:00:00. > :00:00.Geldof, said his family was beyond pain. He said they would cherish
:00:00. > :00:00.forever. `` her forever. Now for the latest
:00:07. > :00:14.business news, live from Singapore. Australia and Japan agreed to the
:00:15. > :00:20.major points of a free`trade agreement, dubbed the cars and cows
:00:21. > :00:24.deal. We find out more about the chicken
:00:25. > :00:32.cup going under the hammer in Hong Kong.
:00:33. > :00:43.Thank you for joining us. I'm Rico Hizon. We start with the free`trade
:00:44. > :00:54.pact between Australia and Japan, which has been dubbed the cars and
:00:55. > :00:57.cows deal. It has been negotiated for over seven years but tonight the
:00:58. > :01:02.prime ministers of Australia and Japan agreed on the key points of
:01:03. > :01:10.the arrangement. Mr Abe said that the two countries will sign the deal
:01:11. > :01:13.as early as possible. Part of the deal will see a drop in the 5% duty
:01:14. > :01:17.on Japanese cars and Tokyo would reduce in half its steep tariff of
:01:18. > :01:26.almost 40% on Australian beef. Tony Abbott says that the deal marks a
:01:27. > :01:29.historic occasion for both nations. I earlier spoke to one of our
:01:30. > :01:36.regular economist commentators from Sydney. The deal is good for
:01:37. > :01:38.Australia and it is hard to quantify these things but the bottom line is
:01:39. > :01:41.that Australian farmers, particularly beef producers, can
:01:42. > :01:48.export more products to Japan and Australian consumers get the
:01:49. > :01:52.advantage of cheaper Japanese cars. You have to say, that's good for
:01:53. > :01:57.Australian industry and consumers. When will Australians feel the
:01:58. > :01:59.benefits? The car prices should start to come down pretty
:02:00. > :02:04.immediately, whenever that is introduced. I think almost
:02:05. > :02:08.straightaway. If you're buying a $30,000 Japanese car that should
:02:09. > :02:17.fall to about $28,500. Quite a saving there. The economic benefit
:02:18. > :02:23.should start to become apparent fairly soon. I will not revise up my
:02:24. > :02:27.economic growth prospect for Australia but this is promising.
:02:28. > :02:32.Prime Minister Tony Abbott is heading to South Korea to sign
:02:33. > :02:35.another deal. Do you think that these free`trade agreements will
:02:36. > :02:44.help fill the gap left by the mining boom? They will help. Australia got
:02:45. > :02:49.a huge boost over the last few years as mining investment boomed. That's
:02:50. > :02:52.now coming down as quickly as it went up and we need other sectors of
:02:53. > :03:01.the economy to help out. Agriculture is a big part of that and free`trade
:03:02. > :03:04.deals help there. That combines with the recovery we are seeing in the
:03:05. > :03:08.Australian housing and consumer sectors to fill the gap left as the
:03:09. > :03:22.mining boom slows down. The Australian economy should come out
:03:23. > :03:25.of this reasonably well. How has this bilateral deal with the Koreans
:03:26. > :03:27.and the Japanese impacted on the transpacific partnership being
:03:28. > :03:35.sponsored by the US? There are various deals going on. There are
:03:36. > :03:38.also negotiations with the WTO. These things have an impact on that
:03:39. > :03:41.and I would expect that, if agreements are reached in the TPP,
:03:42. > :03:44.these deals will get folded into that. The bottom line is that
:03:45. > :03:51.multilateral agreements are the best ones. But bilateral ones are a good
:03:52. > :04:03.second best. Having Australia do this with several countries in the
:04:04. > :04:05.region, that is a good move. In other business news, South
:04:06. > :04:14.Korea's electronics giant Samsung has forecast a fall in profits. .
:04:15. > :04:18.They're the world 's biggest maker of TV sets and mobile phones and
:04:19. > :04:27.they expect to make operating profit down 4% from last year. It follows a
:04:28. > :04:29.6% decline in operating profits from the previous quarter.
:04:30. > :04:32.Microsoft will end support for its Windows XP operating system later
:04:33. > :04:40.today. That means that there will be no more security updates or bug
:04:41. > :04:43.fixes. Some governments have negotiated extended support
:04:44. > :04:45.contracts in a bid to keep users protected, but security firms warn
:04:46. > :04:48.that anybody else using the 13`year`old software will be at an
:04:49. > :04:50.increased risk of infection and compromise.
:04:51. > :05:03.World finance ministers are gathering in Washington, DC for the
:05:04. > :05:07.meetings of the IMF and World Bank. Later today, the IMF will reveal its
:05:08. > :05:12.global economic forecast. What can we expect?
:05:13. > :05:15.The streets around the Washington headquarters of the IMF and the
:05:16. > :05:18.World Bank will be teeming with visitors from government officials
:05:19. > :05:21.to academics. The IMF is one of the most powerful players in the world
:05:22. > :05:31.economy. It's expected to urge policymakers to do more to spur
:05:32. > :05:35.growth. The lender of last resort says that five years after the start
:05:36. > :05:38.of the financial crisis, growth remains too weak and too slow. Some
:05:39. > :05:41.of the obstacles to growth include super low inflation, especially in
:05:42. > :05:50.Europe. Geopolitical tensions and communication by central banks are
:05:51. > :05:52.also issues. They would like to see greater cooperation among countries,
:05:53. > :06:01.especially when it comes to developing economic policies. The
:06:02. > :06:05.global economy may no longer be frozen, but the economic buds are
:06:06. > :06:08.slow to bloom. Anyone can have a good idea but
:06:09. > :06:16.turning it into a viable business and persuading investors to back you
:06:17. > :06:20.is not always easy. One start`up called Grab Taxi is announcing a new
:06:21. > :06:33.eight figure investment. But how did it get this far? I spoke earlier to
:06:34. > :06:43.the firm's founder to find out where the initial money came from. We won
:06:44. > :06:46.a competition. Being in that place, the continent of Southeast Asia is
:06:47. > :06:47.now half of China, 600 million population, growing very fast with
:06:48. > :06:49.mobile phone penetration. a competition. Being in that place,
:06:50. > :06:52.the continent of Does it help that you win a Harvard business
:06:53. > :07:04.competition? What about others? Where do they get their money? For
:07:05. > :07:08.us, it's betting on the right wave. Taking this mobile phone wave. We
:07:09. > :07:10.are also involved in the daily fabric of everybody's lives. It is
:07:11. > :07:18.public transportation, extremely visible. We are 15 times bigger than
:07:19. > :07:30.the next guy. You have to be unique. Yes. And very dominant in every
:07:31. > :07:32.market. What about the venture, capital landscaping in Southeast
:07:33. > :07:48.Asia? It is exciting. People are getting more confidence. We've seen
:07:49. > :07:51.what people are betting on in China. There are more start`ups that fail
:07:52. > :07:54.than succeed. Your application is getting more traction. How does it
:07:55. > :07:57.continue to attract more funding? The key is making sure that you are
:07:58. > :08:03.a leader, making sure that you innovate. There will be a lot of
:08:04. > :08:12.noise but really investing in your people. Our same group of people
:08:13. > :08:14.that we started with are still with us and fighting like there's no
:08:15. > :08:17.tomorrow. Ensuring that you maintain that leadership and grow the gap
:08:18. > :08:20.from 15 to 20. Chinese art lovers and investors the
:08:21. > :08:27.world over will be keeping their eyes on one small porcelain cup
:08:28. > :08:31.today. The so`called chicken cup is going under the hammer in Hong Kong
:08:32. > :08:38.and is expected to set a record price for Chinese ceramics, between
:08:39. > :08:42.39 and 40 million US dollars. `` 25 to 39 million.
:08:43. > :08:45.Unveiling a masterpiece. This tiny 15th century cup is expected to
:08:46. > :08:53.unleash a furious bidding war between international collectors. A
:08:54. > :09:06.winning bid above $32 million would set a new global record for Chinese
:09:07. > :09:10.porcelain at auction. These chicken cups were produced with a trademark
:09:11. > :09:15.and soon after that later emperors all collected them. They had them
:09:16. > :09:19.copied. These are objects bathed in mythology. This is why they are so
:09:20. > :09:22.valuable. Their legendary aura goes far beyond their historical
:09:23. > :09:34.importance. This cup is believed to be one of four in private hands. Art
:09:35. > :09:37.investors are closely watching the sale for clues about the once
:09:38. > :09:40.booming Chinese art market. Revenues are estimated to have peaked in
:09:41. > :09:43.2011. They then fell sharply in 2012. Part of the problem is the
:09:44. > :09:49.prevalence of fakes, including these copies. This has proven to be one of
:09:50. > :09:51.the biggest challenges facing the art investment market. China's
:09:52. > :10:00.auction industry has pledged to tackle the problem. But, despite
:10:01. > :10:10.worries about counterfeits in the market, appetites are once again
:10:11. > :10:14.whetted. A record`setting price for the Ming Dynasty cup may point to
:10:15. > :10:16.signs of recovery for the Chinese art and porcelain market.
:10:17. > :10:25.A pricey chicken cup. Let's have a look at the markets. As you can see,
:10:26. > :10:33.mixed reaction from the Asian stock markets. Thank you so much for
:10:34. > :10:41.investing your time with us. Bye for now.
:10:42. > :10:50.The main news stories this hour. The US has voiced great concern about
:10:51. > :10:54.heightened tension in eastern Ukraine.
:10:55. > :11:00.Pro`Russian demonstrators have seized control of government
:11:01. > :11:05.buildings. An Australian ship is set to launch
:11:06. > :11:06.an underwater remote submarine to look for the black