14/04/2014 Asia Business Report


Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.

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to give patients extended operating hours. Now on BBC News all the


latest business news live from Singapore.


Asian markets are falling, after big losses in New York. We look ahead to


economic data which could send stocks tumbling again this week.


And baby steps for new businesses in Sri Lanka's former war zone. Hello


and welcome to this Monday edition of Asia Business Report. We start


with a look at the markets. Asian shares have started the week lower.


They are taking their cues from Wall Street. We saw Wall Street see a


sell`off in technology shares. Indicate stock average has climbed


just a tad after opening lower. Last week, it saw its biggest weekly fall


since the March 2011 tsunami. And nuclear disaster. In the US, the


NASDAQ closed lower. We have a series of big market moving news is


that could influence investors. This includes Chinese growth data for the


first quarter of the year, due out on Wednesday. We are seeing more


political uncertainty brought up by the situation in Ukraine. A market


analyst is expecting volatility. The Chinese data has been pointing lower


and missing estimates over the past six months, that is why it has set


such a global total. Relative to where the growth rate has been in


the past. We think it could come in at 7.5 which is slightly better than


expected but still below the last quarter. I think any thing above 7.5


will be a benefit for markets, particularly for Asian markets.


Industries like Japan have been dragged down recently by Chinese


data. So seven and half an upward would definitely be positive.


China's biggest oil company has been linked to a contamination scare


affecting the dripping water of 2.4 million people. The leak has been


blamed on a pipeline owned by a subsidiary of China National


petroleum Corporation. Let's go live to our corresponded in Beijing. On


Friday, we saw panic seems, people rushing to stores, buying up bottled


water. Is that sense of panic now over? Things have come down a bit to


a certain degree. The government announced that the water was now


safe to drink. However, we are hearing reports that many people


simply aren't believing that stop they are choosing to continue


drinking bottled water. Many people are very upset with the government.


They have heard reports the government took 18 hours to report


there was a problem with the dripping water. This is on top of


reports that back in March, people were smelling strange odours in the


water. The government at the time said that water was still treatable


but many people are questioning whether the water supply in the area


is safe at all. The finger`pointing is safe at all. The finger`pointing


now begins on who is to blame? It seems the government has already


admitted that the leak is due to a leak in an oil transmission pipeline


that is owned like China's largest oil and gas reducer and the player.


That is the China National Petroleum organisation. Back in 2005, there


was a similar problem, also linked to that company. When a chemical


plant owned by the corporation had an explosion and led to water


contamination. So this seems to be a continuing problem with this


corporation. So far, when we look back to that incident, there don't


seem to have been a slew of charges laid against the corporation in


connection with that problem back in 2005. A big concern there for the


people living there, thank you so much for that update from ageing.


The $6 billion deal is one of China's biggest mining acquisitions


in years. It underscores the Maylands continued demand for


commodities in China's push for industrial growth. It is one of a


large `` largest mines and is expected to churn out 450,000 tonnes


of copper when production begins next year. Sharp is reportedly


planning another public share offering to raise $2 billion in


capital. Japan's largest display maker aims to launch the sale after


a restructure aimed at convincing potential investors. The strategy


will focus on cutting reduction cost is, as Sharp expands into the market


for lower`priced smartphones. Their shares are the sharply lower


today. The world must rapidly move away from carbon intensive fuels and


it is to triple the energy it gets romp renewables to avoid dangerous


levels of global warming as findings of scientists from the UN panel on


climate change in the third part of its most comrades of study on global


whining, the panel wanted late in cutting back rising greenhouse gases


will limit the chances of reducing global turbojet increases. L'Oreal


is undertaking a major overhaul of its operations in China. They pulled


their Garnier label off the shelves off the shelves. I asked our


correspondent why they seem to be struggling.


Chinese women are trying to express more creativity and individualism.


They do not want to buy the same brands as everyone else. You are


starting to see the big luxury houses, cosmetic companies, they


have too offer many different sub have too offer many different sub


brands. You are no longer going to see everybody wanting to buy


L'Oreal. So the smarter brands will have to do something like what Louis


Vuitton are doing, where they have ten different brands to offer


consumers. Politically, Sri Lanka is under fire


from the international community over its human rights record. One of


the government's responses is it is fostering economic development in


the north, formerly a war zone. Our correspondent is looking at how a


shopping centre is transforming the city.


Much of the jaffa still lies in ruins at the result of years of


neglect and dilapidation all of Bob Ludwig in the city was being fought


over by the government and Tamil Tigers in the 1990s. Until recently,


people would say that visiting Jaffna was like stepping back in


time. But parts of the city are now changing. Irrevocably. Here in the


town centre, its first ever traffic light has been brought into


operation. Cargills, a popular chain has arrived. This brand in the city


is the biggest in the whole of the island. Once you have stocked up on


food, pop on Sri Lanka's only escalator. The mall is still small,


but set to expand. There is also a food court. And a triple screen


cinema. They say they have created 300 permanent jobs for young


northerners and the economic benefits stretch beyond the town 's


boundaries. We have a land 5000 farmers, we are reducing a


proximally eight or ten times as day. Beyond retail, the town has a


building boom. This is one of many new flats. Sri Lankan Tamils have


flocked to buy them. Much of northern Sri Lanka is still


suffering from the devastating consequences of civil war. But amid


the greenery, economic change is afoot. Many see that is offering the


seeds of hope for the wider region. Where are the best cities in the


world to live and work? Five of the top ten emerging cities with the


greatest potential now sit in south east Asia. In the next two decades,


could places like Jakarta and Manila be competing with New York and


Paris? Our correspondent explains for us the highlights of the


company's research. For Asia at the interesting thing is


you have four cities in the top ten. Tokyo, Hong Kong, which have always


been there, and then Beijing breaking into the top ten, for the


first time ever, and Singapore returning to the top ten after a two


year absence. In addition, of the top ten cities


and emerging cities, there are five from Asia. So Jakarta is at the top


of the list of the countries, of the city is likely to challenge the


established leaders. And then you have Manila, followed


by Delhi, Kuala Lumpur. How does all this differ from the others out


there? We had the world's costliest city, Singapore, that caused


consternation here. So what is the purpose of a list like this? We


don't look at single factors such as cost or single metric such as


economics or business activities. We believe the list we have is


well`balanced. We look at business activities, human capital,


political, information exchange, as well as cultural experience.


These are the things which make the city attractive for businesses and


talent. This is how cities will compete with each other. How


attractive we are for businesses to come to.


Thanks for watching. You're watching BBC News. I'm Adnan


Nawaz. Our top stories this hour. The UN Security Council is


discussing the


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