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side between the Prime Minister Theresa May and her Finance minister | :00:00. | :00:00. | |
Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:13. | |
Left off for the biggest event on the aerospace calendar. Find out | :00:14. | :00:23. | |
what top-up jets are burning up the tarmac at the Paris air show. And | :00:24. | :00:28. | |
markets brace for IMPAC from Brexit. We map out the brand-new trading | :00:29. | :00:37. | |
week. Good morning, Asia and hello world. It is as Monday and thank you | :00:38. | :00:43. | |
for joining us. I am Rico Hizon and we kick off with the Paris airshow. | :00:44. | :00:49. | |
The biggest air plane manufacturers will display their latest products | :00:50. | :00:56. | |
despite strong airline traffic, lower oil prices and a healthy | :00:57. | :00:59. | |
economy, many manufacturers expect slow sales. | :01:00. | :01:04. | |
It is the biggest and busiest event of the year for the global aerospace | :01:05. | :01:10. | |
industry. The best-known names in the business are all here to show | :01:11. | :01:13. | |
off their latest multibillion-dollar designs. Like this one. This is a | :01:14. | :01:22. | |
new military transport aircraft from a Brazilian manufacturer and one of | :01:23. | :01:26. | |
several they brought along to the show, including that one, a | :01:27. | :01:29. | |
commercial jet. The company is very much in the hunt for new orders. | :01:30. | :01:35. | |
This is where the airlines want to be. They want to see the airplay, | :01:36. | :01:39. | |
they want to see it flying, they want to see the interiors. It does | :01:40. | :01:43. | |
make a difference. I have seen deals made a broken at air shows over the | :01:44. | :01:48. | |
course of the years. Sales may be hard to find this year. Orders the | :01:49. | :01:51. | |
civil aircraft are expected to be much lower than we have seen in | :01:52. | :01:55. | |
recent years. Both Boeing and Airbus have played down expectations. I | :01:56. | :02:01. | |
expect orders, but, for me, the key will be how we see the shift from | :02:02. | :02:10. | |
topline growth to whether manufacturers are working on getting | :02:11. | :02:12. | |
their bottom-line growing. Crowds may be wowed but this plane is not | :02:13. | :02:18. | |
selling well. The company does need new orders but is unlikely to get | :02:19. | :02:23. | |
them to European giant may find itself upstaged by its American | :02:24. | :02:26. | |
archrival which has brought along a new 737 Max, and up rated version of | :02:27. | :02:32. | |
its old workhorse. It may set out plans for a highly efficient | :02:33. | :02:35. | |
medium-sized aircraft. For many, the highlight of the show will be the | :02:36. | :02:39. | |
display of supplying and so the first time the lightning two will be | :02:40. | :02:46. | |
taking part. The product of the most expensive defence programme ever. 1% | :02:47. | :02:50. | |
with delays and cost overruns. It badly needs some good PR. So as it | :02:51. | :02:58. | |
soars through the skies over Paris, the performance needs to be | :02:59. | :02:59. | |
spectacular. India's IT industry gained a | :03:00. | :03:07. | |
competitive edge on the global market and created good paying jobs | :03:08. | :03:11. | |
to millions of workers. Now it is a victim of its own success. The $150 | :03:12. | :03:16. | |
billion industry is suffering from massive layoffs, new technology and | :03:17. | :03:24. | |
a policies in the US and Europe. In response to these changes, tech | :03:25. | :03:27. | |
workers want to unionise to protect their jobs. We travelled to | :03:28. | :03:29. | |
Bangalore does for this report. This is a situation this man never | :03:30. | :03:41. | |
thought he would find himself in. At the age of 49, he is frantically | :03:42. | :03:46. | |
looking for a new job. For ten years he was working as a senior project | :03:47. | :03:50. | |
manager at one of India's largest IT firms. Last month he and his entire | :03:51. | :03:57. | |
team were let go. You think your job is safe and suddenly you have to go | :03:58. | :04:06. | |
out. It is difficult to pay my loans, around $5,000 that I need to | :04:07. | :04:13. | |
pay for my children's education. My father, my wife, we don't know what | :04:14. | :04:19. | |
will happen. This area in Bangalore is home to the sum of the largest IT | :04:20. | :04:24. | |
companies in India over the past two decade, jobs were cosseted. They | :04:25. | :04:31. | |
offered prosperity and prestige. But now the industry is in the grips of | :04:32. | :04:35. | |
a slowdown in the future is uncertain for thousands of people. | :04:36. | :04:40. | |
It is estimated that in the last six months alone, Indian firms have laid | :04:41. | :04:46. | |
off over 50,000 people fool 's and this man is being blamed for the | :04:47. | :04:51. | |
cuts. The US president Donald Trump and his crackdown on visas issued to | :04:52. | :04:58. | |
Indians working in the US is forcing IT firms to hire Americans at a | :04:59. | :05:03. | |
higher cost. From this day forward it will be only America first. | :05:04. | :05:12. | |
Indian IT firms have declared these policies a threat to their business. | :05:13. | :05:16. | |
But there are other reasons as well. At this company, automation is a | :05:17. | :05:22. | |
factor. Anything that is repetitive we get automated. So if you are | :05:23. | :05:26. | |
doing a repetitive job, you should be doing more to skill up and move. | :05:27. | :05:34. | |
You can automate today, so why would you not do it? Demands are changing | :05:35. | :05:43. | |
as well. Traditional IT service is being moved to cloud services. For | :05:44. | :05:50. | |
now, he has become part of the IT union, asking for the government to | :05:51. | :05:56. | |
step in. Companies say layoffs are other based on performance. They | :05:57. | :06:00. | |
demand more transparent appraisals and better severance packages. They | :06:01. | :06:04. | |
hope their efforts will protect people working in IT. | :06:05. | :06:11. | |
Some good news for Japan's economic reports. Exports are surging 14.9% | :06:12. | :06:20. | |
in the month of May compared to the earlier -- year earlier. This is | :06:21. | :06:24. | |
according to the Finance Ministry. That is below the expectations of | :06:25. | :06:27. | |
economists but well above the increase for April. Exports were | :06:28. | :06:31. | |
pushed higher by more shipments of cars and steel, suggesting | :06:32. | :06:36. | |
strengthening global demand. Japan also had its first-rate deficit in | :06:37. | :06:48. | |
months as imports sword. -- sword. Brexit negotiations start this week | :06:49. | :06:52. | |
in Brussels. Business groups in the UK urged to put the economy first as | :06:53. | :06:57. | |
she negotiates the formal exit. Mid week we will also get the weekly US | :06:58. | :07:02. | |
oil inventories date. The buildup last week and gas stocks lead to a | :07:03. | :07:08. | |
4% drop in crude oil prices as the global market is already struggling | :07:09. | :07:12. | |
with a supply glut. And on Thursday, New Zealand central bank will | :07:13. | :07:16. | |
announce its latest decision, will they or won't they raise or cut the | :07:17. | :07:21. | |
cost of borrowing? It is currently at a record low of 1.75%. I spoke to | :07:22. | :07:28. | |
Michael McCarthy in Sydney, as chief strategist, I asked him if investors | :07:29. | :07:32. | |
are likely to respond to the Brexit negotiations. There are concerns, | :07:33. | :07:38. | |
still, about Brexit. They are very much a European and specific. For | :07:39. | :07:43. | |
global markets, the implications are not clear and maybe slighter than | :07:44. | :07:46. | |
many people think. However, talk of ?100 billion bill for Britain as the | :07:47. | :07:52. | |
cost of its exit has certainly concerned investors in the UK. How | :07:53. | :07:56. | |
will this impact the British pound in Asian trading? It is likely we | :07:57. | :08:00. | |
will see further weakness in the pound. There are concerns that there | :08:01. | :08:05. | |
is a move away from a hard Brexit and that means that there are some | :08:06. | :08:09. | |
concerns that the UK economy may suffer more than has previously be | :08:10. | :08:14. | |
priced in by markets. The global economy is recovering, letter by | :08:15. | :08:18. | |
pick up an urgent call economies. Will the rising trend in exports | :08:19. | :08:22. | |
continue to the remainder of the year? It seems so at this stage. | :08:23. | :08:26. | |
While no one is getting carried away, the lock is positive that the | :08:27. | :08:31. | |
global economy. The key for the Asia-Pacific region as the Chinese | :08:32. | :08:35. | |
economy and that seems to have stabilised at a lower growth level. | :08:36. | :08:38. | |
That is good news for markets and economies. What are you looking out | :08:39. | :08:42. | |
or in terms of oil prices we? Lest week it fell for the fourth | :08:43. | :08:48. | |
consecutive week. There is a structural problem in the oil market | :08:49. | :08:51. | |
and OPEC cannot address at sufficiently to get oil prices up. | :08:52. | :08:55. | |
It seems we will see lower oil prices over the course of this | :08:56. | :08:59. | |
trading week. The key issue is that agility of the swing producers in | :09:00. | :09:07. | |
the US, they have not producers to -- responded to prices. If we see a | :09:08. | :09:11. | |
drop away in a production this week, oil price may find a firmer base and | :09:12. | :09:16. | |
they have seen. And looking at ago currencies, but coin surges to an | :09:17. | :09:19. | |
all-time high of the end of last week it fell. Is this just a | :09:20. | :09:24. | |
correction or are we seeing the start of a collapse? I suspect it | :09:25. | :09:30. | |
may be a correction because we see very good support for the new crypto | :09:31. | :09:34. | |
currencies. There are now at least 12 new currencies stop the next most | :09:35. | :09:38. | |
popular of the Bitcoin has continued its rise despite the fall in | :09:39. | :09:44. | |
Bitcoin. The turnover is now approaching $100 billion equivalent | :09:45. | :09:49. | |
each week does suggest some strength in that market. That was Michael | :09:50. | :09:54. | |
McCarthy in Sydney. Before we go here is a quick look now at the | :09:55. | :09:59. | |
opening market numbers. As you can see, Japan is up by 55.5 points, | :10:00. | :10:03. | |
reacting positively to the trade data released earlier for Expo ARPA. | :10:04. | :10:11. | |
Imports are also in positive territory. We're also seeing gains | :10:12. | :10:16. | |
in energy stocks. Investors are also watching closely Brexit talks, which | :10:17. | :10:21. | |
begin today. The All Ordinaries index is opening in positive | :10:22. | :10:27. | |
territory, up by 29 points. Thank you for investing your time | :10:28. | :10:28. |