02/09/2014

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:00:00. > :00:00.of the commission will make an announcement later today. Now on BBC

:00:00. > :00:21.News all the latest business news live from Singapore.

:00:22. > :00:24.A trade pact by November? Officials from 12 countries are negotiating in

:00:25. > :00:30.Hanoi for the Trans`Pacific Partnership.

:00:31. > :00:33.Moscow hopes that a new pipeline from Russia to China will bring in

:00:34. > :00:44.new customers. Thanks for joining us.

:00:45. > :00:48.Trade negotiators from 12 nations are meeting in Hanoi to thrash out

:00:49. > :01:00.an agreement on the Trans`Pacific Partnership. They failed to strike a

:01:01. > :01:08.deal on the international trade agreement so far despite several

:01:09. > :01:15.rounds of negotiations. The talks are scheduled to go for ten days.

:01:16. > :01:18.The countries are aiming to clinch a broad`based deal by the end of

:01:19. > :01:21.November, when Barack Obama is scheduled to make a visit to Asia. I

:01:22. > :01:27.spoke to a trade expert and asked her what are main stumbling blocks

:01:28. > :01:29.have been. The difficult issues are mostly the ones we identified from

:01:30. > :01:31.the beginning. Agricultural issues especially. Market access problems,

:01:32. > :01:33.textile issues, government procurement, intellectual property

:01:34. > :01:38.concerns. Most of them we already knew about. The only new one is the

:01:39. > :01:41.fight over state`owned enterprises. How far are the Japanese and

:01:42. > :01:49.Americans in the negotiating process? We can see both sides

:01:50. > :01:52.agreeing by November? Both sides have to agree by

:01:53. > :01:56.November. The issue is who will blink first. They have spent a lot

:01:57. > :02:00.of hours saying no to one another. Are they finally ready to say yes?

:02:01. > :02:02.Without that piece in place, the rest of the deal cannot come

:02:03. > :02:04.together. Automobiles and agricultural

:02:05. > :02:13.products between the US and Japan. Who will blink first? Who will say

:02:14. > :02:21.yes first? It's a bit tricky. There is a

:02:22. > :02:25.solution to this. It is complicated and technical but there is a

:02:26. > :02:27.solution in which they could use a mechanism under which, especially on

:02:28. > :02:31.the agricultural side, you could solve the problem. They just have to

:02:32. > :02:38.agree that it would be acceptable. I think that would work.

:02:39. > :02:42.From what I gather from you and what you are saying, it will be a

:02:43. > :02:47.grinding out process over the next ten days? This is a US initiative.

:02:48. > :02:52.How important is the deal to Asia that it be done by November?

:02:53. > :02:55.It is very important. If it is not done, it will get caught in the

:02:56. > :02:59.electoral cycles and it may not be finished. After years of negotiating

:03:00. > :03:02.such an important deal for Asia, it could get stuck in electoral

:03:03. > :03:08.politics in the US if they do not close the deal in November.

:03:09. > :03:15.Japan and India had agreed to step up their economic and security

:03:16. > :03:22.cooperation. The move comes as the Indian Prime Minister is on a

:03:23. > :03:28.five`day visit to Japan. Both sides have set a target of doubling

:03:29. > :03:31.Japanese investment in India. Japan will also help with the construction

:03:32. > :03:37.of high`speed railways and smart cities in India. They have agreed to

:03:38. > :03:46.accelerate talks on a nuclear energy pact. The trip is being seen as an

:03:47. > :04:00.attempt by the two democracies as a way to balance the rising weight of

:04:01. > :04:03.China across Asia. The United Bank of India has declared Vijay Mallya a

:04:04. > :04:07.wilful defaulter. He owns Kingfisher Airlines. It lost its licence when

:04:08. > :04:10.it failed to end the strike by staff who had not been paid. It will be

:04:11. > :04:13.difficult for the owner of the carrier to access more funding from

:04:14. > :04:15.traditional backing sources. Kingfisher debts have run up to

:04:16. > :04:19.nearly $1.5 billion. Airports, fuel suppliers and others are owed money.

:04:20. > :04:25.$60 million is owed to the United Bank of India.

:04:26. > :04:28.China's anti`trust regulator has given Microsoft 20 days to answer

:04:29. > :04:31.questions about the compatibility of its operating system and Office

:04:32. > :04:33.suite. This is coming amid an anti`monopoly investigation into the

:04:34. > :04:35.software company. It is suspected that Microsoft has not fully

:04:36. > :04:51.disclosed compatibility issues which are native to the software and the

:04:52. > :04:54.operating system. Work has begun on a landmark project

:04:55. > :04:58.to build a gas pipeline linking Russia and China. The Kremlin hopes

:04:59. > :05:03.that it would reduce the dependence on European buyers, who have imposed

:05:04. > :05:06.economic sanctions. It will see China buying $400 billion worth of

:05:07. > :05:19.gas from Russia's oil giant, Gazprom. Russia also hopes that it

:05:20. > :05:21.will open up new markets. President Putin, thousands of

:05:22. > :05:28.kilometres from the border with Ukraine. He is in the Siberian city

:05:29. > :05:30.to formally launch a project linked with the crisis in Russia's

:05:31. > :05:35.relations with its western neighbour. It is a new pipeline that

:05:36. > :05:38.will ultimately connect the gas fields of eastern Siberia with China

:05:39. > :05:41.and with terminals on the Pacific coast, which will enable Russia to

:05:42. > :05:44.expand seaborne exports to Asian countries such as Japan and South

:05:45. > :05:47.Korea. TRANSLATION: Did you know that

:05:48. > :05:54.today, we finalise a very big investment project? This is a new

:05:55. > :05:58.pipeline which will not only allow us to increase export deliveries and

:05:59. > :06:01.let us expand the geography of our exports, it will allow us to take

:06:02. > :06:04.another serious doubt, supplying gas to our country, which is especially

:06:05. > :06:13.important for the eastern parts of our country, for eastern Siberia and

:06:14. > :06:16.the Far East. Construction is now under way. It

:06:17. > :06:32.comes at a time when the European Union is planning further sanctions

:06:33. > :06:36.against Russia. While there is no immediate suspect of a gas embargo `

:06:37. > :06:39.Europe needs the fuel too much ` the crisis has highlighted the Russian

:06:40. > :06:41.dependence on the EU. The need to sell gas is a complicating factor

:06:42. > :06:44.for the Kremlin's foreign policy. There is a strong commercial case

:06:45. > :06:47.for relying less on European customers which account for more

:06:48. > :06:51.than 70% of their gas exports. The EU wants to reduce its dependence on

:06:52. > :06:54.Russia and is now using less gas than it did a decade ago. The

:06:55. > :06:57.continent's economic weakness, if it persists, will affect energy needs

:06:58. > :07:01.in the future. By contrast, China is now the biggest energy consumer in

:07:02. > :07:06.the world and its appetite is likely to continue growing strongly.

:07:07. > :07:09.The pipeline will offer better access by sea to other Asian markets

:07:10. > :07:16.with potential for growth. It will make a difference. But it's planned

:07:17. > :07:27.capacity is well short of what Russia sells to Europe currently. It

:07:28. > :07:30.will not eliminate the need to sell to a market where political

:07:31. > :07:34.relations are today in crisis and deeply uncertain for the future.

:07:35. > :07:37.If you are booking a concert ticket or a hotel room, many of us are

:07:38. > :07:42.making more online transactions than ever before. This year is the first

:07:43. > :07:44.time that consumers in the Asia`Pacific market will be spending

:07:45. > :07:46.more than North Americans, making this the largest e`commerce market

:07:47. > :07:49.in the world. Forecasts suggest that sales will

:07:50. > :07:54.hit more than $525 billion compared to around $483 billion worth of

:07:55. > :07:56.sales in North America. This may bring huge opportunities

:07:57. > :08:19.for businesses and pose big challenges, especially to the banks.

:08:20. > :08:22.We know that we have to be careful when we use an ATM to prevent

:08:23. > :08:25.thieves from stealing personal information. With the growing middle

:08:26. > :08:33.class in Asia, more people are making online transactions. What are

:08:34. > :08:35.the security risks of using phones and mobile devices to make these

:08:36. > :08:38.transactions? There is a significant shift of

:08:39. > :08:40.fraud from what used to be physical point`of`sale terminals to

:08:41. > :08:49.card`not`present transactions, such as over the phone and online. For

:08:50. > :08:53.example, 70% of all card fraud in Australia is where the card is not

:08:54. > :08:58.present. That is continuing. How much is this costing the banks?

:08:59. > :09:01.What can be done to stop it? Our estimates in Asia`Pacific alone

:09:02. > :09:07.is upwards of $400 million annually. That is increasing 20%`25% per year.

:09:08. > :09:10.The syndicates can get a lot of information from and off individuals

:09:11. > :09:23.either through contacting them all in areas like social media, which is

:09:24. > :09:29.being used to perpetrate fraud. `` or in areas like social media.

:09:30. > :09:32.How can analytics help? If you do not usually purchase

:09:33. > :09:35.expensive jewellery and suddenly there is an expensive jewellery

:09:36. > :09:44.transaction, the bank will flag it as potentially fraudulent. We have

:09:45. > :09:47.taken it in the next level. We are creating statistical models

:09:48. > :09:50.that can self`learn and stop transactions in real time using

:09:51. > :09:53.analytics. How do the banks build a business

:09:54. > :09:56.model around this when consumers assume that the banks will always

:09:57. > :09:59.shoulder the losses and financial burden of fraud?

:10:00. > :10:01.The banks understand that the cost to them if consumer attrition

:10:02. > :10:05.happens is significant. Consumers need to be vigilant and the banks

:10:06. > :10:09.need to have strong data security measures in order to ensure that

:10:10. > :10:24.there are no breaches. In the new digital age, banks have

:10:25. > :10:27.their jobs cut out for them. There is a lot the consumers can do

:10:28. > :10:31.something to protect themselves. It is currently a lacklustre day in the

:10:32. > :10:36.Asian market. The US markets are closed for Labour

:10:37. > :10:42.Day. Thank you for investing time with

:10:43. > :10:45.us. Goodbye for now. The United Nations is sending a team

:10:46. > :10:47.to Iraq to investigate what it called acts of inhumanity on an

:10:48. > :10:53.unimaginable scale believed to have been committed by Islamic State

:10:54. > :10:55.jihadists. Ukraine's government has accused

:10:56. > :10:59.Russia of bringing war to its territory after troops were forced

:11:00. > :11:00.to withdraw from Luhansk Airport in the east of the