14/01/2016 Asia Business Report


14/01/2016

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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That story is currently trending on the BBC website.

:00:00.:00:00.

That's all from me now. Stay with BBC World News.

:00:00.:00:08.

Police have revealed that the serial child killer, Robert Black,

:00:09.:00:13.

was about to be charged with the murder of another young girl.

:00:14.:00:17.

Devon and Cornwall Police say they were planning to charge him over

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the disappearance of Genette Tate, who was 13 when she disappeared

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

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Asian stock markets are falling after Wall Street posts its first

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

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

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

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

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

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

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

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

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correction mode. All prices are down again with international benchmark

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

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

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

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

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

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optimistic because of better-than-expected trade data.

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

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

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

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

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

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

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

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

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

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

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

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

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

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sustained in January and the following months? I think

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

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

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

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

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for several sessions. Chinese officials are trying to boost the

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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government is facing some tough challenges in attracting foreign

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

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

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taken by the government have boosted consumer confidence. The government

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has been proactive in introducing a number of growth oriented regulation

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

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investment going. That is buoyed investor confidence. Consumers are

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

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

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

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

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

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is time once again for the International central bank to cut

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

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

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

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is some concern among anchors ASBO to yesterday that private bankers

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

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

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

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

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

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

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

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

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

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

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

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and coins, instead paying using their mobile phones, transferring

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

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TRANSLATION: I used to have difficulty hitting change,

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

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

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

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

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

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

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

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

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

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

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

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

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

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possibilities, this firm knows its success hinges on how reliable

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

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

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

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

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

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

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

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

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for now. You are watching BBC News. The

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

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the biggest jackpot in lottery history. $1.5 billion. Hong Kong

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says it would ban

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