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she was attacked at Corpus Christi Catholic College. Those are the | :00:00. | :00:00. | |
headlines, let's go to Singapore for Asia Business Report. | :00:00. | :00:14. | |
As Asia celebrates Labour Day, what is the region need to do to improve | :00:15. | :00:20. | |
worker's writes. And, the king of fruit. One of India's key exports is | :00:21. | :00:27. | |
being banned in Europe. `` workers' rights. | :00:28. | :00:33. | |
Welcome to this edition of Asia Business Report. As I mentioned, it | :00:34. | :00:41. | |
is May Day, and many people around the world are taking the day off. It | :00:42. | :00:46. | |
is to celebrate the achievement of workers' rights, like an eight`hour | :00:47. | :00:50. | |
day. In Asia, experts say there is still much work to do. China has | :00:51. | :00:53. | |
faced a rising number of labour disputes, the latest at the biggest | :00:54. | :00:59. | |
shoemaker, over security benefits. In Bangladesh, safety came under | :01:00. | :01:04. | |
scrutiny after the collapse of the Rana Plaza garments factory. In | :01:05. | :01:08. | |
Cambodia, there have been protests calling for a higher minimum wage. | :01:09. | :01:19. | |
They pay lip service to these issues, and they can't really do | :01:20. | :01:24. | |
much. You hit the nail on the head, you brought up two main issues. One | :01:25. | :01:28. | |
is safety standards, and the other is minimum wage. These issues have | :01:29. | :01:33. | |
been there in all these countries, and no country is willing to take a | :01:34. | :01:36. | |
strong stand and have some minimum wage requirements. They can't | :01:37. | :01:47. | |
guarantee workers that they won't end up in a hospital somewhere. You | :01:48. | :01:51. | |
can look at this across`the`board, because it is something we are | :01:52. | :01:53. | |
seeing in many other countries in the region. Is raising the minimum | :01:54. | :01:57. | |
wage possibly one of the best ways to address the issue? It is a | :01:58. | :02:03. | |
necessary condition, not sufficient. We know that labour supply is | :02:04. | :02:09. | |
affected by many things, if you raise minimum wages people feel more | :02:10. | :02:12. | |
secure, they feel they can go home and eat something. Beyond that, what | :02:13. | :02:18. | |
is happening, this is a mixture of three players. The capitalist who is | :02:19. | :02:22. | |
providing capital, which they want a very high return on, and for that | :02:23. | :02:27. | |
high return they want no safety standards, no minimum wages, because | :02:28. | :02:31. | |
that gives them low cost of production, and profits that are | :02:32. | :02:38. | |
very high. They go to countries that guaranteed no such standards. We are | :02:39. | :02:48. | |
seeing wages rising in China, so do you think with wages inevitably | :02:49. | :02:51. | |
rising that will put Asia's low manufacturing model at risk? Not | :02:52. | :02:55. | |
really, there are a billion people in China. There are lots of places | :02:56. | :02:59. | |
you can move manufacturing to. You can move it away from Shanghai, | :03:00. | :03:06. | |
inland, and raise the cost of production. They will keep moving, | :03:07. | :03:10. | |
they will move to India and other countries. It is a slow`moving | :03:11. | :03:14. | |
train, eventually they will move to Africa, which is where the cheapest | :03:15. | :03:17. | |
labour will be. I don't think this is going away for the next 20 years, | :03:18. | :03:23. | |
it is here to stay. I was just reading, this is a model where | :03:24. | :03:28. | |
capitalist want high return, and when it is higher than economic | :03:29. | :03:32. | |
growth, you will see inherited wealth outstrip earned wealth, and | :03:33. | :03:37. | |
the earned wealth is the labourer. He is not earning as much, and the | :03:38. | :03:40. | |
capitalist is earning, so you will keep seeing the divide between the | :03:41. | :03:41. | |
capitalist and the labour. There will be a meeting in | :03:42. | :03:52. | |
Kazakhstani this week for the Asian development bank's annual meeting. | :03:53. | :04:02. | |
We have a strategy that says we want to see the Asia`Pacific region | :04:03. | :04:11. | |
eradicate extreme poverty, which is $1.25 per day income. Based on their | :04:12. | :04:16. | |
strategy that we have done now, we see the potential to eradicate | :04:17. | :04:25. | |
extreme poverty by 2025, five years ahead of the global agenda. It also | :04:26. | :04:29. | |
means that we have a lot of challenges ahead of us, like if we | :04:30. | :04:33. | |
take to dollar a day poverty, we will still have about 1.6 million | :04:34. | :04:40. | |
people to deal with. We are also questioning, as Asia becomes an | :04:41. | :04:45. | |
middle income country, whether this indicator of $1.25 per day is | :04:46. | :04:54. | |
relevant. US stock soared on Wednesday, with the Dow Jones | :04:55. | :04:58. | |
hitting a record high. The Federal Reserve signalled it was more upbeat | :04:59. | :05:01. | |
about the world's largest economy. It will keep cutting back its | :05:02. | :05:05. | |
monthly stimulus programme, decreasing its assets by 245 | :05:06. | :05:10. | |
billion, as the fourth straight cut of $10 billion. More signs of | :05:11. | :05:14. | |
weakness in China's economy, with less growth than expected. The PMI | :05:15. | :05:21. | |
for April edged up slightly, by just 0.1%. Growth was forecast at double | :05:22. | :05:28. | |
that number. One country that will be watching China's economy is | :05:29. | :05:33. | |
Mongolia. Its boom has been fuelled by foreign investors looking to tap | :05:34. | :05:36. | |
into its minerals. But disputes among mining companies and erratic | :05:37. | :05:41. | |
production has crippled it. We are trying to make significant | :05:42. | :05:54. | |
changes in the legislation area, so that we could become again a | :05:55. | :05:58. | |
favourable destination for investors. Countries that have | :05:59. | :06:04. | |
experienced sharp economic growth, because of commodities, tend to grow | :06:05. | :06:09. | |
very quickly for a short period, and then snap back. How does Mongolia | :06:10. | :06:20. | |
deal without? We have quite a large market, China, on our doorstep. | :06:21. | :06:27. | |
China's man for up commodities has not yet declined. Pan's two largest | :06:28. | :06:37. | |
airlines have reported before. Profits are Japan Airlines have | :06:38. | :06:43. | |
slipped 3%, but ANA reported the biggest hit. Higher fuel costs have | :06:44. | :06:48. | |
been blamed for the sharp drop. Richard's biggest drugmaker, | :06:49. | :06:52. | |
GlaxoSmithKline, had a tough start at the beginning of the year. `` | :06:53. | :06:59. | |
Britain's biggest drugmaker. This was following a damaging bribery | :07:00. | :07:04. | |
scandal a year ago. About $4 billion worth of food festivals and other | :07:05. | :07:13. | |
agricultural products to Europe. The mango has been banned by the EU | :07:14. | :07:19. | |
coming from India. This was because of discoveries of shipments infested | :07:20. | :07:24. | |
with fruit flies. Across India, tens of thousands of | :07:25. | :07:31. | |
people do this job. Picking mangoes is tough work. This is in the short, | :07:32. | :07:36. | |
and there are only a few weeks to harvest the fruit and get it to the | :07:37. | :07:40. | |
customer. More than half the world's mangoes are grown here in | :07:41. | :07:45. | |
India, and at the moment just a small fraction are sent overseas for | :07:46. | :07:49. | |
sale. Of those export markets, Europe is one of the most important, | :07:50. | :07:52. | |
but now it has a new challenge. Last year, pests like fruit fly, similar | :07:53. | :07:59. | |
to these, were founded more than 200 shipments of fruit and vegetable | :08:00. | :08:02. | |
sent to Europe from India. Because of the risk they pose to crops, the | :08:03. | :08:08. | |
EU has now banned imports of five Indian products, including mangoes. | :08:09. | :08:13. | |
For farmers, things are OK for now. Most have contracts for this year, | :08:14. | :08:17. | |
but the surplus fruit is a logistical and financial headache | :08:18. | :08:22. | |
for wholesalers like this one. It specialises in Alfonso mangoes, the | :08:23. | :08:25. | |
so`called King of fruit, and the type most in demand in Europe. | :08:26. | :08:31. | |
TRANSLATION: We are hoping that if we can't export to the EU, we will | :08:32. | :08:35. | |
find another country to buy them. ABB US or the Gulf. India has a lot | :08:36. | :08:41. | |
of buyers. The curse there are so many mangoes, the price in the | :08:42. | :08:45. | |
market is already falling fast. `` maybe the US. Figures show that at | :08:46. | :08:50. | |
least 5% of Indian produce is affected. For this British importer, | :08:51. | :08:58. | |
that is little consolation. It relies on Alfonso mangoes that it | :08:59. | :09:01. | |
can sell at a premium to get through quiet months. It has been | :09:02. | :09:05. | |
stockpiling, and has started an online petition to try to overturn | :09:06. | :09:10. | |
the ruling. Australia, New Zealand, America, Japan, they all allow the | :09:11. | :09:16. | |
import of these products, even though they are known to have strong | :09:17. | :09:21. | |
borders. The EU should be doing the same, rather than putting a ban in | :09:22. | :09:25. | |
place. The fruit here is salty shops around the UK, especially in cities | :09:26. | :09:30. | |
with large Indian communities. So, what the customers think about not | :09:31. | :09:34. | |
being able to get their Indian mangoes? It would be a shame, we | :09:35. | :09:39. | |
look forward to it all year. It would be not good, not having that | :09:40. | :09:44. | |
many more. If we can't get them here, I will have to wait to go to | :09:45. | :09:48. | |
India to have them. The EU is in talks with authorities, and they say | :09:49. | :09:52. | |
the ban can be lifted in time for next year's mango season, if they | :09:53. | :09:57. | |
are satisfied. With no immediate prospect of a more immediate | :09:58. | :10:00. | |
solution, that is an outcome most Indian mango farmers would happily | :10:01. | :10:05. | |
pick. A quick look at the markets. We are | :10:06. | :10:10. | |
seeing the Nikkei supported by that record close we saw on Wall Street | :10:11. | :10:14. | |
with the Dow Jones, and that is after we saw upbeat sentiment about | :10:15. | :10:18. | |
the US economy from the Federal Reserve. All the markets that are | :10:19. | :10:24. | |
currently lower. That's Chinese manufacturing data that came out | :10:25. | :10:29. | |
earlier was setting a precedent for others. | :10:30. | :10:37. | |
Our top stories: Police in Northern Ireland arrest the Sinn Fein | :10:38. | :10:48. | |
leader, Gerry Adams. He is being questioned about the murder of a | :10:49. | :10:51. | |
woman over 40 years ago. The White House says the botched execution of | :10:52. | :10:53. | |
a prisoner in | :10:54. | :10:54. |