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been declared bankrupt. Tony Caplin was made insolvent in 2012. Now on | :00:00. | :00:00. | |
BBC News, all the latest business news live from Singapore. Heading | :00:00. | :00:15. | |
west: Why an increasing number of Chinese companies are looking to the | :00:16. | :00:18. | |
US for their share sales. And too expensive: Vietnam says it cannot | :00:19. | :00:21. | |
afford the multimillion`dollar cost of hosting the Asian Games. We start | :00:22. | :00:35. | |
with the Chinese firm, Alibaba, who are due to file this week their | :00:36. | :00:39. | |
highly anticipated share sale to the US. Its online business processes | :00:40. | :01:00. | |
have more transactions than eBay. We look at why Chinese companies are | :01:01. | :01:04. | |
now looking to the west. It was just last week when China's answer to | :01:05. | :01:07. | |
Twitter, Weibo, made its debut in New York. And in its first week of | :01:08. | :01:16. | |
trading, the stock shot up 20%. `` first day. The success of Weibo has | :01:17. | :01:20. | |
investors even more excited about Alibaba. The Chinese e`commerce | :01:21. | :01:23. | |
giant has more sales and net income than both Amazon and eBay combined. | :01:24. | :01:29. | |
It is China's largest internet company, and operates in the world's | :01:30. | :01:34. | |
largest internet market. Alibaba accounts for 80% of all Chinese | :01:35. | :01:41. | |
online consumer shopping. But why are Chinese companies choosing to | :01:42. | :01:44. | |
list in New York instead of Hong Kong? In the case of Alibaba, much | :01:45. | :01:49. | |
of it has to do with ownership structure. American rules allow for | :01:50. | :01:53. | |
executives to retain much more control of their company. Alibaba's | :01:54. | :01:58. | |
successes have even lifted some US companies. Yahoo has benefited from | :01:59. | :02:03. | |
a 24% stake in Alibaba, and it has been boosting Yahoo's shares, which | :02:04. | :02:07. | |
have gone up by more than 40% this year. It is all the more reason why | :02:08. | :02:16. | |
many investors will be watching just how Alibaba does in the coming | :02:17. | :02:29. | |
months. In other business News, General Motors plans to invest $12 | :02:30. | :02:41. | |
billion in China this year They made the announcement at the Auto China | :02:42. | :02:44. | |
show in Beijing, which opens to the public today. Many of the world's | :02:45. | :02:48. | |
leading carmakers are at the event, and companies like Peugeot and | :02:49. | :02:50. | |
Hyundai are expected to unveil new mini SUV models. In Japan, exports | :02:51. | :02:59. | |
have been growing. It is a heavy importer of oil and gas. Recent | :03:00. | :03:03. | |
weakness in the Japanese gas market has increased costs. They have a | :03:04. | :03:06. | |
deficit of $14 billion, which is a record 21 straight months of | :03:07. | :03:15. | |
deficits. For more on the state of the Japanese economy and other | :03:16. | :03:18. | |
business stories around the world, check our website. As many of you | :03:19. | :03:24. | |
may have heard, the decision by Vietnam to withdraw as the host of | :03:25. | :03:31. | |
the 2019 Asia games has again put the spotlight on the pressure put on | :03:32. | :03:34. | |
countries that bid for sporting events. They budgeted 150 million | :03:35. | :03:46. | |
dollars. The bill was forecast to be several times higher. This year's | :03:47. | :03:49. | |
games in Korea are expected to top $1 billion. Our correspondent | :03:50. | :03:56. | |
explained the reasons which led to Vietnam giving up its claim. When | :03:57. | :04:02. | |
you look at how much money they are going to end up spending on the | :04:03. | :04:06. | |
games, it will be a massive amount, which at this moment I think the | :04:07. | :04:09. | |
government of Vietnam can't justify to the people. You just said, Korea | :04:10. | :04:13. | |
will spend over $1 billion, but statements coming out of the last | :04:14. | :04:15. | |
games, where they spent almost $17 billion, which was spent on | :04:16. | :04:20. | |
infrastructure. I think at this stage Vietnam, which has one of the | :04:21. | :04:23. | |
worst debts in Asia, they can't justify this kind of expenditure. | :04:24. | :04:36. | |
You said $17 billion, that is a staggering amount. A lot of that | :04:37. | :04:39. | |
going into infrastructure. Doesn't the infrastructure go on to benefit | :04:40. | :04:43. | |
the country beyond the games? Yes, but not sporting facilities. It | :04:44. | :04:48. | |
tends to become a white elephant after the games are over. Of course, | :04:49. | :04:55. | |
if you are building roads and housing, all of that is a legacy | :04:56. | :04:58. | |
programme, but sporting facilities, unless you are really driven, | :04:59. | :05:01. | |
otherwise it will be sitting there for nothing. We know this is a | :05:02. | :05:09. | |
crucial year, with the football World Cup coming up in Brazil, also | :05:10. | :05:12. | |
a lot of complaints about whether they are up to scratch. Do you think | :05:13. | :05:16. | |
it is important for countries to host games like this? Does it add | :05:17. | :05:19. | |
prestige or do you think the run`ups are more of a problem? If you really | :05:20. | :05:29. | |
plan properly, and in the case of Brazil they really needed it. It is | :05:30. | :05:32. | |
a double`edged sword. If you don't do a great job all of the negativity | :05:33. | :05:36. | |
is amplified. With the help of social media at the moment, instead | :05:37. | :05:39. | |
of gaining positive publicity, it all becomes negative in the end. | :05:40. | :05:45. | |
This is something that countries or cities really need to pay attention | :05:46. | :05:48. | |
to, and we are seeing what is happening in Brazil. The rising | :05:49. | :06:00. | |
number of people out of work in India is one reason the economy is a | :06:01. | :06:06. | |
key issue. The picture is not the same across the country. In the east | :06:07. | :06:09. | |
of India, a strong manufacturing sector has brought much`needed jobs. | :06:10. | :06:17. | |
Is it an example for others to follow? This man is 24, and comes | :06:18. | :06:27. | |
from a village of 300. `` a village 300 kilometres from the city he now | :06:28. | :06:34. | |
calls home. His father is a farmer, but following in those footsteps | :06:35. | :06:37. | |
would have been an option, he wasn't keen on joining him at the farm. | :06:38. | :06:41. | |
TRANSLATION: For as long as I can remember, my father has been riding | :06:42. | :06:44. | |
a bicycle. Recently, I bought him a new motorcycle to make travelling | :06:45. | :06:52. | |
easy for him. This job pays me well, which has helped in improving our | :06:53. | :07:03. | |
quality of life. This factory belongs to Nissan. Like him, there | :07:04. | :07:12. | |
are thousands of young people in Tamil Naidu who have jobs in | :07:13. | :07:18. | |
factories like this. And there are more than half a dozen other | :07:19. | :07:21. | |
international car companies that have set up similar factories in the | :07:22. | :07:24. | |
vicinity, prompting many to dub Chennai as the Detroit of South | :07:25. | :07:27. | |
Asia. Cars manufactured here are sent to over 100 countries. Easy | :07:28. | :07:30. | |
access to a port and availability of qualified workers has made the state | :07:31. | :07:33. | |
an attractive destination. Most companies hire students from | :07:34. | :07:34. | |
technical training institutes like these. In Tamil Naidu it is fairly | :07:35. | :07:38. | |
easy for workers to find a job, that is not the case in most parts of the | :07:39. | :07:41. | |
country. India's unemployment rate has been rising, especially among | :07:42. | :07:44. | |
low`skilled workers, which make up the bulk of India's population. It | :07:45. | :07:50. | |
has also become a hot election issue, with the Congress Liberal | :07:51. | :08:00. | |
government taking a lot of flak. They have not expanded | :08:01. | :08:03. | |
manufacturing. While it might be true, is it fair? Experts say the | :08:04. | :08:06. | |
owners are attractive manufacturers, and it falls on individual states, | :08:07. | :08:09. | |
because it is them who get involved in the most critical decisions. Land | :08:10. | :08:15. | |
problems, labour laws, and also the infrastructure problems. But I feel | :08:16. | :08:18. | |
that I'm positive about it, because states have realised it now, that | :08:19. | :08:25. | |
manufacturing growth is important. That realisation has to become a | :08:26. | :08:29. | |
reality. Because with 12 million people entering the Indian workforce | :08:30. | :08:31. | |
every year, only huge growth in sectors like manufacturing will | :08:32. | :08:34. | |
offer some hope of work for its job hunters. Getting something for | :08:35. | :08:50. | |
nothing is so tempting that many people would rather download pirated | :08:51. | :08:53. | |
software than pay for it, and it is a big issue in this region. A new | :08:54. | :08:56. | |
study by Microsoft and the national University of Singapore has said | :08:57. | :08:59. | |
that Asia accounts for nearly half of the world's pirated software. I | :09:00. | :09:13. | |
asked just how big the problem is. Financial implications of breaches | :09:14. | :09:15. | |
based on pirated software are devastating for consumers and | :09:16. | :09:21. | |
software themselves. We now know that it is more prevalent here in | :09:22. | :09:24. | |
Asia, and the financial consequences of that may be much more | :09:25. | :09:35. | |
significant. So, for example, the study we recently released | :09:36. | :09:38. | |
identifies the fact that of the computers analysed running pirated | :09:39. | :09:40. | |
software, over 60% of them also running various kinds of spyware, | :09:41. | :09:43. | |
worms, viruses, the kinds of things that criminals are trying to use to | :09:44. | :09:46. | |
take people's money away, to steal their identity. Incidents of that | :09:47. | :09:51. | |
can be magnified for sure, and you can have high piracy rates. In Asia, | :09:52. | :09:57. | |
there are piracy rates at a north of 85%. As a result, the financial | :09:58. | :10:02. | |
losses from that will be very significant. Losses are greater in | :10:03. | :10:05. | |
Asia than anywhere else in the world. A very quick look at the | :10:06. | :10:18. | |
markets. They have opened marginally higher here this Monday. It is | :10:19. | :10:23. | |
incredibly quiet, as many markets are still shut for the Easter | :10:24. | :10:28. | |
weekend. The biggest weekly loss in a month for the yen. So despite | :10:29. | :10:33. | |
trade numbers which were not too good, Japanese stocks have been | :10:34. | :10:41. | |
helped. That ends this edition of Asia Business Report. Thank you for | :10:42. | :10:43. |