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compensation. Now on BBC News, it is time for the | :00:00. | :00:00. | |
latest business news live from Singapore. It is Asia Business | :00:00. | :00:15. | |
Report with Rico Hizon. As New Zealand is up for the general | :00:16. | :00:21. | |
elections, what role will the economy play? Going social. Banks | :00:22. | :00:28. | |
look for ways to tap into the growing smart phone market. | :00:29. | :00:38. | |
Thank you for joining us of this addition of World Business Report on | :00:39. | :00:43. | |
BBC News. I am Ricco who's on. `` Rico Hizon. | :00:44. | :00:46. | |
If no news is good news, perhaps that's why we hear so little about | :00:47. | :00:49. | |
New Zealand's economy. But as it enters its election | :00:50. | :00:52. | |
campaign period, there are clouds on the horizon. Export values dipped | :00:53. | :00:54. | |
sharply in the last quarter. And dairy, which is the nation's largest | :00:55. | :00:57. | |
export, is a concern with farm incomes forecast to fall 3.5 billion | :00:58. | :01:01. | |
dollars or 1.5% of GDP over the next year. Earlier, my colleague, Rico | :01:02. | :01:04. | |
Hizon, spoke to ANZ's Chief Economist, Cameron Bagrie, in | :01:05. | :01:07. | |
Wellington and asked if he was concerned about the overall outlook | :01:08. | :01:16. | |
for the economy. Generally, the economic performance | :01:17. | :01:23. | |
has been rock solid. The New Zealand economy has been turned into a rock | :01:24. | :01:29. | |
star economy. We have seen economic cracks. Dairy prices have come under | :01:30. | :01:34. | |
pressure. The housing market's looking soft under the bonnet. New | :01:35. | :01:41. | |
Zealand is getting thrown around by global and local gyrations. You have | :01:42. | :01:44. | |
to learn how to rock and roll if you want to be an economic rock star. | :01:45. | :01:47. | |
Under the bonnet, the economy is working well. If it is in a rock and | :01:48. | :01:56. | |
roll status, what else would you like to see from the national party | :01:57. | :02:02. | |
led by the PM? They are hitting the right notes with a strong focus on | :02:03. | :02:06. | |
driving an efficient and productive economy across the state sector with | :02:07. | :02:11. | |
strategic priorities rebuilding Christchurch. We are turning | :02:12. | :02:18. | |
substantial deficits into fiscal surplus so that the government isn't | :02:19. | :02:21. | |
looking at borrowing lots of money but driving efficiency across the | :02:22. | :02:28. | |
economy. ANZ's chief economist from Wellington. | :02:29. | :02:33. | |
India's biggest carmaker, Tatar Motors, has reported a big jump in | :02:34. | :02:36. | |
profits thanks to strong sales at its Jaguar Land Rover business. | :02:37. | :02:39. | |
Overall the company saw its profits triple to more than $880 million in | :02:40. | :02:42. | |
the three months to June, which was far more than analysts had expected. | :02:43. | :02:45. | |
The strong sales at Jaguar Land Rover offset a near 30% fall in | :02:46. | :02:51. | |
domestic vehicle sales. Pharmaceutical giant GlaxoSmithKline | :02:52. | :02:54. | |
is facing new claims that it bribed distributors in Syria to increase | :02:55. | :02:56. | |
sales there. Reuters news agency says it has seen an anonymous e`mail | :02:57. | :03:00. | |
sent to top management about the charges. The claims follow other | :03:01. | :03:02. | |
corruption accusations related to GSK's business in Syria, as well as | :03:03. | :03:05. | |
bribery claims in China. GSK said it would thoroughly investigate the | :03:06. | :03:14. | |
claims. China's biggest re`insurer is | :03:15. | :03:17. | |
reportedly planning to publicly list in Hong Kong. According to the Wall | :03:18. | :03:20. | |
Street Journal, China Reinsurance is looking to raise up to about $2 | :03:21. | :03:23. | |
billion in an initial public offering in the first half of next | :03:24. | :03:31. | |
year. It marks the Chinese government's latest attempt to open | :03:32. | :03:34. | |
up its financial sector. Earlier, Juliana Liu in Hong Kong spoke to me | :03:35. | :03:38. | |
about whether this listing would be welcomed. | :03:39. | :03:47. | |
The news is welcomed by the investment bankers in Hong Kong who | :03:48. | :03:50. | |
stand to make a lot of money from big listings like this. Hong Kong | :03:51. | :03:55. | |
used to be the listings capital of the world but hasn't been the case | :03:56. | :03:59. | |
to court to back years because of a drying up of listings `` going back. | :04:00. | :04:10. | |
`` two years. This is a wave of another trend of companies listing | :04:11. | :04:13. | |
again because of this new administration under the new | :04:14. | :04:17. | |
President and Premier has done a lot to reform the financial industry | :04:18. | :04:23. | |
once again. Last year we saw the establishment of a free`trade zone | :04:24. | :04:28. | |
Shanghai. Later, we will see Hong Kong and Shanghai's stock markets be | :04:29. | :04:31. | |
able to trade in each other's markets. We have had a wave of | :04:32. | :04:37. | |
announcements about reforms in state`owned banks including China | :04:38. | :04:47. | |
Everbright. China Reinsurance is an enormous insurer to other insurers. | :04:48. | :04:56. | |
It enjoys a monopoly. This is unique. Investors will be | :04:57. | :05:02. | |
interested. Indeed, investment bankers will rejoice. What about | :05:03. | :05:07. | |
investors? It depends on the evaluation of these listings. There | :05:08. | :05:10. | |
are several major Chinese companies planning to list in Hong Kong in | :05:11. | :05:16. | |
2014. According to the Wall Street Journal, China Postal Bank and the | :05:17. | :05:24. | |
big investment bank, the ICC, will also look at coming to market in the | :05:25. | :05:32. | |
next year. Valuations are key. We saw with the China pork supply, the | :05:33. | :05:37. | |
W H group, that they could not get the valuations that they hoped for. | :05:38. | :05:42. | |
That is why they had to reduce the size of the listing. It looks as | :05:43. | :05:47. | |
though the investment bankers and companies themselves are becoming | :05:48. | :05:50. | |
more realistic about what investors are willing to pay. | :05:51. | :05:56. | |
Have you ever had to pay back a friend some cash, but had to wait | :05:57. | :05:59. | |
because you didn't have their bank account details? Well, banks and | :06:00. | :06:02. | |
others are trying to solve the problem by letting you transfer | :06:03. | :06:07. | |
money by phone or social media. Vince Tallent is the Chief Executive | :06:08. | :06:10. | |
of fastacash, which is expanding in this sector and he spoke to Rico | :06:11. | :06:20. | |
Hizon about security. One of our biggest concerns has | :06:21. | :06:24. | |
always been security and our view is that the best way to address that is | :06:25. | :06:28. | |
to work with the financial institutions, for example, banks. We | :06:29. | :06:32. | |
want to make sure the security layers that banks look at are the | :06:33. | :06:35. | |
same that we are looking at. Working with big banks. They see the | :06:36. | :06:41. | |
opportunity in this platform and launched their own platforms. They | :06:42. | :06:46. | |
are now your competitors even though you are working with them. We don't | :06:47. | :06:51. | |
see them our goal is to partner with the right people who have the | :06:52. | :06:57. | |
licences to enable the movement of value. We provide technology `` we | :06:58. | :07:03. | |
don't see them as our competitors. We believe that what they have | :07:04. | :07:08. | |
launched is narrow. We are focused on any social network, any messaging | :07:09. | :07:14. | |
channel. Vince talent from fastacash. | :07:15. | :07:18. | |
With the explosion of social media in recent years, you might be hard | :07:19. | :07:22. | |
pressed to find a marketing expert who doesn't recommend it as part of | :07:23. | :07:25. | |
any business strategy. But, is it really worth the time and effort to | :07:26. | :07:28. | |
build a social media presence? Ashleigh Nghiem speaks to two | :07:29. | :07:31. | |
experts about the challenges and advantages that it brings. | :07:32. | :07:39. | |
It wasn't long ago that big rand firms spent millions on advertising | :07:40. | :07:44. | |
in traditional media. `` brand. In this digital age, it is about direct | :07:45. | :07:47. | |
engagement with consumers on phones or tablets. By lighting and sharing | :07:48. | :07:55. | |
content on social media, they can help brands build brand loyalty with | :07:56. | :08:00. | |
friends and family, let's go find out how they measure success `` | :08:01. | :08:07. | |
liking. With me now are two social media experts, Dan Sloan from this | :08:08. | :08:09. | |
and Ann Thomas Frampton from Pokhran. How much do you invest in | :08:10. | :08:20. | |
social media? In addition, we have created a team of former | :08:21. | :08:24. | |
journalists who have come together to create a media centre. They | :08:25. | :08:29. | |
create content and we use social media as a distribution platform. | :08:30. | :08:35. | |
Relative to that content, you can measure exactly how many eyes you | :08:36. | :08:41. | |
are getting and ultimately what the return on investment is from hiring | :08:42. | :08:45. | |
a team and making this move. Thomas, you have seen this trend | :08:46. | :08:49. | |
across Asia? Absolutely. We have seen every type of company in every | :08:50. | :08:54. | |
category increased their capability of communicating in an engagement | :08:55. | :09:00. | |
format rather than broadcast form. With potential customers often | :09:01. | :09:04. | |
through the creation of content studios or content factories or some | :09:05. | :09:09. | |
similar structure that helps to create the necessary material. Is it | :09:10. | :09:13. | |
all about whether something goes viral? What social needs to do is | :09:14. | :09:19. | |
not look for likes or Twitter followers, it's about solving | :09:20. | :09:26. | |
business problems. How do we use social media to solve a company | :09:27. | :09:31. | |
problem? If it doesn't directly translate to sales and profit, why | :09:32. | :09:35. | |
do it? We know stories will resonate most, fast cars, cool technology, | :09:36. | :09:43. | |
the breadth of stories that we are creating guarantee loss leaders. | :09:44. | :09:47. | |
They won't be universally interesting or viral, but it's all | :09:48. | :09:53. | |
part of knowing more about the brand and we need to make the story. Thank | :09:54. | :10:00. | |
Stan and Thomas. Social media is important in building brand loyalty | :10:01. | :10:04. | |
and is one tool in modern marketing campaigns `` thanks Dan. Before we | :10:05. | :10:14. | |
go, a quick look at the markets. Asian stocks are in positive | :10:15. | :10:20. | |
territory. US equities ended higher overnight with investors hoping | :10:21. | :10:23. | |
Russia's move to send humanitarian aid to Ukraine will ease tensions | :10:24. | :10:26. | |
between the countries. If Japan and Australia are in negative territory | :10:27. | :10:31. | |
but Hong Kong's Hang Seng index is slightly lower. `` Japan and | :10:32. | :10:43. | |
Australia. I and Mike Embley in London with the | :10:44. | :10:47. | |
main stories this hour. The Oscar`winning actor and comedian, | :10:48. | :10:50. | |
Robin Williams, has died at his home in California at the age of 63. | :10:51. | :10:53. | |
Police say he appears to have killed himself. | :10:54. | :10:54. | |
Thousands of Iraqis who've fled islamic militants remain stranded, | :10:55. | :10:57. | |
many without food or water as political disagreement | :10:58. | :10:59. |