17/07/2017 Asia Business Report

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Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.

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China is about to reveal its latest gross numbers. Will it show the


economy slowing down of stabilising? We visit somebody that helps capture


the imagination of millions of fans around the world. Good morning Asia,


hello world. It's's the start of a brand-new trading week, glad you


could join us. Very soon, China will be unveiling its latest economic


growth numbers. Officials say they are changing the way they calculate


what makes up the economy, by including contributions from


healthcare, tourism and the new economy. The last time Chinese


authorities changed how their GDP was calculated was in 2002. This


will give us a better indication of how well the mainland guru from


April- June this year. Earlier, the China economist with HSBC told me


that this reflects the Chinese transitioning


economy. We have seen over the past two years that the new economy set


is in hiring and manufacturing have been outperforming the rest of the


economy. A lot of them are growing in double digits. Even though they


are starting from relatively modest sizes, on the whole, they are of a


sufficient size to be recognised. Healthcare, tourism and economy,


will this bump up economic growth for the Chinese economy in the


long-term or the medium-term? The statistical calculations have shown


that the immediate impact may not be as big. We are expecting GDP to be


6.8% for the second quarter of this year, a very marginal slowdown from


the first quarter at 6.9. There is no doubt that over the medium term,


this will be a very significant shift. It reflects a strong


transformation of the Chinese economy. When is a significant


shift, how many percentage points could this add to growth? It is


difficult to say at this point, we are still forecasting very much into


the future. To give you a sense, we're looking at manufacturing and


services sectors growing in double digits year over year. Traditional


manufacturing sectors, up until last, were still facing deflation.


The diverters between the sectors, new growth and traditional


businesses, are actually quite stark. I think over time it will be


a significant contribution. In other business headlines: Ahead


of the second round of Brexit talks, the British Chancellor has told the


BBC that businesses are holding off from investing in the UK because of


concern about the exit. I think it is absolutely clear that businesses,


where they had discretion over investment and they can hold off,


they are doing so. You can understand why. They are waiting for


more clarity about what the future relationship with Europe will look


like. The way to get the economy moving, to restore business


confidence and consumer confidence, is to give as much clarity as


possible as early as possible, which is why I have been talking of the


last four or five weeks of the importance of a transition


arrangement. I believe the great majority of my colleagues now


recognise that that is the right and sensible way to go, both in the UK


and the European Union. Uber's biggest rival in Southeast


Asia could be about to get a big financial injection. They could be


seeing a $2 billion investment in the company. If it goes ahead, it


would make Grabbed the most valuable start up in the region at $5 billion


US. One company has decided to go on strike for the 50 year in a row over


negotiations for better pay. They are making better plans for the


staff walkouts. Property developers in Asia have not had an easy time


over the past few years. From China to Singapore, governments have


proposed initiatives to prevent property prices from inflating. It


has worked, but has caused prices to become deflated. One in developer


for opportunity in Nantes. In this week's To Minutes With, we speak to


one executive. Yet another new building to add to


the Singapore skyline. It is being put up I am Australian property


developer. I am speaking to the CEO of Asia, Tony Lombard oh. Thank you


for joining us. Here in Asia, you are looking to expand, but this


comes after years of cooling measures being put in place by


governments, trying to stop a property bubble. Why Asia? We have


been in Asia for 44 years, we thought it was the right time for


this project, which we brought back in 2015. Ultimately it stems from


being a multigenerational company in this new and vibrant community. That


is a bit of a challenge, because if you build it, will they necessarily


come? The great thing is that we want a retail and residential cycle


today, and we have seen are starting to pick up. We are pretty confident


on the Singapore market. We think it is going to start turning and


growing from this point on. The other thing you are doing is you are


trying to target the elderly market, that is a problem in Asia. Tell us


how you are doing that? In Australia, we are the largest owner


and operator. It has been a core part of our business. China has a


great need for singular living product. We will see a huge increase


in people over 65 in China. They are aiming to really drive back to


private industry. We feel there is a great opportunity for us to use our


skill sets and bring our owner- operator approach to China. We do


that interest rates are on the rise in the US and elsewhere. How is that


going to impact your business? Globally we have been adjusting to


that strategy for quite a while. Clearly for us as a business, we


have been trying to diversify our portfolio and make sure we are


taking the right opportunities at the right time to grow our portfolio


internationally. Game of Thrones debuts its seven season tonight, and


it has a huge following. Many of the iconic props used in the show were


made in India. Over six seasons, television fans


have seen Game of Thrones capture the imagination of millions of


people. Far from the seven kingdoms, the costumes, is that an authentic


armoury that feature in the show are serious business for a few firms in


India. It is not just Game of Thrones. This man supplies props too


many Hollywood productions, from the avengers and gladiator to the Star


Wars franchise. It is only India and the subcontinent which has the art


of hand embroidery. They can't get it in the West. That is why we do


embroidery and we do anything that is very handmade, it is very period


looking. I'm in heaven, I don't know where to begin. I have just spotted


a prop from Gamer thrones, but nothing can beat John Snow. Here is


my chance to try my hand at his cloak. It is fairly heavy, I don't


know how he does it. I even have his sword. And what is John Snow without


his trusty weapon? This is where his swords are made. The largest factory


of its kind, located in the foothills of the Himalayas. They


make every type of thought, from heavy steel to light titanium. It


supplies two armies around the world, but it swords are not sold


commercially in India. What we possess is only I would say, 2%.


Sometimes it can stretch into 30%, it depends on the movie. But it is


mostly seasonal. This army business is not seasonal. Is the details that


make a story, live on the big screen. As long as the big battles


go on, it means more business on the workflow here. -- these. Time for a


quick look at the market is now. We are seeing some cautiousness


among investors as they await the Chinese growth numbers later today.


Thank you very much for investing your time with us. Have a product on


Monday. -- productive Monday.