To the country than left in the year to june. Now on bbc news, all the latest Business News live from singapore. 0il cartel opec 0il cartel 0pec extends its supply cut arrangements. We find out what this means for oil prices. And World Leaders focus on a major challenge to the global economy, getting more women into the workforce. Good morning, asia, hello, world. It is a friday. A weekend just ride around the corner. Glad you could join us for another exciting addition of Asia Business report. Im rico hizon. Lets start off with oil, and opec hizon. Lets start off with oil, and 0pec has wrapped up its meeting in vienna. Saudi arabias Energy Minister told members of the press they have finally hammered out a deal. The decision has been unanimous. It is a solid decision, that i think many of you have been urging us to make, which is to roll over and extent the deal through december 2018. Oil prices remaining steady after the news of the announcement. 0pec members say the decision to keep Oil Production cuts in place moving forward will be based on prevailing Market Conditions and the progress achieved towards rebalancing the oil market. But they may have their work cut out for them. Earlier, i but they may have their work cut out forthem. Earlier, ispoke but they may have their work cut out for them. Earlier, i spoke to senior a nalyst for them. Earlier, i spoke to Senior Analyst geoff haley about why the decision did not have a greater impact on oil prices. To a certain extent it was priced in. Brent, which is what most International Oil is priced in, not wti, was up overnight. Really it was priced into the market. But as you say, the nine month extension has already been priced into the market. What could move oil prices from current levels 7 could move oil prices from current levels . I think a very large expansion in us production, which may be driven by the pricing that we are seeing now. Also geopolitical tensions. You mentioned saudi arabia and iran. There are any number of permutations of that among the opec members. Also i think the direction of the us dollar going into 2017 2018 may have a part to play as well. And you mentioned about us Oil Production, and it is currently soaring, fast approaching 10 Million Barrels per day. And this is a concern for 0pec. Barrels per day. And this is a concern for opec. Yes, and i think this is part of the reason they dont want prices to climb too much further from here, dont want prices to climb too much furtherfrom here, because that would encourage more us production and probably weigh on declines among the opec members themselves as they fight to hold their market share. But how serious are these 0pec members with compliance . But how serious are these 0pec members with compliance . |j but how serious are these 0pec members with compliance . I think they have been very good so far. When you have a look at what their compliance levels have been over the previous parts of the agreement so far it has been in the high 90s. So complaint has been excellent but a year is a long time. But the producers, jeff, also signal a possible early exit from the deal if the market overheats. At which level do you think are they looking at for an overheating of the market . |j an overheating of the market . think if you saw oil heading up towards the 75 85 a barrel you would start seeing a lot of noise from the group in about an early exit from the deal. They dont want oil to go too high, because that would encourage more us shale production. So they are trying to balance a few things in the air at the moment. Geoff haley, upmarket specialist. In other news, new Zealand Dairy giant has been required to pay a competitor damages over a baby formula scare. The huge pay out came after fears about contamination in supplied ingredients forced global formula recalls, including these brands. The Us Federal Reserve meets later this month to decide whether to raise Interest Rates for a third time this year. The us ventral banks policy is meant to keep the American Economy on track, but it has a Significant Impact here in asia, especially on the hong kong real estate market. For more on the Property Market in hong kong, were joined now by bike colleague and Business Reporter Matt Morrison my colleague. So what is the state of the residential Property Market . The residential Property Market is booming and overvalued. Now, you and i have both lived in hong kong and every month we have to pay our housing cost. Not cheap not cheap at all and it has been going up for about nine consecutive years. So where do Interest Rates play into all of this . This is what the imf have been warning about, saying that if Interest Rates go up that could cooldown housing values. This is to do with this balancing act of monetary policy, would be tied to the us dollar it is acting in a bit ofa the us dollar it is acting in a bit of a lockstep. So when us rates go up of a lockstep. So when us rates go up hong kong is slowing although there is still a gap. It is closing there is still a gap. It is closing the gap and therefore borrowing costs are more expensive for would be owners. You would think this would make prices go up, but it is on top of an 11 rise this year. I should also point out this is not the first time the imf has made such a warning. They warned of a dangerous bubble in 2009, during the financial crisis. Prices have been going up ever since. Many mainland buyers purchasing property in hong kong. What about the commercial Property Market . Also redhot. In fa ct, Property Market . Also redhot. In fact, a new report out saying hong kong is overtaking london for the First Time Since 2013 as the most Expensive Office real estate. A workstation, one employee for the course of the year, will cost 27,000. That is about 5,000 more than london, with the currency and brexit and all of that. And japan, the next asian city, come down at around 9,000 below hong kong. Familiar names at the end, new york, paris and sydney here in the asia pacific. When you look at that in terms of employee numbers, 100 employees in hong kong equates to about 300 in toronto, 500 in madrid, and 900 in mumbai. Here in singapore, we may do a little mental calculation, the numbers add up. Maybe even not enough space to sit. Thank you so much. Well, the indian city of hyderabad has been in the spotlight, where the us president s daughter, ivanka trump, made her debut in the world stage. Along with 1500 delegates, ivanka called for getting more women into the workforce as a way to improve economic growth. But how bad is the problem . Our correspondent went to find out. This 35 year old woman is a software engineer, and loves her job. But, a few years ago, she was ready tojoin 19 million job. But, a few years ago, she was ready to join 19 million women living in india who are educated, but choose not to work. Previously i said that, the thought of quitting thejob, said that, the thought of quitting the job, because of this hectic traffic. According to one study, just 27 of women in india are informal employment. The main reason isa informal employment. The main reason is a lack of adequate infrastructure to commute to and from work. For naveena, and many other women, working in hyderabad, this small start up has become something of a lifeline. The private bus service cuts down naveenas travel time by half. But also gives her time to relax. According to a World Economic forum report, it will take two century is to bridge the equality gap between men and women in the workplace. India is taking this issue very seriously. In the Global Entrepreneurship summit organised here, the majority of Business Leaders were women. 0ne here, the majority of Business Leaders were women. One issue discussed was the pressure to raise a family. Something the delegates agreed is common in emerging economies. Few child care options, and a higher crime rate, also deters women from pursuing their careers. This afghan entrepreneur says one solution is to provide tailored funding and support to women looking to found start ups. Funding and support to women looking to found startups. Once the woman has started to make money, with the respect for the tradition and the culture, then they have the power. Products like this baby monitor could help women manage their families and careers. It allows mothers to track their children even when they are at work. Technology and women focused funding is a start, and engaging such a large chunk of the population into the workforce can only mean good things for business. And before we go, here isa for business. And before we go, here is a look at the markets, and asia is a look at the markets, and asia is in positive territory before the weekend break, after the dowjones industrial average skyrocketed more than 330 points, to finish above 24,000 than 330 points, to finish above 211,000 points for the first time ever. Also surging, the broader s p 500 index, as the Senate Tax Cut plan moves closer to passage. And lets have a look now at the asian markets, currently all in positive territory. Thank you so much for investing your time with us. Happy friday, everyone. Iam rico hizon. Goodbye for now. The top stories this hour the british prime minister, theresa may, says President Trump was wrong to retweet material from a british far right group, but she did not rescind britains invitation to mr trump for a state visit. One of the so called chennai six, who was released from an indian prison on monday, has spoken of his relief and delight at regaining his freedom after four years. Nick dunn, a former soldier, was among six britons acquitted of weapons charges by an indian court. He has been speaking to our india correspondent sanjoy majumder. Taking an innocent mans freedom away is the worst crime, i believe, that can be committed. Former paratrooper nick dunn has just been released from an indian prison, one of six britons arrested four years ago and charged with smuggling weapons. Youve got to do a proper investigation. Youve got to know that person is guilty. This wasnt like that. It was, we dont care youre guilty. He has now traded his cramped, squalid prison cell for a plush hotel room. His sister lisa has come out to india to take him back home. And he just cant wait. Its going to be like four christmases, that ive missed, rolled in one. Its going to be the best christmas my family could ever wish for. It has been a long, desperate wait for justice inside this chennai prison. Nick and his mates were working as security guards on an American Anti piracy ship seized off the indian coast. The police accused them of illegally carrying the weapons and ammunition board. On monday, an indian court threw out all the charges. I was out training. One of the guys shouted us over, and i could hear it in his voice, it was excitement. And he went, full acquittal. And i stopped in my tracks, and it was like someone just slapped us. cause it was a shock, you know, and it was an amazing feeling. While they were in prison, waiting to learn their fate, the mens families led a Massive Campaign back home to press for their release, petitioning the government, including the prime minister. They are delighted, and the men overcome with gratitude. Knowing theres lovely people out there, lovely, amazing, supportive people, and ill never be able to thank them as much as what im trying to do now. His nightmare finally over, it is now time to go home. Sanjoy majumder, bbc news, chennai. We have much more on our website, and you can also get in touch with me and some of the team via social media. The usual ways. Time now for all the sports news, in sport today. Later on, duncan gulla soni will have the news at two oclock. Golestani. Hello. I mike edwards and this is sport today. Coming up, the draw for russia 2018 gets closer. We had to moscow with the rest of the footballing contingent involved in next yea rs world footballing contingent involved in next years world cup. Former england manager sam alla rdyce next years world cup. Former england manager Sam Allardyce is confirmed as the new man in charge of nearly side everton. Premier league side. And tiger woods is back on the course in the bahamas. Hello, and thanks for joining on the course in the bahamas. Hello, and thanks forjoining us. There is only one place to start, in russia, because we are less than 2a hours away for the draw for the 2018 world cup. The tournament will see 32 teams hosted in 11 cities across the country, with nations drawn from four pot according to their fifa rankings. Almost seven years on from the moment russia were awarded the 2018 world cup, the tournament is about
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