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people in custody unnecessarily. Now on BBC News, all the latest | :00:00. | :00:00. | |
business news, live from Singapore with Asia Business Report. | :00:00. | :00:16. | |
As Thailand releases its latest economic report card, we look at how | :00:17. | :00:22. | |
the nation's bottom line is looking under military rule. And recent data | :00:23. | :00:27. | |
shows that India is losing visitor numbers. We find out why. | :00:28. | :00:40. | |
Welcome to Asia Business Report. In a moment, we are set to the | :00:41. | :00:45. | |
weather Thailand's economy has avoided recession in the first three | :00:46. | :00:49. | |
months of this year, which saw political chaos and thousands | :00:50. | :00:55. | |
protesting in Bangkok. All eyes are on the second`quarter numbers, when | :00:56. | :00:58. | |
the military took control of the country in a coup. Meanwhile, South | :00:59. | :01:08. | |
Korea's top carmaker and the world's fourth largest is preparing | :01:09. | :01:11. | |
for its 47,000 unionised workers to strike. They voted to take action | :01:12. | :01:17. | |
after talks about wages collapsed last week but it is not yet clear | :01:18. | :01:21. | |
when they will strike or how long. South Korean car producers face | :01:22. | :01:26. | |
regular industrial action by employees but it does not mean they | :01:27. | :01:30. | |
are immune to the damage that can be done. What effect could be strike | :01:31. | :01:37. | |
have? There will be quite a bit of damage, especially given that Korean | :01:38. | :01:43. | |
exports are facing pressure from both the weakening Japanese yen and | :01:44. | :01:51. | |
a more competitive environment. If the demands of the union are net or | :01:52. | :01:57. | |
even dilutive, the kind of wage growth will have an effect on | :01:58. | :02:05. | |
profits. `` is the demands are met even in a diluted form. If they get | :02:06. | :02:13. | |
higher wages, what effect might this have on Korean manufacturing at | :02:14. | :02:22. | |
large? Will Korean companies fees `` companies seek cheaper manufacturing | :02:23. | :02:28. | |
elsewhere? There is a broader trend of relocating auto manufacturing | :02:29. | :02:33. | |
from Korea to China. And US manufacturing rates are becoming | :02:34. | :02:36. | |
more competitive with relation to the Korean wage rate. It is likely | :02:37. | :02:41. | |
that some of the manufacturing production will be moved to the US, | :02:42. | :02:46. | |
especially if that is going to be sold on US soil. One of the world's | :02:47. | :02:57. | |
biggest property developers has reported a boost in its first half | :02:58. | :03:04. | |
net profit. It follows a downturn in the Chinese housing market. Profit | :03:05. | :03:10. | |
rose by 6% to more than $780 million. Staying with China, tens of | :03:11. | :03:16. | |
thousands of Volkswagen vehicles will be recalled on the mainland | :03:17. | :03:19. | |
because of a problem with their steering systems. The recall will | :03:20. | :03:25. | |
affect more than 50,000 vehicles made between 2010 and 2012. | :03:26. | :03:36. | |
Volkswagen has a joint arrangement with the Chinese auto manufacturer, | :03:37. | :03:41. | |
the FAW Group. Boggs wagon will replace the parts free of charge. `` | :03:42. | :03:51. | |
Volkswagen. For a long while India has admitted | :03:52. | :03:54. | |
it doesn't get as many foreign visitors as it might expect. Even in | :03:55. | :03:57. | |
Asia, it lags behind Taiwan and Indonesia. Despite talk of trying to | :03:58. | :04:00. | |
change that, recent data suggest tourist numbers are falling, | :04:01. | :04:03. | |
possibly by as much as 30%. What is going on? In Delhi, our | :04:04. | :04:10. | |
correspondent tells us more. The fatal gang rape of a young student | :04:11. | :04:14. | |
here almost two years ago led to a countrywide protest and was reported | :04:15. | :04:16. | |
worldwide, adding to an image that India, and especially Delhi, was | :04:17. | :04:19. | |
unsafe for women. The organisation running India's famous monuments | :04:20. | :04:22. | |
says since then they have seen a sharp fall in ticket sales to | :04:23. | :04:28. | |
foreign tourists. Tourism makes up about 7% of the country's GDP, about | :04:29. | :04:36. | |
the same as the IT sector. It is responsible for about 100 million | :04:37. | :04:42. | |
jobs. But official data from last year showed the entire country | :04:43. | :04:45. | |
attracted fewer than seven million tourists, while cities like London | :04:46. | :04:47. | |
and Bangkok attract twice as much. But experts say not enough is being | :04:48. | :04:51. | |
invested in making tourism here attractive. There are clear | :04:52. | :04:54. | |
infrastructure issues. It is difficult to get to and from | :04:55. | :05:00. | |
places. It's poor connectivity between places, lack of quality | :05:01. | :05:13. | |
hotel infrastructure. And getting a visa to India isn't the easiest. | :05:14. | :05:17. | |
These tourists have chosen India for their holidays. But with competition | :05:18. | :05:22. | |
increasing from countries across the region, encouraging more to do the | :05:23. | :05:28. | |
same is getting harder. And with an economy that is growing at its | :05:29. | :05:30. | |
slowest pace in a decade, India can't afford to lose out on precious | :05:31. | :05:40. | |
tourism dollars. Imagine knowing what you wanted to | :05:41. | :05:44. | |
do from about the age of eight. Well, Matt Grainger did. He started | :05:45. | :05:51. | |
working as a young surfing instructor at 12 before going on to | :05:52. | :05:55. | |
study sport at university. Now, he runs one of Australia's most | :05:56. | :05:58. | |
successful surf schools on Sydney's Manly Beach. He told the BBC more | :05:59. | :06:06. | |
about his operations. When we first started, we only had | :06:07. | :06:10. | |
about 15 surfboards and it was me and another guy. And now I have | :06:11. | :06:16. | |
about 50 staff in the summertime, in the peak period. We teach people | :06:17. | :06:19. | |
from around the world and local kids, who we teach as part of the | :06:20. | :06:22. | |
school curriculum as well. It's turned into this really good | :06:23. | :06:27. | |
business. Yeah. Who would have thought? At the end of the day, for | :06:28. | :06:38. | |
me, surfing is about having fun, getting stoked and big`wave | :06:39. | :06:41. | |
adrenaline. Let's have fun! We run four session today at Manly for | :06:42. | :06:44. | |
group lessons. Then we have private lessons from when the sun comes up | :06:45. | :06:47. | |
until the sun goes down. In winter, we have about 12 staff. You have ot | :06:48. | :07:04. | |
have a good service. `` have to. We have all things like TripAdviser | :07:05. | :07:07. | |
rating us. It's a big operation in summer. We have other beaches as | :07:08. | :07:10. | |
well. I'm lucky because I love teaching surfing. I pretty much | :07:11. | :07:14. | |
hand`picked most of my staff and trained them up. We do lower ratios | :07:15. | :07:20. | |
for foreigners. Our core business is for foreigners. As we've grown, we | :07:21. | :07:24. | |
have taken on local school groups, which we don't charge so much | :07:25. | :07:27. | |
because they bring in about 60 kids at once. The seasonal thing is the | :07:28. | :07:30. | |
problem because we have this massive... Bang or bust. So many | :07:31. | :07:38. | |
customers through summer and business thriving, then pretty much | :07:39. | :07:42. | |
we hit winter and we have to hold onto our core staff, keep them in | :07:43. | :07:45. | |
the game. Rather than shutting down, we keep going. For the people to | :07:46. | :07:52. | |
come and experience the buzz of Manly Beach, sand, surf, blue skies, | :07:53. | :07:55. | |
clear water, we make it happen. This is a dream job. | :07:56. | :08:11. | |
We have the latest from Thailand on its growth numbers, which are 0.4% | :08:12. | :08:20. | |
growth on the year and 3.9% on the quarter. Thank you for joining us. | :08:21. | :08:27. | |
Jonathan, Thailand has avoided a technical recession. Is that a | :08:28. | :08:33. | |
surprise? It is in line with recent expectations. People have seen an | :08:34. | :08:37. | |
increase in confidence and a slight increase in export informants, | :08:38. | :08:42. | |
consumer confidence and invested confidence despite the enormous blow | :08:43. | :08:48. | |
the economy took in the political turmoil and the coup. Tourism is | :08:49. | :08:52. | |
down but at least the trend has reversed. When the authorities got | :08:53. | :09:00. | |
the first`quarter numbers, showing a 2% contraction, it was extremely | :09:01. | :09:05. | |
discouraging and a very worrying sign full of there were already | :09:06. | :09:09. | |
economic problems facing Thailand even before the political turmoil, | :09:10. | :09:13. | |
with lagging consumer confidence and higher consumer debt. Now, the trend | :09:14. | :09:19. | |
is moving the other way, which will encourage the new military | :09:20. | :09:21. | |
government, which is hoping that a high spending budget will be quickly | :09:22. | :09:32. | |
dispersed. It has revived the massive infrastructure plans of the | :09:33. | :09:35. | |
previous government, adding to a stimulus to keep the economy going, | :09:36. | :09:39. | |
getting back to the kind of growth figures we have seen in the past but | :09:40. | :09:42. | |
top even with this trend reversal, we are expecting only 1%, 1.5% of | :09:43. | :09:50. | |
growth this year. It does suggest that the literary government is for | :09:51. | :09:56. | |
now anyway good for the Thai economy. That is difficult to say. | :09:57. | :10:00. | |
These figures reflect the second quarter. The coup happened only at | :10:01. | :10:06. | |
the end of the second quarter. The new government has made reviving the | :10:07. | :10:09. | |
economy and absolute priority but there are still questions about how | :10:10. | :10:15. | |
it can handle that. This is the most militarised government in decades | :10:16. | :10:17. | |
and they are untested in managing the economy. Thank you. That's it | :10:18. | :10:25. | |
for this edition of Asia Business Report. Thanks for watching. | :10:26. | :10:38. | |
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launches air strikes on Islamic militants. Kurdish troops say they | :10:43. | :10:45. | |
have retaken most of the area around the dam. | :10:46. | :10:51. | |
An Ebola quarantine centre has been | :10:52. | :10:52. |