and secret accounts. >> watching that. i am angie lau. modi takes on a corporate india. the government tackles corporate espionage. back to work. shipments across the pacific are getting back to normal after a nine month labor dispute on america's west coast. and the oscar goes to -- hollywood's biggest night and expected to be one of social media's busiest ever. all of that and more on "asia edge." >> i am david ingles and i am watching the markets for you. a decent start to the week. most markets moving higher except the hang seng index. where are we now? record levels for the philippines and indonesia. the nikkei 225 is off.

they are rising for a fourth day. we are breaking past the 18th thousand 500 level for the first time in 16 years. -- 18,500 level for the first time in 16 years. the u.s. dollar is falling giving investors another reason to hit the buy button. the euro, on the back of everything in greece, largely unchanged. a greek deal later. so, very quickly before crude oil and a price on that one. the last time i checked, above $50. of $.12. -- up $.12. brent is also -- there we go. about $.15. $50.37 a buys you a barrel. after dipping below $1200. let me leave it fair for now.

i will send it back to you. -- let me leave it as therefore now. >> the greek government walks a new high wire over the next 24 hours. privacy elect tsipras -- prime minister elect tsipras has come up with a new ideas. the one of the ongoing stories and has had a deadline all of month. the bailout program. >> indeed. monday, a pretty crucial one. it absolutely is. the clock is ticking. they try to formulate and finalize this list of policies for continued funding. monday, the deadline. with had a lot a speculation of what it will intel. the possible informed. what's at the finance minister has been saying, he is quite prolific on twitter and social area -- what the finance minister has been saying, he is quite prolific on twitter and

social media. this is what he said. ours only until it is due and may include among the possible reform, a tax and income tax on ship owners. shipping, a week industry could lead to an accident of shipping countries and owners. it will try to tackle tax evasion, a perennial problem in that country. they were asked for -- and they will axe special privileges for the wealthy and set up a bad bank and greece has seen outflows from the domestic banks in recent weeks. >> unemployment of youth is 50%. they said the worst recession since the great depression in the states. how to carry greece? >> very precarious. an uphill battle.

greece's economy is mired on a big issue there and despite all of the reforms, the economy has yet to grow at any significant pace. speaking of the challenges facing tsipras even members of his own party breaking ranks perhaps the most known is the 94 year old. he's a member of the european parliament and climate metropolis. he said, i ask of the greek people to forgive me to contributing to this illusion. that shows you the atmosphere even within this part of. >> even the far left. the ultimate hero in greek politics around europe. that is a big blow for tsipras. >> it is going to be an uphill

battle in the days to come. >> zeb eckert, thank you. >> company by the troubles said creditors must give it breathing space to avoid bankruptcy. a suspension of pains ahead of a planned acquisition at a resolution of the debt is a condition of the cell. a u.s. judge has dismissed the antitrust lawsuit against google. the suit alleged google face and jordan hand makers to use is apt -- forced android makers to use its app by default. the judge has given them three months to refile. lawmakers have called for the company to be broken up. reformed government in japan. the stock exchange may be required to have at least two extra directors and it could be published as soon as tuesday. those so far third arrow -- the

third far -- the so far third arrow of shinzo abe's program. >> hsbc is struggling against claims of tax evasion. the ceo itself under fire for having his own account. >> hsbc is saying there is ceo sir oliver didn't do anything wrong and he actually paid taxes after setting up the swiss account. the bank was reacting to an article and "the guardian" and said the ceo is the owner of an anonymous company registered in panama. back in 2007, it had over $7.5 million. it was through the entity that hsbc's bonuses were paid. the bank as saying oliver paid hong kong taxes on the bonuses there and when he moved to the

u.k. he paid taxes on u.k. texas since then. why was he using a panamanian account? they said it was because the confidentiality and yet no other advantages and cracks earnings are out in the u.k. and could probably not come at a worse time. what can we expect? >> even if the allegations of gulliver's -- he actually did it carry out -- you didn't carry out any wrongdoing, hsbc has been hit by laws and loss and scandal. litigation cost are expected to dominate. we are expected to see a 7% drop in pretax profits and net income will drop 3%. they are being hit by rising operating costs as their expected to be up for percent. litigation expenses and they may

reach $1.3 billion for the full year. conversation to u.k. customers will add another $1 billion to the total cost. -- compensation to u.k. customer what at another one billion dealt to the total cost for >> of the indian prime minister is taking on the wealthiest customers in the country. joining us from will. give us of the background. -- joining us for move by -- mumbai. >> arrest of employees. the arrest of marking the first time since -- that in police have launched an investigation of high-profile businesses to really leave the businesses and their owners facing potentially damaging legal investigations. the probe into the attempts to still documents also -- steal

documents also raised concerns about gaining access to market sensitive data that has long been a complaint of foreign investors seeking to navigate the country's complex democracy. three businesses will be in court included at conglomerate which is owned by a wealthy family. that is london listed. india's oil ministers, facing an investigation. this involves a police sting the led to the rest of middlemen on suspicion of illegally obtaining and selling documents to the companies involved. >> how did this happen? how did this alleged espionage take place and what happened next? >> it is really interesting and to how it took place. the police say some of the accused got id cards, which is

leaving a business of confidential documents intellectually stolen these. some get as many as seven rooms including some directors dealing with sensitive information like exploration as well as gas prices and we understand would duplicate and has close across many people do highly classified . some have been presented before the prime minister and even the police had on sunday and told of the new delhi cops and looking at the possibility of walking. >> from it -- from mumbai. >> the winners and the losers. the elite -- in the 87th academies. our next guest.

what ask you when "asia edge" returns. ♪

>> you are watching "asia edge." >> at least 64 people are feared dead after a ferry capsized. it was 40 kilometers away from -- there were about 140 passengers on the very when it was hit -- ferry when it was hit by a cargo ship. last year, a ferry was said to carry 200 people when it sank off the same coast. >> nine months dispute over labor on america's west coast. arbitration in the workplace from portland to california. more than 10 times the cost of

sending by c. >> a crucial 24 hours and the prime minister elect tsipras tried to finalize measures that satisfied both his euro partners and anti-austerity party. after winning, tsipras has until the end of monday to complete. the finance chiefs a will decide whether the proposed are far enough. >> more on the potential deal, i should say and at chief asia-pacific economist who has all the answers. you are the -- >> i am the oracle. >> what are the solutions? >> of these solutions, -- as solutions, political monday. it was given by the political voters and i am going to act

like this austerity and then replaced with something else and the mandate to be in the euro on the other hand is to do what others say and the spirit of community in other countries. and so those 2 mandates are in a position with each other. this is the reality. and so greek votes and greek lens clients -- a landslide that was given to tsipras means something. and that is what alexis tsipras -- it is like a 2 battle. >> that nuance in one of the battle but has not won the war. in terms of a bailout, what does it have to -- basically gave up every measure does it had

promised its people? >> at that is the point. in democracy we are so fond of democracy and we try to bless everybody with a democracy. a democratic decision by the greek people and they cannot spend any more on the situation. for me it is it a really blessing that greece has resorted to more and more of what we have seen. this is desperate final move by greek people. it has to be -- it has to be met with some kind of pragmatism from the european -- >> won the battle and not of the war, they have a won nothing so why say that? >> you can go back and say after two weeks he was elected and yeah, you elected me on this but i managed to get something else.

and so, cannot. the inconsistency -- >> what are the greek people prepared to do? they have given the party a political mandate and economic why you could argue. they are going to the bank and taking out all of their cash because of the potential fallout in greece exits they eu. -- and the eu. >> when you say you want a bold -- when you say you want a boat -- when they say, do you want both, most of the things that they promised are incompatible with eu membership today in the present situation. you cannot have it both. it depends. i do not know what the real spirit of greek people, whether

they voted for a program against austerity or still want to be in the -- >> people bought war bonds to support their country, right? why not at that same type economic support from the people of greece? >> as they are taking their deposits right now. -- >> they are taking out deposits right now. italian debts are more of a concern. it is a bit rich to say that at this moment in time. definitely italy is a bigger issue. >> i what not comment. -- i would not comment. it is bigger but the capacity of italy to generate surpluses -- >> the implosion do you want to

stick with your own problems or let italy resolve? >> i do not seriously inc. they think this for you it is clear that italy has the capacity to generate surplus that greece has improving yet. >> do you think is the chance they will look a greece's list of how they will appease for this cointreau montebello out and reject it? -- 4 montebello out and reject it? >> all of their hopes. and so it has to be a compromise was again. compromise after compromise, it is weakening the position of both. if by the way it is rejected, it will be an extraordinary euro meeting on tuesday which will mean the second meeting in 4

days and this is going to be kind of deadly. probably, there will be more pragmatism. it might not be disclosed. you can have some kind of arrangement and would probably -- >> what varoufakis has called, the only minister that the -- >> quite interesting. >> a hell of a card. >> yeah, but this is a more complicated than the basis of all of this, we should not forget that there is a -- in respect to the european spirit of the spirit of let's create a community and stick together. today, much less of it and it reflects in everything we see. >> thanks, indeed. lucas silipo.

joining us there is more later. >> coming up next and kobe the last budget before the election? when will be live to our central asian correspondent -- we will be live to our central asian correspondent after the break. ♪

♪ >> it is budget day in singapore and the finance minister is expected to announce higher

wealthy benefits. ourselves is correspond should joining us. -- our southeast correspondent is joining us now. what is everybody expecting? >> good for everybody because singapore is celebrating its 50th anniversary and possibly tax relief and payout. there will be some social spending for the low income and elderly and the income gap like the rest of the world is widening in the lion's city. there's also a growing gray population. they have higher prices for services like health care and this budget may help them. this budget is potentially the last to be for the general election the ruling party would want to do better. it had the smallest margin of

those in the last one. some say they may use the budget to show the people it understand the challenges and difficulties they face. we may also see a boost from companies' productivity. it is lagging behind the central target of 2%. the government may ask and yet again, an incentive program to help companies and help singapore's growth, gdp is slowing. it has been challenging for singapore given a sluggish global recovery. >> singapore's founding father has been hospitalized. what to do we know? >> he has been hospitalized for about two weeks. he is being treated for severe pneumonia and he is a mechanical ventilation. he is conscious and lightly sedated according to a statement that said his condition has stabilized. the public will be informed of

any significant change. he is the first elected prime minister and the founding father of modern single or. the man with the vision. -- and the founding father of modern singapore. the prime minister in power since 2004 and one was hospital touching hospitalized previously form of prostate cancer. >> thank you for the update. >> the bank of japan governor, mr. kuroda and the nikkei is at a high. join us for the reopening. ♪

>> negative return. hong kong falls on the first day after new year. the benchmark was a 16 year high. coming to america. wealthy chinese look forward abroad after diminishing returns at home. one day to come up with convincing reforms and then the creditors area greece has been the center of discussion for our guests today after putting

forward a new reform. despite a new agreement, jpmorgan said of their survival is not a done deal yet area >> i think there's a possibility for the greek government in the past few weeks. also important to recognize they eu has to really play hardball right now because it is not so much degrees at take what also spanish elections toward the end of the year in italy and other countries. the eu needs to take a firm stance on reforms or enforcing the implementation. >> we also have heard from a fund manager who said the worst is over. >> things can only get a better from the since of moving from the center. as they start negotiations that's a framework where we look

at the greek a bond situation. greek bonds are trading at 50% yield and they may go down in the next few days and could be fluctuation over the next few months. over the next two years, i would expect to get better from here. >> the chief asian economist said at the drama in greece is far from over. >> i inc. we have -- -- i think we have and will always be the case and ultimately, both parties come to some arrangement and basically call off for a period. look this situation is far from over. >> and that is the word on greece. anxious time for greece's new government and the people who voted against austerity. let's bring you the news and now in advance.

>> of buildings are crumbling. -- buildings are crumbling. it is clear to see. the clear -- and the new leadership is a clear underdog greeks have gotten used to a struggle. >> i am not scared. it is no lower than this, i believe. once you touch of the ground, you have to go up a you will go all. i am confident. >> they risk ending up like governments from the past in order to succeed, they must maintain the trust of the people while taking risks. >> they lack the mentality and ingredients to do something for our society. but if they are going to do a gain the same things that previous government did the last

30 years you know, it is a really bad situation for us. >> surprising many with the wrong support and now may be the party can surprise its people and the way it leads greece. >> trends -- transpacific trade is the beginning at a nine-month labor dispute. it cannot come enough for some asian exporters. we have been tracking this story. david, what are the details so far? >> well, sure yeah, i do not know yet. it is the doctors and far more significant that any part of the industry. 29 reports, american -- ports, america's front door to asia. about 40% of the u.s. trade in asia goes through these ports.

that is about 10% or 50% of the economy. it has been slow down and under threat because of the dockers and bolts owners have not come to a new deal. if it could've went to full strength, but what is seen a day. president obama said that a deadline of last friday. -- if it could've went to full strength, we would've seen $2 billion a day. >> how severe is the impact? >> well, we have not been in. he. if it had gotten to that it would've been $2 million a day. that operating at capacity and were being slowdown and working three days of rather than five. in los angeles, america's

biggest port they were operating 30% down than they were the year before. that had an effect across all sorts of industries. we've seen in california, citrus hitting on the docks because no one to export them to asia. similarly, if you go into any electronics store around the country in the u.s., nintendo and brand-new toys are out of stock because they have not been able to make it through. some companies have gone through extreme measures. mcdonald's was airlifted potatoes to asia to make french fries. and subaru was doing the same with the other direction. even the u.s. army was airlifted yogurt to troops. that is a temporary solution. but 10%-20% the price of sending things by sea. having the docs open makes a big difference.

>> what is going to happen and how much better will it be? >> well, things will improve what it will take time. we have been told by the union, the longshoremen union in wilmington, just north of los angeles, normally you have 800 -1000 dispatch a jobs on a saturday night. they had 1500. almost double what you would normally get. a lot of people are picking up the work they lost. it will take time. there is a backlog. you look at the port of oakland 11 ships. three at anchor and another in the ocean waiting the. it will take time to clear up. it could be another eight weeks for these are back to normal. >> david ficklung. >> a look at some the corporate storage. here is sheri anh.

>> jaguar is recalling cars because of faulty airbags for you the models are range rover and range rover sport suv's from 2012 to this year. they found some passenger airbags may not inflate. ana have confirmed the budget airlines skymark and said ana is considering investing and joining fueled by. shares plunge when they filed for bankruptcy last month and they remain down despite the ana news. they are selected to be delisted in march. a 62% in net profit and declared a three cent dividend. yet, the shares have fallen it today. the ceo said the slow down in industrial and commercial growth

in china will hit the bottom line this year. >> i have been saying for a couple of years, china is [indiscernible] the cost curbs at the moment they must be producing steel at a breakeven level. i do not see the growth in heavy infrastructure and residential commercial wrong at the same rate for you i think -- same rate. i think it is a lot for the steel industry of china and it will can -- i am not sure it will continue. >> those are your top headlines at this hour. >> of china's a slowing economy and clamped down on corruption is starting to show. that is putting further pressure . households and corporis are looking for others still because of diminished returns at home.

>> it is never easy to follow the money trail in china but to the numbers might be telling. ubs said -- and more than $320 million for the full year. >> it there is an increased appetite to make money. -- there is an increased appetite to make money. >> may be the sum of the assets in foreign markets desk may be put some of the assets in foreign markets. -- may put some the assets in foreign markets. >> [indiscernible] chinese cake get a visa or green card by investing at a minimum 500,000 dollars. buying a house will not be another. it must be project that create at least 10 new full-time jobs. she matches chinese money to

valid american ventures. >> at first, it was for very rich and then a rich people. not a very rich and now rich people. now i see middle class. >> she said the majority of our chinese lion seeking green cars do so so their children can study -- green cards do so so that children can study in the united states. >> efforts using the high school -- at first a used to be college and now it's high school and even -- at first aid used to be call it and now it's high school in even younger -- at first they used to be higcollege and now it's high school and even younger. . a real estate agent often takes place on the water. >> over the past few years, i've

seen more and more training in area. -- live in area. not necessarily looking to emi grate but they know their opportunities and a on businesses in china and they will like to done first of right. >> he said the rising market price is often driven by the chinese. >> there are more no more properties to be bought. >> to sydney. >> it is becoming a policy issue. >> will the u.s. see a similar backlash? >> i really don't believe that. i feel america really needs this kind of investment to create more jobs. as all we need. quarks and ensure the source of the fund -- >> and in sure the source of the fund is not, dear i say, fishing. >> still a to calm, -- still to

come, cleaning the asia. ♪ ]

>> and this is "asia edge." and of visual -- and official review of the sydni see them -- of the sydni -- [indiscernible] the review said australia's justice policies should be updated. >> clearing up after the weekend. a category five system across the coast brought a strong winds and torrential rains. more than 1500 homes were damaged. the effects were felt in the state capital.

the world cup game -- >> the indian prime minister modi is cracking down on corporate espionage. working with some of the biggest companies and were arrested and a police sting operation involving stolen the government documents. seven more were detained. some other big names whose companies are being investigated include india's richest man and his -- india stocks and currency are among the best performers. joining me and john are a chief asian economist. when you take a look at what modi has delivered in term of the budget, expected to be mind blowing really for the market. do you hold it in such high regard? >> end of why he was elected.

a game changer. -- >> it was why he was elected. what modi in his statements his actions, show some kind of -- and i am very hopeful. and i have seen some statements for example, india becoming very nice looking and pushing in india. [laughter] >> well -- and i think it really goes into the action that this guy really understood the problem with the sector and that is the point of everything. whether he is to bed to push this through it is another story. already, that is already a lot. >> of the region, new governments, is a modi the most

-- is modi under the most? >> three weeks ago, was it, he was voted down in delhi. so it is -- [indiscernible] it does, india situation is very complex. by print administrations and problems behind it, being independent. >> what about indonesia? there are great expectations for him, too. >> he is running a very smart program of striking a balance of being part of the financial international community and being very open to -- on the financial side of his balance sheet. >> he can support it with a low oil.

>> he can import it and a little oil and more and this story. i think, it is difficult to balance and opening up. the second thing is, what is going to happen? this policy is continued with the lower currency, weaker currency, indonesia is significant. and so eyes are going to be on this, whether external debt is remaining sustainable. i mean -- at what level -- it is rapidly close. [laughter] around 13,500. >> close. >> i'm sure -- going to increase. there are some limits to this policy. for now, it makes perfect sense

and allows indonesia to develop infrastructure in a much more efficient and quick way than before. >> slashing on the radar screen. >> am i thinking about japan? >> i am tired. >> he doesn't like anything about japan. >> and that's true. i skipped that. apart from japan, thailand is always kind of, you know complicated. anything goes, china is much more sounder than people are trying to suggest. >> a wide you say that? >> it is relatively brazilian and the competition of growth is changing in the right direction the direction that government

was to change with more consumption and more -- higher value added in china producers. if this is the real, it was a challenge even 6% growth rate with more consumption. that is a challenge. >> it is still tied very much to debt levels. final demand fairly dependent on the sector that is very related to the amount of debt. >> more than presidential real estate of the land crisis and what is probably one of the critical point is a low government that is sustainability. the second critical point is that china, backtrack with the

markets in deciding the value of the bond of companies and we have seen initial, at first and then is scared them. they are going to try again in little later. kind of -- there are some isolated risks in china. overall, it is much better at all of these renewed fears of hard landing or -- lending or credit. >> what's the problem country in asia? it is not china. [laughter] >> aubrey nymex is not a working. i was not a fan to start with. >> abenomics is not working. it makes sense. people say, go on, continued.

that is what he is doing. you have seen some cracking and the u.s. unconfirmed from the bank of japan that more -- would be counterproductive. but of course not confirmed. you might see some cracking their. for now the only response is less do more of the same. -- you might see some cracking there. i disagree before and i will not agree to do more. >> in know what we do here, wait and see. lucas silipo thank you for joining us. coming up -- >> holly was a big tonight. the winners and losers. >> of the academy awards. >> this is "asia edge" and back in a moment. ♪

>> and the oscar goes to -- the 87th academy award well under way. all of the winners so far. >> they just won best film. the bid -- the big one is "birdman" and a line for winning best picture. leaving the oscars -- leading the oscars. let's see how they do for. patricia arquette the big talker, has one for best supporting actress. she said at the last moments of her speech talking about better wages for women. stones at issue have such a feminist message in her speech. -- many were stunned she would have such a feminist message in her speech.

the movie 12 years in the making. i have not seen it yet. >> a great movie, it really is. >> a coming of edge -- of age movie. >> you watching this little boy grow up to when he goes to college. >> 6 to 18. >> let's talk about j. k. simmons and he won. that was a big one. and then best actor. that is a big one. a nail biter. i will call a bradley cooper "american sniper." >> amazing experience. >> michael keaton in line. >> it ain't over yet. notoriously long for all of these awards. we will see.

>> they were talking about the music going on for too long. we will see. >> all all the tricks. you can't rush people. >> that's it f

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