25/08/2014 Asia Business Report


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


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


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


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


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


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


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


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


was harvested about 60 kilometres from the Fukushima nuclear plant.


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


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


exported from the region since foreign retailers shunned it in the


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


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


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


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


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


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


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


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


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


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


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


eat. Singapore was deliberately chosen as


the first export market. TRANSLATION: Singapore is very


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


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


tsunami and earthquake which crippled the nuclear plant spilt


radioactive material across nearby towns and farmland. A region once


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


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


became zero. That date is at the front of the


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


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


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


authorities know they have a big challenge overcoming those concerns.


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


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


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


relationship between unemployment and inflation. But the question


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


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


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


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


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


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


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


massive meltdown for emerging markets. Many in Asia were dismayed


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


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


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


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


markets around the world, or even currencies.


The ten members of Association of Southeast Asian Nations form an


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


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


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


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


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


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


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


see increased collaboration, investments, throughout the region.


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


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


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


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


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


scheduled to be held in Islamabad today was called off after


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


looking at the lost business and trade opportunities between the two


countries. Ties between the neighbours have been growing and


hopes that the delicate and troubled relationship would be improved have


been sparked by the new Indian Prime Minister inviting the Pakistani


President to visit. HS2 seen as unprecedented. But all


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


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


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


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


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


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


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


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


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


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


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


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


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


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


products banned from Pakistan, including garments and textiles.


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


strengthen ties in South Asia. Despite the political conflict in


Pakistan, there is a realisation that without improving that


relationship, this may never be possible.


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


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


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


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


That increases profits. However, others lowered taking their cues


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


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


Business Report. Thank you for watching.


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


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


has died at the age 90. An American journalist kidnapped


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


A British man


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