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suspected sex offender was poorly handled. Now, it is time for Asia | :00:00. | :00:00. | |
Business Report `` Sir Peter Fahy. Japan's economy contracts in the | :00:00. | :00:18. | |
second quarter. We will take a closer look at the results and what | :00:19. | :00:26. | |
they mean. And, Asia's biggest company gets set to show | :00:27. | :00:29. | |
shareholders have the bottomline is looking later today. Thank you for | :00:30. | :00:42. | |
joining us. Japan's economy is in dire straits. The economy contracted | :00:43. | :00:49. | |
by 1.7% in the April to June period, compared to an earlier quarter. It | :00:50. | :00:53. | |
is not good news for the world's third`largest economy. Even more | :00:54. | :01:01. | |
dramatic, the economy has shrunk by 6.8%. These numbers follow big gains | :01:02. | :01:06. | |
in the previous quarter, so is this just an economy readjusting, or is | :01:07. | :01:15. | |
it an indication of the health of the economy being linked to sail | :01:16. | :01:23. | |
statistics? It is pretty bad. When you look at the details, it is | :01:24. | :01:27. | |
private consumption, which really pulls down the economic growth. | :01:28. | :01:31. | |
Private consumption fell as much as 5%, so that pretty much explains how | :01:32. | :01:36. | |
Japan's economy is performing Right now. As a consumer, you also lost or | :01:37. | :01:41. | |
appetite to spend after the sales tax was raised from five to 8%? Not | :01:42. | :01:51. | |
at all. Everything looks more expensive, trains, taxis, even just | :01:52. | :01:57. | |
a $1 bottle of water looks expensive. It is no wonder consumers | :01:58. | :02:01. | |
don't really feel like spending more than they need. So, now you have a | :02:02. | :02:08. | |
contraction during the April to June period. In this particular quarter, | :02:09. | :02:12. | |
are you expecting another contraction? This could need a | :02:13. | :02:18. | |
technical recession for the Japanese economy `` mean a technical | :02:19. | :02:25. | |
recession. I don't we are halfway into the July/ September quarter, | :02:26. | :02:30. | |
but we do see some improvements in consumer and business confidence. I | :02:31. | :02:34. | |
do think it is more likely that we will see moderately positive growth, | :02:35. | :02:41. | |
perhaps a 3% growth in the September quarter. This consumer confidence | :02:42. | :02:46. | |
could be dealt another blow, because by next year the consumption tax | :02:47. | :02:49. | |
will be raised again from eight to 10%. Could the government reassessed | :02:50. | :02:56. | |
its situation? Yes, I think that would be prudent. The government | :02:57. | :03:02. | |
should consider if Abenomics is still alive. The Japanese government | :03:03. | :03:14. | |
may need to revise down their outlook, and they should seriously | :03:15. | :03:22. | |
consider cancelling the last hike. What can be expected? More economic | :03:23. | :03:26. | |
reforms, wage hikes? When will this be implemented? I think wage hikes | :03:27. | :03:33. | |
will come through gradually, but the sad fact is that it is only | :03:34. | :03:37. | |
happening very slowly. In the latest data, it is only rising at 0.6%, far | :03:38. | :03:43. | |
lower than inflation, which is at 3.6%. In terms of Abenomics, it has | :03:44. | :03:52. | |
been great so far, but from here on, it doesn't seem to be going in | :03:53. | :03:58. | |
the right direction. In other business news, Japanese electronics | :03:59. | :04:04. | |
giant Sony says its PlayStation TV consoles will go on sale in the US | :04:05. | :04:09. | |
from the 14th of October, and in the UK one month later. The micro` | :04:10. | :04:13. | |
console, which has been available in Japan since last year, is part of | :04:14. | :04:18. | |
the company's attempt to compete with other streaming television | :04:19. | :04:22. | |
consoles like Apple TV. It will cost $99 in the US and will include three | :04:23. | :04:27. | |
games. Thanks to a traditional Japanese dress, the high street | :04:28. | :04:40. | |
fashion label New Look, is profiting from its kimono style garments. They | :04:41. | :04:49. | |
said they sold 40,000 of these tops every week. Which equates to one | :04:50. | :04:58. | |
every five seconds. Asia's biggest electronics company updates its | :04:59. | :05:03. | |
shareholders on results today. They expect net profits to have surged by | :05:04. | :05:08. | |
4%. The company started out with an instant messaging service called QQ, | :05:09. | :05:17. | |
before hitting the market with games. | :05:18. | :05:24. | |
The cyber games arena. Players have come to sharpen their skills in an | :05:25. | :05:30. | |
online game, where teams battle to defeat opponents. This is owned by | :05:31. | :05:44. | |
Tencent, one of the biggest companies in China. This is one of | :05:45. | :05:49. | |
the most popular computer games on the planet, and it costs absolutely | :05:50. | :05:55. | |
nothing to play. Instead, the makes company money through online | :05:56. | :05:59. | |
transactions. Players can spend their cash on purchasing new | :06:00. | :06:03. | |
characters, or outfits for those characters. The man who started it | :06:04. | :06:10. | |
with two partners, explains this appeal. Transpac while you don't | :06:11. | :06:17. | |
need a very powerful computer to play, there is high awareness of the | :06:18. | :06:24. | |
game. It is regularly updated with new characters and situations. | :06:25. | :06:31. | |
Computer games still have a massive fan base, but even the most | :06:32. | :06:35. | |
hard`core players are beginning to spend more time on their | :06:36. | :06:42. | |
smartphones. QQ launched their games through a messaging application last | :06:43. | :06:51. | |
year. If you look at their chat, they have had to implement things | :06:52. | :06:54. | |
like mobile payments, online banking, games, even blogging | :06:55. | :06:57. | |
platforms, to appeal to the Chinese consumer. Because of that, they have | :06:58. | :07:02. | |
had many more channels that they can offer to monetise and develop those | :07:03. | :07:07. | |
channels. Tencent may be ahead, but it has tough competition. Online | :07:08. | :07:13. | |
shopping giant Alibaba has introduced its own messaging and. | :07:14. | :07:20. | |
Another search firm has purchased new business, like App Store is. | :07:21. | :07:28. | |
People are gearing up for the World Championships in South Korea. | :07:29. | :07:31. | |
Tencent has profited hugely from this game, but future wealth lies in | :07:32. | :07:36. | |
offering games through smartphones and other applications. | :07:37. | :07:42. | |
They are cheap, have enormous music catalogues, and allow fans to share | :07:43. | :07:46. | |
new music with their friends, and are easy to use. Streaming services | :07:47. | :07:50. | |
are becoming increasingly popular among music lovers, and the major | :07:51. | :07:55. | |
players are trying to get a slice of the Asian market. What does it mean | :07:56. | :08:00. | |
for musicians? I spoke earlier to Jean Cook from the music coalition | :08:01. | :08:11. | |
in New York. I think musicians are optimistic that new doors are | :08:12. | :08:14. | |
opening for illegitimate music sharing system. Are deals already | :08:15. | :08:19. | |
been signed between artists and labels that have been successful and | :08:20. | :08:23. | |
fair for everyone? Think that is a struggle. Over the last ten years, | :08:24. | :08:32. | |
since the founding of Napster several years ago, there was quite a | :08:33. | :08:35. | |
bit of playing catch up within the industry, to make sure all the | :08:36. | :08:39. | |
agreements are in place. It is quite complex. Making sure the musicians | :08:40. | :08:45. | |
get paid is something that musicians have been very patient in waiting | :08:46. | :08:49. | |
for. Eventually, as these markets mature, it is starting to happen. | :08:50. | :08:55. | |
Indeed, you have the struggle from the musicians, and they are also | :08:56. | :08:59. | |
struggling with piracy, particularly in the Asian market. Spot fire, who | :09:00. | :09:05. | |
we interviewed weeks ago, says piracy has dropped in markets where | :09:06. | :09:16. | |
streaming music has become popular `` Spotify. I think one of the | :09:17. | :09:20. | |
reasons piracy exists is because of lack of availability of things that | :09:21. | :09:26. | |
people want. The technology exists, but the platforms have not been | :09:27. | :09:30. | |
built. 2014 is seen as a year that will be a big year for streaming | :09:31. | :09:35. | |
music in Asia, and as these legitimate marketplace is get up and | :09:36. | :09:38. | |
going, I think consumers will find that if they want to support the | :09:39. | :09:42. | |
artist, it is much easier to do so, and they will. That was Jean Cook | :09:43. | :09:46. | |
from the future of music coalition in New York. A quick look at the | :09:47. | :09:53. | |
markets. Asian stocks are currently mixed. US stocks ended slightly | :09:54. | :09:59. | |
lower overnight, pressured by a slide in energy share prices, and | :10:00. | :10:03. | |
worries over developments in Russia and Ukraine. The Dow Jones | :10:04. | :10:18. | |
industrial average slipped. Thank you for investing your time | :10:19. | :10:28. | |
with us, I am Rico Hizon. Our top stories: The legendary | :10:29. | :10:47. | |
American actress, Lauren Bacall, has died at the age of 89. The UN is | :10:48. | :10:54. | |
warning of a tragedy of huge precautions in northern Iraq, as | :10:55. | :10:56. | |
thousands flee Islamist | :10:57. | :10:58. |