Browse content similar to 13/09/2016. Check below for episodes and series from the same categories and more!
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THEME PLAYS. Watching for clues about the next big decision by the | :00:00. | :00:19. | |
US Fed. Does anyone really know if rates will rise? And workers demand | :00:20. | :00:27. | |
urgent health from the government with rising rates in China starting | :00:28. | :00:33. | |
to bite. -- help. Good morning, Asia. Hello, world. Welcome to Asia | :00:34. | :00:36. | |
Business Report. I'm Rico Hizon. It's a Tuesday. With just over a | :00:37. | :00:46. | |
week until the Federal Reserve meets, one of its governors has | :00:47. | :00:50. | |
warned against moving too quickly on a rate hike. Meanwhile, Donald Trump | :00:51. | :00:58. | |
has accused the bank of doing what current President Barack Obama wants | :00:59. | :01:03. | |
by keeping interest rates low. Will the bank move and could it have an | :01:04. | :01:07. | |
impact right here in Asia? I asked a chief economist. I think there has | :01:08. | :01:13. | |
been criticism of the Federal Reserve in recent years. Their | :01:14. | :01:18. | |
credibility has been called into question. A big problem is that | :01:19. | :01:22. | |
communication strategy. You hear from one governor one day that rates | :01:23. | :01:27. | |
aren't high enough and the opposite from another the next day that they | :01:28. | :01:34. | |
need to below well for longer. What does he really want? Interest rates | :01:35. | :01:39. | |
to be raised now? Donald Trump, I mean. Boruc wait until after the | :01:40. | :01:45. | |
election? -- or. We need a more coherent policy around normalisation | :01:46. | :01:50. | |
of the Federal Reserve. The fear of markets is that once the Federal | :01:51. | :01:55. | |
Reserve raises it will raise too quickly. What the Federal Reserve | :01:56. | :01:59. | |
needs to do is make a commitment that if the raise they will raise | :02:00. | :02:05. | |
slowly. Should they raise rates already now to take away the fear? | :02:06. | :02:11. | |
This close to an election it should be... It should be off-limits, OK? | :02:12. | :02:18. | |
Most of the guys who are analysts right now under 35s have never seen | :02:19. | :02:25. | |
a rate cut. We expect of reaction... But if there is a rate rise this | :02:26. | :02:29. | |
could impact the presidential elections come November, especially | :02:30. | :02:33. | |
the sentiment of the people. It could affect the democratic because | :02:34. | :02:39. | |
it would be under the administration of Barack Obama. -- Democrats. The | :02:40. | :02:46. | |
Federal Reserve should not be political. It should be independent. | :02:47. | :02:51. | |
There is a period where the Federal Reserve should say no more changes | :02:52. | :02:57. | |
until the election. That is why the debate about a September rise... We | :02:58. | :03:00. | |
never thought they would be one. For Asia's emerging currencies, it | :03:01. | :03:06. | |
affects us. If it keeps moving it impacts the currencies. And things | :03:07. | :03:13. | |
like the Japanese yen. The Japanese are fighting against depreciating | :03:14. | :03:20. | |
yen when they wanted. It affects many currencies around the region. | :03:21. | :03:25. | |
Staying the course that they have right now is really the way to go. | :03:26. | :03:32. | |
Tony. Thousands of people who work in the tourism industry of Taiwan | :03:33. | :03:38. | |
have protested in the capital Taipei demanding government help in the | :03:39. | :03:42. | |
face of a sharp drop from mainland Chinese visitors. They only opened | :03:43. | :03:46. | |
up the Chinese tourists in 2008 and it led to billions of dollars being | :03:47. | :03:53. | |
invested in some 90,000 new jobs. Earlier this year, Taiwan got a new | :03:54. | :03:58. | |
government with a pro- independent stance and as a result many Chinese | :03:59. | :04:04. | |
tourists are staying. We have more. The National Museum, the favourite | :04:05. | :04:10. | |
destination for Chinese tourists. In the past eight years, the number of | :04:11. | :04:15. | |
Chinese tourists in Taiwan has increased from practically none to | :04:16. | :04:20. | |
more than 4 million a year. They now make up what it is and of -- 40% of | :04:21. | :04:28. | |
their tourists. Few hours a man he now. This is how the lobby used to | :04:29. | :04:35. | |
look. Just fool months ago. Now this is what it looks like. That is since | :04:36. | :04:40. | |
May when the new president decided to promote pro- independent. Many | :04:41. | :04:49. | |
believe fewer travel permits are being permitted. Many job sectors | :04:50. | :04:58. | |
are affected, including tour bus companies. This man invested $3.5 | :04:59. | :05:05. | |
million to buy 20 tour buses for Chinese tourists. Now they mostly | :05:06. | :05:12. | |
sit idle. They used to handle 200 a day. Now only tends to or have to | :05:13. | :05:17. | |
pay all the expenses, including loan payments, wages to drivers, and | :05:18. | :05:22. | |
insurance and parking fees. Thousands of people have similar | :05:23. | :05:26. | |
concerns and took to the streets of Taipei on Monday. They include those | :05:27. | :05:32. | |
in the hotel, restaurant, and tourism sectors. I'll restaurant is | :05:33. | :05:36. | |
open to Chinese tourists but very few, now. We are suffering. Not | :05:37. | :05:44. | |
everyone agrees Taiwan should be so economically reliant on the rhythm | :05:45. | :05:47. | |
from mainland China and given to their demands. -- tourism. | :05:48. | :05:53. | |
TRANSLATION: The problems they face is the problem Taiwan will face if | :05:54. | :05:57. | |
they only care about the Chinese market. Just because they elected a | :05:58. | :06:01. | |
president China does not like, tourists stopped coming here. Does | :06:02. | :06:05. | |
that mean we should not elect a president they like? Not any other | :06:06. | :06:09. | |
country would function that way. But they are unlikely to change the way | :06:10. | :06:13. | |
they see Taiwan. TRANSLATION: They aren't really Chinese people. But | :06:14. | :06:17. | |
they are part of the same family. Given time, people from both sides | :06:18. | :06:22. | |
will move towards litigation. The trend continues. -- unification. | :06:23. | :06:28. | |
Taiwan could lose $1 billion in tourism this year. Mumbai's steel | :06:29. | :06:38. | |
industry has lost a loss for the third consecutive quarter. They are | :06:39. | :06:44. | |
trying to balance their books by selling off UK operations We have | :06:45. | :06:49. | |
the latest. Losses of this kind of amount were primarily due to | :06:50. | :06:56. | |
discontinued operations in the UK. They did not say much about how they | :06:57. | :07:00. | |
were planning to rescue operations in the UK except that it is still in | :07:01. | :07:03. | |
talks with other steel companies like a German -based group in Europe | :07:04. | :07:09. | |
to help the company consolidate operations and save costs. But all | :07:10. | :07:15. | |
the interested bidders over there has made it clear that it wants Tata | :07:16. | :07:23. | |
Steel to find a solution to pension issues. Its performance in Europe | :07:24. | :07:28. | |
has actually improved over the last few months because of a weakening | :07:29. | :07:34. | |
pound. The company expects demand to improve a bit. But it says in the | :07:35. | :07:39. | |
long-term there are still many challenges. It wants confidence to | :07:40. | :07:44. | |
improve in the market. As far as operations go, their performance has | :07:45. | :07:49. | |
improved. It expects still demand to grow in this market from early due | :07:50. | :07:53. | |
to fast economic growth. That is where they are making money right | :07:54. | :08:03. | |
now. So a mass produced self driving car could be on the road by a | :08:04. | :08:07. | |
different one. How close is the technology? -- 2021. They are just | :08:08. | :08:12. | |
days away from releasing a fleet of self driving taxis in its big. We | :08:13. | :08:18. | |
went to see the chief technology officer. I am here on Ford's campus | :08:19. | :08:24. | |
with the chief technology officer of the company. He and his team are in | :08:25. | :08:29. | |
the hot seat when it comes to delivering self driving cars for the | :08:30. | :08:32. | |
company. We are standing next to him. How does this work? There are | :08:33. | :08:40. | |
many things in this that you don't see. One is a big computer in the | :08:41. | :08:45. | |
trunk processing all of these signals. Some technology is pretty | :08:46. | :08:52. | |
evident. We have spinning laser is up here that are scanning and | :08:53. | :08:55. | |
tracking objects. Multiple cameras up here on this rack. It is looking | :08:56. | :09:01. | |
vehicles and the end interpreting data. People are worried about | :09:02. | :09:08. | |
safety. What is the biggest challenge for a safe self driving | :09:09. | :09:13. | |
vehicle. The things a human naturally does. If there is one the | :09:14. | :09:20. | |
all the scenarios the human can manage, we can manage 10% of them | :09:21. | :09:24. | |
and cover 90% of the others. It is the other strange things that happen | :09:25. | :09:30. | |
in that remaining 10% that we need to be able to sense and interpret | :09:31. | :09:37. | |
and react appropriately to. For the most part, this looks like a regular | :09:38. | :09:41. | |
car. I guess the most obvious thing that the single issues it is that. | :09:42. | :09:46. | |
Yeah, the sensor system. The lasers and cameras. Went to get to a | :09:47. | :09:50. | |
reduction vehicle we will have designers making it look a bit more | :09:51. | :09:54. | |
aesthetically pleasing. Right now the engineers it is easier to have | :09:55. | :09:58. | |
it this way so they can replace parts easier. The self driving | :09:59. | :10:08. | |
vehicle. The market. The market is in early regional trade. Asia is | :10:09. | :10:13. | |
indeed recovering from yesterday's falls. That is after the Nikkei | :10:14. | :10:18. | |
closed solidly higher as they hope the US Federal bank will hold off on | :10:19. | :10:22. | |
raising interest rates next week. And you can see the rest on the | :10:23. | :10:27. | |
board. Thank you so much for investing your time with us. I am | :10:28. | :10:29. | |
Rico Hizon. Sport Today is up next. | :10:30. | :10:38. |