Browse content similar to 09/05/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
and children have been rescued from the Mediterranean | :00:00. | :00:00. | |
Now it's time for World Business Report. | :00:00. | :00:24. | |
The cosy relationship between big business and government - | :00:25. | :00:29. | |
voting is under way in South Korea, but will new leadership make | :00:30. | :00:32. | |
And, the wasteland. American shopping mauls are deserted and | :00:33. | :00:45. | |
retailers are suffering, so what is President Trump planning to do about | :00:46. | :00:47. | |
it? Also in the programme, | :00:48. | :00:51. | |
Rico will join us from Singapore - he's seen the latest | :00:52. | :00:59. | |
International Monetary Fund report But first, today, the people | :01:00. | :01:01. | |
of South Korea are voting The election comes after | :01:02. | :01:06. | |
the former head of state - Park Geun-hye - was removed | :01:07. | :01:15. | |
from office as part of an ongoing The South Korean economy bounced | :01:16. | :01:18. | |
back strongly following the 2008 financial crisis, but in recent | :01:19. | :01:22. | |
years, quarterly growth has The current frontrunner, | :01:23. | :01:24. | |
Moon Jae-In, has vowed to boost government spending and create | :01:25. | :01:34. | |
over 800,000 new jobs His main rival - Ahn Cheol-Soo - | :01:35. | :01:36. | |
feels the government should be more cautious with its spending plans, | :01:37. | :01:43. | |
but both candidates are united over South Korea is still reeling | :01:44. | :01:46. | |
from a "money-for-influence" scandal which has seen several | :01:47. | :01:51. | |
of the country's top executives This includes the bosses of massive | :01:52. | :01:53. | |
corporations such as Samsung, In the past, large conglomerates | :01:54. | :02:04. | |
were credited with South Korea's rise to economic prominence, | :02:05. | :02:11. | |
but now many experts are questioning whether the country has become too | :02:12. | :02:13. | |
over-reliant on the so-called To give you a sense of scale, | :02:14. | :02:20. | |
the biggest company in South Korea is Samsung - the group spans every | :02:21. | :02:28. | |
aspect of life and its business accounts for roughly 20% | :02:29. | :02:32. | |
of the country's GDP growth. Currently the ten biggest companies | :02:33. | :02:34. | |
in South Korea account for nearly a quarter of the country's total | :02:35. | :02:37. | |
corporate tax revenue. Joining us now from Seoul | :02:38. | :02:42. | |
is the journalist Jason Strother. Just tell us a bit more about Moon | :02:43. | :02:57. | |
Jae-In, the frontrunner. He ran against Park Geun-hye in 2012 and | :02:58. | :03:02. | |
lost, why is he so popular this time? Well, Moon Jae-In has wanted | :03:03. | :03:10. | |
this job for a very long time. He is part of the generation that helped | :03:11. | :03:13. | |
bring democracy to South Korea in the 1980s. He was an aid to a | :03:14. | :03:22. | |
president from 2002- 2008. He did lose to Park Geun-hye by not an | :03:23. | :03:28. | |
entirely large margin in 2012. But ever since protest began against the | :03:29. | :03:34. | |
former president at the end of last year, he was out there at the | :03:35. | :03:39. | |
peaceful candlelight vigil is. He wanted to be amongst the people, to | :03:40. | :03:44. | |
show them that if he is elected, he will do away with the cosy ties | :03:45. | :03:47. | |
between the political and business elite. In recent months, we've had | :03:48. | :03:55. | |
the perfect storm of an impeached President and the boss of Samsung | :03:56. | :04:01. | |
facing criminal charges. Many are arguing, is this really what will | :04:02. | :04:05. | |
bring change in South Korea at last? Do you think that is the case, and | :04:06. | :04:10. | |
if so, is the new president going to be able to deliver it? I think every | :04:11. | :04:15. | |
president, no matter what their political persuasion is, has wanted | :04:16. | :04:24. | |
to reduce the powers of the economic companies and their dominance over | :04:25. | :04:28. | |
the economy. That is easier said than done. There are many linkages | :04:29. | :04:34. | |
between the political class and the business class. If Moon Jae-In is | :04:35. | :04:41. | |
elected, he certainly has a mandate to try his best to do away with | :04:42. | :04:46. | |
these ties. But it will prove to be difficult, sure. In terms of the | :04:47. | :04:51. | |
economy, it has not been performing that well but it has also not been a | :04:52. | :04:57. | |
disaster. Companies like Samsung, despite corruption and problems with | :04:58. | :05:02. | |
their phones, they have still seen profits rise. What will Moon Jae-In | :05:03. | :05:11. | |
bring to the economy? We have to separate the campaign promises from | :05:12. | :05:16. | |
what is realistic. I am not too sure if Moon Jae-In, with his pledges to | :05:17. | :05:23. | |
create hundreds of thousands of jobs, working out of a civil servant | :05:24. | :05:27. | |
office, will that really make a difference? Can he really live up to | :05:28. | :05:34. | |
these expectations that many voters have hung on him? He is facing a | :05:35. | :05:41. | |
strong challenge, although he does have a clear lead right now. If the | :05:42. | :05:45. | |
Conservatives were to pull ahead and come ahead with it to read, we could | :05:46. | :05:52. | |
expect to see very much the same in terms of business relations that we | :05:53. | :05:59. | |
have seen for the past ten years. Thank you for that. We will keep an | :06:00. | :06:03. | |
eye on the outcome of that presidential election. | :06:04. | :06:06. | |
Much attention has been paid to the loss of manufacturing | :06:07. | :06:08. | |
But in the last few months alone, more jobs have been lost in retail | :06:09. | :06:14. | |
than exist in the entire coal industry. | :06:15. | :06:16. | |
Despite years of steady recovery and a pick up in wages, | :06:17. | :06:19. | |
Samira Hussain reports on a crisis that can be seen from the boutiques | :06:20. | :06:24. | |
New York City, known for Broadway shows, great restaurants and | :06:25. | :06:40. | |
shopping. Oh, the shopping. But there is a seismic shift happening | :06:41. | :06:45. | |
in American retail. It is even evident right here in the big Apple. | :06:46. | :06:51. | |
The red parts on this map show that vacant storefronts in New York City. | :06:52. | :06:55. | |
When they close, they take jobs with them. New York City clothing stores | :06:56. | :07:00. | |
have been shedding jobs for the last three years. Overall, the US economy | :07:01. | :07:07. | |
has lost more than 90,000 retail jobs since October 2016. There were | :07:08. | :07:15. | |
too many stores built out, too many stores, too much space, too mount | :07:16. | :07:19. | |
inventories. Then we had the Internet, that has also had a big | :07:20. | :07:25. | |
impact. The story is repeating itself across America. This is what | :07:26. | :07:32. | |
is left of this small, showing the demise of the American shopping | :07:33. | :07:35. | |
centre. It's lunchtime and I'm in the food court. Normally it would be | :07:36. | :07:40. | |
really busy, but as you can see, it is rather quiet. This is what | :07:41. | :07:44. | |
happens when the big department stores leave. They take the | :07:45. | :07:48. | |
customers with them. In just the last two years, both Macy's and | :07:49. | :07:54. | |
JCPenney have closed their doors at this more. The future of Sears is | :07:55. | :08:05. | |
looking rocky. This store is also collateral damage. There are not a | :08:06. | :08:14. | |
lot of stores left. We still have hope. In the absence of customers, | :08:15. | :08:20. | |
hope may be all this store has. But it is a hope shared by the new | :08:21. | :08:24. | |
owners of the more, who believe they can turn it around. Nationwide, the | :08:25. | :08:26. | |
outlook for retail looks bleak. Nationwide, the outlook | :08:27. | :08:31. | |
for retail looks It has been a tough few years | :08:32. | :08:36. | |
for the global economy, but the International Monetary Fund | :08:37. | :08:39. | |
predicts the Asia Pacific region Rico Hizon is in our | :08:40. | :08:41. | |
Asia Business Hub in Singapore. Rico, that sounds encouraging, | :08:42. | :08:45. | |
what else did they say? They said a whole lot of things. The | :08:46. | :08:59. | |
IMF forecast in Asia is picking up momentum, with the Chinese economy | :09:00. | :09:05. | |
expected to perform better at 6.6%. All regional economic expansion will | :09:06. | :09:14. | |
move up to 5.5%, making it the world 's fastest growing economy. There | :09:15. | :09:20. | |
are problems. The influential multinational body noted risks to be | :09:21. | :09:24. | |
able to sustain this growth. One risk is that there is a rapidly | :09:25. | :09:30. | |
ageing population. Asian economies must learn from the experience of | :09:31. | :09:39. | |
Japan. Number two, the big buildup of borrowing in China in the | :09:40. | :09:42. | |
aftermath of the global financial crisis. Also, the IMF wants tighter | :09:43. | :09:58. | |
regulations, which could change. -- change things. There are also | :09:59. | :10:04. | |
protectionist measures that will be taken into account. Thank you. | :10:05. | :10:15. | |
Taking a look at the markets now. We got results from Toyota and | :10:16. | :10:25. | |
Mitsubishi, they are still coming, there is some nervousness. Sony is | :10:26. | :10:30. | |
looking good and they could have some better profits news. Their | :10:31. | :10:33. | |
shares are climbing, that is interesting. That is how markets are | :10:34. | :10:41. | |
faring right now in Asia, I will be back soon with a look at the | :10:42. | :10:43. | |
morning's | :10:44. | :10:45. |