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the United Kingdom. Now on BBC News, all | :00:00. | :00:00. | |
all the latest business use live from Singapore `` news. | :00:00. | :00:18. | |
Ali Babar is set for its biggest share sale in US history with hopes | :00:19. | :00:21. | |
of raising $24 billion from its stock `` Alibaba. Crackdown on | :00:22. | :00:28. | |
corruption in China hits mooncake sales ahead of the mid Autumn | :00:29. | :00:35. | |
Festival. Thank you for joining us for this | :00:36. | :00:40. | |
addition of Asia Business Report. I am Rico Hizon. We have talked about | :00:41. | :00:44. | |
this massive stock offering four months and now it has finally | :00:45. | :00:48. | |
happened. China's e`commerce giant Alibaba is taking its shares on the | :00:49. | :00:52. | |
road to attract investors in a bid to raise $24 billion. How will the | :00:53. | :00:59. | |
companies that? I spoke earlier with an economist from the graduate | :01:00. | :01:04. | |
School in Beijing, where the CEO of Alibaba studied. The situation is | :01:05. | :01:09. | |
different in China from the US. What they have done successfully in China | :01:10. | :01:15. | |
might not be transferred easily into the US. Why not? Chinese people for | :01:16. | :01:21. | |
example want something cheap, so that is the foundation. You have | :01:22. | :01:29. | |
stuff that might not be real, might not be authentic, but sells for a | :01:30. | :01:35. | |
cheap price, so that business model I don't think would fly in the US. | :01:36. | :01:42. | |
Do you think the success of Jack Moss' leadership and the | :01:43. | :01:47. | |
entrepreneurial acumen in China will be successful in a US business best | :01:48. | :01:56. | |
? It might not be possible but that doesn't matter because the value of | :01:57. | :02:01. | |
Alibaba is based on their performance and their status in | :02:02. | :02:08. | |
China `` business? It is worth the IPO valuation that is proposed. What | :02:09. | :02:15. | |
will be the long`term strategy outside China? As he tries to | :02:16. | :02:22. | |
conquer the Western markets? The long`term strategy of course is to | :02:23. | :02:25. | |
be the award leading .com company. There is no question. Jack Meagher | :02:26. | :02:33. | |
is very patient and realistic about that part of the strategy `` dot com | :02:34. | :02:39. | |
company. It will be step`by`step. The focus will still be in China in | :02:40. | :02:42. | |
the next few years but they will test the water in other leading | :02:43. | :02:45. | |
countries such as the US. In other news, the Japanese online retail | :02:46. | :02:54. | |
giant Racutin, is in talk to buy eBay. If the sales close, it will be | :02:55. | :03:01. | |
the company's fifth major overseas investment in the last year `` | :03:02. | :03:05. | |
Rakuten. The acquisition price for the majority stake is said to be | :03:06. | :03:11. | |
about $950 million. Revised date from Japan shows the economy shrank | :03:12. | :03:15. | |
by 7.1% in the three months to June from the previous quarter in more | :03:16. | :03:19. | |
than expected. There are concerns about the impact of sales tax hike | :03:20. | :03:24. | |
in April. The contraction was the biggest since early 2009 when the | :03:25. | :03:28. | |
global financial crisis hit Japan's exports and output. | :03:29. | :03:33. | |
It is six months since Malaysia Airlines flight 370 disappeared. In | :03:34. | :03:38. | |
addition to a human tragedy, it has had a major impact on Malaysia's | :03:39. | :03:43. | |
tourism industry. Until this year, the tourism sector experienced | :03:44. | :03:47. | |
significant and sustained growth. Last year, the nation had 25 million | :03:48. | :03:52. | |
visitors who collectively brought in about $25 billion. This year hasn't | :03:53. | :03:56. | |
been so good. Our correspondent reports. | :03:57. | :04:02. | |
Here in Kuala Lumpur international airport the number of Chinese | :04:03. | :04:05. | |
tourists walking through this a rival door behind me has dropped | :04:06. | :04:08. | |
significantly in the past few months. `` arrival. That is because | :04:09. | :04:13. | |
they have shunned Malaysia following the mysterious disappearance of | :04:14. | :04:17. | |
flight MH370 in March. More than half the passengers on board the | :04:18. | :04:22. | |
flight were from the mainland. As the search went on, and no plane was | :04:23. | :04:26. | |
found, and no answers were given, the shock and grief turned to anger. | :04:27. | :04:33. | |
Both travel operators and even celebrities call for a boycott of | :04:34. | :04:37. | |
Malaysia while they were even street protests in Beijing. `` there. | :04:38. | :04:42. | |
Visitor numbers to Malaysia plummeted. In the first five month | :04:43. | :04:46. | |
of this year, Chinese rivals to Malaysia fell by 7% for Malaysia | :04:47. | :04:51. | |
Airlines, they saw bookings by Chinese tourists plummet by 60% in | :04:52. | :04:56. | |
the weeks following the plane's disappearance `` Chinese arrivals. A | :04:57. | :05:01. | |
spate of kidnappings of Chinese nationals on the east coast of | :05:02. | :05:03. | |
Malaysia in an area famous for the resorts made it worse. Airlines are | :05:04. | :05:09. | |
offering hefty discounts to attract Chinese tourists back to Malaysia | :05:10. | :05:12. | |
but with MH370 still missing, it will be a big challenge. | :05:13. | :05:24. | |
Earlier, I asked a spokesman from end our analytics when we can expect | :05:25. | :05:29. | |
this drop in tourism to turn around. People understand this was a very | :05:30. | :05:39. | |
unique experience with MH370 and MH 70 `` Endau Analytics. We have seen | :05:40. | :05:44. | |
more people from China, India, elsewhere in Asia, indeed from | :05:45. | :05:50. | |
Europe, coming here in numbers already `` MH17. If you do business | :05:51. | :05:56. | |
in Asia you will probably be familiar with the mooncake. It is a | :05:57. | :06:00. | |
popular gift and symbol of building trust and friendship and goes on | :06:01. | :06:07. | |
sale once a year. That is for the day's mid Autumn Festival. The | :06:08. | :06:09. | |
multi`million dollar industry takes a hit this year because China has | :06:10. | :06:14. | |
banned public money being spent on them. Our correspondent went to find | :06:15. | :06:17. | |
out what the fuss is all about. Traditionally, mooncakes are sold in | :06:18. | :06:22. | |
the weeks leading up to the mid Autumn Festival as a holiday treat | :06:23. | :06:25. | |
but they have also become an important part in the way business | :06:26. | :06:29. | |
is done in many countries in Asia. Look at this department store in | :06:30. | :06:32. | |
Singapore. The entire floor is devoted to them and they are selling | :06:33. | :06:40. | |
like hotcakes. We have about 3`10% in growth on today's sales for this | :06:41. | :06:50. | |
year. It has been fantastic. There are nearly 60 brands on sale. Even | :06:51. | :06:54. | |
gold dusted mooncakes, which have become difficult to find in the | :06:55. | :07:00. | |
world's biggest market, China. For years, Chinese factories like this | :07:01. | :07:06. | |
one have worked overtime to meet the demand for the pastry. The Chinese | :07:07. | :07:09. | |
president crackdown on corruption has even taken aim at the humble | :07:10. | :07:14. | |
mooncake. That's because the luxury varieties can represent a blurring | :07:15. | :07:17. | |
of the line between a gift and a bride. As a result, sales by Chinese | :07:18. | :07:22. | |
manufacturers have been slashed in half from last year 's levels `` | :07:23. | :07:28. | |
bribe. That's not stopping producers like this woman, whose bakery in | :07:29. | :07:31. | |
Singapore has only been making mooncakes for two years. We are | :07:32. | :07:36. | |
looking to expand into South East Asia despite the fact that in China | :07:37. | :07:40. | |
is falling in sales, we are open to going there. Until then, she has no | :07:41. | :07:45. | |
shortage of buyers here. With many of these brands selling out well | :07:46. | :07:53. | |
ahead of today's Mid Autumn Festival. | :07:54. | :07:55. | |
Innovation isn't a word people usually used to describe China. Off | :07:56. | :07:59. | |
and it is associated with cheap knockoffs and back raking | :08:00. | :08:04. | |
sweatshops. One entrepreneur is trying to change that perception. In | :08:05. | :08:10. | |
the latest instalment of our my business Asia series, we speak with | :08:11. | :08:14. | |
the woman about her firm, a Beijing `based educational company with a | :08:15. | :08:16. | |
different approach to teaching young people. | :08:17. | :08:31. | |
I am from Beijing makers space. I found it a cutting`edge technology | :08:32. | :08:37. | |
company for kids one year ago, it is called Creatica. We mainly provide | :08:38. | :08:41. | |
technology, such as 3D printing, laser cutting, soft circuits, coding | :08:42. | :08:50. | |
for web. At Creatica, we aren't only a content supplier. We design a | :08:51. | :08:57. | |
curriculum to help them deliver thinking, passion and ideas to kids. | :08:58. | :09:04. | |
In China, because there are people who are motivated but don't have the | :09:05. | :09:10. | |
platform, we played a very important role in working as a bridge between | :09:11. | :09:16. | |
makers, societies, community and between kids. At this market in | :09:17. | :09:25. | |
China, the Dell make it is very big. However, in the beginning, I wasn't | :09:26. | :09:31. | |
very confident `` it is very big. We don't have a big budget for the | :09:32. | :09:35. | |
commercial advertisements, so we basically are based on word of | :09:36. | :09:40. | |
mouth. In China, it is common for business to copy each other. So, we | :09:41. | :09:46. | |
have to constantly make new curriculum and keep innovating. At | :09:47. | :09:54. | |
the very beginning, the first people who joined us were privileged | :09:55. | :09:59. | |
families in China. Now, we are very popular with parents who even fly | :10:00. | :10:05. | |
from other cities to come here. They were super excited because they had | :10:06. | :10:11. | |
never seen sparkles in their kid's eyes and they are excited that China | :10:12. | :10:15. | |
has something like this. Let's have a look at the markets and | :10:16. | :10:19. | |
Asian shares are off to a cautious start on Monday as investors | :10:20. | :10:23. | |
digestive Wall Street gains and the weaker than expected jobs report. | :10:24. | :10:28. | |
You have Japan and Hong Kong in positive territory only slightly, | :10:29. | :10:32. | |
but Australia is down by 16.5. Thank you so much for investing your time | :10:33. | :10:35. | |
with us. A Rico Hizon. Goodbye for now. `` I am Rico Hizon. | :10:36. | :10:47. | |
Hello. You are watching BBC News. President Obama says he will | :10:48. | :10:50. | |
announce his plan to deal with Islamic State jihadis. Malaysia mark | :10:51. | :10:55. | |
six months since the disappearance of | :10:56. | :10:56. |