Browse content similar to 21/11/2016. Check below for episodes and series from the same categories and more!
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cargo ship that lost power off the coast of Dover. Let's catch up with | :00:00. | :00:00. | |
all the business news. It is live to Singapore and Marika Ooi with Asia | :00:00. | :00:00. | |
Business Report. In the final hours of the apex | :00:00. | :00:17. | |
summit in Lima, Peru. Global leaders have reaffirmed their commitment | :00:18. | :00:23. | |
towards free trade. We look at how India's cash crisis is badly | :00:24. | :00:26. | |
affecting those living in rural areas. | :00:27. | :00:34. | |
Welcome to Asia Business Report live from Singapore with me Mariko Oi. | :00:35. | :00:43. | |
Leaders of 21 Asian and Pacific economies have pledged to commit | :00:44. | :00:46. | |
themselves to greater free trade and open markets at the close of the | :00:47. | :00:50. | |
two-day summit in Korea. US President Barack Obama has said not | :00:51. | :00:54. | |
moving forward with the Trans-Pacific Partnership or TPP | :00:55. | :00:59. | |
trade pact will undermine the US position across Asia-Pacific. The | :01:00. | :01:03. | |
summit had been an initially dominated by the question of whether | :01:04. | :01:05. | |
American President-elect Donald Trump would withdraw from the TPP. | :01:06. | :01:08. | |
From Lima, where Davies reports. The traditional photocall. All banks | :01:09. | :01:20. | |
from the days when there were obliged to dress them head to toe in | :01:21. | :01:24. | |
a national dress from their country are long gone. This is been a | :01:25. | :01:28. | |
difficult summit from Barack Obama in particular, barely raising a | :01:29. | :01:31. | |
smile after the difficult task of try to give assurances of the future | :01:32. | :01:35. | |
of US engagement in the region and the President-elect Donald Trump. | :01:36. | :01:40. | |
Baru, like many regional economies, have enjoyed impressive growth of -- | :01:41. | :01:47. | |
as markets have opened up. Plans to join the TPP have been scuppered | :01:48. | :01:52. | |
when Mr Trump got's vow to kill the deal. -- Mr Trump's. A warning to | :01:53. | :01:58. | |
the US President-elect, we will work with you to a point. Even if the | :01:59. | :02:03. | |
United States does not want to engage in free trade, President | :02:04. | :02:06. | |
Trump has to know that other countries do. And they're going to. | :02:07. | :02:13. | |
They're going to keep training. Globalisation hasn't been good for | :02:14. | :02:18. | |
everyone. Poverty rates remained stubbornly high across the region | :02:19. | :02:20. | |
and small businesses in particular often say they need more, not less | :02:21. | :02:25. | |
protection. Especially from cheaply made Chinese imports. The net final | :02:26. | :02:30. | |
communique, a commitment from Apec leaders to more free trade and the | :02:31. | :02:33. | |
reaffirmation that protectionism is a danger to be avoided. Every | :02:34. | :02:41. | |
country now is on the same board. But we have too resisted the | :02:42. | :02:44. | |
temptation for the rising protectionism and free trade is the | :02:45. | :02:52. | |
source of growth and employment and prosperity so we are going to commit | :02:53. | :02:58. | |
ourselves to be free trade system by addressing a appropriately the | :02:59. | :03:06. | |
concerns of the disparity and so forth. At the heart of the world's | :03:07. | :03:12. | |
most dynamic region, Apec leaders also made a commitment to | :03:13. | :03:16. | |
innovation. The importance of better communication and improving | :03:17. | :03:19. | |
education for all. There is some hope among delegates at leaders here | :03:20. | :03:23. | |
that the next American president might accept the modified Pacific | :03:24. | :03:29. | |
trade deal. But Mr Trump might not seek argument with China. If there | :03:30. | :03:34. | |
is no meeting of minds, Asian and Pacific leaders have said they will | :03:35. | :03:37. | |
proceed, regardless, with all within the -- with without the support of | :03:38. | :03:40. | |
Washington. Fresh figures from Japan this | :03:41. | :03:46. | |
morning showed exports falling more than 10% in October when compared to | :03:47. | :03:52. | |
a year ago due to sluggish demand. Japanese businesses and consumers | :03:53. | :03:56. | |
were not so keen for overseas goods either as imports fell by 16.5%. We | :03:57. | :04:04. | |
were told earlier that the loss of the TPP would have significant | :04:05. | :04:08. | |
implications for the world's third biggest economy. He explained why. | :04:09. | :04:12. | |
It will affect Japan's economy quite a bit simply because Japan is one of | :04:13. | :04:19. | |
the most closed economies in terms of foreign direct investments. We | :04:20. | :04:22. | |
have very few foreign firms operating in the country and the TPP | :04:23. | :04:27. | |
would have opened the Japanese market, allowed more competition and | :04:28. | :04:31. | |
that would have been beneficial for productivity. Japan will probably be | :04:32. | :04:37. | |
part of the trade agreement that is now negotiated between the as Evian | :04:38. | :04:47. | |
and other Asian nations -- ASEAN. We won't have the more broader scope of | :04:48. | :04:51. | |
the TPP and it won't provide the same benefits as the TPP would have. | :04:52. | :04:55. | |
What is your outlook for the Japanese which of course is the key | :04:56. | :04:59. | |
when you are talking about exports and imports and, as you mentioned, | :05:00. | :05:05. | |
we saw it strengthen after Brexit, we saw it rally after Donald Trump | :05:06. | :05:10. | |
got elected, what is your outlook of the safe haven currency? Actually, | :05:11. | :05:14. | |
it weakened a lot after Donald Trump became elected. That is mostly due | :05:15. | :05:24. | |
to expectations of the monetary policy in the US and the lives of | :05:25. | :05:29. | |
fiscal policy and interest rates in the US have surged. At the same | :05:30. | :05:33. | |
time, we have seen the bank of Japan are not willing to let interest | :05:34. | :05:39. | |
rates rise at all. They have said last week they announced the first | :05:40. | :05:45. | |
operation to basically fix interest rates. The interest rate | :05:46. | :05:50. | |
differential between the Japan and the US is widening and that points | :05:51. | :05:55. | |
to a further weakening so we expected to fall to 120 next you | :05:56. | :05:57. | |
towards the dollar. Also making headlines this morning, | :05:58. | :06:04. | |
Bernie Ecclestone, the chief executive of Formula 1, has | :06:05. | :06:08. | |
suggested to German media that Singapore might look at dropping | :06:09. | :06:15. | |
Formula 1's only night race. The operator of Singapore's leg of the | :06:16. | :06:18. | |
race has declined to comment when asked by local media. This you's F1 | :06:19. | :06:23. | |
race in Singapore attracted the lowest number of ticket sales since | :06:24. | :06:28. | |
it was launched in 2008. Earlier this you, an official said no | :06:29. | :06:31. | |
decision has been made on an extension even though talks have | :06:32. | :06:36. | |
been under way. India's e-commerce giant plans to diversify by selling | :06:37. | :06:42. | |
groceries. And also make a renewed push in the online furniture | :06:43. | :06:45. | |
business. The company plans to experiment with grocery sales next | :06:46. | :06:51. | |
year. US and based online retailer Amazon has already started grocery | :06:52. | :06:56. | |
tales in Indian cities. More and more of India's 1 billion population | :06:57. | :07:01. | |
are turning to the Internet to buy everything, ranging from clothes -- | :07:02. | :07:07. | |
clothes to smartphones. It is making it the most fastest-growing market | :07:08. | :07:11. | |
in the world. Staying with India because it has been almost two weeks | :07:12. | :07:14. | |
in the government suddenly withdrew most of the country's banknotes from | :07:15. | :07:20. | |
circulation. It has caused a cash crisis around the country. A lot of | :07:21. | :07:27. | |
people in remote locations don't even use banks, let alone have | :07:28. | :07:31. | |
access to financial services. How can India's villagers become part of | :07:32. | :07:35. | |
the cashless economy that Prime Minister Mahendra Modi wants to | :07:36. | :07:36. | |
create. We went to find out. When winter sets in, it's time to | :07:37. | :07:46. | |
plant the onion crop. Fields like this would usually be packed with | :07:47. | :07:50. | |
farmers. But now, there is no cash to pay their wages. | :07:51. | :07:55. | |
TRANSLATION: Tutt there are very long queues so my employer says he | :07:56. | :08:00. | |
doesn't have cash to give me. He will pay me in a few weeks but we | :08:01. | :08:04. | |
need money to buy milk and food, children. Karsh is a lifeline for | :08:05. | :08:12. | |
rural India. A major region is that a lot of regions in the country | :08:13. | :08:15. | |
don't have easy access to banking services. -- cash. To reach out to | :08:16. | :08:23. | |
rule areas, the plan is to employ banking correspondence. People that | :08:24. | :08:28. | |
will travel to villagers find -- providing financial services but | :08:29. | :08:30. | |
even if everyone were to get access to a banking account, how can | :08:31. | :08:35. | |
cashless transactions be insured? Perhaps this, a mobile phone, could | :08:36. | :08:40. | |
be the answer. At one village in the western state, they are trying it | :08:41. | :08:47. | |
out. Customers can make payments at local stores by simply sending a | :08:48. | :08:51. | |
text from their mobile phones. It is a system set up by a private bank | :08:52. | :08:57. | |
and the village authorities. TRANSLATION: We don't keep cash in | :08:58. | :09:01. | |
hand here. If you want to buy anything, we do it using a mobile | :09:02. | :09:05. | |
phone. That is why everyone in our village is happy with the onion is | :09:06. | :09:08. | |
a's announcement. We have not been affected. The number of mobile phone | :09:09. | :09:14. | |
users in rural India has been growing rapidly and cellular | :09:15. | :09:17. | |
networks are slowly reaching even the most remote areas. But it is not | :09:18. | :09:24. | |
an instant solution. For now, a few banks that cater to roll areas are | :09:25. | :09:29. | |
struggling to cut -- cope with the cash crisis. For these villagers, | :09:30. | :09:31. | |
there is no easy escape. Over in Europe, the German | :09:32. | :09:41. | |
Chancellor Angela Merkel who has announced she will be running for a | :09:42. | :09:45. | |
fourth term in office says it will be one of the toughest elections she | :09:46. | :09:49. | |
has ever fought. She told her CDU party that German society had become | :09:50. | :09:54. | |
deeply polarised and the world was facing many challenges. This is | :09:55. | :09:58. | |
local who has been Chancellor for 11 years is widely seen as a | :09:59. | :10:02. | |
stabilising force in Europe at a time of uncertainty. | :10:03. | :10:04. | |
Let's look at markets before we go. Japan's Nikkei continuing its rally | :10:05. | :10:11. | |
that it saw on Friday. It hit the highest level in ten months and it | :10:12. | :10:15. | |
is all because of the weakness in the Japanese yen which we talked | :10:16. | :10:20. | |
about earlier. Hong Kong and Australia down at Bissau. That is it | :10:21. | :10:24. | |
for this edition of Asia Business Report. Thank you for watching. | :10:25. | :10:36. |