25/08/2014 Asia Business Report


25/08/2014

Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.


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Hill Carnival. It was children's day. In total more than 1 million

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Time for all the business news. Time for all the business news.

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up new markets after the first export ship sells out in Singapore.

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And we will take a look at what a key meeting in the American city of

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Jackson reveals for the US economy. Welcome to Asia Business Report.

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Japan's restarted exports of rice grown in Fukushima for the first

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time since foreign sales were halted in 2011. A 300 kilograms shipment

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went on sale in Singapore and sold out in just over 24 hours. The race

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was harvested about 60 kilometres from the Fukushima nuclear plant.

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If this goes well, it could mark a turning point for Fukushima's

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farmers. It is only 60 bags of rice, but it is the first shipment to be

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exported from the region since foreign retailers shunned it in the

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wake of the nuclear disaster in 2011. TRANSLATION: We brought in 60

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bags. 300 kilograms in total. In 24 hours, half has been sold. The proof

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is in the eating. That is why they decided to cook some of the race for

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people to taste. Some have agreed to trade. Is it OK? It is normal. Would

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you be worried about eating rice from Fukushima? No. If it is... I am

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sure they have done enough tests. Trade officials from Japan have come

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to Singapore to reassure potential buyers. One of them explains to me

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how the race is tested before it can be exported. There is no hiding

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weapons rice has come from. Each bag has a sticker saying it is a product

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from Fukushima. But what is important is this label. It says it

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has been cleared by radiation testing and is certified as safe to

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eat. Singapore was deliberately chosen as

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the first export market. TRANSLATION: Singapore is very

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strict about food safety. We hope it has been proved and people will

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realise it is safe. That is why there is so much at stake. The

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tsunami and earthquake which crippled the nuclear plant spilt

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radioactive material across nearby towns and farmland. A region once

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known for its high`quality rice and fruit became a wasteland. Rice

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exports of 100 tons each year, mainly to Hong Kong and Taiwan,

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became zero. That date is at the front of the

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minds of some shoppers. That is the main reason? Fukushima's farmers may

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have a tougher time selling it to other markets. But there is plenty

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of public debate about whether the rice is said to eat. Japanese

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authorities know they have a big challenge overcoming those concerns.

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Jackson hole in the American state of Wyoming, that was the destination

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for the annual get`together hosted by the chair of the US Federal

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reserve. There was plenty to discuss, including how to manage the

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relationship between unemployment and inflation. But the question

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hanging over proceedings was, when our US interest rates going up? I

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asked what that will mean for Asian markets. Just explain what she means

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by this. The unemployment rate is around 6.5%. People are hiring in

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the US, but also more people are getting back into the labour force.

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She thinks the market will go up and up. That is good news. The effect of

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that on Asian producers, more people are getting jobs and they should get

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more products. That should be good news for Asia. Last year we saw a

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massive meltdown for emerging markets. Many in Asia were dismayed

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when the Fed said that they would raise interest rates. Do you think

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they are more resilient now? Definitely. I do not know why they

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were expecting it. But they have taken a hit on that. When the Fed

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papers and removes, we should not see much of an effect on the stock

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markets around the world, or even currencies.

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The ten members of Association of Southeast Asian Nations form an

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economic community. The 600 million people would be able to work within

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any country. This could have challenges as well as opportunities.

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I asked how this would affect the region. Southeast Asia is to be

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classified under Asia, Asia`Pacific, far east. Now it

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stands up as a region in its own right. And that can, that sort of

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mindset as how one looks at it can only intensify. That of course will

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see a lot of government reform. On the private sector side, we already

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see increased collaboration, investments, throughout the region.

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The Chinese carmaker BYD, supported by Warren Buffett, posted a slump.

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There was an offset in the search of its electric car business.

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A Chinese oil giant has beaten a forecast in profits. It was the $2

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billion, compared to 2.2 billion other. `` $3 billion.

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Dialogue between India and Pakistan has again been derailed. A talk

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scheduled to be held in Islamabad today was called off after

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Pakistan's ambassador met Kashmir separatist leaders. We have been

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looking at the lost business and trade opportunities between the two

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countries. Ties between the neighbours have been growing and

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hopes that the delicate and troubled relationship would be improved have

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been sparked by the new Indian Prime Minister inviting the Pakistani

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President to visit. HS2 seen as unprecedented. But all

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too quickly, over the touchy issue of Kashmir, relations have once

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again soured. And that means trade ties which are already very limited

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could also suffer. Our trade is $2.6 billion. It is nothing. Illegal

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trade is twice as much. So is third`party trade. This is a tax on

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everybody, the Pakistani government, the Indian government and the Indian

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people. India often gets onions from Pakistani and Islamabad depends on

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Delhi for wheat exports. From Mumbai, India's is this capital and

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an important port on the country's West Coast, Karachi is just about

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1000 kilometres away. A short distance for cargo ships and not

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long for passengers either. It is a link that could benefit both

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countries if it was open to free traffic. But so far security

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concerns have stopped that. This is one of the few places along the

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border that allows trade between the countries. While India has no

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restriction on imports and exports, there are more than 1200 Indian

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products banned from Pakistan, including garments and textiles.

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Here in India, the Prime Minister has made it clear that he wants to

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strengthen ties in South Asia. Despite the political conflict in

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Pakistan, there is a realisation that without improving that

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relationship, this may never be possible.

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That was on India business report, you can tune in every weekend.

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A quick look at the markets. They are all fairly mixed in Asia. Gains

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due to the weaker yen, the US dollar incredibly strong. It has gone up to

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an 11 month high. That has been propelling Japanese stocks higher.

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That increases profits. However, others lowered taking their cues

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from New York. And of course, the comments about the Fed continuing to

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be cautious about interest rates. That is it for this edition of Asia

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Business Report. Thank you for watching.

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This is BBC News. Here are the headlines: Richard Attenborough,

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widely regarded as one Briton's greatest actors and some directors,

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has died at the age 90. An American journalist kidnapped

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nearly two is ago has been freed and handed over to the United Nations.

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A British man

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