:00:00. > :00:14.Now on BBC News all the latest business news live from Singapore.
:00:15. > :00:25.tax reform since Independence. The push for a nationwide goods and
:00:26. > :00:29.services tax is a key test for Narendra Modi. As the Black Friday
:00:30. > :00:37.shopping spree starts and the US, we look at what it means to people
:00:38. > :00:45.around the world. Welcome to this Friday's Asia
:00:46. > :00:52.Business Report. Narendra Modi has appealed for a corporation from
:00:53. > :00:55.opposition parties as he tries to introduce the biggest tax reform
:00:56. > :00:59.since Independence. A nationwide goods and services tax is crucial to
:01:00. > :01:05.his ambitions to overhaul the Indian economy. But pushing through changes
:01:06. > :01:10.has become harder for the government since it lost control of the upper
:01:11. > :01:15.house. Debate rages over how high it should be set. Earlier I asked why
:01:16. > :01:25.it is so important. In India there are over a dozen
:01:26. > :01:29.taxes between the goods being manufactured and it reaching the
:01:30. > :01:35.consumers. There is a lot of room for corruption, there is procedural,
:01:36. > :01:40.there is bureaucratic issues that the manufacturers have to go
:01:41. > :01:48.through. It is an impediment to the economy. It gives you a completely
:01:49. > :01:56.single economy that is beneficial to India. Analysts are saying that if
:01:57. > :02:01.it does not pass, this would be a real blow to Narendra Modi's reform
:02:02. > :02:07.agenda. What was the impact be if it does not pass? There are two types
:02:08. > :02:12.of monetary system. Monetary policy and fiscal policy. The monetary
:02:13. > :02:18.policy is really accommodative. It is well managed by the government.
:02:19. > :02:30.The fiscal policy has to be implemented. The government will
:02:31. > :02:37.struggle. FTI has been easing. Tremendous reforms have been made in
:02:38. > :02:43.that area. It is not the right confidence that the investors want.
:02:44. > :02:52.Do you think they will come to an agreement? My belief is they will
:02:53. > :02:56.come to an agreement. Yesterday the winter session of Parliament opened
:02:57. > :03:09.up. 30 out of 32 parties have agreed to support GST. They have narrowed
:03:10. > :03:14.down their objections. This is the session it should be approved. And
:03:15. > :03:21.how will it affect ordinary Indians? If you look at the taxes that
:03:22. > :03:27.consumers end up paying, it is 20-25%. Consolidated into cheesy as
:03:28. > :03:43.the new data from Japan shows consumer
:03:44. > :03:48.prices have fallen as a result of energy prices.
:03:49. > :03:54.Japan's economy slipped back into recession in the last quarter. On a
:03:55. > :04:00.brighter note, the unemployment rate might fall in the near future. The
:04:01. > :04:04.region's biggest budget airline has posted losses of close to $96
:04:05. > :04:14.million in the three months until September. The results come just a
:04:15. > :04:20.day after the airline group posted eight straight quarter losses.
:04:21. > :04:24.Thousands of Indonesian workers are taking part in a strike calling for
:04:25. > :04:31.the repeal of new regulation that they claim will limit pay increases.
:04:32. > :04:34.The president says this will prevent mass layoffs and provide security
:04:35. > :04:41.for investors. Police are cracking down on protests and arrested a
:04:42. > :04:47.number of workers and leaders. We caught up with one of the protesters
:04:48. > :04:51.outside a factory. TRANSLATION: Workers will be
:04:52. > :04:54.pressured to accept the lowest wage. This political scheme is designed by
:04:55. > :05:02.the government to keep wages low for the benefit of companies. It is only
:05:03. > :05:07.days until the United Nations climate change conference begins.
:05:08. > :05:14.India is the world's third-largest emitter of greenhouse gases. Some
:05:15. > :05:17.start-ups are trying to tackle the issue of climate change. We have
:05:18. > :05:26.been to meet some of these entrepreneurs. Starting up a company
:05:27. > :05:30.to solve a big drop. This man and his team have made a
:05:31. > :05:35.device that fits into a vehicle to measure its commissions. How you
:05:36. > :05:38.drive a car can determine how polluting it is. Toxic gases
:05:39. > :05:44.released can be cut by a third if you drive efficiently. This
:05:45. > :05:49.displayed all to do just that. Red is bad, green is good. They can
:05:50. > :05:56.change from a thermal plant to a nuclear plan. The single most
:05:57. > :06:02.contributing tactic is the cars. Unless it can do something around
:06:03. > :06:07.this, we will not be able to have enough of an impact. 13 of the 20
:06:08. > :06:12.most polluted cities of the world are in India. A lot of that is down
:06:13. > :06:18.to the tens of millions of vehicles on the roads committing harmful
:06:19. > :06:27.gases. But poor at quality is not just another problem. In most rural
:06:28. > :06:33.areas where 66% of Indians live, wood stoves are polluting and
:06:34. > :06:37.hazardous. This factory is creating a stove that uses the same fuel,
:06:38. > :06:44.just more efficiently, bringing down emissions by up to 70% and reducing
:06:45. > :06:48.the amount of firewood needed. Consumers do not have access to
:06:49. > :06:55.regular electricity. They have no cooking gas or access. This is the
:06:56. > :07:00.most viable option for consumers. They do not have to change cooking
:07:01. > :07:07.habits or a fuel collection habits. They do not have to spend extra. The
:07:08. > :07:11.stove is just over $20. At a large part of the country's population
:07:12. > :07:16.lives on less than $2 per day. For them it is simply too expensive.
:07:17. > :07:25.While India is a big market for those making clean energy products,
:07:26. > :07:29.it is also a tough one to sell to. Do not forget to watch India
:07:30. > :07:36.business report this weekend. A special programme looking at India
:07:37. > :07:40.and climate change. Today is so-called Black Friday in
:07:41. > :07:43.the United States. The day after Thanksgiving. It is seen as the
:07:44. > :07:49.beginning of the Christmas shopping season. It generates ruffed the $50
:07:50. > :07:55.billion of revenue each year. That would sales falling, many retailers
:07:56. > :08:05.are now opening earlier or offering big promotions.
:08:06. > :08:14.You can thank the United States for Black Friday. A tradition starting
:08:15. > :08:23.the holiday shopping season. 87 million people rushed for a chance
:08:24. > :08:28.to save big, spending $9 billion. At each year it seems retailers are
:08:29. > :08:34.bringing sales out earlier and earlier to edge out competitors.
:08:35. > :08:39.British retailers decided to get in on the act. One major credit card
:08:40. > :08:47.company reckons he will spend nearly $3 billion in the UK today. A third
:08:48. > :08:55.more than last year. Some retailers are scaling back. As the is not
:08:56. > :09:02.taking part. Black Friday has not caught on. The
:09:03. > :09:06.Indians have the Flash sales at head of the Bali.
:09:07. > :09:17.It has been taken to a new level by online retailers. They are all
:09:18. > :09:27.growing fast and values in sales to try and bring in new consumers. In
:09:28. > :09:32.Hong Kong, the big day for discount shopping has already passed. Phone
:09:33. > :09:37.does not celebrate Black Friday, instead it has what it calls singles
:09:38. > :09:42.day. Every year on the net relevant of November, online retailers offer
:09:43. > :09:48.discounts of up to 70% off of regular prices. This year at the
:09:49. > :09:51.online shopping giant Aly Baba rang up purchases of more than 14 billion
:09:52. > :10:02.dollars. In Brazil, Black Friday is still a
:10:03. > :10:08.new thing. Many shoppers do not trust it. Some believe the prices
:10:09. > :10:11.are hiked. What seems like a big discount could be a regular price.
:10:12. > :10:23.Some are worried they might not getting a real bargain.
:10:24. > :10:26.Looking at the markets now, they are getting little direction today from
:10:27. > :10:33.Wall Street. That was closed for Thanksgiving. That is it for this of
:10:34. > :10:44.Asia Business Report. Russia's agreed to work more closely
:10:45. > :10:47.with France to co-ordinate