:00:00. > :00:00.local council, has resigned after a revelation he has been declared
:00:00. > :00:00.bankrupt. Tony Caplin was made insolvent in 2012. Now, all the
:00:07. > :00:18.latest business news live from Singapore.
:00:19. > :00:20.Heading west, why an increasing number of Chinese companies are
:00:21. > :00:27.looking to the US for their share sales. And, too expensive. Vietnam's
:00:28. > :00:28.says it cannot afford the multi`million dollar cost of hosting
:00:29. > :00:44.the Asian Games. We start with the Chinese firm, Ali
:00:45. > :00:51.Baba, who are due to file this week their highly anticipated share to
:00:52. > :01:04.the US. Its online business processes have more transactions
:01:05. > :01:06.than eBay. We look at why Chinese companies are now looking to the
:01:07. > :01:11.west. It was just last week when China's
:01:12. > :01:17.it will end to Twitter, Weibo, made its debut in New York. And in its
:01:18. > :01:22.first week of trading, the stock shot up 20%. The success of Weibo
:01:23. > :01:27.has investors even more excited about Alibaba. The Chinese
:01:28. > :01:34.e`commerce giant has more sales and net income than both Amazon and eBay
:01:35. > :01:39.combined. It is China's largest internet company, and operates in
:01:40. > :01:45.the world's largest internet market. Alibaba accounts for 80% of all
:01:46. > :01:48.Chinese online consumer shopping. But why are Chinese companies
:01:49. > :01:55.choosing to list in New York instead of Hong Kong? In the case of
:01:56. > :01:58.Alibaba, much of it has to do with ownership structure. American rules
:01:59. > :02:03.allow for executives to retain much more control of their company.
:02:04. > :02:09.Alibaba's successes have even lifted some US companies. Yahoo! Has
:02:10. > :02:15.benefited from a 24% stake in Alibaba, and it has been boosting
:02:16. > :02:19.Yahoo! 's shares, which have gone up by more than 40% this year. It is
:02:20. > :02:26.all the more reason why many investors will be watching just how
:02:27. > :02:31.Alibaba does in the coming months. Via jumpers post a siege in on
:02:32. > :02:41.Friday to withdraw as the host of the 2013 Asian Games, has again put
:02:42. > :02:46.the spotlight on the pressure put on countries that bid for sporting
:02:47. > :02:51.events. The bill was forecast to be several times higher. This year's
:02:52. > :03:01.games in Korea are expected to top $1 billion.
:03:02. > :03:07.When you look at how much money they are going to end up spending on the
:03:08. > :03:10.games, it will be a massive amount, which at this moment I think the
:03:11. > :03:18.government of Vietnam can't justify to the people. You just said, Korea
:03:19. > :03:27.will spend over $1 billion, but statements coming out of the last
:03:28. > :03:31.games, where they spent almost 17 billion, which was spent on
:03:32. > :03:34.infrastructure, I think at this stage, Vietnam's, which has one of
:03:35. > :03:47.the worst debts in Asia, they can't justify this kind of expenditure.
:03:48. > :03:54.Doesn't the infrastructure go on to benefit the country beyond the
:03:55. > :04:00.games? Yes, but not sporting facilities. It can to become a white
:04:01. > :04:03.elephant after the games are over. Roads and housing, all of that has a
:04:04. > :04:12.legacy programme, but sporting facilities, unless you are really
:04:13. > :04:18.driven, otherwise it will be sitting there for nothing. We know this is a
:04:19. > :04:21.crucial year, with the football World Cup coming up in Brazil, also
:04:22. > :04:24.a lot of complaints about whether they are up to scratch. You think it
:04:25. > :04:33.is important for countries to host games like this? Does it add
:04:34. > :04:39.prestige order you think the run ups are more of a problem? It is a
:04:40. > :04:44.double`edged sword, if you don't do a great job all of the negativity is
:04:45. > :04:49.amplified. With the help of social media at the moment, instead of
:04:50. > :04:54.gaining positive publicity, it all becomes negative in the end. This is
:04:55. > :04:57.something that countries or cities really need to pay attention to, and
:04:58. > :05:02.we are seeing what is happening in Brazil. In other news, General
:05:03. > :05:10.Motors plans to invest $12 million in China from this year to 2017 to
:05:11. > :05:15.build more plants. The US car giant is forecasting a 10% rise in Chinese
:05:16. > :05:18.sales this year. They made the announcement of the order China show
:05:19. > :05:22.in Beijing, which opens to the public today. Many of the world's
:05:23. > :05:28.leading carmakers are at the event, and countries like Peugeot and high
:05:29. > :05:39.under a expected to unveil new mini SUV models. `` you .
:05:40. > :05:51.Recent weakness in the Japanese gas market has increased cost. They have
:05:52. > :05:55.a deficit of $14 billion, which is a record 21 straight months of
:05:56. > :06:00.deficits. The rising number of people out of work in India is one
:06:01. > :06:03.reason the economy is a key issue in the country's elections. The picture
:06:04. > :06:07.is not the same across the country. In the east of India, a strong
:06:08. > :06:19.manufacturing sector has brought much needed jobs. Is it an example
:06:20. > :06:23.for others to follow? This man is 24, and comes from a
:06:24. > :06:31.village 300: that is away from the city he now calls home. His father
:06:32. > :06:34.is a farmer, but following in those footsteps would have been the
:06:35. > :06:41.option, he wasn't keen on joining him at the farm. TRANSLATION: For as
:06:42. > :06:45.long as I can remember, my father has been riding a bicycle.
:06:46. > :06:50.Recently, I bought him a new motorcycle to make travelling easy
:06:51. > :06:57.for him. This job pays me well, which has helped in improving our
:06:58. > :07:03.quality of life. Like him, there are thousands of young people in Tamil
:07:04. > :07:10.Naidu who have jobs in factories like this. This factory belongs to
:07:11. > :07:13.Nissan, and there are more than half a dozen other international car
:07:14. > :07:18.companies that have set up similar factories in the vicinity, property
:07:19. > :07:33.many to dub Channel nine has the Detroit of South Asia. `` Chennai.
:07:34. > :07:42.Cars manufactured here are sent to over a hundred companies. ``
:07:43. > :07:46.countries. Easy access to a port and availability of qualified workers
:07:47. > :07:52.has made the state an attractive destination. Most companies hire
:07:53. > :07:58.students from technical training institutes like these. In Tamil
:07:59. > :08:05.Naidu it is fairly easy for workers to find a job, that is not the case
:08:06. > :08:08.in most parts of the country. India's unemployment rate has been
:08:09. > :08:12.rising, especially among low skilled workers which make up the bulk of
:08:13. > :08:16.India's population. It has also become a hot election issue, with
:08:17. > :08:26.the Congress Liberal government taking a lot of flak. While it might
:08:27. > :08:31.be true, is it fair? Experts say the owners are attractive manufacturers,
:08:32. > :08:35.and it falls on individual states, because it is them who get involved
:08:36. > :08:42.in the most critical decisions. Land problems, labour laws, and also the
:08:43. > :08:45.infrastructure problems. But I feel that I'm positive about it, because
:08:46. > :08:49.states have realised it now, that manufacturing growth is important.
:08:50. > :08:56.That realisation has to become a reality. Because with 12 million
:08:57. > :08:58.people entering the Indian workforce every year, only huge growth in
:08:59. > :09:06.sectors like manufacturing will offer some hope of work for its job
:09:07. > :09:10.hunters. Getting something for nothing is so
:09:11. > :09:13.tempting that many people would rather download pirated software
:09:14. > :09:17.than pay for it, and it is a big issue in this region. A new study by
:09:18. > :09:23.Microsoft and the national University of Singapore has said
:09:24. > :09:28.that Asia accounts for nearly half of the world's pirated software. I
:09:29. > :09:35.asked just how big the problem is. Financial applications of breaches
:09:36. > :09:42.based on pirated software are devastating for consumers and
:09:43. > :09:48.software themselves. We now know that it is more prevalent here in
:09:49. > :09:52.Asia, and the financial consequences of that may be much more
:09:53. > :09:57.significant. The study we recently released identifies the fact that of
:09:58. > :10:01.the computers analysed running pirated software, over 60% of them
:10:02. > :10:07.also running various kinds of spyware, worms, viruses, the kinds
:10:08. > :10:10.of things that criminals are trying to use to take people's money away,
:10:11. > :10:17.to steal their identity. Incidence of that can be magnified for sure,
:10:18. > :10:22.and you can have high piracy rates. In Asia, there are piracy rates at a
:10:23. > :10:29.north of 85%. As a result, the financial losses from that will be
:10:30. > :10:34.very significant. Losses are greater in Asia than anywhere else in the
:10:35. > :10:39.world. That ends this edition of Asia Business Report. Thank you for
:10:40. > :10:44.watching. Our top stories: As the recovery
:10:45. > :10:45.effort enters