04/08/2014 Asia Business Report

business news live from Singapore. New labour laws in Singapore look

set to make it harder for foreigners to get jobs. And Macau, the casino

capital of the world. But is China's anticorruption drive keeping a

development away? Thank you for joining us for this edition of the

Asia Business Report. Businesses here in Singapore are now operating

under new laws that will make it harder for foreigners to get jobs.

Critics say it is a turnaround for this island nation, which is known

for its booming economy and which regularly tops global rankings for

ease of doing business. The government says the laws will level

the playing field for locals. But many worry it will have a negative

impact on the economy. Now we go to our correspondent. Singapore, a

nation with many different faces. Alongside its multicultural local

population, nearly one in three is a foreigner. Many of them having

flocked here from Europe, Australia and other parts of Asia for job

opportunities not available back home. In the heart of Singapore's

business district, the mix of locals and foreigners is quite evident.

This is a nation of immigrants that built a reputation on being an open

and free economy. Things are now changing. New laws have just taken

effect that require employers to advertise jobs with a maximum pay of

9600 dollars per month to locals before foreigners. Advertisements

will have to be run for two weeks before they can be targeted towards

foreigners. It has triggered mixed feelings. It is going to get harder.

Not great for us, I guess. I am finding a job soon. It increases the

opportunities for me. definitely worried about

competition. But in a competitive nation you have to step up to the

challenge. Nearly 34% of the workforce foreigners. And this will

create hurdles for companies trying to find workers with the right skill

set. A problem recruiters say it will begin to feel more acutely. We

already have a skill shortage. There is a danger that this might

exacerbate issues of organisations of setting up businesses in

Singapore. It is yet to be seen. But in the long`term, this might have a

negative impact. The government has faced vocal opposition from

Singapore locals. It is looking to get support. They say the new rules

will ensure there is employment. They echo the guidelines of many

other countries. For a nation with little natural resources, a diverse

labour force is crucial for it to continue along a path of success.

Authorities in India have elected a chairman of the state`run syndicate

bank on allegations of bribery related to loans. He was taken into

custody late on Saturday in what is being described as the first

large`scale anticorruption raid since India voted in its new Prime

Minister Narendra Modi. The case is being handled by the country's

Bureau of investigation. China's nonmanufacturing data slowed. The

survey covers sectors like software, construction, aviation and

transport. The numbers came in at 54.2% in July, down slightly from

June. A reading above 50 indicates an expansion. The world's casino

capital is on a bit of a losing streak. It has reported its second

consecutive loss on revenue takings. Gambling revenue is still at $3.5

billion, on top of a similar slump in June. This is the first fall in

five years. I asked if we were likely to see a further fall in

revenues this year. Earnings are expected to reflect what we have

already seen reported in the city as a whole. We will have reports later

this Thursday. They both run large, popular casinos. Investors will be

scrutinising those reports to see how they are reacting and responding

to what we have already seen in June and July. With those revenue falls,

it is the first time we have seen this happen since the height of the

financial crisis. This is a city that has become synonymous with

casino gambling. In terms of revenue, it is seven times bigger

than Las Vegas. In terms of business, $45 billion last year. The

reason we have been seeing these falls in casino business is

essentially the ongoing anticorruption crackdown in China.

As a result of that, we have also seen some new Visa restrictions for

some travellers. We have also had the World Cup. The fact a lot of

gamblers in China love the World Cup. They love football. They have

been putting their money, some of it, illegally online. Instead of

legaslly in Macau. In other financial news, Portugal's Central

Bank is announcing plans to rescue the troubled lender. It will be

split into two parts. One will be a good bank, with healthy assets, the

other a bad bank with toxic assets. It will get an injection of $6.6

billion from Portugal bailout fund and those in Europe are worried

about energy bills increasing. This is especially in the housing

market. The research firm said it found a staggering increase in the

number of people who intend to prioritise energy efficiency. What

makes a good entrepreneur? One person who knows is Singapore `based

Grace Clapham. She has been hand`picked by Richard Branson and

Steve Wozniack for an entrepreneur award. Her not`for`profit business

helps others become successful entrepreneurs. It includes a

networked called Secret Women's Business. I asked her what motivated

her to start this business. For me, I was lacking a space for myself.

When I reached out to some friends, they were feeling the same way. I

decided to try it out with 12 women, see what happened. We ended up

getting a response of about 50. It is about creating a space that was

free that allowed us to be more than a network. We are not just handing

out business cards, but we were able to provide a comfortable space for

education, for P2P sharing, as well as creating bonds and relationships.

Why do women need these communities more than men? I get asked this

question quite a bit. I do not know. I think we need more talking. We

tend to talk more. We also tend to be a little bit more...we need a

comfortable environment. Is this something we see across Asia? Secret

Women's Business runs in six cities. In Singapore, Bali, Jakarta,

Bangkok, and we are launching in Manila soon. We are launching the

communities across the region. There is cooperation and bartering going

on. I will do marketing for you if you help me with my website. Is this

because there is a lack of women role models in Asia? I do not know

if it is about a lack of role models. I think it is about, how you

provide access to women interested in being entrepreneurs? And how do

you provide more information and tools and resources to them against

having to go down a traditional route? What kind of businesses?

Technology, lifestyle, fashion, and so forth. Women can compete across

the board. Absolutely. You have a lot of technology in Singapore, in

Bangkok. In Indonesia, in Jakarta, the growth of the women

entrepreneurs is significant. Award`winning entrepreneur Grace

Clapham. Before we go, a quick look at the Asian markets. We are seeing

a turnaround in sentiment in midmorning trade with Japan and Hong

Kong in positive territory and Australia at parity in early trade,

down by just 19 points despite US stocks falling on Friday which gave

the market its worst week in two years. Investors are still concerned

about geopolitical concerns in Israel and Ukraine. Also problems in

Europe and Argentina with the debt default. Thank you for investing

your time with us. Goodbye for now. You are watching BBC News. The top

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