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