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Now for the latest financial news with World Business Report. | :00:00. | :00:18. | |
Will the big boss of America's central bank, the Federal Reserve, | :00:19. | :00:26. | |
drop any hints today about raising the cost of borrowing | :00:27. | :00:29. | |
Singapore introduces the world's very first driverless taxis. | :00:30. | :00:42. | |
Welcome to World Business Report. I'm Aaron Heslehurst. | :00:43. | :00:51. | |
If you are a regular viewer, we love you, in the non- biblical sense. | :00:52. | :01:04. | |
Stay with us. It is a bite-size show. Only eight minutes. Now, how | :01:05. | :01:12. | |
about this? Wouldn't you like to be invited to this weekend getaway? | :01:13. | :01:16. | |
It's not that nice, is it? Central bankers from around | :01:17. | :01:20. | |
the world will meet in Jackson Hole, The keynote speech will come | :01:21. | :01:23. | |
from the US Federal Reserve boss, Everyone will be looking for insight | :01:24. | :01:29. | |
into the state of the US economy and most crucially, when we may see | :01:30. | :01:33. | |
the next interest rate hike. Samira Hussain has this | :01:34. | :01:36. | |
report from New York. We didn't centre there, we couldn't | :01:37. | :01:49. | |
afford it. She sent us this report. At a time when Japan's economy is | :01:50. | :01:53. | |
barely growing, despite aggressive spending by the government, and | :01:54. | :01:58. | |
China's economy is stalling, posting some of its slowest growth rate in | :01:59. | :02:04. | |
years, and the UK has just slashed interest rates following a historic | :02:05. | :02:07. | |
vote in favour of leaving the European Union, it is hard to | :02:08. | :02:10. | |
believe that the world 's largest economy is thinking about raising | :02:11. | :02:18. | |
interest rates. But that's where we are. America's economy is showing | :02:19. | :02:22. | |
stock signs of strength. The labour market is growing at a pretty | :02:23. | :02:26. | |
healthy clip and consumers seem to be spending at all this is happening | :02:27. | :02:34. | |
despite global weakness. In a speech at the Aspen Institute on Sunday, | :02:35. | :02:39. | |
Janet Yellen's deputy, Stanley Fischer, said America's economy is | :02:40. | :02:40. | |
close to its targets, stating: those comments have given some hope | :02:41. | :02:59. | |
but really, many economists just want clarity. The Fed is going back | :03:00. | :03:06. | |
and forth between hiking rates or not. They have got the market | :03:07. | :03:10. | |
excited and had not followed through so this is a chance for Janet Yellen | :03:11. | :03:14. | |
to actually improve the confidence the market has in the Fed. The | :03:15. | :03:19. | |
Federal reserve continues to investors on its way to the next | :03:20. | :03:26. | |
rate rise. This meeting could be the Fed's chance to clearly set its | :03:27. | :03:27. | |
course. We will keep across that meeting. | :03:28. | :03:31. | |
Japan. Its inflation continues | :03:32. | :03:36. | |
to disappoint, with consumer prices dropping for the fifth | :03:37. | :03:38. | |
month in a row in July. The Japanese government, whatever | :03:39. | :03:52. | |
they had left in the kitchen, they threw at the economy. Nothing seems | :03:53. | :04:00. | |
to be working. That's right. We just heard Samira there, there is barely | :04:01. | :04:04. | |
any growth in the Japanese economy. There was no rise in prices. That is | :04:05. | :04:11. | |
why inflation today was 0.5% down. Worse than what economists had | :04:12. | :04:16. | |
expected and the latest setback in Tokyo's losing war against deflation | :04:17. | :04:20. | |
or falling prices. Japanese officials are yet again under | :04:21. | :04:25. | |
intense pressure to deliver as many economists are starting to lose | :04:26. | :04:28. | |
faith in the Prime Minister's strategy to kickstart growth. His | :04:29. | :04:36. | |
plan over the past couple of years, a mix of monetary easing, government | :04:37. | :04:41. | |
spending and redtape slashing. It gave the market a boost, the | :04:42. | :04:45. | |
Japanese yen some weakness but today, it has lost momentum. The | :04:46. | :04:49. | |
weak inflation figures are putting more pressure on Japan's central | :04:50. | :04:53. | |
bank for another round of stimulus. Tokyo recently announced what you | :04:54. | :04:57. | |
said, a massive multibillion-dollar package aimed at kickstarting growth | :04:58. | :05:01. | |
but analysts say it is not enough, it is disappointed the markets and | :05:02. | :05:05. | |
we are seeing the yen stronger than ever against the US dollar. Friday's | :05:06. | :05:09. | |
poor data comes against household spending numbers which are expected | :05:10. | :05:14. | |
to be disappointing and July exports suffered a sharp fall, the worst in | :05:15. | :05:19. | |
seven years. Figures showed that the economy registered zero growth in | :05:20. | :05:23. | |
the quarter. It seems like nothing is going right for the Japanese | :05:24. | :05:28. | |
economy with whatever they do, particularly economic 's Prime | :05:29. | :05:30. | |
Minister Shinzo Abe so fingers crossed that all of this will help | :05:31. | :05:36. | |
out and move forward and jumpstart the economy. Rico, I am only a | :05:37. | :05:46. | |
layman but nothing will work unless they do structural economic reforms | :05:47. | :05:50. | |
but they do not listen to me. They are not listening to me at all. I | :05:51. | :05:54. | |
have been telling Shinzo Abe, the Prime Minister. Listen up. How about | :05:55. | :05:55. | |
this? It pulls up - hang on, | :05:56. | :06:03. | |
it's got no driver. But it's here the world's first | :06:04. | :06:09. | |
self-driving taxi hit the road The company behind it - NuTonomy - | :06:10. | :06:11. | |
has beaten other ride hailing services such as Uber, | :06:12. | :06:15. | |
to roll out autonomous cars. But it's still just a limited trial, | :06:16. | :06:18. | |
with select passengers riding for free on select routes | :06:19. | :06:20. | |
in a small area. A fully paid service won't be | :06:21. | :06:27. | |
launched for two years. Ashleigh Nghiem caught up | :06:28. | :06:31. | |
with Doug Parker from NuTonomy and asked him how the ride | :06:32. | :06:35. | |
compares to a regular taxi. They are fairly conservative | :06:36. | :06:40. | |
and they might drive a bit boring, like your | :06:41. | :06:46. | |
grandmother might drive. They are careful, stop | :06:47. | :06:49. | |
for pedestrians and pass slowly. How can a passenger be | :06:50. | :06:51. | |
confident the cars are safe? We have driven hundreds | :06:52. | :06:56. | |
of thousands of kilometres, we have a good safety record | :06:57. | :06:59. | |
especially around collisions It will make the right choice, | :07:00. | :07:01. | |
it has a 360 degrees view continually, it sees what's | :07:02. | :07:09. | |
going on in the world and it reacts at the speed | :07:10. | :07:14. | |
of a computer, not at the speed It is a robot and it | :07:15. | :07:17. | |
has to do three things, see the world, decide what to do | :07:18. | :07:23. | |
and then decide to move an act. Those are the sensors | :07:24. | :07:27. | |
you see on the outside. Today they are very expensive | :07:28. | :07:31. | |
lasers, camera and radar to create a detailed | :07:32. | :07:37. | |
image of the world. It is continually updating itself 20 | :07:38. | :07:38. | |
times a second or more 360 degrees, creating a detailed | :07:39. | :07:44. | |
picture of pedestrians, trucks and buses, all the things | :07:45. | :07:45. | |
a car sees, and it builds Then we have a decision | :07:46. | :07:50. | |
engine that decides How can the business model be | :07:51. | :07:59. | |
applied outside Singapore, especially when the government | :08:00. | :08:04. | |
highly restricts how many cars are here and there is | :08:05. | :08:06. | |
lots of regulations? First it will develop in places | :08:07. | :08:08. | |
like Singapore with well structured streets, | :08:09. | :08:10. | |
well marked streets, people generally obey | :08:11. | :08:12. | |
the rules of the road. We think we can find appropriate | :08:13. | :08:14. | |
markets but we probably won't start How hard will it be to get | :08:15. | :08:17. | |
insurance for these cars? We have a global insurance policy | :08:18. | :08:31. | |
that covers all our operations We will get more safety records | :08:32. | :08:33. | |
as we get more kilometres. It'll be easier to insure | :08:34. | :08:46. | |
than a lot of humans. What kind of reaction do | :08:47. | :08:48. | |
you expect from the industry? There will be an amazing | :08:49. | :08:51. | |
amount of disruption. If you think about it, | :08:52. | :08:53. | |
we will be launching fleets of cars that will replace | :08:54. | :08:55. | |
your individual car. That will mean fewer | :08:56. | :08:57. | |
personal car sales and All those things for | :08:58. | :08:59. | |
individuals will be Drivers will also be disrupted | :09:00. | :09:01. | |
initially and that's what we need to work with, especially | :09:02. | :09:06. | |
with governments to make sure that drivers and other people that | :09:07. | :09:08. | |
are disrupted in the industry It is a taxi, not a plane. I'm not | :09:09. | :09:11. | |
sure what he means. Air New Zealand's profits | :09:12. | :09:31. | |
are up a massive 42%. The airline posted record profits | :09:32. | :09:33. | |
of US$338 million on the back New Zealand had 3.31 million visitor | :09:34. | :09:36. | |
arrivals in the last year, Since the Brexit vote, the amount of | :09:37. | :09:53. | |
enquiries to emigrate to New Zealand has doubled, compared to the same | :09:54. | :09:56. | |
time last year. There you go. This is what the markets are doing, they | :09:57. | :10:02. | |
are looking at Jackson Hole, Wyoming, as we all are. You can | :10:03. | :10:06. | |
follow me on Twitter. We will have a look at the papers soon. | :10:07. | :10:22. | |
Nearly 200 people have been arrested since a blanket ban on | :10:23. | :10:23. |