09/04/2014 Asia Business Report


09/04/2014

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of state. Now time for all the latest business news live from

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Singapore with Asia Business Report and Rico.

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Indonesians head to the polls, what impact will this have on the

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economy? And cool jobs. Find out what it's

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like to plan parties for celebrities.

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Thanks for watching Asia Business Report, broadcasting to viewers

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around the world, I'm Rico Hizon in Singapore. We kick off with

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Indonesia and voters trip to the polling stations today to choose the

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new law makers for Parliament. It is the first step that will help choose

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the new President. But what effect will it have on the country's

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economy? Earlier I spoke to one of our regular guests and I asked him

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how the Asia economy was performing this year. The trade deficit has

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improved somewhat, inflation has come down somewhat, and the interest

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rate has stabilised. You have to connect this with the global market

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environment where external risks have levelled to some extent. In

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Indonesia, there are more than a few fundamentals, and they have risen

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and the money has come back and there is a feelgood factor. How

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important is the performance of the economy to voters? It was

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substantial last year, it has abated to some extent for the reasons I

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mentioned because things have stabilised and inflation has come

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down. They're not as concerned as last year. India is a good

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contrast, where economic issues are paramount. In Indonesia they are

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still old`fashioned with going with personalities and images.

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Staying with elections, voters are said to choose representatives for

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India's parliament in the next few days, the results of which would

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have significant implications for the economy. Where do the political

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parties stand on the big issues? The overall cost of living has

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increased by about 10% annually. To try and control prices, India's

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Central bank has raised interest rates many times. But that also can

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hurt growth. So what do politicians think is the answer? We need to

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enlarge economic activity. Then we will have the revenue to take care

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of the supply side of it. Plus you have to address the gross

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mismanagement of the food economy. You have to have a curious and

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striking balance between not having inflation and deflation. At the

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moment we are seeing some satisfaction with improvement

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possible, but it's a constant watch and battle. Opening the door to the

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likes of Walmart and Tesco has been the flagship policy of the current

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government. It says it could help improve consumer choice, modernise

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supply chain and create jobs. But the BJP said it could scrap the

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policy. What do they do? They outsource from the world and dump it

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in their houses. That will be a case where the Indian sector would lose a

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lot and create a problem for our very small grass`roots owners. But

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the government disagrees. What happens to paying more to the farmer

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and getting less from the consumer? Are you happy paying to those

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middlemen involved? What about the promotion of refrigeration chains

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and warehouses. While everyone is focused on the big parties, the

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smaller parties hold the key this election. I'm at the headquarters of

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a new party which surprised many with a strong showing in the Delhi

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state elections on the promise of fighting corruption. While they are

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strong on that and other issues, they didn't want to speak to us on

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the economic vision they have. That's a pity because they could

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hold some sway on the Coalition that comes to power, and trying to fix

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the Indian economy will be a big priority. In other news, South Korea

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and Australia have signed a free trade agreement which will scrap

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almost all tariffs within a decade. Australia will immediately lift its

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5% tariff on cars and South Korea will scrap most of its agricultural

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taxes. Tony Abbott has also entered an agreement with Japan this week

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and is pushing for a similar one with China as well. Authorities in

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the United States has buying General Motors after they did not respond to

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requests for information around faulty ignition switches that have

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been linked to 13 deaths `` find. They have been fined $7,000 a day

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until they comply with authorities. Faults were first reported more than

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ten years ago. The world economy is growing but so are the risks for

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emerging markets. The warning from The International Monetary Fund came

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in its twice a year world economic outlook. Michelle is in Washington

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for us. While the world economy is growing

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there are signs of weakness. The IMF trimmed its forecast slightly for

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emerging markets. The tightening right here in the United States of

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Monetary Policy Committee is just one of the challenges they face.

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Although IMF chief economist believes they will adjust. I think

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the Chinese authorities agree that the rebalancing of growth towards

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domestic consumption will probably lead to a slightly lower growth

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rate, in the range of around 6%. I think this is coming, not coming

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this year, but it is coming and the world will have to adjust to this,

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it won't do it easily, though. He does expect growth to be low in the

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future as the country becomes less reliant on exports. Once in a while

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there will be flareups. But I expect the process to be fairly smooth. The

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world is changing for emerging markets, they will face high

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interest rates and tighter financial conditions. Despite perceived

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risks, the mood here is broadly optimistic. After all the Fund is

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predicting global growth to continue not just for this year but also into

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next. Now, if your idea of a cool job

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involves flamboyant parties and networking with millionaires then

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this might interest you. With more and more wealthy individuals in

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Singapore, one woman set up a business as a party planner to the

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stars. Lavish scenes and and extravagant scenes are per day in

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the office. We found that more. If you like hobnobbing with

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celebrities and have a flair for creativity, then this may be the job

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for you. Older is putting the finishing touches to a charity ball

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with tickets costing thousands. Her job is to plan lavish parties for

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the rich and famous. Kevin Spacey, Ronan Keating, Diane von Foston

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Burke. These are some of the famous names she has entertained as part of

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her job as a party planner to the stars. Her clients include

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Rolls`Royce, Cartier and American Express. Just some of the big brands

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that call her when they want to throw extravagant events to splash

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out on their high spending customers. When she's not on

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location setting up she often works from home. So what makes your job

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such a cool job? Well, I meet so many amazing people. Some famous

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people, creative people, inspiring people. I get to know them. It is

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not all about fun and parties, though. While the Skye's Law it for

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some corporate events, not all of them will make a lot of money ``

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while the Skye's Law it. For the client's events it depends on the

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overall budget and I see how I can fit my feet into it. Do you think

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people come to you because you offer something different, you have this

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European sensibility. What makes you suited to this particular line of

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work? My overall cultural background, with my childhood in St

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Petersburg, I learned how to play violin and piano and I went to the

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School of arts. I believe this background and education I was given

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early on in my life gives me an opportunity to show this creativity

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through the events that I stage. But don't let that stop you. If you

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don't mind the adrenaline rush of working to tight deadlines under the

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pressure of demanding clients then you can always think a step ahead to

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the next party, then what Olga does may well appeal to you `` and you

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can. Before we go here's a quick look at

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the markets and most Asian stocks are in positive territory following

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Wall Street's gains overnight but Japanese equities are tumbling

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following the yen's surge on the dollar. Hong Kong, South Korea and

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Australia in the winning column. As for Japan, down by 210 points. Those

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are the Asian markets. Thank you so much for investing your time with

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us. Sport Today is up next. By Mike Embley in London. Deputies

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have traded blows in Ukraine's Parliament as NATO warns

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