27/05/2014 Asia Business Report


27/05/2014

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is the highest amount since records began. Now on BBC News all the

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latest business news live from Singapore. Can Thailand's military

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leaders help put to write the country's economic problems? Will

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selling its game consoles in China helped turn Sony's problems around

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red welcome to Asia Business Report. Thailand's leaders have been

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quick to say that the economic problems of the country need to be

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fixed and the military leaders have promised to find ways to boost

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economic growth. Now we go to our correspondant. This is one measure

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that could buy Thailand's military rulers some popularity. The ousted

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government's inability to make payments to farmers who had already

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pledged their crop was causing hardship. There were many reasons

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for that failure, the government blamed street protest which occupied

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several ministries and its limited mandate once Parliament was

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dissolved last December. The protesters argued that the scheme

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was to corrupt to be affordable `` too. The general is now paying

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outstanding debts to farmers which will provide some immediate relief.

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But with this system of supporting rice prices now abandoned, many of

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Thailand's farmers will face tough times soon. Perhaps the military

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will revive it, in which case they will have to design improvements

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over the old scheme at the time when they will be confronting many other

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complex economic challenges. So with the ongoing political uncertainty in

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Thailand, it would seem an unusual time for business to expand into the

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country but that is exactly what one is doing. ANZ has been granted the

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right to open a subsidiary in Thailand, despite the current tour

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model `` turmoil, they have a number of reasons for wanting to operate

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there. Earlier I spoke to a financial expert in Sydney. It seems

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like unusual timing but what they have been doing for the last decade

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is expanding across Asia and this is a well`thought`out strategy. They're

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not targeting the retail market but are trying to create a web of

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financial services that generate their income from an increase in

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transactions around Asia and Thailand is a major manufacturing

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hub and is an important part of that strategy, a strategy which is

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looking into the long`term. European elections have resulted in stunning

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gains for anti` European unions and anti` establishment parties but

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parties which support the European Union have sustained a majority of

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seats. We will now look at some of the implications of the vote. At a

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national level, there were some striking results. In France, it with

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the right that lame to victory with the National Front taking most of

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the votes. In Greece, it with the wreath in the left which made strong

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gains `` Syriza, and they are not anti` European Union but

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anti`austerity. For the eurozone as a whole, the downturn is over. There

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has been recovery for a year now but it has not been convincing. Some

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economies have failed to show sustained growth, with Italy in

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particular contracting. Many voters have also been angered by the

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response to the crisis from the European Union, across Europe

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governments have sought to cut spending and increase taxes. There

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were protests on the street and, come the elections, in the voting

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chamber. Will this make much difference? It is true that they

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have a much higher share now in European Parliament, that they will

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still be a minority, so I don't think they can influence

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policymaking decisively. Nigel Farage... Were many coming

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immigration is a big issue and on that they may struggle to make much

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impact on the European Union's policy for movement within Europe.

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Looking ahead, averment finances and public attitudes towards migration

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will depend to a large extent on the eurozone's economic recovery. The

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better it performs, the less the need for further austerity will be

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felt. So far, recovery has been weak and erratic and that is contributed

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to the political events that must now be dealt with. China plans to

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take more than 6 million older vehicles off roads this year to try

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to improve its air quality. Illusion has emerged as a key priority and as

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part of its goal to cut emissions over the next few years, the amount

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of vehicles allowed on the road will be reduced by 2015. The swearing`in

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of Narendra Modi in India marks a important market upswing in India,

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with analysts betting that he will unleash marketing reforms. Record

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gains happened on election day. A Californian jury ordered Samsung to

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pay Apple for infringing on its patent. They had been seeking

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damages of more than $2 million after accusing Samsung of copying

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five patrons including the slide and lock function. They have also fired

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an injunction to prevent them from using the patent it was found to

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have infringed. For more, just go to our website and click on the

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business section. Japan has got big ambitions for boosting profit and

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recent news from China could be a clue as to how they get their. ``

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there. They have signed a deal with Sony which will give them access to

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more than 5 million gamers in the country. How will the console

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manufacturers respond? Now we go to our correspondant. The big

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announcement is that the Playstation will now be available in China. If

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you come to some stores in Beijing, you can get your hands on some of

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them. Were 14 years, game consoles were banned here. There were worries

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that they would affect the minds of the nation's youths. The irony is

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that they were made here in China. That all changed this year when

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authorities announced that they would be lifting the ban. Sony is

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moving in and the Xbox will soon be available in China as well. But

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there is one catch to all of this. They will have to be made in

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Shanghai's free`trade zone but the authorities think it is worth it

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with the gaming industry increasing more than 5% last year and being

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worth more than $10 billion. They say that Sony is counting on its

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game consoles for growth. The media industry, the television and mobile

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and laptop businesses, Sony has been trying to diversify throughout

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them. They're looking at mobile and gaming and the latter has been doing

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the best. But China's gaming market is already dominated by online

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games, PCs and mobile games which are much cheaper. That is true but

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console games are more addictive and the average amount of play is much

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higher on those for the average gamer. China's gaming industry is

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still run by online gamers but that is what Sony and Microsoft will want

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to target. Beijing has lifted a ban on gaming consoles, it is now a free

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for all. Even Chinese manufacturers will be able to distribute and sell

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which they haven't been able to do in the past. It will get Microsoft

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has already announced their intention to come in in September of

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this year. I'm sure that Chinese gaming console players will start

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get into the business and start manufacturing as well. Or will be

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huge pressure and one of the things that Sony and Microsoft will have to

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do is to look at that, the pricing in the Chinese market. Here is a

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look at the markets in Asia, they are lackluster as US markets were

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closed for the holidays. Thank you so much, bye for now. The top

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stories this hour. Ukrainian troops have launched an assault on an

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airport seized by pro`Russian fighters, as the country's new

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president offers to negotiate with Moscow to end the crisis. The

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Nigerian military claims it has located the 200 missing school girls

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abducted by Boko Haram militants, but it rules out using force

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