In the customs union. Now on bbc news, all the latest Business News live from singapore. The Bank Of Japan the bank ofjapan meets, as things go from bad to worse for corporate japan. We discussed the problems, and what needs to be done. And the of south koreas election, we hear from whistleblowers in the Culture Of Corruption which roared down the president. It is wednesday. Good morning, asia, hello, world. Glad you could join us for Asia Business report. I am you could join us for Asia Business report. Iam rico you could join us for Asia Business report. I am rico hizon. You could join us for Asia Business report. Iam rico hizon. We you could join us for Asia Business report. I am rico hizon. We start with japan, and companies there are making headlines for all the wrong reasons. Fuji has delayed its most recent Earnings Report after discovering accounting is regularities, and toshiba is restructuring its business after the colla Pse Restructuring its business after the collapse of its nuclear business. Is the Japan Central Bank doing enough to reform Corporate Governance . I asked our correspondent in tokyo. The reason for the problem is very deep. I would say it is cultural, but there is regulation to it. First of all i think the japanese government, as well as its regulating agency, tend to be very protective over each company. So the companies tend to be relaxed regarding their structure. And there has been a call right now for more globalisation of japanese companies. They need to invest in foreign talent. Some of the Major Companies injapan talent. Some of the Major Companies in japan have talent. Some of the Major Companies injapan have already done this, but why is it taking such a long time . The focus of the management the sustainability of the company, and also the profitability of the company, is relatively weak. I would say there is more Equity Hold Activism required in japan. Say there is more Equity Hold Activism required injapan. Buti think there has been some incidents of foreign Activist Shareholder attacking japanese companies, urging them to become more profitable but usually there is intervention from the government, and also media is fairly hostile against this foreign pressure for the companies to reform. Reform is indeed one of the pillars of the Prime Minister and his abenomics programme. Where are we right now in terms of this Reform Programme and improving Corporate Governance . Well, improving Corporate Governance has been one of the poster children of the abenomics policies. And it used to be that the japanese government, especially the fsa, has been very proud of the reforms they have introduced, but looking at toshiba, looking at other companies which are making negative headlines, i think we must say that the Corporate Governance reform has failed in japan. In other Business News making headlines, American Beverage Giant coca cola will cut about 1200 jobs due to falling demand for its fizzy drinks. The bulk of the redundancies will be in atla nta, bulk of the redundancies will be in atlanta, where it has around 10,000 employees. Global sales fell by 1 in the quarter to march. Rival pepsicos sales have also taken a hit as consumers in North America increasingly turn away from sugary drinks. Shing singapore has retained its crown as the Maritime Capital of the world, in a biannual ranking. It has topped the tables. There is not much to celebrate, though. The global slowdown in trade and an excess supply of trips have cut trade. 0ur Excess Supply of trips have cut trade. Our business reporterjoins us. Trade. Our business reporterjoins us. Is it a busy port this morning . A lot of challenges for the Global Shipping industry, but singapore is resilient. Thats right, not very busy today, but it is a very major port in the world, and we are joined exclusively to talk about that ranking. With the norwegian consultancy. Its chairman joins us. Can you tell us how, despite the downturn in the last few years, singapore has managed to retain the number one spot . That is an interesting question. Even though singapore has gone through different difficult times. The other top services have suffered even more. Hamburg has had a very hard time due to the low rates in container shipping. Oslo has been hard hit by the oil price, compared with singapore. Shanghai has not achieved the growth that we expected, due to the growth that we expected, due to the slowdown of the chinese economy. And the slowdown of the world economy, so and the slowdown of the world economy, so their shipbuilding has been less than expected. And hong kong, which was a highroller, has lost its ranking to other south chinese cities. And they are not as important as they were as a gateway to china. So london is kind of the only city that hasnt really suffered from these different factors. They have climbed on the rankings. You use four metrics or pillars to determine this ranking. Can you run through that . Lie yes, we look at 30 cities, they are ranked on objective indicators, and then benchmarked by 260 maritime experts all over the world, and they we re experts all over the world, and they were benchmarked on four pillars in the maritime industry. Shipping, maritime finance and law, maritime technology, culture and logistics, and the fifth pillar is the attractiveness of the city in itself. So we put all the rankings together, singapore is number one on three of five pillars and altogether singapore is the Maritime Capital of the world. And briefly, this industry downturn, when can be expected to turn around, two years, three years . Well, the industry will recover with different speeds in different places. But i believe two or three years from now things will look a lot that are. Thank you so much for your insights. Well, it looks like there will be an uptick, ata looks like there will be an uptick, at a different paces, as we have just said. Thank you so much for joining us, and all this week it is singapore maritime week. And moving on now to south koreas president ial election, it is drawing near, and questions are being raised about how corruption in the country was allowed to flourish at the highest levels of business and government. It brought down the president , what will the election mean change . 0ur Correspondent has more from seoul on Wa Da Correspondent has more from seoul on wada so rare for employees to speak up. Get up, wada so rare for employees to speak t wada so rare for employees to speak up. Get up, get on the train, go to work, repeat. It is this uniform, structured formula which has helped to create the massive conglomerates here. In order to succeed, you have to follow the rules. Speaking at a term means you might pay a high price. The 2017 whistleblowers awards. It is an exclusive club that nobody really wants to join. This man said he date motors tried to cover up man said he date motors tried to cover up Engine Defects while he worked there. Hyundai. Translation look at me now. I am fired and wont be able to find anotherjob. Before fired and wont be able to find another job. Before i fired and wont be able to find anotherjob. Before i had a high salary with stable employment, but with my retirement, it is passed to someone younger, with my retirement, it is passed to someone younger, with many years ahead. Those who speak out now they are marked. This man is the leader ofa are marked. This man is the leader of a Samsung Union which isnt really recognised by the company. He says it is the structure of companies which leaves workers powerless. Translation i realise this Group Management structure meant nothing could be addressed without approval from the very top. It isa without approval from the very top. It is a problem rooted in economic history. The founding families used shareholdings to raise funds and expand. Put very simply, they would use capital paid by listed shares in company to buy stakes in company b, and a third company, and so on and on until you get this, which gave founding families disproportionate controls through their stakes. Every week, this man leads a small Union Meeting for staff. He was fired when he reported his firm for deliberately overcharging customers. He fought his case in court, and won. Translation i am now famous as a whistleblower. I have one law suits against kt. Now no one bothers me, not even my boss. I am untouchable. It is only the rare few who have nothing to lose who dare speak out. Until that changes, corruption go unchecked, all the way to the top. We have 35 seconds to give you an update on the markets, and it is so far another positive day for asia in mid morning asia trade. Solid us earnings, speculation about us tax reform, and reduced chances of a Us Government shut down this weekend boosting investor optimism. The 225 up by 135 points and the All Ordinaries Index gaining 38 points as well due to gains in oil prices. Thank you so much for investing your time with us. Much for investing your time with us. Have a wonderful wednesday. I am rico hizon, goodbye for now. The top stories this hour the us military has begun moving its advanced Missile Defence system into its new site in south korea, as Tension Rises over north Koreas Nuclear and missile programmes. In thailand, a funeral has been held for an 11 month old baby girl who was killed by her father, while he streamed the murder live on facebook. British detectives investigating the disappearance of Madeleine Mccann a decade ago say they are still pursuing at least one significant line of inquiry. A Senior Officer described it as a critical element, with the potential to explain what happened to the three year old when she disappeared in the algarve, in early may 2007, while on a family holiday. Our Home Affairs Correspondent tom symonds has the story. Ten years, no answers. A desperate search, with the media following every step. What happened here . Where is Madeleine Mccann . This is still a Missing Persons inquiry. Despite 2014s Extensive Police searches in portugal, there is no definitive evidence she is dead. For six years, with government money, the metropolitan police have been reviewing everything from scratch. Tonight, Scotland Yard said it still had critical leads to follow. I know we have a significant line of inquiry, which is worth pursuing. And, because its worth pursuing, it could provide an answer. But, until weve gone through it, i wont know whether were going to get there or not. And that is all the police are saying. This investigation was once pursued by up to 30 officers. Now there are just four on the case, and a handful of leads. But, while there is still something to investigate, there is still hope. In the last decade, suspects have been discounted, including a man seen carrying a child that night. Madeleines face has become known across the world, endless possible sightings have been followed up. The police say, while there are leads, they will continue. I so wish i could say we could definitely solve it, but a small number of cases, sadly, dont get solved. What ive always said on this case, and ive said it to kate and gerry as well, we will do everything reasonably possible to try and find an answer. Madeleines parents have described the ten Year Anniversary as a horrible marker of stolen time. Theyve released a statement, promising never to give up this is how madeleine might have looked as she has grown up. Her 14th birthday is the week after next. Tom symonds, bbc news. Time now for all the sports news, in sport today. Hello, im marc edwards and this is sport today, live from the bbc sport centre. Coming up on this programme costas double helps chelsea cruise seven points clear at the top of the Premier League after beating southampton. We get up close and personal with Anthony Joshua ahead of the biggest fight of his career. And pakistan Wrap Up Victory against west indies in some style in jamaica. Hello and thanks forjoining us. Chelsea are seven points clear at the top of English Premier League after beating southampton 11 2 on tuesday. Diego costa the scourge of the saints helping see off southampton at Stamford Bridge with two goals. It was eden hazard who gave Antonio Contes men