26/09/2014 Asia Business Report

as an "area of interest" to them. Earlier they staged a reconstruction

of her last known movements. Now on BBC News all the latest business

news live from Singapore. India's prime minister is looking to drum up

more business on a high profile visit to the US. China vows back to

China vows to penalties after a massive trade financial fraud was

revealed. `` vows. Welcome to Asia Business Report, I am in Singapore.

India's prime as a narrator Modi touches down in the US on Friday, a

country that denied him a these are four years after religious riots in

the State of Gujarat where he was the Chief Minister. This will be his

first visit since taking office, he is set to meet 17 business leaders

including the heads of Google, Goldman Sachs. He is expected to

declare India open for business. Narrator Modi's rousing invitation

to foreign companies has already got some response from the East with his

visit to Japan and then his meeting with the Chinese president ending

with the promise of investments in India worth tens of billions of

dollars. But now as the prime minister heads West, can he convince

America to do the same? Especially after the troubled relationship he

had shared with the US in the past. Terra American companies which

operate out of Gujarat Soho they have an experience of how he ran

Gujarat as Chief Minister. `` so they. He also has a revocation of

being good at implementing and delivering on his promises, so I

think what he says he will deliver, that should be expected. ``

reputation. But he may have to do more. US companies, in particular

pharmaceutical firms, are worried about patent protection in India.

And the American drug authority has had problems with the authority of

some medicines produced in the country. But India also want more

from the US. IT firms here are concerned about new immigration laws

in America and what they mean for their staff's work permits. And then

there is the civil nuclear deal, and agreement signed years ago between

the two countries stuck over a dispute about who would be liable

that there was a nuclear accident. There was a deficit of trust. We

attempted to do some big things with the last government but got stuck.

But getting some of these issues back on track would help. India's is

already a place where some American brands have found success. Many war

would like to tap into this large population. But with greater

interest in the country from all around the world, US companies may

find themselves dealing with more competition than ever before and to

exploit this opportunity the government here will have to ensure

that it exceed passage to India is your for businesses from overseas.

India's bureaucracy and is slow reform have been challenges for the

country is freshly as it attracts more information from the US. ``

more business. But my guest Tom India's the government is or is

starting to make changes to the we have a government that is more

cohesive. But the key will be at the state`level and his party can take

state level officers so you can have uniform voice is. One of the issues

in India has always been navigating through the bureaucracy. Over the

next several years as the election in the states occur there is

optimism. The US and India, particularly with Modi, there has

been a rocky relationship. Will they be able to resolve these? They have

to. This relationship will be incredibly important. Have to work

through these trade deals. They recognise the importance of

cross`border trade. India and Japan have a Makarova will have had

issues, even India and China, they have had border issues and economic

issues as well so Modi is making an attempt to go out and build those

relationships. What does India need to do to try to compete with the

dominance of China, especially with these huge deals that have been

announced with the Chinese investing in India? 100 million people will be

entering the workforce in the next few years, that is more than a

population of England and France combined. So they are a huge

population but they need to get their infrastructure updated. They

need to improve their operating models for more efficiency and less

bureaucracy. They also have to send a signal to investors through tax

changes, but in the past there have been some rocky roads. Another

business is, Apple shares slid by 4%, wiping out $23 billion in market

value due to problems with its new products. The tech giant issued a

rare apology over a software blur of Google software bug. There is also

claims that the new iPhone 6 is set to rule to bending. Apple says they

have only received nice complaints over the bending. Nikkei shares

jumped by 5% in US trade. `` Nikkei. Profit rose traditionally percent to

$963 million because of higher sales during the World Cup. Japan's

efforts to curb inflation appears to be waning. It has been below the

market forecast of 2.3% with the effect of Japan's recent tax

changes. It is kindly wanton, well below the target of 2% of the

central bank. `` it is well below 1%. China has discovered almost $10

billion in fraudulent trade deals following a year`long investigation.

Companies faked, forged and legally reused export `import documents.

China also said there was an illegal channel for some tunnels to move

funds. Earlier I asked a financial analyst how this would impact

markets of. Chinese Company is have been pledging commodities, iron ore

copper, even call, against a bank loans which they have taken and

reinvest and that money into property and unrelated areas. This

means that the global numbers on commodity imports by China, which is

the significant importer of all commodities, have been inflated much

beyond what analysts had expected. As a consequence, markets are being

riled as we speak because if those numbers were inflated it means

actual demand is much more or less than it seemed to be. We saw

commodity markets being rattled when this was first revealed in June, so

how will markets react now? The whole year has seen commodity

markets doing poorly. They have been falling in gold, that clearly shows

how important China is in terms of all commodity prices. Copper prices

have been coming down since the unveiling of this scandal in June,

and one area which I was looking at is born. That is American corn

farmers could be impacted if the price of corn is affected. `` corn.

So it is a list and not just the iron for, copper markets but other

things such as agriculture will have huge repercussions. This would

impact on global trade in commodities over the next couple of

months until we can figure out how much of this shadow lending occurred

in China by the banks. This added to the over inflation of magnitudes of

commodities being traded. Formula 1 is the pinnacle of motor

racing where teams spend millions of dollars on their cars and drivers.

Technology affects team chances of winning, so how has it changed over

the years? We will hear from that in time Formula 1 winner Tim Coulthar.

When I started there while the three buttons on the wheels, but now it

has been much more advanced. Drivers make the Jacksons while they are

driving as well. `` the adjusters. We have much better use of data

transfer and storage. Computer Power has improved and the software

because run on enables more parameters to be logged and data

logging as well, that can be adjusted by the driver. For more on

the discussion of man versus machine, watch Linkup next business.

A quick look at the markets now. Then he gave reversed its seven`year

high. That is all for this addition of Asia Business Report, thanks for

watching. The top stories this hour: The FBI

says