17/07/2014

Download Subtitles

Transcript

:00:00. > :00:00.of child abuse. Those are the headlines. Now on BBC

:00:00. > :00:14.News, all the latest business news live from Singapore.

:00:15. > :00:23.Australia scraps its divisive carbon tax on the country's biggest

:00:24. > :00:29.polluters. South Korean and Japanese social messaging service Line plans

:00:30. > :00:39.a multi` billion`dollar sale as it builds explosive growth at home and

:00:40. > :00:44.abroad. Thank you for joining us. We start with news just in,

:00:45. > :00:51.Australia's parliament voted to scrap the controversial carbon tax.

:00:52. > :00:56.It is a major victory for Conservative PM Tony Abbott. It

:00:57. > :00:59.creates uncertainty about how Australia will meet its carbon

:01:00. > :01:07.reduction goal. For the latest, let's cross to Sydney. It has been a

:01:08. > :01:10.long time coming with lots of infighting among politicians. This

:01:11. > :01:17.will be welcome news for big business. Especially those hundreds

:01:18. > :01:22.of Australian companies who have been forced to buy permits under the

:01:23. > :01:28.carbon tax as part of the effort under the legislation to reduce

:01:29. > :01:35.Australia's carbon foot on. The tax was finally axed in the upper house

:01:36. > :01:39.after three attempts `` footprint. It was passed within the last hour

:01:40. > :01:45.by 39 votes to 32. The government was helped by support from the

:01:46. > :01:50.micro` parties and independents. Opposition from Labour and the

:01:51. > :01:55.Brenes. In the past, Australia has set very ambitious carbon reduction

:01:56. > :02:08.targets. How will it be that? `` Greens. `` Meet them? Tony Abbott,

:02:09. > :02:10.promising to axe the tax, said the government remains environmentally

:02:11. > :02:18.responsible. He said the direct action plan will do the job. This is

:02:19. > :02:22.where taxpayers help companies voluntarily cut emissions, unlike

:02:23. > :02:28.the carbon tax which forced them to cut the emissions under law. With

:02:29. > :02:37.Australia scrapping the carbon tax, it will send signals to developing

:02:38. > :02:41.countries like China and India. Australia is one of the highest per

:02:42. > :02:45.capita emitters of greenhouse gas and supporters of the tax say that

:02:46. > :02:50.the repeal of the tax is a tragic day for Australia and Australia's

:02:51. > :02:54.environmental responsibilities. Ministers speaking in the Senate

:02:55. > :03:00.earlier today stressed that Australia contributes about 1% of

:03:01. > :03:04.global emissions and what it does is inconsequential and paired with the

:03:05. > :03:09.big polluters. By that, the big polluters include China, the US and

:03:10. > :03:13.the EU. Australia says that those regions and countries need to do

:03:14. > :03:25.more before smaller players like Australia should follow suit. Thank

:03:26. > :03:28.you. In technology, South Korean and Japanese mobile messaging service,

:03:29. > :03:38.Line, announces plans for a public offering in New York, Tokyo, or

:03:39. > :03:41.possibly both. Some suggest it could be worth upwards of $10 billion.

:03:42. > :03:44.It's competitor was bought by Facebook for $19 billion, Whatsapp.

:03:45. > :03:46.But, are they worth the money? The head of the US Federal Reserve,

:03:47. > :03:52.Janet Yellen suggested that some social media valuations were

:03:53. > :03:56.stretched. Our correspondent explains why messaging services are

:03:57. > :04:02.so popular in Asia. It is the future, if you look at it. When it

:04:03. > :04:09.comes to Asia, Mobile is the first screen. When we look at the listing

:04:10. > :04:16.from Line, I'm not surprised this company is doing well. It has half

:04:17. > :04:25.$1 billion of revenue. It has a major footprint in Asia. If you look

:04:26. > :04:28.at all the analyst reports, the revenue from all of these apps is

:04:29. > :04:31.going to grow to about $25 billion in the next three years. You are

:04:32. > :04:36.optimistic about social media applications, but what are the risks

:04:37. > :04:39.and the downside? I don't think there is any. These are the people

:04:40. > :04:42.and consumers who have never used messaging applications before. It's

:04:43. > :04:44.an opportunity for all of them to use applications, and for

:04:45. > :04:48.advertisers to advertise and reach consumers. The engagement is very

:04:49. > :04:54.high on this. A lot of telecommunications companies here in

:04:55. > :04:56.Asia are up in arms. They are complaining they are losing business

:04:57. > :04:59.to these messaging services. They are losing business because they are

:05:00. > :05:03.not innovative enough to come up with new services. Basically, now,

:05:04. > :05:12.the major footprint that they want to get into is the US market? Yes,

:05:13. > :05:17.that is the purpose of the listing. To really expand the operation out

:05:18. > :05:20.of the US. The big advertising dollars actually sit in US and

:05:21. > :05:26.Europe. Line is looking to IPO to help them without. `` with that.

:05:27. > :05:34.Will it ever go the same way as Line and go international? They will, and

:05:35. > :05:36.they are doing that now. They have a huge marketing campaign across

:05:37. > :05:41.Europe, especially in Spain, Mexico and Brazil. They have 400 million

:05:42. > :05:44.users. I believe that it is among the top three of the messaging

:05:45. > :05:55.applications, after Whatsapp and Line, it could go on to expand and

:05:56. > :06:03.be a formidable competition. In other business news. Time Warner

:06:04. > :06:06.has rejected a takeover bid from 21st Century Fox. The proposal by

:06:07. > :06:14.the firm owned by Rupert Murdoch was made last month and is estimated to

:06:15. > :06:21.be worth $80 billion. Fox says it isn't in talks with Time Warner.

:06:22. > :06:26.EBay has beat expectations with profits of $676 million. Shares in

:06:27. > :06:35.the company were up by more than 1.5%. The Prophets report comes

:06:36. > :06:39.after a challenging quarter after eBay said in May that 145 million

:06:40. > :06:46.customer accounts might have been compromised `` profits. Apple has

:06:47. > :06:50.agreed to pay $400 million to settle a lawsuit following claims it

:06:51. > :06:54.colluded with publishers to fix the price of the books. The settlement

:06:55. > :06:58.depends on Apple losing an appeal into a 2013 ruling that it violated

:06:59. > :07:05.anti`trust laws overpricing `` ebooks. It found they orchestrated a

:07:06. > :07:14.conspiracy with publishers to raise the prices. Apple denies any

:07:15. > :07:17.wrongdoing. To Amazon, it appears to be

:07:18. > :07:20.preparing a new subscription service which allows users to download as

:07:21. > :07:22.many Kindle e`book 's as they like. It indicates the available library

:07:23. > :07:32.could equal more than 600,000 titles. `` ebooks. Kindle Unlimited

:07:33. > :07:36.would compete with Oyster's e`book application, but Amazon has deleted

:07:37. > :07:39.the details were now. Fine wines improve with age, but the

:07:40. > :07:46.market for them is not so intent on maturity. In fact, it is the

:07:47. > :07:49.emerging market in China that shows a fondness for new wines. Many wine

:07:50. > :07:59.merchants are looking for growth themselves. Our correspondent found

:08:00. > :08:02.out. At the end of a busy work week, this

:08:03. > :08:06.man likes to relax by meeting his friends, and they usually come here,

:08:07. > :08:09.to this popular wine bar in Singapore, to enjoy a glass of wine

:08:10. > :08:13.or two. He enjoys his wine so much that he has built up a collection at

:08:14. > :08:21.home. I started drinking wine 15 years ago. I have 150 bottles at

:08:22. > :08:28.home. It tastes good, I like it. I have a healthy spread of red and

:08:29. > :08:30.white. I have a lot of German riesling, Chardonnay from Australia,

:08:31. > :08:36.Bordeaux, Burgundy... It is quite a mix. He is not unusual. He is part

:08:37. > :08:44.of a growing number of consumers in Asia willing to spend on wine. Much

:08:45. > :08:49.is made of the wine market in China. The Chinese now consume the most

:08:50. > :08:53.amount of red wine in the world. Overtaking Europe last year. 40% of

:08:54. > :09:05.the wine consumed in Asia is outside of China. Southeast Asia is becoming

:09:06. > :09:08.an important market. It has become such a promising market that an

:09:09. > :09:11.established British wine merchant has set up a sales office in

:09:12. > :09:18.Singapore in order to cater for the region. It is estimated that 24

:09:19. > :09:22.million litres of wine every year come into Singapore and of that only

:09:23. > :09:27.five million stay here. The rest is exported to all of the other

:09:28. > :09:32.countries in south`east Asia. Southeast Asia now accounts for 3%

:09:33. > :09:42.of the firm 's global wine sales. They expect it to grow to 15% of the

:09:43. > :09:45.global business in five years. Wine sellers are looking up markets

:09:46. > :09:48.beyond China, following the nation 's clamp down on corruption, which

:09:49. > :10:01.has hit wine consumption. Wine and spirit firms have reported lower

:10:02. > :10:04.sales because of it. Increasing disposable income and growing wealth

:10:05. > :10:07.in the region of 600 million people is now making Southeast Asia a

:10:08. > :10:09.market where the growth potential of wine being uncorked.

:10:10. > :10:14.Before we go, a look at the markets. Stocks remain in positive territory.

:10:15. > :10:21.This follows US equities rising overnight. Boosted by strong

:10:22. > :10:26.corporate earnings. Australia at a four`month high. Those are the

:10:27. > :10:41.regional markets. Thank you for investing your time with us. Goodbye

:10:42. > :10:47.for now. Hello. You are watching BBC News. These are the latest

:10:48. > :10:50.headlines: Afghan officals say a complex attack near Kabul airport is

:10:51. > :10:52.under way. Jets have been deployed as gun fire and explosions are

:10:53. > :10:55.heard. Hamas and Israel are to hold a

:10:56. > :10:56.humanitarian ceasefire in Gaza,