Browse content similar to 10/10/2016. Check below for episodes and series from the same categories and more!
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reveal how many foreign workers are employed. The data will be collected | :00:00. | :00:00. | |
but not made public. More from the United States with the debates. But | :00:00. | :00:00. | |
first, Asia Business Report. Hillary Clinton and Donald Trump | :00:00. | :00:17. | |
countdown to the second Presidential Debate. We ask what a Trump | :00:18. | :00:22. | |
presidency would mean for the global economy. Driverless cars will change | :00:23. | :00:28. | |
the roads in a few years, but it may also cause a radical shift in the | :00:29. | :00:30. | |
insurance industry. Good morning Asia, hello world, | :00:31. | :00:46. | |
thank you for joining us on Asia Business Report. The second debate | :00:47. | :00:49. | |
between US presidential candidates Hillary Clinton and Donald Trump | :00:50. | :00:54. | |
will be starting very shortly with polls putting their neck and neck in | :00:55. | :00:59. | |
the battle to the White House. There are worries that close race will | :01:00. | :01:02. | |
spark volatility in the financial markets. We ask well-known emerging | :01:03. | :01:09. | |
markets investor Mark Mobius if he is concerned. The key point is if | :01:10. | :01:16. | |
Trump get selected he will act as a negotiator. He is a businessman. He | :01:17. | :01:23. | |
knows how to negotiate. That is his strength. At the end of the day he | :01:24. | :01:27. | |
will come to some agreements. He won't be afraid to fly to Mexico to | :01:28. | :01:31. | |
come to some understanding. Same thing with Asia any other parts of | :01:32. | :01:36. | |
the world. At the end of the day it will probably be positive. Federal | :01:37. | :01:41. | |
Reserve, everyone is waiting for them to raise interest rates. People | :01:42. | :01:47. | |
are making a mistake thinking that because the Fed will raise rates | :01:48. | :01:51. | |
that the stocks will go down. This will not necessarily happen. And in | :01:52. | :01:55. | |
addition to the fact that if there is a rate increase it would be very | :01:56. | :02:01. | |
small. Very little impact. The direction, however, unfortunately is | :02:02. | :02:05. | |
towards negative rates. If you look at what the Economists are saying, | :02:06. | :02:14. | |
-1 doesn't work, let's go to -2, let's go to three or four, this is | :02:15. | :02:18. | |
the reality of the mentality that we are seeing. This central bankers are | :02:19. | :02:25. | |
being influenced by the central bankers. -- by the Economists. Could | :02:26. | :02:35. | |
they go to negative rates? It could. They have threatened to raise rates | :02:36. | :02:39. | |
many times but didn't do it. And it depends on the level of the | :02:40. | :02:45. | |
economies. I know some of the governors want to raise rates. And | :02:46. | :02:49. | |
there are many people in America who want to have rates higher, | :02:50. | :02:53. | |
especially those on fixed income and pensions and so forth. At the end of | :02:54. | :03:03. | |
the day is not clear that the Fed will do it. To negative interest | :03:04. | :03:06. | |
rates were? We haven't seen an effect in Europe or Japan. They | :03:07. | :03:09. | |
haven't worked. This central banks are given responsibility for growth | :03:10. | :03:16. | |
which they should not have responsibility for, it is | :03:17. | :03:19. | |
politicians, the reform programme that results in growth. So this is a | :03:20. | :03:24. | |
real dilemma. There is too much dependence on central banks. Mark | :03:25. | :03:28. | |
Mobius is speaking with our correspondent. AT has stopped | :03:29. | :03:35. | |
replacement of the Galaxy Note 7 after reports of more replacement | :03:36. | :03:38. | |
phones overheating. If confirmed that will be three in a week. This | :03:39. | :03:45. | |
teenager in the US says her Samsung phone melted on her hand. Her father | :03:46. | :03:49. | |
says the phone is a replacement for the Galaxy Note 7 that was part of a | :03:50. | :03:53. | |
global recall last month. This comes after a US plane was evacuated last | :03:54. | :03:58. | |
week after a Note 7 phone on board the plane started emitting smoke. | :03:59. | :04:04. | |
India's e-commerce companies will have a bumper period as festival | :04:05. | :04:08. | |
season approaches with the sector becoming fiercely competitive since | :04:09. | :04:11. | |
US online giant Amazon started pouring money into India. That is | :04:12. | :04:16. | |
not putting off the country's local brands. We catch up with the head of | :04:17. | :04:22. | |
one of them, the Indian company Mintra. She started asking why the | :04:23. | :04:27. | |
market is so promising. E-commerce as a space is here to stay because | :04:28. | :04:31. | |
it provides services to our customer, which is convenient. | :04:32. | :04:36. | |
Fashion and lifestyle is the number two category after mobiles and it | :04:37. | :04:41. | |
will be for a while. However, it is very profitable because margins are | :04:42. | :04:44. | |
much higher. You recently made one of the biggest acquisitions we've | :04:45. | :04:47. | |
seen in this industry when you acquired a rival company, so what do | :04:48. | :04:54. | |
you plan to do with it, will you consolidate or run them | :04:55. | :04:58. | |
independently? We are $2.5 billion in online fashion and lifestyle | :04:59. | :05:02. | |
services and that number will become 4 billion. That has happened | :05:03. | :05:06. | |
everywhere else in the world and it will happen here as well, so the | :05:07. | :05:10. | |
purpose of the acquisition, it is rare to buy their number two player | :05:11. | :05:13. | |
as number one player, so the purpose was to look at how to grow the | :05:14. | :05:18. | |
market. Companies like you have been growing fast however online reach in | :05:19. | :05:22. | |
India is still very small. How do you respect it to grow further? The | :05:23. | :05:26. | |
biggest problem in fashion is not reach, we have the problem of size, | :05:27. | :05:33. | |
touch and feel, which we are solving through technology with a service | :05:34. | :05:39. | |
called try and buy to order multiple clothes, the guy will wait for you | :05:40. | :05:43. | |
and you return it, so we bring the trial room to you. That is what is | :05:44. | :05:48. | |
going to grow the market. You have to think about other value, can I | :05:49. | :05:54. | |
get better service, alterations, more selection, can I offer more | :05:55. | :05:59. | |
international brands? You are owned by one of the ten most valuable | :06:00. | :06:05. | |
start-ups of the world, so how does it help? Many different things. The | :06:06. | :06:10. | |
first is capital, which is very important, and the second is the | :06:11. | :06:14. | |
ability to make bold moves like what we have done. As a stand-alone | :06:15. | :06:17. | |
company we couldn't do that. And third is we leverage with the supply | :06:18. | :06:24. | |
chain, so if you focus on that you can provide better service. While | :06:25. | :06:27. | |
you talk of opportunities in the market, surely there are challenges. | :06:28. | :06:31. | |
The first is keeping up with scale and growth. Not so much the market | :06:32. | :06:37. | |
but internally as a company, growing 80% year-on-year, how can you make | :06:38. | :06:40. | |
sure the processors come along and the culture stays what it is | :06:41. | :06:45. | |
supposed to be, how can we stay innovative, that is what I am | :06:46. | :06:49. | |
worried about. The market will happen. We are focused on the | :06:50. | :06:52. | |
customer and the market and making sure that we can keep pace with | :06:53. | :06:56. | |
growth is the biggest challenge. We might be a few years away from | :06:57. | :07:01. | |
consumers buying driverless cars but the technology is about to radically | :07:02. | :07:05. | |
changes the insurance industry and according to one US report premiums | :07:06. | :07:10. | |
could drop more than 40% want the autonomous cars are fully adopted. | :07:11. | :07:17. | |
So how is the industry assessing risk? Chief executive of the | :07:18. | :07:21. | |
insurance provider FWD Group spoke to us and said that is the billion | :07:22. | :07:33. | |
dollar question. The technology is changing across the way we do | :07:34. | :07:37. | |
business from the way we talk to the customer, the way we sell a product, | :07:38. | :07:41. | |
the way we design a product, the way we serve them and the way we make | :07:42. | :07:45. | |
claims. Everything is changing in the industry. | :07:46. | :08:00. | |
The relationship of the insurance contract between an individual and | :08:01. | :08:05. | |
the insurance company will evolve also. So at the moment it is | :08:06. | :08:10. | |
individual customers, consumers still responsible for their own | :08:11. | :08:14. | |
insurance coverage. In the next five to ten years I have no doubt that | :08:15. | :08:18. | |
the relationship will evolve. It will become a contract with the | :08:19. | :08:24. | |
insurance company and the car manufacturer or the software | :08:25. | :08:28. | |
manufacturer and at that time the liability or shift from individuals | :08:29. | :08:37. | |
into more of a group setting. The road will change. For example, now | :08:38. | :08:40. | |
when you get on an aeroplane you don't think about the aeroplane | :08:41. | :08:45. | |
insurance any more as a passenger. In the future we will change our | :08:46. | :08:50. | |
behaviour accordingly and we will work with the car, it is Uber or | :08:51. | :08:57. | |
Tesla, the relationship with the insurance company will be very | :08:58. | :09:00. | |
different. That is a very relevant one, I think, the impact of the | :09:01. | :09:07. | |
revenue model on one hand, certainly insurance and policy will go down | :09:08. | :09:11. | |
but on the other hand are the insurance will probably fill the | :09:12. | :09:13. | |
different need that the consumer wants. From our own perspective this | :09:14. | :09:23. | |
will be much safer. The rate of the incidence of accidents in a | :09:24. | :09:28. | |
driverless environment will be lower than the human controlled | :09:29. | :09:34. | |
transportation. From a personal perspective I am quite excited | :09:35. | :09:42. | |
because I have to make -- two teenagers and I am most worried | :09:43. | :09:47. | |
about accidents with my kids, so this can bring a positive change to | :09:48. | :09:57. | |
society and is just fantastic. The insurance industry during the era of | :09:58. | :10:00. | |
driverless cars. Let's have a quick look now at the Asian markets and | :10:01. | :10:05. | |
they could be moving sideways today. The latest US drops reports revealed | :10:06. | :10:10. | |
that employers hired at a slower pace than forecast. Well, you have | :10:11. | :10:15. | |
the Nikkei two to five in Japan closed due to public holiday -- | :10:16. | :10:21. | |
negate 225. The Hang Seng index in Hong Kong will open their trading | :10:22. | :10:25. | |
doors for the trading week in about 15 minutes time. Thank you so much | :10:26. | :10:29. | |
for investing your time with us. Have a great day, everyone. I'm Rico | :10:30. | :10:37. | |
Hizon. Goodbye for now. You're watching BBC News. The second | :10:38. | :10:42. | |
presidential debate is coming up at the top of the hour between Hillary | :10:43. | :10:45. | |
Clinton and Donald Trump. Barbara Plett-Usher has been looking back at | :10:46. | :10:50. | |
the candidates' first confrontation to get an idea of what we might | :10:51. | :10:51. |