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business news live from Singapore. As we await fresh numbers on | :00:18. | :00:21. | |
household spending in Japan, a look at the prospects for the next | :00:22. | :00:26. | |
planned tax rise. Apple shares dip on the eve of its | :00:27. | :00:31. | |
big launch. Is it a sign of what is to come? | :00:32. | :00:38. | |
Thank you for joining us for this addition of Asia Business Report. | :00:39. | :00:44. | |
After posting its worst performance since the end of the financial | :00:45. | :00:48. | |
crisis, we are expecting fresh data on the state of the Japanese | :00:49. | :00:53. | |
economy. We will be getting a measure of consumer confidence. It | :00:54. | :00:56. | |
comes after news that the third`largest economy shrank at a | :00:57. | :01:01. | |
rate of 7.1% in the three months ending in June compared to the same | :01:02. | :01:06. | |
period in 2013. Japanese households have been cutting back spending | :01:07. | :01:11. | |
following a 3% increase in the sales tax in April. I asked if today's | :01:12. | :01:20. | |
numbers would be as bad as the GDP. We think it is quite possible that | :01:21. | :01:29. | |
is some negative sentiment. But as investors, this does not give us so | :01:30. | :01:33. | |
much cause for concern as an opportunity. The bank of Japan will | :01:34. | :01:38. | |
respond forcefully if consumer confidence goes down too much. But | :01:39. | :01:49. | |
in the meeting last week, the bank of Japan held back on monetary | :01:50. | :01:53. | |
policy and did not make any moves in terms of stimulating the economy. | :01:54. | :01:58. | |
When I we likely to see a boost in consumer confidence. You will see | :01:59. | :02:04. | |
them move if there is a panic. But when the bad GDP figure came out, | :02:05. | :02:13. | |
the stock market still went up. The fact that second`quarter numbers | :02:14. | :02:15. | |
were going to go down, everybody had accepted that. If we have a | :02:16. | :02:25. | |
third`quarter rebound as we expect, we will be back towards 2.5%, then | :02:26. | :02:33. | |
probably the bank will not take any action. With the current state of | :02:34. | :02:38. | |
consumer confidence, do you think that Shinzo Abe will push through | :02:39. | :02:43. | |
with the next planned tax hike next year? That is a bit more of a | :02:44. | :02:50. | |
challenge. We will have to see how the third and fourth quarter go. We | :02:51. | :02:55. | |
will have to see where he is politically to see if that becomes a | :02:56. | :02:59. | |
priority one of the things he puts aside in 2015. | :03:00. | :03:06. | |
After a decade of delay and disagreements, fresh hope in | :03:07. | :03:09. | |
Australia and China that a free`trade deal could be signed by | :03:10. | :03:14. | |
day's end. Trade has already doubled and a free`trade arrangement could | :03:15. | :03:25. | |
boost this even further. China's demand for iron and other | :03:26. | :03:29. | |
natural resources help the Australians avoid the worst of the | :03:30. | :03:33. | |
global recession. The trade between the nations is only growing. Today | :03:34. | :03:38. | |
China is Australia's largest trading partner. 2`way trade is worth more | :03:39. | :03:48. | |
than $140 billion. Australia is china's sixth`largest trading | :03:49. | :03:52. | |
partner, with almost a quarter of Australian exports going to China. | :03:53. | :04:00. | |
Future prosperity will depend in large part on the education and | :04:01. | :04:06. | |
tourism is. They hope to attract more of china's wealthy middle | :04:07. | :04:11. | |
classes. In Sydney, the Foreign Minister has held talks with his | :04:12. | :04:17. | |
counterpart, who says the bilateral relationship is mature and strong. | :04:18. | :04:23. | |
We are on track to sign a free trade agreement with China later this year | :04:24. | :04:27. | |
which will further strengthen this relationship. Over the past year, | :04:28. | :04:34. | |
Australia has sealed a free`trade agreements with Japan and South | :04:35. | :04:38. | |
Korea. Canberra's close ties with Tokyo have caused some annoyance in | :04:39. | :04:44. | |
China. Although not enough to derail a prosperous economic relationship. | :04:45. | :04:50. | |
TRANSLATION: China may not be Australia's closest friend at the | :04:51. | :04:54. | |
moment, but we can truly become your most sincere. Australia says it | :04:55. | :04:58. | |
often challenges China over human rights in Tibet. Canberra's military | :04:59. | :05:03. | |
alliance with the United States might be another source of tension. | :05:04. | :05:08. | |
But some diplomacy has allowed Australia to call the closer | :05:09. | :05:14. | |
economic ties with China while pursuing a closer security | :05:15. | :05:20. | |
relationship with Washington. Best of's market value has stopped | :05:21. | :05:26. | |
at $200 billion, making it one of the world's biggest companies. This | :05:27. | :05:36. | |
followed investor optimism about the future of mobile advertising. That | :05:37. | :05:40. | |
makes Facebook the 22nd largest company in the world, ahead of | :05:41. | :05:44. | |
Toyota. For Apple enthusiasts, the wait is | :05:45. | :05:49. | |
almost over. The new iPhone will no longer be shrouded in secrecy. Along | :05:50. | :05:55. | |
with all the hype, should we expect a bounce in Apple's share price? | :05:56. | :06:01. | |
Actually, no. It typically dips on the day it releases a new phone. A | :06:02. | :06:09. | |
market strategist said this is part of a trend. We always see a rally | :06:10. | :06:16. | |
ahead of the announcement and a buildup of expectations. I had we | :06:17. | :06:25. | |
are going to have new size, expectations, built up, and then | :06:26. | :06:32. | |
excuses. If the announcement does not meet expectations, we have got a | :06:33. | :06:44. | |
lot of problems. Rivals, the iPhone crowd leak, a price cut on the new | :06:45. | :06:52. | |
phone from $200 to 99. So competition is becoming more this. | :06:53. | :07:02. | |
You still have the competition from Samsung. It is seeing its revenues | :07:03. | :07:09. | |
falling due to competition from cheaper manufacturers. It is similar | :07:10. | :07:15. | |
to what we have seen before. We have got the Chinese telecoms cutting | :07:16. | :07:20. | |
back on marketing subsidies to the tune of $5 billion. That means bad | :07:21. | :07:28. | |
for handsets and more leveraged for new makers. The advantage of apple | :07:29. | :07:37. | |
is that it has its own operating system, as opposed to its | :07:38. | :07:41. | |
competitors to use android. What is the future of Apple? We will have to | :07:42. | :07:48. | |
see if Apple will come out with differentiating features. And also | :07:49. | :08:01. | |
whether we will see I payments. How that will play out. That should lock | :08:02. | :08:11. | |
in more users. Could this be the most expensive | :08:12. | :08:16. | |
video game ever created? Destiny is reported to have cost $500 million | :08:17. | :08:22. | |
to make and it is said to be the most significant release since the | :08:23. | :08:24. | |
next`generation consoles arrived late last year. | :08:25. | :08:31. | |
Destiny is a games at 700 years in the future. But it is the next ten | :08:32. | :08:36. | |
years that the producers will be most concerned about. Call of duty | :08:37. | :08:40. | |
and while the four craft are not selling as much as they used to. So | :08:41. | :08:45. | |
they are relying on Destiny to be a big hit. It has spent $500 million. | :08:46. | :08:53. | |
It is going to be a blockbuster. It is not a risk. We have marketed the | :08:54. | :09:00. | |
game and worked with retailers. We think we have done all of that. | :09:01. | :09:04. | |
Destiny is a massive new title for Activision. What is it going to be | :09:05. | :09:11. | |
like? It is a first person shooter. You will be involved in a lot of | :09:12. | :09:16. | |
firefights, on your own or with friends. They will be multiplayer | :09:17. | :09:24. | |
activities. You will also be exploring different planets and | :09:25. | :09:32. | |
fighting the enemy of us. At its essence, it is a game where you are | :09:33. | :09:36. | |
a Guardian protecting the last known city on earth. You have to go out | :09:37. | :09:41. | |
and explore planets and become legend. What happens is that the | :09:42. | :09:49. | |
service cannot cope for many games. How confident are you that this will | :09:50. | :09:54. | |
not happen to Destiny? It is critical. We are confident that once | :09:55. | :09:58. | |
the servers are turned on, because they already have been, it will be a | :09:59. | :10:07. | |
great game and experience. We had in excess of 4.6 million people on the | :10:08. | :10:14. | |
open beta. We wanted to make sure we could test the robustness of the | :10:15. | :10:19. | |
server. We are confident everything will be fine. | :10:20. | :10:24. | |
You can read more about Destiny by logging onto our website. Before we | :10:25. | :10:34. | |
go, a quick look at the markets. Asian stocks are lacklustre in early | :10:35. | :10:41. | |
trading. Japan continues to be on the rise as the yen continues to | :10:42. | :10:45. | |
weaken against the dollar. Thank you for investing your time with us. | :10:46. | :10:53. | |
Goodbye for now. Here are the headlines: Iraq's | :10:54. | :10:55. | |
parliament has endorsed a new, more representative government. The | :10:56. | :10:59. | |
United States has called it a crucial step towards defeating the | :11:00. | :11:01. | |
group known as Islamic | :11:02. | :11:03. |