:00:00. > :00:15.year. Now on BBC News, all the latest
:00:16. > :00:23.business news live from Singapore. Carbon taxe repeal. Will Australia
:00:24. > :00:29.abolish the tax when the law goes back to Parliament this week? Brazil
:00:30. > :00:34.is one of the world's must closed economies and exporters are hoping
:00:35. > :00:41.to move over to China and India. Thank you to joining us. Before we
:00:42. > :00:47.go to Australia, some news. Rossi tutors in China have filed charges
:00:48. > :00:51.against British investigator Peter Humphrey and his wife after the
:00:52. > :00:57.couple were detained for work they did for the reduced drugmaker
:00:58. > :01:03.GlaxoSmithKline `` prosecutors. The case against the couple suspected of
:01:04. > :01:07.illegally obtaining private information has been passed on to a
:01:08. > :01:20.court in Shanghai for trial. Meanwhile, it Carbon taxes repeal.
:01:21. > :01:22.`` is a big tax that affects the business in Australia, but it is in
:01:23. > :01:27.a bit of trouble. The controversial tax on carbon
:01:28. > :01:30.pollution was originally aimed at tackling the effects of carbon
:01:31. > :01:33.change and was introduced in July 2012. It has forced the carbon
:01:34. > :01:37.producers to pay to pollute. The PM promised to get rid of the tax and
:01:38. > :01:40.is doing his best to have it scrapped. The legislation is
:01:41. > :01:43.expected to pass the upper has next week, but is facing tough opposition
:01:44. > :01:57.and is going back to Parliament today. Our correspondent explains.
:01:58. > :02:03.Tony Abbott is on a mission to abolish the carbon tax. He has had
:02:04. > :02:14.this controversial levy in his sights since it was introduced under
:02:15. > :02:18.a Labour government two years ago. He says it is the economic hand
:02:19. > :02:20.brake on economic activity and that it will cost families in terms
:02:21. > :02:24.higher power bills and will damage confidence in the economy. That is
:02:25. > :02:28.why he is so keen to repeal the tax. But we have seen that there has been
:02:29. > :02:37.a bit of a roadblock in terms of opposition in the upper house of
:02:38. > :02:53.Parliament. Who will be the winners and losers if the legislation and
:02:54. > :02:56.tax is repealed? You have to remember that the tax was introduced
:02:57. > :02:59.to put a levy on hundreds of Australia's big polluters who are
:03:00. > :03:01.now forced to pay for permits for over consumption of greenhouse
:03:02. > :03:08.gases. Energy bills have gone up in turn. The government insists that
:03:09. > :03:12.household energy bills will come down. If it goes through and also
:03:13. > :03:15.that associated costs for business will as well, but detractors of the
:03:16. > :03:18.government of Tony Abbott say that the carbon tax is essential in terms
:03:19. > :03:22.of safeguarding the action against climate change in this country. Even
:03:23. > :03:25.foreign politicians as far away as Britain believe that the government
:03:26. > :03:36.is being reckless in getting rid of the tax. The government believes
:03:37. > :03:45.that, after a hitch in Parliament last week, it will be repealed this
:03:46. > :03:48.week. The fate of the oldest department
:03:49. > :03:51.store in Australia, David Jones, hangs in the balance as to whether a
:03:52. > :03:54.takeover by a local grocery store, Woolworths, will go ahead. David
:03:55. > :03:58.Jones expects support from minority shareholders when they beat today.
:03:59. > :04:02.The company is yet to hear from prominent Australian businessman
:04:03. > :04:12.Solomon Lew who owns a 10% stake in the company. Hony Capital is by
:04:13. > :04:21.eating pizza express. $1.5 billion. Pizza Express has 4.500 businesses
:04:22. > :04:23.in the UK. It is said to be the biggest deal in the European
:04:24. > :04:29.restaurant sector over the past five years. Fresh from the World Cup
:04:30. > :04:36.final, leaders from the grip of emerging economies, known as BRICS,
:04:37. > :04:41.are meeting in Brazil. The head of Russia, China, India, South Africa
:04:42. > :04:48.and Brazil will gather in Fortaleza for the sixth BRICS summit. An
:04:49. > :04:50.announcement is expected at a financial institution aimed at
:04:51. > :04:54.challenging the likes of the World Bank. Economically, what ties the
:04:55. > :05:03.countries together? Katie Watson reports. This is just one of the 800
:05:04. > :05:07.million pairs of shoes Brazil produces each year. As the
:05:08. > :05:14.third`largest footwear maker in the world, it is potentially lucrative
:05:15. > :05:20.industry for resilient exports. This company produces 9 million pairs of
:05:21. > :05:25.shoes each year `` Brazilian. More than 90% of the shoes they make
:05:26. > :05:30.remain in Brazil or wider South America. It is one of the world's
:05:31. > :05:40.most closed economies. Exports account for 13% of GDP. BRICS peers
:05:41. > :05:48.double that in exports. China is Brazil's biggest trading partner. It
:05:49. > :05:52.is a threat in other industries. When exports is one of the main
:05:53. > :05:56.competitors with China because no one can produce shoes with the
:05:57. > :06:02.prices of China. In the same time, it is a big opportunity, considering
:06:03. > :06:05.the size of the market. We would be crazy to not look at China as a
:06:06. > :06:12.market for us but the realisation that China has potential has led to
:06:13. > :06:20.some people calling Brazil protectionist, an accusation that is
:06:21. > :06:24.believed to be unfair. TRANSLATION: Brazil is going through a stage in
:06:25. > :06:28.its development where it needs to protect its country because it is
:06:29. > :06:32.the path to development. The analysis is not constructive. We
:06:33. > :06:35.don't believe it is true the challenge for Brazil is that it is a
:06:36. > :06:42.different economy to China and has high labour costs. The differences
:06:43. > :06:47.can be a good thing. The middle class is growing and demand is high.
:06:48. > :06:54.You have to find a niche in between low`cost production and high cost
:06:55. > :06:59.production. In this medium stage, we can be competitive. That is what
:07:00. > :07:04.this company is doing. At the moment, 2% of its exports go to
:07:05. > :07:08.Asia. It is trying to focus on China and India also. If it is
:07:09. > :07:18.successful, it will be a step in the right direction.
:07:19. > :07:23.New data in Singapore shows the economy contracted during the April`
:07:24. > :07:27.June period. It is for the first time in 7/4 following a drop in
:07:28. > :07:32.manufacturing. Singapore's gross domestic product shrank by 0.8%. It
:07:33. > :07:40.is much weaker than economistss expected. Shinzo Abe has renewed his
:07:41. > :07:42.promise to create a better working environment for women, saying that
:07:43. > :07:46.their power is crucial to the success of the economy. This follows
:07:47. > :07:53.an embarrassing episode last month when a male lawmaker tackled a
:07:54. > :07:57.female colleague with sexist taunts. Women and foreign workers are key to
:07:58. > :08:02.the government's long`term growth strategy unveiled last month.
:08:03. > :08:11.Chinese internet Giant Ali Baba raises its valuation to $130
:08:12. > :08:17.billion, up from $116 billion in its early submission. The company gave
:08:18. > :08:21.details about its decision in 2011 to controversially cut off its
:08:22. > :08:25.payment service. This comes weeks after Ali Baba's anticipated listing
:08:26. > :08:30.on the New York Stock Exchange. Continuing with the theme of IPOs. A
:08:31. > :08:34.recent report by Ernst Young shows that globally there has been picked
:08:35. > :08:38.in activity. In the Asia`Pacific, there were more share sales in the
:08:39. > :08:43.first half of 2014 than in any other region. Four of the 20 largest
:08:44. > :08:50.offerings took place on Asian exchanges in Hong Kong and Tokyo. I
:08:51. > :08:57.spoke with Ernst and Young and asked what had been driving this rise in
:08:58. > :09:02.public offering especially in Asia. The markets have been good. We have
:09:03. > :09:05.seen positive upward tone in the market and low volatility.
:09:06. > :09:10.Unprecedented low volatility since the financial crisis. It has been a
:09:11. > :09:15.good market place for IPOs. A lot of demand is out there. A lot of
:09:16. > :09:21.supply. China came back online during the half`year and that
:09:22. > :09:26.contributed 55 API is in the first half. We will see more in future
:09:27. > :09:29.that white `` IPOs. If we look at the growth forecast from the World
:09:30. > :09:36.Bank, the IMF and others, they have been downgrading economic growth and
:09:37. > :09:39.have been describing key geopolitical issues in the region.
:09:40. > :09:46.Why has this not deterred companies from going public? Everyone wants to
:09:47. > :09:50.get ahead of the storm. If the market is looking good long`term but
:09:51. > :09:55.they look good at the moment, people make hay while there is sunshine. We
:09:56. > :10:00.have seen that going on. We have seen venture capital exits in the US
:10:01. > :10:03.and in this region and Australia. We have invented capital exits, where
:10:04. > :10:10.people recognise the chance to get their money out quite which sectors
:10:11. > :10:19.have been keen on these stock listings Hasbro Tech, tech and
:10:20. > :10:22.attack. `` and tech. Financials, more energy, coming from Australia
:10:23. > :10:29.and elsewhere. And, increasingly, healthcare. It is a new theme. We
:10:30. > :10:34.saw 75 healthcare IPOs in the US alone. A lot of healthcare activity.
:10:35. > :10:42.We will see a lot or healthcare coming in Asia in six months. Let's
:10:43. > :10:47.have a look at the markets. Asian equities are in positive territory
:10:48. > :10:50.in mid`morning trade as the eurozone banking jitters afraid. It is
:10:51. > :10:54.replaced by corporate earnings caution and a raft of economic
:10:55. > :10:59.events including testimony from Janet Yellen. Japan's central bank
:11:00. > :11:00.meets to discuss monetary policy. Thank you for investing your time
:11:01. > :11:15.with us. Goodbye for now. I'm Chris Rogers. The top stories
:11:16. > :11:19.this hour: Germany have beaten Argentina in Rio to claim their
:11:20. > :11:21.fourth World Cup. Just a single goal in extra time from