Browse content similar to 09/04/2014. Check below for episodes and series from the same categories and more!
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of state. Now time for all the latest business news live from | :00:00. | :00:00. | |
Singapore with Asia Business Report and Rico. | :00:00. | :00:12. | |
Indonesians head to the polls, what impact will this have on the | :00:13. | :00:21. | |
economy? And cool jobs. Find out what it's | :00:22. | :00:26. | |
like to plan parties for celebrities. | :00:27. | :00:33. | |
Thanks for watching Asia Business Report, broadcasting to viewers | :00:34. | :00:36. | |
around the world, I'm Rico Hizon in Singapore. We kick off with | :00:37. | :00:40. | |
Indonesia and voters trip to the polling stations today to choose the | :00:41. | :00:46. | |
new law makers for Parliament. It is the first step that will help choose | :00:47. | :00:51. | |
the new President. But what effect will it have on the country's | :00:52. | :00:55. | |
economy? Earlier I spoke to one of our regular guests and I asked him | :00:56. | :01:00. | |
how the Asia economy was performing this year. The trade deficit has | :01:01. | :01:05. | |
improved somewhat, inflation has come down somewhat, and the interest | :01:06. | :01:10. | |
rate has stabilised. You have to connect this with the global market | :01:11. | :01:14. | |
environment where external risks have levelled to some extent. In | :01:15. | :01:20. | |
Indonesia, there are more than a few fundamentals, and they have risen | :01:21. | :01:23. | |
and the money has come back and there is a feelgood factor. How | :01:24. | :01:29. | |
important is the performance of the economy to voters? It was | :01:30. | :01:33. | |
substantial last year, it has abated to some extent for the reasons I | :01:34. | :01:38. | |
mentioned because things have stabilised and inflation has come | :01:39. | :01:41. | |
down. They're not as concerned as last year. India is a good | :01:42. | :01:46. | |
contrast, where economic issues are paramount. In Indonesia they are | :01:47. | :01:52. | |
still old`fashioned with going with personalities and images. | :01:53. | :01:59. | |
Staying with elections, voters are said to choose representatives for | :02:00. | :02:01. | |
India's parliament in the next few days, the results of which would | :02:02. | :02:09. | |
have significant implications for the economy. Where do the political | :02:10. | :02:17. | |
parties stand on the big issues? The overall cost of living has | :02:18. | :02:23. | |
increased by about 10% annually. To try and control prices, India's | :02:24. | :02:28. | |
Central bank has raised interest rates many times. But that also can | :02:29. | :02:32. | |
hurt growth. So what do politicians think is the answer? We need to | :02:33. | :02:40. | |
enlarge economic activity. Then we will have the revenue to take care | :02:41. | :02:45. | |
of the supply side of it. Plus you have to address the gross | :02:46. | :02:47. | |
mismanagement of the food economy. You have to have a curious and | :02:48. | :02:53. | |
striking balance between not having inflation and deflation. At the | :02:54. | :02:58. | |
moment we are seeing some satisfaction with improvement | :02:59. | :03:02. | |
possible, but it's a constant watch and battle. Opening the door to the | :03:03. | :03:07. | |
likes of Walmart and Tesco has been the flagship policy of the current | :03:08. | :03:13. | |
government. It says it could help improve consumer choice, modernise | :03:14. | :03:19. | |
supply chain and create jobs. But the BJP said it could scrap the | :03:20. | :03:25. | |
policy. What do they do? They outsource from the world and dump it | :03:26. | :03:33. | |
in their houses. That will be a case where the Indian sector would lose a | :03:34. | :03:41. | |
lot and create a problem for our very small grass`roots owners. But | :03:42. | :03:47. | |
the government disagrees. What happens to paying more to the farmer | :03:48. | :03:53. | |
and getting less from the consumer? Are you happy paying to those | :03:54. | :03:59. | |
middlemen involved? What about the promotion of refrigeration chains | :04:00. | :04:02. | |
and warehouses. While everyone is focused on the big parties, the | :04:03. | :04:06. | |
smaller parties hold the key this election. I'm at the headquarters of | :04:07. | :04:10. | |
a new party which surprised many with a strong showing in the Delhi | :04:11. | :04:15. | |
state elections on the promise of fighting corruption. While they are | :04:16. | :04:18. | |
strong on that and other issues, they didn't want to speak to us on | :04:19. | :04:22. | |
the economic vision they have. That's a pity because they could | :04:23. | :04:26. | |
hold some sway on the Coalition that comes to power, and trying to fix | :04:27. | :04:32. | |
the Indian economy will be a big priority. In other news, South Korea | :04:33. | :04:37. | |
and Australia have signed a free trade agreement which will scrap | :04:38. | :04:42. | |
almost all tariffs within a decade. Australia will immediately lift its | :04:43. | :04:47. | |
5% tariff on cars and South Korea will scrap most of its agricultural | :04:48. | :04:54. | |
taxes. Tony Abbott has also entered an agreement with Japan this week | :04:55. | :04:58. | |
and is pushing for a similar one with China as well. Authorities in | :04:59. | :05:02. | |
the United States has buying General Motors after they did not respond to | :05:03. | :05:06. | |
requests for information around faulty ignition switches that have | :05:07. | :05:11. | |
been linked to 13 deaths `` find. They have been fined $7,000 a day | :05:12. | :05:21. | |
until they comply with authorities. Faults were first reported more than | :05:22. | :05:25. | |
ten years ago. The world economy is growing but so are the risks for | :05:26. | :05:30. | |
emerging markets. The warning from The International Monetary Fund came | :05:31. | :05:34. | |
in its twice a year world economic outlook. Michelle is in Washington | :05:35. | :05:46. | |
for us. While the world economy is growing | :05:47. | :05:51. | |
there are signs of weakness. The IMF trimmed its forecast slightly for | :05:52. | :05:56. | |
emerging markets. The tightening right here in the United States of | :05:57. | :05:58. | |
Monetary Policy Committee is just one of the challenges they face. | :05:59. | :06:04. | |
Although IMF chief economist believes they will adjust. I think | :06:05. | :06:12. | |
the Chinese authorities agree that the rebalancing of growth towards | :06:13. | :06:16. | |
domestic consumption will probably lead to a slightly lower growth | :06:17. | :06:21. | |
rate, in the range of around 6%. I think this is coming, not coming | :06:22. | :06:25. | |
this year, but it is coming and the world will have to adjust to this, | :06:26. | :06:33. | |
it won't do it easily, though. He does expect growth to be low in the | :06:34. | :06:37. | |
future as the country becomes less reliant on exports. Once in a while | :06:38. | :06:47. | |
there will be flareups. But I expect the process to be fairly smooth. The | :06:48. | :06:51. | |
world is changing for emerging markets, they will face high | :06:52. | :06:54. | |
interest rates and tighter financial conditions. Despite perceived | :06:55. | :07:00. | |
risks, the mood here is broadly optimistic. After all the Fund is | :07:01. | :07:05. | |
predicting global growth to continue not just for this year but also into | :07:06. | :07:11. | |
next. Now, if your idea of a cool job | :07:12. | :07:19. | |
involves flamboyant parties and networking with millionaires then | :07:20. | :07:23. | |
this might interest you. With more and more wealthy individuals in | :07:24. | :07:26. | |
Singapore, one woman set up a business as a party planner to the | :07:27. | :07:30. | |
stars. Lavish scenes and and extravagant scenes are per day in | :07:31. | :07:43. | |
the office. We found that more. If you like hobnobbing with | :07:44. | :07:47. | |
celebrities and have a flair for creativity, then this may be the job | :07:48. | :07:52. | |
for you. Older is putting the finishing touches to a charity ball | :07:53. | :07:58. | |
with tickets costing thousands. Her job is to plan lavish parties for | :07:59. | :08:01. | |
the rich and famous. Kevin Spacey, Ronan Keating, Diane von Foston | :08:02. | :08:07. | |
Burke. These are some of the famous names she has entertained as part of | :08:08. | :08:12. | |
her job as a party planner to the stars. Her clients include | :08:13. | :08:17. | |
Rolls`Royce, Cartier and American Express. Just some of the big brands | :08:18. | :08:22. | |
that call her when they want to throw extravagant events to splash | :08:23. | :08:24. | |
out on their high spending customers. When she's not on | :08:25. | :08:28. | |
location setting up she often works from home. So what makes your job | :08:29. | :08:37. | |
such a cool job? Well, I meet so many amazing people. Some famous | :08:38. | :08:44. | |
people, creative people, inspiring people. I get to know them. It is | :08:45. | :08:51. | |
not all about fun and parties, though. While the Skye's Law it for | :08:52. | :08:55. | |
some corporate events, not all of them will make a lot of money `` | :08:56. | :09:03. | |
while the Skye's Law it. For the client's events it depends on the | :09:04. | :09:08. | |
overall budget and I see how I can fit my feet into it. Do you think | :09:09. | :09:12. | |
people come to you because you offer something different, you have this | :09:13. | :09:17. | |
European sensibility. What makes you suited to this particular line of | :09:18. | :09:22. | |
work? My overall cultural background, with my childhood in St | :09:23. | :09:26. | |
Petersburg, I learned how to play violin and piano and I went to the | :09:27. | :09:31. | |
School of arts. I believe this background and education I was given | :09:32. | :09:38. | |
early on in my life gives me an opportunity to show this creativity | :09:39. | :09:43. | |
through the events that I stage. But don't let that stop you. If you | :09:44. | :09:47. | |
don't mind the adrenaline rush of working to tight deadlines under the | :09:48. | :09:50. | |
pressure of demanding clients then you can always think a step ahead to | :09:51. | :09:57. | |
the next party, then what Olga does may well appeal to you `` and you | :09:58. | :10:01. | |
can. Before we go here's a quick look at | :10:02. | :10:05. | |
the markets and most Asian stocks are in positive territory following | :10:06. | :10:09. | |
Wall Street's gains overnight but Japanese equities are tumbling | :10:10. | :10:12. | |
following the yen's surge on the dollar. Hong Kong, South Korea and | :10:13. | :10:20. | |
Australia in the winning column. As for Japan, down by 210 points. Those | :10:21. | :10:27. | |
are the Asian markets. Thank you so much for investing your time with | :10:28. | :10:29. | |
us. Sport Today is up next. By Mike Embley in London. Deputies | :10:30. | :10:45. | |
have traded blows in Ukraine's Parliament as NATO warns | :10:46. | :10:46. |