09/05/2017 Asia Business Report


09/05/2017

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Labour says it stands for a fair and managed immigration system.

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Now the latest business news from Singapore.

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Voting is underway in South Korea. What will the new leadership mean?

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Workers across America are asking why President Trump is not more

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worried about businesses closing. Good morning, Asia. Hello, world. It

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is a Tuesday and glad you could join us. I Rico Hizon. The economy is

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weighing heavily on the mind of South Korean voters as they head to

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the polls. Unemployment among young people and corrupt business

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practices in "chaebols" our summer of the reasons that South Koreans

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are frustrated. Our Asian business correspondent explains what she

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feels that the concerns are. Top of the mind for young people it is

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unemployment. The unemployment rate is close to 10% and many people are

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feeling like the system is unfairly stacked against them. They blame

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"chaebols", family run conglomerates they said dominate the economy and

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did not create new jobs and effectively squeeze out small and

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medium-sized enterprises. They say there is no innovation, opportunity

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for people to find work and they want something to change. It has

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really been a very competitive election. More than ten presidential

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candidates and at the centre of their campaign our reforms for these

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conglomerates but will they be able to fulfil these promises? It is not

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the first time we have heard "chaebols" reforms. It comes up

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every time and frankly you are right, how realistic is it? Many

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conglomerates recognise there is a need for change. They see people

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getting out on the street demanding for it. Management structure and

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perhaps the complicated crush of the system may be able to change. But a

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lot of the focus has been whether these big companies can actually

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effect significant change. They are also so vital to the economy.

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Example, the revenue from top five "chaebols" make up more than half of

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the GDP, one fifth just by Samsung. How did you do reforms without

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damaging economic prospects? It will be interesting to see what kinds of

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campaign promises they are able to do. Jobs are also a big issue in the

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US. Low sales have seen job loss in the retail sector than exist in the

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entire coal sector. This is about why Donald Trump is focusing on that

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and not retail. New York city, known for Broadway

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shows, great restaurants and shopping. Oh, the shopping! But

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there is a seismic ship happening in America in retail which is even

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evidence right here in the big Apple. The red on this map shows the

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vacant shopfront in New York City. When they close, they take jobs with

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them. Clothing stores have been shedding jobs for the last three

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years and over role, the US economy has lost more than 90,000 retail

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jobs since October, 2016. It is a story repeating itself across the

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US. This is what is left of the Hudson Valley Molk in our state New

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York. The empty stores so the demise of the American shopping centre. It

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is at lunchtime and I in the food court. Normally, it would be really

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busy but as you can see it is rather quiet. This is what happens when the

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big department stores lead, they take their customers with them. In

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the last two years, JCPenney and Macy's are closed their doors. The

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future of Sears is looking rocking. Independent kiosks become collateral

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damage. The mole is getting a little bit slower. -- the shopping. We

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still have hope. In the absence of customers, hope this may be all he

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has. Although it is our hope shared by the new owners who believe they

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can turn it around. Nationwide, though, the outlook for retail looks

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bleak. We are already way ahead of the pace of closures that we

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witnessed during the recession in 2007 - 2008. This is a new

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phenomenon in an in my opinion it is going to continue expanding right

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through this year into 2018. More closing? Yes. About one in every ten

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Americans work in retail. This is an industry vital to the American

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economy but with more store closures looming it means more job losses.

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Sliding sales are part of the reason behind a merger of two

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quintessential New York fashion brands Bash COACH is taking over

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Kate spate in at 2.5 billion dollars deal. There are reports of a

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potential big merger between ChemChina and cyber camp. It could

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produced the world 's biggest revenue. Attractions after taking a

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tumble. Investors are responding well to news that an extension for

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oil prices for the rest of 2017. The question is, well this is busy as

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continue? And why was the deadline extended? With the increase

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production from the US and the excluded members such as Libya and

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Nigeria, the production has risen over the last six arms, assumed all

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the production cuts from OPEC which has lifted the oil market in a state

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of flux. -- left. They do oil prices will continue probably to a low

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level from here. Since the production cuts, have the OPEC

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members been committed to complying? Yes, the original was one point

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ebillion barrels per day and now it is running at about 100%. Whether

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that can continue into the second half of the year as the cats get

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extended will be a story for another day. To you think these consisted

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cuts can continue? They think they can come the new but all it is going

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to do is keep the lights on. It will not move oil up about $60 per

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barrel. It will keep it at LeRibeus around $50. As a hope all

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consumption will pick up which then it will start to run down the

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stockpiles. Libya and Nigeria have been glued it for now but when do

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you think they will start cutting production to comply with these

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reductions? Think they would like to have the need for the second half of

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the year but I do have some doubts as to whether they sign up for it. I

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think it is unlikely that these two will come in. The problem is US

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shale producing a lot per day and nothing OPEC can do. The first four

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Warner music. I am in love with the shape of you got back Digital makes

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up more than half saw venues. Boosted by success of Ed Sheeran's

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latest album released in March. Jumping by more than one fifth in

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the first quarter of 2017. Before we go, a quick look at the markets...

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As you can see, in early trade Japan and Australia in negative territory

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and this is because US equities saw little change. Australia's cashing

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in on recent gains after the French election. Focus also on the South

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Korean residential election. As for Wall Street, industries were flat.

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Thank you so much for investing your time with us. Sport Today is coming

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up next. Have a nice day. Voting is underway in south Korea's

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presidential elections -

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