:00:00. > :00:00.after a massive police operation to track down people accessing child
:00:00. > :00:00.abuse images online. Now on BBC News all the latest
:00:00. > :00:20.business news live from Singapore. South Korean Japanese social
:00:21. > :00:27.messaging services plans a multibillion dollar share listing,
:00:28. > :00:41.as it expands overseas. China's crackdown on luxury.
:00:42. > :00:47.Thank you for joining us. Before we take a look at lines messaging
:00:48. > :00:51.service, we bring some news just in, `` Lines. The Australian Parliament
:00:52. > :00:57.a short time ago voted to scrap the controversial carbon tax on the
:00:58. > :01:00.country 's big polluters. A major victory for the Conservative Prime
:01:01. > :01:04.Minister Tony Abbott. It creates uncertainty as to how Australia will
:01:05. > :01:08.meet carbon reduction goals. We can bring you more on this issue in the
:01:09. > :01:17.next hour, when we speak to our correspondent, Phil Mercer, in
:01:18. > :01:21.Sydney. Meanwhile, mobile messaging service Line has announced plans
:01:22. > :01:29.offering services in Tokyo, New York, or both. It could be worth
:01:30. > :01:36.upwards of $10 billion. It's competitor was bought by Facebook
:01:37. > :01:40.for $19 billion, Whatsapp. But, are they worth the money? Janet Yellen
:01:41. > :01:47.suggested that some social media valuations were stretched. Our
:01:48. > :01:52.correspondent explains why messaging services are so popular in Asia. It
:01:53. > :01:56.is the future, if you look at it. When it comes to Asia, Mobile is the
:01:57. > :02:00.first screen. When we will look `` when we look at the listing from
:02:01. > :02:04.Line, I'm not surprised this company is doing well. It has half $1
:02:05. > :02:10.billion of revenue. That is a major footprint in Asia. If you look at
:02:11. > :02:15.all the analyst reports, the revenue from all of these applications is
:02:16. > :02:18.going to grow to about $25 billion in the next three years. You are
:02:19. > :02:22.optimistic about social media applications, what are the risks and
:02:23. > :02:26.the downside? I don't think there is any, these are the people and
:02:27. > :02:30.consumers who have never used messaging applications before. It's
:02:31. > :02:33.an opportunity for all of them to use applications, and for
:02:34. > :02:39.advertisers to advertise and reach consumers. The engagement is very
:02:40. > :02:42.high on this. A lot of telecommunications companies here in
:02:43. > :02:46.Asia are up in arms, they are complaining they are losing business
:02:47. > :02:50.to be used messaging services. They are losing business because they are
:02:51. > :02:55.not innovative enough to come up with new services. Basically, now,
:02:56. > :03:01.the major footprint that they want to get into is the US market? Yes,
:03:02. > :03:06.that is the purpose of the listing, to really expand the operation out
:03:07. > :03:11.of the US, the big advertising dollars actually set in US and
:03:12. > :03:17.Europe. Line is looking to IPO to help them without. Will it ever go
:03:18. > :03:25.the same way as Line and go international? It will, and they are
:03:26. > :03:31.doing that now. They have a huge marketing campaign, especially in
:03:32. > :03:37.Spain, Mexico and Brazil. They have 400 million users. I believe that it
:03:38. > :03:41.is among the top three of the messaging applications, after
:03:42. > :03:45.Whatsapp and Line, it could go on to expand and be a formidable
:03:46. > :03:50.competition. In other business News, US media
:03:51. > :03:54.giant Time Warner has rejected an initial takeover bid from rival 21st
:03:55. > :04:01.Century Fox. The proposal by the firm, owned by media mogul Rupert
:04:02. > :04:05.Murdoch, was made by last month `` was made last month. But first
:04:06. > :04:12.century Fox says they are not in talks with Time Warner about
:04:13. > :04:18.pursuing the deal further. EBay has announced profits of 707 $6 million.
:04:19. > :04:25.Shares in the company were up by 1.5%, in after hours trading in New
:04:26. > :04:30.York. `` Chile comes after a challenging quarter for the firm, in
:04:31. > :04:35.May, the company said that 145 million customer accounts could have
:04:36. > :04:39.been compromised. Apple have agreed to pay as much as $400 million to
:04:40. > :04:54.settle a lawsuit following claims that it can `` colluded in fixing
:04:55. > :04:59.the cost of online books. The ruling found that Apple orchestrated a
:05:00. > :05:01.conspiracy with five publishers to artificially raise electronic book
:05:02. > :05:06.prices. Apple has denied any wrongdoing.
:05:07. > :05:10.To Amazon, it appears to be preparing a new subscription service
:05:11. > :05:18.which allows users to download as many Kindle e`book 's as they like.
:05:19. > :05:26.It indicates the available library could equal more than 600,000
:05:27. > :05:30.titles. Kindle would compete with oysters e`book application, but
:05:31. > :05:34.Amazon has deleted the details were now. Fine wines improve with age,
:05:35. > :05:42.but the market for them is not so intent on maturity, but it is the
:05:43. > :05:48.emerging market in China that shows a fondness for new wines. Many wine
:05:49. > :05:52.merchants are looking for growth themselves. Our correspondent found
:05:53. > :05:56.out. At the end of a busy work week, this
:05:57. > :06:01.man likes to relax by meeting his friends, and they usually come
:06:02. > :06:05.here, to this popular wine bar in Singapore, to enjoy a glass of wine
:06:06. > :06:11.or two. He enjoys his wine so much that he has built up a collection at
:06:12. > :06:17.home. I started drinking wine 15 years ago. I have 150 bottles at
:06:18. > :06:22.home. It tastes good, I like it. I have a healthy spread of red and
:06:23. > :06:31.white wines, I have a lot of German ones, Chardonnay from Australia,
:06:32. > :06:36.Bordeaux, Burgundy... It is quite a mix. He is not unusual. He is part
:06:37. > :06:42.of a growing number of consumers in Asia willing to spend on wine. Much
:06:43. > :06:48.is made of the wine market in China. The Chinese now consume the
:06:49. > :06:53.most amount of red wine in the world. Overtaking Europe only last
:06:54. > :06:59.year. 40% of the wine consumed in Asia is outside of China. Southeast
:07:00. > :07:03.Asia is becoming an important market. It has become such a
:07:04. > :07:06.promising market, that an established British wine merchant
:07:07. > :07:11.has set up a sales office in Singapore, in order to cater for the
:07:12. > :07:19.region. It is estimated that 24 million litres of wine every year
:07:20. > :07:25.come into Singapore, and of that, only five million stay here. The
:07:26. > :07:28.rest is exported to all of the other countries in South East Asia.
:07:29. > :07:34.Southeast Asia now accounts for 3% of the firm 's global wine sales.
:07:35. > :07:40.They expect it to grow to 15% of the global business in five years. Wine
:07:41. > :07:42.cellars are looking up markets beyond China, following the nation
:07:43. > :07:48.'s clamp down on corruption, which has hit wine consumption. Wine and
:07:49. > :07:53.spirit firms have reported lower sales because of it. Increasing
:07:54. > :07:57.disposable income, and growing wealth in the region of 600 million
:07:58. > :08:06.people, is now making Southeast Asia a market with the growth potential
:08:07. > :08:14.of wine being uncorked. A European `based firm is selling a
:08:15. > :08:18.stake to a Chinese firm. The Beijing group paid 106 two $5 million for a
:08:19. > :08:23.quarter of the company. Our correspondent caught up with the
:08:24. > :08:27.founder, finding out of China would be the newest frontier. Our business
:08:28. > :08:31.in the UK and in Europe, it is exploding, and we are building in
:08:32. > :08:39.Asia, and China is an important market. China will be doing $5
:08:40. > :08:43.billion in revenue I believe. How tricky is it to source that many
:08:44. > :08:48.coconuts? It is very tricky, and today it is the biggest barrier to
:08:49. > :08:55.entry in this category. Sourcing. We built an incredible supply chain
:08:56. > :08:58.across five countries, with eight manufacturing facilities that we
:08:59. > :09:03.have built. We have this incredible chain that is cracking 1.5 million
:09:04. > :09:06.coconuts a day. That is only the beginning, the current supply
:09:07. > :09:13.footprint will allow us to build the business into $1.6 billion business.
:09:14. > :09:17.By getting water from 5% of the commercially harvested coconuts in
:09:18. > :09:22.the regions of which we produce. Where did they come from? 40% from
:09:23. > :09:27.Brazil, the rest from Mexico, India, Sri Lanka, and the Philippines. I am
:09:28. > :09:31.looking at the wall behind, pictures of Demi Moore, Madonna, they are
:09:32. > :09:36.celebrity investors. Over my shoulder, there is a photo of
:09:37. > :09:40.Rhianna, a brand ambassador for you. How important has the celebrity
:09:41. > :09:44.endorsement been? Critical, when we began the business, everyone
:09:45. > :09:48.believed that it was a fad, small niche. When the dollar invested in
:09:49. > :09:58.the business, putting real dollars into the business, and promoted the
:09:59. > :10:03.brand, as did Matthew McConnachie `` Matthew McConaughey, if they are
:10:04. > :10:10.investing and putting dollars into it, there is something there.
:10:11. > :10:15.Before we go, a quick look at the markets. Asian markets are in
:10:16. > :10:27.positive territory. Share prices rose overnight.
:10:28. > :10:38.Thank you for investing your time with us, goodbye for now.
:10:39. > :10:44.You are watching BBC News. I'm Adnan Nawaz. The top stories this hour.
:10:45. > :10:46.Israel announces a temporary "humanitarian ceasefire" in Gaza,
:10:47. > :10:49.hours after the deaths of four Palestinian boys, killed by an
:10:50. > :10:53.Israeli strike on a beach. President Obama confirms the most wide`ranging
:10:54. > :10:54.US economic sanctions yet on Russia, over its actions in