Browse content similar to 20/11/2015. Check below for episodes and series from the same categories and more!
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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:14. | |
Tight security in Kuala Lumpur will head of the ASEAN conference to | :00:15. | :00:24. | |
discuss security and trade. -- ahead. Gambling in Goa. Betting big | :00:25. | :00:30. | |
on tougher rules. Hello, and welcome to | :00:31. | :00:35. | |
Asia Business Report. Regional and global head are going | :00:36. | :00:55. | |
from the Leijer to a summit. -- to Malaysia. They will be joined by the | :00:56. | :01:02. | |
US, China and India. One key topic for discussion is the economic | :01:03. | :01:08. | |
immunity, the AEC, which aims for integration by the end of the year. | :01:09. | :01:12. | |
Just how close is the AEC in reality? This port in Bangkok, you | :01:13. | :01:22. | |
could argue that this is what ASEAN is all about. Some of the world's | :01:23. | :01:28. | |
most globalised economies increasingly trading with each | :01:29. | :01:33. | |
other. Take my family car, for example. A Japanese brand designed | :01:34. | :01:41. | |
in India but made in Indonesia. The ASEAN Free Trade Agreement allows | :01:42. | :01:46. | |
manufacturers to make factories here and then sell their cars in a market | :01:47. | :01:52. | |
of 600 million people. But ASEAN already has free trade so what | :01:53. | :01:57. | |
difference is an ASEAN economic community going to make Both there | :01:58. | :02:03. | |
is a lot more work to do on trade. -- make? It is supposed to go | :02:04. | :02:13. | |
further than that. Hairdressing is one of 39 employment categories that | :02:14. | :02:19. | |
for the moment only Thais are allowed to do here. According to the | :02:20. | :02:28. | |
AEC eight professions are now available. How much change as? It is | :02:29. | :02:36. | |
not general labour, only skilled labour. -- changes. You still have | :02:37. | :02:43. | |
to pass a test to get a licence, like medical Doctors or dentist or | :02:44. | :02:55. | |
nurses. -- doctors or dentists. Architecture is one of the ASEAN | :02:56. | :03:03. | |
professions. This woman says she is not expecting a flood of rivals | :03:04. | :03:07. | |
neighbouring countries next year. She points out that her business | :03:08. | :03:10. | |
already relies heavily on foreign workers who have in coming here for | :03:11. | :03:15. | |
years. In the office or construction site you can hardly see any Thai | :03:16. | :03:22. | |
workers or technician. It is difficult. I have to operate in body | :03:23. | :03:28. | |
language most of the site you will see signs in four different | :03:29. | :03:34. | |
languages, like English or Thai. So the merging of ASEAN has already | :03:35. | :03:41. | |
happened. The car industry is a clear beneficiary of this. But this | :03:42. | :03:45. | |
community of ten countries is supposed to become, on January the | :03:46. | :03:54. | |
first, a work in progress. The Australian Government has blocked | :03:55. | :03:56. | |
the sale of the world's largest rider landholding to four | :03:57. | :04:04. | |
investors. -- private. It was founded in 1899 by this man, Sydney | :04:05. | :04:11. | |
Kidman. He has a pastoral lease covering more than 10,000 square | :04:12. | :04:15. | |
kilometres. That is bigger than Ireland and more than 1% of | :04:16. | :04:19. | |
Australia's landmass. What is behind the government's decision? Iceberg | :04:20. | :04:27. | |
to Phil Mercer. The government has brought the sale to two Chinese | :04:28. | :04:32. | |
bidders based on geography and location. -- I spoke. This is a huge | :04:33. | :04:37. | |
area more than 100,000 square kilometres. This property portfolio | :04:38. | :04:43. | |
straddles the states of Western Australia, South Australia, | :04:44. | :04:46. | |
Queensland and parts of the northern territory as well. The government is | :04:47. | :04:52. | |
worried because part of this portfolio falls within a missile | :04:53. | :04:59. | |
testing range in South Australia. -- Northern Territory. There are | :05:00. | :05:00. | |
national security concerns. Also concerns about these dyes. 1.3% of | :05:01. | :05:11. | |
the landmass could have been sold. -- the size. Does this sends the | :05:12. | :05:14. | |
wrong signal to international investors that perhaps the | :05:15. | :05:18. | |
Australian Government is becoming more protectionist, especially with | :05:19. | :05:25. | |
Chinese firms being Australia's largest trading partner. This shows | :05:26. | :05:30. | |
that Australia is still open for foreign investment, but on | :05:31. | :05:35. | |
Australia's terms. Sydney Kidman, the boss of this empire, says that | :05:36. | :05:39. | |
he is very surprised given that there are farms with even more | :05:40. | :05:43. | |
cattle in Australia owned by foreign businesses. Also, there is confusion | :05:44. | :05:46. | |
as well that the port of businesses. Also, there is confusion | :05:47. | :05:57. | |
as well that the port darling in the Northern Territory has been leased | :05:58. | :06:04. | |
to a firm. -- Darwin. But the government insists that foreign | :06:05. | :06:09. | |
investment is crucial to this country's economic development, but | :06:10. | :06:13. | |
as we say, on Australia's terms. Do we know what is coming next? What | :06:14. | :06:17. | |
will happen with the sale of this landholding? It is not one single | :06:18. | :06:23. | |
farm. It is broken into several covering that enormous area we have | :06:24. | :06:28. | |
been describing. What we may see is that smaller bits of the Empire will | :06:29. | :06:32. | |
be broken up to satisfy the government and perhaps those smaller | :06:33. | :06:38. | |
parts could be sold in the future. In other news, over in the US the | :06:39. | :06:42. | |
Obama administration has issued new rules in reducing the tax benefits | :06:43. | :06:46. | |
available to companies that move their tax addresses overseas. It is | :06:47. | :06:53. | |
effective immediately. It could limit the ability is for US firms to | :06:54. | :07:00. | |
set up a new foreign parent company in another country and stuff assets | :07:01. | :07:04. | |
into that company to reduce taxes. -- abilities. The Indian state of | :07:05. | :07:12. | |
Goa is a holiday hotspot. Last year it had more than 4 million visitors | :07:13. | :07:17. | |
coming for its history, beaches, nightlife, or just to relax. But | :07:18. | :07:24. | |
also, gambling. It is one of only three Indian states that allows | :07:25. | :07:26. | |
casino. The industry is tightly restricted and there could be even | :07:27. | :07:33. | |
tougher rules, as talk recently shows. We have been to find out | :07:34. | :07:42. | |
more. Gambling is one of Goa's biggest moneymaker is. That is one | :07:43. | :07:49. | |
reason why tourists come here. -- moneymakers. If you want live | :07:50. | :07:53. | |
casinos with people playing alongside you, you cannot do it | :07:54. | :08:03. | |
onshore. You have to go on a ship on a right to where the action is. -- | :08:04. | :08:07. | |
ride. MUSIC PLAYS. does not stop nearly 5000 people | :08:08. | :08:27. | |
coming to these casinos everyday. Games like like Jack are the crowd | :08:28. | :08:32. | |
favourite. -- blackjack. But they say it will struggle to keep growing | :08:33. | :08:36. | |
at less it is allowed to be onshore as well. We will be short of | :08:37. | :08:42. | |
capacity in five years. If we stay in the river, convert one more ship | :08:43. | :08:49. | |
into another, we will grow a bit more, but growing ten times in the | :08:50. | :08:53. | |
next ideas? That is the real challenge. -- next five years. To | :08:54. | :09:07. | |
have multiple resorts and casinos and fill up the place, that is the | :09:08. | :09:15. | |
idea. That seems unlikely. They only allow onshore casinos to run slot | :09:16. | :09:20. | |
machines and horse racing. There is huge political opposition to opening | :09:21. | :09:28. | |
more Basinas. -- casinos. Fears of more gambling is so big that there | :09:29. | :09:35. | |
is even more pressure to ban casinos altogether. But for now, most want | :09:36. | :09:41. | |
to show themselves as more than just somewhere to gamble, also offering | :09:42. | :09:44. | |
food and entertainment. Even though most customers come here to win | :09:45. | :09:52. | |
money, with few places to do this legally, it may become a huge thing | :09:53. | :10:00. | |
for investors. Before we go, a quick look at the markets. In Asia they | :10:01. | :10:04. | |
are all flat at the moment. Taking their cues from Wall Street which | :10:05. | :10:10. | |
saw a flat close. There are concerns about the strength of the yen in | :10:11. | :10:15. | |
Japan. The dollar is retreating somewhat in its seven-month highs We | :10:16. | :10:21. | |
are seeing some losses they are as exporters get sold off. Also, copper | :10:22. | :10:28. | |
prices, a good gauge of the global economy, are at 6.5 year lows that | :10:29. | :10:35. | |
is it for now, thank you for watching Asia Business Report. Back | :10:36. | :10:37. | |
to BBC World News. The suspected ringleader | :10:38. | :10:45. | |
of the Paris attacks is dead. | :10:46. | :10:48. |