31/03/2016 Asia Business Report

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

It has been weeks off back and forth but finally Sharp will be taken

over. As part deal closes up shop in the UK, what does it mean for the

Indian company's global business? -- as Tata Steel closes up.

Welcome to Asia Business Report. It is a deal that has been a longtime

in the making and Taiwan's fox commonwealth takeover Japan's

struggling economics giant Sharp. -- Foxcom. The tag is to be 3.5 million

dollars, US, $900 million less than offered one month ago. That was

before more details were revealed about Sharp's debt. Earlier I spoke

to somebody from the KU has been following the negotiations. -- from

Nikkei. This deal marks a juncture in Foxcom's as you will of

revenues. There is a faltering global issue and I do believe...

INAUDIBLE. Yes, this is a way forward for both companies and it

will be interesting to see what they are going to do in their joint

collaboration in the future. Indeed. There have been many reports

about wholesale management changes at Sharp once Foxcom takes over.

What do you think their plans are for the company? Will they keep it

as the group as it is now, or sell bits of? Basically Foxcom said it is

investing in Sharp strategically, although Foxcom is taking control of

Sharp. I believe Foxcom will apply its operational efficiency on Sharp

so that Sharp can become more popular in the future and then

Foxcom can jumpstart the brand and secure more orders in the mobile

gadget market. Is the key for Foxcom the consumer brand of Sharp? It is

actually one of the parts of what Foxcom is after. Basically it is

looking to transition from a contract manufacturer into a brand

business. At the same time, Foxcom was to depend on Sharp's business.

So it will see if it can get more orders and also try to secure more

orders from other smartphone brands. In other news, some of China's

largest banks have reported lacklustre earnings growth. Profits

for the industrial and commercial bank of China and China Construction

Bank oath grew by 0.5% industrywide. -- both grew. Agricultural Bank of

China, the third-largest lender in the country, will have its results

today. South Korea's industrial output grew at its fastest rate in

more than six years, as demand for smartphones and cars drove activity.

There was a fall of 1.8% the previous month. A decision by Indian

giant Tata to sell its loss-making steel plants in the UK has sent

shock waves through Britain. The UK is just one part of the global steel

enterprise. We have been speaking to Tata Steel's chief executive

director. We asked if leaving the UK would affect its global reputation.

We are a business enterprise at the end of the day. I think we will do

all that is necessary to preserve their reputation and preserve the

lives of the people. The question is, at one point in time the company

was public listed and it is accountable to stakeholders and

shareholders. Therefore, a time comes when such exposure is

unavailable. We just hope that we work towards, without stakeholders,

employers and unions, defined a solution which is potentially the

best solution under these circumstances and that's what our

aim is. When the takeover happened there was almost a sense of pride,

especially in India, that an Indian company was taking over a company in

the UK and becoming the UK's weakest steel company. Where does this

announcement leave you today? -- biggest steel company. It is part of

our business strategy, but we didn't come to this decision in one or five

years. The world has changed significantly and completely as far

as the steel industry is concerned. Firstly the global financial crisis

in 2008, which is about two years from when we acquired it. At that

point in time the development of markets, which had a fairly steady

demand position, including in Europe, went through a collapse

because of the liquidity problems and so on. And we have seen a

structural change in demand by about 30% post crisis. In the last few

years we have significant capacity coming out of China, which has

flooded the markets. So the dynamics of the steel industry globally have

changed significantly, compared to the time of the acquisition. Would

you say the strategy was a mistake? Not at all. I think it is a question

of the strategy looking at future scenarios. If there was anybody who

could have predicted the global financial crisis in 2008 we would be

in a very different position and certainly, if I may say so, it was

not correctable. That was one of the biggest issues that happened in this

whole acquisition process. Tata Steel's group executive director

talking to us. Mental health problems are thought

to cost the Australian -- Australian economy some $8 billion a year. It

is said absenteeism and reduced productivity from unwell workers are

hurting business. Now companies, the health sector and the government

have come together for a national campaign promoting mentally healthy

workplaces. This report from Sydney. About one in five Australian workers

are experiencing some kind of mental health issue. Two suicides in my

family, depression and anxiety. This father and -- this man is a director

of a nationwide firm of landscape architects and has battled his own

demons. For him there are three key ingredients for a mentally healthy

workplace. In gender a culture of openness. There's nothing you can't

talk about and I mean nothing. The second is observation, which is just

keeping your eyes and ears open. If someone is struggling a talk to

their colleagues and that works its way up if they wanted to. The

structure should allow that, people understanding their roles and

objectives and then enjoying the ride. Part of Australia's mental

health problem is people who are addicted to work, or workaholics.

Combine that with long hours, job insecurity and the pressure to

perform and it is hardly surprising that cracks start to appear. The

government has recognised that mental illness harms Australia's

productivity and has promised to overhaul support services. Lost

productivity through an treated depression in the loan -- alone in

the workplace is costing Australian businesses just under $11 billion a

year. Companies in Australia are more aware of the corrosive effects

of mental health problems than ever. But the Stig -- stigma of

depression still lingers. Think twice before you disclose to your

workplace, because I still hear horror stories far too often of

people who have taken a step and said, I've just been diagnosed with

depression, or I am really struggling and they get marched out

and given a box and marched off the premises. This is an illness, not a

sign of weakness or character trait. You don't leave your depression at

the door when you come to work. Bright and optimistic is how the

world often sees Australia, but this is a country that is still

struggling to lift the burdens from a stressed out workforce.

Let's have a look at the markets. If we look at how Asian markets open,

the Hang Seng was opened yesterday. The Nikkei is up .5%. The All Ords

making solid gains, up 1.6%. The US really set the tone for two days in

a row. It has moved into positive territory. Investors still digestive

those words from Janet Yellen about a more cautious approach to interest

rates. That's it for this edition of Asia Business Report. Thanks for

watching.