Browse content similar to 27/01/2014. Check below for episodes and series from the same categories and more!
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who were unable to use their debit cards for a time on Sunday. There | :00:00. | :00:00. | |
were also problems at cash machines. Customers for Lloyds Bank, TSB and | :00:00. | :00:08. | |
Halifax were affected. Now on BBC News, all the latest business news | :00:09. | :00:09. | |
live from Singapore. Japan posts worst and expect to | :00:10. | :00:25. | |
trade numbers in December. And a ban on the. We find out more about | :00:26. | :00:37. | |
products from Australia. -- ban on beef welcome. | :00:38. | :00:47. | |
We start today Japan were worse than expected trade numbers are out and | :00:48. | :00:52. | |
show the country is hitting a record annual trade deficit in 2013. The | :00:53. | :00:55. | |
December numbers showed trade was less than expected. And imports | :00:56. | :01:02. | |
surge in 25% due to a weaker currency and a rise in fossil fuel | :01:03. | :01:09. | |
imports. Welcome. A record deficit. Very much expected but much of it to | :01:10. | :01:16. | |
do with the rise in fuel imports. This is due to the fact that | :01:17. | :01:22. | |
obviously Japan shut many of its nuclear power plants after the | :01:23. | :01:26. | |
Fukushima disaster. That is proving to be costly for Japan? Very costly. | :01:27. | :01:32. | |
There are two things going on. There is an historical shift going on, | :01:33. | :01:36. | |
from Japan being a creditor nation to Japan being a debit nation. | :01:37. | :01:41. | |
That's a shift away from manufacturing, the hollowing out of | :01:42. | :01:47. | |
many sectors being moved to places like China. So, Japan is exporting | :01:48. | :01:53. | |
less. But there's also the factor of the Japanese yen weakening | :01:54. | :01:57. | |
dramatically last year. Very deliberate policy to try to boost | :01:58. | :02:01. | |
exports. It has boosted exports by around 10% but not by enough to make | :02:02. | :02:08. | |
up for the huge increase in costs, Piccadilly of energy. This is really | :02:09. | :02:12. | |
tired to the shutting of Japan's nuclear power plants. -- the. Japan | :02:13. | :02:18. | |
is now the biggest importer of natural gas and the huge import of | :02:19. | :02:24. | |
coal as well. Those costs have gone up dramatically in the last year | :02:25. | :02:31. | |
because of the weaker Japanese yen. What is the government aiming to do | :02:32. | :02:34. | |
about the problem? Obviously we have seen the Prime Minister aggressively | :02:35. | :02:37. | |
try to stimulate the economy. In that help? They are hoping there is | :02:38. | :02:45. | |
a lag. Energy costs have gone up immediately because of the fall in | :02:46. | :02:49. | |
the value of the Japanese yen but exports will take some time to pick | :02:50. | :02:55. | |
up. The hope is that, this year, we will see a much more dramatic pickup | :02:56. | :02:59. | |
in Japanese exports, to close that gap. The other thing they are | :03:00. | :03:04. | |
talking about is the need to get Japan's nuclear power plants back on | :03:05. | :03:09. | |
and diversified and innovate in Japan's energy sectors. So, | :03:10. | :03:11. | |
liberalising the sector, getting more renewable energy generated | :03:12. | :03:14. | |
here, so the bills go down. Thanks. Staying with Japan, Shinto are they | :03:15. | :03:22. | |
continued his three-day visit to India today. -- Shinzo Abe. He is | :03:23. | :03:32. | |
accompanied by a large business delegation from Japan. Over the | :03:33. | :03:37. | |
weekend, Mr Abe and his counterpart signed agreement in the telecom and | :03:38. | :03:43. | |
energy sectors. It also announced a loan of $2 billion for the metro in | :03:44. | :03:48. | |
Delhi. A want to strengthen their economic and political ties. Our | :03:49. | :03:54. | |
report explains what is bringing the two countries closer. | :03:55. | :04:00. | |
India's celebrations are seeing as a show of might. Troops out on display | :04:01. | :04:06. | |
with the latest weapons. But India really needs strategic and economic | :04:07. | :04:11. | |
buffers and Japan feels like a natural choice. Both countries have | :04:12. | :04:16. | |
territorial disputes with China and have agreed to boost security ties. | :04:17. | :04:23. | |
India, which fought a war with China in the 60s, has been building its | :04:24. | :04:27. | |
military presence on the disputed border to counter a military buildup | :04:28. | :04:30. | |
by China. And, recently, India -- Indian and Japanese Navy ships | :04:31. | :04:35. | |
conducted first ever joint exercises. Economic ties are also | :04:36. | :04:40. | |
improving. Delhi's packed with Tokyo is the biggest trade agreement India | :04:41. | :04:45. | |
has entered into with any other country. -- pact. Many feel the | :04:46. | :04:57. | |
potential is much larger. India spends more than $1 trillion in | :04:58. | :05:02. | |
infrastructure and Japan has been a steady partner. The Delhi Metro | :05:03. | :05:10. | |
railway system is one example. The government of Japan has contributed | :05:11. | :05:14. | |
more than half the cost of the project so far. And the Delhi Mumbai | :05:15. | :05:18. | |
industrial corridor, a $90 billion project which connects the city, has | :05:19. | :05:23. | |
been funded mainly by the Japanese government and industry. Nuclear | :05:24. | :05:27. | |
energy negotiations have been on hold since the Fukushima you clear | :05:28. | :05:31. | |
accident that it is expected to gain momentum soon. Japanese nuclear | :05:32. | :05:35. | |
power were builders are increasingly looking to export their reactors as | :05:36. | :05:41. | |
there aren't many plans for new reactor construction within Japan. | :05:42. | :05:45. | |
Once the regulator clearances go through, India is expected to be a | :05:46. | :05:49. | |
major market. So, for Asia's second and third-largest economies, coming | :05:50. | :05:52. | |
together now they proved to be mutually beneficial. In other news | :05:53. | :05:57. | |
from around the region, the World Bank has pledged $2 billion in | :05:58. | :06:03. | |
development aid to Myanmar for projects including energy supply and | :06:04. | :06:08. | |
healthcare. Myanmar has been closed to much of the outside world for | :06:09. | :06:11. | |
many years. It is struggling to rebuild its economy. Ranks eased | :06:12. | :06:14. | |
lending to Myanmar almost three decades ago. -- banks. | :06:15. | :06:21. | |
Samsung has reached a global patents licensing agreement with Google, | :06:22. | :06:26. | |
among growing intellectual property lawsuit is with companies such as | :06:27. | :06:35. | |
Apple. No financial details of the deal have been released yet. | :06:36. | :06:43. | |
Tata Motors directors had died. The Indian -based company said it deeply | :06:44. | :06:49. | |
regret to announce the untimely and tragic death. The circumstances of | :06:50. | :06:53. | |
his death were not immediately apparent but several reports that he | :06:54. | :06:59. | |
may have had a fall in the hotel in the capital, Bangkok. China says it | :07:00. | :07:03. | |
is seriously concerned about the United States' latest anti-dumping | :07:04. | :07:14. | |
rules. The investigation follows a complaint that China's many | :07:15. | :07:18. | |
factories have been using loopholes in import duties to sell their | :07:19. | :07:22. | |
products to load their fair value in America. | :07:23. | :07:26. | |
Over to Australia, a Russian ban on beef products from Australia comes | :07:27. | :07:31. | |
into effect today. Russia says it has found a growth stimulant in beef | :07:32. | :07:36. | |
ofal imported from Australia, a stimulant provisioned in Russia. -- | :07:37. | :07:46. | |
prohibited in Australia. Earlier, I spoke with our correspondent in | :07:47. | :07:52. | |
Sydney. I asked how worried Australia's beef producers were. | :07:53. | :07:58. | |
Australian producers don't know how long this man will last. Russian | :07:59. | :08:07. | |
authorities say they found traces of the stimulant in byproducts of | :08:08. | :08:12. | |
Australian beef last year. The ban comes into force today. What we here | :08:13. | :08:18. | |
in Australia is the department of agriculture he is working very | :08:19. | :08:21. | |
closely with meat producers to try to impress upon them the very strict | :08:22. | :08:27. | |
guidelines that Russia does have in place. The stimulant is allowed to | :08:28. | :08:31. | |
be imported into other countries but not Russia. That's why Australian | :08:32. | :08:36. | |
beef byproducts will be banned from importation into Russia, starting | :08:37. | :08:43. | |
from today. What is the reaction be Mike from cattle farmers, and beef | :08:44. | :08:51. | |
traders? -- been like. Farming is very important to the Australian | :08:52. | :08:56. | |
economy. Australia is the world's third-largest beef producers after | :08:57. | :09:00. | |
the US and Brazil. This particular trade in byproducts of beef is worth | :09:01. | :09:06. | |
in excess of $8 million each year, about 30 Australian firms are | :09:07. | :09:11. | |
permitted to send beef products to Russia. They are, of course, very | :09:12. | :09:16. | |
nervous that this very lucrative trade has been suspended. Russia has | :09:17. | :09:23. | |
been trying to impress upon Australia that this is a temporary | :09:24. | :09:27. | |
ban and that, when it is happy, all things being equal, the trade should | :09:28. | :09:33. | |
resume. Of course the Australian agricultural authorities are very | :09:34. | :09:35. | |
keen to get this trade reignited, given, as we mentioned before, the | :09:36. | :09:39. | |
overall importance of agriculture to the Australian economy. Let's have a | :09:40. | :09:48. | |
look at the markets. They are all in negative territory, amongst those | :09:49. | :09:53. | |
that are open. In Asia, the Japanese yen has risen. That's taken a huge | :09:54. | :10:01. | |
toll on Japanese markets. They had fallen to a one-month low on Friday, | :10:02. | :10:06. | |
extending losses again. Of course we have the news with the record trade | :10:07. | :10:14. | |
deficit for 2013. The Japanese yen is rising on lots of emerging | :10:15. | :10:16. | |
markets. Concerns particularly about Beijing, curbing its growth, | :10:17. | :10:19. | |
especially in higher risk lending. Federal Reserve is set to meet this | :10:20. | :10:25. | |
week. Concerns that they are tapering much of their monetary | :10:26. | :10:29. | |
stimulus. Or that they will begin to do so. All that affecting markets. I | :10:30. | :10:34. | |
should mention that Australia is shut for a public holiday. At it for | :10:35. | :10:36. | |
now. -- that's it for now. This is BBC News. The headlines: The | :10:37. | :10:47. | |
UN envoy to Syria says the government has | :10:48. | :10:48. |