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earlier, the Ukrainian Ambassador `` you , saying that Russia is not | :00:00. | :00:00. | |
behind the troubles that are taking place. | :00:00. | :00:14. | |
Asian markets are falling, after big losses in New York. We look ahead to | :00:15. | :00:20. | |
economic data which could send stocks tumbling again this week. And | :00:21. | :00:25. | |
L'Oreal changes strategy in China. We find out how struggling beauty | :00:26. | :00:32. | |
brands can change their fortunes. Hello and welcome to this Monday | :00:33. | :00:38. | |
edition of Asia Business Report. We start with a look at the markets. | :00:39. | :00:41. | |
Asian shares have started the week lower. They are taking their cues | :00:42. | :00:49. | |
from Wall Street. They saw a sell off in technology shares. We sought | :00:50. | :00:54. | |
them continuing to extend losses from last week. At the moment it is | :00:55. | :00:57. | |
currently just fairly flat. Last week, it saw its biggest weekly fall | :00:58. | :01:04. | |
since the March 2011 tsunami. And nuclear disaster. In the US, the | :01:05. | :01:13. | |
NASDAQ closed lower. That could influence investors. That includes | :01:14. | :01:19. | |
Chinese growth data from the first quarter of the year. That is due out | :01:20. | :01:22. | |
on Wednesday. There is more political concern being brought up | :01:23. | :01:26. | |
over the Ukraine crisis as well. For more, let's ring in our regular | :01:27. | :01:31. | |
market analyst. Peter, what is prompting this sell off. And will it | :01:32. | :01:39. | |
be sustained? The China market will be the key trigger. It is expecting | :01:40. | :01:46. | |
a rate of growth at 7.4%. That is down from 7.7%. It is an important | :01:47. | :01:50. | |
time, because the riskier parts of the US market such as biotechnology, | :01:51. | :01:56. | |
IT, US reporting season is ramping up. Mid week, the market is timid. | :01:57. | :02:04. | |
In Asia, not much is moving. Mid week, we expect volatility to start | :02:05. | :02:08. | |
ramping up. You say they are being timid. To some extent they are, it | :02:09. | :02:14. | |
is certainly being flat, but we are seeing this emergency meeting taking | :02:15. | :02:18. | |
place in the United Nations Security Council. Will political uncertainty | :02:19. | :02:25. | |
play a role? It's a factor. It's not the most important factor. It's | :02:26. | :02:28. | |
probably not the highest in the priority list. But it is also | :02:29. | :02:33. | |
overhanging. And the problem with geopolitical event is that when | :02:34. | :02:35. | |
something does happen, it is usually unexpected. It is counter to | :02:36. | :02:41. | |
consensus. And that is where the market starts to panic. In terms of | :02:42. | :02:46. | |
the Ukraine, we do not think it will be quite significant on markets | :02:47. | :02:50. | |
unless something completely drastic emerges. You also mentioned the | :02:51. | :02:57. | |
Chinese GDP data. We are watching that keenly for the first quarter. | :02:58. | :03:00. | |
It is due out on Wednesday, what do you anticipate, and what impact will | :03:01. | :03:06. | |
it have? Chinese data has been pointing lower, it has been lacking | :03:07. | :03:14. | |
impetus. That is why it could set such a low hurdle relative to where | :03:15. | :03:17. | |
the growth rate has been in the past. We think that the Chinese | :03:18. | :03:21. | |
growth rate could come in at 7.5. That is slightly | :03:22. | :03:23. | |
better`than`expected. It is still below the last quarter. Anything | :03:24. | :03:29. | |
above 7.5 in annualised rate, will be a benefit to markets. Hong Kong | :03:30. | :03:36. | |
has been dragged down recently by Chinese data. 7.5 and up words would | :03:37. | :03:40. | |
be a positive. We will leave it there. China's biggest oil company | :03:41. | :03:45. | |
has been blamed for water contamination affecting 2.4 million | :03:46. | :03:48. | |
people in the capital of the north`western province. The leak has | :03:49. | :03:55. | |
been blamed on a pipeline owned by a subsidiary of China National | :03:56. | :03:57. | |
petroleum Corporation. Authorities have warned that painted tapwater | :03:58. | :04:03. | |
contained up to 200 micrograms per litre of the carcinogenic benzene. | :04:04. | :04:06. | |
That is 20 times the national safety limit. A stake in a copper mine has | :04:07. | :04:16. | |
been sold to a Chinese consortium from Peru. It is one of the biggest | :04:17. | :04:21. | |
acquisitions in years. It is underscoring the mainland's | :04:22. | :04:26. | |
continued demand for Chinese commodities. It is one of the | :04:27. | :04:31. | |
largest mines under construction. It is expected to churn out 450,000 | :04:32. | :04:34. | |
tonnes of copper when production begins next year. There will be | :04:35. | :04:39. | |
another public share offering to raise $2 million in capital. | :04:40. | :04:45. | |
Japan's largest display maker aims to launch the sale after a | :04:46. | :04:48. | |
restructure aimed at convincing potential investors. The strategy | :04:49. | :04:52. | |
will focus on cutting reduction cost is, as Sharp expands into the market | :04:53. | :05:01. | |
for lower`priced smartphones. Their shares are the sharply lower today. | :05:02. | :05:07. | |
There is an overhaul of L'Oreal. They pulled their gunny eight level | :05:08. | :05:17. | |
off the shelves `` Garnier label off the shelves. I asked our | :05:18. | :05:22. | |
correspondent why they seem to be struggling. Chinese women are trying | :05:23. | :05:29. | |
to express more creativity and individualism. They do not want to | :05:30. | :05:33. | |
buy the same brands as everyone else. You are starting to see the | :05:34. | :05:36. | |
big luxury houses, cosmetic companies, they have two offer many | :05:37. | :05:42. | |
different sub brands. You are no longer going to see everybody | :05:43. | :05:44. | |
wanting to buy L'Oreal. So the smarter brands will have to do | :05:45. | :05:50. | |
something like what Louis Vuitton are doing, where they have ten | :05:51. | :05:55. | |
different brands to offer consumers. Politically, Sri Lanka is under fire | :05:56. | :06:01. | |
from the international community over its human rights record. One of | :06:02. | :06:09. | |
the government's responses is it is fostering economic development in | :06:10. | :06:13. | |
the north, formerly a war zone. Our correspondent is looking at how a | :06:14. | :06:16. | |
shopping centre is transforming the city. Much of the city remains in | :06:17. | :06:22. | |
ruins. It is the result of years of neglect and dilapidation as well as | :06:23. | :06:25. | |
bombardments when the city was fought over by the government and | :06:26. | :06:28. | |
Tamil Tigers. Until recently, people would say that visiting this place | :06:29. | :06:34. | |
was like stepping back in time. But parts of the city are now changing. | :06:35. | :06:38. | |
Irrevocably. Here in the town centre, its first ever traffic light | :06:39. | :06:51. | |
has been brought into operation. Cargills a popular chain has | :06:52. | :06:57. | |
arrived. Once you have stocked up on food, pop on Sri Lanka's only | :06:58. | :07:05. | |
escalator. The shopping mall is still small, but set to expand. | :07:06. | :07:10. | |
There is also a food court. Cargill And the triple screen cinema. Say | :07:11. | :07:16. | |
they have created three jobs. Benefits Street beyond the town's | :07:17. | :07:28. | |
boundaries. We are procuring approximately `` producing | :07:29. | :07:33. | |
approximately eight or ten tons per day. Beyond retail, the town has a | :07:34. | :07:39. | |
building boom. This is one of many new flats. Residents have flocked to | :07:40. | :07:45. | |
buy them. Much of northern Sri Lanka is still suffering from the | :07:46. | :07:47. | |
devastating consequences of civil war. But amid the greenery, economic | :07:48. | :07:53. | |
change is afoot. Many see that is offering the seeds of hope for the | :07:54. | :07:59. | |
wider region. Where are the best cities in the world to live and | :08:00. | :08:03. | |
work? Five of the top ten emerging cities with the greatest potential | :08:04. | :08:09. | |
now sit in South East Asia. In the next two decades, could places like | :08:10. | :08:17. | |
Jakarta and Manila be competing with New York and Paris? Our | :08:18. | :08:22. | |
correspondent explains for us the highlights of the company's | :08:23. | :08:25. | |
research. For Asia at the interesting thing is you have four | :08:26. | :08:31. | |
cities in the top ten. Tokyo, Hong Kong, which have always been there, | :08:32. | :08:35. | |
and then Beijing breaking into the top ten, for the first time ever, | :08:36. | :08:41. | |
and Singapore returning to the top ten after a two year absence. In | :08:42. | :08:45. | |
addition, of the top ten cities and emerging cities, there are five from | :08:46. | :08:51. | |
Asia. So Jakarta is at the top of the list of the countries, of the | :08:52. | :09:01. | |
city is likely to establish `` city is likely to challenge the | :09:02. | :09:07. | |
established leaders. How does all this differ from the others out | :09:08. | :09:14. | |
there? We had the world's costliest city, Singapore, that caused | :09:15. | :09:19. | |
consternation here. So what is the purpose of a list like this? We | :09:20. | :09:24. | |
don't look at single factors such as cost or single metric such as | :09:25. | :09:28. | |
economics or business activities. We believe the list we have is | :09:29. | :09:33. | |
well`balanced. We look at business activities, human capital, | :09:34. | :09:39. | |
political, information exchange, as well as cultural experience. These | :09:40. | :09:44. | |
are the things which make the city attractive for businesses and | :09:45. | :09:50. | |
talent. This is how cities will compete with each other. How | :09:51. | :09:55. | |
attractive we are for businesses to come to. In a way you are saying a | :09:56. | :10:00. | |
lot of lists like this, by your organisation and others, they help | :10:01. | :10:04. | |
drive how governments will see their growth. That's right. The list helps | :10:05. | :10:10. | |
them to think about what other factors that are important to make | :10:11. | :10:17. | |
their cities attractive. It helps to drive policy decisions going | :10:18. | :10:22. | |
forward. Our thesis is that going forward, is Mrs and talents will | :10:23. | :10:27. | |
migrate to cities, not necessarily to countries as a whole. So we are | :10:28. | :10:34. | |
looking at liveable cities. A quick look at the markets. We will take a | :10:35. | :10:38. | |
look at them again. The Nikkei is slightly higher after opening in | :10:39. | :10:41. | |
negative territory. Across the board, with the flat markets in | :10:42. | :10:46. | |
Korea and Australia. Political uncertainty with that emergency | :10:47. | :10:50. | |
meeting taking place in the UN Security Council. We also watch for | :10:51. | :10:55. | |
some major GDP data later this week. They give for watching as a business | :10:56. | :11:09. | |
report. You're watching BBC News. I'm Adnan Nawaz. Our top stories | :11:10. | :11:16. | |
this hour. The UN Security Council is discussing the crisis in Ukraine. | :11:17. | :11:24. | |
The ambassador says Ukraine must stop waging war on its own | :11:25. | :11:25. |