31/07/2014 Asia Business Report


Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.

Similar Content

Browse content similar to 31/07/2014. Check below for episodes and series from the same categories and more!



blaze. Those are the headlines. Time to go


to Singapore and get all the latest business.


John Kerry leads the first delegation to India since the


elections in May. Striking a chord in Asia. How the


parents of children like this young boy are driving growth for piano


makers. Thank you for joining us for this


edition of Asia Business Report. The American online retail giant Amazon


is boosting its business in with a $2 billion investment. John


Kerry let a delegation to India for the first time since Narenda Modi


won a landslide victory. Even before he arrived, John Kerry


was talking about the relations between the US and India with a


promise to increase trade and investment. Now is the time to renew


that dialogue with the new government and a new set of


opportunities. This is a potentially transformative moment in our


partnership. Despite the up its political rhetoric, relationships


between the democracies are not at their best. Disputes over trade and


international property have dominated ties. `` intellectual.


There are plenty of hurdles to clear. India is desperate for more


energy. And it has its eye on sheep Shell gas imports from the US. ``


cheap. At the moment it only sells gas to countries it has a freak


trade agreement with. `` free trade. India wants the US to open up the


market. The US, on the other hand, is worried about protection of


intellectual property, especially pharmaceuticals. India needs to be


reaching out to all partners. We are pleased that the US is India's


second largest trading partner. There was an enormous possibility


for growth. Trade in goods and services between the US and India


totalled almost $100 billion last year. A fivefold increase since


2000. Narenda Modi will visit the US later this year to meet President


Obama. It could be a significant step to repairing the relationship


between the countries. But some unimportant ground work is likely to


be done here in the next few days. `` important.


The world's biggest economy has indeed bounced back. US holdings


expanded by 4%. That traverses a sharp 2.9% annual fall in the start


of the year. `` reverses. The Federal reserve said it would ease


back on its stimulus efforts. The central bank reaffirmed that it


is in no hurry to raise the cost of borrowing. As for Asian stocks, also


in positive territory. The US dollar has disappointed investors on its


bias on monetary policy. Moving the technology.


Samsung's second`quarter profits plunging nearly 20% from a year ago.


It is because of a slowdown in its smartphone business. The


disappointing numbers are largely in line with the previous. Nintendo


shares are tumbling after bigger than expected first`quarter losses.


It has a $97 million deficit in the three months to June compared and


$84 million profit for the same period a year ago. Sales are down


despite the release in May. Microsoft's Xbox one is being


launched in China in late September. The first main foreign games console


to go on sale there for teen years. It comes in spite of an antimonopoly


investigation into the US company by mainland authorities.


In Hong Kong, the international conglomerate controlled by Asia's


richest family will unveil its half`year results. It is not


expected to deliver a much in terms of profit growth.


The telecoms conglomerate has had a busy year so far. In much the


billionaire behind the group sold the bulk of his stake in a container


terminal. The deal raised questions about his continuing commitment to


Hong Kong, a business focused city. Later in the same month, Hutchinson


announced it would sell a quarter of its stake in the health and beauty


chain Watsons. For nearly $6 billion. He also decided to list his


power assets on the Hong Kong stock exchange. It was not as successful


as expected. Some investors said they were due to reap. `` jittery.


He did it in a three`month period by selling three major assets of his


companies. That makes people think it might not be a very good value.


With so many high profile divestments this year, savvy


investors are wondering if Hong Kong is no longer a great place to put


one's money. TRANSLATION: That is why he decided to sell off the


assets. He makes the product from Hong Kong. I think he will still


stay in Hong Kong. He said he is not abandoning Hong Kong for greener


pastures, saying the asset sales are a normal part of the business cycle.


But he has admitted to losing sleep over the city's future. One major


worry is a planned civil disobedience movement organised by


pro`democracy activists who want genuine democratic reforms. He


believes the sit in will hurt Hong Kong. So far, stock`market investors


have shown little concern over occupy a central. But they will be


closely watching the results briefing for any clues into how the


company plans to spend the money raised from the asset sales.


One of the world's best`known carmakers has made huge inroads into


China over the past decade. `` piano makers.


Like many parents in Asia, mind pushed me to play the piano. But


unlike many parents now, mind could not afford to get me one of these.


One of these can set you back about $250,000. Asia makes up nearly half


the global sales, and growth is expected at 20% this year alone.


With me now is the president of Steinway Asia`Pacific. What is


behind this growth? Is it down the pushy parents? I would not say pushy


parents, but parents who take care of the education of their children.


When it comes to piano playing. It is that approach to learning that


saw this young man's parents get him a Steinway earlier this year. He is


just 11 years old. In each and unique to this region, nearly half


of the sales in many Asian countries are down to parents buying them for


their young children. Ten years ago, Steinway hardly sold any pianos


in China. Now it has become popular to play piano. You have been


credited with turning around the fortunes of Steinway. How did you


manage to do that? When I came to China, it did not look so inviting


for a product like ours. Within the past ten years, we have built our


base in Shanghai. We also develop the market by talking very closely


to the education people, the institutions. The conservator is.


How do you build a business model around a product that does not need


replacing? We mostly have one time buyers. You cannot keep telling them


that you need a new one. It is just developing. It is growing with the


player. People talk about it. They are telling their friends. This is


one part of the success. The second part is we are a global company.


There are always markets we can develop.


Great talent. A star in the making. Thank you for investing your time


with us. Goodbye for now. You are watching BBC News. Here are


the headlines: The United States and the United Nations have condemned an


attack on a US school in Gaza that was sheltering


Download Subtitles