0:00:00 > 0:00:03Now on BBC News, all the latest business news live from Singapore.
0:00:19 > 0:00:24Surging new peaks. The Dow hits 25000 and other nations follow its
0:00:24 > 0:00:30lead, how long will it last? Shakespeare wrote to be or not to be
0:00:30 > 0:00:34over 400 years ago but those words are still good advice for today's
0:00:34 > 0:00:44corporate leaders. Hello everyone. Good morning HR. Great to have you
0:00:44 > 0:00:53with us. -- Asia. We kick off the programme with the markets and it is
0:00:53 > 0:00:58an other record run on Wall Street. The Dow soaring past 25,000 for the
0:00:58 > 0:01:02first time overnight and the other major industries also scaling new,
0:01:02 > 0:01:09with the NASDAQ and the S&P 500 at lifetime highs. Propelled by strong
0:01:09 > 0:01:15economic reports wrote in the United States and overseas. In Asia, we saw
0:01:15 > 0:01:24the Tokyo stocks begin trading on Thursday with the Nikkei trading at
0:01:24 > 0:01:29a 26 year high. It is one hour into the new trading day and it is up
0:01:29 > 0:01:360.6%, more than 100 points. We are at new 26 year high. Share prices in
0:01:36 > 0:01:41Hong Kong jumping for a third straight day as well. Are we in the
0:01:41 > 0:01:45middle or the end of a bull run on? Joshua Crabb says it depends where
0:01:45 > 0:01:49you are looking.I think obviously the US has a pretty fully valued
0:01:49 > 0:01:54here but we still think we are still probably about halfway the Asia run.
0:01:54 > 0:01:58What are the risks you see going forward for these market to pull
0:01:58 > 0:02:05back?If we look at the Asian market, we are sitting at about 1.7
0:02:05 > 0:02:11price to book versus our range of 1.3 over the last 20 years or so. We
0:02:11 > 0:02:15have seen a start of a turn in the earnings cycle and that is a key
0:02:15 > 0:02:18thing to monitor. As long as earnings come through and the
0:02:18 > 0:02:22economy can be strong, with reason why Asian market don't continue to
0:02:22 > 0:02:28close that valuation gap with the US. One of the other risks is if the
0:02:28 > 0:02:32US market falls it will be difficult for Asian markets to do well but if
0:02:32 > 0:02:37you look at the backdrop we have in the US, the market is fully valued
0:02:37 > 0:02:41and you shouldn't see a rerating from here. Between potential for tax
0:02:41 > 0:02:45cuts, the weak dollar, that will be a tailwind for US earnings.
0:02:45 > 0:02:49Obviously more of the earnings coming from offshore and eight
0:02:49 > 0:02:53positive delta occurring in those offshore markets, it should mean
0:02:53 > 0:02:57that that market stays fairly well aired and in that environment we
0:02:57 > 0:03:04think Asian markets will continue to do well.Will this be the year when
0:03:04 > 0:03:08America finally gets a pay raise? Although the economy is enjoying one
0:03:08 > 0:03:12of its longest ever periods of growth, wages have barely gone up in
0:03:12 > 0:03:15the past decades, economists are closely watching the jobs report
0:03:15 > 0:03:21released later today. Evidence that at last America's recovery showing
0:03:21 > 0:03:26up in pay packets. Eight states out of the 50 have started the year with
0:03:26 > 0:03:35a rise in minimum ways. -- and wage. -- minimum wage. Bullish on Herbert
0:03:35 > 0:03:39has three kids, two of which will live with her in a shelter. As a
0:03:39 > 0:03:43fast food worker in New York, she just got a pay raise. She is
0:03:43 > 0:03:47planning to move out of the shelter by February.The extra money will go
0:03:47 > 0:03:53towards more rent or more food, whatever I need to pay for my kids.
0:03:53 > 0:04:00Maybe a couple of new outfits for my kid, it is that for them.Americans
0:04:00 > 0:04:04have been praying and fighting for a raised since the end of the GST. The
0:04:04 > 0:04:09Federal minimum wage hasn't gone up since 2009, so US states are taking
0:04:09 > 0:04:14the lead. The unemployment rate is record lows but wages are not going
0:04:14 > 0:04:20up. A conundrum even America's chief Central banker has been struggling
0:04:20 > 0:04:27to explain.Generally, in a strong labour market many firms are having
0:04:27 > 0:04:32difficulty finding qualified workers. We would expect just
0:04:32 > 0:04:36through normal demand and supply, channels to see some upward pressure
0:04:36 > 0:04:42on wage growth over time. As the labour market is tightened, we have
0:04:42 > 0:04:48seen some very gradual drift upward in wage gains.A tight labour market
0:04:48 > 0:04:53should mean that employers have to pay more to get the best work of.
0:04:53 > 0:04:59But that has not been the case and many economists are try to figure
0:04:59 > 0:05:03out why. Met one reason could be that workers have less bargaining
0:05:03 > 0:05:10power, they are not as mobile, and increased use of technology and the
0:05:10 > 0:05:13decline of labour unions. Pot for workers who do get an increase, it
0:05:13 > 0:05:18is like changing.It is a lot to me because I remember when we were
0:05:18 > 0:05:23getting paid $7 50. $13 50 is a real jump nowadays to have that type of
0:05:23 > 0:05:28money to be up there with an average person to try and take care of your
0:05:28 > 0:05:35family and do what you need to do for your kids.Talks are meant to
0:05:35 > 0:05:39get off in Washington, DC between the United and Korea to renegotiate
0:05:39 > 0:05:48the biological, bilateral free-trade agreement. There will be discussions
0:05:48 > 0:05:53at out a trade imbalance which leans in South Korea's favour, with more I
0:05:53 > 0:05:58enjoying with my colleague fresh from the airport. So Sharon, it is
0:05:58 > 0:06:03also called chorus, is there a harmony between both sides?It is
0:06:03 > 0:06:08hardly harmonious. You would ink most talks between the US and Korea
0:06:08 > 0:06:12would be about the north, but believe it or not barely the first
0:06:12 > 0:06:16week of the new year is out and these officials are getting down to
0:06:16 > 0:06:20business, talking in Washington, DC today to renegotiate this free-trade
0:06:20 > 0:06:24agreement that was signed between the US and South Korea and it came
0:06:24 > 0:06:28into being during the previous Administration of President Obama.
0:06:28 > 0:06:34Resident Trump has said that he has never been a fan, they want to
0:06:34 > 0:06:38renegotiate this and say that essentially since this FTA came into
0:06:38 > 0:06:44effect in March 2013 the US deficit with South Korea has doubled and in
0:06:44 > 0:06:49fact, president Trump speaking last year in June during the US South
0:06:49 > 0:06:53Korea Summit called it a rough deal. He said he would push for South
0:06:53 > 0:06:58Korea to open up the slack automobile market and if we take a
0:06:58 > 0:07:03look at this graphic sequence and crunch the numbers. From 2016 $144
0:07:03 > 0:07:08billion of goods and services were traded between the two and the US
0:07:08 > 0:07:13deficit with South Korea stood at about $47 billion. That is 2016,
0:07:13 > 0:07:17presumably the numbers have grown now. All of this is crucial because
0:07:17 > 0:07:21South Korea is the sixth largest trading partner with the US and the
0:07:21 > 0:07:25South Koreans have not been happy about this. They have been saying
0:07:25 > 0:07:28they didn't want to renegotiate and that potentially this could scupper
0:07:28 > 0:07:31talks about North Korea, which is crucial about their nuclear
0:07:31 > 0:07:37missiles.Fingers crossed that when all this is said and done there will
0:07:37 > 0:07:40be an agreement between the two countries. Thank you so much my
0:07:40 > 0:07:44colleague, Sharon. In other news, China is making it easier to get
0:07:44 > 0:07:48work permits for foreign professionals and high school
0:07:48 > 0:07:54workers in a way to bridge the talent gap. Ten year free geysers --
0:07:54 > 0:07:58ten year free visas are being offered to sign this, maybe a Nobel
0:07:58 > 0:08:02prize winner or two. Spouses and minor children is the applicants
0:08:02 > 0:08:07would also gain the same Visa. They can get confirmations of
0:08:07 > 0:08:12qualifications in five working days. We know him by many names, William
0:08:12 > 0:08:20and to some the greatest ever English writer. But can we add
0:08:20 > 0:08:23management guru to his title? A top recruitment firm is using
0:08:23 > 0:08:29Shakespeare's plays to teach top executives key leadership lessons,
0:08:29 > 0:08:34including Julius Caesar, Richard III and Henry V. I asked what are the
0:08:34 > 0:08:38three key leadership lessons business leaders can learn from
0:08:38 > 0:08:44Shakespeare?To be effective culture change people they need to be
0:08:44 > 0:08:47purposeful leaders, they have got a purpose and know what they are
0:08:47 > 0:08:51doing. They also need to be aware of personal change and able to adjust
0:08:51 > 0:08:56their behaviour is and change. And you have got to get engagement, all
0:08:56 > 0:09:00of the team around you and you have got to be inclusive and you got to
0:09:00 > 0:09:05build a team and lastly, you have got to develop a legacy. You have
0:09:05 > 0:09:09got to be able to pass the culture onto the next generation. There was
0:09:09 > 0:09:14another play we did, Julius Caesar. Some other learnings, Julius Caesar
0:09:14 > 0:09:19had his conspirators and what we try to show that as a board of directors
0:09:19 > 0:09:22if you have your own agendas than you are going to fail. The season
0:09:22 > 0:09:26thing became a dysfunctional board and the need for a chairman to bring
0:09:26 > 0:09:32them together.You mentioned Julius Caesar, Henry V, Richard III, so
0:09:32 > 0:09:37many place from William Shakespeare, 38 in total. From all of these
0:09:37 > 0:09:41plays, who was the worst leader and the best leader?Shakespeare never
0:09:41 > 0:09:45really made any judgements, he put on the table all of the issues he
0:09:45 > 0:09:49wanted to say about leaders but left the audience to make that decision.
0:09:49 > 0:09:54Some of his best those plays are tragedies, Macbeth, King Lear and
0:09:54 > 0:10:00fellow. What can a tragedy like the best teach us about leadership? --
0:10:00 > 0:10:05like Mac.Lady Macbeth shows us the power of influence, she comes from a
0:10:05 > 0:10:10sad background, lost a child and so she is highly strung and try to do
0:10:10 > 0:10:14this.Perhaps don't listen to your wife then?That is one conclusion
0:10:14 > 0:10:18but that doesn't do things wisely either because he was in the witches
0:10:18 > 0:10:22and so I think the lessons we get from that is yes, influence people
0:10:22 > 0:10:27but do it with a calm mind. On the other side, you must take personal
0:10:27 > 0:10:33responsibility for your actions. That was David Humphreys. Thank you
0:10:33 > 0:10:40so much for investing your time with us. Sports Day is up next.