14/01/2016 Asia Business Report


Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.

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


Asian stock markets are falling after Wall Street posts its first


day -- worst day since September. Indonesia's economy slows. Well its


central bank provide another boost? Good morning. Glad you could join us


for this Thursday edition of Asia Business Report. Another sell-off


for the regional markets in early Thursday trading. This is because of


a major downturn on Wall Street overnight. Japan is down sharply, by


640 points. Australia is down by about 2%, more than 90 points. That


is after the NASDAQ index ended down nearly 3.5% and the Dow Jones


industrial average lost more than 2%, meaning US equities are now in


correction mode. All prices are down again with international benchmark


Brent crude falling below $30, and currently it is at $29.94 per barrel


in Asian trade. Last week, it was above $30. The Chinese markets and


the stock market have opened for trading. We can go live to our


correspondent. It looks like the indexes are all in the red. Yes,


that's correct. A real reversal from yesterday. That was relatively


optimistic because of better-than-expected trade data.


China for the month of December, finished 1% higher, but it now looks


like those games will be lost on the back of what we saw overnight in


America -- gains. That is because of those losses in the oil prices.


There was a report in the US from the energy Administration talking


about oversupply in the energy market, and that is again adding to


fears about the future economic growth and whether there is such low


demand for oil and what that means in terms of growth going forward. We


have been having those worries in Hong Kong and China for quite some


time, and it looks like those worries are being reflected in the


energy and oil prices. Just an update on what is transparent in the


China markets, the Shanghai is down by more than 3%, and the Shenzhen


low by 1.7%. What is currently the sentiment among economists after the


better-than-expected trade numbers in December in China? Can this be


sustained in January and the following months? I think


yesterday's numbers really surprised. There was a feeling there


was a bit of a reprieve from what seemed like an avalanche of bad


news. Certainly this morning the central bank of China said its


reference rate for the currency at 6.56%, and it has been at that rate


for several sessions. Chinese officials are trying to boost the


currency, not letting it slide further. I think we will of a sense


of how the economy in China is doing next week, when the GDP figures come


out. Thank you. Adding to all of this negative mood, you also have


poor data out of Japan. It's called machinery orders falling more than


14% in November from the previous month, which was much bigger than


forecast. The data is regarded as an indicator of Japan's Abdul spending


in the next 6-9 months, and the latest numbers show sentiment


remains fragile -- capitals learning. Up to 600 jobs will be cut


in Europe. About 14% of this workforce will be lost. A camera


maker is also cutting jobs, letting go of 1500 employees, or about 7% of


its headcount after a sharp slowdown in holiday sales GoPro also want its


next quarter numbers will be lower-than-expected. Shares fell. Al


Jazeera is pulling the plug on its cable television network in America.


Less than three years after its high profile launch. The company, owned


by the Qatari government, had been struggling to attract revenue in the


highly competitive US market. It will stop operations at the end of


April. Indonesia's Central bank meets later today for the first time


this year, and it is a close call as to whether I will cut interest rates


to help stimulate the economy. Both is at a six-year low and the


government is facing some tough challenges in attracting foreign


investment -- growth. What is the sentiment on the ground in English


and it? -- in Indonesia? Our correspondent believes measures


taken by the government have boosted consumer confidence. The government


has been proactive in introducing a number of growth oriented regulation


packages that hint at the kind of reforms that are needed to get


investment going. That is buoyed investor confidence. Consumers are


still wary. We all read and hear the semis. Consumers have a right and


reason to be nervous. -- the same news. Especially about the collapse


of the commodity markets and exports, as well as political issues


at times they can be worrying. It is a vibrant democracy, but that can


take its toll on consumer sentiment. Given these factors, do you think it


is time once again for the International central bank to cut


the cost of borrowing? As you said in the lead up, it is a close call.


If it is indicated well on the banks take it up and pass it down the


line, it could have some impetus as part of a push towards growth. There


is some concern among anchors ASBO to yesterday that private bankers


may not even pass the lower rate among. -- among bankers I spoke to


yesterday. It could be a problem for the rupiah, although some think that


is already factored into the markets. We don't want the rupiah to


go to 40,000 again as a result of a rate cut. Now to India, the second


largest market for mobile phones, and with a growing number of people


using smart phones to connect to the Internet, businesses are keen to


develop ways for them to use their handsets to pay for things. Our


correspondent reports from Mumbai. get around India's busiest city.


This man has been driving one for 25 years. Sometimes getting paid is not


as easy as it sounds. Especially if the passenger does not have change.


Now some of his customers the mugger choose to fumble around for notes


and coins, instead paying using their mobile phones, transferring


money electronically. He says that has made life easier for him.


TRANSLATION: I used to have difficulty hitting change,


especially when customers of the notes. This would lead to an


argument often as many travellers will bring I am lying so I can keep


the change. But now some people transferred money from their mobile


phone and that is a big relief. The bike has about a quarter of a


million rickshaws, but only 10,000 except order payment. The number of


transactions are expected to go up as more drivers adopt the technology


-- Mumbai. It is one way phones are becoming wallets. 200 million people


are thought to have signed up to one of the many phones offering the


system, and while most only use them to pay for girls, movie tickets and


taxi rides, using them instead of cash or bank card is becoming more


common -- pay for bills. Companies from other set is like banking and


telecoms are seeing the potential, wanting rival versions. They hope to


make money by taking a cut from retailers, but despite the


possibilities, this firm knows its success hinges on how reliable


India's Internet and phone network is. The difficulty is connectivity.


Most of the time, it is a two G network. I think we will go through


another wave of mobile payments. For many, a move from cash something to


do, not least because more than half of the population still does not use


anchor counts, relying on old-fashioned money -- bank


accounts. As that changes on with things getting smarter and cheaper,


there still may be scope to cash in on the trend. The Asian stock


markets are in negative territory. Think you for being with us. Goodbye


for now. You are watching BBC News. The


headlines: Millions in America and around the world are hoping to win


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