0:00:00 > 0:00:01in the year to June.
0:00:01 > 0:00:09Now on BBC News, all the latest business news live from Singapore.
0:00:17 > 0:00:24Oil cartel OPEC extends its supply cut arrangements. We find out what
0:00:24 > 0:00:29this means for oil prices. And world leaders focus on a major challenge
0:00:29 > 0:00:39to the global economy, getting more women into the workforce. Good
0:00:39 > 0:00:45morning, Asia, hello, world. It is a Friday. A weekend just ride around
0:00:45 > 0:00:48the corner. Glad you could join us for another exciting addition of
0:00:48 > 0:00:53Asia Business Report. I'm Rico Hizon. Let's start off with oil, and
0:00:53 > 0:00:58OPEC has wrapped up its meeting in Vienna. Saudi Arabia's Energy
0:00:58 > 0:01:02Minister told members of the press they have finally hammered out a
0:01:02 > 0:01:07deal.The decision has been unanimous. It is a solid decision,
0:01:07 > 0:01:14that I think many of you have been urging us to make, which is to roll
0:01:14 > 0:01:23over and extent the deal through December 2018.Oil prices remaining
0:01:23 > 0:01:27steady after the news of the announcement. OPEC members say the
0:01:27 > 0:01:31decision to keep oil production cuts in place moving forward will be
0:01:31 > 0:01:34based on prevailing market conditions and the progress achieved
0:01:34 > 0:01:39towards rebalancing the oil market. But they may have their work cut out
0:01:39 > 0:01:47for them. Earlier, I spoke to senior analyst Geoff Haley about why the
0:01:47 > 0:01:53decision did not have a greater impact on oil prices.To a certain
0:01:53 > 0:01:57extent it was priced in. Brent, which is what most international oil
0:01:57 > 0:02:05is priced in, not WTI, was up overnight. Really it was priced into
0:02:05 > 0:02:10the market.But as you say, the nine-month extension has already
0:02:10 > 0:02:14been priced into the market. What could move oil prices from current
0:02:14 > 0:02:18levels?I think a very large expansion in US production, which
0:02:18 > 0:02:23may be driven by the pricing that we are seeing now. Also geopolitical
0:02:23 > 0:02:29tensions. You mentioned Saudi Arabia and Iran. There are any number of
0:02:29 > 0:02:35permutations of that among the OPEC members. Also I think the direction
0:02:35 > 0:02:41of the US dollar going into 2017 - 2018 may have a part to play as
0:02:41 > 0:02:48well.And you mentioned about US oil production, and it is currently
0:02:48 > 0:02:52soaring, fast approaching 10 million barrels per day. And this is a
0:02:52 > 0:02:56concern for OPEC.Yes, and I think this is part of the reason they
0:02:56 > 0:03:00don't want prices to climb too much further from here, because that
0:03:00 > 0:03:06would encourage more US production and probably weigh on declines among
0:03:06 > 0:03:09the OPEC members themselves as they fight to hold their market share.
0:03:09 > 0:03:14But how serious are these OPEC members with compliance?I think
0:03:14 > 0:03:18they have been very good so far. When you have a look at what their
0:03:18 > 0:03:22compliance levels have been over the previous parts of the agreement so
0:03:22 > 0:03:26far it has been in the high 90s. So complaint has been excellent but a
0:03:26 > 0:03:30year is a long time.But the producers, Jeff, also signal a
0:03:30 > 0:03:34possible early exit from the deal if the market overheats. At which level
0:03:34 > 0:03:39do you think are they looking at for an overheating of the market?I
0:03:39 > 0:03:43think if you saw oil heading up towards the $75 - $85 a barrel you
0:03:43 > 0:03:48would start seeing a lot of noise from the group in about an early
0:03:48 > 0:03:52exit from the deal. They don't want oil to go too high, because that
0:03:52 > 0:03:55would encourage more US shale production. So they are trying to
0:03:55 > 0:04:00balance a few things in the air at the moment.Geoff Haley, upmarket
0:04:00 > 0:04:08specialist. In other news, New Zealand dairy giant has been
0:04:08 > 0:04:14required to pay a competitor damages over a baby formula scare. The huge
0:04:14 > 0:04:19pay-out came after fears about contamination in supplied
0:04:19 > 0:04:28ingredients forced global formula recalls, including these brands. The
0:04:28 > 0:04:31US Federal Reserve meets later this month to decide whether to raise
0:04:31 > 0:04:35interest rates for a third time this year. The US ventral bank's policy
0:04:35 > 0:04:39is meant to keep the American economy on track, but it has a
0:04:39 > 0:04:43significant impact here in Asia, especially on the Hong Kong real
0:04:43 > 0:04:46estate market. For more on the property market in Hong Kong, we're
0:04:46 > 0:04:52joined now by bike colleague and business reporter Matt Morrison --
0:04:52 > 0:04:57my colleague. So what is the state of the residential property market?
0:04:57 > 0:05:02The residential property market is booming and overvalued. Now, you and
0:05:02 > 0:05:06I have both lived in Hong Kong and every month we have to pay our
0:05:06 > 0:05:11housing cost.Not cheap!Not cheap at all and it has been going up for
0:05:11 > 0:05:14about nine consecutive years. So where do interest rates play into
0:05:14 > 0:05:19all of this? This is what the IMF have been warning about, saying that
0:05:19 > 0:05:23if interest rates go up that could cooldown housing values. This is to
0:05:23 > 0:05:26do with this balancing act of monetary policy, would be tied to
0:05:26 > 0:05:31the US dollar it is acting in a bit of a lockstep. So when US rates go
0:05:31 > 0:05:35up Hong Kong is slowing although there is still a gap. It is closing
0:05:35 > 0:05:39the gap and therefore borrowing costs are more expensive for
0:05:39 > 0:05:44would-be owners. You would think this would make prices go up, but it
0:05:44 > 0:05:49is on top of an 11% rise this year. I should also point out this is not
0:05:49 > 0:05:53the first time the IMF has made such a warning. They warned of a
0:05:53 > 0:05:57dangerous bubble in 2009, during the financial crisis. Prices have been
0:05:57 > 0:06:02going up ever since.Many mainland buyers purchasing property in Hong
0:06:02 > 0:06:06Kong. What about the commercial property market?Also redhot. In
0:06:06 > 0:06:11fact, a new report out saying Hong Kong is overtaking London for the
0:06:11 > 0:06:15first time since 2013 as the most expensive office real estate. A
0:06:15 > 0:06:18workstation, one employee for the course of the year, will cost
0:06:18 > 0:06:24$27,000. That is about $5,000 more than London, with the currency and
0:06:24 > 0:06:30Brexit and all of that. And Japan, the next Asian city, come down at
0:06:30 > 0:06:34around $9,000 below Hong Kong. Familiar names at the end, New York,
0:06:34 > 0:06:38Paris and Sydney here in the Asia-Pacific. When you look at that
0:06:38 > 0:06:42in terms of employee numbers, 100 employees in Hong Kong equates to
0:06:42 > 0:06:49about 300 in Toronto, 500 in Madrid, and 900 in Mumbai. Here in
0:06:49 > 0:06:54Singapore, we may do a little mental calculation, the numbers add up.
0:06:54 > 0:07:03Maybe even not enough space to sit. Thank you so much. Well, the Indian
0:07:03 > 0:07:09city of Hyderabad has been in the spotlight, where the US President's
0:07:09 > 0:07:15daughter, Ivanka Trump, made her debut in the world stage. Along with
0:07:15 > 0:07:211500 delegates, Ivanka called for getting more women into the
0:07:21 > 0:07:26workforce as a way to improve economic growth. But how bad is the
0:07:26 > 0:07:33problem? Our correspondent went to find out. This 35-year-old woman is
0:07:33 > 0:07:40a software engineer, and loves her job. But, a few years ago, she was
0:07:40 > 0:07:44ready to join 19 million women living in India who are educated,
0:07:44 > 0:07:51but choose not to work.Previously I said that, the thought of quitting
0:07:51 > 0:07:57the job, because of this hectic traffic.According to one study,
0:07:57 > 0:08:03just 27% of women in India are informal employment. The main reason
0:08:03 > 0:08:11is a lack of adequate infrastructure to commute to and from work. For
0:08:11 > 0:08:16Naveena, and many other women, working in Hyderabad, this small
0:08:16 > 0:08:22start-up has become something of a lifeline. The private bus service
0:08:22 > 0:08:29cuts down Naveena's travel time by half. But also gives her time to
0:08:29 > 0:08:34relax. According to a World Economic Forum report, it will take two
0:08:34 > 0:08:38century is to bridge the equality gap between men and women in the
0:08:38 > 0:08:44workplace. India is taking this issue very seriously. In the global
0:08:44 > 0:08:48entrepreneurship summit organised here, the majority of business
0:08:48 > 0:08:55leaders were women. One issue discussed was the pressure to raise
0:08:55 > 0:09:00a family. Something the delegates agreed is common in emerging
0:09:00 > 0:09:06economies. Few child-care options, and a higher crime rate, also deters
0:09:06 > 0:09:12women from pursuing their careers. This Afghan entrepreneur says one
0:09:12 > 0:09:17solution is to provide tailored funding and support to women looking
0:09:17 > 0:09:25to found start-ups.Once the woman has started to make money, with the
0:09:25 > 0:09:31respect for the tradition and the culture, then they have the power.
0:09:31 > 0:09:34Products like this baby monitor could help women manage their
0:09:34 > 0:09:39families and careers. It allows mothers to track their children even
0:09:39 > 0:09:43when they are at work. Technology and women focused funding is a
0:09:43 > 0:09:49start, and engaging such a large chunk of the population into the
0:09:49 > 0:09:56workforce can only mean good things for business.
0:09:56 > 0:09:58workforce can only mean good things for business. And before we go, here
0:09:58 > 0:10:03is a look at the markets, and Asia is in positive territory before the
0:10:03 > 0:10:07weekend break, after the Dow Jones industrial average skyrocketed more
0:10:07 > 0:10:12than 330 points, to finish above 24,000 points for the first time
0:10:12 > 0:10:19ever. Also surging, the broader S&P 500 index, as the Senate tax cut
0:10:19 > 0:10:26plan moves closer to passage. And let's have a look now at the Asian
0:10:26 > 0:10:29markets, currently all in positive territory. Thank you so much for
0:10:29 > 0:10:31investing your time with us. Happy