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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:13. | |
South Korea Electronics prices the markets for expectations of a big | :00:14. | :00:24. | |
jump. The Panama papers put Asian's offshore banking sectors in the | :00:25. | :00:27. | |
spotlight. Will become more transparent in the future? -- will | :00:28. | :00:36. | |
it. Good morning Asia and hello world. It is a Thursday and I'm glad | :00:37. | :00:42. | |
you can join us for edition of Asia Business Report. We start off with | :00:43. | :00:50. | |
South Korean tech giants, Samsun, and they've beaten the expectations | :00:51. | :00:55. | |
of their profits will rise by 10% in the first quarter. It has been on a | :00:56. | :01:01. | |
rough ride, lately, but their fortunes into it turned with the | :01:02. | :01:10. | |
early release of their new phone. Steve, it seems as if the S7 has | :01:11. | :01:22. | |
been a lucky charm. I am not sure about bad. This is a company that is | :01:23. | :01:28. | |
still the biggest, in its bad year, it was still the biggest producer of | :01:29. | :01:34. | |
smart phones. The fear last year, if you like them, was that the company | :01:35. | :01:40. | |
had lost the age and it looked tired. In March to this year it | :01:41. | :01:49. | |
relaunched as the S7. Going back to old features and it seems that | :01:50. | :01:54. | |
relaunch has worked, the market likes it and an awful lot of units | :01:55. | :01:57. | |
were sold in the first 20 days. On top of that, the week one has | :01:58. | :02:04. | |
improved exports of the phone so it looks like it is back on track with | :02:05. | :02:11. | |
a bit of confidence. Your saliva tough competition from the Chinese | :02:12. | :02:20. | |
smartphone -- you also have the tough competition from the Chinese | :02:21. | :02:29. | |
smartphone manufacturers. You have got one company in particular | :02:30. | :02:33. | |
launching a new smart phone. I say smartphone, but if you look at it, | :02:34. | :02:37. | |
it is just good with the camera. The competition between Apple and this | :02:38. | :02:48. | |
company is all in the camera. If you like, they have an easy ride because | :02:49. | :02:54. | |
the Apple launch was sometime back. The big test for them will be, how | :02:55. | :03:04. | |
it competes with the new iPhone, a smaller iPhone with Apple reverting | :03:05. | :03:08. | |
to the smaller phones and the new company which looks like it has a | :03:09. | :03:15. | |
pretty amazing camera. And the market always focuses on their | :03:16. | :03:18. | |
electric Smart phones, but it also has other core businesses such as | :03:19. | :03:22. | |
memory chips and display panels that are making money. They are. But the | :03:23. | :03:37. | |
big brands is the electronic. These results are focusing only on | :03:38. | :03:43. | |
electronics. Thank you for joining us. In other business news, the US | :03:44. | :03:57. | |
drug company has scrapped its agreement to buy the maker of Botox. | :03:58. | :04:02. | |
It was to be the biggest pharmaceutical merger in history, | :04:03. | :04:06. | |
and it would have lowered their tax bill through taxing versions and it | :04:07. | :04:10. | |
comes to days after the US Treasury and announced fresh plans to prevent | :04:11. | :04:15. | |
inversions where US company 's can merge with a company in countries | :04:16. | :04:26. | |
with lower tax rates. The carrier recorded a profit in February, which | :04:27. | :04:29. | |
is the first profit they've made in years. The airline is on track to | :04:30. | :04:36. | |
return to profit by 2018. The carrier has been facing financial | :04:37. | :04:40. | |
issues for years and suffered to air disasters in 2014. That severely | :04:41. | :04:45. | |
hurt the brand. The improvement in the revenue has been put down to | :04:46. | :04:50. | |
lower costs, especially low jet fuel prices. They've reached a deal to | :04:51. | :04:59. | |
buy the German insurer. This comes just days after they unexpectedly | :05:00. | :05:04. | |
walked away from a $14 billion bid for a hotel and resort group. They | :05:05. | :05:10. | |
have been spending billions buying insurance and hotels across the | :05:11. | :05:15. | |
world, including New York's Waldorf Astoria. The release of the Panama | :05:16. | :05:27. | |
Papers shows the uncomfortable nature of offshore banking. Are some | :05:28. | :05:32. | |
of the biggest offshore banking centres can be found here in Asia. | :05:33. | :05:36. | |
Singapore and Hong Kong, for example, I top spots the superrich | :05:37. | :05:43. | |
looking to open an offshore account. And practice in itself is not | :05:44. | :05:49. | |
illegal, but they've been under pressure to share more information | :05:50. | :05:54. | |
about who their account holders are and where the money comes from. We | :05:55. | :06:02. | |
look at whether Asian tax laws will get more transparent in the future. | :06:03. | :06:08. | |
Is setting up an offshore account is perfectly legal. In some parts of | :06:09. | :06:12. | |
Asia it is as simple as plugging in a few details into your laptop and | :06:13. | :06:17. | |
it will only take you a couple of hours. Pretty simple. US Ricketts, | :06:18. | :06:21. | |
located. There is a difference between tax evasion and tax | :06:22. | :06:26. | |
avoidance. Someone who wears income to report and does not report it, | :06:27. | :06:31. | |
that is a legal. But tax avoidance is different. If you found a | :06:32. | :06:36. | |
loophole in the tax system which takes advantage of provisions to | :06:37. | :06:40. | |
avoid paying tax, welfare and, depending on the country that you | :06:41. | :06:44. | |
worrying, you may not be doing anything illegal at all. We're not | :06:45. | :06:49. | |
talking just about people here. Companies do it to. Google, Apple, | :06:50. | :06:55. | |
Microsoft and Rio Tinto all household names and all have | :06:56. | :07:01. | |
admitted recently to being under ordered by the stride tax | :07:02. | :07:04. | |
authorities are having their services and marketing hubs set up | :07:05. | :07:09. | |
in Singapore. Sur less tax than in Australia. But they say they are not | :07:10. | :07:13. | |
doing anything wrong and that Singapore is an important hub for | :07:14. | :07:18. | |
them. But Australia says that if you make money in Australia you should | :07:19. | :07:22. | |
be paying taxes to. Singapore says it takes a very serious view of tax | :07:23. | :07:26. | |
evasion and does not tolerate tax related crime. Hong Kong has chimed | :07:27. | :07:33. | |
in as well and many Asian countries have said that they have signed up | :07:34. | :07:36. | |
to a commitment to exchange more tax information with one another by | :07:37. | :07:41. | |
2018. But frankly, it is all about who goes first. If one offshore | :07:42. | :07:45. | |
banking centre starts opening itself up to greater scrutiny, there is a | :07:46. | :07:51. | |
very good chance that there will be customers fleeing. Among those named | :07:52. | :08:01. | |
were 500 Indians and we sat down with the head of the reserve bank of | :08:02. | :08:04. | |
India in Maugham by and asked him what they are signing to do to | :08:05. | :08:11. | |
tackle this issue. The Prime Minister set up a committee to set | :08:12. | :08:14. | |
up the process and we are part of that committee. We will go out and | :08:15. | :08:23. | |
see what those accounts are. I want to caution without holding a brief | :08:24. | :08:28. | |
with those who've been named. Holding an account by itself is not | :08:29. | :08:33. | |
illegal in India. What matters is how the money went out and what | :08:34. | :08:37. | |
circumstances was taken out legitimately and so on. In all these | :08:38. | :08:44. | |
cases where the names are revealed what has to be careful to assume | :08:45. | :08:51. | |
innocence until proven guilty. Rather than assuming guilty instead | :08:52. | :08:57. | |
approving innocent. We should take this in a measured way and we should | :08:58. | :09:02. | |
look at each of these and where there is a legal activity we will | :09:03. | :09:08. | |
throw the book at the perpetrator. Again, be careful about this process | :09:09. | :09:13. | |
because in these kinds of situations a lot of names are revealed and | :09:14. | :09:25. | |
sometimes, I know of one particular situation aim is a but it is assumed | :09:26. | :09:33. | |
to be another person. But we don't even know the names of the people | :09:34. | :09:43. | |
that we talk about here. Now an update on a story we brought to all | :09:44. | :09:48. | |
of you yesterday. Remember this? Well this historic 17th century | :09:49. | :09:56. | |
Chinese emperors seal fetched for a phenomenal 11.8 million US dollars | :09:57. | :10:00. | |
when it went under the hammer in Hong Kong. That is nearly double its | :10:01. | :10:07. | |
starting price. It was described as the most important China's | :10:08. | :10:11. | |
historical object ever to be offered as an option. Here's a quick look at | :10:12. | :10:19. | |
the markets and Asia is currently in positive territory. US equities rose | :10:20. | :10:25. | |
overnight and the price of oil climbed 5%. The technology sector | :10:26. | :10:29. | |
search. They give are investing your time with us. Goodbye for now. -- | :10:30. | :10:37. | |
thank you for. The leaked Panama papers show almost | :10:38. | :10:39. | |
one third of the business of the law firm Mossack Fonseca comes from | :10:40. | :10:43. | |
its offices in Hong Kong and China. A staggering one | :10:44. | :10:48. | |
in 11 adults now has diabetes. | :10:49. | :10:51. |