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is the highest amount since records began. Now on BBC News all the | :00:00. | :00:00. | |
latest business news live from Singapore. Can Thailand's military | :00:00. | :00:20. | |
leaders help put to write the country's economic problems? Will | :00:21. | :00:25. | |
selling its game consoles in China helped turn Sony's problems around | :00:26. | :00:29. | |
red welcome to Asia Business Report. Thailand's leaders have been | :00:30. | :00:39. | |
quick to say that the economic problems of the country need to be | :00:40. | :00:43. | |
fixed and the military leaders have promised to find ways to boost | :00:44. | :00:51. | |
economic growth. Now we go to our correspondant. This is one measure | :00:52. | :00:56. | |
that could buy Thailand's military rulers some popularity. The ousted | :00:57. | :01:03. | |
government's inability to make payments to farmers who had already | :01:04. | :01:06. | |
pledged their crop was causing hardship. There were many reasons | :01:07. | :01:11. | |
for that failure, the government blamed street protest which occupied | :01:12. | :01:18. | |
several ministries and its limited mandate once Parliament was | :01:19. | :01:21. | |
dissolved last December. The protesters argued that the scheme | :01:22. | :01:29. | |
was to corrupt to be affordable `` too. The general is now paying | :01:30. | :01:37. | |
outstanding debts to farmers which will provide some immediate relief. | :01:38. | :01:44. | |
But with this system of supporting rice prices now abandoned, many of | :01:45. | :01:49. | |
Thailand's farmers will face tough times soon. Perhaps the military | :01:50. | :01:54. | |
will revive it, in which case they will have to design improvements | :01:55. | :01:58. | |
over the old scheme at the time when they will be confronting many other | :01:59. | :02:06. | |
complex economic challenges. So with the ongoing political uncertainty in | :02:07. | :02:10. | |
Thailand, it would seem an unusual time for business to expand into the | :02:11. | :02:15. | |
country but that is exactly what one is doing. ANZ has been granted the | :02:16. | :02:24. | |
right to open a subsidiary in Thailand, despite the current tour | :02:25. | :02:35. | |
model `` turmoil, they have a number of reasons for wanting to operate | :02:36. | :02:41. | |
there. Earlier I spoke to a financial expert in Sydney. It seems | :02:42. | :02:48. | |
like unusual timing but what they have been doing for the last decade | :02:49. | :02:51. | |
is expanding across Asia and this is a well`thought`out strategy. They're | :02:52. | :02:57. | |
not targeting the retail market but are trying to create a web of | :02:58. | :03:04. | |
financial services that generate their income from an increase in | :03:05. | :03:08. | |
transactions around Asia and Thailand is a major manufacturing | :03:09. | :03:12. | |
hub and is an important part of that strategy, a strategy which is | :03:13. | :03:19. | |
looking into the long`term. European elections have resulted in stunning | :03:20. | :03:22. | |
gains for anti` European unions and anti` establishment parties but | :03:23. | :03:26. | |
parties which support the European Union have sustained a majority of | :03:27. | :03:31. | |
seats. We will now look at some of the implications of the vote. At a | :03:32. | :03:38. | |
national level, there were some striking results. In France, it with | :03:39. | :03:43. | |
the right that lame to victory with the National Front taking most of | :03:44. | :03:50. | |
the votes. In Greece, it with the wreath in the left which made strong | :03:51. | :03:59. | |
gains `` Syriza, and they are not anti` European Union but | :04:00. | :04:04. | |
anti`austerity. For the eurozone as a whole, the downturn is over. There | :04:05. | :04:10. | |
has been recovery for a year now but it has not been convincing. Some | :04:11. | :04:14. | |
economies have failed to show sustained growth, with Italy in | :04:15. | :04:21. | |
particular contracting. Many voters have also been angered by the | :04:22. | :04:24. | |
response to the crisis from the European Union, across Europe | :04:25. | :04:30. | |
governments have sought to cut spending and increase taxes. There | :04:31. | :04:35. | |
were protests on the street and, come the elections, in the voting | :04:36. | :04:49. | |
chamber. Will this make much difference? It is true that they | :04:50. | :04:52. | |
have a much higher share now in European Parliament, that they will | :04:53. | :04:57. | |
still be a minority, so I don't think they can influence | :04:58. | :05:04. | |
policymaking decisively. Nigel Farage... Were many coming | :05:05. | :05:10. | |
immigration is a big issue and on that they may struggle to make much | :05:11. | :05:14. | |
impact on the European Union's policy for movement within Europe. | :05:15. | :05:21. | |
Looking ahead, averment finances and public attitudes towards migration | :05:22. | :05:24. | |
will depend to a large extent on the eurozone's economic recovery. The | :05:25. | :05:29. | |
better it performs, the less the need for further austerity will be | :05:30. | :05:37. | |
felt. So far, recovery has been weak and erratic and that is contributed | :05:38. | :05:41. | |
to the political events that must now be dealt with. China plans to | :05:42. | :05:48. | |
take more than 6 million older vehicles off roads this year to try | :05:49. | :05:51. | |
to improve its air quality. Illusion has emerged as a key priority and as | :05:52. | :05:57. | |
part of its goal to cut emissions over the next few years, the amount | :05:58. | :06:02. | |
of vehicles allowed on the road will be reduced by 2015. The swearing`in | :06:03. | :06:12. | |
of Narendra Modi in India marks a important market upswing in India, | :06:13. | :06:18. | |
with analysts betting that he will unleash marketing reforms. Record | :06:19. | :06:26. | |
gains happened on election day. A Californian jury ordered Samsung to | :06:27. | :06:36. | |
pay Apple for infringing on its patent. They had been seeking | :06:37. | :06:41. | |
damages of more than $2 million after accusing Samsung of copying | :06:42. | :06:44. | |
five patrons including the slide and lock function. They have also fired | :06:45. | :06:49. | |
an injunction to prevent them from using the patent it was found to | :06:50. | :06:57. | |
have infringed. For more, just go to our website and click on the | :06:58. | :07:02. | |
business section. Japan has got big ambitions for boosting profit and | :07:03. | :07:07. | |
recent news from China could be a clue as to how they get their. `` | :07:08. | :07:15. | |
there. They have signed a deal with Sony which will give them access to | :07:16. | :07:20. | |
more than 5 million gamers in the country. How will the console | :07:21. | :07:30. | |
manufacturers respond? Now we go to our correspondant. The big | :07:31. | :07:34. | |
announcement is that the Playstation will now be available in China. If | :07:35. | :07:40. | |
you come to some stores in Beijing, you can get your hands on some of | :07:41. | :07:45. | |
them. Were 14 years, game consoles were banned here. There were worries | :07:46. | :07:53. | |
that they would affect the minds of the nation's youths. The irony is | :07:54. | :07:58. | |
that they were made here in China. That all changed this year when | :07:59. | :08:01. | |
authorities announced that they would be lifting the ban. Sony is | :08:02. | :08:10. | |
moving in and the Xbox will soon be available in China as well. But | :08:11. | :08:15. | |
there is one catch to all of this. They will have to be made in | :08:16. | :08:19. | |
Shanghai's free`trade zone but the authorities think it is worth it | :08:20. | :08:23. | |
with the gaming industry increasing more than 5% last year and being | :08:24. | :08:36. | |
worth more than $10 billion. They say that Sony is counting on its | :08:37. | :08:41. | |
game consoles for growth. The media industry, the television and mobile | :08:42. | :08:48. | |
and laptop businesses, Sony has been trying to diversify throughout | :08:49. | :08:54. | |
them. They're looking at mobile and gaming and the latter has been doing | :08:55. | :09:00. | |
the best. But China's gaming market is already dominated by online | :09:01. | :09:08. | |
games, PCs and mobile games which are much cheaper. That is true but | :09:09. | :09:17. | |
console games are more addictive and the average amount of play is much | :09:18. | :09:20. | |
higher on those for the average gamer. China's gaming industry is | :09:21. | :09:27. | |
still run by online gamers but that is what Sony and Microsoft will want | :09:28. | :09:36. | |
to target. Beijing has lifted a ban on gaming consoles, it is now a free | :09:37. | :09:41. | |
for all. Even Chinese manufacturers will be able to distribute and sell | :09:42. | :09:44. | |
which they haven't been able to do in the past. It will get Microsoft | :09:45. | :09:54. | |
has already announced their intention to come in in September of | :09:55. | :09:58. | |
this year. I'm sure that Chinese gaming console players will start | :09:59. | :10:01. | |
get into the business and start manufacturing as well. Or will be | :10:02. | :10:06. | |
huge pressure and one of the things that Sony and Microsoft will have to | :10:07. | :10:12. | |
do is to look at that, the pricing in the Chinese market. Here is a | :10:13. | :10:19. | |
look at the markets in Asia, they are lackluster as US markets were | :10:20. | :10:25. | |
closed for the holidays. Thank you so much, bye for now. The top | :10:26. | :10:39. | |
stories this hour. Ukrainian troops have launched an assault on an | :10:40. | :10:42. | |
airport seized by pro`Russian fighters, as the country's new | :10:43. | :10:44. | |
president offers to negotiate with Moscow to end the crisis. The | :10:45. | :10:47. | |
Nigerian military claims it has located the 200 missing school girls | :10:48. | :10:51. | |
abducted by Boko Haram militants, but it rules out using force | :10:52. | :10:52. |