11/11/2015 Asia Business Report

They include more power for sovereign parliaments

Internet, retail therapy. Competition for customers heats up

on China's biggest day for on line spending. -- internet retail

therapy. And a woman combining careers to run the family business.

Good morning. Thank you for joining us. This is Asia Business Report. I

am Rico Hizon in Singapore. Singles' Day. In China, already records are

being broken. 5 billion US dollars were snapped up in the first 90

minutes of today. We have been speaking to the top retailer and

some buyers keen to take advantage of discounts.

We had over 14 million orders in place last year on Singles' Day. And

this year, so far, many are seeing over 100% over the same period.

Single people why things to make themselves happy. That started this

tradition. But it became a big event in China. We have been preparing

warehouses. Just imagine, when volume picks up, how many employees

are in the office going to warehouses to help out. It is a very

ridiculous plan for all the details. It needs a lot of work. The

government wants GDP growth. We see it has just started. The US has

really established off-line commerce industries. It will help in China

and many places. That is the only thing you have. We are seeing the

middle-class very rapidly growing up and they are demanding quality in

life. That requires quality products and services. For more on Singles'

Day let's go live to Beijing. We are joined by Celia Hatton. We are not

even halfway through the day and record sales are ready on line in

the mainland. I know. -- already. More than $1 billion worth of

merchandise was sold on line on Alibaba, the world's biggest on line

shopping by Tom. More than 1 million in just the first eight minutes. --

platform. It is amazing. It is getting bigger and big every year.

Interesting figures in the media today. They are talking about how

all the merchandise will have to be delivered to homes across China.

More than 1.7 billion people will be involved in making those deliveries

using 230,000 delivery trucks, they say. That is just the next phase in

the on line shopping bonanza we are seeing today. Thank you. Your

services are crossed China will also be making money. Consumers buying on

line have various experiences. That is right. We are getting many on

line comments that are quite interesting. One woman had been

looking at two coats she wanted to buy on line, she was ready to buy

them, but they sold out in the first three minutes of the on line

shopping sale. So she said, OK, that is fine, I will save some money.

Another funny comment. One person said, I just need to cut off my

hands, she has been typing too much and making too many purchases. She

needs to cut off her hands to stop her buying more. A lot of reaction

on line. What he shopping experience for many mainland consumers. But

despite the slowdown we are seeing tiny as consumers being smarter.

--. They are going for and deals. -- many Chinese. There is no mistaking

the slowdown. New figures out yesterday showed inflation had

dropped in China. That gives us a good indication that consumption

continues to drop. There is no hiding, even this on line shopping

festival, does not hide the fact that people are worried about the

economy. People are choosing to spend money on line right now, they

are going after the deals, but part of the reason they are is because

they are quite worried. Many people have been saving and plotting

purchases for today because they wanted to get those deals, simply

because people are a little bit worried here. Celia Hatton, joining

a slight from our Beijing newsroom. -- joining us live. It is not just

China's e-commerce that is booming, their social network has jumped to

4.2 billion US dollars in the three months to September. A five-month

high for the company thanks to a surge in advertising income. Rising

by almost 40% to 650 million. Prosecutors have charged three men

in relation to the largest cyber attack on financial come in Company

is in US history. -- income companies. Personal information,

about 100 million people's was accessed, by cyber thieves over a

three-year period from 2000 of. They described it as cybercrime on

steroids. -- 2000 of. We have the details. They have accessed, through

one of the main's bank account, is customer data. -- men. They didn't

steal money from these companies, JP Morgan having the biggest hit in

that sense, they just took their personal data and blasted out

e-mails and other communications to these customers, encouraging them to

buy certain stocks. This was one of the schemes that prosecutors are

basically charging them with. A pump and dump scheme to manipulate stock

prices. That is what they did. New York. In many companies family

businesses are the backbone of the economy. -- country. They are vital

for growth. But what happens when they can longer manage day-to-day

negotiations. In Taiwan, many companies don't have a succession

plan. One woman in Taipei had no choice but to pick up the reins of

the family business. Music and Charles Clay. This used to be a she

spent most of her time. -- child's play. She ran preschools. -- how she

spent. Now she discusses clients, costs and profits. She has taken on

her father's sportswear business. Family businesses like this one make

up the bulk of Taiwan's economy. Usually started by scratch by

families. These days successes are groomed while the founders are still

alive. That is not the case for this woman. Six years ago her father

suddenly died from cancer. Her mother fell in a. She had never had

any interest in running the company. -- fell ill. But she was convinced

to take the reins. My mother talked to me in a very soft way and said,

you are our only hope. She decided to learn about industries from the

senior staff convincing them to look at new ways to run the business.

That strategy worked, they have doubled the number of employees,

opens new factory. -- opened. I am not just doing it for my family now.

I am doing it myself. -- for. In little more than a generation, their

preschool children could be the ones taking over the family business. The

business inspires her. She has shown it is possible to take over one's

family business without giving up one's passion. Before we go, a quick

look at the Asia-Pacific markets. They are mixed at the moment.

Investors are waiting for more key economic numbers from China. You

have uncertainty of a rate hike from the United States and volatility in

the equity markets overnight. Moving sideways year. This index also flat.

-- here. And gaining a fit of 8% in this hour. Thank you for investing

your time in us. -- a fifth of a percent.