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scandal will give answers to what the Prime Minister has called the | :00:00. | :00:00. | |
appalling tragedy. Now on BBC News, all the latest | :00:00. | :00:00. | |
business news live from Singapore. It is a day of protest for big | :00:00. | :00:20. | |
online companies. Find out why the likes of Amazon and Netflix are | :00:21. | :00:26. | |
battling US rules on internet use. And China is spending billions on | :00:27. | :00:30. | |
new aircraft but it may face a pilot shortage in the years to come. Good | :00:31. | :00:43. | |
morning, Asia, hello, world. Glad you could join us for this edition | :00:44. | :00:48. | |
of Asia Business Report. I am Rico Hizon. Some of the most popular | :00:49. | :00:53. | |
websites may be slower to day. Companies like Facebook, Netflix and | :00:54. | :00:58. | |
Amazon are taking part in a protest against changes being made to US | :00:59. | :01:02. | |
rules which govern net neutrality. They claimed the new regulations | :01:03. | :01:06. | |
will give the cable companies control over what its users see and | :01:07. | :01:11. | |
do. Our North America technology correspondent explains. Right now, | :01:12. | :01:15. | |
all internet traffic is treated the same, no matter where it has come | :01:16. | :01:19. | |
from, where it is going, or what it is doing. That is something we call | :01:20. | :01:23. | |
net neutrality. Without it, campaigners worry that internet | :01:24. | :01:27. | |
service providers might be able to intentionally slow down your | :01:28. | :01:30. | |
internet connection unless you pay more for things like video | :01:31. | :01:34. | |
streaming, or they warned that could be some kind of internet fast lane, | :01:35. | :01:39. | |
where big, rich companies could pay to make sure their sites loaded | :01:40. | :01:43. | |
quickly, but other, smaller sites would be stuck in a slow lane | :01:44. | :01:48. | |
instead. Throughout Wednesday, major internet companies will be | :01:49. | :01:51. | |
simulating what it would be like to slow down their websites, in the | :01:52. | :01:55. | |
hope that Americans will get in touch with their politicians to | :01:56. | :01:59. | |
pressure them into supporting net neutrality. Over 70,000 websites | :02:00. | :02:03. | |
will be pushing people towards the FCC to make their voices heard. It | :02:04. | :02:07. | |
will also be pushing people towards numbers of Congress, and what we | :02:08. | :02:11. | |
want the FCC to hear, what we want members of Congress to hear, is that | :02:12. | :02:15. | |
net neutrality is wildly popular, which it is, and we want them to | :02:16. | :02:19. | |
stop trying to murder it. But net neutrality does have some very | :02:20. | :02:22. | |
powerful opponents. It includes companies like Verizon, IBM, Cisco, | :02:23. | :02:30. | |
Nokia, and crucially the head of the FCC has also spoken out against net | :02:31. | :02:33. | |
neutrality. Those who are against it say it adds unnecessary new | :02:34. | :02:38. | |
regulation to the internet. They say net neutrality makes it harder for | :02:39. | :02:41. | |
internet service providers to make back the money they invested in | :02:42. | :02:44. | |
building the infrastructure that gives people a high-speed internet. | :02:45. | :02:48. | |
Politicians, companies and the US public have up until August 16 to | :02:49. | :02:53. | |
make their views on the issue is clear. Then, the Federal | :02:54. | :02:57. | |
Communications commission will make its final decision before the end of | :02:58. | :03:02. | |
this year. In other business news making headlines, music streaming | :03:03. | :03:12. | |
service Spotify has seen its deal with Sony music. Spotify will | :03:13. | :03:18. | |
restrict access to its albums on the premium service for two weeks. | :03:19. | :03:21. | |
Royalty payments other company's largest expense. The company, which | :03:22. | :03:26. | |
is yet to turn a profit, is said to be laying the groundwork for an | :03:27. | :03:29. | |
initial public offering. Here is another twist in the battle for | :03:30. | :03:36. | |
Toshiba's business. A temporary US court order has been granted to give | :03:37. | :03:40. | |
access to Toshiba's databases and chip samples. Toshiba had earlier | :03:41. | :03:48. | |
threatened to stop a company from having access, because it wants to | :03:49. | :03:52. | |
block the sale of its chip business to a Japanese government linked | :03:53. | :03:59. | |
consortium. Staying in Japan, Takata is reporting 3 billion more airbags | :04:00. | :04:04. | |
in the United States. Around 46 million have already been recalled, | :04:05. | :04:07. | |
the largest in history. The defective product is linked to 17 | :04:08. | :04:12. | |
deaths and more than 180 injuries worldwide. Takata filed for | :04:13. | :04:15. | |
bankruptcy protection last month. China is set to become the world's | :04:16. | :04:20. | |
biggest aviation market over the next few decades, and it is already | :04:21. | :04:27. | |
on a buying spree. Boeing China airlines will spend $1 trillion | :04:28. | :04:31. | |
buying airlines, not just blowing ones, over the next 20 years, but | :04:32. | :04:37. | |
will China's infrastructure be able to keep up -- Boeing ones. There | :04:38. | :04:44. | |
will be some struggles. That is the huge issue. One of the other things | :04:45. | :04:48. | |
Boeing puts out as well as a survey of pilots, Boeing estimates that | :04:49. | :04:52. | |
China will need well over 100,000 pilots. Not just pilots. Pilots are | :04:53. | :04:57. | |
the cool job in the industry. You also need people to maintain the | :04:58. | :05:01. | |
aircraft, so there is a lot of opportunity to employ people in the | :05:02. | :05:05. | |
industry. There may not be enough supply of pilot's and maintenance | :05:06. | :05:08. | |
people in China itself, especially good talent. They have to look | :05:09. | :05:12. | |
outside of the mainland. They are indeed. There was an ad recently | :05:13. | :05:18. | |
4737 captains in an outlying province in China -- for 737 | :05:19. | :05:26. | |
captains. It is a very good pay package for that kind of aircraft. | :05:27. | :05:29. | |
You would be living in the hinterlands of China, you might be | :05:30. | :05:34. | |
away from your family, if you are a foreign pilot. So there would be | :05:35. | :05:38. | |
some sacrifices, but there are a lot of foreign pilots in China and | :05:39. | :05:41. | |
emerging markets around the region. Are the big question is now, of | :05:42. | :05:45. | |
course, with all of these new aircraft coming onstream in China, | :05:46. | :05:49. | |
what about the safety record? China is quite aggressive about its safety | :05:50. | :05:54. | |
record. They have a lot of rules and restrictions. They govern the | :05:55. | :05:57. | |
airspace very tightly but there are concerns that pilots might be a bit | :05:58. | :06:01. | |
overworked in China. There are some concerns that pilots might be over | :06:02. | :06:04. | |
penalise if they have a hard landing or something like that. So there are | :06:05. | :06:09. | |
some cultural issues around pilots in China that make it challenging. | :06:10. | :06:13. | |
And what about the infrastructure? Is a growing together with a number | :06:14. | :06:18. | |
of aircraft that have been ordered? China is adding more airports across | :06:19. | :06:22. | |
the region. The problem is they don't have a lot of traffic. They | :06:23. | :06:27. | |
might be a bit of overinvestment. The major centres, Shanghai, | :06:28. | :06:33. | |
Beijing, they struggle to keep up with that traffic. The Philippines | :06:34. | :06:37. | |
has been one of Asia's fastest growing economies in 2013, but is it | :06:38. | :06:43. | |
seeing signs of a slowdown? According to the latest trade | :06:44. | :06:45. | |
figures its deficit jumped to $2.8 billion in May, the biggest gap | :06:46. | :06:51. | |
since data was recorded in 1980. The trade numbers led to a sell-off of | :06:52. | :06:57. | |
the Philippine peso, which dropped to its lowest level against the US | :06:58. | :07:00. | |
dollar since 2006, and that is a nine-year low. Earlier I asked our | :07:01. | :07:06. | |
correspondent what is happening. It is partly a reflection of the trade | :07:07. | :07:11. | |
deficit that we got yesterday, and that is coming back after a few | :07:12. | :07:16. | |
sessions, may be almost a month now the peso has been underperforming on | :07:17. | :07:22. | |
the lack of science it has been stabilising. It is not just a trade | :07:23. | :07:27. | |
deficit. Since President Duterte took office, we have seen the | :07:28. | :07:31. | |
depreciation of the peso. Is there also a political risk being included | :07:32. | :07:36. | |
in the week currency? Yes, I agree. There is some political risk which | :07:37. | :07:40. | |
is being priced in, I think a lot of it has to do with the uncertainty of | :07:41. | :07:44. | |
the new government under President Duterte and what sort of reforms he | :07:45. | :07:47. | |
can carry over from the past, and whether he can really implement | :07:48. | :07:51. | |
them. I think slowly that uncertainty is coming off, but now | :07:52. | :07:54. | |
we are having a lot of these trade numbers that are kind of an | :07:55. | :08:00. | |
expanding deficit, but also the BSB looking like they are not going to | :08:01. | :08:06. | |
hike rates any time soon, which is what a lot of people expected. So | :08:07. | :08:10. | |
why are we seeing the central bank of the Philippines intervening to | :08:11. | :08:17. | |
stem the peso's for? I think they have the ammunition to do it, | :08:18. | :08:20. | |
because they have a lot of reserves at the moment. But I think the fact | :08:21. | :08:24. | |
they have allowed it to weaken so far is because they are a little bit | :08:25. | :08:28. | |
relaxed about how much inflationary consequences are weak peso has. And | :08:29. | :08:35. | |
it is positive for incomes, because purchasing power becomes higher. So | :08:36. | :08:39. | |
it is also a double-edged sword. It is good for overseas Filipino | :08:40. | :08:45. | |
workers who are committing to the Philippines, for the outsourcing | :08:46. | :08:50. | |
sector, but not so good for foreign investors who are sending money back | :08:51. | :08:53. | |
to their home countries. This is where there is a lot of concern | :08:54. | :08:56. | |
about the currency. Given its fundamentals, and the fact it is | :08:57. | :09:00. | |
still underperforming, does not go well with what markets are expecting | :09:01. | :09:04. | |
at the moment. So I think, provided things will be stable and the BSB | :09:05. | :09:10. | |
comes in from time to time to keep it from fluctuating too much, I | :09:11. | :09:16. | |
think that will stem that. What do you think of the peso by year's and? | :09:17. | :09:23. | |
Right now forecast is for 49.5, so we are seeing a bit of appreciation | :09:24. | :09:28. | |
from here. Social media can have an impact on politics and business. How | :09:29. | :09:36. | |
crucial is that to develop a savvy understanding of social media | :09:37. | :09:43. | |
platforms? Here is a review from a representative of Hootsuite. It has | :09:44. | :09:50. | |
changed the face of politics, it has changed the face of business, and | :09:51. | :09:53. | |
every single piece of the customer journey is there. Back a number of | :09:54. | :09:58. | |
years ago, we would dial in 1800 call number to connect and get | :09:59. | :10:03. | |
customer support. The generation which is growing up will not do | :10:04. | :10:08. | |
that. They will go to social media, they will ask for transparency, they | :10:09. | :10:11. | |
will ask for immediacy, and brands need to be there. The businesses | :10:12. | :10:15. | |
that don't get there, they risk becoming obsolete. Financial | :10:16. | :10:24. | |
services industry. You think that would be a laggard, you would think | :10:25. | :10:27. | |
that would be an industry, but because they are facing such | :10:28. | :10:32. | |
transformation, digital transformation, there has actually | :10:33. | :10:35. | |
been an amazing adoption of social media. And that was Ryan Holmes of | :10:36. | :10:47. | |
Hootsuite. And with that we and this edition of Asia Business Report. | :10:48. | :10:50. | |
Thank you for investing your time with us. I am Rico Hizon in | :10:51. | :10:55. | |
Singapore. Sport Today is coming up next. | :10:56. | :10:59. | |
The top stories this hour: President Trump's son has released | :11:00. | :11:03. |