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Catholic College. Now on BBC News all the latest business news live | :00:00. | :00:13. | |
from Singapore. As Asia celebrates Labour Day, what | :00:14. | :00:18. | |
does the region need to do to improve workers rights? The king of | :00:19. | :00:25. | |
fruit, one of India's key exports has been banned in Europe and we | :00:26. | :00:30. | |
will look at the impact it produces. Hello and welcome to Asia | :00:31. | :00:42. | |
Business Report. It cannot have escaped your notice that today is | :00:43. | :00:48. | |
the 1st of May and many are taking the day off to celebrate Labour | :00:49. | :00:55. | |
Day. But here in Asia, they state there is still quite a bit of work | :00:56. | :01:03. | |
to do. There are rising Labour disputes in China and in Bangladesh, | :01:04. | :01:12. | |
safety was called into question after the collapse of a factory over | :01:13. | :01:20. | |
a year ago. We spoke to our correspondent about workers | :01:21. | :01:25. | |
improving their rights. No country is willing to take a stand and have | :01:26. | :01:29. | |
minimum wage requirements for their low`paid workers or to have safety | :01:30. | :01:33. | |
standards that guarantee that they will not end up in hospital. We can | :01:34. | :01:40. | |
look we have seen it in Cambodia and Indonesia, but is raising the | :01:41. | :01:46. | |
minimum wage the best way to address the issue? It is necessary, not | :01:47. | :01:56. | |
sufficient. It is affected by many things. If you raise minimum wages, | :01:57. | :02:02. | |
people feel that they can go home and eat something, they feel more | :02:03. | :02:08. | |
secure. But beyond that, capitalist provides capital, they want a very | :02:09. | :02:13. | |
high return on their capital and what do they want for that return? | :02:14. | :02:17. | |
No safety standards, no minimum wages, because that keeps the cost | :02:18. | :02:23. | |
of production low and profits high. It will go to countries that | :02:24. | :02:29. | |
guarantee them no such standards. But we are seeing wages rising in | :02:30. | :02:34. | |
China, and manufacturers even going to other cheaper markets in the | :02:35. | :02:40. | |
region. Do you think that as wages inevitably rise it will put Asia's | :02:41. | :02:52. | |
the low wage manufacturing sector at risk? They will keep moving. It will | :02:53. | :02:59. | |
move to India or other countries but it is a very slow`moving train that | :03:00. | :03:03. | |
will eventually move to Africa where the cheapest Labour will be. I do | :03:04. | :03:08. | |
not think this will go away for the next 20 years. It is here to stay. | :03:09. | :03:14. | |
This is a model where capitalism wants a very high return and when | :03:15. | :03:17. | |
the capital return is higher than economic growth, people will be | :03:18. | :03:26. | |
allowed to earn wealth. They are not earning enough and the capitalist is | :03:27. | :03:32. | |
earning so it is divided. Poverty reduction will be a key topic when | :03:33. | :03:42. | |
finance ministers meet in Kazakhstan this weekend for an annual general | :03:43. | :03:52. | |
meeting. We want to eradicate this and the Asia eradicate poverty, | :03:53. | :04:02. | |
which is only a one point to $5 a day income. Based on what we see | :04:03. | :04:10. | |
right now, we see the potential to eradicate this I 2025, years ahead | :04:11. | :04:19. | |
of the global agenda. It means that we have many challenges ahead of us | :04:20. | :04:29. | |
`` by. We still have a lot to deal with. If Asia becomes middle income, | :04:30. | :04:39. | |
it will cause questions around whether this daily rate is | :04:40. | :04:45. | |
relevant. The pickup in economic activity means that the Fed will | :04:46. | :04:55. | |
keep cutting it income. It has made a straight cut of 10 billion which | :04:56. | :05:05. | |
sent US stocks soaring with the Dow setting records. Rockets at Japan | :05:06. | :05:12. | |
Airlines slipped 3% but its rival took the biggest tumble with shares | :05:13. | :05:25. | |
falling `` profits. Mongolia is said to be one of the rising forces in | :05:26. | :05:33. | |
Asia and disputes in mining companies are causing a drop in | :05:34. | :05:41. | |
investment. We talked to an expert about what the country is doing to | :05:42. | :05:45. | |
attract investors. We are trying to make a significant changes so that | :05:46. | :05:51. | |
Mongolia can become a favourable destination for Westerners. It has | :05:52. | :06:03. | |
discovered a boom because of the discovery of commodities. When this | :06:04. | :06:09. | |
happens, there tends to be a period of growth followed by a great fall. | :06:10. | :06:13. | |
How does Mongolia intend to deal with that? We have China on our | :06:14. | :06:23. | |
doorstep. Are you concerned about the possibility of a slowdown in | :06:24. | :06:29. | |
China? Of course. They are our main market. We do not expect that it | :06:30. | :06:36. | |
will change significantly in the decades to come. They have quite | :06:37. | :06:43. | |
significant volumes of investments in the country and are improving | :06:44. | :06:52. | |
infrastructure. Is Mongolia looking to expand its markets? In the next | :06:53. | :06:59. | |
ten or 15 years, of course. We want to ship more raw commodities like | :07:00. | :07:07. | |
coal. Also, at the same time, we want to add value to our local | :07:08. | :07:12. | |
commodities and with the investment from western countries, we will be | :07:13. | :07:23. | |
able to put more value into it. Every year come a India exports | :07:24. | :07:29. | |
about $4 billion of fruit, vegetables and agricultural products | :07:30. | :07:31. | |
to Europe and one of their most famous exports are mangoes which | :07:32. | :07:38. | |
have been banned by the European Union today. Our correspondent | :07:39. | :07:44. | |
explains why. Across India, tens of thousands of people do this job. | :07:45. | :07:50. | |
Picking mangoes is tough work. There are just a few weeks to harvest the | :07:51. | :07:54. | |
fruit and get it out to the customer. More than half of the | :07:55. | :08:01. | |
world mangoes are grown here in India and just a fraction are | :08:02. | :08:04. | |
available for sale. Of those markets, Europe is one of the most | :08:05. | :08:09. | |
famous. But they now have a challenge. Fruit flies like these | :08:10. | :08:15. | |
were found in a number of ship and sent from India to Europe and a band | :08:16. | :08:24. | |
has been imposed on a number of fruits, including mangoes. For | :08:25. | :08:31. | |
farmers, aims are OK for now. Most have contract for this year but for | :08:32. | :08:40. | |
wholesalers, it is a headache. This man specializes in these mangoes, | :08:41. | :08:50. | |
and explains his troubles. TRANSLATION: India has many buyers | :08:51. | :08:56. | |
but because there are so many extra mangoes, the price is falling fast. | :08:57. | :09:03. | |
The European Union says less than 5% of Indian produce is affected by the | :09:04. | :09:09. | |
ban. What is British imports are, that is little consolation. He | :09:10. | :09:16. | |
relies on these mangoes to get a premium through the quiet months. He | :09:17. | :09:19. | |
has been stockpiling through the band and has started an online | :09:20. | :09:28. | |
petition to try to turn it around. They are strict orders for | :09:29. | :09:33. | |
agriculture and they are working to come up with solutions. India should | :09:34. | :09:38. | |
be allowed to work through it rather than having a ban imposed. The | :09:39. | :09:44. | |
European Union is open to talks from authorities and if you are convinced | :09:45. | :09:48. | |
that the stock is safe, the band will be lifted before the next | :09:49. | :09:54. | |
season. That is out, most mango farmers would happily pick. A quick | :09:55. | :10:03. | |
look at the markets now. We saw the Dow closing at a record high `` | :10:04. | :10:20. | |
DOW. We have many other markets that are closed for the holiday, | :10:21. | :10:26. | |
Australia is opened and was slightly lower earlier today. That is all for | :10:27. | :10:33. | |
this edition of Asia Business Report. Thank you for watching | :10:34. | :10:48. | |
Welcome to BBC News, broadcasting to our viewers on public television in | :10:49. | :10:51. | |
America and around the globe. I'm Adnan Nawaz. | :10:52. | :10:55. |