Browse content similar to 02/03/2017. Check below for episodes and series from the same categories and more!
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has suffered its first defeat over the Brexit bill. The House of Lords | :00:00. | :00:00. | |
backed a cross-party amendment saying that ministers should | :00:00. | :00:00. | |
guarantee EU nationals' right to stay in the UK. | :00:00. | :00:12. | |
He comes bearing gifts. The Saudi Arabian king riots in Indonesia | :00:13. | :00:22. | |
where he is expected to pump money into the country's oil sector. And | :00:23. | :00:29. | |
the owners of Snapchat see their company valued at $24 billion in a | :00:30. | :00:38. | |
share sale. Welcome to Asia Business Report. It has been a highly | :00:39. | :00:45. | |
anticipated state visit. Saudi Arabia's King Salman is in Indonesia | :00:46. | :00:52. | |
as part of multi- stop tour around Asia. The Saudi king is expected to | :00:53. | :00:56. | |
announce investment deals totalling more than $20 billion. Around $6 | :00:57. | :01:02. | |
billion of that will be pumped into state owned refineries, and it is | :01:03. | :01:10. | |
the second oil deal we over Saudi Arabia this week. Earlier the | :01:11. | :01:16. | |
country invested $7 billion into a refinery project over in Malaysia. | :01:17. | :01:22. | |
Saudi Arabia is the world's biggest exporter, much of its crude going to | :01:23. | :01:28. | |
customers in Asia. I asked why Saudi Arabia is so particularly interested | :01:29. | :01:33. | |
in this region. Saudi Arabia has a lot of money to throw around. It | :01:34. | :01:38. | |
would like to diversify its own economy and bring some of the | :01:39. | :01:42. | |
expertise it has in oil refining to this region, Malaysia and Indonesia | :01:43. | :01:51. | |
are producers of crude oil, but they don't have that much refining | :01:52. | :01:53. | |
capacity. Indonesia in particular has very little. So if Saudi Arabia | :01:54. | :02:01. | |
can bring some of that expertise to Indonesia, and capital... What is | :02:02. | :02:05. | |
crucial about this visit is he is making this multi- stop tour around | :02:06. | :02:09. | |
Asia, rather ironically he is not coming to Singapore at going just | :02:10. | :02:14. | |
about everywhere else. Is this to tie in with the possibility of | :02:15. | :02:22. | |
Saudi's listing? Absolutely, it is a preview to that, spreading the word | :02:23. | :02:25. | |
about Saudi Arabia, Ling ties to some of the economies of this | :02:26. | :02:32. | |
dynamic region that the Saudis have frankly neglected for 50 years -- | :02:33. | :02:36. | |
building ties. It has been 50 years since the Saudi king visited Japan | :02:37. | :02:42. | |
and Indonesia. Japan is a potentially large investor in that | :02:43. | :02:49. | |
IPL, and is a significant buyer of oil. All of that makes this a | :02:50. | :02:55. | |
worthwhile trip to be making. Singapore, of course, would like to | :02:56. | :03:01. | |
have Saudi listing in Singapore as well. Japan's sharemarket has | :03:02. | :03:07. | |
followed Wall Street to climb to levels that are extremely high. As | :03:08. | :03:10. | |
you can see, it has not hit this level in more than a year. The | :03:11. | :03:14. | |
Japanese market following on Wall Street's lead after the Dow Jones | :03:15. | :03:20. | |
rose well passed the 21,000 mark, as you can see, and the dollar rising | :03:21. | :03:25. | |
on expectations the US Federal Reserve will raise US interest rates | :03:26. | :03:29. | |
at its March meeting. The surge followed President Trump's speech to | :03:30. | :03:33. | |
Congress outlining his agenda. The markets have been on a winning | :03:34. | :03:39. | |
streak since Mr Trump took office but former Federal Reserve chairman | :03:40. | :03:42. | |
Alan Greenspan says he is not surprised by the strength of the | :03:43. | :03:47. | |
market. I don't think it is too much of an exaggeration to say that | :03:48. | :03:52. | |
virtually all market response is a removal of uncertainty. We are | :03:53. | :04:00. | |
turning our back in the direction of higher levels of price earnings | :04:01. | :04:07. | |
ratios, which have been suppressed. That was former Federal Reserve | :04:08. | :04:11. | |
chairman Alan Greenspan. Snapchat is a popular app that lets you create | :04:12. | :04:17. | |
and send pictures or videos with a brief shelflife. Some of you may be | :04:18. | :04:21. | |
using it, in fact. Shares will begin trading on the US stock exchange on | :04:22. | :04:27. | |
Tuesday, and overnight the shares were priced at $17 per share, above | :04:28. | :04:33. | |
the $40 price range it had previously indicated, that values | :04:34. | :04:36. | |
the company at $24 billion, despite the fact that Snapchat is yet to | :04:37. | :04:43. | |
turn a profit. In fact, it lost over $500 million last year alone. So | :04:44. | :04:50. | |
what has investors so excited? Our correspondent has the answer. In | :04:51. | :04:54. | |
just five years, Snapchat has gone from a little app that was created | :04:55. | :04:58. | |
by a couple of college kids to a virtual giant in the world of social | :04:59. | :05:05. | |
media, with a 160 million daily active users and on Thursday it will | :05:06. | :05:11. | |
start trading on the US stock exchange. So why are investors so | :05:12. | :05:15. | |
excited about a company that is valued at $20 billion but has yet to | :05:16. | :05:21. | |
make a profit? Well, they are hoping it will see the same success as | :05:22. | :05:24. | |
companies like Google or Facebook. Of course, the worry is they will | :05:25. | :05:30. | |
end up looking a little bit more like Twitter or Groupon, companies | :05:31. | :05:36. | |
which came with the lot of hype but not much else. Snapchat | :05:37. | :05:40. | |
fundamentally is kind of a new breed of social network. It is not like | :05:41. | :05:44. | |
Facebook, where there is a big public war and your whole family is | :05:45. | :05:49. | |
on there. It is not like Twitter, necessarily, you are broadcasting to | :05:50. | :05:53. | |
the whole world. It is very much its own animal and I think if you are a | :05:54. | :05:57. | |
parent of a child completely addicted to this product, you might | :05:58. | :06:01. | |
very well see it has a future. I know what Snapchat is but I don't | :06:02. | :06:05. | |
use it. Usually when I see something I snap it. I have it but don't use | :06:06. | :06:11. | |
it. My kids use it. I am not really the right demographic for it. I use | :06:12. | :06:16. | |
it all the time, I love Snapchat, it is great. I don't what it is, I | :06:17. | :06:21. | |
don't use it. Snapchat is the talk of Wall Street even though it is an | :06:22. | :06:24. | |
app geared to teenagers but that will be the key to its success, if | :06:25. | :06:29. | |
it can still attract the young users and advertise to them, then great. | :06:30. | :06:35. | |
If it can, Snap Inc risks becoming just another overhyped tech company | :06:36. | :06:45. | |
which grew too big too fast. South Korea's industrial output has surged | :06:46. | :06:48. | |
33% in January compared to the previous month. The figure outpaced | :06:49. | :06:54. | |
analyst expectations, it is the fastest growth since September 2000 | :06:55. | :07:00. | |
nine. Service sector output also rose 0.5% which is a slight | :07:01. | :07:04. | |
improvement over December's figures. McDonald's has outlined a plan for | :07:05. | :07:08. | |
winning back customers. The burger chain has lost around 500,000 | :07:09. | :07:13. | |
customer visited the US since 2012. Of those visits have gone to other | :07:14. | :07:17. | |
fast food restaurants. The world's largest restaurant chain plans new | :07:18. | :07:24. | |
look restaurants and delivery services, as well as more aggressive | :07:25. | :07:28. | |
marketing for items like coffee and pastries. Over in Indonesia, wealthy | :07:29. | :07:33. | |
households are well-known for spending money on all sorts of | :07:34. | :07:37. | |
luxurious things in life, like fashion beauty. Well, the spa | :07:38. | :07:42. | |
business is also flourishing, but they are not just for adults any | :07:43. | :07:47. | |
more. Kids are getting a little pampering, would you believe, and as | :07:48. | :07:52. | |
part of our Business of Kids series, we found one children's spa in | :07:53. | :07:57. | |
Jakarta which is doing so well it is set to go international. | :07:58. | :08:02. | |
Three-year-old Jasmine is a regular customer here at this spa in | :08:03. | :08:08. | |
Jakarta. Her mother spends up to $200 a month on spa treatments and | :08:09. | :08:12. | |
massages for her honour that is almost the minimum monthly wage | :08:13. | :08:16. | |
here. TRANSLATION: I take my child here once a week. During school | :08:17. | :08:22. | |
rakes I also take her siblings and that is why I decided to buy a | :08:23. | :08:27. | |
package of 50 visits. On offer are massages and chocolate spa | :08:28. | :08:31. | |
treatments for children as young as six days old. The baby spa was | :08:32. | :08:36. | |
founded in 11 years ago and now has 23 branches throughout the country. | :08:37. | :08:41. | |
The session costs around $15, and it generates up to $130,000 per month. | :08:42. | :08:51. | |
TRANSLATION: Our service is unique because we offer services for | :08:52. | :08:55. | |
pregnant women, children and babies and it is not just a lifestyle | :08:56. | :08:58. | |
choice. It is also about looking after the health of our babies and | :08:59. | :09:06. | |
our children. Business here could double in the coming years, she | :09:07. | :09:12. | |
thinks. Indonesia's households have an estimated $500 million a year to | :09:13. | :09:16. | |
spend on the item, and that is growing. Baby massage has long been | :09:17. | :09:24. | |
a tradition for Indonesia. We know a lot of masseuse specialists for | :09:25. | :09:29. | |
babies. It is part of our local wisdom, actually. So you can say | :09:30. | :09:34. | |
Baby Spa is taking it to the next level, lifestyle wise. And parents | :09:35. | :09:39. | |
are happy to pay if they think it is worth it. TRANSLATION: I have | :09:40. | :09:43. | |
brought Orlando here every week since he was six days old. I have | :09:44. | :09:47. | |
never missed an appointment. I have seen an improvement in his motor | :09:48. | :09:51. | |
skills and he doesn't cry a lot at night. In the most rewarding thing | :09:52. | :09:55. | |
for me as I can see his weight keeps increasing. With business doing so | :09:56. | :10:02. | |
well in Indonesia, it is set to open its first international branch later | :10:03. | :10:12. | |
this year. I want to join those babies and have a massage, but I | :10:13. | :10:16. | |
have to tell you about the markets, the Nikkei continuing to make those | :10:17. | :10:19. | |
strong gains. It hasn't reached these levels is December 2015, and | :10:20. | :10:24. | |
that is because of the strong US dollar helping exporters, all of | :10:25. | :10:28. | |
that because of Wall Street's gains. That is it for this edition of Asia | :10:29. | :10:32. | |
Business Report. Thank you for watching. | :10:33. | :10:39. | |
The top stories this hour: President Trump's optimistic speech | :10:40. | :10:43. |