16/12/2016

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:00:16. > :00:23.Presidential state visit. Rodrigo Duterte sits in a Singapore

:00:24. > :00:27.stopover. We talk to the country's trade minister about opportunities

:00:28. > :00:30.in the region. And what trade deals can we expect as the Russian leader

:00:31. > :00:42.meets with his Japanese counterpart. Good morning, Asia and hello, world,

:00:43. > :00:47.thanks for joining us for this edition of Asia Business Report.

:00:48. > :00:50.It's Friday and I'm Rico Hizon. Filipino President to do is in

:00:51. > :00:58.Singapore for a two-day state visit and he has received a ceremonial

:00:59. > :01:01.welcome. -- President Rodrigo Duterte. Economic relations between

:01:02. > :01:05.the two countries have always been strong. The Singapore President

:01:06. > :01:10.highlighted both sides should explore ways to boost business links

:01:11. > :01:13.and promote tourism. Earlier I spoke with the Filipino trade Minister

:01:14. > :01:17.Ramon Lopez and asked him if the business community should be worried

:01:18. > :01:21.about the President's apparent disdain towards the United States.

:01:22. > :01:26.Everything is OK because even as those things were happening, we were

:01:27. > :01:30.meeting investors and yes there is truth to some concerns being raised

:01:31. > :01:34.but maybe 90% are all worried about... Not worried about but

:01:35. > :01:38.concerned about their business and how they can expand the Philippines,

:01:39. > :01:41.the confidence has been dead because of the market, the business

:01:42. > :01:47.conditions in the Philippines. In your view, Secretary Lopez, is

:01:48. > :01:51.president Rodrigo Duterte's Pevitt towards China SmartBras yellow

:01:52. > :01:55.definitely. That doesn't mean we will kill the relationship with the

:01:56. > :02:02.other parts of the world, though. -- Mark? Definitely. It will offer more

:02:03. > :02:08.opportunities for Filipinos. -- smart? .

:02:09. > :02:15.Immediately the president of China has lifted certain suspensions on

:02:16. > :02:21.exporters that will allow banana and mango exporters to export to China.

:02:22. > :02:25.There's been talk about further deregulating the economy,

:02:26. > :02:30.particularly the property sector, the telecommunications sector. Where

:02:31. > :02:34.are we right now in this process? Definitely as a matter of policy the

:02:35. > :02:40.president has also mentioned those liberalisation is. It is opening up

:02:41. > :02:46.to other parties interested in those sectors. -- liberalisations. We are

:02:47. > :02:51.waiting for them to come in to establish operations. But this will

:02:52. > :02:55.also mean a constitutional change, opening up the constitution to

:02:56. > :02:59.changes. That's right. There will be discussions in terms of liberalising

:03:00. > :03:05.the equity restrictions on certain sectors. Some will have to be

:03:06. > :03:09.addressed by legislation, some by constitutional change. It is good

:03:10. > :03:12.that there will be some front, constitutional change discussion

:03:13. > :03:17.because of the planned change in government. Over the past few days

:03:18. > :03:22.the President has talked about his health problems and he may not

:03:23. > :03:26.finish his term. Can he really handle the job? Allowed exactly. We

:03:27. > :03:30.have seen so many state visits, he's been moving around, all the

:03:31. > :03:37.secretaries are trying to catch up with his pace. -- exactly. Anyone

:03:38. > :03:42.that can work this hard with this rigourous schedule is really

:03:43. > :03:47.something. The strength to lead the country he definitely has. Secretary

:03:48. > :03:52.Ramon Lopez from the Philippines. Remittances play a huge role in the

:03:53. > :03:56.Filipino economy and there are as many as 10 million Filipinos living

:03:57. > :03:59.and working overseas. Many are domestic helpers, construction

:04:00. > :04:03.workers or nurses but some are increasingly following a different

:04:04. > :04:06.path, working in the US where they are in demand as teachers because of

:04:07. > :04:12.the unexpected fracture of a strong economy. Timothy McDonnell reports

:04:13. > :04:17.from Arizona. Several teachers here at this high school are foreign

:04:18. > :04:23.workers hired from the Philippines. Working here is a chance to earn

:04:24. > :04:29.more and to improve their careers. I think it's a great opportunity for

:04:30. > :04:34.anyone around the world to teach here in America. Here, if I'm going

:04:35. > :04:38.to make money back home, it is four times more. I decided to go and

:04:39. > :04:45.apply to how my family because I believe I can support them well and

:04:46. > :04:49.I also believe that I could grow professionally and I could become

:04:50. > :04:53.globally competitive after learning all the strategies here. There's a

:04:54. > :04:56.very good reason the local school board here in Casagrande aid is

:04:57. > :05:02.hiring from overseas. It turns out it's very difficult to find

:05:03. > :05:06.qualified teachers in specialised subjects. The salaries are simply

:05:07. > :05:11.too low, not enough people are qualified and Americans seem to be

:05:12. > :05:14.looking elsewhere for jobs. Arizona is well below the national average

:05:15. > :05:19.when it comes to teacher salaries and while local officials are happy

:05:20. > :05:23.with how the teachers are performed, they are concerned salaries aren't

:05:24. > :05:27.high enough to attract local features. Ultimately everything goes

:05:28. > :05:34.around money, the local Department of Education came out with a report

:05:35. > :05:37.and we has as of today more than 2000 teaching positions still

:05:38. > :05:41.vacant. Kids need teachers and that's the bottom line. Sadly if

:05:42. > :05:45.that means we have to go overseas to find them, that is sadly what we

:05:46. > :05:49.have to do. The President-elect Donald Trump has promised to tighten

:05:50. > :05:52.rules on foreign workers, although he has said nothing about the

:05:53. > :05:58.specific programme that brought these teachers over. Still they are

:05:59. > :06:06.a little concerned. Yeah, I'll be worrying about it a lot because it

:06:07. > :06:09.will control the number of professionals going to specifically

:06:10. > :06:14.US. It will not only affect the teaching profession but other

:06:15. > :06:21.professions as well. Nevertheless, these teachers are fulfilling a very

:06:22. > :06:26.real need. I told my kids the number one reason why we are here is

:06:27. > :06:31.probably because your economy is mostly up. A lot of your American

:06:32. > :06:35.teachers are formally working as a teacher within companies because

:06:36. > :06:38.there are now openings and they can earn more. For the moment they can

:06:39. > :06:44.take comfort from the fact economic forces seem to be in their favour.

:06:45. > :06:49.Timothy McDonald, BBC News, Casa Grande. Rupert Murdoch's

:06:50. > :06:56.broadcasting giant 21st century Fox has struck a deal to buy Sky for

:06:57. > :07:00.nearly $15 billion. The takeover if approved will help Fox take on

:07:01. > :07:03.rivals like Netflix in the battle for viewership is. Sky has 22

:07:04. > :07:11.million customers in Britain, Austria, Germany, Germany and

:07:12. > :07:14.elsewhere. Yahoo! Has had its shares dropping overnight after a data

:07:15. > :07:19.breach from three years ago which affected 3 billion users. The

:07:20. > :07:25.announcement raised fears that the horizon could walk away or/ it's

:07:26. > :07:31.offer for Yahoo's core Internet business. Japanese gaming company

:07:32. > :07:36.Nintendo has ruled out Super Mario run, accessible on iPhones and iPads

:07:37. > :07:40.-- rolled out. It's the first time the company has made a smart phone

:07:41. > :07:44.game based on its most famous character and it follows the

:07:45. > :07:49.successful release of Pokemon Go earlier in the year. Nintendo owns a

:07:50. > :07:54.minority stake in the Pokemon company but the game was developed

:07:55. > :07:58.by a third-party. Two countries, Japan and Russia, might technically

:07:59. > :08:02.still be at war since no formal peace treaty has been signed to end

:08:03. > :08:08.the Second World War but not only did the leaders from the two sides

:08:09. > :08:12.meet at a hot spring resort, but trade relations or actively growing.

:08:13. > :08:17.Bilateral trade between them is worth over 30 billion US dollars,

:08:18. > :08:20.quadruple in over the last decade. Energy and agricultural products

:08:21. > :08:25.make up Russia's exports to Japan. So what kind of deals can we expect

:08:26. > :08:30.from their meetings? I asked that earlier to an expert from the

:08:31. > :08:35.university or she is open. From a territorial side I don't think it

:08:36. > :08:39.will happen overnight -- Shizuoka. That's why President Abe is saying

:08:40. > :08:42.they should meet up just once a year. On the economic front there

:08:43. > :08:47.are benefits from both sides, considering Russia is suffering from

:08:48. > :08:52.the economic downturn caused by low oil prices and sanctions. But Japan

:08:53. > :08:56.also wants to secure as much as possible as a trade partner

:08:57. > :09:00.considering the turmoil that we are likely to see in the US and

:09:01. > :09:08.particularly in Europe as well. Oil and commodities are the linchpin of

:09:09. > :09:13.the Russian economy. How is it counting on Japan, which is also

:09:14. > :09:16.suffering through this global slowdown? Allowed the fact of the

:09:17. > :09:21.matter is Japan has excessive high reliance on oil to Middle East, and

:09:22. > :09:25.we are trying to reduce a ratio of that for reducing our country risk.

:09:26. > :09:30.But at the same time we don't want to be in the same position as many

:09:31. > :09:36.Eastern European nations which are ransomed by gas provision by Russia.

:09:37. > :09:40.The Japanese are becoming careful about taking the next step about

:09:41. > :09:46.relying excessively on nations like Russia for energy. Let's have a

:09:47. > :09:51.quick look now at the markets and as you can see, most of the regional

:09:52. > :09:57.forces are in negative territory. That's despite the gains of US

:09:58. > :10:02.stocks overnight. We also saw a surge in banks and other financial

:10:03. > :10:07.issues standing to benefit from high... The Nikkei 225 is up more

:10:08. > :10:11.than a century due to the weaker yen against the US dollar, a ten month

:10:12. > :10:17.low for the Yemen. As for the Hang Seng and the All Ordinaries, down.

:10:18. > :10:25.As for Wall Street, after a one-day break they are back to their winning

:10:26. > :10:28.ways. -- the yen. That's it for this edition of Asia Business Report.

:10:29. > :10:31.Thank you so much for investing your time with us. I'm Rico Hizon. Sport

:10:32. > :10:33.Today is coming up next.