Browse content similar to 04/04/2017. Check below for episodes and series from the same categories and more!
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Russia is in mourning after a suspected terrorist | :00:15. | :00:18. | |
More than 40 others were injured in an explosion at a train station | :00:19. | :00:22. | |
Another homemade device was disabled by a bomb disposal experts. | :00:23. | :00:26. | |
President Putin has laid flowers at a makeshift shrine | :00:27. | :00:28. | |
He said all causes were being investigated. | :00:29. | :00:33. | |
The US president, Donald Trump described it as a "terrible | :00:34. | :00:36. | |
South Korea's tallest building, the 123-story Lotte World Tower, | :00:37. | :00:43. | |
has officially opened in Seoul, with a truly spectacular fireworks | :00:44. | :00:46. | |
A total of about 30,000 rounds of fireworks lit up | :00:47. | :00:54. | |
suggestions that Britain might be prepared to go to war with Spain | :00:55. | :01:16. | |
More from me coming up, but first, here is Marika with Asia Business | :01:17. | :01:25. | |
Report. Britain's finance minister heads to | :01:26. | :01:38. | |
India, looking for a new partnership as the Brexit process gets under | :01:39. | :01:45. | |
way. And find out why Australia's top real estate firm says the | :01:46. | :01:49. | |
property market there is set for a slow down. | :01:50. | :01:54. | |
Good morning. Welcome to Asia Business Report, live from | :01:55. | :02:04. | |
Singapore. One week after the UK triggered the process of leaving the | :02:05. | :02:08. | |
European Union, Chancellor Philip Hammond is on his way to India. | :02:09. | :02:13. | |
Businesses there are concerned about what kind of impact it could have on | :02:14. | :02:19. | |
them. Our colleague in New Delhi spoke with the President at the | :02:20. | :02:23. | |
European bank for Reconstruction and develop it. -- development. If it is | :02:24. | :02:30. | |
a Brexit which results in the UK leading the single market and maybe | :02:31. | :02:33. | |
not making any further contributions to the EU budget, if you take that | :02:34. | :02:37. | |
extreme, that has significant potentially negative impacts on some | :02:38. | :02:41. | |
of our operations, especially in south-eastern Europe. Bulgaria, | :02:42. | :02:45. | |
Greece, those sorts of countries would be heavily affected. But it is | :02:46. | :02:50. | |
a milder form of Brexit, where even if the UK leads the single market it | :02:51. | :02:54. | |
is able to mimic some of the single market attributes in the new trading | :02:55. | :02:58. | |
relationship, if it still makes some contributions to the EU budget, then | :02:59. | :03:01. | |
the impact is actually pretty marginal. British Chancellor Philip | :03:02. | :03:05. | |
Hammond is bringing a large delegation of British businesses | :03:06. | :03:09. | |
here to try to drum up trade in India. You think India can really | :03:10. | :03:13. | |
fill in that gap is a strong business partner for the UK. It | :03:14. | :03:17. | |
certainly can. We have noticed in the country 's operating where we | :03:18. | :03:20. | |
work, they used to depend, ten or 15 years ago, very much on western | :03:21. | :03:27. | |
Europe as an economic locomotive. So you saw lots of supply in the supply | :03:28. | :03:32. | |
industries, growing up to serve the German, French, Italian, British | :03:33. | :03:36. | |
markets. That is changing as these countries increasingly look to Asia, | :03:37. | :03:40. | |
including India and the Gulf of Persia, and the Far East, for new | :03:41. | :03:45. | |
sources of investment. India was traditionally seen as a large | :03:46. | :03:48. | |
recipient of international aid. You think that could change and India | :03:49. | :03:52. | |
could become a significant donor? I think India needs to become more of | :03:53. | :03:56. | |
a common aid donor. Lots of that aid in the past was tied to Indian | :03:57. | :04:00. | |
suppliers, and most countries have moved away from tied aid to open | :04:01. | :04:04. | |
market German. India should move in the same direction. -- open market | :04:05. | :04:10. | |
procurement. India is a major shareholder in international | :04:11. | :04:13. | |
institutions, and I think it should use that leveraged to ask questions | :04:14. | :04:18. | |
about how the international, multilateral system, how does it | :04:19. | :04:22. | |
need to reform and change to help these countries? India is one of the | :04:23. | :04:27. | |
biggest importers of coal, and as you increasingly engage with the | :04:28. | :04:31. | |
government here, how can use your expertise in clean energy to change | :04:32. | :04:35. | |
that? We are helping them build up their renewables industry through | :04:36. | :04:38. | |
projects that we have financed. It is interesting to see the Indian | :04:39. | :04:42. | |
companies here also pushing on renewables, but also working with | :04:43. | :04:46. | |
Indian companies now in the power sector, the renewables sector, | :04:47. | :04:49. | |
outside of the traditional area of operations. There is plenty of | :04:50. | :04:52. | |
opportunity for India to move on this front. | :04:53. | :04:56. | |
In other business news, making headlines this morning, Kaesler has | :04:57. | :05:00. | |
become the second guessed it US carmaker in terms of market | :05:01. | :05:04. | |
capitalisation. -- Tesla has become the second biggest. At the end of | :05:05. | :05:10. | |
Monday, Tesla stock was up by over 7% to close just below $300. That | :05:11. | :05:14. | |
gives the firm and market cap of nearly $49 billion, which puts it | :05:15. | :05:21. | |
ahead of Ford. This is despite the fact that the company only delivered | :05:22. | :05:25. | |
25,000 of its high-tech vehicle so far this year into a car market | :05:26. | :05:29. | |
which sold 60 million units in March. Inflation in South Korea has | :05:30. | :05:36. | |
accelerated to any five-year high driven mostly by higher food and oil | :05:37. | :05:42. | |
prices. On a year-on-year basis, inflation came in at 2.2%, which | :05:43. | :05:46. | |
exceeds the bank of Korea's 2% inflation target. | :05:47. | :05:52. | |
Many big multicast shall -- multinational companies say they are | :05:53. | :05:56. | |
leading the way in providing benefits to lesbian, gay, bisexual | :05:57. | :06:00. | |
and transgender or LGBT employees. But according to one of the world's | :06:01. | :06:04. | |
biggest human resources consultants, much more still needs to be done for | :06:05. | :06:08. | |
the changing workforce. A recent survey showed roughly one third of | :06:09. | :06:15. | |
companies globally have no policies at all on LGBT employees. Only 28% | :06:16. | :06:21. | |
have a separate policy that caters specifically to their needs. | :06:22. | :06:26. | |
Earlier, I spoke with a representative from Mercer, the | :06:27. | :06:30. | |
consultancy which ran the survey, and asked her if Asian employees are | :06:31. | :06:36. | |
lagging behind in this area. You are right, diversity and inclusion is | :06:37. | :06:39. | |
becoming an egg topic for many organisations. -- agenda topic. Asia | :06:40. | :06:45. | |
has to play catch up, especially with respect to LGBT policies. In | :06:46. | :06:50. | |
Asia we are faced around some constraints around cultural norms | :06:51. | :06:54. | |
and religious constraints, and of course regulatory constraints as | :06:55. | :06:58. | |
well that we have to battle with. If those big multinational companies | :06:59. | :07:01. | |
face those challenges, how why the regional and local companies doing | :07:02. | :07:06. | |
when it comes to those policies? It really needs to start with company | :07:07. | :07:10. | |
philosophy around diversity inclusion, regardless of what topic. | :07:11. | :07:14. | |
It needs to start internally a round HR policies, what you want to stand | :07:15. | :07:19. | |
for when it comes to your benefit philosophy, your total rewards | :07:20. | :07:24. | |
philosophy, how you want to practise equality, and what that actually | :07:25. | :07:29. | |
looks like locally on the ground. So there are lots of things | :07:30. | :07:32. | |
organisations can do internally despite having these constraints. | :07:33. | :07:38. | |
You have mentioned some issues, such as religious beliefs, which can be a | :07:39. | :07:41. | |
sensitive topic. Your study showed that 93% of companies offer the same | :07:42. | :07:47. | |
benefits. Do you think Asia could ever get to that level. Definitely, | :07:48. | :07:52. | |
I think so. Like I said, it needs to stand internally within the | :07:53. | :07:56. | |
organisation about how they approach this and how they view it. It is the | :07:57. | :08:00. | |
same with any diversity inclusion policy, even if it is the same as | :08:01. | :08:03. | |
offering the same benefits, for example, to different agendas. We | :08:04. | :08:07. | |
have seen lots of progress when it comes to offering the same maternity | :08:08. | :08:10. | |
and paternity policies here in the region. I think this is something | :08:11. | :08:14. | |
else that will also, we will eventually get there, that it needs | :08:15. | :08:19. | |
to begin internally, and we need these organisations that are the | :08:20. | :08:22. | |
trailblazers or that are leading the way and are a bit more progressive | :08:23. | :08:25. | |
and are willing to push the boundaries. | :08:26. | :08:28. | |
Let's turn our attention to Australia and its property market, | :08:29. | :08:32. | |
as part of our week-long series. Home prices in Sydney are at 12 | :08:33. | :08:38. | |
times the household income, and the government is under pressure to help | :08:39. | :08:43. | |
homebuyers. At the chief of the country's biggest real estate group | :08:44. | :08:46. | |
says the market is already set to slow down. Hywel Griffith examines | :08:47. | :08:53. | |
how the hot property market is affecting those looking for a home. | :08:54. | :08:59. | |
Welcome to Sydney, where depending on who you believe, the housing | :09:00. | :09:04. | |
market is either built on solid foundations or nestled on a cliff | :09:05. | :09:10. | |
edge. In the last year, prices have gone up 18%. Melbourne and Canberra | :09:11. | :09:15. | |
were not far behind. Swelled by investors, some fear Australia's | :09:16. | :09:19. | |
uppity market will soon come crashing down. -- property market. | :09:20. | :09:25. | |
For Heidi and Duke, that might not be a bad thing. Unable to buy, they | :09:26. | :09:30. | |
have come up with a temporary fix, offering to renovate other people's | :09:31. | :09:34. | |
houses in lieu of rent. As things are, they cannot afford to buy their | :09:35. | :09:38. | |
own. It seems to be out of control. Every week we look at what is being | :09:39. | :09:42. | |
sold and what is on the market and it is just going up and up and up. | :09:43. | :09:47. | |
If you sit down and think about it, it is depressing. The prices keep | :09:48. | :09:50. | |
escalating. It feels like they have almost doubled in five years. | :09:51. | :09:54. | |
Worrying about house prices is a Sydney staple. When one newspaper | :09:55. | :10:00. | |
suggested people should give up that smashed avocado breakfast in order | :10:01. | :10:03. | |
to save for a place it provoked an outcry. The Australian government | :10:04. | :10:07. | |
has been urged to come up with more palatable solutions in May's budget. | :10:08. | :10:12. | |
One idea is to cut the tax breaks available to investors, who buy to | :10:13. | :10:18. | |
rent and keep prices rising. A really obvious strategy is simply to | :10:19. | :10:22. | |
reduce the generosity of the tax subsidies available to investors | :10:23. | :10:29. | |
through negative gearing, and also a very sharp discount on the capital | :10:30. | :10:32. | |
gains tax which is available to investors. If we do that, we have | :10:33. | :10:35. | |
removed some investors from the demand side of the equation and I | :10:36. | :10:40. | |
think we would probably see an immediate price relief. But from his | :10:41. | :10:44. | |
unique vantage point, the head of the country's biggest real estate | :10:45. | :10:47. | |
business thinks that would be catastrophic, having worked through | :10:48. | :10:53. | |
several boom and bust cycles, he is convinced a price correction is | :10:54. | :10:56. | |
coming and the government should be cautious. There is a huge sector in | :10:57. | :11:02. | |
the community which says we have to do things to bring prices down, and | :11:03. | :11:05. | |
they are expressing this quite happily. Any time government has | :11:06. | :11:09. | |
done that it has been catastrophic in terms of the community response. | :11:10. | :11:16. | |
People who own homes normally do not hit the streets, but they certainly | :11:17. | :11:20. | |
start to, if they feel, my property value is going down, if it is being | :11:21. | :11:25. | |
put at risk. Next month's budget will be the government's opportunity | :11:26. | :11:30. | |
to calm the waters and try to make sure the market doesn't crash out. | :11:31. | :11:36. | |
In the markets, though this is how Asia started trading. Japan's Nikkei | :11:37. | :11:43. | |
down by 0.6%. Shares in Toshiba continue to fall by over 4% on | :11:44. | :11:47. | |
reports it might miss its earnings deadline again. That is all from | :11:48. | :11:50. | |
this addition of Asia Business Report. Thank you for watching. | :11:51. | :11:56. |