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in September's referendum would increase costs for the company. Now | :00:00. | :00:00. | |
on BBC News all the latest business news live from Singapore. Microsoft | :00:00. | :00:19. | |
installs a new chief executive and chairman. The politically sensitive | :00:20. | :00:29. | |
rice scheme in Thailand is dealt a blow after a major contract. Roof. | :00:30. | :00:42. | |
We begin in Silicon Valley where a long anticipated changing of the | :00:43. | :00:47. | |
guard has taken place at Microsoft. Company insider Satya Nadella has | :00:48. | :00:52. | |
been tapped as the third ever CEO of the company. He joins the software | :00:53. | :00:57. | |
manufacturer -- joined the software manufacturer more than two decades | :00:58. | :01:02. | |
ago. He led various businesses in Microsoft before being given the big | :01:03. | :01:09. | |
job. Microsoft founder, Bill Gates, is stepping aside as well as | :01:10. | :01:13. | |
chairman to become a technology adviser to the company. John | :01:14. | :01:18. | |
Thompson, a director who led the CEO search, will take over from Mr | :01:19. | :01:27. | |
Gates. I asked the founder of a major technology website about how | :01:28. | :01:30. | |
the tech world was receiving this change. A lot of shareholders wanted | :01:31. | :01:36. | |
somebody who could shake up Microsoft, from the outside. That is | :01:37. | :01:42. | |
why there was so much excitement about the Ford CEO coming in and | :01:43. | :01:47. | |
taking a fresh look at Microsoft. Shareholders are disappointed with | :01:48. | :01:50. | |
the notion of one of the tenants of Steve Ballmer taking over the job. A | :01:51. | :01:54. | |
lot of investors were looking for that. Satya Nadella is not widely | :01:55. | :02:00. | |
known in the tech world. What are your sources tell you about him? She | :02:01. | :02:05. | |
is very well respected and that the company. In the tech world he is not | :02:06. | :02:11. | |
a household name at this point. She is a quiet but strong individual. He | :02:12. | :02:17. | |
has a lot of principle and, according to people who worked with | :02:18. | :02:21. | |
him, we'll look at the data and not be afraid of bold decisions. He | :02:22. | :02:27. | |
needs to translate that respect into the broader world and the stock | :02:28. | :02:31. | |
market. Many analysts are saying that it will basically be three | :02:32. | :02:40. | |
people running the company. The big question is, will Satya Nadella be | :02:41. | :02:45. | |
allowed to make the transformative change is that Microsoft needs at | :02:46. | :02:50. | |
the product and people level? The fact that you have seen John | :02:51. | :02:56. | |
Thompson, rise so quickly to the role of chairman speaks to the fact | :02:57. | :03:01. | |
that he at least will be willing to give the new CEO a long leash to | :03:02. | :03:07. | |
make potential changes. Bill Gates being there is more the product | :03:08. | :03:10. | |
side. She will be willing to make changes, given the struggles that | :03:11. | :03:15. | |
Microsoft has had, particularly on smartphones and tablets. That | :03:16. | :03:20. | |
extent, we will see change. It will not be radical change. Over time, | :03:21. | :03:27. | |
you will see Satya Nadella make his own mark on the company. In other | :03:28. | :03:34. | |
business News, shares of Panasonic surged more than 50% after posting | :03:35. | :03:41. | |
stronger than expected earnings. The Japanese electronics maker said that | :03:42. | :03:46. | |
its quarterly profit tripled to $3.4 billion. The stock price of Sony, | :03:47. | :03:56. | |
rose on reports that it will sell its computer division. Its shares | :03:57. | :04:01. | |
gained 8% in trade at Tokyo. That is a one-week high. Please do not | :04:02. | :04:13. | |
worry. The commerce Ministry is trying its best. Those are the words | :04:14. | :04:17. | |
of a government minister in Thailand on Tuesday as he announced that | :04:18. | :04:20. | |
China has cancelled the contract to buy more than 1 million tonnes of | :04:21. | :04:24. | |
rice. The deal would have been the first stage of a much bigger sale, | :04:25. | :04:30. | |
but Thailand's entire rice subsidy scheme is being investigated by the | :04:31. | :04:33. | |
corruption commission. The political turmoil is no close to being | :04:34. | :04:43. | |
resolved. For more than two years, Thai farmers have been able to sell | :04:44. | :04:45. | |
the entire rice crop to the government for a guaranteed price. | :04:46. | :04:50. | |
It has been an understandably popular policy with them. But it has | :04:51. | :04:54. | |
left the government holding an immense and growing rice Mt. It is | :04:55. | :05:01. | |
estimated at more than 15 million tonnes. It has proved hard to sell | :05:02. | :05:05. | |
overseas without making a huge loss. When I met the minister in charge of | :05:06. | :05:09. | |
the rice scheme, I asked him if he was having any success in unloadings | :05:10. | :05:14. | |
the rice. We have been doing pretty well lately. At the beginning, we | :05:15. | :05:22. | |
may have had a problem but that was only a short time and it has now | :05:23. | :05:29. | |
been moving quite well. We are still doing the normal sales. Which were | :05:30. | :05:35. | |
selling at a lower price? You have to look at this. With this kind of | :05:36. | :05:43. | |
programme, you need a budget. You may say, this is the loss. But even | :05:44. | :05:49. | |
the skin of the last government, they provided a budget for this. The | :05:50. | :05:53. | |
amount of the subsidy is not that high. Really? Do you actually know | :05:54. | :06:02. | |
how much this rice scheme has cost? Can you put a figure on it? We have | :06:03. | :06:11. | |
accounts year by year, but we do not know exactly. We can estimate. The | :06:12. | :06:20. | |
amount of money, the subsidy, what you're calling a loss, it is not | :06:21. | :06:26. | |
very different. At a time, he was still in talks with China to explore | :06:27. | :06:30. | |
a million tonnes of rice at an undisclosed price. There was a hope | :06:31. | :06:35. | |
of selling a further 6 million tonnes. That deal would help to | :06:36. | :06:41. | |
reduce the stocks and feel hole in the budget. Now it has fallen | :06:42. | :06:46. | |
through. This leaves the government with few options for paying farmers | :06:47. | :06:51. | |
for the last crop in October. Until Parliament reconvenes it has limited | :06:52. | :06:55. | |
powers to raise funds. Angry, unpaid farmers have been protesting by | :06:56. | :06:59. | |
blocking roads. Some have even joined the anti-government movement | :07:00. | :07:03. | |
in Bangkok. Critics now believe that the government will have to abandon | :07:04. | :07:13. | |
the rice scheme. Thailand can only then recover its previous reputation | :07:14. | :07:19. | |
as a benchmark for quality. Car sales in India have dipped for the | :07:20. | :07:23. | |
first time in over a decade last year. The entire industry is feeling | :07:24. | :07:28. | |
the effects. India is holding one of the biggest auto Expo is holding one | :07:29. | :07:32. | |
of the biggest auto expos in Asia, it is worth asking if the sector can | :07:33. | :07:37. | |
come out of this slump? Trying to get back into the spotlight, these | :07:38. | :07:44. | |
are the first new cars from the major motoring companies in nearly | :07:45. | :07:56. | |
four years. Sales at Tata fell more than at any of its rivals. This was | :07:57. | :08:06. | |
the ultra cheap, small car that Tata Motors created and which were | :08:07. | :08:08. | |
supposed to revolutionise the industry. What it has disappointed | :08:09. | :08:15. | |
since its launch. The current -- the company now wants to change its | :08:16. | :08:20. | |
strategy. If you look at the demographic of the buyers, we are | :08:21. | :08:25. | |
seeing more younger buyers. Cheap is not what they are looking for. | :08:26. | :08:29. | |
They're looking for the right value, something that enhances their | :08:30. | :08:34. | |
identity. We are repositioning the brand, and targeting those younger | :08:35. | :08:40. | |
buyers. And it is not just Tata Motors. Every other car maker in the | :08:41. | :08:45. | |
country is trying to tempt the consumers in a market down 10%. | :08:46. | :08:51. | |
Customers are hardly walking into the showrooms these days. Borrowing | :08:52. | :08:54. | |
has become more expensive in the last couple of years. But about two | :08:55. | :09:01. | |
thirds of all cars in India are being sold on loans. Higher | :09:02. | :09:05. | |
borrowing costs mean that purchasing decisions are being delayed. But the | :09:06. | :09:13. | |
market is not uniformly bad. Foreign firms like Ford are sitting on | :09:14. | :09:20. | |
months of orders. Launching a new prototype of the existing compact | :09:21. | :09:28. | |
car, the company says that getting India right is crucial for its | :09:29. | :09:33. | |
success. Our investments are on track. We are investing $2 billion | :09:34. | :09:39. | |
into India, 1 billion of which is for a factory facility. That will be | :09:40. | :09:43. | |
operational by the end of this year. There is great potential. While the | :09:44. | :09:49. | |
urban roads of India may be struggling with traffic jams, there | :09:50. | :09:54. | |
are millions of people still looking to buy their first car. So carmakers | :09:55. | :10:00. | |
in the third watermark at in Asia, are hoping that the auto show will | :10:01. | :10:05. | |
drive interest and sales to help change the fortunes of the | :10:06. | :10:13. | |
industry. In the markets, after a strong start, the rally has fizzled. | :10:14. | :10:19. | |
Sentiment is mixed, following a rise in Wall Street. Hong Kong is lower. | :10:20. | :10:27. | |
Australia is also in negative territory as the Australian dollar | :10:28. | :10:29. | |
continues to gain. | :10:30. | :10:36. |