Browse content similar to 08/04/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Geldof, said his family was beyond pain. He said they would cherish | :00:00. | :00:00. | |
forever. `` her forever. Now for the latest | :00:00. | :00:00. | |
business news, live from Singapore. Australia and Japan agreed to the | :00:07. | :00:14. | |
major points of a free`trade agreement, dubbed the cars and cows | :00:15. | :00:20. | |
deal. We find out more about the chicken | :00:21. | :00:24. | |
cup going under the hammer in Hong Kong. | :00:25. | :00:32. | |
Thank you for joining us. I'm Rico Hizon. We start with the free`trade | :00:33. | :00:43. | |
pact between Australia and Japan, which has been dubbed the cars and | :00:44. | :00:54. | |
cows deal. It has been negotiated for over seven years but tonight the | :00:55. | :00:57. | |
prime ministers of Australia and Japan agreed on the key points of | :00:58. | :01:02. | |
the arrangement. Mr Abe said that the two countries will sign the deal | :01:03. | :01:10. | |
as early as possible. Part of the deal will see a drop in the 5% duty | :01:11. | :01:13. | |
on Japanese cars and Tokyo would reduce in half its steep tariff of | :01:14. | :01:17. | |
almost 40% on Australian beef. Tony Abbott says that the deal marks a | :01:18. | :01:26. | |
historic occasion for both nations. I earlier spoke to one of our | :01:27. | :01:29. | |
regular economist commentators from Sydney. The deal is good for | :01:30. | :01:36. | |
Australia and it is hard to quantify these things but the bottom line is | :01:37. | :01:38. | |
that Australian farmers, particularly beef producers, can | :01:39. | :01:41. | |
export more products to Japan and Australian consumers get the | :01:42. | :01:48. | |
advantage of cheaper Japanese cars. You have to say, that's good for | :01:49. | :01:52. | |
Australian industry and consumers. When will Australians feel the | :01:53. | :01:57. | |
benefits? The car prices should start to come down pretty | :01:58. | :01:59. | |
immediately, whenever that is introduced. I think almost | :02:00. | :02:04. | |
straightaway. If you're buying a $30,000 Japanese car that should | :02:05. | :02:08. | |
fall to about $28,500. Quite a saving there. The economic benefit | :02:09. | :02:17. | |
should start to become apparent fairly soon. I will not revise up my | :02:18. | :02:23. | |
economic growth prospect for Australia but this is promising. | :02:24. | :02:27. | |
Prime Minister Tony Abbott is heading to South Korea to sign | :02:28. | :02:32. | |
another deal. Do you think that these free`trade agreements will | :02:33. | :02:35. | |
help fill the gap left by the mining boom? They will help. Australia got | :02:36. | :02:44. | |
a huge boost over the last few years as mining investment boomed. That's | :02:45. | :02:49. | |
now coming down as quickly as it went up and we need other sectors of | :02:50. | :02:52. | |
the economy to help out. Agriculture is a big part of that and free`trade | :02:53. | :03:01. | |
deals help there. That combines with the recovery we are seeing in the | :03:02. | :03:04. | |
Australian housing and consumer sectors to fill the gap left as the | :03:05. | :03:08. | |
mining boom slows down. The Australian economy should come out | :03:09. | :03:22. | |
of this reasonably well. How has this bilateral deal with the Koreans | :03:23. | :03:25. | |
and the Japanese impacted on the transpacific partnership being | :03:26. | :03:27. | |
sponsored by the US? There are various deals going on. There are | :03:28. | :03:35. | |
also negotiations with the WTO. These things have an impact on that | :03:36. | :03:38. | |
and I would expect that, if agreements are reached in the TPP, | :03:39. | :03:41. | |
these deals will get folded into that. The bottom line is that | :03:42. | :03:44. | |
multilateral agreements are the best ones. But bilateral ones are a good | :03:45. | :03:51. | |
second best. Having Australia do this with several countries in the | :03:52. | :04:03. | |
region, that is a good move. In other business news, South | :04:04. | :04:05. | |
Korea's electronics giant Samsung has forecast a fall in profits. . | :04:06. | :04:14. | |
They're the world 's biggest maker of TV sets and mobile phones and | :04:15. | :04:18. | |
they expect to make operating profit down 4% from last year. It follows a | :04:19. | :04:27. | |
6% decline in operating profits from the previous quarter. | :04:28. | :04:29. | |
Microsoft will end support for its Windows XP operating system later | :04:30. | :04:32. | |
today. That means that there will be no more security updates or bug | :04:33. | :04:40. | |
fixes. Some governments have negotiated extended support | :04:41. | :04:43. | |
contracts in a bid to keep users protected, but security firms warn | :04:44. | :04:45. | |
that anybody else using the 13`year`old software will be at an | :04:46. | :04:48. | |
increased risk of infection and compromise. | :04:49. | :04:50. | |
World finance ministers are gathering in Washington, DC for the | :04:51. | :05:03. | |
meetings of the IMF and World Bank. Later today, the IMF will reveal its | :05:04. | :05:07. | |
global economic forecast. What can we expect? | :05:08. | :05:12. | |
The streets around the Washington headquarters of the IMF and the | :05:13. | :05:15. | |
World Bank will be teeming with visitors from government officials | :05:16. | :05:18. | |
to academics. The IMF is one of the most powerful players in the world | :05:19. | :05:21. | |
economy. It's expected to urge policymakers to do more to spur | :05:22. | :05:31. | |
growth. The lender of last resort says that five years after the start | :05:32. | :05:35. | |
of the financial crisis, growth remains too weak and too slow. Some | :05:36. | :05:38. | |
of the obstacles to growth include super low inflation, especially in | :05:39. | :05:41. | |
Europe. Geopolitical tensions and communication by central banks are | :05:42. | :05:50. | |
also issues. They would like to see greater cooperation among countries, | :05:51. | :05:52. | |
especially when it comes to developing economic policies. The | :05:53. | :06:01. | |
global economy may no longer be frozen, but the economic buds are | :06:02. | :06:05. | |
slow to bloom. Anyone can have a good idea but | :06:06. | :06:08. | |
turning it into a viable business and persuading investors to back you | :06:09. | :06:16. | |
is not always easy. One start`up called Grab Taxi is announcing a new | :06:17. | :06:20. | |
eight figure investment. But how did it get this far? I spoke earlier to | :06:21. | :06:33. | |
the firm's founder to find out where the initial money came from. We won | :06:34. | :06:43. | |
a competition. Being in that place, the continent of Southeast Asia is | :06:44. | :06:46. | |
now half of China, 600 million population, growing very fast with | :06:47. | :06:47. | |
mobile phone penetration. a competition. Being in that place, | :06:48. | :06:49. | |
the continent of Does it help that you win a Harvard business | :06:50. | :06:52. | |
competition? What about others? Where do they get their money? For | :06:53. | :07:04. | |
us, it's betting on the right wave. Taking this mobile phone wave. We | :07:05. | :07:08. | |
are also involved in the daily fabric of everybody's lives. It is | :07:09. | :07:10. | |
public transportation, extremely visible. We are 15 times bigger than | :07:11. | :07:18. | |
the next guy. You have to be unique. Yes. And very dominant in every | :07:19. | :07:30. | |
market. What about the venture, capital landscaping in Southeast | :07:31. | :07:32. | |
Asia? It is exciting. People are getting more confidence. We've seen | :07:33. | :07:48. | |
what people are betting on in China. There are more start`ups that fail | :07:49. | :07:51. | |
than succeed. Your application is getting more traction. How does it | :07:52. | :07:54. | |
continue to attract more funding? The key is making sure that you are | :07:55. | :07:57. | |
a leader, making sure that you innovate. There will be a lot of | :07:58. | :08:03. | |
noise but really investing in your people. Our same group of people | :08:04. | :08:12. | |
that we started with are still with us and fighting like there's no | :08:13. | :08:14. | |
tomorrow. Ensuring that you maintain that leadership and grow the gap | :08:15. | :08:17. | |
from 15 to 20. Chinese art lovers and investors the | :08:18. | :08:20. | |
world over will be keeping their eyes on one small porcelain cup | :08:21. | :08:27. | |
today. The so`called chicken cup is going under the hammer in Hong Kong | :08:28. | :08:31. | |
and is expected to set a record price for Chinese ceramics, between | :08:32. | :08:38. | |
39 and 40 million US dollars. `` 25 to 39 million. | :08:39. | :08:42. | |
Unveiling a masterpiece. This tiny 15th century cup is expected to | :08:43. | :08:45. | |
unleash a furious bidding war between international collectors. A | :08:46. | :08:53. | |
winning bid above $32 million would set a new global record for Chinese | :08:54. | :09:06. | |
porcelain at auction. These chicken cups were produced with a trademark | :09:07. | :09:10. | |
and soon after that later emperors all collected them. They had them | :09:11. | :09:15. | |
copied. These are objects bathed in mythology. This is why they are so | :09:16. | :09:19. | |
valuable. Their legendary aura goes far beyond their historical | :09:20. | :09:22. | |
importance. This cup is believed to be one of four in private hands. Art | :09:23. | :09:34. | |
investors are closely watching the sale for clues about the once | :09:35. | :09:37. | |
booming Chinese art market. Revenues are estimated to have peaked in | :09:38. | :09:40. | |
2011. They then fell sharply in 2012. Part of the problem is the | :09:41. | :09:43. | |
prevalence of fakes, including these copies. This has proven to be one of | :09:44. | :09:49. | |
the biggest challenges facing the art investment market. China's | :09:50. | :09:51. | |
auction industry has pledged to tackle the problem. But, despite | :09:52. | :10:00. | |
worries about counterfeits in the market, appetites are once again | :10:01. | :10:10. | |
whetted. A record`setting price for the Ming Dynasty cup may point to | :10:11. | :10:14. | |
signs of recovery for the Chinese art and porcelain market. | :10:15. | :10:16. | |
A pricey chicken cup. Let's have a look at the markets. As you can see, | :10:17. | :10:25. | |
mixed reaction from the Asian stock markets. Thank you so much for | :10:26. | :10:33. | |
investing your time with us. Bye for now. | :10:34. | :10:41. | |
The main news stories this hour. The US has voiced great concern about | :10:42. | :10:50. | |
heightened tension in eastern Ukraine. | :10:51. | :10:54. | |
Pro`Russian demonstrators have seized control of government | :10:55. | :11:00. | |
buildings. An Australian ship is set to launch | :11:01. | :11:05. | |
an underwater remote submarine to look for the black | :11:06. | :11:06. |