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they've held for almost 50 years, beating UKIP into second place. | :00:00. | :00:00. | |
Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:13. | |
How low can or you'll go? Now at $40 per barrel, we will look at the | :00:14. | :00:22. | |
reasons why. And what happens when reviewers of | :00:23. | :00:27. | |
one of the world's most prestigious food guide tuck into street food. | :00:28. | :00:39. | |
Welcome to Asia Business Report. For the past year, the oil producing | :00:40. | :00:44. | |
members of opaque have driven down prices in an attempt to elbow aside | :00:45. | :00:49. | |
competitors from other nations. But could it be about to change course? | :00:50. | :00:56. | |
OPEC meet amid a backdrop of prices that have fallen to $40 per barrel. | :00:57. | :01:05. | |
Arabia is reportedly set to argue for cuts of up to 1 million barrels | :01:06. | :01:10. | |
per day. One member is hoping to join the organisation. I asked an | :01:11. | :01:16. | |
oil analyst with the reversal is likely. | :01:17. | :01:21. | |
Saudi Arabia is the leader of this strategy. It has a short window of | :01:22. | :01:27. | |
opportunity to show other members of the organisation that to this | :01:28. | :01:30. | |
strategy works. That window is basically next year. When the | :01:31. | :01:36. | |
production is forecast to fall. It is unlikely we will see a U-turn at | :01:37. | :01:43. | |
this point. And a lot of this depends on Saudi Arabia. They might | :01:44. | :01:49. | |
consider cutting oil production by 1 million barrels per day. How | :01:50. | :01:55. | |
realistic is that? We saw prices rise just a tad. That shows the | :01:56. | :02:02. | |
degree of division in OPEC and within Saudi Arabia about this | :02:03. | :02:08. | |
strategy. With the financial strain that is generating on all of these | :02:09. | :02:13. | |
economies. They have to balance their budgets with prices of $120 | :02:14. | :02:20. | |
per barrel, except for Kuwait and Qatar, who can balance their budgets | :02:21. | :02:25. | |
with $60 or a bit less. The pressure is growing to a level that pushes | :02:26. | :02:32. | |
these countries to call for a cut, but they are not in a position to | :02:33. | :02:43. | |
cut themselves. That is where the once to pump as much as possible, as | :02:44. | :02:47. | |
well as Iraq, to compensate for the low price. The lower price was part | :02:48. | :02:53. | |
of the strategy a year ago to try and price out US shale. The notion | :02:54. | :03:02. | |
they could go a lot cheaper. Shale production is a lot more expensive. | :03:03. | :03:09. | |
Has the tactic worked? If you look at the numbers, it is too early to | :03:10. | :03:13. | |
say whether it is working. We suspect next year OPEC production | :03:14. | :03:17. | |
will fall by about 500,000 barrels per day. If you think in the global | :03:18. | :03:26. | |
context, that is less than 0.5% of output. OPEC's market share in China | :03:27. | :03:31. | |
continues to decline. If you look these numbers, it does not look like | :03:32. | :03:37. | |
the new strategy has worked. And very briefly, what are the changes | :03:38. | :03:45. | |
in Indonesia? The organisation is much more than a cartel trying to | :03:46. | :03:50. | |
defend prices, it is cooperation between consumers and corporations. | :03:51. | :03:56. | |
Now you see the benefit to come back. | :03:57. | :04:03. | |
In other news, the euro searched to a one-month high and stock markets | :04:04. | :04:08. | |
in Europe and the US tumbled after the European Central bank announced | :04:09. | :04:11. | |
a stimulus package that fell short of expectations. It is extending its | :04:12. | :04:21. | |
stimulus programme in a move aimed at full strength the eurozone | :04:22. | :04:26. | |
economic recovery. Many analysts forecast much tougher measures. | :04:27. | :04:33. | |
Three electronic Japanese giants are considering merging their | :04:34. | :04:37. | |
operations. Cheaper, Fujitsu and Sony aim to combine as a company | :04:38. | :04:47. | |
next April. The three electronic sons were not available for comment. | :04:48. | :04:56. | |
A US court has rejected a bid by Kaunda to turn out a class action | :04:57. | :05:05. | |
case involving a -- Karabakh and platers. | :05:06. | :05:07. | |
The Japanese companies have agreed to undisclosed settlements. | :05:08. | :05:16. | |
China's rapid development over the past few decades has been helped by | :05:17. | :05:21. | |
billions of dollars spent on infrastructure. Now African | :05:22. | :05:25. | |
countries are pinning their hopes on a similar strategy, with help from | :05:26. | :05:31. | |
China for ambitious building projects. One example is a massive | :05:32. | :05:37. | |
shopping mall in Nairobi. Our Africa correspondence in this report. | :05:38. | :05:41. | |
Once a poppy plantation, now a construction site. | :05:42. | :05:47. | |
This massive mall is part of a string of projects with | :05:48. | :05:55. | |
The Chinese state corporation has a 40% share. We are going on to a | :05:56. | :06:01. | |
construction site, so the obligatory hardhat. They have not seen anything | :06:02. | :06:12. | |
like this before, shops, gyms, restaurants, bars, luxury | :06:13. | :06:15. | |
accommodation and office suites. All on 100 acres of prime real estate. | :06:16. | :06:20. | |
There are some 2000 people working around the clock to get things ready | :06:21. | :06:27. | |
for the opening date of March next year. There has been criticism that | :06:28. | :06:33. | |
it has been mainly Chinese labour used in the past. But for every 20 | :06:34. | :06:38. | |
of the local workers, there is one Chinese super -- supervisor. | :06:39. | :06:46. | |
Eventually, they want to mirror the skills of the Chinese. | :06:47. | :06:52. | |
Christopher's team are putting the finishing touches to the flooring in | :06:53. | :06:54. | |
what will eventually be a restaurant. With thousands of people | :06:55. | :07:00. | |
expected here every single day and was Kenya's history of terrorist | :07:01. | :07:06. | |
attacks, security is one of the key considerations. $12 million has been | :07:07. | :07:11. | |
invested into the latest state-of-the-art technology to make | :07:12. | :07:17. | |
sure this place is safe. In many ways, this is a metaphor for an | :07:18. | :07:22. | |
increasingly confident, globalised Kenya. An image of the Chinese | :07:23. | :07:24. | |
partners are keen to endorse. China says it will cut emissions in | :07:25. | :07:34. | |
the power sector by 60% by 2020. The state news agency says there will | :07:35. | :07:41. | |
also reduce animal carbon dioxide by 180 million tons at the same time. | :07:42. | :07:48. | |
This week an orange level alert was issued for the smog in Beijing. | :07:49. | :07:55. | |
Australia thinks bigger is better when it comes to exports. This is | :07:56. | :07:59. | |
believed to be the largest export grain train in Australian history. | :08:00. | :08:05. | |
It is more than one kilometre long and will reduce costs by up to $10 | :08:06. | :08:13. | |
per ton for Australian growers. What is in a star? That is a | :08:14. | :08:19. | |
question that Singapore will be asking as it will be covered by the | :08:20. | :08:26. | |
Michelin guide. It can change the fortunes of a restaurant every | :08:27. | :08:29. | |
night, and it is not just about fancy establishments as I met | :08:30. | :08:35. | |
Michael Ellis. It is premature to say. You can have | :08:36. | :08:41. | |
a team of inspectors here over a week. They have confirmed that there | :08:42. | :08:47. | |
are some exciting things going on. What percentage will be from the | :08:48. | :08:50. | |
whole selection is too early to tell. When the inspectors come in | :08:51. | :08:54. | |
they do not have any preconceived guidelines or rules. They are all | :08:55. | :09:03. | |
full-time employees, food experts, they eat anonymously and they always | :09:04. | :09:08. | |
pay their bill. This formula has been the way we have been | :09:09. | :09:12. | |
functioning for over a century now. I have no guarantees, but I think it | :09:13. | :09:18. | |
will certainly be a part of the selection for 2016. How much will it | :09:19. | :09:25. | |
transform Singapore's Street culture? We do not keep statistics | :09:26. | :09:33. | |
on the impact of being in the Michelin guide. I can tell you | :09:34. | :09:37. | |
this, travels around the world, the Michelin guide rings and | :09:38. | :09:41. | |
international spotlight when any restaurant is featured in the | :09:42. | :09:44. | |
selection. It will bring people from all over the world. You said | :09:45. | :09:53. | |
yourself that a lot of the focus is on Asia. Where next? China? Asia | :09:54. | :10:03. | |
today is one of the regions that has the most dynamism and interest in | :10:04. | :10:06. | |
food. We have a number of different projects and they cannot confirm | :10:07. | :10:12. | |
anything today, but I see a long and exciting future for the Michelin | :10:13. | :10:16. | |
guide in Asia. A quick look at | :10:17. | :10:25. | |
tracking Wall Street after that disappointing decision from the | :10:26. | :10:29. | |
European Central bank. That is it for Asia Business Report. Thank you | :10:30. | :10:31. | |
for watching. | :10:32. | :10:38. |