:00:11. > :00:13.business news live from Singapore. New labour laws in Singapore look
:00:14. > :00:20.set to make it harder for foreigners to get jobs. And Macau, the casino
:00:21. > :00:30.capital of the world. But is China's anticorruption drive keeping a
:00:31. > :00:35.development away? Thank you for joining us for this edition of the
:00:36. > :00:38.Asia Business Report. Businesses here in Singapore are now operating
:00:39. > :00:44.under new laws that will make it harder for foreigners to get jobs.
:00:45. > :00:47.Critics say it is a turnaround for this island nation, which is known
:00:48. > :00:53.for its booming economy and which regularly tops global rankings for
:00:54. > :00:58.ease of doing business. The government says the laws will level
:00:59. > :01:05.the playing field for locals. But many worry it will have a negative
:01:06. > :01:09.impact on the economy. Now we go to our correspondent. Singapore, a
:01:10. > :01:12.nation with many different faces. Alongside its multicultural local
:01:13. > :01:16.population, nearly one in three is a foreigner. Many of them having
:01:17. > :01:19.flocked here from Europe, Australia and other parts of Asia for job
:01:20. > :01:25.opportunities not available back home. In the heart of Singapore's
:01:26. > :01:29.business district, the mix of locals and foreigners is quite evident.
:01:30. > :01:35.This is a nation of immigrants that built a reputation on being an open
:01:36. > :01:55.and free economy. Things are now changing. New laws have just taken
:01:56. > :01:58.effect that require employers to advertise jobs with a maximum pay of
:01:59. > :02:02.9600 dollars per month to locals before foreigners. Advertisements
:02:03. > :02:05.will have to be run for two weeks before they can be targeted towards
:02:06. > :02:10.foreigners. It has triggered mixed feelings. It is going to get harder.
:02:11. > :02:12.Not great for us, I guess. I am finding a job soon. It increases the
:02:13. > :02:22.opportunities for me. definitely worried about
:02:23. > :02:23.competition. But in a competitive nation you have to step up to the
:02:24. > :02:28.challenge. Nearly 34% of the workforce foreigners. And this will
:02:29. > :02:36.create hurdles for companies trying to find workers with the right skill
:02:37. > :02:42.set. A problem recruiters say it will begin to feel more acutely. We
:02:43. > :02:44.already have a skill shortage. There is a danger that this might
:02:45. > :02:48.exacerbate issues of organisations of setting up businesses in
:02:49. > :02:54.Singapore. It is yet to be seen. But in the long`term, this might have a
:02:55. > :02:57.negative impact. The government has faced vocal opposition from
:02:58. > :03:10.Singapore locals. It is looking to get support. They say the new rules
:03:11. > :03:14.will ensure there is employment. They echo the guidelines of many
:03:15. > :03:17.other countries. For a nation with little natural resources, a diverse
:03:18. > :03:30.labour force is crucial for it to continue along a path of success.
:03:31. > :03:34.Authorities in India have elected a chairman of the state`run syndicate
:03:35. > :03:40.bank on allegations of bribery related to loans. He was taken into
:03:41. > :03:44.custody late on Saturday in what is being described as the first
:03:45. > :03:51.large`scale anticorruption raid since India voted in its new Prime
:03:52. > :03:57.Minister Narendra Modi. The case is being handled by the country's
:03:58. > :03:59.Bureau of investigation. China's nonmanufacturing data slowed. The
:04:00. > :04:13.survey covers sectors like software, construction, aviation and
:04:14. > :04:17.transport. The numbers came in at 54.2% in July, down slightly from
:04:18. > :04:22.June. A reading above 50 indicates an expansion. The world's casino
:04:23. > :04:26.capital is on a bit of a losing streak. It has reported its second
:04:27. > :04:28.consecutive loss on revenue takings. Gambling revenue is still at $3.5
:04:29. > :04:41.billion, on top of a similar slump in June. This is the first fall in
:04:42. > :04:44.five years. I asked if we were likely to see a further fall in
:04:45. > :04:47.revenues this year. Earnings are expected to reflect what we have
:04:48. > :05:00.already seen reported in the city as a whole. We will have reports later
:05:01. > :05:04.this Thursday. They both run large, popular casinos. Investors will be
:05:05. > :05:08.scrutinising those reports to see how they are reacting and responding
:05:09. > :05:16.to what we have already seen in June and July. With those revenue falls,
:05:17. > :05:24.it is the first time we have seen this happen since the height of the
:05:25. > :05:28.financial crisis. This is a city that has become synonymous with
:05:29. > :05:33.casino gambling. In terms of revenue, it is seven times bigger
:05:34. > :05:39.than Las Vegas. In terms of business, $45 billion last year. The
:05:40. > :05:41.reason we have been seeing these falls in casino business is
:05:42. > :05:50.essentially the ongoing anticorruption crackdown in China.
:05:51. > :05:56.As a result of that, we have also seen some new Visa restrictions for
:05:57. > :06:03.some travellers. We have also had the World Cup. The fact a lot of
:06:04. > :06:15.gamblers in China love the World Cup. They love football. They have
:06:16. > :06:35.been putting their money, some of it, illegally online. Instead of
:06:36. > :06:37.legaslly in Macau. In other financial news, Portugal's Central
:06:38. > :06:41.Bank is announcing plans to rescue the troubled lender. It will be
:06:42. > :06:44.split into two parts. One will be a good bank, with healthy assets, the
:06:45. > :06:47.other a bad bank with toxic assets. It will get an injection of $6.6
:06:48. > :06:53.billion from Portugal bailout fund and those in Europe are worried
:06:54. > :07:03.about energy bills increasing. This is especially in the housing
:07:04. > :07:06.market. The research firm said it found a staggering increase in the
:07:07. > :07:08.number of people who intend to prioritise energy efficiency. What
:07:09. > :07:11.makes a good entrepreneur? One person who knows is Singapore `based
:07:12. > :07:13.Grace Clapham. She has been hand`picked by Richard Branson and
:07:14. > :07:21.Steve Wozniack for an entrepreneur award. Her not`for`profit business
:07:22. > :07:35.helps others become successful entrepreneurs. It includes a
:07:36. > :07:38.networked called Secret Women's Business. I asked her what motivated
:07:39. > :07:42.her to start this business. For me, I was lacking a space for myself.
:07:43. > :07:46.When I reached out to some friends, they were feeling the same way. I
:07:47. > :07:49.decided to try it out with 12 women, see what happened. We ended up
:07:50. > :07:53.getting a response of about 50. It is about creating a space that was
:07:54. > :07:57.free that allowed us to be more than a network. We are not just handing
:07:58. > :08:00.out business cards, but we were able to provide a comfortable space for
:08:01. > :08:09.education, for P2P sharing, as well as creating bonds and relationships.
:08:10. > :08:15.Why do women need these communities more than men? I get asked this
:08:16. > :08:22.question quite a bit. I do not know. I think we need more talking. We
:08:23. > :08:30.tend to talk more. We also tend to be a little bit more...we need a
:08:31. > :08:45.comfortable environment. Is this something we see across Asia? Secret
:08:46. > :08:48.Women's Business runs in six cities. In Singapore, Bali, Jakarta,
:08:49. > :08:53.Bangkok, and we are launching in Manila soon. We are launching the
:08:54. > :08:57.communities across the region. There is cooperation and bartering going
:08:58. > :09:01.on. I will do marketing for you if you help me with my website. Is this
:09:02. > :09:05.because there is a lack of women role models in Asia? I do not know
:09:06. > :09:08.if it is about a lack of role models. I think it is about, how you
:09:09. > :09:14.provide access to women interested in being entrepreneurs? And how do
:09:15. > :09:17.you provide more information and tools and resources to them against
:09:18. > :09:31.having to go down a traditional route? What kind of businesses?
:09:32. > :09:37.Technology, lifestyle, fashion, and so forth. Women can compete across
:09:38. > :09:40.the board. Absolutely. You have a lot of technology in Singapore, in
:09:41. > :09:48.Bangkok. In Indonesia, in Jakarta, the growth of the women
:09:49. > :09:53.entrepreneurs is significant. Award`winning entrepreneur Grace
:09:54. > :10:01.Clapham. Before we go, a quick look at the Asian markets. We are seeing
:10:02. > :10:07.a turnaround in sentiment in midmorning trade with Japan and Hong
:10:08. > :10:16.Kong in positive territory and Australia at parity in early trade,
:10:17. > :10:21.down by just 19 points despite US stocks falling on Friday which gave
:10:22. > :10:27.the market its worst week in two years. Investors are still concerned
:10:28. > :10:30.about geopolitical concerns in Israel and Ukraine. Also problems in
:10:31. > :10:42.Europe and Argentina with the debt default. Thank you for investing
:10:43. > :10:47.your time with us. Goodbye for now. You are watching BBC News. The top
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