:00:00. > :00:00.Geldof, said his family was beyond pain. `` 25. Now for the latest
:00:07. > :00:18.business news from Singapore. Australia and Japan agreed to the
:00:19. > :00:27.major points of a free`trade agreement, dubbed the cars and cows
:00:28. > :00:28.steel. We find out more about the chicken cup going under the hammer
:00:29. > :00:43.in Hong Kong. Thank you for watching us. We start
:00:44. > :00:46.today with the free`trade pact between Australia and Japan which
:00:47. > :00:53.has been dubbed the cars and cows deal. It has been negotiated forever
:00:54. > :00:57.seven years but the prime minister of Australia and Japan agreed on the
:00:58. > :01:02.key points of the arrangement. The Japanese prime ministers said that
:01:03. > :01:06.the two countries will sign the accord as early as possible. Part of
:01:07. > :01:12.the deal will see a straight drop its 5% duty on Japanese cars and
:01:13. > :01:18.Tokyo would reduce in half its steep tariff almost 40% on Australian
:01:19. > :01:23.beef. Tony Abbott says that the deal marks a historic occasion for both
:01:24. > :01:28.nations. One of our regular economist commentators from Sydney
:01:29. > :01:32.spoke to us earlier. The deal is good for Australia and it is hard to
:01:33. > :01:37.quantify these things but the bottom line is that Australian farmers,
:01:38. > :01:40.particularly beef producers, can export more products to Japan and
:01:41. > :01:52.Australian consumers get the advantage of cheaper Japanese cars.
:01:53. > :01:56.That sounds like a good deal. In terms of the deal, when will
:01:57. > :02:01.Australians feel the benefits? The car prices should start to come down
:02:02. > :02:06.pretty immediately, whenever that is introduced. If you're buying a
:02:07. > :02:14.$30,000 Japanese car that should fall to about $28,500. Australian
:02:15. > :02:17.consumers get quite a saving. Economic benefit should start to
:02:18. > :02:24.become apparent fairly soon. I will not resign as `` revise up my
:02:25. > :02:30.economic growth prospect for Australia but this is promising.
:02:31. > :02:33.Prime Minister Tony Abbott is heading to South Korea to sign
:02:34. > :02:37.another deal. Do you think that these free`trade agreements will
:02:38. > :02:43.help fill the gap left by the mining boom? They will help. Australia got
:02:44. > :02:48.a huge boost over the last few years as mining investment boomed but that
:02:49. > :02:51.is now coming down as quickly as it went up and we need other sectors of
:02:52. > :02:56.the economy to help out. Agriculture is a big part of that and free`trade
:02:57. > :03:00.deals help there. That combines with the recovery we are seeing in
:03:01. > :03:04.Australian housing and consumer sectors to fill the gap left as the
:03:05. > :03:11.mining boom slows down. This trend in economy should come out of this
:03:12. > :03:15.reasonably well. Hard as this bilateral deal with the Koreans and
:03:16. > :03:20.the Japanese impact on the transpacific partnership being
:03:21. > :03:26.sponsored by the US? There are various deals going on. There are
:03:27. > :03:32.also negotiations with the WTO. These things have an impact on that
:03:33. > :03:37.and I would expect that it agreements are reached in the TPP,
:03:38. > :03:42.these deals will get folded into that. The bottomline is that
:03:43. > :03:52.multilateral agreements are the best ones. Having Australia do this with
:03:53. > :04:03.several countries in the region, that is a good move. In other
:04:04. > :04:07.business news, South Korea's electronics giant Samsung has
:04:08. > :04:12.revised profits down. They're the world 's biggest maker of TV sets
:04:13. > :04:26.and mobile phones and they expect to make operating profit down 4% from
:04:27. > :04:30.last year. Microsoft will end support for its Windows XP operating
:04:31. > :04:35.system later today and that means that there will be no more security
:04:36. > :04:38.updates or bug fixes. Some governments are negotiated extended
:04:39. > :04:41.support contracts in a bid to keep users protected but security firms
:04:42. > :04:45.warn that anybody else using the 13`year`old software will be at an
:04:46. > :04:57.increased risk of infection and compromise. World finance ministers
:04:58. > :05:02.are gathering in Washington, DC for the meetings of the IMF and World
:05:03. > :05:06.Bank. The IMF will be releasing its global economic forecast later
:05:07. > :05:12.today. What can we expect? Here is the BBC's correspondent. The streets
:05:13. > :05:17.around the Washington headquarters of the IMF and the World Bank will
:05:18. > :05:23.be teeming with visitors from government officials to academics.
:05:24. > :05:27.The IMF is one of the most powerful players in the world economy. It is
:05:28. > :05:33.expected to urge policymakers to do more to spur growth. The lender of
:05:34. > :05:36.last resort says that five years after the start of the financial
:05:37. > :05:42.crisis growth remains too weak and too slow. Some of the obstacles to
:05:43. > :05:49.growth include super low inflation, especially in Europe. Geopolitical
:05:50. > :05:54.tensions and communication by central banks are also issues. They
:05:55. > :05:56.would like to see greater cooperation among countries,
:05:57. > :06:00.especially when it comes to developing economic policies. The
:06:01. > :06:09.global economy may no longer be frozen, but economic bugs are slow
:06:10. > :06:13.to bloom. Anyone can have a good idea but turning it into a viable
:06:14. > :06:23.business and persuading investors to back you is not always easy. One
:06:24. > :06:26.start`up called Grabbed Taxi is announcing a new eight figure
:06:27. > :06:33.investment. But how did it get this far? I spoke earlier to the founder
:06:34. > :06:38.of the fund to find out where the initial seed money came from. Being
:06:39. > :06:44.in that place, the continent of Southeast Asia is now half of
:06:45. > :06:51.China, 600 million population, growing very very fast with mobile
:06:52. > :06:56.phone penetration. Does it help that you win a Harvard business
:06:57. > :07:05.competition? What about others? For us it is betting in the right way.
:07:06. > :07:07.Taking on this mobile phone wave. We are also involved in the daily
:07:08. > :07:11.fabric of everybody's lives. It is fabric of everybody's lives. It
:07:12. > :07:23.public transportation, extremely visible. We have 15 times bigger
:07:24. > :07:32.than the next guy. You have to be unique. Yes. What about the venture,
:07:33. > :07:50.capital landscaping in Southeast Asia. It is exciting. People are
:07:51. > :07:53.getting more confidence. Your application is getting more
:07:54. > :07:59.traction. How does it continue to attract more funding? The key is
:08:00. > :08:05.making sure that you are a leader, making sure that you innovate. There
:08:06. > :08:09.will be a lot of noise but invest in your people. Our same group of
:08:10. > :08:13.people that we started with a silver this and fighting like there is no
:08:14. > :08:21.tomorrow. Ensuring that you maintain that leadership and grow the gap
:08:22. > :08:25.from 15 to 20. Chinese art lovers and investors the world over will be
:08:26. > :08:31.keeping their eyes on one small porcelain cup today. The so`called
:08:32. > :08:38.chicken cup is going under the hammer in Hong Kong and is expected
:08:39. > :08:45.to set a record price for Chinese ceramics, between 39 and 40 million
:08:46. > :08:48.US dollars. Unveiling a masterpiece. This tiny 15th century cup is
:08:49. > :08:56.expected to unleash a furious bidding war between international
:08:57. > :09:01.collectors. The winning bid above $32 million would set a new global
:09:02. > :09:07.record for Chinese porcelain at auction. These cups were produced
:09:08. > :09:14.with a trademark and soon after that later emperors all collected them.
:09:15. > :09:22.They had been copied. These are objects based in mythology. This is
:09:23. > :09:26.why they are so valuable. Their legendary aura goes far beyond their
:09:27. > :09:31.historical importance. This cup is believed to be one of four in
:09:32. > :09:39.private hands. At investors are watching the sale for clues to the
:09:40. > :09:44.once booming Chinese art market. Revenues are estimated to have
:09:45. > :09:47.peaked in 2011. They then fell sharply in 2012. Part of the problem
:09:48. > :09:52.is the prevalence of fakes, including these copies. This has
:09:53. > :09:55.proven to be one of the biggest challenges facing the art investment
:09:56. > :10:00.market. China's auction industry has pledged to tackle the problem. But
:10:01. > :10:06.despite worries about counterfeits in the market, appetites are once
:10:07. > :10:11.again whetted. A record`setting price per the Ming dynasties up a
:10:12. > :10:18.point to signs of recovery for the Chinese art and porcelain market. A
:10:19. > :10:20.pricey chicken cup. Let's have a look at the markets. Asian stocks
:10:21. > :10:31.are under pressure. Thank you so much for investing your
:10:32. > :10:47.time with us. The main news stories this hour. The
:10:48. > :10:49.US has voiced great