Browse content similar to 02/09/2014. Check below for episodes and series from the same categories and more!
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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:17. | |
A trade pact by November? Officials from 12 countries are negotiating in | :00:18. | :00:26. | |
Hanoi for The Trans`Pacific Partnership. | :00:27. | :00:35. | |
Moscow hopes that a new flight from Russia to China will bring in new | :00:36. | :00:43. | |
customers. `` pipeline. Banks are joining us. Negotiators | :00:44. | :00:48. | |
from 12 nations are meeting in Hanoi to thrash out an agreement on The | :00:49. | :00:51. | |
Trans`Pacific Partnership. They failed to strike a deal on the | :00:52. | :00:55. | |
international trade agreement so far despite several rounds of | :00:56. | :00:58. | |
negotiations. The talks are scheduled to go for ten days. The | :00:59. | :01:04. | |
countries are aiming to clinch a broad`based deal by the in November. | :01:05. | :01:08. | |
Barack Obama is scheduled to make a visit to Asia at the same time. I | :01:09. | :01:12. | |
spoke to a trade expert and asked her what are main stumbling blocks | :01:13. | :01:17. | |
have been. The difficult issues are mostly the ones we identified from | :01:18. | :01:21. | |
the beginning. Agricultural issues especially. Market access problems, | :01:22. | :01:28. | |
textile issues, government procurement, intellectual property | :01:29. | :01:33. | |
concerns. Most of them we already knew about. The only new one is the | :01:34. | :01:39. | |
fight over state owned enterprises. How far are the Japanese and | :01:40. | :01:43. | |
Americans the negotiating process in Mac we can see both sides agreeing | :01:44. | :01:48. | |
by November? Both sides have to agree by November. The issue is who | :01:49. | :01:53. | |
will blink first. They have spent a lot of hours saying no to one | :01:54. | :01:57. | |
another. Are they finally ready to say yes? Without that peace in | :01:58. | :02:04. | |
place, the rest of the deal cannot come together. Automobiles and | :02:05. | :02:06. | |
agricultural products between the US and Japan. Who will blink first? Who | :02:07. | :02:13. | |
will say yes first? There is a solution to this. It is complicated | :02:14. | :02:18. | |
and technical. There is a solution in which they could use a mechanism | :02:19. | :02:23. | |
under which, especially on the agricultural side, you could solve | :02:24. | :02:27. | |
the problem. They just have to agree that that would be acceptable. I | :02:28. | :02:32. | |
think that would work. I gather from you and what you are saying, it will | :02:33. | :02:36. | |
be a grinding out process over the next ten days? This is a US | :02:37. | :02:43. | |
initiative. How important is it to Asia that it be done by November? It | :02:44. | :02:48. | |
is very important. If not done, it get caught in the electoral cycles. | :02:49. | :02:55. | |
It may not be finished. After years of negotiating and an important deal | :02:56. | :03:00. | |
for Asia, it could get stuck in electoral politics in the US if they | :03:01. | :03:01. | |
do not close the deal in November. Japan and India had agreed to step | :03:02. | :03:10. | |
up their economic and security cooperation. The move comes as the | :03:11. | :03:15. | |
Indian Prime Minister is honoured by day visit to Japan. `` on a five`day | :03:16. | :03:23. | |
visit. They have set a target of doubling the Japanese investment in | :03:24. | :03:27. | |
India. Japan will help with the construction of high`speed railways | :03:28. | :03:32. | |
and smart cities in India. They have agreed to accelerate talks on the | :03:33. | :03:36. | |
nuclear energy pact. The trip is being seen by the two democracies as | :03:37. | :03:42. | |
a way to balance the rising weight of China across Asia. | :03:43. | :03:48. | |
The United rank of India has declared that a tycoon is a wilful | :03:49. | :03:53. | |
default. He owns Kingfisher Airlines. It lost | :03:54. | :03:56. | |
it failed to end the strike by staff who had not been paid. It will be | :03:57. | :04:02. | |
difficult for the owner of the carrier to access more funding from | :04:03. | :04:08. | |
traditional backing sources. Kingfisher debts have run up to | :04:09. | :04:11. | |
nearly $1.5 billion. Airports, fuel suppliers and others are owed money. | :04:12. | :04:17. | |
$60 million is owed to the United bank of India. | :04:18. | :04:26. | |
The anti`trust regulator has given Microsoft 20 days to answer the | :04:27. | :04:30. | |
questions about the compatibility of its operating system and office | :04:31. | :04:36. | |
suite. This is coming as there is an antimonopoly investigation into the | :04:37. | :04:41. | |
software company. It is suspected that Microsoft has not fully | :04:42. | :04:45. | |
disclosed compatibility issues which are native to the software and the | :04:46. | :04:47. | |
operating system. Work as big an a landmark to build a | :04:48. | :04:53. | |
gas pipeline linking Russia and China. The Kremlin hopes that it | :04:54. | :04:58. | |
would reduce the dependence on European buyers who have imposed | :04:59. | :05:03. | |
economic sanctions. It will see China buying $400 billion worth of | :05:04. | :05:12. | |
gas from Russia's oil giant, Gazprom. Russia also hope and `` | :05:13. | :05:17. | |
hopes that it will open up new markets. | :05:18. | :05:21. | |
President Putin, thousands of kilometres from the border with | :05:22. | :05:24. | |
Ukraine. He is in the Siberian city to formally launch a project linked | :05:25. | :05:29. | |
with the crisis in Russia's relations with its western | :05:30. | :05:33. | |
neighbour. It is a new pipeline that will ultimately connect the gas | :05:34. | :05:37. | |
fields of eastern Siberia with China and with terminals on the Pacific | :05:38. | :05:42. | |
coast which will enable Russia to expand seaborne exports to Asian | :05:43. | :05:44. | |
countries such as Japan and South Korea. TRANSLATION: The unit that | :05:45. | :05:51. | |
today, we finalise a very big investment project? These years a | :05:52. | :05:56. | |
new pipeline which will not only allow us to increase export | :05:57. | :06:00. | |
deliveries and let us expand the geography of our exports, it will | :06:01. | :06:04. | |
allow us to take another serious doubt, supplying gas to worry | :06:05. | :06:08. | |
country which is especially important for the eastern parts of | :06:09. | :06:12. | |
our country. For eastern Siberia, and the parties. Construction is now | :06:13. | :06:18. | |
under way. At a time when the European Union is planning further | :06:19. | :06:20. | |
sanctions against Russia. While there is no immediate suspect of a | :06:21. | :06:26. | |
gas embargo, Europe needs the fuel too much. The crisis has highlighted | :06:27. | :06:30. | |
the Russian dependence on the EU. The need to sell Ross `` gas there | :06:31. | :06:34. | |
is a complicated factor for the Kremlin's foreign policy. There is a | :06:35. | :06:39. | |
strong commercial case for relying less on European customers which | :06:40. | :06:43. | |
account for more than 70% of their gas exports. The EU wants to reduce | :06:44. | :06:48. | |
its dependence on Russia and is now using less gas than it did a decade | :06:49. | :06:52. | |
ago. The continent's economic weakness, if it persists, will | :06:53. | :06:57. | |
affect energy needs in the future. By contrast, China is now the | :06:58. | :07:00. | |
biggest energy consumer in the world and the appetite is likely to | :07:01. | :07:04. | |
continue growing strongly. The pipeline will offer better access by | :07:05. | :07:08. | |
sea to other Asian markets with potential for growth. It will make a | :07:09. | :07:13. | |
difference. The planned capacity is well short of what Russia sells to | :07:14. | :07:17. | |
Europe currently. It will not eliminate the need to sell to a | :07:18. | :07:20. | |
market where medical relations are to be in crisis and deeply uncertain | :07:21. | :07:25. | |
for the future. `` current relations. | :07:26. | :07:29. | |
If you are booking a concert ticket or a hotel room, many of us are | :07:30. | :07:35. | |
making more online transactions than ever before. This year is to be the | :07:36. | :07:39. | |
first time that consumers in the Asia`Pacific market will be spending | :07:40. | :07:43. | |
more than North Americans, making this the largest e`commerce market | :07:44. | :07:47. | |
in the world. Forecasts suggest that sales will hit more than $525 | :07:48. | :07:53. | |
billion compared to around $483 billion worth of sales in North | :07:54. | :07:56. | |
America. This may bring huge opportunities for businesses and | :07:57. | :07:58. | |
poses big challenges, especially to poses big challenges, especially to | :07:59. | :08:02. | |
the banks. We speak to the regional head of the analytic company, Fido. | :08:03. | :08:10. | |
We know that we have to be careful when we use an ATM to prevent these | :08:11. | :08:15. | |
from stealing personal information. With the growing middle class in | :08:16. | :08:19. | |
Asia, more people are making online transactions. What are the security | :08:20. | :08:24. | |
risks of using phones and mobile devices to make these transactions? | :08:25. | :08:28. | |
There is a significant shift of fraud from what used to be physical | :08:29. | :08:36. | |
point`of`sale terminals to cart not present transactions, such as the | :08:37. | :08:44. | |
phone and online. `` card. 70% of all card fraud in Australia is where | :08:45. | :08:49. | |
the card is not present. That is continuing. How much is this costing | :08:50. | :08:54. | |
the banks? What can be done to stop it? Our estimates in Asia`Pacific | :08:55. | :09:00. | |
alone is upwards of $400 million annually. That is increasing 20 ` | :09:01. | :09:06. | |
25% per year. The syndicates can get a lot of information from and off | :09:07. | :09:11. | |
individuals either through contacting them all in areas like | :09:12. | :09:16. | |
social media which is being used to perpetrate fraud. How can analytic | :09:17. | :09:22. | |
help? If you do not usually purchase expensive jewellery and suddenly | :09:23. | :09:24. | |
there is an expensive jewellery transaction, the bank will flag it | :09:25. | :09:31. | |
as potentially what you want. We have taken it in the next level. We | :09:32. | :09:35. | |
are creating statistical models which have the ability to self | :09:36. | :09:42. | |
alone. It. Transactions in real time using analytics. How do the banks | :09:43. | :09:46. | |
build a business model around this when consumers assume that the banks | :09:47. | :09:50. | |
will always shoulder the losses and financial burden of fraud? The banks | :09:51. | :09:56. | |
understand that the cost to them if consumer attrition happens is | :09:57. | :09:59. | |
significant. Consumers need to be the legend and the banks need to | :10:00. | :10:04. | |
have strong darter security measures in order to ensure that there are no | :10:05. | :10:09. | |
breaches. In the new digital age, banks have their jobs cut out for | :10:10. | :10:18. | |
them. `` data security. Consumers can do something to help themselves. | :10:19. | :10:23. | |
It is currently a lacklustre day in the Asian market. The markets are | :10:24. | :10:30. | |
closed for Labour Day. They are still digesting the downbeat Chinese | :10:31. | :10:32. | |
manufacturing survey. Thank you for investing time with | :10:33. | :10:37. | |
us. Goodbye for now. The main news stories this hour: The | :10:38. | :10:52. | |
United Nations Human Rights' Council is to send a team to Iraq to | :10:53. | :10:54. | |
investigate alleged violations committed by Islamic State fighters. | :10:55. | :10:57. | |
The council said it had evidence of acts of inhumanity on an | :10:58. | :11:00. | |
unimaginable scale in Iraq and that they may amount to war crimes and | :11:01. | :11:04. | |
crimes against humanity. Ukrainian government troops were | :11:05. | :11:05. | |
first | :11:06. | :11:07. |