11/08/2016 Asia Business Report

Earlier, unions representing Eurostar rail managers announced

walkouts this weekend and over the Bank Holiday weekend

Let's talk about the economy. Proposals being touted by the US

presidential rivals in the run-up to the November polls. And Singapore

narrows its growth forecast for the year. Good morning, Asia. Hello,

world. I'm Rico Hizon. This is Asia Business Report. Thank you for

investing your time with us. It is Thursday. Glad you could join us.

The economy is looming large in this year's US presidential election,

especially with both candidates developing ways to increase growth

and create jobs. On Thursday, the Democratic's nominee, Hillary

Clinton, revealed plans for the US economy. She will be speaking at

Detroit's days after Donald Trump went to the same city to lay out his

proposals. Here is a look at how their economic strategies go against

each other. These reforms will offer the biggest tax revolution since the

Reagan tax reform, which unleashed years of continued economic growth

and job creation. They tried to make his old, tired

ideas sound new. But this is what we know because we heard it again, his

tax plans will give super big tax breaks to large corporations and the

really wealthy. ELECTRONIC MUSIC. Hillary Clinton and Donald Trump on

economic strategies for American. In other news, Singapore has shaved off

a full 1% from its forecast for the 16. It is now estimated at 1- 2%.

There economy expanded by 1.2% in the second quarter compared to

levels unchanged from the previous three months. Sharanjit Leyl looks

at what has been happening in the economy. It is one of the easiest

ways to gauge of the global economy is starting to slow. The number of

ships pulling into Singapore's Harper starts to fall. As the

world's largest port, they have to go to Singapore first. Think of it

as an airport. Instead of passengers, containers on these

ships have to go through Singapore before going onto the rest the

world. According to recent reports, the quantity of cargo coming through

Singapore has fallen 5% in the first half of this year. Part of that is

because China's economy is slowing. As Asia's largest trading partner,

they buy and sell too many Asian countries. But their imports and how

much they buy has fallen for 21 straight months. China's exports and

how much it sells have fallen for 12 out of 13 months. That is dragging

economic growth in Asia's largest economy to the slowest of a quarter

of a century. That hits not just the transit economy of Singapore but

many other sectors, including financial institutions, business

sentiment, and the housing sector, as fewer Chinese choose to make

their homes here. Prized as one of the most open economies in the

world, when it is largest neighbours start to slow, it can be one of its

biggest drawbacks. Sharanjit Leyl, BBC News, Singapore. And that is

having a big impact on South East Asia's largest real estate business,

Capital Land. The Chief Executive says it will continue to invest in

the mainland despite concerns about the property bubble and rising debt.

Sharanjit Leyl asked why they still see it as a safe net. It is a very

big economy. There are areas which are specific, it is location driven,

we have to be focused on getting the right location with the right sort

of market. How do you do that? You have to do homework. That is the

most important thing. We have a team on the ground who understand what is

happening in the market. They understand the issues. Sometimes

when we work on a project it requires very intimate and in-depth

knowledge of specific issues. Concerns about speculation bubbles

and over construction in many cities in China is rife. Do you think China

should have different policies for different cities? China is a big

country. It is hard to have a one size fit all. In some markets, the

market has been particularly hardly hit. The government has been

restrictive in their policies. Does that help you as an investor? It is

good to have a stable market as an investor. As a real estate investor,

you are not massively exposed to the united kingdom, but you say there

are concerns being brought on because of Brexit. Tell us what they

are and how might this influence your investment policies? That is

because of the exchange rate. The other potential impact is on the

slightly medium to longer term, the arrangement we will have, the UK

will have, with other regions and countries, especially with EU

countries. So we are now looking at this as a potential opportunity for

us to see whether we want to have greater exposure to the London

market for example. And do you? We are still at a stage where we are

trying to understand how this is potentially going to work out over

the course of the next years. Speaking to Sharanjit Leyl. New

Zealand's dollar surging to a one-year high against the US

greenback after the Reserve Bank of New Zealand trimmed its borrowing

costs to a fresh low of 2%. And this is the sixth rate cut in 16 months.

They flagged there could also be one more reduction this year as the

economy is struggling to reach its inflation target. After turning his

aim at criminals, Rodrigo Duterte is aiming at something else, business

leaders. He has named and shamed business leaders as oligarchs. This

includes a former trade secretary under the 20th richest person of the

Philippines. A personal fortune of $1 billion. Beoing, the US plane

maker, said it would further cut its output of 777s. They say that the

large ones may have peaked. They had already set out plans to reduce

production by 15% next year in favour of the 777X. India's

central-bank governor will be leaving his post next month without

seeking a second term. He chaired his final central-bank meeting

earlier this week. Our colleagues caught up with him to look at the

move away from interest rates and the economy to some personal

I think I am a boring guy. LAUGHING. I wish they had done it

when I was 25. LAUGHING.

I think I will pass on that question. Whatever answer I give

will be problematic. I will pass. I think that is one place where my

wife organises everything and her answer is no. India's outgoing

central-bank governor, the rock star! Here is a quick look at the

markets before we go. As you can see, they are all down except Hong

Kong. Behind saying index opens soon. -- the Hang seng. And the old

and there is index is down in the last hour. Banking shares are the

biggest losers. Oil prices are continuing to fall down another 2%.

Thank you so much for investing your time with us. I am Rico Hizon.

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