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manslaughter but we had of murder. More from me later but first, he is | :00:00. | :00:09. | |
Asia Business Report -- but cleared of murder. Apple's charm offensive | :00:10. | :00:19. | |
in China. Why did boss Tim Cook drop in for a visit and what is at stake | :00:20. | :00:24. | |
for the tech giant? And what drives people to put their money where | :00:25. | :00:29. | |
their heart is? We look at an alternative investment currently | :00:30. | :00:41. | |
outpacing the market. Good morning, Asia, hello, world, glad you can | :00:42. | :00:46. | |
join us for this edition of Asia Business Report. We start with Apple | :00:47. | :00:51. | |
and Tim Cook, the CEO, has been in Beijing, meeting the head of the | :00:52. | :00:59. | |
largest taxi hailing at. Here he is taking a car to visit an Apple | :01:00. | :01:05. | |
Store, just days after the technology that he $1 billion in the | :01:06. | :01:12. | |
company -- app. Apple has faced a raft of problems in recent weeks in | :01:13. | :01:17. | |
mainland China with sales plummeting 26% during the first three months of | :01:18. | :01:22. | |
2016, making it one of its worst quarters ever in the mainland. The | :01:23. | :01:27. | |
firm also lost a legal battle over its iPhone trademark. While in | :01:28. | :01:34. | |
April, regulators shut down the iTunes movie services. Earlier I | :01:35. | :01:40. | |
spoke with Duncan Clark from BDA and asked for his take on Apple's latest | :01:41. | :01:45. | |
move in China. It is an expensive taxi ride that he took, but by | :01:46. | :01:50. | |
investing in the next generation of apps coming to the fore in China, he | :01:51. | :01:56. | |
is taking a gamble, but betting on a new business model of the emerging | :01:57. | :02:01. | |
elite. They have had a great time in China, selling devices and content | :02:02. | :02:05. | |
through their stores, but they are under pressure. So, backing winners | :02:06. | :02:09. | |
in the next round of evolution is what they will try now. Trying to | :02:10. | :02:16. | |
diversify. What are the acquisitions will he be doing in China after this | :02:17. | :02:24. | |
taxi app? There are other app developments. And of course, DD is | :02:25. | :02:32. | |
backed by Alibaba, so it is a good place to start. He is tipping off | :02:33. | :02:36. | |
his hat to Chinese developers. It is recognition that and other Silicon | :02:37. | :02:40. | |
Valley is rising in the east, in China, and Apple have to play a new | :02:41. | :02:44. | |
game. Some investors are worried and yet we've seen more coming in | :02:45. | :02:48. | |
aggressively saying they still believe in the company. It is | :02:49. | :02:52. | |
developing a second act in China. ITunes movies have been blocked in | :02:53. | :02:57. | |
China. He will meet with government officials. Will he be able to get | :02:58. | :03:04. | |
back these apps in China? It will be difficult. Chinese content | :03:05. | :03:07. | |
restrictions are getting ever more strict even though the market is | :03:08. | :03:09. | |
getting ever more lucrative and attractive. Backing local | :03:10. | :03:15. | |
players... If you think back to when Yahoo may be billion-dollar | :03:16. | :03:18. | |
investment in Alibaba in 2005. It paid off big time. Apple will have | :03:19. | :03:23. | |
to take bold measures to sustain its position. Staying with Apple and the | :03:24. | :03:28. | |
billionaire investor Warren Buffett has bought a $1 billion stake in the | :03:29. | :03:35. | |
company. He has traditionally shied away from technology companies and | :03:36. | :03:40. | |
is more widely known for buying what he calls value stocks. The purchase | :03:41. | :03:45. | |
is seen by many as a significant one for Apple. The tech company's shares | :03:46. | :03:50. | |
losing some 30% over the last year but they jumped overnight by almost | :03:51. | :03:54. | |
4%. And weeks after loading his stake in Apple, Karl I can has | :03:55. | :04:01. | |
picked up shares in AIG. The activist investor has raised his | :04:02. | :04:07. | |
stake in the insurance giant, 5.2%, now owning 44.4 million shares. The | :04:08. | :04:13. | |
latest move places him in a stronger position to pressure the insurer to | :04:14. | :04:18. | |
split into three independent companies. AIG chief Peter Hancock | :04:19. | :04:22. | |
rebuffed the idea, which was initially suggested in October last | :04:23. | :04:28. | |
year. US energy giant Chevron plans to lay off 800 staff this year from | :04:29. | :04:32. | |
its operations in Thailand to combat the fall in global oil prices. Well, | :04:33. | :04:39. | |
the move is expected to lead to half $1 billion in cost savings. The cuts | :04:40. | :04:44. | |
will take effect this August. The American firm has over 2000 | :04:45. | :04:50. | |
employees in Thailand, in around 1700 contractors -- and. Earlier | :04:51. | :04:54. | |
this year they laid off 100 staff members from offices in the | :04:55. | :04:59. | |
south-east of Asia. Hong Kong is preparing for the arrival of the | :05:00. | :05:03. | |
third most powerful person in China and the visit is a most high-profile | :05:04. | :05:09. | |
visit from Beijing in four years. He will meet with business leaders and | :05:10. | :05:15. | |
attend a summit on China's so-called belt and road initiative which is a | :05:16. | :05:19. | |
major economic priority in Beijing and earlier I spoke with our | :05:20. | :05:25. | |
correspondent for a preview. There is a lot of expectation around what | :05:26. | :05:36. | |
he might say at about the Hong Kong - Shenzen trading link. There is | :05:37. | :05:41. | |
already a Hong Kong- Shanghai Link, offering access to stocks in China. | :05:42. | :05:45. | |
There it is that there will be announcement of the Hong Kong dash | :05:46. | :05:55. | |
Shenzen trading link, accessing stocks in Shenzen. These Hong | :05:56. | :05:59. | |
Kong-Shanghai Link boosted the stock market in the territory last year -- | :06:00. | :06:04. | |
Hong Kong - Shenzen. What about this. And road initiative? How are | :06:05. | :06:08. | |
we going to explain how the territory will play a major part in | :06:09. | :06:13. | |
this plan? There are a lot of questions on how Hong Kong fits into | :06:14. | :06:17. | |
this, and obviously the most obvious answer is as a financial centre, as | :06:18. | :06:22. | |
you talked about, the sort of gateway to China, that's what Hong | :06:23. | :06:25. | |
Kong has been seen as for the last few years. It's not without its | :06:26. | :06:31. | |
risks. Of course, at the same time, when Hong Kong was benefiting from | :06:32. | :06:37. | |
the uptake in stock in China it also suffered when the Chinese stock | :06:38. | :06:41. | |
market crashed and there was a corresponding downturn in Hong | :06:42. | :06:45. | |
Kong's fortunes as well. We've also seen the two economies closely | :06:46. | :06:48. | |
linked to one another as China slows down. We are seeing the impact of | :06:49. | :06:53. | |
that in terms of GDP in Hong Kong, retail sales as well have been | :06:54. | :06:58. | |
affected as a result of the slowing consumption coming out of China, but | :06:59. | :07:02. | |
with regards to the one belt-1 road, people are taught about corporate | :07:03. | :07:05. | |
governance, where people can stand up and say, look, we have been the | :07:06. | :07:11. | |
hallmark, the characteristics of doing business, it is about | :07:12. | :07:16. | |
corporate governance, and activists are calling for this to be a major | :07:17. | :07:19. | |
theme at the conference but it is feared that it won't be because of | :07:20. | :07:21. | |
political sensitivities surrounding there. Our correspondent on that | :07:22. | :07:30. | |
visit to Hong Kong and the one belt and road initiative. Classic cars | :07:31. | :07:34. | |
were the best performing collectable investments in 2015, easily raising | :07:35. | :07:39. | |
past art, wine, diamonds and other big-ticket assets. According to one | :07:40. | :07:44. | |
report, the value of classic cars rose 70% last year. Is this activity | :07:45. | :07:50. | |
limited to only the very rich? Our correspondent met with an investor | :07:51. | :08:03. | |
to find out. Hello, my name is Alt Ashi and I am passionate about cars. | :08:04. | :08:07. | |
I am going to show you my collection. This 1929 Rolls-Royce, | :08:08. | :08:13. | |
once owned by a maharajah, to another owned by John Lenin, Al | :08:14. | :08:20. | |
Dashi is so India's cars he has built a showroom on his property in | :08:21. | :08:25. | |
Malaysia. What an amazing collection of cars. You are obviously very | :08:26. | :08:30. | |
passionate about them. When did you decide you were going to go from | :08:31. | :08:33. | |
someone who was interested in cars to be coming a serious collector of | :08:34. | :08:38. | |
cars? At the age of 30 I had around eight cars and from there on I | :08:39. | :08:44. | |
started collecting the real cars and variable winds and now I have ended | :08:45. | :08:48. | |
up with around 24. I will take you for a ride on this one. This is a | :08:49. | :08:52. | |
very special car. It was registered on the day I was born. It is as old | :08:53. | :09:01. | |
as you. Exactly. How do you decide you will buy something? Do you | :09:02. | :09:04. | |
assess the value of the car before buying it? I look at the cars that | :09:05. | :09:12. | |
have investment retention and I buy the cars that are collectors and | :09:13. | :09:15. | |
what people around the world appreciate keeping. But most of the | :09:16. | :09:21. | |
time it is just the shape of it and the beauty of the car that it's me | :09:22. | :09:26. | |
going. If you are thinking of investing in one of these classic | :09:27. | :09:29. | |
cars, take part in the fact that over a 10-year period you can make | :09:30. | :09:35. | |
nearly twice as much on cars like these than over collectables like | :09:36. | :09:39. | |
art or wine. But as with any investment you got to be careful. | :09:40. | :09:45. | |
Before you walk into the showroom, do your homework. Find out about | :09:46. | :09:49. | |
specific cars, the chassis number and the history of the car. In fact, | :09:50. | :09:55. | |
if you can speak to previous owners, CED has participated in events. | :09:56. | :09:59. | |
Whatever you do, don't buy a car off a win -- CE of it has participated | :10:00. | :10:05. | |
in events. Fine tuning one of these cars has to be factored in. The cost | :10:06. | :10:09. | |
of repairs can quickly run into thousands of dollars, but that is | :10:10. | :10:14. | |
not bringing Al Dashi's interest in cars to Esk reaching halt, he, like | :10:15. | :10:18. | |
other vintage car collectors, seem content to burn through a lot of | :10:19. | :10:22. | |
cash to fuel their passions even if it doesn't always drive up returns | :10:23. | :10:29. | |
-- see if you. Beautiful cars. Thank you so much for your time. Goodbye | :10:30. | :10:31. | |
for now. You're watching BBC News. The | :10:32. | :10:47. | |
headlines: One quarter of a million people have attended a victory | :10:48. | :10:50. | |
parade for England's | :10:51. | :10:52. |