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all the latest business news live from Singapore. Australia gives the | :00:00. | :00:21. | |
green light to a coal mine that could provide power to millions, but | :00:22. | :00:26. | |
environmentalists are worried. And an apology from the boss of the firm | :00:27. | :00:31. | |
that owns a Chinese company at the centre of a food scandal. It is all | :00:32. | :00:38. | |
about wielding respect and trust in the management of systems and their | :00:39. | :00:45. | |
integrity. Welcome to Asia Business Report. The Australian government | :00:46. | :00:49. | |
has approved the construction of their biggest coalmine. The $15 | :00:50. | :00:55. | |
billion Carmichael mind in Queensland is being built. It could | :00:56. | :01:04. | |
provide electricity to millions in India. Coming a fortnight after the | :01:05. | :01:08. | |
government repealed its carbon tax on big polluters, the appeal is a | :01:09. | :01:12. | |
Mac approval has angered environmentalists, who say it could | :01:13. | :01:16. | |
threaten the Great Barrier Reef. The Prime Minister says strict | :01:17. | :01:22. | |
conditions will be imposed. I asked our correspondent how markets will | :01:23. | :01:30. | |
be reacting. I think the market, and especially the environmentalist is, | :01:31. | :01:33. | |
are concerned about the Carmichael coal mine being approved. Because it | :01:34. | :01:39. | |
will be moving something like 60 million tons of thermal coal per | :01:40. | :01:43. | |
annum. And it will be Australia's biggest thermal coal operation once | :01:44. | :01:51. | |
it is in production. The environmentalists are concerned | :01:52. | :01:54. | |
about the amount of coal, because there are water tables, and also the | :01:55. | :02:02. | |
area where the coal will be shipped. Abbott `` Abbot's Point. Does it | :02:03. | :02:19. | |
need another mine? How will this address energy needs? There is no | :02:20. | :02:27. | |
doubt that this will be able to supply power stations for a long | :02:28. | :02:31. | |
time to come. The life of the mine is something like 60 years. We do | :02:32. | :02:35. | |
believe that, looking forward, thermal coal as an energy source is | :02:36. | :02:39. | |
not going to go away. It will incrementally increase. So by the | :02:40. | :02:45. | |
time this project comes into being, which will be several years, we do | :02:46. | :02:48. | |
expect the demand for thermal coal would have risen. By the mid`2020s, | :02:49. | :02:58. | |
you know, I expect the coal will be well used. New data out this morning | :02:59. | :03:06. | |
shows Japanese spending and retail sales dropped. Consumers are | :03:07. | :03:11. | |
tightening their purse strings, showing they are not happy with | :03:12. | :03:20. | |
recent tax hikes. He campaigned, and he promised and he delivered, and | :03:21. | :03:24. | |
now his popularity is declining, in part due to those promises, aimed at | :03:25. | :03:27. | |
bringing Japan back on the path of economic growth. 18 months after | :03:28. | :03:30. | |
taking office, Prime Minister Shinzo Abe's policies are no longer popular | :03:31. | :03:36. | |
at home. A recent poll carried out showed his approval rating for his | :03:37. | :03:39. | |
Cabinet fell to 45.6%, which is the lowest ever. From 1000 who responded | :03:40. | :03:51. | |
to the poll, 47% expressed disapproval of the Prime Minister's | :03:52. | :03:55. | |
economic policies. His most recently implemented policy was to increase | :03:56. | :03:58. | |
consumption tax, a move expected to spur spending. And end nearly two | :03:59. | :04:09. | |
decades of deflation, or falling prices. It is also designed to bring | :04:10. | :04:15. | |
down Japan's massive public debt. But one month after the hike in | :04:16. | :04:18. | |
consumption tax, retail sales fell at a record price in May. Consumers | :04:19. | :04:26. | |
racked up spending before the tax hike, and held off spending after. | :04:27. | :04:34. | |
The government will face another battle in December, when it needs to | :04:35. | :04:38. | |
decide whether they should hike the unpopular tax from 8% to 10%. I | :04:39. | :04:45. | |
spoke to a correspondent from JP Morgan. He says Shinzo Abe is still | :04:46. | :04:49. | |
very popular, despite his economic policies. For the first time in 1.5 | :04:50. | :04:56. | |
years in power, his popularity is below 50%. It is hardly a big | :04:57. | :05:01. | |
plunge. I think most politicians would be envious of his 45% rate. | :05:02. | :05:07. | |
But to the point, yes, taxes have been hiked, and people are not happy | :05:08. | :05:10. | |
about it. That is natural. That is the way it is. But I think the good | :05:11. | :05:16. | |
news is going to be that the underlying economic recovery in | :05:17. | :05:21. | |
Japan is still intact. So a feelgood factor is going to start coming | :05:22. | :05:24. | |
through in the next couple of months. Tell us, how is the Prime | :05:25. | :05:30. | |
Minister trying to bring back voters and boost the rural economy? How | :05:31. | :05:38. | |
might this work? Let's face it. There are no easy solutions here for | :05:39. | :05:42. | |
the government. Taxes will have to go up further. Japan's public | :05:43. | :05:46. | |
deficit is more than 250% of GDP. So it is going to be not an easy route. | :05:47. | :05:54. | |
The good news is the private sector. It is not about the Prime Minister | :05:55. | :05:57. | |
or the government. Corporate Japan has restructured. Corporate Japan | :05:58. | :06:03. | |
hiring people quite aggressively. It is their falling unemployment rate, | :06:04. | :06:05. | |
their improvement in income, that is where the feelgood factor is coming | :06:06. | :06:12. | |
from in Japan. In fact, new figures show unemployment in Japan rose for | :06:13. | :06:16. | |
the first time in almost a year. The jobless rate climbed to 3.7% in | :06:17. | :06:19. | |
June. The markets had been expecting unemployment to remain flat, but it | :06:20. | :06:23. | |
may not be as bad as it seems. The Labour Ministry said the number of | :06:24. | :06:26. | |
job offers rose to its highest rate in more than two decades. More | :06:27. | :06:30. | |
people are said to be looking for work, as the Labour market improves. | :06:31. | :06:38. | |
Japanese carmaker Nissan has reported a rise in profits, which is | :06:39. | :06:48. | |
a 13% jump. And it is nearly tripled the margins posted last financial | :06:49. | :06:53. | |
year, when they felt the impact of a expansion drive in lifting its | :06:54. | :06:57. | |
global market share. Microsoft has confirmed that the body responsible | :06:58. | :07:00. | |
for enforcing business laws in China visited some of its officers. The | :07:01. | :07:04. | |
firm, which is not accused of any wrongdoing, did not disclose the | :07:05. | :07:07. | |
reasons for the visit, but it may face an anti`trust investigation. | :07:08. | :07:17. | |
Microsoft issued a statement saying it will answer any concerns the | :07:18. | :07:24. | |
government have. American meat supplier which owns a Chinese | :07:25. | :07:26. | |
company at the centre of the food scare is stepping in to take control | :07:27. | :07:40. | |
of operations. The OSI Group says Husi in Shanghai fell short of its | :07:41. | :07:43. | |
high standards. It comes after five Husi staff were detained last week, | :07:44. | :07:46. | |
following allegations he firm sold out`of`date meat to firms like KFC | :07:47. | :07:53. | |
and McDonald's. Boss of the parent company is now in damage control. It | :07:54. | :08:02. | |
is all about rebuilding trust and respect in systems with integrity. | :08:03. | :08:08. | |
And about ensuring that never happens again. The food safety | :08:09. | :08:15. | |
scandal was not confined to the Chinese mainland. It also affected | :08:16. | :08:20. | |
Japan and Hong Kong, where local food safety officers are looking | :08:21. | :08:26. | |
into it. From there, our correspondent reports. Like other | :08:27. | :08:31. | |
outlets across China, this McDonald's, located in Hong Kong's | :08:32. | :08:34. | |
business district, has stopped selling its products because of a | :08:35. | :08:41. | |
tainted meat scandal. Now here, Chicken McNuggets, amongst other | :08:42. | :08:44. | |
items have been pulled from the menu because they have been linked to | :08:45. | :08:47. | |
Husi, the supplier accused of selling expired meat. Now in other | :08:48. | :09:01. | |
parts of the country, hamburgers are also off the menu. Now at this | :09:02. | :09:07. | |
particular branch, it is no exaggeration that business used to | :09:08. | :09:10. | |
be booming for Breakfast, lunch and dinner, and all the hours in | :09:11. | :09:15. | |
between. But now it is clear they far fewer customers. So what do | :09:16. | :09:20. | |
consumers have to say about eating here? TRANSLATION: Actually I know | :09:21. | :09:27. | |
that McDonald's food is not healthy. After the news broke, I stopped | :09:28. | :09:30. | |
eating McDonald's, because I worried that more problems would arise | :09:31. | :09:36. | |
later. I am not surprised. I think that other companies would have | :09:37. | :09:39. | |
similar things, whether this is exposed or not. There is a mix of | :09:40. | :09:46. | |
opinion here. It is important to point out that no`one has reported | :09:47. | :09:51. | |
being sickened by the expired meat. Here at McDonald's Hong Kong, they | :09:52. | :09:55. | |
promise to resume selling salad as early as next week, with supplies | :09:56. | :10:00. | |
from Taiwan or the United States. But it is unknown at the moment when | :10:01. | :10:08. | |
chicken will be back on the menu. A quick look at the markets now. Most | :10:09. | :10:13. | |
markets are higher. However, a lot of markets and investors are | :10:14. | :10:18. | |
sidelined as they await some aged data due out this week. Housing data | :10:19. | :10:21. | |
from the US as well as reports from GDP. As well, the Federal reserve is | :10:22. | :10:27. | |
meeting to decide on interest rates this week. So a lot of anticipation | :10:28. | :10:31. | |
ahead of that. That is it for this edition of Asia Business Report. You | :10:32. | :10:41. | |
are watching BBC News. The main headlines: Intense shelling is | :10:42. | :10:46. | |
continuing in Gaza, after Israel's Prime Minister warns of a prolonged | :10:47. | :10:49. | |
military campaign. Air strikes have targeted a building housing media | :10:50. | :10:50. | |
companies. | :10:51. | :10:52. |