27/01/2014 Asia Business Report

who were unable to use their debit cards for a time on Sunday. There

were also problems at cash machines. Customers for Lloyds Bank, TSB and

Halifax were affected. Now on BBC News, all the latest business news

live from Singapore. Japan posts worst and expect to

trade numbers in December. And a ban on the. We find out more about

products from Australia. -- ban on beef welcome.

We start today Japan were worse than expected trade numbers are out and

show the country is hitting a record annual trade deficit in 2013. The

December numbers showed trade was less than expected. And imports

surge in 25% due to a weaker currency and a rise in fossil fuel

imports. Welcome. A record deficit. Very much expected but much of it to

do with the rise in fuel imports. This is due to the fact that

obviously Japan shut many of its nuclear power plants after the

Fukushima disaster. That is proving to be costly for Japan? Very costly.

There are two things going on. There is an historical shift going on,

from Japan being a creditor nation to Japan being a debit nation.

That's a shift away from manufacturing, the hollowing out of

many sectors being moved to places like China. So, Japan is exporting

less. But there's also the factor of the Japanese yen weakening

dramatically last year. Very deliberate policy to try to boost

exports. It has boosted exports by around 10% but not by enough to make

up for the huge increase in costs, Piccadilly of energy. This is really

tired to the shutting of Japan's nuclear power plants. -- the. Japan

is now the biggest importer of natural gas and the huge import of

coal as well. Those costs have gone up dramatically in the last year

because of the weaker Japanese yen. What is the government aiming to do

about the problem? Obviously we have seen the Prime Minister aggressively

try to stimulate the economy. In that help? They are hoping there is

a lag. Energy costs have gone up immediately because of the fall in

the value of the Japanese yen but exports will take some time to pick

up. The hope is that, this year, we will see a much more dramatic pickup

in Japanese exports, to close that gap. The other thing they are

talking about is the need to get Japan's nuclear power plants back on

and diversified and innovate in Japan's energy sectors. So,

liberalising the sector, getting more renewable energy generated

here, so the bills go down. Thanks. Staying with Japan, Shinto are they

continued his three-day visit to India today. -- Shinzo Abe. He is

accompanied by a large business delegation from Japan. Over the

weekend, Mr Abe and his counterpart signed agreement in the telecom and

energy sectors. It also announced a loan of $2 billion for the metro in

Delhi. A want to strengthen their economic and political ties. Our

report explains what is bringing the two countries closer.

India's celebrations are seeing as a show of might. Troops out on display

with the latest weapons. But India really needs strategic and economic

buffers and Japan feels like a natural choice. Both countries have

territorial disputes with China and have agreed to boost security ties.

India, which fought a war with China in the 60s, has been building its

military presence on the disputed border to counter a military buildup

by China. And, recently, India -- Indian and Japanese Navy ships

conducted first ever joint exercises. Economic ties are also

improving. Delhi's packed with Tokyo is the biggest trade agreement India

has entered into with any other country. -- pact. Many feel the

potential is much larger. India spends more than $1 trillion in

infrastructure and Japan has been a steady partner. The Delhi Metro

railway system is one example. The government of Japan has contributed

more than half the cost of the project so far. And the Delhi Mumbai

industrial corridor, a $90 billion project which connects the city, has

been funded mainly by the Japanese government and industry. Nuclear

energy negotiations have been on hold since the Fukushima you clear

accident that it is expected to gain momentum soon. Japanese nuclear

power were builders are increasingly looking to export their reactors as

there aren't many plans for new reactor construction within Japan.

Once the regulator clearances go through, India is expected to be a

major market. So, for Asia's second and third-largest economies, coming

together now they proved to be mutually beneficial. In other news

from around the region, the World Bank has pledged $2 billion in

development aid to Myanmar for projects including energy supply and

healthcare. Myanmar has been closed to much of the outside world for

many years. It is struggling to rebuild its economy. Ranks eased

lending to Myanmar almost three decades ago. -- banks.

Samsung has reached a global patents licensing agreement with Google,

among growing intellectual property lawsuit is with companies such as

Apple. No financial details of the deal have been released yet.

Tata Motors directors had died. The Indian -based company said it deeply

regret to announce the untimely and tragic death. The circumstances of

his death were not immediately apparent but several reports that he

may have had a fall in the hotel in the capital, Bangkok. China says it

is seriously concerned about the United States' latest anti-dumping

rules. The investigation follows a complaint that China's many

factories have been using loopholes in import duties to sell their

products to load their fair value in America.

Over to Australia, a Russian ban on beef products from Australia comes

into effect today. Russia says it has found a growth stimulant in beef

ofal imported from Australia, a stimulant provisioned in Russia. --

prohibited in Australia. Earlier, I spoke with our correspondent in

Sydney. I asked how worried Australia's beef producers were.

Australian producers don't know how long this man will last. Russian

authorities say they found traces of the stimulant in byproducts of

Australian beef last year. The ban comes into force today. What we here

in Australia is the department of agriculture he is working very

closely with meat producers to try to impress upon them the very strict

guidelines that Russia does have in place. The stimulant is allowed to

be imported into other countries but not Russia. That's why Australian

beef byproducts will be banned from importation into Russia, starting

from today. What is the reaction be Mike from cattle farmers, and beef

traders? -- been like. Farming is very important to the Australian

economy. Australia is the world's third-largest beef producers after

the US and Brazil. This particular trade in byproducts of beef is worth

in excess of $8 million each year, about 30 Australian firms are

permitted to send beef products to Russia. They are, of course, very

nervous that this very lucrative trade has been suspended. Russia has

been trying to impress upon Australia that this is a temporary

ban and that, when it is happy, all things being equal, the trade should

resume. Of course the Australian agricultural authorities are very

keen to get this trade reignited, given, as we mentioned before, the

overall importance of agriculture to the Australian economy. Let's have a

look at the markets. They are all in negative territory, amongst those

that are open. In Asia, the Japanese yen has risen. That's taken a huge

toll on Japanese markets. They had fallen to a one-month low on Friday,

extending losses again. Of course we have the news with the record trade

deficit for 2013. The Japanese yen is rising on lots of emerging

markets. Concerns particularly about Beijing, curbing its growth,

especially in higher risk lending. Federal Reserve is set to meet this

week. Concerns that they are tapering much of their monetary

stimulus. Or that they will begin to do so. All that affecting markets. I

should mention that Australia is shut for a public holiday. At it for

now. -- that's it for now. This is BBC News. The headlines: The

UN envoy to Syria says the government has