:00:00. > :00:14.BBC News, all the latest business news live from Singapore. Bank of
:00:15. > :00:21.America is hit with a near $17 billion fine by US authorities for
:00:22. > :00:23.misleading customers. Australia's Trade Minister is forced to reassure
:00:24. > :00:36.the country's biggest trading partner. Thank you for joining us
:00:37. > :00:47.for this edition of Asia Business Report. I am Rico Hizon. It is the
:00:48. > :00:50.highest fine a single company has ever agreed to with regulators. The
:00:51. > :00:53.Bank of America is paying US authorities close to $17 billion to
:00:54. > :00:55.settle claims that it and its affiliates misled investors by
:00:56. > :00:57.pretending risky mortgage securities were safe. The settlement will cut
:00:58. > :01:02.its third`quarter profits by more than $5 billion. Michelle Fleury
:01:03. > :01:05.reports from New York. Bad mortgage investments devastated the US
:01:06. > :01:09.housing market, and sparked a depression the economy is only now
:01:10. > :01:14.just shaking off. Now another bank has been punished for those
:01:15. > :01:17.investments with a huge fine. Bank of America is paying $17 billion,
:01:18. > :01:25.substantially more than rivals JP Morgan and Citigroup paid to settle
:01:26. > :01:28.a similar matter. In a statement, the bank's chief executive Brian
:01:29. > :01:32.Moynihan said the deal was in the best interests of its shareholders.
:01:33. > :01:36.This settlement brings a measure of closure to the bank which has been
:01:37. > :01:42.dogged by legal problems ever since the start of financial crisis. A
:01:43. > :01:44.large portion of the penalty will go towards modifying the mortgages of
:01:45. > :01:50.borrowers who owe more than their homes are worth, the rest will go to
:01:51. > :01:54.the authorities. US Attorney General Eric Holder emphasised the severity
:01:55. > :01:57.of the punishment. This constitutes the largest civil settlement with a
:01:58. > :02:05.single entity in history, addressing conduct uncovered in more than a
:02:06. > :02:08.dozen cases and investigations. I want to be very clear, the size and
:02:09. > :02:13.scope of this multibillion`dollar agreement goes far beyond the cost
:02:14. > :02:18.of doing business. This outcome does not preclude any criminal charges
:02:19. > :02:22.against the bank or its employees. The penalty exceeds Bank of
:02:23. > :02:26.America's entire profits last year. But many still think such fines are
:02:27. > :02:37.not enough of a punishment for the people and companies that did such
:02:38. > :02:40.damage to the global economy. In other news, clothing giant Gap says
:02:41. > :02:44.it plans to open 40 stores in India next year. The announcement came
:02:45. > :02:47.after the company unveiled second`quarter results, which showed
:02:48. > :02:54.net sales increasing by 3% to under just $4 billion. The move into
:02:55. > :02:56.India, from where it has sourced products for many years, is part of
:02:57. > :03:02.the company's strategy to expand operations in Asia, including China,
:03:03. > :03:08.Hong Kong and Taiwan. Toyota has cut its prices in China, reducing it in
:03:09. > :03:16.certain models by an average of 26%. The Lexus model parts were reduced.
:03:17. > :03:18.The price cuts follow a $200 million fine issued by China against 12
:03:19. > :03:20.Japanese companies over price manipulation. The mainland
:03:21. > :03:23.government is in the middle of conducting investigations in the
:03:24. > :03:27.country's automotive sector. Australia's biggest trading partner
:03:28. > :03:29.is China. So when a Member of Parliament goes on national
:03:30. > :03:32.television and describes the Chinese as mongrels who shoot their own
:03:33. > :03:38.people, it has the makings of a major trade dispute. Clive Palmer,
:03:39. > :03:40.who also happens to be one of Australia's richest men, has left
:03:41. > :03:49.the Australian government trying to limit the damage. As it tries to
:03:50. > :03:53.conclude free`trade arrangement with Beijing. Australia's Trade Minister
:03:54. > :04:02.Andrew Robb spoke to our correspondent. It is distinctly
:04:03. > :04:04.unhelpful. There was a statement yesterday afternoon where the
:04:05. > :04:08.Chinese government officially said that they do not think it in any way
:04:09. > :04:13.reflects the views of the government or the community in Australia. So
:04:14. > :04:16.that is a welcome sign. But, nevertheless, comments by someone in
:04:17. > :04:25.his position, to say these things, is extraordinarily unhelpful. I
:04:26. > :04:29.think it can be misinterpreted and can colour the attitude of people we
:04:30. > :04:32.are negotiating with. We've been ten years, trying to bring the
:04:33. > :04:41.negotiation to this stage, for a free`trade agreement between the two
:04:42. > :04:49.countries. Exactly. Ten years, our biggest trading partner. It would
:04:50. > :04:52.materially advantaged the Australian community. In the end, hundreds of
:04:53. > :04:55.thousands of jobs could be created with a free trade agreement. These
:04:56. > :04:58.things are very important, and he has done potential damage to the
:04:59. > :05:07.prosperity and the prospects of millions of Australians. So do you
:05:08. > :05:12.think Clive Palmer's words might be able to be measured in terms of
:05:13. > :05:16.dollars lost? Well, I'm hopeful that we will be able to work through this
:05:17. > :05:20.and go beyond it, and the Chinese won't hold it against us. But, you
:05:21. > :05:24.know, we shouldn't be in this position in the first place. We
:05:25. > :05:33.shouldn't have to be wondering whether it's going to have the
:05:34. > :05:39.material and permanent impact. But Australia is a robust democracy. We
:05:40. > :05:41.are. But he is a senior Member of Parliament and one of Australia's
:05:42. > :05:44.wealthiest men. He stood for Parliament, saying people should
:05:45. > :05:47.trust him to look after their interests. This in no way, in my
:05:48. > :05:50.view, looks after the interests of the Australian people. It's an
:05:51. > :05:56.attempt to look after his own business interests. That was Andrew
:05:57. > :06:03.Robb, Australia's Minister for trade. Argentina's plan to exit its
:06:04. > :06:05.debt default has been ruled illegal. The struggling South American nation
:06:06. > :06:15.wanted investors holding defaulted loans to swap them for new locally
:06:16. > :06:21.issued debt. A judge in New York said the plan was lawlessl. ``
:06:22. > :06:23.Lawless. Argentina had been trying to get around an earlier court
:06:24. > :06:26.ruling, banning it from paying interest to investors who accepted
:06:27. > :06:28.restructured bonds. Russia has announced an unscheduled tax on
:06:29. > :06:31.McDonald's restaurants across the country, as part of an investigation
:06:32. > :06:34.into food standards. The move comes after Russia's top watchdog
:06:35. > :06:36.temporarily shut down four of the fast food restaurant in Moscow. This
:06:37. > :06:41.comes amid rising tensions and sanctions between Russia and the
:06:42. > :06:46.West over the Ukraine crisis. Earlier this year, at the EU banned
:06:47. > :06:50.imports of mangoes from India after the discovery of insects which
:06:51. > :06:53.authorities said threatened crops. That created a gap in the market
:06:54. > :06:59.which growers around the region have been quick to fill, but not without
:07:00. > :07:04.some challenges. Our correspondent reports from the Pakistani capital
:07:05. > :07:10.Islamabad. After Europe's India mango band kicked in, it was these
:07:11. > :07:14.businesses which started to suffer `` ban. It had agreed to buy the
:07:15. > :07:18.fruit from farmers, and so had to find new customers for mangoes it
:07:19. > :07:25.couldn't sell to the EU. Some went abroad, but most of the surplus was
:07:26. > :07:28.sold in India, many prices fell. For India's mango farmers, it is
:07:29. > :07:32.worrying, especially if it continues. But of course, India is
:07:33. > :07:38.not the only country in this region to grow mangoes. This farm is on the
:07:39. > :07:41.outskirts of a city in Pakistan. Every summer, the fruit grown here
:07:42. > :07:45.is piled high in local markets. But some get sold abroad. Pakistan is
:07:46. > :07:54.the eighth biggest exporter of mangoes and world. It is always on
:07:55. > :08:00.the lookout for new customers. The European ban is due to last until
:08:01. > :08:03.2015. That hasn't stopped some exporters looking to take advantage
:08:04. > :08:06.of this opportunity, getting short`term sales now and perhaps
:08:07. > :08:14.giving new customers something to think about. This man buys mangoes
:08:15. > :08:18.and exports them. His biggest markets are Asian countries. At this
:08:19. > :08:26.year he got his first ever order from the EU. TRANSLATION: A company
:08:27. > :08:33.in Ireland placed an order. In one week they wanted 1500 kg, it was of
:08:34. > :08:38.the ban on Indian mangoes. It is something we in Pakistan can
:08:39. > :08:42.definitely take advantage of. Pakistan already sells mangoes to
:08:43. > :08:49.the EU. And the India ban means total exports are at set to increase
:08:50. > :08:54.in 2014. But pests like fruit flies have caused problems in Pakistan as
:08:55. > :08:59.well over the years. There is a ban on sales to the US and Japan as a
:09:00. > :09:03.result. Foreign donors have been working with the government to try
:09:04. > :09:07.and improve standards, giving tutorials and introducing new
:09:08. > :09:10.technology. There is some national pride over mangoes across this
:09:11. > :09:15.region. Whether you are from India, Pakistan, or other growers like
:09:16. > :09:23.anger that true languor, it will tell you that their mangoes taste
:09:24. > :09:27.test `` Sri Lanka. With the band possibly lifted in time for the next
:09:28. > :09:35.mango season, customers in Europe may be once again having the same
:09:36. > :09:40.argument `` ban. You can catch more on that and other business stories
:09:41. > :09:45.from south Asia on India Business Report this weekend. Before we go, a
:09:46. > :09:49.look at the markets. Asian stocks are trading higher in mid`morning
:09:50. > :09:54.Friday trade due to gains in US equities. Leading the way forward is
:09:55. > :10:00.Indonesia, now soaring to fresh record highs as the country's top
:10:01. > :10:03.court rejected an appeal by the losing candidate in last month's
:10:04. > :10:08.presidential election over alleged voting irregularities. This removes
:10:09. > :10:15.any uncertainty around the victory which is currently moving the main
:10:16. > :10:18.share index in Jakarta well past positive territory. Regional
:10:19. > :10:27.investors are also keenly awaiting this beach of Fed chief Janet Yellen
:10:28. > :10:33.today `` the speech. Those are the Asian markets. Thank you for
:10:34. > :10:39.investing your time with us. I am Rico Hizon. Goodbye for now. The top
:10:40. > :10:42.stories this hour: The United States says the group calling itself the
:10:43. > :10:46.Islamic State presents a long`term threat ` greater than any other so
:10:47. > :10:52.far, and that it must be defeated in Syria as well as Iraq. A hospital in
:10:53. > :10:55.the United States has discharged two American missionaries it was
:10:56. > :10:57.treating for the ebola virus, saying they pose