15/11/2017 Asia Business Report


15/11/2017

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


Similar Content

Browse content similar to 15/11/2017. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Now on BBC News, all the latest

business news live from Singapore.

0:00:000:00:04

It's a "yes" vote

0:00:160:00:18

It's a "yes" vote for legalising

same-sex marriage in Australia. We

0:00:180:00:20

look at how the pink dollar could

boost the economy. Hack or fact? A

0:00:200:00:27

BBC team investigates claims Apple's

face identification system on its

0:00:270:00:31

iPhone X is not secure.

Hello and welcome to Asia Business

0:00:310:00:42

Report, I'm Sharanjit Leyl.

Australians have voted in favour of

0:00:420:00:45

same-sex marriage, the results were

announced this morning. It paves the

0:00:450:00:50

way for legislation that will make

Australia the 26th nation to

0:00:500:00:54

legalise same-sex unions, and there

could be economic benefits. By some

0:00:540:01:00

estimates same-sex weddings could

give a $1 billion boost to the

0:01:000:01:04

economy assuming every same-sex

couple rushes out to tie the knot in

0:01:040:01:07

the first year but that could be a

tad optimistic. But research

0:01:070:01:12

suggests same-sex couples in

Australia earn more than their

0:01:120:01:15

opposite sex counterparts. Earlier I

spoke to her Leigh Fisher from the

0:01:150:01:21

economics and asked what the pink

dollar could mean for Australia.

We

0:01:210:01:26

would expect about half of the

same-sex couples in Australia to

0:01:260:01:29

want to get married and do so in the

next two to three years based on

0:01:290:01:33

survey evidence and what's happened

in other countries, of the 47,000.

0:01:330:01:39

We expect 25,000 weddings in the

short-term, that's about another 10%

0:01:390:01:43

of weddings based on the current

level of weddings happening from

0:01:430:01:46

year to year. In terms of costs, the

average couple spends somewhere from

0:01:460:01:51

$36,000 to as much as $90,000 on a

wedding, depending on what measures

0:01:510:01:56

you use so we can expect to see an

increase or an impact on the economy

0:01:560:02:01

of up to anything from $900 million

upwards over the next two to three

0:02:010:02:07

years.

Doctor Fisher, your research

suggests same-sex couples generally

0:02:070:02:13

earn more, why is that? Does that

necessarily translate to them

0:02:130:02:18

spending more?

Well, the same-sex

couples tend to be more likely to be

0:02:180:02:24

jewel income no kids households, so

that tends to put them into the part

0:02:240:02:29

of society that has higher incomes.

Same-sex male couples aren't

0:02:290:02:36

suffering from the gender pay cap,

so they tend to have higher incomes,

0:02:360:02:39

so we might think that would

translate to being on the higher

0:02:390:02:45

spending on weddings. Same-sex

couples sometimes face lower levels

0:02:450:02:50

of support from their family, they

might have lower transfers from

0:02:500:02:54

their families to pay for their

wedding. It could be more but there

0:02:540:02:58

could be some moderation on that

spending.

Hey Leigh Fisher speaking

0:02:580:03:02

to me earlier.

A Hanoi based firm that says they

0:03:020:03:06

have proved the iPhone X face IDE

system isn't as secure as Apple

0:03:060:03:10

suggests has shown off its hack to

the BBC -- ID system. They have

0:03:100:03:16

shown the handset can be unlocked by

a specially crafted mask. Apple

0:03:160:03:22

hasn't commented beyond directing

the public to details published

0:03:220:03:24

online about the system but other

experts have cast doubt about

0:03:240:03:29

whether the demonstration truly

undermines the alternative to

0:03:290:03:31

fingerprint checks.

0:03:310:03:32

TRANSLATION:

We are talking about

PRC, or proof of concept. During the

0:04:460:04:50

process of creating this mask, we

went through several steps. First

0:04:500:04:55

the phone has to recognise a real

human face, and then we test each

0:04:550:05:00

part of the mask to see whether the

phone camera kit nice it is a real

0:05:000:05:05

face. When I do each experiment, I

have to unlock the phone with my

0:05:050:05:13

face, so the phone isn't trying to

recognise the mask but the real

0:05:130:05:17

human face. -- can recognise it as a

real

0:05:170:05:27

These are actual masks used by the

engineering team to train the neural

0:05:290:05:34

networks to protect against them,

face IDE. It's incredible. -- face

0:05:340:05:41

IDE. -- face IDE. -- face IDE.

0:05:410:05:51

TRANSLATION:

I don't deny that what

we did would strengthen our

0:06:110:06:15

company's reputation, but we should

see that as our job. This is

0:06:150:06:19

something we've done for nearly 20

years. We were the first to point

0:06:190:06:23

out facial recognition technology

was not entirely secure and it's

0:06:230:06:27

understandable we're still keeping

an eye on it and proving whether the

0:06:270:06:30

tech is mature.

A BBC investigation there.

0:06:300:06:37

Uber has had another high-level

departure. It's true for policy for

0:06:370:06:41

India and South Asia has quit but

it's not all bad news for users in

0:06:410:06:45

the rapidly growing market, news

Japan's Softbank has rest,

0:06:450:06:52

registered interest in investing in

Uber could change the course of a

0:06:520:06:55

fierce war over taxi apps in India.

Yogita Limaye explains.

0:06:550:07:00

Many of these cars are taxis that

can be hailed using Uber or its

0:07:000:07:05

Indian equivalent. The two companies

are fighting a stiff battle against

0:07:050:07:09

each other in a fast-growing Indian

market. Uber is a global giant and

0:07:090:07:14

the Indian one is a homegrown brand,

but now their fight could get

0:07:140:07:19

complicated in the months to come.

One of their biggest investors is

0:07:190:07:24

Softbank, which has put in millions

of dollars into the company in the

0:07:240:07:29

past two years. But now Japan's

Softbank has said it is also

0:07:290:07:34

considering an investment in Uber.

No deal has yet been reached but

0:07:340:07:39

Uber has said that progress has been

made. They have declined to comment

0:07:390:07:44

on the development but what did it

all mean for these two firms in

0:07:440:07:48

India? Ultimately there is

speculation that if Softbank became

0:07:480:07:52

an investor in both companies it

would try to merge them. We've

0:07:520:07:56

already seen something similar this

year. Softbank is an investor in two

0:07:560:08:00

of India's biggest e-commerce

companies, and it tried very hard

0:08:000:08:06

for Flipkart to buy out the other

one but things didn't work out

0:08:060:08:10

because other investors blocked the

deal. India is a tricky market for

0:08:100:08:15

investors and operators, but for

Uber it is also the most important

0:08:150:08:22

market after the US, especially as

it exited China. Nevertheless, it's

0:08:220:08:27

also had its share of challenges

here. Just yesterday the head of

0:08:270:08:31

policy for Uber in India and South

Asia announced she was leaving after

0:08:310:08:36

only a year and earlier this year a

top global executive had to quit

0:08:360:08:41

after revelations he obtained

medical records of a woman raped by

0:08:410:08:44

an Uber driver in 2014. In the span

of less than three years, Uber and

0:08:440:08:50

Ola have changed the way people in

Indian cities travel and so these

0:08:500:08:54

constables will be watching closely

to see how these changes affect them

0:08:540:08:57

in the future -- customers.

Japan's economy continues its slow

0:08:570:09:06

march to stability, if not outright

strength. Data in the last few hours

0:09:060:09:10

shows the well's third-largest

economy showing another quarter of

0:09:100:09:15

games. Here's business reporter Matt

Morrison. What has led to the

0:09:150:09:19

change?

-- games. The name of the

game is exports and that's what is

0:09:190:09:25

driving this. The economy minister

came out and said to reporters after

0:09:250:09:29

this announcement that there is no

change to our view that the economy

0:09:290:09:33

is recovering moderately as a trend.

What he is talking about is the

0:09:330:09:38

economy grew 1.4% in the past

quarter compared to last year. That

0:09:380:09:42

is mostly among expectations, better

than some thought it, it's the

0:09:420:09:49

second quarter of growth, the

longest run since the beginning of

0:09:490:09:52

the century. You have to go back to

1999 to 2001 for the last time that

0:09:520:09:57

happened and it's all about exports.

One economist I spoke to say they

0:09:570:10:01

are the gorilla in the room and they

are offsetting what has been weak

0:10:010:10:05

demand at home, especially when it

comes to consumption. The Japanese

0:10:050:10:09

consumer is just not along the ride

for this recovery. While that

0:10:090:10:13

remains flat, that's going to be a

problem moving forward because

0:10:130:10:17

basically everyone has a job in

Japan and if they're not spending

0:10:170:10:22

now, when are they going to spend?

Matt, thanks very much, ending this

0:10:220:10:26

edition of Asia Business Report.

Thanks very much for that watching.

0:10:260:10:32