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have now called off a rescue operation. Now on BBC News all the | :00:00. | :00:00. | |
latest business news live from Singapore. China evacuate thousands | :00:00. | :00:17. | |
of its citizens from Vietnam as rising territorial tensions sparked | :00:18. | :00:23. | |
protest. Talks are set to continue in Singapore on the ambitious | :00:24. | :00:26. | |
transpacific partnership trade deal. Hello and welcome to Asia | :00:27. | :00:41. | |
Business Report. We start with Vietnam this morning where a wave of | :00:42. | :00:48. | |
anti` Chinese protests are straining ties. Rising tensions after China | :00:49. | :00:55. | |
moved to drill in the South China seas in contested areas. Vietnamese | :00:56. | :01:06. | |
mobs looted and torched parts. We have been speaking to our | :01:07. | :01:13. | |
correspondent. Tensions have calmed down. It is a precautionary measure | :01:14. | :01:18. | |
now. I have talked to many in the city and generally, people are going | :01:19. | :01:25. | |
about their business as usual. There are sporadic cases where there is | :01:26. | :01:34. | |
possible discrimination. We know that the government of Vietnam has | :01:35. | :01:38. | |
been urging protesters to calm down but what are they doing in terms of | :01:39. | :01:43. | |
reaching out and talking to their Chinese counterparts and how much | :01:44. | :01:46. | |
could something like this impact business relations in the | :01:47. | :01:52. | |
long`term? Vietnam has to maintain a careful balance. It is certainly | :01:53. | :01:57. | |
reaching out to China and reassuring them that they are keeping things | :01:58. | :02:00. | |
under control here but at the same time on the day are also demanding | :02:01. | :02:07. | |
that China removes its oil rig from the South China Sea and in terms of | :02:08. | :02:14. | |
business omni` it is important for Vietnam to reassure China that it is | :02:15. | :02:20. | |
OK to reinvest here and they are considering tax`free loans for the | :02:21. | :02:24. | |
businesses that have been damaged. They are trading partners in the | :02:25. | :02:33. | |
multibillion dollar range. Thank you. Acute political unrest in | :02:34. | :02:41. | |
Thailand has seen its economy shrank for the first time in a year. Its | :02:42. | :02:46. | |
growth numbers are set to show how big of an impact the ongoing crisis | :02:47. | :02:49. | |
is having on business and investment. Were casters expect the | :02:50. | :03:02. | |
GDP to shrink by 1.6% `` forecasters. On an annual basis this | :03:03. | :03:06. | |
could be the weakest growth since the devastating floods of 2011. I | :03:07. | :03:16. | |
was speaking to an expert about this, asking whether investors | :03:17. | :03:23. | |
should worry about Thailand's history of unrest. We have had 11 | :03:24. | :03:33. | |
military coups in the last few years with the last one being in 2006. We | :03:34. | :03:38. | |
are long overdue for one now and that is one way of looking at it. If | :03:39. | :03:44. | |
there is no stability in the country, the military will step in | :03:45. | :03:51. | |
and take over. In order for a country to function properly, you | :03:52. | :03:55. | |
must have stability and that has not been provided by the government. | :03:56. | :03:59. | |
Having a caretaker government is not going to get it done. What they need | :04:00. | :04:07. | |
to do is put the army into place to provide political stability if it | :04:08. | :04:12. | |
does not come from within and then people will be able to spend money, | :04:13. | :04:16. | |
companies will be able to invest and they will start getting the country | :04:17. | :04:21. | |
going again. So you are saying that a military coup could help the | :04:22. | :04:26. | |
country get going again? It has to. If people cannot go to work because | :04:27. | :04:31. | |
they are too worried about what is happening in the streets, then | :04:32. | :04:35. | |
companies won't invest and political stability will not be provided. In | :04:36. | :04:41. | |
most developing economies that stability is provided by the people | :04:42. | :04:45. | |
themselves but with this the conflict going on between the two | :04:46. | :04:50. | |
sides, it is insurmountable and so the Army make have to come in and | :04:51. | :04:57. | |
rewrite the rules and put in an interim government and have | :04:58. | :05:00. | |
elections again. Then Thailand will be able to grow for the next few | :05:01. | :05:08. | |
years. In other news, a key indicator of business spending in | :05:09. | :05:13. | |
Japan surged to its highest numbers in a number of years. It is | :05:14. | :05:19. | |
significantly higher than it was forecasted to be. This is reportedly | :05:20. | :05:32. | |
due to increased spending in Japan. Pfizer has engaged in its final | :05:33. | :05:37. | |
attempt at talks to merge with AstraZeneca and are prepared to | :05:38. | :05:42. | |
offer several billion dollars after their initial bid was rejected as | :05:43. | :05:53. | |
not high enough. AT is spending a lot of money to increase its | :05:54. | :06:01. | |
presence in the global television market. However, some analysts warn | :06:02. | :06:08. | |
that they may face resistance from investors. Switzerland has | :06:09. | :06:16. | |
established its plan for its highest minimum wage. A pole saw nearly 80% | :06:17. | :06:26. | |
of voters turned the idea down as many small businesses had said that | :06:27. | :06:35. | |
they could not afford it. Ministers for the transpacific partnership our | :06:36. | :06:39. | |
meeting here in Singapore after 20 rounds of talks so far. If passed, | :06:40. | :06:50. | |
it will cover 40% of world trade. While progress is being made on the | :06:51. | :06:59. | |
a final agreement is a way off. What will it take for this trade deal to | :07:00. | :07:08. | |
be completed? We will speak to our correspondent. What will it take for | :07:09. | :07:20. | |
deals to be completed this time? In just under one hour's time, the | :07:21. | :07:28. | |
trade ministers will be meeting for the first ministerial talks since | :07:29. | :07:34. | |
President Obama met the Japanese Prime Minister in April. Marathon | :07:35. | :07:37. | |
discussions were then held on the key sticking points, cars and | :07:38. | :07:41. | |
agriculture. Some say it is not just economic concerns about political | :07:42. | :07:45. | |
issues that are holding up the deal. It is my point of view that | :07:46. | :07:51. | |
all it takes are complicating good progress. It has not been given the | :07:52. | :07:56. | |
fast authority in the United States and the vulnerability of the | :07:57. | :08:02. | |
engagement is significant. The politics in America are approaching | :08:03. | :08:06. | |
midterm elections in November, which means that the president is going to | :08:07. | :08:12. | |
be very sensitive to what it might mean to the voting public. By the | :08:13. | :08:18. | |
same token, the Japanese Prime Minister needs significant political | :08:19. | :08:22. | |
support to press forward with his programme and to try to support that | :08:23. | :08:26. | |
programme, he may not want to take on the constituencies in agriculture | :08:27. | :08:35. | |
and manufacturing. It is not just the United States and Japan that | :08:36. | :08:41. | |
have outstanding issues. Malaysia is worried about the impact on | :08:42. | :08:44. | |
pharmaceutical drugs. Vietnam is worried about its textile | :08:45. | :08:49. | |
producers. New Zealand is worried about its dairy industry. It is hard | :08:50. | :08:54. | |
enough negotiating a deal with one party but with 12, concessions have | :08:55. | :09:00. | |
to be made if the deal is to be finalized by the end of the year. As | :09:01. | :09:06. | |
you say, there are 12 in this pack but China and South Korea are | :09:07. | :09:12. | |
excluded. They want to join. Tell us about that. That is right. South | :09:13. | :09:17. | |
Korea is watching what is happening but they are not part of the talks. | :09:18. | :09:21. | |
The have their own bilateral free trade agreement with the United | :09:22. | :09:27. | |
States. China has been complaining since 2008 that it has been excluded | :09:28. | :09:33. | |
from negotiations. The United States has recently signaled that the door | :09:34. | :09:36. | |
may one day open to China if it is able to meet the high standards that | :09:37. | :09:43. | |
have been set in the agreement. To give you a clue about how important | :09:44. | :09:47. | |
this could be for both sides, an Institute in Washington has said | :09:48. | :09:52. | |
that American exports could increase by 13% if there is some economic | :09:53. | :09:59. | |
cooperation between them and China and that could add an extra $80 | :10:00. | :10:03. | |
billion to the American economy each year. Thank you very much. A quick | :10:04. | :10:13. | |
look at the markets now. We are seeing Asian markets with little | :10:14. | :10:26. | |
change at the moment. The markets are treading water as people are | :10:27. | :10:35. | |
waiting for news this week. It is all for this edition. Full. | :10:36. | :10:41. |