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Lots more business news live with Sharanjit. | :00:00. | :00:11. | |
No deal. OPEC fails to reach a deal on production. Will it affect oil | :00:12. | :00:21. | |
prices? And why do so few women in India | :00:22. | :00:25. | |
were? We look at what needs to be done to bring change to a country, | :00:26. | :00:29. | |
where less than one quarter of women are employed. -- India work? | :00:30. | :00:37. | |
Welcome to this Friday edition of Asia Business Report. | :00:38. | :00:43. | |
The OPEC group of oil producing nations has again failed to reach | :00:44. | :00:47. | |
agreement on the production cap at their meeting in the Austrian | :00:48. | :00:52. | |
capital, Vienna. OPEC once exercised considerable market power to | :00:53. | :00:57. | |
influence prices by adjusting the supplier, but it has struggled to | :00:58. | :01:00. | |
impose production ceilings in recent years. The Secretary General | :01:01. | :01:08. | |
defended OPEC's record. The answer the question of whether OPEC is | :01:09. | :01:13. | |
dead, I have heard these comments may be five or six times in my | :01:14. | :01:20. | |
career. Every time I hear... When we left Jakarta on time, I heard OPEC | :01:21. | :01:27. | |
was dead, but OPEC rose again very strong and powerful. OPEC is alive | :01:28. | :01:38. | |
and will be a very important signifier of the economy and the | :01:39. | :01:43. | |
world. That was the OPEC Secretary General. Initially the news sent oil | :01:44. | :01:48. | |
prices lower, but they finished higher because of a fall in US crude | :01:49. | :01:52. | |
inventories. That is have a look at where they are trading now. Light | :01:53. | :01:57. | |
crude is up slightly at $49. Brent crude is over the 50 again. Of | :01:58. | :02:04. | |
course we know that these numbers are about 80% higher than they were | :02:05. | :02:11. | |
in January, when we saw oil prices lurking at $27 a barrel. Of course | :02:12. | :02:14. | |
some of you recall that two years ago oil prices were at $115 a | :02:15. | :02:21. | |
barrel. So where will these prices go next? What impact could OPEC | :02:22. | :02:28. | |
have? That's a question I posed. I was surprised to see the | :02:29. | :02:35. | |
contributory to that the new Saudi minister struck at the meeting. The | :02:36. | :02:39. | |
first thing to highlight is that they con Seve that shale oil still | :02:40. | :02:48. | |
has base to grow. -- they conceive. They believe shale can grow by 200 | :02:49. | :02:54. | |
or 300 barrels a day growing forward. He is clearly saying a | :02:55. | :02:57. | |
price of $50 a barrel I'd also be good for investment. -- might also. | :02:58. | :03:06. | |
In Vienna they say OPEC has a very important role and in the future it | :03:07. | :03:13. | |
could still intervene to steer the market. So in the future this could | :03:14. | :03:17. | |
lead to investment and the stability that is needed to develop a capacity | :03:18. | :03:20. | |
that the market will need to meet the band. Surely on production | :03:21. | :03:27. | |
suggests oil prices should go down? -- meet demand. Can you make sense | :03:28. | :03:33. | |
of prices? Where will we go next? There is now a drive behind OPEC to | :03:34. | :03:38. | |
bring unity to the table. We have statements from different ministers, | :03:39. | :03:40. | |
that it was a meeting without tensions. This means that all the | :03:41. | :03:45. | |
animosity that you have seen between Iran and Saudi Arabia has been left | :03:46. | :03:51. | |
behind and we may see that going forward they are ready to come again | :03:52. | :03:56. | |
to the table and, especially in OPEC where political considerations have | :03:57. | :04:02. | |
been avoided, we can see that now again there might pick operation in | :04:03. | :04:05. | |
the future. Especially he said in the interview that the price of the | :04:06. | :04:13. | |
lower range we saw, lower than $30 a barrel earlier this year, is to load | :04:14. | :04:17. | |
the guarantee that investment. So the Saudis are coming back to their | :04:18. | :04:22. | |
traditional policy of investing in capacity and making sure that they | :04:23. | :04:27. | |
can be... That they can have the buffer to deal with any emergencies | :04:28. | :04:34. | |
in the market. In Asia the battle for food delivery is hotting up. In | :04:35. | :04:44. | |
Berlin, one company has expanded to 500 cities and the big challenge is | :04:45. | :04:47. | |
telling the business market to distant destinations. We started | :04:48. | :04:57. | |
with a standardised model across the world and are now much more focused | :04:58. | :05:02. | |
on localisation and adapting the model to the local culture is, which | :05:03. | :05:07. | |
differ across the world. -- cultures. For example, in Moscow | :05:08. | :05:14. | |
delivery by motorbike is not possible. The quickest delivery is | :05:15. | :05:17. | |
by metro. With the car you are always stuck in traffic. In | :05:18. | :05:26. | |
Singapore we have ebikes. So it is a very different set up. And also the | :05:27. | :05:30. | |
marketing side. We have different channels for the marketing that is | :05:31. | :05:36. | |
working. Given how localised each market is, do you feel you are at a | :05:37. | :05:41. | |
disadvantage to local players? No. We have a central team, so we can | :05:42. | :05:46. | |
leverage the cost of prosperity markets. We have a central or | :05:47. | :05:49. | |
marketing team where we can leverage the cost across the markets. So we | :05:50. | :05:56. | |
have a big cost advantage that side. Foodpanda is active in 30 countries | :05:57. | :06:00. | |
around the world. What you do intend to expand. What are your next plans? | :06:01. | :06:09. | |
Indeed. In Eastern Europe, Russia, India, Pakistan, the Middle East and | :06:10. | :06:14. | |
South East Asia. We have expanded for the last four years across all | :06:15. | :06:20. | |
of those markets and for now the focus is clearly on consolidation | :06:21. | :06:23. | |
within those countries and expansion within the countries to more cities | :06:24. | :06:26. | |
and more neighbourhoods, for example Hong Kong. We have been working | :06:27. | :06:31. | |
mainly on Hong Kong island and are now at landing. To cover a greater | :06:32. | :06:37. | |
area, as well as reach new audiences. Tell me about the | :06:38. | :06:41. | |
competition. There is a lot of it. You are competing globally against | :06:42. | :06:48. | |
global competitive is, that also have deep pockets. There are also | :06:49. | :06:52. | |
many local homegrown ones. What is your strategy to stay ahead? | :06:53. | :06:59. | |
Competition is strong, which helps us, because we are at the beginning | :07:00. | :07:02. | |
of a big trend of off-line to online shifting. Currently our biggest | :07:03. | :07:09. | |
competition is the phone. People call a restaurant to order food. For | :07:10. | :07:14. | |
us, online competition helps to grow the awareness and the market and | :07:15. | :07:18. | |
helps to expand the online market further. | :07:19. | :07:25. | |
The co-founder of Foodpanda. Now to India, where less than a quarter of | :07:26. | :07:28. | |
women work. According to the government rate is even lower in | :07:29. | :07:35. | |
urban areas, at just 60%. To try to change that authorities are | :07:36. | :07:38. | |
considering measures such as maternity leave and child-care | :07:39. | :07:42. | |
facilities. But the young female professionals in more by say a lot | :07:43. | :07:43. | |
more needs to be done. Mostly it is because of the mindset | :07:44. | :07:55. | |
of the society. Mental harassment, lack of safety measures. Girls and | :07:56. | :07:59. | |
women aren't taken seriously when they work. They have to prove | :08:00. | :08:04. | |
themselves over and over again. For a girl it is like, OK, you have | :08:05. | :08:10. | |
graduated. You have secured a job. The next thing you should do is get | :08:11. | :08:15. | |
married. But for a guy in that case he is getting enough time to | :08:16. | :08:17. | |
actually pursue his dreams and aspirations. A person actually came | :08:18. | :08:25. | |
up to me and told me that, you know what, it is OK if you don't get it. | :08:26. | :08:30. | |
You don't have to be intelligent, as long as you are pretty. The | :08:31. | :08:34. | |
recruiter told me, you are unfit for this job. I was taken aback. I was | :08:35. | :08:39. | |
like, why am I unfit for this job? He said because it was a sales | :08:40. | :08:43. | |
manager profile. You won't be able to go in the sun and handle the | :08:44. | :08:49. | |
pressure. As soon as I got the job within two months everyone was like, | :08:50. | :08:54. | |
why are you not getting married? Way parents have to face that question. | :08:55. | :08:58. | |
Why isn't she being married off? Is the problem? People from remote | :08:59. | :09:05. | |
areas of India, they are concerned if I am going to work. What happens | :09:06. | :09:09. | |
to my marriage plans? What happens to my real-life? There are people in | :09:10. | :09:14. | |
society where I to keep instigating my in-laws. She is working on | :09:15. | :09:20. | |
holidays! At this moment they have no issues, but even ten years down | :09:21. | :09:25. | |
the line if they listen to the same stuff again and again I am not sure | :09:26. | :09:31. | |
what will happen. Safety is the most important thing for women to come | :09:32. | :09:38. | |
out and work, because where they work safety should be ensured for | :09:39. | :09:42. | |
them in every sense. Yet mental, physical, be it sexual harassment. | :09:43. | :09:46. | |
They should be safe from all this. I would want a workplace that would | :09:47. | :09:51. | |
have affiliation with some child-care centres. But I do not see | :09:52. | :09:57. | |
that in most workplaces. There are very few that have affiliation with | :09:58. | :10:00. | |
such daycare centres. Lots of voices of women. You can | :10:01. | :10:06. | |
hear more on Talking Business this week. We hear from some top | :10:07. | :10:09. | |
corporate leaders in India, regarding what can be done to | :10:10. | :10:12. | |
improve conditions for women at work. | :10:13. | :10:16. | |
To look at the markets. Asian shares are rebounding. We see some gains in | :10:17. | :10:21. | |
the Nikkei, up about 1%. That is really | :10:22. | :10:21. | |
are rebounding. We see some gains in the Nikkei, up about 1%. That is | :10:22. | :10:24. | |
really turning around some of the losses from yesterday. They saw | :10:25. | :10:27. | |
their really turning around some of the | :10:28. | :10:27. | |
losses from yesterday. They saw their biggest daily percentage drop | :10:28. | :10:29. | |
in a month on Thursday. That's it for this edition of Asia | :10:30. | :10:32. | |
Business | :10:33. | :10:33. |