20/11/2015 Asia Business Report


20/11/2015

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Now on BBC News, all the latest business news live from Singapore.

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Tight security in Kuala Lumpur will head of the ASEAN conference to

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discuss security and trade. -- ahead. Gambling in Goa. Betting big

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on tougher rules. Hello, and welcome to

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Asia Business Report. Regional and global head are going

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from the Leijer to a summit. -- to Malaysia. They will be joined by the

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US, China and India. One key topic for discussion is the economic

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immunity, the AEC, which aims for integration by the end of the year.

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Just how close is the AEC in reality? This port in Bangkok, you

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could argue that this is what ASEAN is all about. Some of the world's

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most globalised economies increasingly trading with each

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other. Take my family car, for example. A Japanese brand designed

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in India but made in Indonesia. The ASEAN Free Trade Agreement allows

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manufacturers to make factories here and then sell their cars in a market

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of 600 million people. But ASEAN already has free trade so what

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difference is an ASEAN economic community going to make Both there

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is a lot more work to do on trade. -- make? It is supposed to go

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further than that. Hairdressing is one of 39 employment categories that

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for the moment only Thais are allowed to do here. According to the

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AEC eight professions are now available. How much change as? It is

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not general labour, only skilled labour. -- changes. You still have

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to pass a test to get a licence, like medical Doctors or dentist or

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nurses. -- doctors or dentists. Architecture is one of the ASEAN

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professions. This woman says she is not expecting a flood of rivals

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neighbouring countries next year. She points out that her business

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already relies heavily on foreign workers who have in coming here for

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years. In the office or construction site you can hardly see any Thai

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workers or technician. It is difficult. I have to operate in body

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language most of the site you will see signs in four different

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languages, like English or Thai. So the merging of ASEAN has already

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happened. The car industry is a clear beneficiary of this. But this

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community of ten countries is supposed to become, on January the

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first, a work in progress. The Australian Government has blocked

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the sale of the world's largest rider landholding to four

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investors. -- private. It was founded in 1899 by this man, Sydney

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Kidman. He has a pastoral lease covering more than 10,000 square

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kilometres. That is bigger than Ireland and more than 1% of

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Australia's landmass. What is behind the government's decision? Iceberg

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to Phil Mercer. The government has brought the sale to two Chinese

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bidders based on geography and location. -- I spoke. This is a huge

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area more than 100,000 square kilometres. This property portfolio

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straddles the states of Western Australia, South Australia,

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Queensland and parts of the northern territory as well. The government is

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worried because part of this portfolio falls within a missile

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testing range in South Australia. -- Northern Territory. There are

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national security concerns. Also concerns about these dyes. 1.3% of

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the landmass could have been sold. -- the size. Does this sends the

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wrong signal to international investors that perhaps the

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Australian Government is becoming more protectionist, especially with

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Chinese firms being Australia's largest trading partner. This shows

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that Australia is still open for foreign investment, but on

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Australia's terms. Sydney Kidman, the boss of this empire, says that

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he is very surprised given that there are farms with even more

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cattle in Australia owned by foreign businesses. Also, there is confusion

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as well that the port of businesses. Also, there is confusion

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as well that the port darling in the Northern Territory has been leased

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to a firm. -- Darwin. But the government insists that foreign

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investment is crucial to this country's economic development, but

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as we say, on Australia's terms. Do we know what is coming next? What

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will happen with the sale of this landholding? It is not one single

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farm. It is broken into several covering that enormous area we have

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been describing. What we may see is that smaller bits of the Empire will

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be broken up to satisfy the government and perhaps those smaller

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parts could be sold in the future. In other news, over in the US the

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Obama administration has issued new rules in reducing the tax benefits

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available to companies that move their tax addresses overseas. It is

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effective immediately. It could limit the ability is for US firms to

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set up a new foreign parent company in another country and stuff assets

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into that company to reduce taxes. -- abilities. The Indian state of

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Goa is a holiday hotspot. Last year it had more than 4 million visitors

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coming for its history, beaches, nightlife, or just to relax. But

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also, gambling. It is one of only three Indian states that allows

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casino. The industry is tightly restricted and there could be even

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tougher rules, as talk recently shows. We have been to find out

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more. Gambling is one of Goa's biggest moneymaker is. That is one

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reason why tourists come here. -- moneymakers. If you want live

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casinos with people playing alongside you, you cannot do it

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onshore. You have to go on a ship on a right to where the action is. --

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ride. MUSIC PLAYS. does not stop nearly 5000 people

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coming to these casinos everyday. Games like like Jack are the crowd

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favourite. -- blackjack. But they say it will struggle to keep growing

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at less it is allowed to be onshore as well. We will be short of

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capacity in five years. If we stay in the river, convert one more ship

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into another, we will grow a bit more, but growing ten times in the

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next ideas? That is the real challenge. -- next five years. To

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have multiple resorts and casinos and fill up the place, that is the

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idea. That seems unlikely. They only allow onshore casinos to run slot

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machines and horse racing. There is huge political opposition to opening

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more Basinas. -- casinos. Fears of more gambling is so big that there

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is even more pressure to ban casinos altogether. But for now, most want

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to show themselves as more than just somewhere to gamble, also offering

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food and entertainment. Even though most customers come here to win

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money, with few places to do this legally, it may become a huge thing

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for investors. Before we go, a quick look at the markets. In Asia they

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are all flat at the moment. Taking their cues from Wall Street which

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saw a flat close. There are concerns about the strength of the yen in

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Japan. The dollar is retreating somewhat in its seven-month highs We

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are seeing some losses they are as exporters get sold off. Also, copper

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prices, a good gauge of the global economy, are at 6.5 year lows that

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is it for now, thank you for watching Asia Business Report. Back

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to BBC World News. The suspected ringleader

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of the Paris attacks is dead.

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