:00:00. > :00:17.Now on BBC News, all the latest business news live from Singapore.
:00:18. > :00:26.A trade pact by November? Officials from 12 countries are negotiating in
:00:27. > :00:35.Hanoi for The Trans`Pacific Partnership.
:00:36. > :00:43.Moscow hopes that a new flight from Russia to China will bring in new
:00:44. > :00:48.customers. `` pipeline. Banks are joining us. Negotiators
:00:49. > :00:51.from 12 nations are meeting in Hanoi to thrash out an agreement on The
:00:52. > :00:55.Trans`Pacific Partnership. They failed to strike a deal on the
:00:56. > :00:58.international trade agreement so far despite several rounds of
:00:59. > :01:04.negotiations. The talks are scheduled to go for ten days. The
:01:05. > :01:08.countries are aiming to clinch a broad`based deal by the in November.
:01:09. > :01:12.Barack Obama is scheduled to make a visit to Asia at the same time. I
:01:13. > :01:17.spoke to a trade expert and asked her what are main stumbling blocks
:01:18. > :01:21.have been. The difficult issues are mostly the ones we identified from
:01:22. > :01:28.the beginning. Agricultural issues especially. Market access problems,
:01:29. > :01:33.textile issues, government procurement, intellectual property
:01:34. > :01:39.concerns. Most of them we already knew about. The only new one is the
:01:40. > :01:43.fight over state owned enterprises. How far are the Japanese and
:01:44. > :01:48.Americans the negotiating process in Mac we can see both sides agreeing
:01:49. > :01:53.by November? Both sides have to agree by November. The issue is who
:01:54. > :01:57.will blink first. They have spent a lot of hours saying no to one
:01:58. > :02:04.another. Are they finally ready to say yes? Without that peace in
:02:05. > :02:06.place, the rest of the deal cannot come together. Automobiles and
:02:07. > :02:13.agricultural products between the US and Japan. Who will blink first? Who
:02:14. > :02:18.will say yes first? There is a solution to this. It is complicated
:02:19. > :02:23.and technical. There is a solution in which they could use a mechanism
:02:24. > :02:27.under which, especially on the agricultural side, you could solve
:02:28. > :02:32.the problem. They just have to agree that that would be acceptable. I
:02:33. > :02:36.think that would work. I gather from you and what you are saying, it will
:02:37. > :02:43.be a grinding out process over the next ten days? This is a US
:02:44. > :02:48.initiative. How important is it to Asia that it be done by November? It
:02:49. > :02:55.is very important. If not done, it get caught in the electoral cycles.
:02:56. > :03:00.It may not be finished. After years of negotiating and an important deal
:03:01. > :03:01.for Asia, it could get stuck in electoral politics in the US if they
:03:02. > :03:10.do not close the deal in November. Japan and India had agreed to step
:03:11. > :03:15.up their economic and security cooperation. The move comes as the
:03:16. > :03:23.Indian Prime Minister is honoured by day visit to Japan. `` on a five`day
:03:24. > :03:27.visit. They have set a target of doubling the Japanese investment in
:03:28. > :03:32.India. Japan will help with the construction of high`speed railways
:03:33. > :03:36.and smart cities in India. They have agreed to accelerate talks on the
:03:37. > :03:42.nuclear energy pact. The trip is being seen by the two democracies as
:03:43. > :03:48.a way to balance the rising weight of China across Asia.
:03:49. > :03:53.The United rank of India has declared that a tycoon is a wilful
:03:54. > :03:56.default. He owns Kingfisher Airlines. It lost
:03:57. > :04:02.it failed to end the strike by staff who had not been paid. It will be
:04:03. > :04:08.difficult for the owner of the carrier to access more funding from
:04:09. > :04:11.traditional backing sources. Kingfisher debts have run up to
:04:12. > :04:17.nearly $1.5 billion. Airports, fuel suppliers and others are owed money.
:04:18. > :04:26.$60 million is owed to the United bank of India.
:04:27. > :04:30.The anti`trust regulator has given Microsoft 20 days to answer the
:04:31. > :04:36.questions about the compatibility of its operating system and office
:04:37. > :04:41.suite. This is coming as there is an antimonopoly investigation into the
:04:42. > :04:45.software company. It is suspected that Microsoft has not fully
:04:46. > :04:47.disclosed compatibility issues which are native to the software and the
:04:48. > :04:53.operating system. Work as big an a landmark to build a
:04:54. > :04:58.gas pipeline linking Russia and China. The Kremlin hopes that it
:04:59. > :05:03.would reduce the dependence on European buyers who have imposed
:05:04. > :05:12.economic sanctions. It will see China buying $400 billion worth of
:05:13. > :05:17.gas from Russia's oil giant, Gazprom. Russia also hope and ``
:05:18. > :05:21.hopes that it will open up new markets.
:05:22. > :05:24.President Putin, thousands of kilometres from the border with
:05:25. > :05:29.Ukraine. He is in the Siberian city to formally launch a project linked
:05:30. > :05:33.with the crisis in Russia's relations with its western
:05:34. > :05:37.neighbour. It is a new pipeline that will ultimately connect the gas
:05:38. > :05:42.fields of eastern Siberia with China and with terminals on the Pacific
:05:43. > :05:44.coast which will enable Russia to expand seaborne exports to Asian
:05:45. > :05:51.countries such as Japan and South Korea. TRANSLATION: The unit that
:05:52. > :05:56.today, we finalise a very big investment project? These years a
:05:57. > :06:00.new pipeline which will not only allow us to increase export
:06:01. > :06:04.deliveries and let us expand the geography of our exports, it will
:06:05. > :06:08.allow us to take another serious doubt, supplying gas to worry
:06:09. > :06:12.country which is especially important for the eastern parts of
:06:13. > :06:18.our country. For eastern Siberia, and the parties. Construction is now
:06:19. > :06:20.under way. At a time when the European Union is planning further
:06:21. > :06:26.sanctions against Russia. While there is no immediate suspect of a
:06:27. > :06:30.gas embargo, Europe needs the fuel too much. The crisis has highlighted
:06:31. > :06:34.the Russian dependence on the EU. The need to sell Ross `` gas there
:06:35. > :06:39.is a complicated factor for the Kremlin's foreign policy. There is a
:06:40. > :06:43.strong commercial case for relying less on European customers which
:06:44. > :06:48.account for more than 70% of their gas exports. The EU wants to reduce
:06:49. > :06:52.its dependence on Russia and is now using less gas than it did a decade
:06:53. > :06:57.ago. The continent's economic weakness, if it persists, will
:06:58. > :07:00.affect energy needs in the future. By contrast, China is now the
:07:01. > :07:04.biggest energy consumer in the world and the appetite is likely to
:07:05. > :07:08.continue growing strongly. The pipeline will offer better access by
:07:09. > :07:13.sea to other Asian markets with potential for growth. It will make a
:07:14. > :07:17.difference. The planned capacity is well short of what Russia sells to
:07:18. > :07:20.Europe currently. It will not eliminate the need to sell to a
:07:21. > :07:25.market where medical relations are to be in crisis and deeply uncertain
:07:26. > :07:29.for the future. `` current relations.
:07:30. > :07:35.If you are booking a concert ticket or a hotel room, many of us are
:07:36. > :07:39.making more online transactions than ever before. This year is to be the
:07:40. > :07:43.first time that consumers in the Asia`Pacific market will be spending
:07:44. > :07:47.more than North Americans, making this the largest e`commerce market
:07:48. > :07:53.in the world. Forecasts suggest that sales will hit more than $525
:07:54. > :07:56.billion compared to around $483 billion worth of sales in North
:07:57. > :07:58.America. This may bring huge opportunities for businesses and
:07:59. > :08:02.poses big challenges, especially to poses big challenges, especially to
:08:03. > :08:10.the banks. We speak to the regional head of the analytic company, Fido.
:08:11. > :08:15.We know that we have to be careful when we use an ATM to prevent these
:08:16. > :08:19.from stealing personal information. With the growing middle class in
:08:20. > :08:24.Asia, more people are making online transactions. What are the security
:08:25. > :08:28.risks of using phones and mobile devices to make these transactions?
:08:29. > :08:36.There is a significant shift of fraud from what used to be physical
:08:37. > :08:44.point`of`sale terminals to cart not present transactions, such as the
:08:45. > :08:49.phone and online. `` card. 70% of all card fraud in Australia is where
:08:50. > :08:54.the card is not present. That is continuing. How much is this costing
:08:55. > :09:00.the banks? What can be done to stop it? Our estimates in Asia`Pacific
:09:01. > :09:06.alone is upwards of $400 million annually. That is increasing 20 `
:09:07. > :09:11.25% per year. The syndicates can get a lot of information from and off
:09:12. > :09:16.individuals either through contacting them all in areas like
:09:17. > :09:22.social media which is being used to perpetrate fraud. How can analytic
:09:23. > :09:24.help? If you do not usually purchase expensive jewellery and suddenly
:09:25. > :09:31.there is an expensive jewellery transaction, the bank will flag it
:09:32. > :09:35.as potentially what you want. We have taken it in the next level. We
:09:36. > :09:42.are creating statistical models which have the ability to self
:09:43. > :09:46.alone. It. Transactions in real time using analytics. How do the banks
:09:47. > :09:50.build a business model around this when consumers assume that the banks
:09:51. > :09:56.will always shoulder the losses and financial burden of fraud? The banks
:09:57. > :09:59.understand that the cost to them if consumer attrition happens is
:10:00. > :10:04.significant. Consumers need to be the legend and the banks need to
:10:05. > :10:09.have strong darter security measures in order to ensure that there are no
:10:10. > :10:18.breaches. In the new digital age, banks have their jobs cut out for
:10:19. > :10:23.them. `` data security. Consumers can do something to help themselves.
:10:24. > :10:30.It is currently a lacklustre day in the Asian market. The markets are
:10:31. > :10:32.closed for Labour Day. They are still digesting the downbeat Chinese
:10:33. > :10:37.manufacturing survey. Thank you for investing time with
:10:38. > :10:52.us. Goodbye for now. The main news stories this hour: The
:10:53. > :10:54.United Nations Human Rights' Council is to send a team to Iraq to
:10:55. > :10:57.investigate alleged violations committed by Islamic State fighters.
:10:58. > :11:00.The council said it had evidence of acts of inhumanity on an
:11:01. > :11:04.unimaginable scale in Iraq and that they may amount to war crimes and
:11:05. > :11:05.crimes against humanity. Ukrainian government troops were
:11:06. > :11:07.first