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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