:00:00. > :00:00.was for elected heads of state ` and not the European Parliament ` to
:00:00. > :00:00.decide who should get the job. Now on BBC News all the latest business
:00:00. > :00:19.news live from Singapore. Japan takes steps towards legalising
:00:20. > :00:25.casino gambling. Could it be a pillar of future economic growth?
:00:26. > :00:33.China and the UK to sign more than $34 billion worth of deals in a sign
:00:34. > :00:40.of warming ties. Thanks for joining us on Asia Business Report. I'm Rico
:00:41. > :00:44.Hizon. There were long`awaited talks on a bill to lift a ban on casino
:00:45. > :00:49.game in Japan. Japan had the potential to make `` become one of
:00:50. > :00:53.the biggest gambling market in the world and the Prime Minister says it
:00:54. > :00:57.will be a highlight of his growth strategy. The second largest economy
:00:58. > :01:04.in Asia may need that boost, figures released today show Japan lobbed it
:01:05. > :01:12.23rd straight trade deficit in May after exporter fell by more than
:01:13. > :01:17.expected. I spoke to Catherine Yong on whether a bet on gambling would
:01:18. > :01:21.pay for Japan. If you look at gaming and casino operations in Macau and
:01:22. > :01:27.the Philippines, they are doing well. It will increase the amount of
:01:28. > :01:37.tourist in Japan to 20 million. And the target is for the Olympics in
:01:38. > :01:41.Tokyo. Does it have the support? We are in the early stages so it is too
:01:42. > :01:45.early to call. Shinzo Abe is adamant and when you look at him, he has a
:01:46. > :01:50.lot of good ability and is therefore a long`term. When he says things,
:01:51. > :01:53.they do tend to work towards the aim. Hopefully it is not just
:01:54. > :02:00.rhetoric because everyone is now expecting what will happen in this
:02:01. > :02:04.growth strategy and particularly, the corporate tax which is one of
:02:05. > :02:07.the highest in the world. You think this will be produced? Likely to be
:02:08. > :02:13.reduced by about 2% this year with the aim of ultimately around 20 to
:02:14. > :02:18.30%. A bit like attracting tourists, they also want to attract
:02:19. > :02:23.corporations. Legalising gambling, reducing corporate tax, Labour
:02:24. > :02:26.market stability, progressing with the transpacific partnership. If
:02:27. > :02:30.this all comes to fruition, held at growth will this add to the Japanese
:02:31. > :02:34.equity? We are not going to seek huge numbers that we have seen out
:02:35. > :02:39.of India or China. When you look at Abenomics, is a steady, slow pace
:02:40. > :02:44.but at least it is a pace. From an investment perspective, we are
:02:45. > :02:49.finding corporate reforms are very interesting. The past two decades,
:02:50. > :02:53.the Governor has lent corporations. There is now a focus on big
:02:54. > :02:58.shareholder friendly and increasing profitability. What if he does not
:02:59. > :03:02.push through with these reforms? What will happen with the Japanese
:03:03. > :03:07.economy? It will go back to where we were seeing it a couple of decades
:03:08. > :03:11.ago. That is important in terms of the overall Abenomics. You have
:03:12. > :03:15.various aspects whether it is immigration or corporate reforms.
:03:16. > :03:20.There is a change in mindset for Japanese and that could be a risk
:03:21. > :03:25.but their stars are aligned. Given the risks and rewards, what are you
:03:26. > :03:29.telling investors right now about the economy? When you look from a
:03:30. > :03:36.stock respective, corporate reform is important. The market is down
:03:37. > :03:40.today. From the valuations perspective, the market is looking
:03:41. > :03:49.attractive. It is on a stock by stock bases. The Chinese Premier is
:03:50. > :03:52.in the UK for his first official visit and more than $24 billion
:03:53. > :03:56.worth of deals have a load. The two sides have been looking to mend
:03:57. > :04:07.economic and diplomatic relations following a row over Tibet. Our
:04:08. > :04:09.China editor has the details. The Chinese Prime Minister claimed the
:04:10. > :04:12.London sunshine was a good omen for UK`China relations. Even politicians
:04:13. > :04:15.from a one`party state like photo opportunities. The Premier of the
:04:16. > :04:18.People's Republic of China, Your Majesty. This is a privilege more
:04:19. > :04:23.usually granted to presidents, but what the Chinese want, they
:04:24. > :04:31.increasingly get. In return, ?14 billion worth of deals for the UK.
:04:32. > :04:33.It's no longer an option not to do business with China. The question
:04:34. > :04:37.for David Cameron is who benefits and whether he has to compromise
:04:38. > :04:38.other values in a world where China can use its economic strength to
:04:39. > :04:49.push other issues. A nation of 63 million meets one 20
:04:50. > :04:56.times as big. The British outnumbered around their own Cabinet
:04:57. > :04:58.table. The key moment in the day ` the deal. Signing ceremonies,
:04:59. > :05:05.including nuclear co`operation, banking and liquid gas.
:05:06. > :05:10.Good afternoon and welcome. Then an unfamiliar encounter with
:05:11. > :05:14.the free press. I asked whether China had anything
:05:15. > :05:21.to learn from the UK on human rights. TRANSLATION: The Chinese are
:05:22. > :05:24.continuously pushing forward on human rights in close dialogue with
:05:25. > :05:28.the UK and other countries. In many ways, we can learn a lot from each
:05:29. > :05:30.other, even as we follow our own paths. There was a small
:05:31. > :05:35.intervention about the Scottish referendum.
:05:36. > :05:42.TRANSLATION: We want to see a strong, prosperous and united United
:05:43. > :05:45.Kingdom. From the other side of the street, the message was disunity,
:05:46. > :05:50.aimed at the Chinese Prime Minister and his British host. But David
:05:51. > :05:53.Cameron's view is that the rise of China is a defining event of the
:05:54. > :06:05.century and he assured his visitors that the UK supports it.
:06:06. > :06:12.In other business News making headlines, Oracle is reportedly
:06:13. > :06:16.nearing a deal to buy their smaller rival for more than $5 billion. The
:06:17. > :06:20.company sells software and services for hotels, restaurant and
:06:21. > :06:25.retailers, sought by as much as 22% in US trading. The maker of photo
:06:26. > :06:32.shop and Acrobat software posted better than expected numbers because
:06:33. > :06:44.of higher sales. Adobe's second quarter profit load `` rose. Its
:06:45. > :06:49.shares gaining nearly 9%. Citigroup has paid a record number for a Hong
:06:50. > :06:53.Kong power. The largest property transaction in the Chinese
:06:54. > :06:57.territory. It is scheduled to be completed next year and will bring
:06:58. > :07:05.most of their employees under one roof. A British Guiana 1 cent
:07:06. > :07:11.postage stamp sold for a record 9/2 million dollars at auction. The
:07:12. > :07:15.stamp is the only one of its kind to exist and is the most expensive
:07:16. > :07:20.stamp ever sold. Measuring one inch by one and a quarter inch, option
:07:21. > :07:27.house, Sotheby's said it is the world most valuable object by weight
:07:28. > :07:29.and size. The football World Cup in Brazil is a bonanza for many
:07:30. > :07:36.businesses around the world. In Bangladesh, leading makers have won
:07:37. > :07:41.at least $500 million in export orders to produce World Cup
:07:42. > :07:45.T`shirts, caps and flags for fans worldwide. The new orders came at a
:07:46. > :07:54.time when the industry is in crisis after a string of disasters.
:07:55. > :08:00.It might be a long way from Ozil but there is no escaping the World Cup
:08:01. > :08:08.here. The merchandise is everywhere. This is big business. Bangladeshi
:08:09. > :08:10.manufacturers received orders worth more than $500 million. From
:08:11. > :08:19.sportswear giants like Adidas and Puma. We export millions of pieces
:08:20. > :08:26.which can translate to $2.5 million equivalent. If you look at the
:08:27. > :08:36.intercountry export, not only the T`shirts but other merchandise like
:08:37. > :08:39.flags, caps and other stuff. The World Cup merchandise is made mostly
:08:40. > :08:45.in China and tangled ash. The two major players in the global clothing
:08:46. > :08:50.industry. `` Bangladesh. They are not just exporting World Cup
:08:51. > :08:55.merchandise, they are also catering to the domestic market. There is
:08:56. > :08:59.World Cup fever here as you can see, the shops are selling T`shirts,
:09:00. > :09:04.flags and and different product relating to the World Cup. The
:09:05. > :09:08.Bangladeshi clothing industry has been under scrutiny following a
:09:09. > :09:14.series of disasters. The World Cup orders came as a big boost.
:09:15. > :09:19.Following the accident, Western retailers have set up teams to
:09:20. > :09:22.inspect safety standards in factories across Bangladesh. Several
:09:23. > :09:28.factories which were not compliant have been shut down. Western brands
:09:29. > :09:32.have already warned that they will look elsewhere if the safety
:09:33. > :09:37.standards are not improved. I do not think we should take our buyers are
:09:38. > :09:41.granted. There is a project in Myanmar that the UN has invested
:09:42. > :09:45.in, it is investing in building their capacity. There are newer
:09:46. > :09:50.market like Ethiopia opening up. There is a population in India where
:09:51. > :09:56.they are going to get more business from last. For the moment, the
:09:57. > :10:02.exporter keep growing. They are expected to reach a record $25
:10:03. > :10:08.billion in this fiscal year. That is more than 80% of the country 's
:10:09. > :10:11.annual export. The industry has the potential to change the lives of
:10:12. > :10:15.millions of people. If the manufacturers can strike a balance
:10:16. > :10:25.between low`cost deduction based and safety standards.
:10:26. > :10:31.For more news, please visit our website. Thank you so much for
:10:32. > :10:38.interesting your time with us. Sport Today is up next.
:10:39. > :10:39.I'm Mike Embley. The top stories this