0:00:00 > 0:00:05Now on BBC News all the latest business news live from Singapore.
0:00:18 > 0:00:25Young and jobless in Australia. We look at two why that is why. And
0:00:25 > 0:00:40spending spree that paid off big time. The -- expectations are blown!
0:00:40 > 0:00:43Hello and welcome to Asia Business Report. Data out this morning from
0:00:43 > 0:00:50Australia shows the unemployment rate at 5.4% for October. That is
0:00:50 > 0:00:54down from 5.5% in September and that signals more jobs have been created
0:00:54 > 0:00:58in the economy. But among Australia's news, unemployment
0:00:58 > 0:01:06remains stubbornly high.
0:01:06 > 0:01:09There is a togetherness in disadvantaged. These young
0:01:09 > 0:01:12Australians weren't even born when their country was last in recession.
0:01:12 > 0:01:19But they have not had it easy. There have been long-term unemployment and
0:01:19 > 0:01:23homelessness. Shooting hoops with an education and job seeking charity is
0:01:23 > 0:01:26helping them to aim for better things after years of struggle.I
0:01:26 > 0:01:30was just trying to apply for work online and people were putting me
0:01:30 > 0:01:35down telling me I was never going to get that job so I stopped trying.I
0:01:35 > 0:01:40knew I had great skills to offer but I was lacking the confidence in
0:01:40 > 0:01:44myself and did not believe in myself. It was good to have someone
0:01:44 > 0:01:48there who believed in me enough to tell me to go for those
0:01:48 > 0:01:50opportunities and grab those opportunities rather than doubt
0:01:50 > 0:02:02myself.This charity taps into a network of jobs -- employers to
0:02:02 > 0:02:08match jobseekers with employers. But the unemployment rate for youth is
0:02:08 > 0:02:11double that of adults.We found many people desperate for an opportunity
0:02:11 > 0:02:15to get into a place where they feel they are contributing. It does not
0:02:15 > 0:02:19matter how enthusiastic they are, it is difficult to find that first
0:02:19 > 0:02:24chance to have a go.Opportunities can be scarce. A recent study showed
0:02:24 > 0:02:27that for every entry level position in Australia, there were five
0:02:27 > 0:02:34applicants.Usually people would get an entry-level job. And it is to
0:02:34 > 0:02:37beat a little less when you are young. You start coming to get
0:02:37 > 0:02:41training and your skills and grew so you become more useful to give you
0:02:41 > 0:02:49cannot even get on the of the ladder and that makes it hard.To have so
0:02:49 > 0:02:52many young people unemployed or underemployed is a terrible waste
0:02:52 > 0:02:55for Australia. It is a valuable resource this country needs to
0:02:55 > 0:02:59harness if it is to continue its proud record of economic growth.
0:02:59 > 0:03:04Many young Australians many want the opportunity to work -- simply want
0:03:04 > 0:03:07the opportunity to work and contribute.I am the only person
0:03:07 > 0:03:11working in my family so I am the main financial support they have. I
0:03:11 > 0:03:15have to be working. I work seven days a week for the last year,
0:03:15 > 0:03:20pretty much. I have been working and I have goals.I have plans for my
0:03:20 > 0:03:25own business. Australia's redhot economy has been slowing down as a
0:03:25 > 0:03:31long mining boom fade. Growth this year will be about 1.9%. In 2012 it
0:03:31 > 0:03:38was almost double that. A generation of young and keen workers could just
0:03:38 > 0:03:45be -- could be just what Australia needs to maintain prosperity.
0:03:45 > 0:03:48And while Australia's job market continues to grow as you heard and
0:03:48 > 0:03:54that will, youth unemployment is well into the double digits. Earlier
0:03:54 > 0:03:59I spoke to Greg McKenna in Sydney. I asked him why.It is a combination
0:03:59 > 0:04:04of factors. Training programmes we have in Australia these years --
0:04:04 > 0:04:09days and the fact that so many children are funnelled into
0:04:09 > 0:04:13university as a sort of childminding part of their life while they try to
0:04:13 > 0:04:17figure out what they want to do. They then come out with skills that
0:04:17 > 0:04:21are not relevant in a new economy. Arts degrees in that sort of thing.
0:04:21 > 0:04:24We also do not have commitment from business to train staff because they
0:04:24 > 0:04:27are worried if they train someone today that person will work
0:04:27 > 0:04:30somewhere else soon. And so millennial 's and kids coming
0:04:30 > 0:04:37through these days are suffering because of the fractious nature of
0:04:37 > 0:04:40the economy and the fact that we have been moving towards service
0:04:40 > 0:04:44base in Australia. There is a lot of work to be done in training kids
0:04:44 > 0:04:48through school and through university or vocation allegiance to
0:04:48 > 0:04:53either inside the economy.What are some of the solutions? It is about
0:04:53 > 0:05:01training but that the onus then lie on the government in terms of policy
0:05:01 > 0:05:05or educators or is it the business sector?It is a combination. What
0:05:05 > 0:05:10has happened in Australia is that the government had an experiment of
0:05:10 > 0:05:13opening up vocational training to the private sector. That failed
0:05:13 > 0:05:19hopelessly but what you did was part our vocational public sector. There
0:05:19 > 0:05:23is a big push, I think, in New South Wales and Victoria in particular, to
0:05:23 > 0:05:27put muggy back into that sector. Business needs to make a commitment
0:05:27 > 0:05:31as well. They need to take the risk of taking on young people knowing
0:05:31 > 0:05:35that not everybody will get through all the way in the policy framework
0:05:35 > 0:05:38from the Federal government needs to be there to support those state and
0:05:38 > 0:05:43business initiatives. It is a long game we need to play the policy is
0:05:43 > 0:05:47definitely the way we need to go.Do you set a policy changing any time
0:05:47 > 0:05:50soon to enable business sectors to get what they need to employ these
0:05:50 > 0:05:55young people?Necessity is the mother of invention and were
0:05:55 > 0:05:58starting now to this push from business, this agitation that they
0:05:58 > 0:06:05are not getting the kind of qualifications that they need. We
0:06:05 > 0:06:09are starting to have this conversation properly down here in
0:06:09 > 0:06:13Australia. It will take some time but the good news from the data
0:06:13 > 0:06:18today is that the youth unemployment rate fell from 12.6 - 12.1% but it
0:06:18 > 0:06:34has not been below them 10% since the GF see. -- GFC.10 cents in
0:06:34 > 0:06:40China has announced earnings for the first time since it invested $10
0:06:40 > 0:06:46billion in Snapchat. Consent already dominates the social media space in
0:06:46 > 0:06:55China and the company is valued at $472 billion. It's very -- id owns a
0:06:55 > 0:07:07popular chatting app. Tencent is a major player in a number of areas
0:07:07 > 0:07:10the investments are getting attention. Not just in Snap that in
0:07:10 > 0:07:19a diverse range of companies such as an electric cars start up. And even
0:07:19 > 0:07:22Moon express a company that is trying to send drones to outer
0:07:22 > 0:07:29space. I spoke to an investment adviser who says that the strategy
0:07:29 > 0:07:34of the company is hard to pin down. What I would say is that within the
0:07:34 > 0:07:39core business strategy I think Tencent should be given lots of
0:07:39 > 0:07:43leeway to run the businesses they see fit. I am also concerned that
0:07:43 > 0:07:48there is a bit of loss of focus happening here as Tencent ventures
0:07:48 > 0:07:56out be on its core business model of gaming and social media and
0:07:56 > 0:07:59advertising and branches into other areas that I think are quite
0:07:59 > 0:08:03different.What are these challenges, would you say? The fact
0:08:03 > 0:08:08that they are branching out and they are losing focus?Well... It is
0:08:08 > 0:08:16quite difficult to become GE. That does not happen overnight. Whereas I
0:08:16 > 0:08:20am not worried about the core business, just judging by the
0:08:20 > 0:08:24quarterly, judging by the earnings report released yesterday they are
0:08:24 > 0:08:30obviously doing a great job. Hell do we really want Tencent Management on
0:08:30 > 0:08:37the cars? For me, as an investor, that is perhaps a step too far?Was
0:08:37 > 0:08:43the investment in Snap a good idea? It is not an investment that I would
0:08:43 > 0:08:50have made. I am not convinced about the monetisation strategy. I also
0:08:50 > 0:08:54think that it is sufficiently related to the core business where I
0:08:54 > 0:09:00would give Tencent the benefit of the doubt on that.In other business
0:09:00 > 0:09:03news, Dyson is suing its former chief executive for allegedly
0:09:03 > 0:09:07leaking company secrets and using company resources for this own
0:09:07 > 0:09:12benefit. He stepped down in October and he was thanked by the founder
0:09:12 > 0:09:17but the BBC has learned that he was fired for an alleged series of
0:09:17 > 0:09:23temperatures. He tonight the allegations and said it would cause
0:09:23 > 0:09:27an unnecessary distraction for the staff. The Dyson board has decided
0:09:27 > 0:09:31to bring a claim against him at the High Court of Justice in London in
0:09:31 > 0:09:40relation to this actions. And was the moment that a 500 work of at
0:09:40 > 0:09:51depicting Jesus Christ sold in New York for more than $450 million. --
0:09:51 > 0:09:57500-year-old work of at. It is believed to be the work of Leonardo
0:09:57 > 0:10:01da Vinci and the sale comes after 18 minutes of frenzied bidding in the
0:10:01 > 0:10:07historic sale. In 1958 the painting was sold for $60 at an auction in
0:10:07 > 0:10:11London but at that point it was thought to be the work of a fall
0:10:11 > 0:10:18while of Leonardo and not that of Leonardo himself. -- a follower of
0:10:18 > 0:10:21Leonardo.
0:10:21 > 0:10:26We are seeing some gains in the market for the Chinese market but
0:10:26 > 0:10:32the All Ordinaries is being pummelled by oil and resource stock.
0:10:32 > 0:10:33And that is it for