:00:00. > :00:15.from the NHS `` tooth decay. Dentists say that the main cause is
:00:16. > :00:25.busy drinks `` fizzy. Carbon taxes repeal. Australia abolishes its
:00:26. > :00:29.controversial tax. Brazil is one of the world's must closed economies
:00:30. > :00:39.and exporters are hoping to move over to China and India. Welcome to
:00:40. > :00:45.Asia Business Report. It is a big tax that affects the business in
:00:46. > :00:49.Australia but it is in a bit of trouble. The controversial tax on
:00:50. > :00:53.carbon pollution was originally aimed at tackling the effects of
:00:54. > :00:59.carbon change and was introduced in July 2012. It has forced the carbon
:01:00. > :01:03.producers to pay to pollute. The Prime Minister promised to get rid
:01:04. > :01:10.of the tax and is doing his best to have it scrapped. The legislation is
:01:11. > :01:14.expected to pass the upper has next week but is facing tough opposition
:01:15. > :01:21.and is going back to Parliament today. Our correspondent explains.
:01:22. > :01:28.Tony Abbott is on a mission to abolish the carbon tax and has had
:01:29. > :01:36.this controversial levy in his sights since it was introduced under
:01:37. > :01:40.a Labour government A2 years ago. He says it is the hand brake on
:01:41. > :01:48.economic activity and that it will cost families with different ``
:01:49. > :01:55.higher power bills and will damage confidence in the economy. That is
:01:56. > :01:58.why he is so keen to repeal the tax but we have seen that there has been
:01:59. > :02:02.a bit of a roadblock in terms of opposition in the upper house of
:02:03. > :02:10.Parliament. Who will be the winners and losers if the legislation and
:02:11. > :02:17.tax is repealed? You have to remember that the tax was introduced
:02:18. > :02:27.to put a levy on hundreds of Australia's big losers who are now
:02:28. > :02:33.forced to pay for permits for over consumption of green has gases. The
:02:34. > :02:36.government insists that household energy bills will come down if it
:02:37. > :02:40.goes through and also that associated costs for business will
:02:41. > :02:46.as well but detractors of the government of Tony Abbott say that
:02:47. > :02:50.the carbon tax is essential in terms of safeguarding the action against
:02:51. > :02:52.climate change in this country and even foreign politicians as far away
:02:53. > :02:59.as Britain believe that the government is being reckless in
:03:00. > :03:04.getting rid of the tax. The government believes that after a
:03:05. > :03:11.huge and Parliament last week, it will be repealed this week. The face
:03:12. > :03:17.of the oldest department store in Australia, David Jones hangs in the
:03:18. > :03:31.balance as to whether a takeover by a local grocery store worth will go
:03:32. > :03:34.ahead `` Woolworths. Japan's Prime Minister has renewed his promise to
:03:35. > :03:41.create a better working environment for women saying that their power is
:03:42. > :03:55.crucial to the success of the economy. This follows embarrassing
:03:56. > :04:00.incidents next `` in element in which female politicians were
:04:01. > :04:06.ridiculed. The heads of Russia, China India and South Africa and
:04:07. > :04:10.Brazil will be gathering in the northeastern coastal city for a
:04:11. > :04:15.summit on business in Brazil and it is expected to create a new
:04:16. > :04:21.financial institution aimed at challenging the likes of the World
:04:22. > :04:28.Bank. Now we go to our correspondant. This is just one of
:04:29. > :04:35.the 800 million pairs of shoes Brazil produces every year. As the
:04:36. > :04:39.largest footwear maker in the world, it is a potentially lucrative
:04:40. > :04:46.industry for exports. The company produces more than 9 billion pairs
:04:47. > :04:49.of shoes a year and exports to over 90 countries but 90% of the shoes
:04:50. > :04:57.that they make here remain in Brazil or South America. It is one of the
:04:58. > :05:05.world's most closed economies with exports constituting just under 8%
:05:06. > :05:08.of GDP. While commodity hungry China is their biggest trading partner
:05:09. > :05:17.coming it is a threat in other industries. They are one of our main
:05:18. > :05:25.competitors for exports in shoes and we are competing all the time the
:05:26. > :05:33.cousin of one temp `` because no one can produce shoes to the same extent
:05:34. > :05:37.and at the same prices as China. The slight realisation of China's
:05:38. > :05:46.potential has led to some calling Brazil rejectionist which they don't
:05:47. > :05:49.feel is fair. TRANSLATION: We're going through a in our development
:05:50. > :05:54.where we need to protect our country because it is on the path to
:05:55. > :05:59.development so that analysis is not constructive and we do not believe
:06:00. > :06:03.it is true. The challenge is that it is a very different economy to China
:06:04. > :06:12.and has higher labour cost. But the difference is can be a good thing.
:06:13. > :06:22.Demand is high. What we have to do is find a niche between low`cost and
:06:23. > :06:27.high`cost production. We can be very competitive in the medium stage.
:06:28. > :06:32.That is what this company is doing. Just 2% of its exports go to Asia
:06:33. > :06:38.but it is trying to focus on China and India. It it succeeds, it will
:06:39. > :06:52.be a step in the right direction `` if it. Hony Capital is buying Pizza
:06:53. > :07:10.Express for $1.5 billion. They have dozens of of restaurants locally and
:07:11. > :07:15.abroad. A Chinese Internet giant Ali Baba is rising in the Wessex
:07:16. > :07:20.securities Exchange Commission's index of businesses. This comes just
:07:21. > :07:27.weeks ahead of their highly anticipated listing on the New York
:07:28. > :07:33.Stock Exchange. To continue with that, a new report by Ernst Young
:07:34. > :07:37.shows that there has been a pickup in activity in the Asia`Pacific in
:07:38. > :07:44.which there were more shares in the second half of 2014 than in any
:07:45. > :07:50.other region `` first half, and many of them took place in Hong Kong and
:07:51. > :07:56.Tokyo. I spoke earlier to a correspondent from Earth extend
:07:57. > :08:06.young and asking what was driving this `` from Ernst Young and asked
:08:07. > :08:10.what was driving this. We have seen unprecedented low volatility since
:08:11. > :08:16.the financial crisis so it has been a good marketplace for IPO's to get
:08:17. > :08:21.into. China came back online during the second half of the year and that
:08:22. > :08:30.Hunter but it 55 IPOs in the first half of the year `` and that
:08:31. > :08:40.contributed. That many have been downgrading economic growth `` but.
:08:41. > :08:45.Why hasn't this deterred companies from going public? Everyone wants to
:08:46. > :08:50.get ahead of the storm and if the markets are not looking good in the
:08:51. > :08:58.long`term but they are in the moment, evil will make hay in the
:08:59. > :09:01.sunshine `` people. We're seeing this in the United States and
:09:02. > :09:03.Australia in which there is a lot to venture capital exits when people
:09:04. > :09:07.recognised that there is an opportunity to get the money out.
:09:08. > :09:15.What sectors have been aggressive with these new stock listings? All
:09:16. > :09:21.technology. But if you look below that, financials, a bit more energy
:09:22. > :09:26.particularly out of Australia and other parts of the world and
:09:27. > :09:32.increasingly healthcare which is a new theme. We saw 75 healthcare IPOs
:09:33. > :09:38.in the last the month and we will see much more of that in the next
:09:39. > :09:45.six months. With two thirds of the global population here in Asia. Are
:09:46. > :09:49.we likely to see the second half being better than the first or will
:09:50. > :09:58.this excitement over initial public offerings taper off? We have a lot
:09:59. > :10:10.still left to come out of China, 55 still to come domestically. The big
:10:11. > :10:16.whale on the horizon is Alibaba. The numbers are looking good for the
:10:17. > :10:29.second half. A quick look at the stocks here are getting a lift. ``
:10:30. > :10:43.Asian markets. Thank you so much for investing your time with us.
:10:44. > :10:46.I'm Chris Rogers. The top stories this hour. Germany defeat Argentina
:10:47. > :10:49.in Brazil by a single goal scored in extra time. It's their fourth World
:10:50. > :10:52.Cup victory and the first since German reunification. Fury on the
:10:53. > :10:54.streets of Gaza, as the latest victims of Israel's bombardment are
:10:55. > :10:55.buried. 172 Palestinians have now