:00:00. > :00:00.Wales. The government said it is spending more than ever on flood
:00:00. > :00:21.management. Now on BBC News all the latest business news live from
:00:22. > :00:27.Singapore. Nine`month highs amid current sermons of conflict in Iraq.
:00:28. > :00:32.Thousands of Cambodians are fleeing Thailand as authorities cracked down
:00:33. > :00:39.on illegal workers. Thank you for joining us on Asia Business Report.
:00:40. > :00:41.US could be deploying up to 275 US military personnel to Iraq amid
:00:42. > :00:48.concerns that the conflict is escalating. The government has been
:00:49. > :00:51.battling Islamic militants and there are fears that the country is
:00:52. > :00:59.inching towards civil war. Iraq is the second largest oil producer in
:01:00. > :01:05.the OPEC member countries. There are concerns that the violence in Iraq
:01:06. > :01:12.could spark a broader regional conflict pushing oil to its highest
:01:13. > :01:21.price since September. Here are the figures currently. Earlier I spoke
:01:22. > :01:25.with a resource analyst from a research firm and asked if we could
:01:26. > :01:29.expect more price volatility in the days ahead. When you have a look at
:01:30. > :01:34.the production profile of Iraq, the main producing fields are in the
:01:35. > :01:39.south of the country near the Persian Gulf and the key exporting
:01:40. > :01:44.facilities are also down in that region as well. At this point, the
:01:45. > :01:47.fighting has been confined to the north and the amount of oil that has
:01:48. > :01:52.come out of the northern part of Iraq over the last three months has
:01:53. > :01:59.been zero. We would have expected to see a price rise once Mosul fell and
:02:00. > :02:03.we did see that happen but it has been rather constrained because of
:02:04. > :02:11.those very reasons of supply location. At what point do you think
:02:12. > :02:15.prices will rise beyond current levels? There is no doubt that if we
:02:16. > :02:25.see fighting start to move down beyond and into the South, we would
:02:26. > :02:28.see again a spike in oil prices as certainly production from the south
:02:29. > :02:35.of the country comes under threat. The world can cope with that quite
:02:36. > :02:50.comfortably as Iraq currently exports to .5 million barrels per
:02:51. > :03:02.2.5 million per day. Logistics have got very used to the supply coming
:03:03. > :03:06.or going. How is Russia's volatility affecting crude oil prices? The
:03:07. > :03:16.market is happening in the Middle East. There
:03:17. > :03:20.will be some movement in gas prices but probably not across the world
:03:21. > :03:26.but there may be some impact in Europe and that is because gas pipes
:03:27. > :03:34.run through the Ukraine and so they may cut gas supplies to the Ukraine
:03:35. > :03:47.the but perhaps also across Europe. Staying with the commodities based,
:03:48. > :03:48.Shell is selling shares with some being sold to institutional
:03:49. > :04:04.its stake in Woodside. More than 100,000 Cambodians have crossed the
:04:05. > :04:07.border and returned home in recent days although the government has
:04:08. > :04:15.denied that they are forcibly repatriating them due to concerns of
:04:16. > :04:18.foreign workers. I spoke to a correspondent who works in this area
:04:19. > :04:26.and asked which sectors would most be affected. Many of them work on
:04:27. > :04:29.construction sites and agriculture and fishing and those are going to
:04:30. > :04:34.be the main sectors hit a departure. What we have seen the
:04:35. > :04:43.economy in Thailand contracting in the previous quarter, `2.1%,
:04:44. > :04:51.the exodus of these migrant workers, could this impact
:04:52. > :04:58.`` these industries severely and would it impact the economy? I think
:04:59. > :05:01.we will see an impact although hopefully, it will be a limited one.
:05:02. > :05:10.As you said, the exodus has been confined to Cambodian nationals at
:05:11. > :05:20.the moment but if it's spread to the many more neon mar `` Myanmar
:05:21. > :05:27.nationals, then it will have a severe impact on the economy. What
:05:28. > :05:33.with the job situation be like in Thailand at the moment? It is an
:05:34. > :05:43.interesting mix of factors. It seems to be a case of mass hysteria which
:05:44. > :05:48.is possibly... It may be from the good intentions of the government
:05:49. > :05:52.trying to address issues of human trafficking but rumours has spread
:05:53. > :05:55.that this may be a military crackdown against illegal migrants
:05:56. > :06:03.and they have tried to preempt that I leaving the country `` by. It is
:06:04. > :06:06.hardly surprising given the information vacuum in Thailand at
:06:07. > :06:13.the moment that has been imposed by the junta. GM is recalling more than
:06:14. > :06:17.3 million additional cars you to faulty ignition switches. The US
:06:18. > :06:26.auto giant is also increasing the money it has set aside to cover the
:06:27. > :06:30.costs in the second quarter. GM has recalled about 20 million vehicles
:06:31. > :06:35.overall this year, roughly double its annual sales. The international
:06:36. > :06:40.monetary fund has cut its growth forecast for this year and expects
:06:41. > :06:48.the world's largest to grow to buy just 2% from its initial forecast of
:06:49. > :06:53.8%. It expects that America will not achieve full employment until the
:06:54. > :07:01.end of 2017 which will give the government scope to keep interest
:07:02. > :07:08.levels at low levels for a longer period. The South American nation is
:07:09. > :07:16.being ordered to pay back millions of dollars to creditors despite its
:07:17. > :07:23.weak finances. This is in Argentina. Stocks have fallen from this latest
:07:24. > :07:30.development. Greenpeace has lost more than $5 million due to a bad
:07:31. > :07:35.that in the currency market `` a bad bet. It was a wager that the euro
:07:36. > :07:40.would not strengthen against other currencies in 2013. Greenpeace
:07:41. > :07:48.apologised and said that the employee who wagered Bale made to
:07:49. > :08:03.make `` who made the wager has been fired. We're going to a plant in
:08:04. > :08:08.Malaysia where PineWood has been set up. It is on an 80 acre site that is
:08:09. > :08:17.roughly the size of 60 football pitches. You cannot see it but it is
:08:18. > :08:21.all happening down behind me where a television series is being filmed.
:08:22. > :08:25.We cannot show you the filming as it is all in lockdown but I am here at
:08:26. > :08:38.a soundstage where filming is carried out. Why filmed here in
:08:39. > :08:44.Malaysia? Were going to talk to a producer from Marco Polo
:08:45. > :08:52.Productions. This 30% rebate is saving us millions of dollars. By
:08:53. > :08:56.slashing the cost of filmmaking, is Malaysia pricing out other film
:08:57. > :09:02.studios? Yes it is starting to. It is cost prohibitive. There are
:09:03. > :09:10.certainly savings to be made that there must be challenges in filming
:09:11. > :09:13.in a place like this. You have to fly everyone in and house them and
:09:14. > :09:19.feed them and give them things to do on a weekend. If the Malaysian tax
:09:20. > :09:23.incentive pays off for Malaysia, he will have an industry but that will
:09:24. > :09:29.take five or ten years before the skill level comes up and people can
:09:30. > :09:32.be trusted in key positions. Team to develop its local film industry, the
:09:33. > :09:39.Malaysian government joined forces with PineWood to set up this $173
:09:40. > :09:49.million facility. It means new jobs and businesses have been created but
:09:50. > :09:56.what is in it for the studio? If all of the economic forecasts are
:09:57. > :10:00.predicting roughly a doubling in the form of filmed entertainment in the
:10:01. > :10:07.next ten years, the studios will be part of a suite of studios around
:10:08. > :10:11.the world to service that command. In fact, millions of dollars are
:10:12. > :10:18.being spent here and big money is being made whether it is stage crew,
:10:19. > :10:22.set designers or catering companies, hundreds of new jobs are being
:10:23. > :10:25.created. The opportunities are immense and time will tell whether
:10:26. > :10:39.the studios will become global players in the film industry. Thank
:10:40. > :10:50.you for joining us. Sport Today is up next. The main news stories.
:10:51. > :10:55.Islamist extremists have made gains in Iraq. The US says it is deploying
:10:56. > :10:56.military personnel to Baghdad to protect American