26/10/2017 Asia Business Report


26/10/2017

Similar Content

Browse content similar to 26/10/2017. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

More on that to come, stay with us.

0:00:000:00:00

A rise in interest rates next week

is looking increasingly likely,

0:00:000:00:02

after the economy performed better

than expected between

0:00:020:00:04

June and September.

0:00:040:00:05

GDP rose by 0.4%.

0:00:050:00:06

Now on BBC News all the latest

business news live from Singapore.

0:00:060:00:17

The US dollar is on the rise,

boosted by speculation the Federal

0:00:170:00:22

boosted by speculation the Federal

Reserve may get a new caucus chief.

0:00:220:00:25

Let's cross over to Thailand where

the funeral procession is underway.

0:00:250:00:33

We are witnesses live pictures

inside the grand Palace as the

0:00:330:00:37

funeral proceedings for the late

King Bhumibol has begun. Good

0:00:370:00:51

morning, Asia. Hello, world. Glad

you could join us. Anticipation over

0:00:510:00:56

who might be head of the Federal

Reserve is keeping the US dollar

0:00:560:01:03

near its three-month high. President

Trump has not said whether he will

0:01:030:01:07

reappoint Janet Yellen, but has

floated other possible contenders

0:01:070:01:13

for the top job. We asked inexpert

how this is impacting the markets.

0:01:130:01:22

You could say there is a lot of

speculation over US bank policy. If

0:01:220:01:27

the Federal Reserve raise interest

rates, but should weaken the Asian

0:01:270:01:33

currencies. We have seen significant

declines in the dollar over recent

0:01:330:01:37

months. What we could be looking at

is a technical correction. There are

0:01:370:01:42

several other factors, economic data

is strong, it looks positive for the

0:01:420:01:47

dollar. Pressure in Asian

currencies, pressures in matters

0:01:470:01:50

like gold as well.

A lot of factors

to juggle. Let's take a look at

0:01:500:02:01

President Jean Ping, a five-year

term. Economic policies, what does

0:02:010:02:05

this mean going forward?

The

conference itself hasn't meant that

0:02:050:02:13

much in the near term. But there is

so much uncertainty right now when

0:02:130:02:16

you look at Catalonia, the ongoing

EU negotiations. But the agenda has

0:02:160:02:26

been on China.

Everybody wants to

find out over the next five years of

0:02:260:02:30

the leadership, will we see a

liberal?

We could say China is

0:02:300:02:42

moving forward with progress,

liberalisation and prospects over

0:02:420:02:46

the longer term look very good.

In

Japan it is a winning situation for

0:02:460:02:51

investors. By week yen which

benefits exporters and of course, we

0:02:510:02:56

are seeing more than two highs for

the Japanese stock market. Is it

0:02:560:03:01

sustainable?

We have seen weakness

in the Japanese yen because of the

0:03:010:03:07

strength of the US dollar. The

Japanese yen remained negative over

0:03:070:03:13

the near-term and it depends on

whether investors look at the yen as

0:03:130:03:19

a safe haven asset.

Par from the US

dollar, which other currencies do

0:03:190:03:23

you favour?

There is strength in the

emerging markets. The expectations

0:03:230:03:31

will probably put interest rates up

in December. By the end of this year

0:03:310:03:37

we could see a rebound in the

emerging market currencies across

0:03:370:03:41

Asia.

US earnings season is

underway. Coca-Cola is the latest to

0:03:410:03:51

beat expectations. They reported

earnings of 50 cents a share in the

0:03:510:03:57

third quarter, operating revenues

came in at just over $9 billion.

0:03:570:04:02

Looking at those numbers, were

helped by the relaunch of Coke zero

0:04:020:04:06

in America as it looks to offer

healthier, lower calorie drinks.

0:04:060:04:09

Nike was a top performer on the Dow

index overnight. Shares rising by 3%

0:04:090:04:15

after the company gave an upbeat

profit outlook for the next five

0:04:150:04:21

years. Nike said it expects digital

revenues to grow from 15 to 30% over

0:04:210:04:25

that period. The firm is seeing

strong sales in China, offsetting

0:04:250:04:31

slow growth in the US. South Korea's

economy has expanded at the fastest

0:04:310:04:38

pace in seven years. GDP expanding

by 1.4% beating the forecast by 0.8%

0:04:380:04:45

gain. Due to a strong rise in

exports and construction investment.

0:04:450:04:51

Sometimes referred to as middle

Earth, New Zealand is the hotspot

0:04:510:04:55

for property buyers around the

world, it is such an extent that New

0:04:550:05:00

Zealand's Prime Minister elect has

declared no more and is closing the

0:05:000:05:07

gates. The country is banning

foreign buyers purchasing homes in

0:05:070:05:13

the country to cool soaring property

prices. For the latest New Zealand

0:05:130:05:18

properties, we are joined by my

colleague. Who is buying them?

A lot

0:05:180:05:24

of people are buying, but who

wouldn't want to loan a beautiful

0:05:240:05:29

property on someone's site mountain

Middle Earth, which is the vision of

0:05:290:05:34

New Zealand people have thanks to

the movies. But the Prime Minister

0:05:340:05:44

elect has said no more, no more

nonresidents buying property in New

0:05:440:05:48

Zealand, because it has led to a

huge housing crisis and soaring

0:05:480:05:53

prices as well. You mentioned who is

buying. It is the Chinese, the

0:05:530:05:58

largest buyers of property in New

Zealand. New have in Australia, they

0:05:580:06:05

are coming over and buying property.

We have a lot of tax residents like

0:06:050:06:11

the UK, the US and Hong Kong also

buying. Lots of reports saying hedge

0:06:110:06:16

fund menaces are snapping up things

like farms and airstrips even. Even

0:06:160:06:23

silicon valley futurists, who are

preparing for Doomsday, would you

0:06:230:06:26

believe, buying real estate in New

Zealand. Who can forget the surge on

0:06:260:06:33

the New Zealand immigration website

just after Donald Trump's election,

0:06:330:06:39

by Americans trying to go there in

droves to settle there instead. This

0:06:390:06:44

ban is essentially follows housing

prices have escalated, according to

0:06:440:06:51

experts they are up 10% in New

Zealand in the last year. There is a

0:06:510:06:56

shortage of housing stock and the

low interest rates. This led to a

0:06:560:06:59

huge rush to buy property there.

Also, frightening statistics that

0:06:590:07:05

Kiwis now own only a quarter, of

Kiwis owned their own property

0:07:050:07:14

versus 50% in 1991. There is a lot

of concern this is leading to a

0:07:140:07:19

housing crisis and hence this move

by the new Prime Minister elect.

A

0:07:190:07:28

lot of speculation in property

prices in the South Pacific urges.

0:07:280:07:32

Thank you very much. We return to

Bangkok and the funeral proceedings

0:07:320:07:37

of the late King Bhumibol Adulyadej,

has begun. You are now looking at

0:07:370:07:46

live pictures inside the grand

Palace. We can see the Royal family

0:07:460:07:57

in attendance. For the latest, let's

go to Jonathan head who is on the

0:07:570:08:03

ground. Jonathan, what are the

scenes there around the palace?

0:08:030:08:12

Right around the central area, this

grassy area, where they built this

0:08:120:08:19

very elaborate complex pavilions.

There are crowds stretching along

0:08:190:08:29

the roads coming in. Ordinary

traffic has been blocked. Possibly

0:08:290:08:35

hundreds of thousands inside the

central area. These people are

0:08:350:08:37

waiting for a chance to get in.

Although that seems very unlikely.

0:08:370:08:42

These lines stretch too far. A lot

of people just wanting to be here.

0:08:420:08:48

When the moment comes when the king

is cremated later tonight, they will

0:08:480:08:53

all be together and they will share

the moment when they are told it is

0:08:530:08:56

happening. Inside, this is inside

the royal palace, the King's body

0:08:560:09:02

has been moved. So there is this

separation of the actual body of the

0:09:020:09:07

King. He didn't want to be put in

the traditional earn. He wanted to

0:09:070:09:11

be laid out in the Coffin, but it is

said to reside in this Kotze, that

0:09:110:09:21

has been blessed. There are Buddhist

rituals with monks. It is blessed

0:09:210:09:28

before it is moved and is carried in

this three possessions today.

0:09:280:09:35

Carried to a carriage, the carriage

weighs 14 tonnes. Then in a slow

0:09:350:09:41

possession to the cremation site, it

is then transferred to another gun

0:09:410:09:45

carriage and goes round the

cremation pavilion. It is very

0:09:450:09:49

ornate. The actual pavilion, it is

meant to represent the mythical

0:09:490:09:56

Hindu universe, centred with lots of

mythical creatures around and they

0:09:560:10:01

are all supposed to assist King

Bhumibol's a sense, as they see it,

0:10:010:10:08

back to heaven.

Jonathan head live

from the is Bangkok. We witness live

0:10:080:10:16

pictures inside the grand Palace as

the funeral proceedings begin with

0:10:160:10:19

the Royal family for the late King

Bhumibol Adulyadej. Thank you so

0:10:190:10:26

much by joining us. Goodbye for now.

0:10:260:10:35

Download Subtitles

SRT

ASS