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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:16. | |
The US government seeks to recover $1 billion worth of assets from the | :00:17. | :00:28. | |
Malaysian 1MDB fun. And, too many cooks, or in Singapore's case, not | :00:29. | :00:34. | |
enough? Looking at initiatives to get more chefs into training. | :00:35. | :00:42. | |
Good morning, it is Thursday, glad you could join us. US authorities | :00:43. | :00:50. | |
have filed a lawsuit to recover assets worth more than $1 billion | :00:51. | :00:54. | |
bought with money linked to a state fund in Malaysia. They say the money | :00:55. | :01:01. | |
came from 1MDB, a fund set up and overseen by Prime Minister Najib | :01:02. | :01:04. | |
Razak, but he has denied any wrongdoing. I asked our | :01:05. | :01:09. | |
correspondence to explain the details. | :01:10. | :01:25. | |
We have just received in the past hour a statement | :01:26. | :01:28. | |
from the Malaysian Prime Minister's office. | :01:29. | :01:29. | |
The spokesperson for the Malaysian Prime Minister, | :01:30. | :01:31. | |
Najib Razak, says that the Malaysian government is ready to co-operate | :01:32. | :01:34. | |
The Prime Minister has consistently talked | :01:35. | :01:37. | |
about the fact that he has denied any wrongdoing, | :01:38. | :01:40. | |
but if anything it is proven to have been done wrong, | :01:41. | :01:42. | |
the full force of the law will be enforced. | :01:43. | :01:55. | |
We have also received a statement from the production | :01:56. | :01:57. | |
company Read Granat, co-founded by the Malaysian Prime Minister's | :01:58. | :02:00. | |
The allegation is that money stolen from | :02:01. | :02:01. | |
1MDB was used to finance the making of this film, | :02:02. | :02:04. | |
as well as to buy a number of massive and luxurious | :02:05. | :02:07. | |
The US attorney general, Loretta Lynch, in her news | :02:08. | :02:12. | |
conference detailing all the allegations in this report, | :02:13. | :02:14. | |
said that the Malaysian people have been | :02:15. | :02:16. | |
The producers of The Wolf of Wall Street have denied that they have | :02:17. | :02:26. | |
used illegitimate money to produce the film, but on the other hand, how | :02:27. | :02:37. | |
could this controversy impact the reputation of Malaysia as a | :02:38. | :02:43. | |
destination? In this court filing, the Prime Minister of Malaysia, who, | :02:44. | :02:48. | |
as you said earlier, was the man who set up 1MDB, he is never directly | :02:49. | :02:52. | |
implicated or cited in this court ruling. But Malaysian official | :02:53. | :02:58. | |
number one, that is what the court filing calls him, calls a | :02:59. | :03:03. | |
high-ranking Malaysian official, it pretty much clearly identifies with | :03:04. | :03:07. | |
all of the evidence in this court filing that it is Prime Minister | :03:08. | :03:13. | |
Najib Razak. I think it will raise lots of questions about how deeply | :03:14. | :03:16. | |
he has been involved in this particular case, and I think that a | :03:17. | :03:21. | |
lot of investors looking at Malaysia will be very concerned about the | :03:22. | :03:26. | |
reputational damage to the country's economy, and Malaysians themselves | :03:27. | :03:30. | |
will be asking questions about the levels of corruption within their | :03:31. | :03:33. | |
country, within their government, and just how deep it goes. | :03:34. | :03:42. | |
Atop HSBC executive has been charged with fraud in the US. The company's | :03:43. | :03:51. | |
global head of foreign exchange trading, Mark Johnson, and his | :03:52. | :03:56. | |
colleague, are accused of profiting from a $3.5 billion currency deal. | :03:57. | :04:01. | |
HSBC has so far declined to comment. Following the failed coup, the | :04:02. | :04:07. | |
Turkish lira is weakening against the US dollar. Its credit outlook | :04:08. | :04:17. | |
has also been lowered to negative. So far, the Turkish lira has lost | :04:18. | :04:21. | |
70% of its value against the greenback. Quarrel, is reporting | :04:22. | :04:29. | |
strong results, with shares rising in after hours trade. -- Qualcomm. | :04:30. | :04:41. | |
The bank of Indonesia meets today to consider another rate cut after it | :04:42. | :04:44. | |
lowered the cost of borrowing four times this year by a full %. The | :04:45. | :04:54. | |
board's position could be a pointer for other banks aimed at boosting | :04:55. | :05:02. | |
growth. So far, Australia, Indonesia, Malaysia and the | :05:03. | :05:06. | |
Philippines have all cut rates, China has remained steady, and rates | :05:07. | :05:11. | |
are already zero in Japan. They have been very busy this year trying to | :05:12. | :05:16. | |
revive growth, but we now actually expect them to stay on the sidelines | :05:17. | :05:21. | |
in this monetary policy meeting. There are a number of reasons to | :05:22. | :05:25. | |
this. Firstly it is the last such meeting since they introduced a new | :05:26. | :05:28. | |
reference rate. That will be lower than what we currently are seeing at | :05:29. | :05:35. | |
6.5%. This 4% of rate cuts this year, hasn't already been impacting | :05:36. | :05:38. | |
the Indonesian economy? That is where the problem has been, and | :05:39. | :05:42. | |
impairment with the current policy rate. There has been a transmission | :05:43. | :05:47. | |
from the policy rate is too lending rates, so we haven't actually seen | :05:48. | :05:53. | |
banks passing on those cuts to consumers. If anyone has a true | :05:54. | :05:58. | |
group on cyber security threats, you would have to imagine it is the FBI. | :05:59. | :06:04. | |
So what are the major threats that exist to businesses and financial | :06:05. | :06:08. | |
institutions, and are they more of a challenge in this region? We spoke | :06:09. | :06:14. | |
with the FBI's head of security for investigations. As technology | :06:15. | :06:19. | |
expands it provides law enforcement with more tools and more tools to | :06:20. | :06:25. | |
defend themselves. At the same time it expands the attack surface, so | :06:26. | :06:30. | |
the more items that are connect it to the internet, cars, | :06:31. | :06:37. | |
refrigerators, the internet of things, the more we are connected to | :06:38. | :06:42. | |
more surface there is. You are headed cyber security criminal | :06:43. | :06:45. | |
investigations at the FBI. Where do you believe the greatest risk is | :06:46. | :06:50. | |
here, what keeps you awake at night? The targeting of critical | :06:51. | :06:52. | |
infrastructure would be on the leading edge of that. Are we in a | :06:53. | :06:59. | |
situation where we have actors that are targeting electrical grids or | :07:00. | :07:05. | |
the like to conduct crime? Again at the end of the day, this is a human | :07:06. | :07:13. | |
oriented problem, so it is a human that the bad guy is targeting, and | :07:14. | :07:15. | |
it doesn't have to be the most technical. It can be essentially | :07:16. | :07:20. | |
e-mail to an unsuspecting person that contains malicious code, and | :07:21. | :07:23. | |
when they click on the link the unsuspecting person, the actor then | :07:24. | :07:31. | |
can facilitate a compromise. This can happen everyday, and it is a | :07:32. | :07:39. | |
real problem, so it us up. Today, Mitchell and launchers for | :07:40. | :07:42. | |
the first time here in Singapore. The citystate has long been a | :07:43. | :07:46. | |
destination for food lovers from around the world. The industry has | :07:47. | :07:51. | |
been served mainly by foreign workers, but no longer. Curbs on | :07:52. | :07:56. | |
foreign labour are causing huge headaches for the hospitality | :07:57. | :07:59. | |
industry -- Michelin. The challenge is to find more local employees. | :08:00. | :08:06. | |
This man is only 18 but he knows what he wants to be when he is | :08:07. | :08:12. | |
older, and who he wants to be like. My mindset is fixed on wanting to be | :08:13. | :08:15. | |
a chef, having a very big restaurant and inspiring others. Like Gordon | :08:16. | :08:22. | |
Ramsey has inspired me, he is one of the famous people that I look up to. | :08:23. | :08:26. | |
So enthusiastic is he about a career as a chef, he enrolled at the | :08:27. | :08:31. | |
Singaporean: preschool. Jelly will saute onions now. That will be the | :08:32. | :08:36. | |
start of your carrot soup, that is fantastic. He and his classmates | :08:37. | :08:41. | |
don't just have dreams to become the next celebrity chef, they are also | :08:42. | :08:46. | |
here to fulfil a crucial need in Singapore, where there has been a | :08:47. | :08:49. | |
shortage of chefs and service staff to cater to the burgeoning | :08:50. | :08:55. | |
hospitality industry. A cut in the number of foreign workers restaurant | :08:56. | :08:59. | |
in hotels can hire, and expensive levies to employ them, has made the | :09:00. | :09:04. | |
problem especially acute. So, the government has introduced chaining | :09:05. | :09:14. | |
-- training programmes, to sign up chefs and service staff. The chief | :09:15. | :09:21. | |
executive of the culinary school, who is also a director at the | :09:22. | :09:25. | |
Singapore hotel association, says attitudes are changing. Interest now | :09:26. | :09:31. | |
for the younger generation is that they want to pursue their dreams, it | :09:32. | :09:35. | |
is not just what my parents want. I think that is fantastic. The rise in | :09:36. | :09:40. | |
her school's intake could go a little way to fixing the problem, | :09:41. | :09:43. | |
but it will take many more young people with enthusiasm to help | :09:44. | :09:49. | |
reduce Singapore's reliance on foreign labour. It has some of the | :09:50. | :09:54. | |
highest proportions of foreigners among its population in workforce in | :09:55. | :09:56. | |
the world, and weaning itself off the stoop recruit home-grown talent | :09:57. | :09:58. | |
will continue to be a big challenge. Before we go, a quick look at the | :09:59. | :10:08. | |
markets. Asia is back to its winning ways in positive territory in early | :10:09. | :10:13. | |
Thursday trade after US stocks took a modest step forward. Several | :10:14. | :10:19. | |
companies reported profits that were stronger than expected. The Nikkei | :10:20. | :10:24. | |
is up by 210 points, and the All Ordinaries gaining 35. Hong Kong | :10:25. | :10:32. | |
will be opening in about 15 minutes. Thank you for investing your time | :10:33. | :10:33. | |
with us. Sport Today is next. | :10:34. | :10:37. |