Browse content similar to 06/05/2014. Check below for episodes and series from the same categories and more!
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new evidence comes to light. The Sinn Fein leader denies any | :00:00. | :00:00. | |
involvement in the kidnap and murder of Jean McConville. Time for Asia | :00:00. | :00:00. | |
Business Report. Economy versus politics, what role | :00:00. | :00:20. | |
will be central bank lay ahead of Australia's Budget. The Filipino | :00:21. | :00:25. | |
economy, we look at the impact of rising prices on future growth. | :00:26. | :00:33. | |
Welcome to Asia Business Report. Australia's central bank is expected | :00:34. | :00:37. | |
to leave interest rates on hold when it meets today, as the economy shows | :00:38. | :00:43. | |
signs of returning to growth. A much anticipated economic audit released | :00:44. | :00:48. | |
last week warned of a looming fiscal crisis. The government has hinted at | :00:49. | :00:54. | |
a temporary income tax hike, a higher retirement age, and cuts to | :00:55. | :00:59. | |
spending on social services. Earlier, I spoke to our Sydney | :01:00. | :01:03. | |
reporter, Phil Mercer, asking him if the government's view of the economy | :01:04. | :01:06. | |
is at odds with that of the central bank. | :01:07. | :01:13. | |
Interest`rate 2.5%, which is historically low. As far as the | :01:14. | :01:18. | |
central bank is concerned, the economy is in a reasonable state, | :01:19. | :01:25. | |
considering the fading of the mining boom. Conservatives believe that | :01:26. | :01:28. | |
radical spending cuts need to be addressed, that welfare rates are | :01:29. | :01:32. | |
too high, and that they may need to be a deficit tax, for example, in | :01:33. | :01:37. | |
next week's budget, to try to bring that back into surplus. There seems | :01:38. | :01:44. | |
to be a clear gulf between what the reserve bank of Australia thinks, | :01:45. | :01:50. | |
and that of the government. If there is a tough Budget next week, it may | :01:51. | :01:56. | |
be the case that they have to try to counter some cuts. Could that be the | :01:57. | :02:00. | |
case, if growth looks like it is in danger? Next week's Budget could | :02:01. | :02:10. | |
look like that. If they pursue a very aggressive and austere budget, | :02:11. | :02:14. | |
with cuts to spending on welfare, we could see the reserve bank having to | :02:15. | :02:18. | |
wade in to reach is interest rates to pick up slack in the economy. Not | :02:19. | :02:28. | |
only is next week's Budget crucial to the health of the Australian | :02:29. | :02:32. | |
economy, it is shaping up to be extremely important to Tony Abbott. | :02:33. | :02:37. | |
He did mention this temporary deficit levy, and all hell broke | :02:38. | :02:41. | |
loose, with some of his own party members saying it would be political | :02:42. | :02:52. | |
suicide to pursue that idea. Inflation figures for the | :02:53. | :02:55. | |
Philippines are out today, and it seems the basics of life, like food | :02:56. | :03:00. | |
and electricity, will be the biggest drivers of consumer prices. The | :03:01. | :03:04. | |
Supreme Court recently blocked a bid by the country's largest energy | :03:05. | :03:09. | |
supplier for a large hike, and they are trying to import more rice to | :03:10. | :03:15. | |
ease the cost. Figures this morning are expected to see prices rising in | :03:16. | :03:23. | |
the range of 4%. I was speaking to a Filipino expert from credit Suisse. | :03:24. | :03:31. | |
I think inflation should calm down. We have seen a sequential momentum | :03:32. | :03:37. | |
of CPI coming down, so I think that should be helpful in the second half | :03:38. | :03:40. | |
of this year. When you have inflation running at about 4%, is | :03:41. | :03:44. | |
that a risk to growth? The Philippines has been one of the | :03:45. | :03:47. | |
fastest`growing regional economies. Yes, I think the issue for the | :03:48. | :03:52. | |
Philippines is not so much, but too much of it. It is growing very fast, | :03:53. | :03:56. | |
and the key is to make sure the growth is sustainable in the long | :03:57. | :04:00. | |
run. I don't think inflation per se should impact growth. Once the | :04:01. | :04:06. | |
stimulus programme has ended, will interest rates have to rise? | :04:07. | :04:14. | |
Absolutely. What will that mean for growth? I think growth will | :04:15. | :04:20. | |
continue, and if the government continues implement the structural | :04:21. | :04:23. | |
reforms, if it continues its path of reform over the rest of the next | :04:24. | :04:31. | |
three years. A Macau casino operator has come up | :04:32. | :04:37. | |
with a winning hand, raking in $750 million in its first quarter. The | :04:38. | :04:42. | |
territory has hit the jackpot to become the world's gambling capital. | :04:43. | :04:47. | |
Casinos in Macau took in $45 billion last year, earning more in two | :04:48. | :04:51. | |
months than Las Vegas does in a year. | :04:52. | :05:02. | |
This is the newest casino resort from Sands China, in Macau. It is | :05:03. | :05:09. | |
popular destination from tourists from mainland China. More of them | :05:10. | :05:13. | |
are coming, and on average staying for longer. That is translating into | :05:14. | :05:17. | |
profits for the country, which hosted more than 17 million visits | :05:18. | :05:20. | |
in the first three months of the year. Tourists like to state their | :05:21. | :05:25. | |
money on roulette or slot machines. It has become the jewel in the crown | :05:26. | :05:30. | |
for Las Vegas Sands. In the first three months of the year, profits at | :05:31. | :05:36. | |
Sands China jumped by almost 66%, compared to 2013. Ever since the | :05:37. | :05:43. | |
Chinese government launched a crackdown on corruption last year, | :05:44. | :05:47. | |
business from its expanding VIP customers has been under pressure. | :05:48. | :05:52. | |
That has so far been offset by a rise in holidaymakers. So, casino | :05:53. | :05:57. | |
operators are counting on them to try revenue in the coming years. | :05:58. | :06:06. | |
`` Drive revenue. AIG has reported a drop in quarterly | :06:07. | :06:16. | |
profit, due to high losses in its subsidiary businesses. The net | :06:17. | :06:21. | |
income fell to $1.6 million. Last year, it was more than 2 billion | :06:22. | :06:37. | |
dollars. Apple closed $6 billion up for the first time in several years. | :06:38. | :06:42. | |
Last month, they posted its quarterly earnings, which beat | :06:43. | :06:49. | |
expectations. Target says it is chief executive and chairman has | :06:50. | :06:52. | |
resigned. His departure comes after a difficult year for the retailer, | :06:53. | :06:56. | |
which was a victim of a data breach that shook customer confidence and | :06:57. | :07:01. | |
hurt the company's profits. Up to 70 million customers had their payment | :07:02. | :07:04. | |
card and personal information stolen from the company's database is in | :07:05. | :07:08. | |
December. The chief information officer, Beth Jacob, who oversaw the | :07:09. | :07:15. | |
computer systems, resigned in March. What began as one woman's desire to | :07:16. | :07:27. | |
work for herself, has turned into a multi` million`dollar business. An | :07:28. | :07:37. | |
American retailer got its start by selling clothing on eBay, and its | :07:38. | :07:42. | |
owner is one of the people who will be speaking at a conference for tech | :07:43. | :07:55. | |
start`up people. This is Tech Crunch. It is the place to be if you | :07:56. | :07:59. | |
want advice from other success stories. It is events like these | :08:00. | :08:04. | |
that give many tech companies their first big break. Sophia Amoroso has | :08:05. | :08:14. | |
a different story. She is the founder of Nastigal, and is now one | :08:15. | :08:27. | |
of tech's biggest retailers. I had no idea that when I chose the name | :08:28. | :08:32. | |
Nasti Gal, would be saying it over seven years later, but it. You were | :08:33. | :08:38. | |
one of the fastest`growing retailers in the US, to what you credit that | :08:39. | :08:43. | |
success? We have always carried unique pieces. It started with | :08:44. | :08:49. | |
vintage, really memorable vintage pieces, and that was my buying | :08:50. | :08:54. | |
training. We went to trade shows, and now we are designing. We are | :08:55. | :08:58. | |
designing for a girl with an appetite for something unique which | :08:59. | :09:06. | |
cardfile at `` you can't find at the shopping mall. I wouldn't call us a | :09:07. | :09:15. | |
tech company, but I wouldn't call us many e`commerce sites are now | :09:16. | :09:18. | |
opening bricks and mortar stores. Is that something you are considering? | :09:19. | :09:23. | |
And is that something that is necessary for these kinds of | :09:24. | :09:26. | |
companies? We will be opening stores within the next year, which I'm | :09:27. | :09:31. | |
excited about. We will start NLA. I think a brand is best experienced in | :09:32. | :09:36. | |
all channels. While some people have to go off`line to continue going, | :09:37. | :09:42. | |
perhaps their businesses more niche, it is a choice. I want to let our | :09:43. | :09:47. | |
customers touch and feel our clothes. I want to see someone run | :09:48. | :09:51. | |
out of stall happy a shopping bag, I have never had that experience. It | :09:52. | :09:57. | |
is people talking on social media, which is great, but to meet a | :09:58. | :10:01. | |
customer in the real world is an exciting thing. It is that | :10:02. | :10:05. | |
experience, physically finding something perfect, that time for a | :10:06. | :10:09. | |
quick check of the markets. The one market that is trading is up | :10:10. | :10:21. | |
a little, having taken its lead from Wall Street. That is it for this | :10:22. | :10:25. | |
edition of Asia Business Report. Thank you for watching. | :10:26. | :10:33. | |
Our top stories: Nigeria's Boko Haram has admitted for the first | :10:34. | :10:41. | |
time that they are responsible for abducting hundreds of schoolgirls. | :10:42. | :10:43. | |
They have | :10:44. | :10:44. |