the debt.
:04:22. > :04:26.The Turkish central bite `` bank has hiked rates, which are now at double
:04:27. > :04:30.figures. Needless to say, seeing this, such magnitude would be a
:04:31. > :04:34.shock to anyone with a mortgage business plan. That is why when the
:04:35. > :04:40.money leaves, it can hurt growth. Even worse, if a country can't repay
:04:41. > :04:45.its debts, it will default and crisis will blame.
:04:46. > :04:49.Our correspondent caught up with Turkey's finance minister, and asked
:04:50. > :04:53.about the state of the economy. Because this package has slowed
:04:54. > :05:00.down, we will be willing to move with a more modest growth. Consumer
:05:01. > :05:08.comfort has collapsed. Industrial output is up, which is unusual. Even
:05:09. > :05:16.though we may experience some slowdown, I think it is unlikely to
:05:17. > :05:25.resuscitate, because what is happening is on the back of these
:05:26. > :05:29.domestic political happenings. I suppose the political instability,
:05:30. > :05:35.corruption, and unrest in the country 's has led to this. If you
:05:36. > :05:40.look at opinion polls, they have good sense of is happening. They
:05:41. > :05:49.understand much of this is politically motivated. Even if there
:05:50. > :05:52.are problems, I think they still have confidence in us addressing
:05:53. > :05:58.those problems. In your kind of analysis, how much of the fall of
:05:59. > :06:14.the lira, how much of the concerns over Turkey, will result in a
:06:15. > :06:19.changing your? I would say a substantial portion of currency
:06:20. > :06:33.weakness is attributable to that decision. That tapering, if there
:06:34. > :06:40.was clarity as to when and how, I think it is now better. Markets
:06:41. > :06:48.adjust. We will adjust. When there is uncertainty, that's where the
:06:49. > :06:53.problems come in. I think the market still offer value. The political
:06:54. > :06:58.noise in a number of countries may get in the way, whether you are
:06:59. > :07:05.talking about Ukraine or Venezuelan oil Turkey, Thailand, I can only
:07:06. > :07:12.speak of Turkey as far as politics are concerned, and people want
:07:13. > :07:19.clarity, and that will mean going back to basics.
:07:20. > :07:22.Japan will suspend talks on investment and relaxation on Visa
:07:23. > :07:27.requirements as part of sanctions against Russia. This comes after
:07:28. > :07:29.Moscow recognised Crimea as a sovereign state following a
:07:30. > :07:34.referendum over the weekend. Japanese officials says the
:07:35. > :07:39.referendum has no legal force and is a breach of Ukraine's Constitution.
:07:40. > :07:43.US casino Caesars entertainment has been given preliminary approval to
:07:44. > :07:47.build a casino resort in South Korea. It will be up the resort in a
:07:48. > :07:53.joint deal with Indonesia conglomerate. It will include a
:07:54. > :07:57.theme park, two hotels, and a casino that will cater only to foreigners.
:07:58. > :08:01.They are targeting for the resort to be built by 2018.
:08:02. > :08:07.And more on the gaming industry in South Korea and other business
:08:08. > :08:14.headlines around the world, visit the BBC website. China has pledged
:08:15. > :08:19.to increase the speed of modernisation. With Asian investors
:08:20. > :08:25.keen to grow their wealth at home and abroad, they saved the markets
:08:26. > :08:31.are changing with traditional property sectors coming increasingly
:08:32. > :08:34.crowded. I asked where investors were putting their money when it
:08:35. > :08:38.comes to bricks and mortar. There are two ways to look at it. There
:08:39. > :08:45.are countries that are popular with active capital markets, such as
:08:46. > :08:48.Japan and Australia. A lot of funds raised in China, so those other
:08:49. > :08:51.still the three biggest in terms of capital. The other thing to bury in
:08:52. > :09:01.mind is there is a quality question. The big shiny office
:09:02. > :09:06.buildings, the shopping mauls. That is pointing to returns earlier.
:09:07. > :09:10.Quality property has a lot of capital targeting. Does that mean
:09:11. > :09:18.people will look elsewhere, such as niche markets? Our recommendation to
:09:19. > :09:26.investors this year is twofold. To move a little bit of the risk
:09:27. > :09:33.curve, or take on some leasing risk outside the CBD or older properties.
:09:34. > :09:39.All get markets, such as medical markets in China. Industrial China.
:09:40. > :09:43.Some variants of hotels as well. At the same time, we have things like
:09:44. > :09:47.in Australia, the Parliamentary committee looking into foreign
:09:48. > :09:50.investment such as Chinese investment into residential
:09:51. > :09:55.property, and whether that is pricing local buyers out of the
:09:56. > :09:57.market. That concern about foreign investment, particularly
:09:58. > :10:03.residential, is that more widespread? It is, and there is
:10:04. > :10:08.often a tendency to paint this in general is the equivalent is
:10:09. > :10:14.negative, which is not fair or true. Australia is certainly looking at
:10:15. > :10:21.this in measures such as Singapore and Macau. All four of these
:10:22. > :10:27.economies, I where supply is tight. What is the cause here?
:10:28. > :10:30.That's it for this edition. Don't forget to follow us on Twitter.