:00:00. > :00:13.that could be achieved". Now on BBC News all the latest
:00:14. > :00:17.business news live from Singapore. India's new government delivers its
:00:18. > :00:23.first budget, reaction from the financial capital is next. Japan
:00:24. > :00:34.looks to a Pacific nation to secure important energy supplies. Welcome
:00:35. > :00:39.to Asia Business Report. India's new government is promising to bring
:00:40. > :00:43.back higher economic growth with its first budget but the reaction has
:00:44. > :00:47.been mixed. Some were disappointed that a number of key issues were
:00:48. > :00:51.ignored and others bought it with a pragmatic budget. The new
:00:52. > :00:55.administration had indicated that tough measures had to be in place to
:00:56. > :01:01.help the Indian economy gets back on track. We're now joined by a
:01:02. > :01:05.correspondent. Is the budget the bitter medicine that the Finance
:01:06. > :01:12.Minister and Narendra Modi had said it would be? We did not see much of
:01:13. > :01:20.it last night. Most people today are saying that it was sugarcoated for
:01:21. > :01:26.everyone and that nothing was a big bang. Or were no fireworks or
:01:27. > :01:30.subsidy cuts. Subsidy India has a $40 billion bill of subsidies and
:01:31. > :01:36.many people expected the Finance Minister to cut some of these but we
:01:37. > :01:41.did not see any of that. We did not see a solid roadmap or plan as to
:01:42. > :01:45.how he is going to bring down the fiscal deficit or introduce new
:01:46. > :01:51.taxes that people were waiting for honey goods and services tax which
:01:52. > :02:00.would have rationalized things that exist in the country that we did not
:02:01. > :02:05.see any of that `` on goods. What was in the budget for foreign
:02:06. > :02:09.investors? One was a policy introduced by the previous
:02:10. > :02:15.government which has hit local taxpayers including Vodafone which
:02:16. > :02:16.was hit by a tax bill retrospectively which made many
:02:17. > :02:22.foreign investors cautious about looking money here. This
:02:23. > :02:26.controversial law has been blamed for choking investment pipelines
:02:27. > :02:29.into India and so he made a strong statement saying that they would not
:02:30. > :02:34.support any retrospective amendment but did not repeal the law. Many
:02:35. > :02:37.analysts are saying that this is good enough to get started with and
:02:38. > :02:43.that the Foreign Minister will look at the market again. Also coming
:02:44. > :02:49.opening larger sections of depends and insurance industries for more
:02:50. > :02:53.investment is expected to follow. That has also garnered mixed
:02:54. > :02:58.reactions. Everyone is talking about more money coming into India but
:02:59. > :03:05.they are not sure about Defence. What our experts saying in India?
:03:06. > :03:10.The economy has been expanding below 5% over the past several quarters,
:03:11. > :03:15.could it at least improve the economic fundamentals going
:03:16. > :03:22.forward? It was a balanced budget and have a lot in it that said that
:03:23. > :03:26.it was the beginning of the journey. Narendra Modi said that India cannot
:03:27. > :03:28.afford to spend beyond its means and everyone is hopeful that this is
:03:29. > :03:39.only the beginning as they have only been in government for orgy five
:03:40. > :03:45.days. `` 45. Thank you. For the first time in many years, Papua New
:03:46. > :03:48.Guinea is playing host to a Prime Minister from Japan. He is looking
:03:49. > :03:59.to shore up energy supplies and Papua New Guinea is becoming a big
:04:00. > :04:06.provider of natural gas. One of `` Japan's future in a `` energy
:04:07. > :04:09.remained undecided and they're looking for alternate sources. I
:04:10. > :04:16.spoke to a correspondent from Sydney and asked him what makes Papua New
:04:17. > :04:24.Guinea unattractive provider. I have extensive `` they have extensive
:04:25. > :04:29.resources and they have proved the mic just taken the first step in
:04:30. > :04:33.tapping them. They will be an important player in the region for
:04:34. > :04:37.many years to come. Should foreign investors be concerned about the
:04:38. > :04:43.security situation in the nation and the corruption case involving the
:04:44. > :04:47.Prime Minister of the country? There are certainly risks involved in
:04:48. > :04:53.being in Papua New Guinea and investing in large infrastructure
:04:54. > :04:55.projects there but a lot has been learned in recent years where
:04:56. > :05:00.environmental concerns and failure to include landowners in the
:05:01. > :05:05.benefits have meant that projects have been shut down. These lessons
:05:06. > :05:09.are fresh in the minds of investors and in the minds of the government
:05:10. > :05:13.and while there is turmoil at the moment, the value that could be
:05:14. > :05:19.released through these projects is so large that many are willing to
:05:20. > :05:23.take the risk. One doubts if the revenues from foreign investors
:05:24. > :05:29.coming particularly energy and infrastructure will be used wisely.
:05:30. > :05:33.That is a there are concerns that the benefits of this project could
:05:34. > :05:36.be lost but lessons have been learned from previous disasters and
:05:37. > :05:40.it is quite clear that the regions in which these projects are built
:05:41. > :05:50.must benefit from them if they are to have a long life. Thank you. When
:05:51. > :05:54.it comes to doing business are forcing changes, it can be quite
:05:55. > :05:58.difficult. Even harder when the people you work with are your
:05:59. > :06:03.relatives. In this latest part of our family business theories, we
:06:04. > :06:10.take you to tie one and a firm which is reinventing itself `` Taiwan.
:06:11. > :06:14.This woman's family has been making calligraphy brushes for many years
:06:15. > :06:22.and their skills and knowledge are the best types of family business
:06:23. > :06:25.branding. This man is the fourth generation in the business and he
:06:26. > :06:35.was not going to do things the way his parents, rent parents and great
:06:36. > :06:41.grandparents did. `` and great grandparents. Using their expertise
:06:42. > :06:52.on hair, they now sell more than a 100 types of brushes for automatics
:06:53. > :07:02.as well `` cosmetics. You have district in the Chinese characters
:07:03. > :07:05.for BBC. `` Britain. Why did you decide to transform the business
:07:06. > :07:13.from strictly calligraphy into one that makes cosmetic brushes?
:07:14. > :07:17.TRANSLATION: I was working in sales in the family business in 2008 and I
:07:18. > :07:20.noticed that deliveries had declined and passed by a nail salon and
:07:21. > :07:28.noticed how find the e`mail brushes were. I thought that we could make
:07:29. > :07:35.brushes as fine as that `` nail. When my grandfather found out, he
:07:36. > :07:42.thought it was good quality and that it was a good idea. Despite getting
:07:43. > :07:46.approval from his elders, he faced other challenges. He had to convince
:07:47. > :07:53.customers that his company could make great brushes, not just for
:07:54. > :07:56.calligraphy that for makeup. He also had to source new materials and
:07:57. > :08:01.market his product in a different way, including online. The economy
:08:02. > :08:07.of Taiwan is made up of many family`run companies, this store is
:08:08. > :08:16.an example of how, in recent years, many of these businesses had
:08:17. > :08:21.transformed in order to keep running for generations to come. The hard
:08:22. > :08:24.work has paid off. Revenue has increased and the company is
:08:25. > :08:30.increasingly known for the makeup side of the business which now makes
:08:31. > :08:34.up 70% of all revenue. But he has no plans to abandon the roots of the
:08:35. > :08:38.family business. He wants people to continue to appreciate calligraphy
:08:39. > :08:55.but if they come to him first for makeup brushes, that is just good
:08:56. > :09:00.business. Coming up, don't miss Talking Business. Our host will be
:09:01. > :09:06.talking about the music industry. It is no longer about live music, so
:09:07. > :09:14.what is the new business model for those working in industry? Here is
:09:15. > :09:19.the founder of the Black Eyed Peas. It has been a big change. Back in
:09:20. > :09:26.the day, we had to prove ourselves to the record companies that our
:09:27. > :09:39.music was tangible cut in LA honey it was redundantly `` because in LA,
:09:40. > :09:45.it was predominantly gangster music and we were not tangible enough.
:09:46. > :09:53.Back then, I don't want to reveal my age, but there was no e`mail or
:09:54. > :10:03.Facebook, no Twitter and so we had to create a mailing list but
:10:04. > :10:07.nowadays, artists have more avenues to present their music through
:10:08. > :10:15.YouTube and Instagram and other social media sites and so there has
:10:16. > :10:25.been a big difference. More of that interview on the programme. Most
:10:26. > :10:35.Asian stocks are in negative territory on mid fears over the
:10:36. > :10:44.health of Portugal's top listed bank `` amid.
:10:45. > :10:45.I'm Mike Embley. The top