Browse content similar to 23/11/2015. 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. | :00:15. | |
Malaysia and the chairmanship of ASEAN to Laos. Chicken chow mein and | :00:16. | :00:27. | |
beef broccoli. We will look at the appetite for US style Chinese dishes | :00:28. | :00:36. | |
in the motherland. Good morning Asia and hello world. Thank you for | :00:37. | :00:39. | |
joining us for Asia Business Report. A new free trade area called | :00:40. | :00:47. | |
the ASEAN economic community is set to come into force at the start of | :00:48. | :00:51. | |
the new year. It is the next stage in the development of the | :00:52. | :01:01. | |
Association of Asian Nations. It will allow the freedom of movement | :01:02. | :01:05. | |
and the breaking down of trade barriers across the region. The | :01:06. | :01:07. | |
Prime Minister of Malaysia have hailed the benefits. It will ensure | :01:08. | :01:16. | |
a truly great single market and production base with freer movement | :01:17. | :01:22. | |
of goods and services with common standards, far greater connectivity | :01:23. | :01:28. | |
and the removal of the barriers that make our borders a hindrance to | :01:29. | :01:34. | |
growth and investment. Earlier I asked a representative from the | :01:35. | :01:38. | |
Asian Trade Centre when the capital impact on economies and jobs will | :01:39. | :01:44. | |
begin? It is a tough question because in part it has already had a | :01:45. | :01:49. | |
big impact. The big part of the AEC is the dropping of tariffs to zero | :01:50. | :01:52. | |
but that happened a long time ago for nearly all countries and | :01:53. | :01:57. | |
commodities. There is not a whole lot new that will be coming and that | :01:58. | :02:01. | |
makes this question kind of tricky. Some of the benefits are already | :02:02. | :02:05. | |
there and some are still to come. When we get to the first of January | :02:06. | :02:10. | |
when this goes live, the differences will be fairly modest. A lot of | :02:11. | :02:16. | |
politically sensitive industries in ASEAN are still protected, such as | :02:17. | :02:23. | |
agriculture and steel. Yes. Also the movement of people and many services | :02:24. | :02:28. | |
sectors and areas of all different kinds. It is a work in progress, | :02:29. | :02:33. | |
even though they will announce the conclusion of the AEC at the end of | :02:34. | :02:39. | |
this year come and now we are looking towards 2025 which is the | :02:40. | :02:45. | |
next part of this process. In the short-term, many critics are saying | :02:46. | :02:50. | |
there are many impediments to this whole integration process such as | :02:51. | :02:55. | |
transparency, accountability and corruption? Yes, it depends which | :02:56. | :02:59. | |
country you are talking about. The benefits for a country like | :03:00. | :03:02. | |
Singapore are very modest in that Singapore is quite open so it | :03:03. | :03:08. | |
doesn't get many benefits but for the left (trees, is huge benefit for | :03:09. | :03:12. | |
them to get their domestic house in order -- the last open countries. | :03:13. | :03:18. | |
The benefits could be more substantial in that case. In other | :03:19. | :03:24. | |
business news making headlines, China and Japan are stepping up | :03:25. | :03:29. | |
their battle for strategic infrastructure projects in Southeast | :03:30. | :03:33. | |
Asia. China has pledged to add another 10 billion US dollars to | :03:34. | :03:36. | |
fund projects in the region while Japan has vowed to cut by half the | :03:37. | :03:40. | |
time it takes to approve loans and take on more financial risk. | :03:41. | :03:47. | |
Pharmaceutical giant Pfizer is reportedly on the brink of striking | :03:48. | :03:51. | |
a 150 billion dollar deal to take over another company. It would | :03:52. | :03:57. | |
create the world's biggest drug maker by sales and if the deal goes | :03:58. | :04:00. | |
ahead come of the chief executive of Pfizer will be the CEO of this | :04:01. | :04:09. | |
combined company. The French company CMA CGM is in talks to make the | :04:10. | :04:15. | |
biggest acquisition in the shipping container industry in years. The | :04:16. | :04:20. | |
talks are expected to run until early next month. Taxi booking | :04:21. | :04:31. | |
services like Buber are growing but there is a similar one in India for | :04:32. | :04:35. | |
users for wanting to fly. Users can order helicopters and jets on their | :04:36. | :04:40. | |
phones and laptops. This business does just that. We met the inventor | :04:41. | :04:53. | |
as part of the 30 Under 30 series. I was 20 or 21 when I started this. | :04:54. | :04:58. | |
Many people told me no private jet user would ever use private | :04:59. | :05:07. | |
technology to book eight -- a plane, so that was the biggest challenge | :05:08. | :05:10. | |
but now people can see the value we are bringing. Would you say your | :05:11. | :05:14. | |
business is still a startup or do you call yourself an established | :05:15. | :05:18. | |
business now? There is a very thin line. When I really felt we moved on | :05:19. | :05:25. | |
from the startup to doing strong business and getting people to take | :05:26. | :05:31. | |
us seriously was when we saw 100% growth in our revenue in one month | :05:32. | :05:35. | |
and actually met our targets happy the target -- targets. The target we | :05:36. | :05:49. | |
had 431 days was met in days. -- for 31 days. It was also when I still | :05:50. | :05:56. | |
had prophets left over after paying all my salaries and overheads. How | :05:57. | :06:02. | |
did you go about setting up a business with private jets and where | :06:03. | :06:06. | |
did you get the money from? I started the business with $100 in my | :06:07. | :06:10. | |
pocket to spend, completely on my own and took it from there. And a | :06:11. | :06:15. | |
few people who had faith in me and gave me business and agreed to be | :06:16. | :06:17. | |
customers initially because they had seen me perform in previous roles | :06:18. | :06:26. | |
which is what they -- what to did hurt me from raising money earlier | :06:27. | :06:29. | |
in the business which perhaps I should have -- deterred. I had to | :06:30. | :06:37. | |
look towards external funding eventually. I never actually went | :06:38. | :06:45. | |
out and looked for funding, it came to us. Business owners use us to fly | :06:46. | :06:50. | |
to five cities in one day which you cannot do on a commercial airline. | :06:51. | :06:54. | |
The second branch of users are largely inbound tourists and | :06:55. | :06:59. | |
domestic tourists who use these planes completely for leisure. If | :07:00. | :07:06. | |
people have money to spend, the economy is rising. The last bunch of | :07:07. | :07:12. | |
people are those using these planes not out of choice but because they | :07:13. | :07:18. | |
need to for things like medical emergencies, religious tourism and | :07:19. | :07:23. | |
so forth. From booking helicopters and private jets to food, chicken | :07:24. | :07:31. | |
chow mein and beef broccoli. In many places, food like this would be a | :07:32. | :07:35. | |
typical Chinese take away meal but in China, most people have never | :07:36. | :07:40. | |
heard of any of these Western favourites which, until now, have | :07:41. | :07:43. | |
not been served in local restaurants. One restaurant is | :07:44. | :07:47. | |
trying to change all of that. It is the first to serve American Chinese | :07:48. | :07:50. | |
food in Shanghai. The owners tell us their story. We are the predominant | :07:51. | :08:08. | |
proprietors of Fortune Cookie restaurant which is an American | :08:09. | :08:12. | |
-Chinese establishment in mainland China. A we were really homesick for | :08:13. | :08:24. | |
American Chinese food. -- we were. His father is a Masterchef in the | :08:25. | :08:26. | |
United States alone several different restaurants and he cooks | :08:27. | :08:30. | |
for us beef and broccoli, pork egg rolls, orange chicken and we thought | :08:31. | :08:37. | |
it was awesome. People told us they would kill for it. I never went to | :08:38. | :08:55. | |
America before so once I heard American-Chinese food, I wanted to | :08:56. | :08:57. | |
figure out what kind of food it was. The Chinese way for making this | :08:58. | :09:02. | |
would be spicy with a lot of pepper but this way it is kind of sweet. If | :09:03. | :09:11. | |
you are an ex pat, 99% of the time you were going to be happy. When you | :09:12. | :09:20. | |
are a younger local person, we have a 70% success rate and when it is | :09:21. | :09:23. | |
the much older generation, from China, unfortunately that success | :09:24. | :09:32. | |
rate is much lower. Western people would love to come here because it | :09:33. | :09:36. | |
is not totally Chinese. Lots of Chinese food, Western people cannot | :09:37. | :09:40. | |
accept. They don't have food like this, so it is very westernized | :09:41. | :09:57. | |
Chinese. It is perfect for them. It is very legitimate. Delicious! My | :09:58. | :10:10. | |
favourite is sweet-and-sour pork. Here is a quick look at the markets | :10:11. | :10:13. | |
and Asian Starks are lackluster in morning trade. -- stocks. Japan is | :10:14. | :10:21. | |
closed today because of a public holiday and that maybe one of the | :10:22. | :10:27. | |
factors contributing to the slow movement. ID for investing your time | :10:28. | :10:30. | |
with us. -- thank you. I'm Kasia Madera with | :10:31. | :10:37. | |
BBC World News. 16 people have been arrested in | :10:38. | :10:39. | |
anti-terror raids across Brussels, | :10:40. | :10:42. |