×

CCTV Script 20/03/14

— This is the script of CNBC's news report for China's CCTV on March 20, Thursday.

Welcome to the CNBC Business Daily.

The US Federal Reserve could end its monetary stimulus program as soon as fall this year, and could start to raise interest rates a mere six months after that.

Federal Reserve Chair Janet Yellen made the announcement at the end of a two day FOMC meeting, and the news sent shock waves through international markets.

So what can we expect from the coming policy changes? Here's what the analysts had to say:

[Soundbyte on tape by Gina Sanchez, Chairwoman & Founder Chantico Global] The change in terms of forward guidance should not have been a surprise - I think its the timing. Personally, I think the markets will forget this sooner rather than later, this will just be a little bit of a blip. But this equity market generally is already on its last legs. It's pretty long in the tooth at this point, especially in terms of how long it's rallied and what the drivers are. We're sort of left with basic sales and that's really, really weak. So something like this could really start to pick apart the market.

[Soundbyte on tape by Jesper Bargmann, Head of Trading Markets, Singapore, Nordea] The Fed projections of interest rates for 2015 and 2016 was a big surprise. I think the spring of 2015, but that's kind of been the expectation. It's more, the path after that seems to be a bit faster than anyone expected. Having said that, it's still very accomodative. If we say that the new projections are are 2.25% by the end of 2016, that's still far away from what they call normal, which is 4%.

[Soundbyte on tape by Stephen Roach, Senior Fellow, Yale University] Quantitative easing helped deal with a crisis, but it's been hugely disappointing in fostering recovery. The sooner the Fed abandons the program, the better. There are other things that need to be done to fix the balance sheets of American consumers - like debt forgiveness and stimulating savings. You got to get consumers whole again. All that QE did was to get wealthy consumers that own stocks wealthier.

Li Sixuan, reporting from CNBC's Asian headquarters.

Well you know this is worth noting, because usually when you hear something being sold for x number of Bitcoin, what they really mean is that the Bitcoin were converted to dollars or some other fiat currency first, before the seller handed over the goods.

Well, Bali developer Ronne Tome told us in a Skype interview he decided he didn't want cash up front, he want Bitcoin.

An unidentified buyer in Texas paid, what Tome says, was under a thousand Bitcoin worth over half a million dollars for a two-bedroom, two-bath unit at Bali's Delmango Villa Estate - the sale happening back in February.

Tome has kept some of the virtual currency but sold about all of the Bitcoin within two days of it landing in his company's digital wallet. The money raised covering the cost of the unit plus a little bit of profit.

Ronne Tome, Property Developer: "The rest we've left in Bitcoin and we're observing the market and see what happens. Nobody can say where it goes right now but it's a bit of a gamble I guess but very limited and controlled from our side."

Tome says they offered to take Bitcoin for one of the development's 12 units at the urging of a family member whose invested in the digital currency.

Embraced by a tech-centric crowd, who likes its math-based protocol, and by libertarians who like its independence from a central bank or government, the price of Bitocin has ballooned over the past year leading many early Bitcoin investors looking for a place to spend their new-found wealth.

At websites like Alan Silbert's Bitpremier.com, they can find it. That's where the villa was first listed.

Alan Silbert, CEO, Bitpremiere: "As far as we know there is nothing that comes close to this. There's been some luxury car sales - Tesla and Lamborghini have sold - so I think this is by far the most pricey item that has sold for Bitcoins to date."

Well if you're wondering how the final contract read, Tome says the sales price was listed in US dollars as Bitcoin is not being considered legal tender as of now. Back to you.

Her son was on flight 370. Desperate for help she came here to talk to reporters, ahead of an official news conference.

"I need you to help me find my son. I just want to see my son"

She came with other family members, frustrated with the government, stricken by grief.

"It's been 12 days. My son. Where is my son? You're the government, why won't you give me an answer? My son..."

Then, Malaysian security arrives. There are shouts of protests.

She is dragged away, a mother overwhelmed by grief.

She collapses, and officials carry her off screaming.

She and another relative are taken to this room, kept from journalists for more than an hour.

Then security guards escort the woman to the hotel lobby.

The families have now been ushered into this part of the hotel. It's quite extrodinary.

Camera crews and journalists battling with Malaysian officials, just trying to speak to them.

One official told me they removed the grieving mother and other relatives because the news conference was not their platform.

"Do you think this is the right image for Malaysia sir? No sir."

Malaysia's Transportation Minister later apologized for what happened here, just as family members today got some much needed support from relatives of those who perished on Air France flight 447 in 2009.

An open letter of sympathy, solidarity and practical advice from those who may know best what over 200 families of flight 370 have been going through.

Keir Simmons NBC News, Kuala Lumpur.

Follow us on Twitter: @CNBCWorld