:00:00. > :00:00.sovereignty but retain the sterling. The Scottish government wants to
:00:00. > :00:00.keep the pound if it breaks away. Now time for the latest business
:00:00. > :00:22.news live from Singapore. America's Central bank continues to
:00:23. > :00:25.reduce its supply of cheap money, reining in its massive bond buying
:00:26. > :00:31.scheme. As China becomes the board's biggest market for red wine
:00:32. > :00:37.consumption, we find out how producers are making the most out of
:00:38. > :00:43.it. Thank you for watching. The Asian business report. The kick off
:00:44. > :00:47.with the American central bank reducing its monthly bond buying
:00:48. > :00:52.stimulus programme by $10 million to 65 billion, staying with its plan to
:00:53. > :00:56.cut back the supply of cheap money will stop the Federal reserve said
:00:57. > :01:02.economic growth had picked up since December. The move was expected but
:01:03. > :01:07.the US share prices fell overnight on the news. In Asia, Tokyo is down
:01:08. > :01:11.more than 3%, that is 500 points, following the tumble in New York and
:01:12. > :01:15.worries over turbulence in emerging markets in addition to the Fed's
:01:16. > :01:22.decision to cut stimulus ending. Australia is giving back more than
:01:23. > :01:28.1%, those 53 points, in the Hong Kong stock market that is losing
:01:29. > :01:37.about 326 points at 1.5%. South Korea is closed G2 the lunar New
:01:38. > :01:49.Year holiday. What this suggests is that the
:01:50. > :01:54.struggles in the emerging markets while important to keep an eye on in
:01:55. > :01:58.terms of the US economy, it does not pose a really big threat, that is
:01:59. > :02:02.why I think you're seeing the Federal reserve continuing on with
:02:03. > :02:07.the reduction in its acid purchases. It really went on to talk about the
:02:08. > :02:13.strengths in the US economy, it is actually, economic activity is
:02:14. > :02:16.gaining steam here, we are seeing consumer confidence increasing, we
:02:17. > :02:21.seek operation starting to hire again and there is a sense in this
:02:22. > :02:25.country that the economy is getting a little bit better. They foresee
:02:26. > :02:28.that to be happening in the future which is why you see the Federal
:02:29. > :02:33.reserve deciding to continue with its plans to scale back its support
:02:34. > :02:37.of the American economy. With the scaling back of the bond buying
:02:38. > :02:42.programme, there were no surprises, the Fed stayed the course, the
:02:43. > :02:48.market still reacted to the downside they were expecting this. It is
:02:49. > :02:56.interesting because one of the reasons why the Fed, the third felt
:02:57. > :03:00.comfortable with the reduction. If you look at the last time the
:03:01. > :03:05.Federal reserve announced the reduction, the stock market took the
:03:06. > :03:11.information quite well. This time we saw the markets here in the United
:03:12. > :03:16.States fell by 8% or even more. -- a percentage point or more. That has
:03:17. > :03:21.to do with corporate earnings of less than anticipated and also the
:03:22. > :03:24.strain we are seeing in emerging markets, that is putting some
:03:25. > :03:29.pressure on markets here in the United States. In other business
:03:30. > :03:42.News, making headlines, in a surprise move, Google sold
:03:43. > :03:47.Motorola. They bought it for $2.5 billion in 2012. They have made a
:03:48. > :03:50.loss. They will keep several lucrative patents, including the
:03:51. > :03:58.android smartphone and the tablet software. In a statement, they said
:03:59. > :04:06.the smart phone market is complex. Shares in Facebook sorry more than
:04:07. > :04:08.10% in after-hours trading after the company reported
:04:09. > :04:13.better-than-expected profits for the three months ending in December. The
:04:14. > :04:18.company recorded revenues of $522 million for the quarter and that is
:04:19. > :04:22.a city 3% increase from the year before. -- city 3%. The blues came
:04:23. > :04:32.from strong mobile advertising sales. Shares in Japanese game
:04:33. > :04:35.console maker Nintendo are climbing by 7% in Tokyo trade today after the
:04:36. > :04:43.videogames maker said it would buy back about $1.2 billion worth of its
:04:44. > :04:48.outstanding shares. Nintendo which reportedly has diving prophet said
:04:49. > :04:52.its executives would take a pay cut it to make amends for its poor
:04:53. > :04:56.performance. The firm is to announce a new strategy later today. Fresh
:04:57. > :05:00.growth darter from the Philippines reveals its economy expanded by 6.5%
:05:01. > :05:08.in the final call -- quarter of 2013, beating most expectations.
:05:09. > :05:11.Done from a 6.9% gain in the previous quarter. The expansion
:05:12. > :05:16.comes despite the impact of tough and high-end which shocked the
:05:17. > :05:27.country in November. -- tough and high-end. Repair works costing $8
:05:28. > :05:35.billion could provide a boost to the economy in 2014. Earlier I asked
:05:36. > :05:40.what else would drive the Philippine economy in 2014. One of the positive
:05:41. > :05:46.point of the economy is that public and stroke -- consumption remain
:05:47. > :05:51.strong. That should continue to support the economy in 2014. Another
:05:52. > :05:54.positive for the economy is we are seeing revival in manufacturing. The
:05:55. > :06:01.manufacturing roof came into double digits. It should benefit from the
:06:02. > :06:06.better global growth this year. Manufacturing has been one of the
:06:07. > :06:10.weaker points of the Philippine economy that has been driven by
:06:11. > :06:14.remittances from overseas and the surging growth of the outsourcing
:06:15. > :06:24.industry. That is wide. -- right. We need to remember the infrastructure
:06:25. > :06:30.that should continue to drive growth. We expect that to continue
:06:31. > :06:34.this year, especially with the reconstruction efforts taking place
:06:35. > :06:48.in the affected areas by the typhoon. In South Africa, the
:06:49. > :06:53.central bank has raised 25 1/2% the interest rate. The bank was by
:06:54. > :06:57.Governor said the global financial crisis was entering a new phase.
:06:58. > :07:01.There were new challenges for emerging market economies. She said
:07:02. > :07:05.the depreciation of the South African currency and its exchange
:07:06. > :07:14.rate was a primary cause of the red Riders. Boeing saw profits mean 26%
:07:15. > :07:17.to $23 billion in the three months to December as it delivered more
:07:18. > :07:22.commercial aircraft. The shares fell at early training, the future
:07:23. > :07:27.revenue and profits would be lower than had been forecast. The company
:07:28. > :07:35.said that it expected to deliver up to 725 air planes this year, a 10%
:07:36. > :07:39.increase on 2013. China has overtaken France and Italy to become
:07:40. > :07:46.the wobbles like biggest consumer of red Lion. -- red wine. The wine
:07:47. > :07:50.market in Asia is set to become as big as the United States within
:07:51. > :07:55.three years. We look at how some companies will crack into the market
:07:56. > :07:58.as the region's appetite for wine develops. Preparing for a dinner
:07:59. > :08:05.party is not always easy, especially for Kelly Lynn who wants to serve an
:08:06. > :08:08.unusual dish called Fish head curry. It is popular in Singapore but like
:08:09. > :08:12.many Asian specialties, it is difficult to pair with wine. She is
:08:13. > :08:20.turning to a bespoke Internet site to ask producers for help. I am more
:08:21. > :08:29.of a social drinker. He was great to help me with planning like dinner
:08:30. > :08:36.parties for my friend. Asiafirst for wine is developing, fuelled by
:08:37. > :08:41.demand, sales across the region amounted to $28 billion per year. In
:08:42. > :08:45.Asia, red wine is a lot more popular than white wine, even in the
:08:46. > :08:50.tropics, one reason for that is the colour red is seen as more
:08:51. > :08:52.auspicious, so the demand for red over white is something that
:08:53. > :08:58.produces looking to increase their market share here need to keep on
:08:59. > :09:05.top of their mind. 29 -year-old Paul Durkin is the founder of one
:09:06. > :09:11.family, a website where people can showcase in select products for
:09:12. > :09:14.free. With global Internet sales worth $5 billion per year, he says
:09:15. > :09:20.is for them to connect with buyers online. In Indonesia and Malaysia,
:09:21. > :09:26.while consumption of wine is one, the use of social media is extremely
:09:27. > :09:31.high. This is where people want to engaged. 15 wine makers and
:09:32. > :09:38.distributors now use the website, here, one of the world's biggest
:09:39. > :09:42.producers, staff are looking to add new wines to their online store.
:09:43. > :09:48.That is because last year's sales in Singapore rose 4% by being part of
:09:49. > :09:52.one family for a month. Our consumers tend to be younger, they
:09:53. > :09:56.tend to be people who are not engaged in the more traditional
:09:57. > :09:59.media forms like Prince but these people are very importantly looking
:10:00. > :10:03.at social media is the key influence on their purchasing decisions.
:10:04. > :10:10.Despite Asia's reference for red wine, I can carry's apartment, they
:10:11. > :10:14.are white wine with their curry. Since you're the recommendation for
:10:15. > :10:18.the wireline, it highlights the potential of the Internet in
:10:19. > :10:25.changing Asian palates and the winds that people buy. -- winds. Make sure
:10:26. > :10:29.you talk at the revamped Asian News plays which will feature more news
:10:30. > :10:48.from around the region. The Canadian pop star Justin Bieber
:10:49. > :10:51.has turned himself into police in Toronto on charges relating to
:10:52. > :10:56.allegations of an assault on a limousine driver in December. A
:10:57. > :10:57.freak snowstorm that hit state in the US did