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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