Browse content similar to 12/05/2014. Check below for episodes and series from the same categories and more!
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Gove to be reined back. The Lib Dems say he has diverted 400 million | :00:00. | :00:00. | |
pounds away from council`run schools to bail out his flagship policy of | :00:00. | :00:00. | |
building free' schools. A spokesman for Mr Gove said the claims are | :00:00. | :00:08. | |
totally wrong. Now on BBC News, all the latest business news live from | :00:09. | :00:18. | |
Singapore. Countdown, as India enters the final days of its | :00:19. | :00:21. | |
election, we find out how upcoming weather conditions could hit the | :00:22. | :00:27. | |
country's economy. And we find out what is really worrying some of the | :00:28. | :00:36. | |
world's biggest banks. Thank you for watching Asia Business Report, I | :00:37. | :00:39. | |
Rico Hizon. India is in the final week of the world's biggest | :00:40. | :00:44. | |
democratic election, in which rising costs have been a key issue on | :00:45. | :00:52. | |
voters' mines. The increasing amount people have been having to pay is | :00:53. | :00:55. | |
one of the biggest political and economic problems. There is | :00:56. | :01:32. | |
increasing concern that the higher costs will be exacerbated this year. | :01:33. | :01:35. | |
With the return of El Nino weather conditions. It returns every few | :01:36. | :01:37. | |
years and can trigger floods and other severe weather conditions. | :01:38. | :01:39. | |
Earlier, I asked our correspondent how it will impact this economy. The | :01:40. | :01:42. | |
last time it came around was 2009. In the case of India, the north`west | :01:43. | :01:44. | |
monsoons, critical for its agriculture sector, suffered quite | :01:45. | :01:46. | |
badly. We saw inflation increasing quite a bit. So at this particular | :01:47. | :01:48. | |
point, India's own weather bureau is saying that the rainfall will be | :01:49. | :01:51. | |
normal. But in the past, forecasts have been wrong. If that happens, we | :01:52. | :01:54. | |
are going to have a big problem on the inflation front. Inflation comes | :01:55. | :01:56. | |
out today, it you also have wholesale prices, rising prices, | :01:57. | :02:00. | |
what are you expecting? Will it be impacted by the El Nino weather | :02:01. | :02:05. | |
pattern? The run up to the monsoons in June, we have already seen dry | :02:06. | :02:10. | |
weather. We still have some impact on certain particular food items. We | :02:11. | :02:16. | |
are expecting a slight uptick in inflation numbers in April. The big | :02:17. | :02:20. | |
risk is we will see a failure and crops. This will have significant | :02:21. | :02:23. | |
impact for the second half of the year. Especially when the new | :02:24. | :02:28. | |
government is in power, and that can potentially be the first big | :02:29. | :02:30. | |
challenge that they will face in office. Our correspondent from | :02:31. | :02:39. | |
Barclays. Staying in India, this north`east state was once lagging | :02:40. | :02:43. | |
behind when it came to economic development. It was a place where | :02:44. | :02:48. | |
young people could not find jobs and refused to move in large numbers to | :02:49. | :02:51. | |
other parts of the country. Now things are changing. Our report from | :02:52. | :02:57. | |
the State capital. Far away from home, in Mumbai's melting pot, this | :02:58. | :03:09. | |
man is. Trying to find a taste for the city. He sells snacks on his | :03:10. | :03:15. | |
roadside cart and lives with several other men in one room. He came here | :03:16. | :03:21. | |
two decades ago in search of work and goes back once every year to | :03:22. | :03:24. | |
meet his wife and children. TRANSLATION: When I left there was | :03:25. | :03:29. | |
no chance of finding any work here. If you are poor and forced to come | :03:30. | :03:37. | |
here you are earning money to send back to your families. If there were | :03:38. | :03:42. | |
any jobs there, I would not have left my home. Millions like him | :03:43. | :03:48. | |
moved away. Now, for young people there, things seem to be moving | :03:49. | :03:52. | |
forward. Rubbish under recently bought this moody `` Ravi Shankar | :03:53. | :04:04. | |
bought this motorcycle. He found a job almost immediately. TRANSLATION: | :04:05. | :04:09. | |
I am happy Eid in have to leave my home. I have a wife and a small | :04:10. | :04:15. | |
baby. It would have been so hard without them. I would have been | :04:16. | :04:18. | |
constantly worrying. Earlier, translate these used to be full of | :04:19. | :04:24. | |
people leaving to move to more developed part of the country in | :04:25. | :04:28. | |
search of work. Now, youngsters ready to join the workforce find | :04:29. | :04:34. | |
their jobs available right here. In this one area alone, about 100 | :04:35. | :04:38. | |
factories have come up in the last five years. One of them is this | :04:39. | :04:45. | |
biscuit manufacturing plant, set up three years ago and employing 350 | :04:46. | :04:51. | |
people. But it is mostly small industries which have come to Bihar. | :04:52. | :04:55. | |
It is yet to attract many big names. While the State's rapid rate of | :04:56. | :05:01. | |
growth over the last ten years has been welcomed, it will still take a | :05:02. | :05:05. | |
while to catch up with the rest of India. Much of how Bihar progresses | :05:06. | :05:09. | |
depends on politics. So people are relying on whichever party comes to | :05:10. | :05:13. | |
power both in national government and here in the states, to keep | :05:14. | :05:20. | |
Bihar moving in the right direction. In other business News making | :05:21. | :05:24. | |
headlines, for the first time, the UK has more billionaires per head of | :05:25. | :05:27. | |
population than any other country. That is according to a Rich List | :05:28. | :05:33. | |
published by the Sunday Times newspaper. The top names had a | :05:34. | :05:43. | |
fortune of over $20 billion. They say there are now over 100 | :05:44. | :05:47. | |
billionaires raced in the UK, with a combined wealth of over 500 billion | :05:48. | :05:53. | |
dollars. The head of Samsung is in a stable condition after emergency | :05:54. | :05:58. | |
heart surgery. He underwent an operation after suffering eating | :05:59. | :06:04. | |
difficulties `` breathing difficulties on Saturday night. He | :06:05. | :06:08. | |
is now recuperating in a stable condition after undergoing the | :06:09. | :06:16. | |
operation. Asia boss Asia's biggest casino operator announced its | :06:17. | :06:19. | |
earnings today. In the past week, its shares have been hit and have | :06:20. | :06:25. | |
basically gone down. It is among the six biggest casino operators to see | :06:26. | :06:30. | |
their stock price plunge on concerns China may tighten controls. Earlier, | :06:31. | :06:36. | |
I spoke to our Hong Kong correspondent for more on this | :06:37. | :06:42. | |
story. These casino operators saw their shares fall by 49%. It is on | :06:43. | :06:48. | |
worries of a growing crackdown on money laundering and illegal money | :06:49. | :06:52. | |
transfers out of China. We had news from China union, the biggest | :06:53. | :06:59. | |
network of ATM cards in China, saying they would tighten their | :07:00. | :07:01. | |
restrictions. This is how most Chinese travellers when they leave | :07:02. | :07:07. | |
China access money. Of course, there are lots of restrictions to how much | :07:08. | :07:12. | |
they can take outside the country including places like Hong Kong. | :07:13. | :07:16. | |
There are also restrictions of how much they can take once they arrive | :07:17. | :07:22. | |
in these two places. People in these casino is have said that the | :07:23. | :07:25. | |
reason, the way that some gamblers have been getting around these | :07:26. | :07:28. | |
currency controls is going to a pawn shop, buying something expensive, | :07:29. | :07:33. | |
returning it right away, in exchange for cash which they get to keep. The | :07:34. | :07:38. | |
owners of the shops get a cut from a deal like that. Of course, this is | :07:39. | :07:45. | |
something that we have been hearing there has been a crackdown on. That | :07:46. | :07:48. | |
has led to those big falls in share prices. From rogue traders, to | :07:49. | :07:56. | |
sub`prime mortgages, there have been many crises in recent years. But a | :07:57. | :08:01. | |
recent survey has found a bank industry is worried that technology | :08:02. | :08:04. | |
will pose the biggest risk to their business. I spoke to a correspondent | :08:05. | :08:08. | |
from PricewaterhouseCoopers, who published the report into what | :08:09. | :08:12. | |
worries the world's banks. We asked why the top risk globally was not | :08:13. | :08:19. | |
macroeconomic factors any more. Immediately after the crisis, people | :08:20. | :08:22. | |
were really concerned about where the economy was going. What they | :08:23. | :08:27. | |
were going to do about it. What the big issues were and how they were | :08:28. | :08:32. | |
going to steer their businesses. By and large people have settled down | :08:33. | :08:35. | |
on that now. Now the issue is how the regulator will respond to that | :08:36. | :08:40. | |
local financial crisis. Regulators have not quite put in place their | :08:41. | :08:45. | |
detailed plans yet. While the banks are pretty sure what their business | :08:46. | :08:48. | |
strategies will now be as we go forward, they are a little bit | :08:49. | :08:52. | |
concerned about how regulators will react. If we look specifically at | :08:53. | :08:55. | |
banks in this region, it is macroeconomic is. The Asia Pacific | :08:56. | :09:02. | |
banks were not as badly damaged by the crisis as culpable banks in | :09:03. | :09:06. | |
Europe and America. As a consequence, again, they are at the | :09:07. | :09:12. | |
stage where they are looking at how the Asian economy can develop. The | :09:13. | :09:17. | |
regulators will be that do what they need to do, or the changes might be | :09:18. | :09:22. | |
somewhere else. So there might be looking at things slightly | :09:23. | :09:25. | |
differently. What is consistent between the two is the technology | :09:26. | :09:27. | |
risk which is consistent across the board. What you mean by technology | :09:28. | :09:32. | |
risk Rees are we talking a cyber risk? It everything. Customers are | :09:33. | :09:38. | |
driving the banks to be more efficient. They are almost making no | :09:39. | :09:43. | |
discretion as to where they go. So banks have had to adopt world`class | :09:44. | :09:49. | |
technology in order to protect customers. This is coming with a | :09:50. | :09:55. | |
certain amount of risk. Ranks are beginning to understand the risks of | :09:56. | :09:58. | |
the marketplace for the Internet and other formats which they need to | :09:59. | :10:03. | |
deal with. Are they worried about a? Are they dealing with? How big a | :10:04. | :10:09. | |
risk factor is a? Very interesting. They have been doing this every two | :10:10. | :10:13. | |
years. The last time the risk came up was 1998, two years before Y2K. | :10:14. | :10:21. | |
Let's have a quick look at the markets. Sentiment in Asia is | :10:22. | :10:27. | |
cautious despite US stocks setting a record close on Friday. Investors | :10:28. | :10:30. | |
are bracing for a reaction after rebels declared victory in eastern | :10:31. | :10:34. | |
Ukraine. Thank you for in investing your time with us, I am Rico Hizon. | :10:35. | :10:49. | |
Goodbye for now. The top stories: unofficial self`rule referendums | :10:50. | :10:52. | |
have been held in eastern Ukraine. There has been a shooting in one | :10:53. | :10:55. | |
town. In | :10:56. | :10:56. |