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in court in the morning. Now on BBC News all the latest | :00:00. | 3:59:59 | |
business news live from Singapore. Ups and downs in the car industry. | :00:00. | :00:15. | |
We go through the latest earning numbers from the US and Japan. | :00:16. | :00:20. | |
What do businesses want from Indonesia's next president? One | :00:21. | :00:21. | |
entrepreneur shares his wish list. Welcome to Asia Business Report. We | :00:22. | :00:33. | |
start off with the automotive sector. Investors have to buckle up | :00:34. | :00:39. | |
for an interesting ride. The US carmaker GM posting a profit of $125 | :00:40. | :00:42. | |
million for the first quarter. Its worst financial result in four | :00:43. | :00:46. | |
years. Its image has been dented by much`publicised recalls. Here, | :00:47. | :00:52. | |
things have gone better for Mitsubishi, which shrugged off | :00:53. | :00:55. | |
sluggish sales in some Asian markets to post a significant increase in | :00:56. | :01:06. | |
profits. GM ended last year positively, with | :01:07. | :01:09. | |
a multimillion dollar profit and its fourth straight year in the black. | :01:10. | :01:19. | |
It seemed like a true reversal of fortune for the automotive giant | :01:20. | :01:22. | |
which, a few years earlier, filed for bankruptcy protection and needed | :01:23. | :01:25. | |
a government bailout. This year, it has been far more challenging. GM | :01:26. | :01:27. | |
recalled seven million vehicles over faulty ignition systems that have | :01:28. | :01:32. | |
been linked to over 12 deaths. Now, it is looking to China to secure its | :01:33. | :01:41. | |
fortunes. It will invest $12 billion in the coming years to take on its | :01:42. | :01:45. | |
European rivals, who have more of a foothold in the market there. China | :01:46. | :01:48. | |
was a bright point for Japanese carmaker Mitsubishi in its annual | :01:49. | :01:51. | |
earnings as well. Sales in Asia, its biggest market, dropped by 4% over | :01:52. | :01:54. | |
the past year. China and the Philippines bucked the trend. | :01:55. | :02:12. | |
Overall, the carmaker did well. Its net income was 104.7 billion yen, an | :02:13. | :02:15. | |
increase of 176% over the previous year. Mazda and Honda are hoping for | :02:16. | :02:20. | |
equally positive results when they report later today. Over to Japan. | :02:21. | :02:32. | |
Prices remain static for a second straight month. That suggests the | :02:33. | :02:36. | |
government still has some way to go when it comes to meeting their | :02:37. | :02:41. | |
target of 2% inflation. This morning's data showed the price of | :02:42. | :02:50. | |
things has increased. CPI in Tokyo rose by 2.7% in April, meaning the | :02:51. | :02:54. | |
national CPI gauge could soon follow suit. | :02:55. | :03:00. | |
Tokyo has ordered for bankruptcy proceedings to begin against the | :03:01. | :03:03. | |
bitcoin exchange that collapsed earlier this year. That is expected | :03:04. | :03:06. | |
to lead to a liquidation of the currency exchange. The court | :03:07. | :03:11. | |
appointed trustee will look at how much the company's remaining bitcoin | :03:12. | :03:14. | |
holdings are worth and will sell`off of assets to raise cash. It is | :03:15. | :03:17. | |
unclear at this stage if investors will get back any of their | :03:18. | :03:26. | |
investments. Within a few months, Indonesia will | :03:27. | :03:29. | |
have a new president and many businesses have been hoping that the | :03:30. | :03:32. | |
election will bring to power the government that is in favour of | :03:33. | :03:35. | |
economic reform. So, how much will the election change the business | :03:36. | :03:38. | |
environment and will it be a change for the better? Recently I spoke to | :03:39. | :03:51. | |
an Indonesian entrepreneur. He is the head of a company which | :03:52. | :03:55. | |
holds the franchise for more than 100 711 stores in the country. | :03:56. | :03:58. | |
We are in the mostly food and beverages sales. With 240 million, | :03:59. | :04:07. | |
people will still need to eat and drink. We are optimistic. Indonesia | :04:08. | :04:11. | |
will have a new president by the middle of this year. What are your | :04:12. | :04:14. | |
expectations? What will you need from the new president? The most | :04:15. | :04:31. | |
important thing is stability. As long as Indonesia is stable and | :04:32. | :04:34. | |
secure, the business and the people will grow. Number two is the | :04:35. | :04:38. | |
policies. Indonesia is growing so fast and the government policy has | :04:39. | :04:41. | |
to catch up with the changing needs of customers, as well as people. And | :04:42. | :04:45. | |
businesses. So, more stable, secure and better policies towards the | :04:46. | :04:56. | |
businesses. What are some of the problems of Indonesia that still | :04:57. | :04:59. | |
need to be fixed? Number one is infrastructure. In Jakarta, traffic | :05:00. | :05:03. | |
jams are everywhere. The roads aren't as equipped to accommodate | :05:04. | :05:06. | |
the growth of the automotive is here. So, the infrastructure is | :05:07. | :05:15. | |
clearly the number one priority for the government. In Jakarta, they are | :05:16. | :05:31. | |
building a monorail, busway. Clearly the number one thing for everyone in | :05:32. | :05:34. | |
the business and government sector is to build infrastructure. You have | :05:35. | :05:37. | |
hundreds of stores but only in Jakarta. When do you plan to expand | :05:38. | :05:50. | |
to the other islands? We continue to study the other islands but 70% of | :05:51. | :05:57. | |
the population live in Java. 70%. So, our eyes are currently focusing | :05:58. | :06:00. | |
on Jakarta. In the short distance, it will be in Java. In other | :06:01. | :06:16. | |
business is making headlines, Barclays bank will pay $280 million | :06:17. | :06:19. | |
to US companies to settle claims that it sold them faulty | :06:20. | :06:21. | |
mortgage`backed securities during the housing bubble. Other banks that | :06:22. | :06:24. | |
have reached settlements with US regulators include Citigroup and | :06:25. | :06:26. | |
Deutsche bank. Mortgage`backed securities referred to investment | :06:27. | :06:29. | |
products at the centre of the recent global financial crisis. For major | :06:30. | :06:36. | |
technology companies in America, including Apple and Google, have | :06:37. | :06:39. | |
agreed by some to settle a lawsuit that accuses them of conspiring to | :06:40. | :06:41. | |
hold down salaries in Silicon Valley. According to Reuters, the | :06:42. | :06:44. | |
settlement took place just weeks before the trial was scheduled to | :06:45. | :06:55. | |
begin. Tech workers filed a class action suit against misty Apple, | :06:56. | :06:57. | |
Google, Intel and Adobe, alleging they tried to solicit one another's | :06:58. | :07:00. | |
employees in order to avoid a salary war. The jury could amount up to $3 | :07:01. | :07:04. | |
billion in damages. The loss could have been tripled to $9 billion, US. | :07:05. | :07:12. | |
For more on that story and other news around the globe, please visit | :07:13. | :07:18. | |
our website. Once the chief executive of Apple and the man | :07:19. | :07:24. | |
thought to be behind the resignation of Steve Jobs in 1985. He now runs | :07:25. | :07:30. | |
the company investing in other IT firms. He was in Singapore recently | :07:31. | :07:35. | |
and spoke with our correspondent about opportunities in Asia and how | :07:36. | :07:38. | |
he has moved on since his time there. This is the right time to be | :07:39. | :07:44. | |
in Asia. The past five decades, the American middle class model has been | :07:45. | :07:47. | |
the aspiration and has been exported around the world that it is no | :07:48. | :07:51. | |
longer affordable for us in the US. In Asia, we have this rapidly | :07:52. | :07:54. | |
growing emerging middle class. With a more frugal model of what that | :07:55. | :07:57. | |
aspiration will be. I believe not only can we learn from that and be | :07:58. | :08:00. | |
able to bring products and services to the Asian market but I think we | :08:01. | :08:04. | |
can bring a lot of new ways of thinking back to the West. You are | :08:05. | :08:16. | |
known as the guy who fired Steve Jobs. It has since emerged that he | :08:17. | :08:19. | |
was pushed out of the company. What would you do differently in | :08:20. | :08:22. | |
hindsight? First of all, Steve Jobs was brilliant. Unquestionably, maybe | :08:23. | :08:27. | |
one of the best entrepreneurs of our generation. But Steve Jobs in his | :08:28. | :08:36. | |
20s was not the same Steve Jobs as we saw in his later years. I think | :08:37. | :08:45. | |
that I didn't understand well enough what it meant to be the founder of a | :08:46. | :08:50. | |
company. As a professional manager who was brought in, I wish I had | :08:51. | :08:54. | |
better coaching, probably from the board. In hindsight, there's no | :08:55. | :08:57. | |
reason why we had to break up. I think the board could have taken a | :08:58. | :09:01. | |
more proactive role. I never wanted to take Apple away from him. His job | :09:02. | :09:10. | |
was to launch the Macintosh. It just so happened he was a few years too | :09:11. | :09:13. | |
early, the technology wasn't ready to do all the things that it was | :09:14. | :09:17. | |
later able to do. Those are problems that could have been solved in other | :09:18. | :09:20. | |
ways. What kind of advice would you give Apple now? They have been | :09:21. | :09:26. | |
embroiled in several legal cases against rivals like Samsung. How | :09:27. | :09:29. | |
would you change the many? ``the company? The management is doing a | :09:30. | :09:38. | |
brilliant job now. It is an extremely well`run company. But I | :09:39. | :09:41. | |
think it probably lacks the creative leap that it had when Steve was | :09:42. | :09:44. | |
alive running the company. Those things only come along once every | :09:45. | :09:48. | |
five or six years. So we will have to wait and see as to whether there | :09:49. | :09:52. | |
is an opportunity for Apple to do another creative leap under the | :09:53. | :09:54. | |
current leadership or whether it will be one of those really | :09:55. | :09:57. | |
well`managed companies, like BMW, that turns out very high`quality | :09:58. | :09:59. | |
products but doesn't necessarily do creative leaps. A former Apple chief | :10:00. | :10:22. | |
executive, John Scully. A volatile session on Wall Street overnight. | :10:23. | :10:25. | |
Investors await the results of more earning numbers. The Nikkei is up by | :10:26. | :10:32. | |
90. Thank you for investing your time with us. | :10:33. | :10:41. | |
The top stories this hour: The American Secretary of State John | :10:42. | :10:45. | |
Kerry has accused Russia of being responsible for the increase of | :10:46. | :10:47. | |
violence in eastern | :10:48. | :10:48. |