Browse content similar to 17/06/2014. Check below for episodes and series from the same categories and more!
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spending more than ever on flood management. | :00:00. | :00:00. | |
Time for Asia Business Report, live from Singapore. | :00:00. | :00:18. | |
Oil prices traded near a nine`month high as is a concern that the | :00:19. | :00:25. | |
conflict in Iraq will hurt supplies. And thousands of Cambodians are | :00:26. | :00:28. | |
fleeing Thailand over fears that authorities will crack down on | :00:29. | :00:34. | |
illegal workers. Thank you for joining us on Asia | :00:35. | :00:40. | |
Business Report. The United States plans to deploy up to 275 military | :00:41. | :00:46. | |
personnel to Iraq. There are concerns the conflict is escalating. | :00:47. | :00:50. | |
The government has been battling Islamic militants and there are | :00:51. | :00:53. | |
fears the nation is moving towards civil war. Iraq has the | :00:54. | :01:00. | |
second`largest oil producer in the organisation that governs | :01:01. | :01:06. | |
oil`producing countries. While has been pushed to its highest levels | :01:07. | :01:08. | |
since September 2013. Earlier I spoke with a | :01:09. | :01:24. | |
representative from the fact profits at Sydney. I asked if we could | :01:25. | :01:28. | |
expect more price volatility in the trading days ahead. When you look at | :01:29. | :01:32. | |
the production profile of Iraq, the main producing fields at the moment | :01:33. | :01:37. | |
are around the south of the country near the Persian Gulf and all of the | :01:38. | :01:43. | |
exporting facilities are also down in that region. At this point the | :01:44. | :01:46. | |
fighting has been confined to the north. The amount of oil that has | :01:47. | :01:50. | |
come out of the northern part of Iraq over the past three months has | :01:51. | :01:58. | |
actually been zero. We would expect to see a price rise, and we did see | :01:59. | :02:05. | |
that happen. But it has been constrained because of that very | :02:06. | :02:07. | |
reason of where supply is coming from. At what point will prices rise | :02:08. | :02:16. | |
yonder current levels? If we see fighting starts to move beyond | :02:17. | :02:24. | |
Baghdad that we were deceived a spike in the oil prices. `` would | :02:25. | :02:38. | |
perceive. The world could probably deal with that. When you have a look | :02:39. | :02:44. | |
at the history of Iraq's production, over the last 40 years it has been | :02:45. | :02:51. | |
one of the most variable members. Logistics have gotten used to | :02:52. | :02:58. | |
covering for Iraqi oil. What about Russia cutting its gas supplies to | :02:59. | :03:06. | |
Ukraine? How significant is this? At this point in time, we suggest that | :03:07. | :03:12. | |
the market is really focused on what is happening in the Middle East. | :03:13. | :03:15. | |
There will be some movement in gas prices. Probably not a broadly | :03:16. | :03:21. | |
across the world, certainly not in the US. There may be some impact in | :03:22. | :03:29. | |
Europe. Gas prices went through the Ukraine. It might cut gas supplies | :03:30. | :03:39. | |
into Europe. Staying in the commodities space, | :03:40. | :03:42. | |
Shell is selling most of its holdings in Australia for nearly $6 | :03:43. | :03:51. | |
billion. The rest will be sold to institutional investors. It will | :03:52. | :03:58. | |
reduce its stake to 4.5% from the current 23%. Military authorities in | :03:59. | :04:03. | |
Thailand maintain there are not forcibly repair treating Cambodian | :04:04. | :04:09. | |
workers despite more than 100,000 Cambodians crossing the border and | :04:10. | :04:12. | |
returning home. They play a key role in the Thai | :04:13. | :04:20. | |
economy. We asked which sectors would be most affected. Cambodian | :04:21. | :04:25. | |
workers tend to occupy the lower rungs of the Thai economy. A lot of | :04:26. | :04:30. | |
them work on construction sites, agriculture, fishing. Those are the | :04:31. | :04:39. | |
main sectors hit. We have seen the economy contracting in the previous | :04:40. | :04:47. | |
quarter. 0.25 percent. Will the exodus of these workers impact the | :04:48. | :04:57. | |
overall economy? It does not come as a good time, as Thailand is dusting | :04:58. | :05:04. | |
itself off from a recession. I think we will see an impact. | :05:05. | :05:08. | |
Hopefully it will be limited. As you said, the exodus has been confined | :05:09. | :05:15. | |
to Cambodian National 's at the moment. If it spread to the many | :05:16. | :05:22. | |
more groups that make up the country's immigrant workforce, that | :05:23. | :05:26. | |
will have a significant impact on the economy. With this exodus, what | :05:27. | :05:30. | |
will be the employment situation be like in Thailand at the moment? | :05:31. | :05:36. | |
It is an interesting confluence of factors. It seems to be a case of | :05:37. | :05:46. | |
mass hysteria that has possibly met the good intentions of sections of | :05:47. | :05:49. | |
the government trying to clean up its act in terms of human | :05:50. | :05:55. | |
trafficking. Rumours have spread that this could be some kind of | :05:56. | :05:59. | |
military crackdown. They have tried to pre`empt that by leaving the | :06:00. | :06:07. | |
country. It is hardly surprising, given the information vacuum in | :06:08. | :06:15. | |
Thailand at the moment. In other business News making | :06:16. | :06:19. | |
headlines, General Motors is recalling more than 3 million | :06:20. | :06:22. | |
additional cars because of a faulty ignition switch. It has also | :06:23. | :06:29. | |
increased the money set aside to cover the recall costs to $700 | :06:30. | :06:35. | |
million. GM has recalled 20 million vehicles this year. | :06:36. | :06:42. | |
The International Monetary Fund has cut its growth forecast this year. | :06:43. | :06:47. | |
It expects the world's lodges to grow by 2%, down from its estimate | :06:48. | :06:52. | |
of 2.8%. It also predicts America will not achieve full employment | :06:53. | :06:57. | |
until the end of 2017 am giving the Federal reserve scope to keep | :06:58. | :07:02. | |
interest rates at record lows for a longer period. | :07:03. | :07:06. | |
Argentina's president says that the country not default on its debt | :07:07. | :07:12. | |
obligations. The South American country is being ordered to pay back | :07:13. | :07:16. | |
billions of dollars to creditors despite its weak finances. Stocks | :07:17. | :07:27. | |
falling more than 6% on the news. Greenpeace has lost more than $5 | :07:28. | :07:31. | |
million because of a bad bets on the currency markets. The group said one | :07:32. | :07:34. | |
of its finance employees wagered that the euro would not strengthened | :07:35. | :07:43. | |
against the all `` other currencies. Greenpeace has apologised for the | :07:44. | :07:49. | |
incident. Pinewood has production facilities | :07:50. | :07:53. | |
in written, Germany, the United States, Canada and now Malaysia. `` | :07:54. | :08:03. | |
Britain. It is the first four `` Faure into the region. This is just | :08:04. | :08:09. | |
an hour's try from Singapore. Pinewood has built its new studios | :08:10. | :08:14. | |
here on an 80 acre site that is roughly the size of 60 football | :08:15. | :08:18. | |
pitches. While you cannot see it, it is all happening down there. They | :08:19. | :08:25. | |
are filming a television series. Cannot show you the filming of Marco | :08:26. | :08:29. | |
Polo, because that is all in lockdown. I am on one of the sound | :08:30. | :08:34. | |
stages where filming is being carried out. Why film here? Is this | :08:35. | :08:42. | |
all about cutting costs? Finding good value in Malaysia has been key | :08:43. | :08:48. | |
to our decision making. We could have gone to Thailand, Hong Kong or | :08:49. | :08:54. | |
China. But a 30% rebate is saving us millions of dollars. By cutting the | :08:55. | :08:58. | |
cost of filmmaking, is Malaysia effectively pressing out other | :08:59. | :09:05. | |
studios? It is starting to. Hollywood is cost prohibitive. | :09:06. | :09:10. | |
There are savings to be made, but there must be some challenges. You | :09:11. | :09:16. | |
have to fly everyone here, Houston, feed them, give them something to do | :09:17. | :09:22. | |
on a weekend. `` powers them. If the Malaysian tax incentive pays off, | :09:23. | :09:27. | |
they will have an industry. That will take a decade before the skills | :09:28. | :09:36. | |
level comes up. Keen to develop its local film industry, the Malaysian | :09:37. | :09:40. | |
government joined forces with Pinewood to set up this $170 million | :09:41. | :09:47. | |
facility. The government says new jobs and businesses have been | :09:48. | :09:51. | |
created. What is in it for Pinewood? There is a growing level of interest | :09:52. | :09:56. | |
in the stories told by south`east Asian producers, whether on film or | :09:57. | :10:00. | |
television. If all the economic forecasts are predicting a | :10:01. | :10:07. | |
doubling, these facilities in Malaysia will be part of a suite of | :10:08. | :10:15. | |
studios to serve us in the market. Millions of dollars are being spent | :10:16. | :10:18. | |
here. They can money is being made, whether it is stage crew, set | :10:19. | :10:24. | |
builders, caterers or equipment companies. Hundreds of new jobs have | :10:25. | :10:30. | |
been created. The opportunities are immense. Time will tell whether | :10:31. | :10:33. | |
these studios will become global players in the film industry. | :10:34. | :10:42. | |
Thank you for joining us. The latest World Cup news coming up next. | :10:43. | :10:54. | |
Here are the headlines: Islamist extremists have extended their grip | :10:55. | :10:58. | |
on northern Iraq, defying air attacks to seize another key city. | :10:59. | :11:04. | |
I'm trained at Shia forces have joined up to counter the threat. | :11:05. | :11:11. | |
`` untrained. The Somali militant group should is | :11:12. | :11:13. | |
saying it can without | :11:14. | :11:14. |