:00:00. > :00:00.forward with allegations of child sexual abuse in Rotherham, according
:00:00. > :00:00.to the Chief Constable of South Yorkshire. A report last week said
:00:00. > :00:00.1,400 children had been abused over a 16`year period.
:00:07. > :00:22.Now on BBC News, all the latest business news live from Singapore.
:00:23. > :00:25.Australia scraps the controversial and unpopular mining tax. What
:00:26. > :00:33.impact will this have on the government's finances? 100 days. We
:00:34. > :00:43.look at what India's Prime Minister has achieved since he took up the
:00:44. > :00:48.post. Thank you for joining us. Australia's mining sector has long
:00:49. > :00:53.pushed for the government to abandon the mining tax and now the Prime
:00:54. > :00:58.Minister has delivered. The 30% tax on mining profits from coal and iron
:00:59. > :01:09.ore was first introduced by the former government in 2012. The
:01:10. > :01:16.scrapping of the mining tax has been a long time coming. It was the
:01:17. > :01:19.promise by the Conservatives going into an election last September here
:01:20. > :01:22.in Australia and finally. The government has pushed this reform
:01:23. > :01:29.through the upper house of Parliament, the Senate. The
:01:30. > :01:32.government has had to negotiate with Clive Palmer's Palmer United Party
:01:33. > :01:37.in order to push through the repeal legislation. There is a price to be
:01:38. > :01:41.paid. Welfare payments and other changes to pensions are a concession
:01:42. > :01:43.that the government has had to make, which will result in a
:01:44. > :01:48.multibillion`dollar hole in government finances. A
:01:49. > :01:51.multibillion`dollar hole. What kind of impact will this have on the
:01:52. > :01:53.mining sector? The Conservative government has
:01:54. > :01:57.always argued the mining tax was never likely to raise anywhere near
:01:58. > :02:06.the sort of money that had been predicted. It was introduced in 2012
:02:07. > :02:08.by the previous administration, partly to fund welfare payments and
:02:09. > :02:17.also to spread the wealth of Australia's resources boom. The
:02:18. > :02:20.Conservatives said it simply wasn't working and also that it was having
:02:21. > :02:25.at negative impact on mining investment in this country. Critics,
:02:26. > :02:28.including the Greens in Australia, say that this is the greatest
:02:29. > :02:31.conflict of interest in modern Australian political history given
:02:32. > :02:34.that Clive Palmer, a Federal MP, is also a coal billionaire and they
:02:35. > :02:37.wonder just how it is that he has been able to vote down Australia's
:02:38. > :02:41.mining tax. It is not the first time Australia
:02:42. > :02:53.has repealed an unpopular tax. In July, it scrapped the carbon tax
:02:54. > :02:56.legislation. Yes, two unpopular taxes, according
:02:57. > :03:00.to the government, have been axed in the last few months. The carbon tax
:03:01. > :03:09.bit the dust and now we have seen the mining tax go the same way too.
:03:10. > :03:12.It hasn't been an easy journey for the Conservative government in the
:03:13. > :03:18.upper house of Parliament, the Senate, which is the house of
:03:19. > :03:25.review. That is because the Conservative administration does not
:03:26. > :03:28.have a majority. It is having to negotiate with the likes of the
:03:29. > :03:35.Palmer United Party to get these reforms through. Phil Mercer in
:03:36. > :03:37.Sydney. And the Australian economy has
:03:38. > :03:55.slowed compared to the previous year. Australian conglomerate
:03:56. > :04:03.Westfarmers is cutting a number of jobs, which it says is necessary for
:04:04. > :04:06.the building of more stores. It has announced a $1 billion investment to
:04:07. > :04:14.build 70 new supermarkets across the country by 2017. A group of workers
:04:15. > :04:21.tasked with decommissioning the crippled Fukushima nuclear power
:04:22. > :04:26.plant have fired `` filed a lawsuit against Tokyo Electric Power,
:04:27. > :04:36.claiming that TEPCO has failed to ensure workers are paid hazard
:04:37. > :04:42.allowances. In India, Narendra Modi swept into power earlier this year,
:04:43. > :04:48.promising better days ahead for the world's largest democracy. He
:04:49. > :04:54.campaigned to be a business friendly Prime Minister and an economic
:04:55. > :05:02.performer. `` reformer. How is he doing after his first 100 days in
:05:03. > :05:04.office? After official meetings with
:05:05. > :05:07.Narendra Modi this week, Japan's Prime Minister Shinzo Abe announced
:05:08. > :05:10.a plan for more Japanese investment in India as well as major
:05:11. > :05:14.infrastructure loans. After 100 days in office, Narendra Modi wants the
:05:15. > :05:17.world to know he is all business. He led his party to a decisive
:05:18. > :05:20.political victory earlier this year in part by promising to inject life
:05:21. > :05:24.into India's flagging economy. It is still early days of course, but has
:05:25. > :05:29.it made a difference so far? There was a turnaround that I think
:05:30. > :05:33.started at the time of the election. Part of that was that India was in a
:05:34. > :05:40.business cycle and that cycle was turning. Things were getting better.
:05:41. > :05:52.There is, in addition, a sort of upsurge of hope under the new
:05:53. > :05:55.government. Narendra Modi has launched a financial inclusion
:05:56. > :06:00.scheme to open bank accounts for millions of the poor. He has
:06:01. > :06:03.loosened caps on foreign investment in railway infrastructure and
:06:04. > :06:06.defence manufacturing. He is doing something about red tape. Still, not
:06:07. > :06:12.everyone got what they wanted. Some businesses were expecting a more
:06:13. > :06:16.aggressive privatisation agenda. He is pro`business but believes in a
:06:17. > :06:21.strong state as well. He is an Eastern reformer, not a Western
:06:22. > :06:32.reformer. He believes in a strong public sector. He would never
:06:33. > :06:37.privatise that way. However, some of the disappointments have been in his
:06:38. > :06:39.attitude towards trade. He single`handedly, this government,
:06:40. > :06:43.has torpedoed world trade negotiations, which took a lot of
:06:44. > :06:46.people by surprise. For the moment, India's economy seems to be
:06:47. > :06:48.improving. GDP growth has increased and the markets have improved
:06:49. > :06:51.significantly in three months. Economists and politicians will
:06:52. > :07:07.differ on whether or not his agenda may be different. Drowning under its
:07:08. > :07:10.crushing debt last year, the city of Detroit in the US declared itself
:07:11. > :07:14.insolvent, becoming the largest economic collapse in American
:07:15. > :07:19.history. This week, lawyers will argue about to reassemble its
:07:20. > :07:24.finances. The city will have to reduce its debt load of $12 billion
:07:25. > :07:28.to a more manageable $5 billion. And creditors will plead that they must
:07:29. > :07:37.be paid their dues but it will not be an easy task, with nearly half of
:07:38. > :07:43.Detroit residents living in poverty. This is a scene that is beginning to
:07:44. > :07:48.play out on many streets in Detroit. Workers are turning people 's water
:07:49. > :07:55.back on. This woman is 38 weeks pregnant. She and her five`year`old
:07:56. > :08:02.daughter spent days without water. I was devastated to not have the same
:08:03. > :08:07.access to water. It meant we had to limit Beijing, cooking and
:08:08. > :08:14.cleaning. It was nerve wracking. `` had to limit washing, cooking and
:08:15. > :08:19.cleaning. Her days without water are now over. But that is still not the
:08:20. > :08:23.case for many residents, who have to wait hours in line to pay bills so
:08:24. > :08:31.that their taps can be turned back on. Activists and community leaders
:08:32. > :08:36.are outraged but the water department is owed more than $80
:08:37. > :08:40.million. For a city that is trying to dig itself out from under
:08:41. > :08:48.crushing debt, it cannot afford that many unpaid bills. No one expects to
:08:49. > :08:53.be talking about the lack of water in a major American city, especially
:08:54. > :08:58.one that sits next to such a large source of fresh water. But such are
:08:59. > :09:04.the harsh times that have befallen Detroit, the once prosperous home to
:09:05. > :09:09.America's auto industry is now known to be the largest city to ever fire
:09:10. > :09:13.for `` file for bankruptcy. Abandoned homes litter many
:09:14. > :09:20.neighbourhoods. At its peak in the 1950s, 1.8 million people lived in
:09:21. > :09:28.Detroit. Roughly 700,000 remain. Of those, nearly half live in poverty
:09:29. > :09:35.and many struggle for water. Jobs are gone. We are making do their
:09:36. > :09:40.early. The government has cut pensions, paycheques and everything
:09:41. > :09:44.else. And now they cut the one thing that we really need to sustain life.
:09:45. > :09:49.This woman is giving away water from her home, so those without can get
:09:50. > :09:54.some for free. There is still a sense of community. Now, the city is
:09:55. > :10:00.waiting for the courts to do their part and approve a new financial
:10:01. > :10:14.plan so that Detroit can begin to rebuild. Australia's market figures
:10:15. > :10:21.are higher after a better than forecast GDP will stop Japan is at a
:10:22. > :10:29.higher than usual level. The Hang Seng index is
:10:30. > :10:38.territory by 276 points. Thank you for investing your time with us.
:10:39. > :10:39.The top stories this hour: Islamic