:00:05. > :00:15.2000. Those are the latest headlines. Time for the latest
:00:15. > :00:26.
:00:26. > :00:31.financial news. World Business Abenomics, giving the Liberal
:00:31. > :00:40.Democratic Party a mandate to push through further economic reforms.
:00:40. > :00:46.The Asian economy that is now growing faster than China. Welcome
:00:46. > :00:55.to the programme. Also on the programme, we focus on why more
:00:55. > :01:01.British businesses are making their goods at home. In Tokyo, investors
:01:01. > :01:10.have in buying up Japanese shares, a of confidence due to that project is
:01:10. > :01:12.win for the ruling LDP in the upper house. -- an indication of
:01:12. > :01:20.confidence. Recently, the yen has weakened sharply against the US
:01:20. > :01:23.dollar, making Japanese products cheaper overseas. Shinzo Abe's
:01:23. > :01:29.policy of pumping money into the Japanese economy on an unprecedented
:01:29. > :01:39.level, the so-called Abenomics, seems to have won the backing of
:01:39. > :01:41.
:01:41. > :01:46.Japanese companies and voters. Thank you for joining us. What is your
:01:46. > :01:54.reaction to this result? It was widely expect that he would receive
:01:54. > :01:59.the majority in the upper house of parliament? Expected and very good
:01:59. > :02:04.news for consistency. Over the last decade, Japan was always stop and
:02:04. > :02:09.go, stop and go, a new prime minister every year and gridlock in
:02:09. > :02:16.Parliament. This should now be a thing of the past. He has three
:02:16. > :02:21.years of stable government so that his drive for reform and policies
:02:21. > :02:25.that he started six months ago will be able to go full steam ahead.
:02:25. > :02:35.is your opinion on what Abenomics is. This is becoming a common
:02:35. > :02:39.
:02:39. > :02:44.phrase. What is he actually doing ? First, he wants an economic
:02:44. > :02:52.recovery, and end of deflation. In order to do that, he has massive
:02:52. > :02:56.fiscal stimulus. Just a cyclical upturn will not be good enough to
:02:56. > :03:01.turn Japan back into strengths. Structural reform is also a major
:03:01. > :03:06.part of the agenda. That means labour market, energy market,
:03:06. > :03:11.healthcare market, pension market... These difficult issues
:03:11. > :03:17.will be addressed to make sure that Japan can return to being a 2%
:03:17. > :03:23.stable growth economy. That is an enormous task for any government and
:03:23. > :03:30.a huge mandate. He has the majority for the next three years. Will he do
:03:30. > :03:35.it? I think his chances are very good. It is easier to talk about
:03:35. > :03:42.these things than implement them, of course, but there are some concrete
:03:42. > :03:44.indicators that Japan is going on to a new track. For example, the
:03:44. > :03:50.government is committed to taking part in the Trans-Pacific
:03:50. > :03:54.Partnership trade deregulation and liberalisation front. Also, the
:03:54. > :03:59.government has deregulated Japan's energy grid to allow for more
:03:59. > :04:05.competition and new business people to invest. The early signs are very
:04:05. > :04:15.good that Japan is not just talk but also action. Thank you for joining
:04:15. > :04:16.
:04:16. > :04:21.us and for your time stop we will look at the market reaction later.
:04:21. > :04:25.Meanwhile, in the Philippines, hunger for new goods has sparked a
:04:25. > :04:27.consumer boom. The economy is growing faster than that of China
:04:27. > :04:32.but the country still has serious problems including high
:04:32. > :04:38.unemployment. The day, the president delivers his State of the nation
:04:38. > :04:44.address and he is expect to out plans for fresh economic reforms. --
:04:44. > :04:50.expected. This could be New York, Tokyo or any capital city in the
:04:51. > :04:56.world. Tall buildings and paved streets. But I am in Manila. This is
:04:56. > :05:01.the epicentre of what is now one of the fastest-growing economies in the
:05:01. > :05:07.region, surpassing even China at the beginning of the year. And helping
:05:07. > :05:14.that growth are Filipino people like this couple, who are regular
:05:15. > :05:20.shoppers at this shopping mall. Consumer demand is a key driver of
:05:20. > :05:23.the nation's economy and they are some of the many millions for whom
:05:23. > :05:28.shopping for food and clothes has been transformed with the
:05:28. > :05:33.introduction of new outlets and a never-ending array of choice.
:05:33. > :05:40.quarter, there is a new shopping mall. Literally. Every city that you
:05:40. > :05:45.go to, there is a safe place to shop, eat and unwind. We have many
:05:45. > :05:51.choices now compared with two years ago. Almost all of the brand names.
:05:51. > :05:57.We do not have to leave the country to go shopping. It is the enthusiasm
:05:57. > :06:00.of the Filipino consumer that has prevented a slowdown. 17% of the
:06:00. > :06:04.Philippines economy comes from consumer spending but this is
:06:04. > :06:10.because there is little industry or other drivers of growth. That means
:06:11. > :06:20.new jobs are created, -- few jobs are created, adding to the
:06:20. > :06:24.unemployment rate, which is the highest in Asia. This is one of the
:06:24. > :06:28.over 3 million jobless Filipino is not benefiting from economic change.
:06:28. > :06:32.He has been looking for work for a year and comes to this street a
:06:32. > :06:42.couple of times per week. These men congregate to look for work in the
:06:42. > :06:47.
:06:47. > :06:51.shipping industry. Just contract work. There is no job security.
:06:51. > :07:00.at home, it is dinnertime and on the menu are people and Kentucky fried
:07:00. > :07:06.chicken. Like many middle-class families, -- Pizza Hut and into the
:07:06. > :07:11.fried chicken. Like many middle-class Filipinos, they can
:07:11. > :07:15.afford to enjoy. There is still a lot of work to be done to ensure
:07:15. > :07:19.everyone gets their fair share. The Philippines is also because centre
:07:19. > :07:24.of the world but for most manufacturing, overseas companies
:07:24. > :07:28.tend to go to China. However, higher wages and higher shipping costs are
:07:28. > :07:38.forcing some companies to rethink where they make their products. In
:07:38. > :07:43.the UK, one in seven companies are now bringing some of all of their
:07:43. > :07:49.manufacturing at home. Packing their suitcases, manufacturers are coming
:07:49. > :07:53.home. These children's suitcases are made right here in the south of
:07:53. > :08:00.England. The manufacturers here decided that instead of opening up a
:08:00. > :08:08.new fact in China, they would do their during in Britain. And they
:08:08. > :08:13.are not the only ones. In the US, the likes of Apple, General Electric
:08:13. > :08:19.and Caterpillar, have opened up new factories on home soil. Here,
:08:19. > :08:28.Mulberry, Topshop and Aston Martin are coming home. No longer is China
:08:28. > :08:32.the holy grail of cheap during. In 2012, wages in China grew up to 45%.
:08:32. > :08:36.Shipping costs rose by over one third and the currency continued to
:08:36. > :08:42.strengthen. With the risk of intellectual property theft, moving
:08:42. > :08:46.manufacturing home could be an easy decision to make. For those who have
:08:46. > :08:49.taken the plunge, they continue to see the benefit. Today, retailers
:08:49. > :08:57.want suppliers who can react to new promotions and unexpected seasonal
:08:57. > :09:03.demands. It can take up to 120 days from placing your order to receiving
:09:03. > :09:12.it when you outsource to China. Now, it is just 30 days. We can react to
:09:12. > :09:17.the market much faster. This is happening in California. In America,
:09:17. > :09:22.like in the UK, there is a growing trend for consumers to support their
:09:22. > :09:26.local producers. There is a fundamental shift taking place as
:09:26. > :09:30.consumers recognise that the economy is bad and they can make a
:09:30. > :09:35.difference by buying products made in America, which is very important
:09:35. > :09:41.to getting jobs for their children, their families, and for the entire
:09:41. > :09:44.economy. It seems the desire of British and American politicians to
:09:44. > :09:52.have their nation carried high on the march of the makers could
:09:52. > :09:59.actually come true - slowly but surely. Very interesting just to
:09:59. > :10:06.keep track of these trends going on in business. Looking at the market,
:10:06. > :10:09.now. 1.5% higher off the back of the news from Japan that it is more than