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inadequate. It is now time for the latest | :00:00. | :00:13. | |
business news, live from Singapore. China's currency strategy. Will it | :00:14. | :00:19. | |
benefit the world's second`largest economy? | :00:20. | :00:27. | |
And Nepal considers opening its tourism sector to foreign operators. | :00:28. | :00:35. | |
Welcome to Asia Business Report. We start with the value of the Chinese | :00:36. | :00:39. | |
yuan. It has fallen to its lowest level in almost a year. It comes | :00:40. | :00:46. | |
after a decision by the central bank to allow it move up. This was | :00:47. | :00:54. | |
speculation to keep it week to boost the country's economic growth. We | :00:55. | :01:05. | |
got this analysis on the currency. I think this is purely a transitory | :01:06. | :01:09. | |
measure designed to shake out a massive currency speculation that | :01:10. | :01:18. | |
has been batting on the UN to continue appreciating. It is at | :01:19. | :01:25. | |
complete odds with stated policy objectives, moving towards a more | :01:26. | :01:30. | |
domestic growth model to boost growth. You are saying this is not a | :01:31. | :01:37. | |
long`term strategy. But what about the volatility? That might cause | :01:38. | :01:46. | |
trouble, surely? There are exporters in China that are likely to be hit. | :01:47. | :01:51. | |
It is a very transitory measure. It has got a shelflife of another | :01:52. | :01:57. | |
couple of weeks and then it would be back to business as usual. Then we | :01:58. | :02:03. | |
will resume the appreciation path. China, people always the worried | :02:04. | :02:10. | |
about social unrest. If you undermine the currency and reduce | :02:11. | :02:15. | |
people's purchasing power and create inflation, that will not go down | :02:16. | :02:19. | |
well. That is something they will want to avoid. We are seeing weaker | :02:20. | :02:27. | |
growth going on in China at the moment. Could that potentially have | :02:28. | :02:37. | |
an impact. There are many ways you can combat slow growth. Many | :02:38. | :02:44. | |
measures. You can expand fiscal policy, undertake monetary | :02:45. | :02:51. | |
stimulus. It is a blunt tool. I am utterly convinced they would not use | :02:52. | :02:57. | |
it. China's president, Xi Jinping, will | :02:58. | :03:03. | |
be for a European tour. He is scheduled to make stops in France, | :03:04. | :03:11. | |
Germany and Belgium. There has been talk that China could be signing a | :03:12. | :03:18. | |
deal with Airbus worth as much as $20 billion to purchase passenger | :03:19. | :03:22. | |
jets. Petra China owned record profits for | :03:23. | :03:32. | |
2012. It is that it is cutting capital spending for the second year | :03:33. | :03:37. | |
in a row as it is looking at boosting shareholder returns in the | :03:38. | :03:41. | |
middle of a corruption. The investigation started a year ago as | :03:42. | :03:46. | |
part of a drive by Xi Jinping to combat corruption. | :03:47. | :04:04. | |
Alibaba has invested in Tango. The deal comes after Facebook announced | :04:05. | :04:10. | |
plans to acquire a messaging service for $19 billion. | :04:11. | :04:17. | |
There was a 6% drop in profit last year. The first decline in over ten | :04:18. | :04:22. | |
years. The Beijing `based company got in $20 billion in net profit. | :04:23. | :04:26. | |
The fall was due to higher costs. Also, increased competition. Last | :04:27. | :04:35. | |
year China Mobile was granted licence to set up a 40 at work. | :04:36. | :04:44. | |
Mt Cox says it has found 2000 forgotten that coins in an online | :04:45. | :04:49. | |
folder at fortunate longer held any of virtual currency. It comes one | :04:50. | :04:55. | |
week after the digital currency exchange files bankruptcy | :04:56. | :05:00. | |
protection. For more on that story and other | :05:01. | :05:04. | |
headlines, you can visit our website. Can you rent out paradise? | :05:05. | :05:11. | |
That is what Nepal is considering. They want to lease out some of the | :05:12. | :05:16. | |
peaks to private companies in return for a fee. It would open up and | :05:17. | :05:24. | |
visited mountains to attract more climbers. | :05:25. | :05:31. | |
The majestic beauty of the Himalayas. Some describe this as the | :05:32. | :05:37. | |
Switzerland of the East. They have captivated tourists for decades. | :05:38. | :05:41. | |
Ringing in much`needed revenue for Nepal. Nepal got around to hundred | :05:42. | :05:47. | |
$50 million from tourism last year. The second biggest income by | :05:48. | :05:57. | |
Nepalese workers. It is not enough for the demands of the growing | :05:58. | :06:02. | |
population. Now the government is considering a raft of new measures | :06:03. | :06:06. | |
to attract more tourists. Home to eight of the highest mountains in | :06:07. | :06:11. | |
the world, Nepal has been a paradise adventure seekers. Now it wants to | :06:12. | :06:17. | |
capitalise on its pristine natural beauty. Apart from these well`known | :06:18. | :06:22. | |
attractions like Mount Everest, it wants to allow private companies to | :06:23. | :06:30. | |
lease some of the other peaks to boost tourism. It wants to hire out | :06:31. | :06:35. | |
some of the more than 300 Himalayan peaks that are currently open. The | :06:36. | :06:41. | |
government has also announced a sharp cut. TRANSLATION: There are | :06:42. | :06:52. | |
two things. Climbers can only go up to 5500 metres. Now they can claim | :06:53. | :06:59. | |
6000 metres. It will definitely increase the number of new tourists | :07:00. | :07:05. | |
looking for adventure. We have already received proposals from | :07:06. | :07:09. | |
investors to build hotels around the mountains. Operators have already | :07:10. | :07:17. | |
welcomed the proposals. With new strategies, officials hope to boost | :07:18. | :07:23. | |
revenue to $500 million in the next five years. Despite the ambitious | :07:24. | :07:28. | |
targets, Nepal still faces a number of issues, not least the lack of | :07:29. | :07:34. | |
adequate infrastructure. It needs to improve its notorious roads and | :07:35. | :07:44. | |
record on safety. Nepal has postcard natural beauty. The challenge is how | :07:45. | :07:50. | |
to convert that into a must to visit tourist destination. That is a | :07:51. | :07:59. | |
question I posed to a tour operator in Australia. | :08:00. | :08:06. | |
He has been to Nepal many times. I asked him how the idea could affect | :08:07. | :08:10. | |
his travel business. To be honest it would have a fairly marginal effect. | :08:11. | :08:15. | |
It is great that they are opening up new peaks. That would create | :08:16. | :08:21. | |
short`term demand as people want to do thing like first sense. `` first | :08:22. | :08:38. | |
sense. While I can see the intention of trying to increase volume, that | :08:39. | :08:42. | |
is a good one and may have some effect, I do not think it is going | :08:43. | :08:48. | |
to give them the boost they are expecting. That is interesting you | :08:49. | :08:54. | |
say that. There is the factor you suggest against places where people | :08:55. | :08:59. | |
can climb for free. How do you measure the cost to environment? | :09:00. | :09:05. | |
They have lost climbers to bring down trash. You have got the | :09:06. | :09:11. | |
concerns of the affect tourism development has on that. It is a | :09:12. | :09:20. | |
good point. The new initiative that climbers have to take rubbish of | :09:21. | :09:26. | |
Everest is a good one. It has been in place for some time. It will be | :09:27. | :09:34. | |
enforced more strictly. That is the average amount that climbers take | :09:35. | :09:37. | |
up. The rubbish that exists up there will still be there. Having said | :09:38. | :09:44. | |
that, they sent a group up in 2010 to try and reduce the amount of | :09:45. | :09:50. | |
rubbish on the Mt. In terms of spreading it more broadly, the | :09:51. | :09:54. | |
owners is on the operators. Responsibility. They need to have | :09:55. | :10:02. | |
measures in place for the people they take up in the areas. | :10:03. | :10:08. | |
A quick look at the Asian markets. With the exception of Japan, | :10:09. | :10:17. | |
everyone is rising. We saw steep losses yesterday. There might be | :10:18. | :10:23. | |
some bargain`hunting taking place. I should add to our top story, the | :10:24. | :10:32. | |
Chinese Iran is at a 13 month low. `` yuan. Thank you for watching Asia | :10:33. | :10:41. | |
Business Report. Here are the headlines: Planes and | :10:42. | :10:48. | |
ships of the west coast of Australia have resumed their search for | :10:49. | :10:50. | |
possible debris from the missing Malaysian aerolite. Turkey has | :10:51. | :10:55. | |
blocked access to Twitter just hours after the Prime Minister threatened | :10:56. | :10:56. | |
to wipe out the | :10:57. | :10:58. |