:00:00. > :00:00.with his wife and son - beat Craig Kinsella, and forced him to work for
:00:00. > :00:00.them. Now on BBC News, all the latest business news live from
:00:00. > :00:29.Singapore. China's crucial oil supplies come in
:00:30. > :00:38.to question amid ongoing rental fighting in South Sudan. The loss
:00:39. > :00:43.Vegas Consumer Electronics Show. Thank you for joining cars. We start
:00:44. > :00:49.off with technology and from televisions that bend and smart sock
:00:50. > :00:56.is that attract starter from your daily job, some of the gadgets on
:00:57. > :00:59.display at an international from an exhibition in lossmakers. It is
:01:00. > :01:04.called the consumer Electronics show. This is where many of Asia's
:01:05. > :01:09.Echus Telectronics names have been gathering. Our correspondent is fair
:01:10. > :01:15.and spoke with the Sony president to get an update on the Alec Tronic
:01:16. > :01:20.giant's latest developments. A tabletop screen showing live
:01:21. > :01:25.television, my calendar, my notes all in the kitchen table. It is a
:01:26. > :01:30.concept at the moment, but in lossmakers, Sony has been unveiling
:01:31. > :01:37.a range of new product is. I've been talking to the boss about we be
:01:38. > :01:42.technology is going. You have launched something that is quite
:01:43. > :01:47.interesting? I am wearing of the wristband version. Inside the
:01:48. > :01:54.wristband, is what we call the core. It fits into the wristband. This
:01:55. > :01:59.logs all of your activities, whether walking, in the car, on the bicycle,
:02:00. > :02:04.all the fiscal activities you do. It allows you to log photos you have
:02:05. > :02:10.taken, musically listened to. It takes your entire day. The big
:02:11. > :02:17.battle recently has been the game consoles, the Sony P F or has been
:02:18. > :02:23.seen as a great gaming box but the Xbox is leaving for home
:02:24. > :02:29.entertainment? We were able to sell 4.2 million units which is a very
:02:30. > :02:35.high number. Are you ready to call victory in the battle against Xbox?
:02:36. > :02:39.I have always said the console business as a five to ten year
:02:40. > :02:43.opposition. How important is streaming video into the home going
:02:44. > :02:50.to be? Are you a big player? At Sony, we are one of the top five
:02:51. > :02:57.providers of screened video content into homes in the United States. The
:02:58. > :03:03.PS3 is the number one device for net flicks viewers over televisions, and
:03:04. > :03:07.PCs, we have a big presence here in to US market and elsewhere as well.
:03:08. > :03:11.You had disappointment a few months back with the unexpected profit
:03:12. > :03:16.warning, that must have been a big disappointment? If you look at it
:03:17. > :03:21.from a quarterly perspective, it was a disappointment, again, one quarter
:03:22. > :03:27.does not make the entire business. Every quarter matters, it is making
:03:28. > :03:31.sure we have the best product, that we do at the most efficient way,
:03:32. > :03:36.there are some things we can not control like the exchange rates. We
:03:37. > :03:41.need to make sure that business is robust enough to absorb fluctuations
:03:42. > :03:47.in exchange rates. We have to take some hard decisions eventually? If
:03:48. > :03:52.you talk about restructuring, we have undertaken that already many
:03:53. > :03:56.times. Some businesses are growing, those areas will have more
:03:57. > :03:59.employees. Other businesses where are we a shindig we may have to do
:04:00. > :04:05.restriction. It is not something we suddenly decide to do one day. That
:04:06. > :04:11.is in on going process. That was the president of Sony. More on the cool
:04:12. > :04:19.gadgetry from the consumer Alec Tronics show log on to the BBC
:04:20. > :04:23.website. Other business news, US officials announced that JP Morgan
:04:24. > :04:29.Chase would pay $1.7 billion for its role in the massive fraud carried
:04:30. > :04:31.out by Bernie Madoff. The country 's biggest bank agreed to the
:04:32. > :04:37.settlement because it failed to warn federal authorities about his
:04:38. > :04:44.schemes. JP Morgan Chase served as his bank for two decades before he
:04:45. > :04:47.was arrested in 2008. The International monetary fund is to
:04:48. > :04:52.raise its forecast for global growth. The managing director said
:04:53. > :04:57.the revision would come in the next three weeks but did not elaborate.
:04:58. > :05:03.In October it lowered its growth forecast saying the global economy
:05:04. > :05:08.remains in low gear. It reduced its forecast for 2014 to 3.6%. The chief
:05:09. > :05:13.executive of Ford has said he will not the leaving be car giant to join
:05:14. > :05:21.Microsoft. There had been reports he was one of the candidates
:05:22. > :05:24.shortlisted to replace the Microsoft outgoing executive. He is credited
:05:25. > :05:29.with providing Ford and Ted -- said he would not leave the car maker
:05:30. > :05:32.before the end of this year. China has called for an immediate
:05:33. > :05:39.ceasefire in South Sudan which seen three weeks of brutal fighting. It
:05:40. > :05:43.is a very rare move from China which usually refuses to get involved in
:05:44. > :05:51.the affairs of other countries. Time receives almost 10% of its oil
:05:52. > :05:55.supplies from South Sudan. -- China. China wants to protect its
:05:56. > :06:00.investments. You are mentioning, serious conflict in South Sudan.
:06:01. > :06:06.That has meant the oil supplies had been cut by a third. The Chinese are
:06:07. > :06:09.the biggest and best buzz in oilfields in South Sudan. Because of
:06:10. > :06:15.the fighting they have had to evacuate workers. There are piece
:06:16. > :06:22.talks going on in Ethiopian, but the situation could get worse. We are
:06:23. > :06:26.seeing an example of how China in its search for resources is becoming
:06:27. > :06:30.embroiled in disputes and wars overseas. That is something that
:06:31. > :06:35.professes it does not want to do. But it cannot simply stand in the
:06:36. > :06:40.sidelines but wants to protect its resources. And it has a lot of
:06:41. > :06:43.investments especially for Africa, that is why you have the Foreign
:06:44. > :06:50.Minister making a two of gun and Senegal? He is going to garner and
:06:51. > :06:58.Senegal, it underscores how important Africa is to China. China
:06:59. > :07:05.is the continent's biggest trade partner. Its interest is in the
:07:06. > :07:11.growing markets in China to sell goods. China gets a third of its oil
:07:12. > :07:15.from the continent. As we have seen Tom South Sudan, that often means
:07:16. > :07:24.working in countries facing instability. The simple phone has
:07:25. > :07:29.come a long way since it was first invented in the 1800s. Instead of
:07:30. > :07:36.just being used for calls, they are now sources of information, social
:07:37. > :07:42.networking and doing business. We spoke with an expert on the rise of
:07:43. > :07:48.mobile comments in the region. Asia is the fastest growing of all our
:07:49. > :07:55.comments regions. It is driven by the smart phone. The adoption across
:07:56. > :07:59.the region. It is led by China and India and some of the big population
:08:00. > :08:06.countries. It is the arrival of the smart phone that is driving a lot of
:08:07. > :08:10.the mobile commerce we are seeing. You talk about countries such as
:08:11. > :08:14.China and India, the fact remains that in countries like these, smart
:08:15. > :08:20.phones are very Spence of unlike the Western economies. The phone service
:08:21. > :08:26.providers do not subsidise them cook that hurt future growth? Yes, for
:08:27. > :08:31.certain markets. It talks about what market segment to talk about.
:08:32. > :08:36.Research showed that the urban individuals in India. Individuals
:08:37. > :08:43.over 18 who have a bank account, who have a mobile phone. You get very
:08:44. > :08:49.high smart phone penetration in that segment. It is about 90%. These are
:08:50. > :08:54.the people that will be driving a lot of the transactions. If you talk
:08:55. > :09:00.about India in general, smart phone penetration is 20%. In the
:09:01. > :09:05.short-term, it is not about all of India adopting smart phones, it is
:09:06. > :09:09.about the people who drive transactions which becomes your
:09:10. > :09:14.growing middle class. What about security concerns, you store a lot
:09:15. > :09:19.of your sensitive financial information on your mobile phone and
:09:20. > :09:25.use that to make payments to another mobile phone or another Alec Tronic
:09:26. > :09:30.device. How safe is that? -- electronic device. The security is
:09:31. > :09:37.not quite as vulnerable as one might think. There has been some very good
:09:38. > :09:47.technological advancements. If you look at mobile banking, for mobile
:09:48. > :09:53.banking, two weight checks, for loading up your phone is into a
:09:54. > :09:57.mobile wallet, there is something called trusted service management.
:09:58. > :10:05.These are all good technologies. Is all about influencing and really
:10:06. > :10:15.getting the consumer to believe it is not as risky as he or she may
:10:16. > :10:19.think. A quick look at the markets, Asian stocks are currently moving
:10:20. > :10:25.higher in midmorning Wednesday trade. Earlier it was mixed, now
:10:26. > :10:31.Japan, Hong Kong and South Korea and Australia in positive territory 's
:10:32. > :10:43.after US equities rallied overnight after a slump around the museum. --
:10:44. > :10:46.the new year. The top stories this hour: Four US Air Force crew members
:10:47. > :10:49.were killed when their Pave-Hawk helicopter crashed during a training
:10:50. > :10:52.mission on the east coast of England Records tumble in the United States
:10:53. > :10:53.as the Arctic blast continues - all 50 states suffer freezing
:10:54. > :10:54.temperatures