:00:00. > :00:00.Labour says it stands for a fair and managed immigration system.
:00:07. > :00:15.Now the latest business news from Singapore.
:00:16. > :00:24.Voting is underway in South Korea. What will the new leadership mean?
:00:25. > :00:33.Workers across America are asking why President Trump is not more
:00:34. > :00:42.worried about businesses closing. Good morning, Asia. Hello, world. It
:00:43. > :00:51.is a Tuesday and glad you could join us. I Rico Hizon. The economy is
:00:52. > :00:54.weighing heavily on the mind of South Korean voters as they head to
:00:55. > :01:01.the polls. Unemployment among young people and corrupt business
:01:02. > :01:06.practices in "chaebols" our summer of the reasons that South Koreans
:01:07. > :01:16.are frustrated. Our Asian business correspondent explains what she
:01:17. > :01:21.feels that the concerns are. Top of the mind for young people it is
:01:22. > :01:25.unemployment. The unemployment rate is close to 10% and many people are
:01:26. > :01:31.feeling like the system is unfairly stacked against them. They blame
:01:32. > :01:37."chaebols", family run conglomerates they said dominate the economy and
:01:38. > :01:43.did not create new jobs and effectively squeeze out small and
:01:44. > :01:47.medium-sized enterprises. They say there is no innovation, opportunity
:01:48. > :01:55.for people to find work and they want something to change. It has
:01:56. > :01:59.really been a very competitive election. More than ten presidential
:02:00. > :02:05.candidates and at the centre of their campaign our reforms for these
:02:06. > :02:12.conglomerates but will they be able to fulfil these promises? It is not
:02:13. > :02:18.the first time we have heard "chaebols" reforms. It comes up
:02:19. > :02:24.every time and frankly you are right, how realistic is it? Many
:02:25. > :02:28.conglomerates recognise there is a need for change. They see people
:02:29. > :02:35.getting out on the street demanding for it. Management structure and
:02:36. > :02:40.perhaps the complicated crush of the system may be able to change. But a
:02:41. > :02:45.lot of the focus has been whether these big companies can actually
:02:46. > :02:52.effect significant change. They are also so vital to the economy.
:02:53. > :02:59.Example, the revenue from top five "chaebols" make up more than half of
:03:00. > :03:07.the GDP, one fifth just by Samsung. How did you do reforms without
:03:08. > :03:11.damaging economic prospects? It will be interesting to see what kinds of
:03:12. > :03:21.campaign promises they are able to do. Jobs are also a big issue in the
:03:22. > :03:28.US. Low sales have seen job loss in the retail sector than exist in the
:03:29. > :03:34.entire coal sector. This is about why Donald Trump is focusing on that
:03:35. > :03:42.and not retail. New York city, known for Broadway
:03:43. > :03:50.shows, great restaurants and shopping. Oh, the shopping! But
:03:51. > :03:55.there is a seismic ship happening in America in retail which is even
:03:56. > :04:02.evidence right here in the big Apple. The red on this map shows the
:04:03. > :04:07.vacant shopfront in New York City. When they close, they take jobs with
:04:08. > :04:11.them. Clothing stores have been shedding jobs for the last three
:04:12. > :04:19.years and over role, the US economy has lost more than 90,000 retail
:04:20. > :04:24.jobs since October, 2016. It is a story repeating itself across the
:04:25. > :04:29.US. This is what is left of the Hudson Valley Molk in our state New
:04:30. > :04:35.York. The empty stores so the demise of the American shopping centre. It
:04:36. > :04:40.is at lunchtime and I in the food court. Normally, it would be really
:04:41. > :04:44.busy but as you can see it is rather quiet. This is what happens when the
:04:45. > :04:50.big department stores lead, they take their customers with them. In
:04:51. > :04:57.the last two years, JCPenney and Macy's are closed their doors. The
:04:58. > :05:03.future of Sears is looking rocking. Independent kiosks become collateral
:05:04. > :05:15.damage. The mole is getting a little bit slower. -- the shopping. We
:05:16. > :05:19.still have hope. In the absence of customers, hope this may be all he
:05:20. > :05:25.has. Although it is our hope shared by the new owners who believe they
:05:26. > :05:31.can turn it around. Nationwide, though, the outlook for retail looks
:05:32. > :05:38.bleak. We are already way ahead of the pace of closures that we
:05:39. > :05:44.witnessed during the recession in 2007 - 2008. This is a new
:05:45. > :05:53.phenomenon in an in my opinion it is going to continue expanding right
:05:54. > :06:00.through this year into 2018. More closing? Yes. About one in every ten
:06:01. > :06:04.Americans work in retail. This is an industry vital to the American
:06:05. > :06:12.economy but with more store closures looming it means more job losses.
:06:13. > :06:18.Sliding sales are part of the reason behind a merger of two
:06:19. > :06:28.quintessential New York fashion brands Bash COACH is taking over
:06:29. > :06:34.Kate spate in at 2.5 billion dollars deal. There are reports of a
:06:35. > :06:42.potential big merger between ChemChina and cyber camp. It could
:06:43. > :06:51.produced the world 's biggest revenue. Attractions after taking a
:06:52. > :07:10.tumble. Investors are responding well to news that an extension for
:07:11. > :07:15.oil prices for the rest of 2017. The question is, well this is busy as
:07:16. > :07:25.continue? And why was the deadline extended? With the increase
:07:26. > :07:31.production from the US and the excluded members such as Libya and
:07:32. > :07:35.Nigeria, the production has risen over the last six arms, assumed all
:07:36. > :07:43.the production cuts from OPEC which has lifted the oil market in a state
:07:44. > :07:48.of flux. -- left. They do oil prices will continue probably to a low
:07:49. > :07:54.level from here. Since the production cuts, have the OPEC
:07:55. > :08:00.members been committed to complying? Yes, the original was one point
:08:01. > :08:05.ebillion barrels per day and now it is running at about 100%. Whether
:08:06. > :08:11.that can continue into the second half of the year as the cats get
:08:12. > :08:17.extended will be a story for another day. To you think these consisted
:08:18. > :08:23.cuts can continue? They think they can come the new but all it is going
:08:24. > :08:31.to do is keep the lights on. It will not move oil up about $60 per
:08:32. > :08:37.barrel. It will keep it at LeRibeus around $50. As a hope all
:08:38. > :08:43.consumption will pick up which then it will start to run down the
:08:44. > :08:48.stockpiles. Libya and Nigeria have been glued it for now but when do
:08:49. > :08:54.you think they will start cutting production to comply with these
:08:55. > :08:59.reductions? Think they would like to have the need for the second half of
:09:00. > :09:05.the year but I do have some doubts as to whether they sign up for it. I
:09:06. > :09:13.think it is unlikely that these two will come in. The problem is US
:09:14. > :09:27.shale producing a lot per day and nothing OPEC can do. The first four
:09:28. > :09:33.Warner music. I am in love with the shape of you got back Digital makes
:09:34. > :09:39.up more than half saw venues. Boosted by success of Ed Sheeran's
:09:40. > :09:48.latest album released in March. Jumping by more than one fifth in
:09:49. > :09:55.the first quarter of 2017. Before we go, a quick look at the markets...
:09:56. > :09:59.As you can see, in early trade Japan and Australia in negative territory
:10:00. > :10:06.and this is because US equities saw little change. Australia's cashing
:10:07. > :10:15.in on recent gains after the French election. Focus also on the South
:10:16. > :10:25.Korean residential election. As for Wall Street, industries were flat.
:10:26. > :10:29.Thank you so much for investing your time with us. Sport Today is coming
:10:30. > :10:38.up next. Have a nice day. Voting is underway in south Korea's
:10:39. > :10:42.presidential elections -