:00:00. > :00:00.Commission ripe `` right up until the end. Mr Cameron insisted it was
:00:00. > :00:08.for elected heads of state and not the European Parliament to decide
:00:09. > :00:10.who should get the job. Now on BBC News all the latest business news,
:00:11. > :00:15.live from Singapore. Japan takes steps towards legalising
:00:16. > :00:23.casino gambling. Could it be a pillar of future economic growth?
:00:24. > :00:25.China and the UK to sign more than $25 billion worth of deals in a sign
:00:26. > :00:39.of warming ties. Thanks for joining us for Asia
:00:40. > :00:47.Business Report. I'm Rico Hizon. Japan's will make us start
:00:48. > :00:50.long`awaited talks today on a bill to lift a ban on casino gambling.
:00:51. > :00:54.Japan had the potential to become one of the biggest gambling markets
:00:55. > :00:57.in the world and the Prime Minister says it will be a highlight of his
:00:58. > :01:00.growth strategy. The second largest economy in Asia may need that boost,
:01:01. > :01:03.as figures released today show Japan logged a 23rd straight trade deficit
:01:04. > :01:14.in May, after exports fell by more than expected. I spoke to Catherine
:01:15. > :01:20.Yong on whether a bet on gambling would pay for Japan. `` pay off. If
:01:21. > :01:27.you look at gaming and casino operations in Macau and the
:01:28. > :01:31.Philippines, they are doing well. The aim is to increase the amount of
:01:32. > :01:37.tourists in Japan to 20 million by 2020. And the target is for the
:01:38. > :01:45.Olympics in Tokyo. Do you think it will be passed by parliament? We are
:01:46. > :01:58.in the early stages, so it is too early to call. Shinzo Abe is adamant
:01:59. > :02:01.and, when you look at him, he has a lot of good ability and is there for
:02:02. > :02:04.the long`term. When he says things, they do tend to work towards the
:02:05. > :02:07.aim. Hopefully it is not just rhetoric because everyone is now
:02:08. > :02:10.expecting what will happen in this growth strategy and particularly,
:02:11. > :02:13.the corporate tax which is one of the highest in the world. Do you
:02:14. > :02:17.think this will be reduced? Likely to be reduced by about 2% this year
:02:18. > :02:20.with the aim of ultimately around 20 to 30%. A bit like attracting
:02:21. > :02:23.tourists, they also want to attract corporations. Legalising gambling,
:02:24. > :02:32.reducing corporate tax, labour market stability, progressing with
:02:33. > :02:35.the transpacific partnership. If this all comes to fruition, how much
:02:36. > :02:44.growth will this add to the Japanese economy? We are not going to see
:02:45. > :02:48.huge numbers, like we've seen come out of India or China. When you look
:02:49. > :02:51.at Abenomics, is a steady, slow pace but at least it's a pace. From an
:02:52. > :02:57.investment perspective, we are finding corporate reforms are very
:02:58. > :03:00.interesting. The past two decades, the governor has lent to
:03:01. > :03:03.corporations. There is now a focus on big shareholder friendly and
:03:04. > :03:06.increasing profitability. What if he does not push through with these
:03:07. > :03:09.reforms? What will happen with the Japanese economy? It will go back to
:03:10. > :03:12.where we were seeing it a couple of decades ago. That is important in
:03:13. > :03:15.terms of the overall Abenomics. Especially the third arrow. You have
:03:16. > :03:23.various aspects, whether it is immigration or corporate reforms.
:03:24. > :03:28.But it's a change in mindset for the Japanese and that could be a risk
:03:29. > :03:31.but their stars are aligned. Given the risks and rewards, what are you
:03:32. > :03:38.telling investors right now about the economy? When you look from a
:03:39. > :03:41.stock perspective, corporate reform is important. The market is down
:03:42. > :03:44.today. From the valuations perspective, the market is looking
:03:45. > :03:54.attractive. It is on a stock by stock bases.
:03:55. > :03:59.The Chinese Premier is in the UK for his first official visit since
:04:00. > :04:05.taking office. More than $24 billion worth of deals have followed. The
:04:06. > :04:08.two sides have been looking to mend economic and diplomatic relations
:04:09. > :04:11.following a row over Tibet. Our China editor has the details.
:04:12. > :04:14.The Chinese Prime Minister claimed the London sunshine was a good omen
:04:15. > :04:17.for UK`China relations. Even politicians from a one`party state
:04:18. > :04:25.like photo opportunities. The Premier of the People's Republic of
:04:26. > :04:28.China, Your Majesty. This is a privilege more usually granted to
:04:29. > :04:31.presidents, but what the Chinese want, they increasingly get. In
:04:32. > :04:42.return, ?14 billion worth of deals for the UK. It's no longer an option
:04:43. > :04:45.not to do business with China. The question for David Cameron is ` who
:04:46. > :04:48.benefits and whether he has to compromise other values in a world
:04:49. > :04:52.where China can use its economic strength to push other issues. A
:04:53. > :05:00.nation of 63 million meets one 20 times as big. The British
:05:01. > :05:04.outnumbered around their own Cabinet table. The key moment in the day `
:05:05. > :05:07.the deal. Signing ceremonies, including nuclear co`operation,
:05:08. > :05:11.banking and liquid gas. Good afternoon and welcome. Then an
:05:12. > :05:17.unfamiliar encounter with the free press. I asked whether China had
:05:18. > :05:27.anything to learn from the UK on human rights. TRANSLATION: China is
:05:28. > :05:31.continuously pushing forward on human rights in close dialogue with
:05:32. > :05:34.the UK and other countries. In many ways, we can learn a lot from each
:05:35. > :05:37.other, even as we follow our own paths. There was a small
:05:38. > :05:40.intervention about the Scottish referendum. TRANSLATION: We want to
:05:41. > :05:47.see a strong, prosperous and united United Kingdom. From the other side
:05:48. > :05:56.of the street, the message was disunity, aimed at the Chinese Prime
:05:57. > :05:59.Minister and his British host. But David Cameron's view is that the
:06:00. > :06:02.rise of China is a defining event of the century. He assured his visitor
:06:03. > :06:15.that the UK supports it. In other business news making
:06:16. > :06:24.headlines, Oracle is reportedly nearing a deal to buy their smaller
:06:25. > :06:26.rival for more than $5 billion. The company sells software and services
:06:27. > :06:30.for hotels, restaurants and retailers, and soared by as much as
:06:31. > :06:33.22% in US trading. The maker of Photoshop and Acrobat
:06:34. > :06:39.software posted better than expected numbers because of higher sales.
:06:40. > :06:50.Adobe's second quarter profits gained 16%. Its shares gaining
:06:51. > :06:53.nearly 9% in after`hours US trade. A major pipeline will carry crude oil
:06:54. > :06:59.for export to Asia. The plant pipeline will stretch from Alberta
:07:00. > :07:02.to the West Coast of Canada. But the project is likely to be challenged
:07:03. > :07:08.by environmental and aboriginal groups.
:07:09. > :07:18.Citigroup has paid a record fee for a Hong Kong `` for a Hong Kong
:07:19. > :07:21.tower. The largest property transaction in the Chinese
:07:22. > :07:25.territory. It is scheduled to be completed next year and will bring
:07:26. > :07:28.most of their employees under one roof.
:07:29. > :07:37.The football World Cup is a bonanza for many businesses around the
:07:38. > :07:40.world. In Bangladesh, leading makers have won at least $500 million in
:07:41. > :07:45.export orders to produce World Cup T`shirts, caps and flags for fans
:07:46. > :07:54.worldwide. The new orders came at a time when the industry is in crisis
:07:55. > :07:57.after a string of disasters. It might be a long way from Brazil
:07:58. > :08:00.but there's no escaping the World Cup here. The merchandise is
:08:01. > :08:05.everywhere. And this is big business. Bangladeshi manufacturers
:08:06. > :08:18.received orders worth more than $500 million. From sportswear giants like
:08:19. > :08:20.Adidas and Puma. We export more than a million pieces, which can
:08:21. > :08:35.translate to $2.5 million equivalent. If you look at the
:08:36. > :08:38.intercountry exports, not only the T`shirts but other merchandise like
:08:39. > :08:41.flags, caps and other stuff, all together I'm sure the business is
:08:42. > :08:44.around $1 billion. The World Cup merchandise is made mostly in China
:08:45. > :08:48.and Bangladesh. The two major players in the global clothing
:08:49. > :08:58.industry. Bangladesh is also catering to the domestic market.
:08:59. > :09:01.There is World Cup fever here. As you can see, the shops are selling
:09:02. > :09:04.T`shirts, flags and caps and different product relating to the
:09:05. > :09:07.World Cup. The Bangladeshi clothing industry has been under scrutiny
:09:08. > :09:12.following a series of disasters. The World Cup orders came as a big
:09:13. > :09:15.boost. Following the accident, Western retailers have set up teams
:09:16. > :09:20.to inspect safety standards in factories across Bangladesh. Several
:09:21. > :09:25.factories which were not compliant have been shut down. Western brands
:09:26. > :09:33.have already warned that they will look elsewhere if the safety
:09:34. > :09:40.standards are not improved. I don't think we should take our buyers for
:09:41. > :09:43.granted. There is a project in Myanmar that the EU has invested in,
:09:44. > :09:56.it is investing in building their capacity. There are newer markets
:09:57. > :09:59.like Ethiopia opening up. There is a population hungry India, where they
:10:00. > :10:04.are going to take more business from us. For the moment, the exports keep
:10:05. > :10:09.growing. They are expected to reach a record $25 billion in this fiscal
:10:10. > :10:12.year. That is more than 80% of the country's annual exports. The
:10:13. > :10:19.industry has the potential to change the lives of millions of people. If
:10:20. > :10:23.the manufacturers can strike a balance between low`cost production
:10:24. > :10:35.and safety standards. For more news on the World Cup and results, go to
:10:36. > :10:39.the BBC website. Thank you for watching. The sport is
:10:40. > :10:41.next. This is BBC News. The