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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:17. | |
America's central bank makes it clear it is in no rush to raise the | :00:18. | :00:23. | |
cost of borrowing. The largest e`commerce site in the world, | :00:24. | :00:27. | |
Alibaba, gets set for what could be the biggest ever public share | :00:28. | :00:34. | |
listing. Welcome to Asia Business Report. | :00:35. | :00:39. | |
Is the American economy strong enough to survive without emergency | :00:40. | :00:44. | |
help Western interest rates have been at record lows since 2008 and | :00:45. | :00:48. | |
billions has been pumped into the economy. In Washington, the US | :00:49. | :00:57. | |
Federal Reserve made it clear while stimulus measures might be ending, | :00:58. | :01:00. | |
it's not rushing to raise the cost of borrowing. | :01:01. | :01:08. | |
Here at the central bank, the focus was on whether change would be | :01:09. | :01:10. | |
occurring in the language to describe a rise in interest rates. | :01:11. | :01:17. | |
That's because the Fed has insisted it won't raise rates until | :01:18. | :01:20. | |
considerable time after the end of its economic stimulus programme. | :01:21. | :01:27. | |
With that expiring next month, tension shift to when rates might | :01:28. | :01:36. | |
rise. The chair of the Fed insisted that guidance of considerable time | :01:37. | :01:38. | |
shouldn't be linked to a specific date. I want to emphasise that there | :01:39. | :01:44. | |
is no mechanical interpretation of what the term considerable time | :01:45. | :01:51. | |
means. As I have repeatedly said, the decisions the committee makes | :01:52. | :01:55. | |
about what is the appropriate time to begin raising its target for the | :01:56. | :02:01. | |
federal funding rate will be dated depending. What's the point of | :02:02. | :02:06. | |
forward guidance if not linked with a date? The Fed needs to adapt to | :02:07. | :02:12. | |
changing economies. Unemployment is falling, inflation coming back in | :02:13. | :02:18. | |
line, but it needs the flexibility to adapt to changing economic | :02:19. | :02:23. | |
conditions. Raising rates too quickly could choke an economic | :02:24. | :02:27. | |
recovery. Keep them too low for too long and the economy could spiral | :02:28. | :02:33. | |
out of control. America has been awash with cheap cash through low | :02:34. | :02:35. | |
interest rates and economic stimulus. Those emergency measures | :02:36. | :02:43. | |
can't last indefinitely. Shares in Sony have fallen by 12% in | :02:44. | :02:48. | |
Tokyo today after they said it stands to lose $2 billion this year. | :02:49. | :02:55. | |
That's more than four times its forecast of just a few months ago. | :02:56. | :03:00. | |
The company blames a downturn in mobile phone business for the | :03:01. | :03:05. | |
estimated net loss. Sony has promised a turnaround but will it | :03:06. | :03:12. | |
deliver? I spoke earlier with a partner at frost and telephone and | :03:13. | :03:17. | |
asked him if Sony's troubles were linked with a smart phones `` Frost | :03:18. | :03:24. | |
and Sullivan. It is a balance sheet. They are taking the goodwill they | :03:25. | :03:26. | |
had in the business. Having said that, the forecast has been lowered. | :03:27. | :03:34. | |
The positioning is muddied. They aren't at the top end. They aren't a | :03:35. | :03:42. | |
follower. They aren't acting at the low end. They are in a muddled | :03:43. | :03:47. | |
position. It isn't the first choice of the customer. Zero at the mass | :03:48. | :03:54. | |
market. Any indication they are addressing the issues? Apple has | :03:55. | :04:00. | |
released new products. Samsung will react. There are so many other | :04:01. | :04:05. | |
brands in the market. I don't see that changing. They are launching a | :04:06. | :04:11. | |
new product. I don't see anything that will make it a category leader. | :04:12. | :04:18. | |
I don't see anything that will attract it for the small market. | :04:19. | :04:24. | |
They don't have a strategy if you look at what they have done. They | :04:25. | :04:29. | |
will continue to muddle, begging the question, should they be in the | :04:30. | :04:35. | |
business? Official figures in Japan show exports fell by 1.3% from one | :04:36. | :04:39. | |
year ago. The data shows Japan shipments to the US declined in | :04:40. | :04:46. | |
August, adding to concerns of the third`largest economy mightn't be | :04:47. | :04:49. | |
able to rely on a pick up in trade to help recover from the April tax | :04:50. | :04:54. | |
hike. News Corp demands of the European Commission have a tough | :04:55. | :04:59. | |
approach with Google. They say the search engine has | :05:00. | :05:01. | |
become a platform for piracy and that powers increase in every day | :05:02. | :05:07. | |
with Google. Google said it tackles piracy rigourously. | :05:08. | :05:12. | |
EBay has been compromised with users who clicked on some links diverted | :05:13. | :05:17. | |
to a site designed to steal their credentials. | :05:18. | :05:22. | |
It was set up to look like eBay's welcome page. Motorists in the UK | :05:23. | :05:25. | |
are warned about the dangers of using smart watches while driving. | :05:26. | :05:32. | |
The wrist device are covered by other laws designed to stop people | :05:33. | :05:35. | |
checking gadgets on the move but officials say any accidents caused | :05:36. | :05:40. | |
wide drivers distracted by the device will result in severe | :05:41. | :05:43. | |
penalties. Currency and market watchers are | :05:44. | :05:46. | |
waiting to see how Scotland votes in its referendum on Friday. Some tip | :05:47. | :05:52. | |
the pound to head for a fall if it is a yes vote. I spoke earlier with | :05:53. | :05:59. | |
Tony Nash from Delta economics. If there is a yes vote there will be | :06:00. | :06:06. | |
volatility, some say 10%. It depends on how people calibrate the value of | :06:07. | :06:11. | |
that pound. What is the GDP contribution? What stays with | :06:12. | :06:17. | |
England? The separation isn't for some time. The volatility we will | :06:18. | :06:22. | |
see is people figuring out the calculation. There are so many | :06:23. | :06:30. | |
unknowns. The issue of currency and what Scotland users, sharing the | :06:31. | :06:37. | |
pound, the euro, that isn't decided. That isn't decided yet. Until it is, | :06:38. | :06:41. | |
it will be difficult to assign a value. Do you see the pound falling | :06:42. | :06:49. | |
as much as 10% as some predict? It is possible but it depends on the | :06:50. | :06:52. | |
tone from both sides. If you assume a yes vote, is there an agreeable | :06:53. | :06:58. | |
tone? Many small countries don't have their own country, it currency. | :06:59. | :07:06. | |
`` their own currency. Discussion has said that Scotland can't use the | :07:07. | :07:10. | |
pound when a lot of other countries do that with other currency. An | :07:11. | :07:15. | |
agreeable tone would help to calm the market and ease volatility. Lots | :07:16. | :07:22. | |
of countries hold foreign currency in the pound. What impact in the | :07:23. | :07:29. | |
region? Depending on the value and volatility, if there is a devalued | :07:30. | :07:35. | |
pound, countries could look at their allocation of the pound, the | :07:36. | :07:38. | |
third`largest reserve currency globally. If people retain a certain | :07:39. | :07:45. | |
value to their reserve holdings, they might up their holdings or | :07:46. | :07:48. | |
switch to other currencies. Not too long and we will know the outcome of | :07:49. | :07:53. | |
the referendum. One of the world's biggest offerings will take place in | :07:54. | :07:57. | |
New York with China's leading e`commerce site Ali Bubba expected | :07:58. | :08:00. | |
to complete it they'll all shares to investors on Thursday `` Alibaba. | :08:01. | :08:06. | |
Trading opens on Friday to the public. What can the company expect | :08:07. | :08:13. | |
from investors? The big apple, America's financial | :08:14. | :08:18. | |
centre. New Yorkers have a reputation as a tough crowd to | :08:19. | :08:22. | |
please especially with investment as massive Chinese company at Alibaba, | :08:23. | :08:27. | |
will soon discover when shares begin trading here at the New York stock | :08:28. | :08:32. | |
exchange. In 20 years trading, it has been one of the biggest events I | :08:33. | :08:38. | |
have witnessed. Inside this emblem of capitalism, Alibaba, trading and | :08:39. | :08:45. | |
Alibaba, is about to have what could be the biggest stock offering on the | :08:46. | :08:50. | |
planet, bigger than Facebook. Such is the anticipation for this trader | :08:51. | :08:54. | |
who has had a request for shares by a Chinese social media. I am active | :08:55. | :09:00. | |
on Chinese social media and I have had people chatting with me asking | :09:01. | :09:04. | |
if I can connect them with their IPO team because they want to buy two `5 | :09:05. | :09:09. | |
million shares of the IPO. Why all the hype? This internet analyst | :09:10. | :09:17. | |
explains. The company is poised to take advantage of the largest | :09:18. | :09:21. | |
emerging middle class in the world, China, and the largest consumer | :09:22. | :09:24. | |
class in the history of the world, China. Alibaba's success has made it | :09:25. | :09:30. | |
the biggest force in Chinese internet. It's helped turn its | :09:31. | :09:36. | |
founder Jack Meagher from a teacher into one of China's richest men. `` | :09:37. | :09:45. | |
Jack Ma. Investors have been told to trust Jack, but should they? This | :09:46. | :09:50. | |
company comes with unusual risk, including a unique owning structure, | :09:51. | :10:02. | |
giving Mr Ma control. Despite the risk it appears there isn't a | :10:03. | :10:08. | |
shortage of investors in the world largest economy covering for Alibaba | :10:09. | :10:12. | |
in the rise of the world's second`largest economy. | :10:13. | :10:19. | |
A look at the market and you can see the turnaround in trade this | :10:20. | :10:23. | |
morning. The Nikkei is up, the Hang Seng and Australia are down despite | :10:24. | :10:26. | |
those comments from the Federal Reserve in the US. That is it from | :10:27. | :10:30. | |
this edition of Asia Business Report. Thank you for watching. | :10:31. | :10:38. | |
Report. I am Mike Embley with the main news | :10:39. | :10:44. | |
stories. With hours to go before polls open, | :10:45. | :10:47. | |
both sides in the Scottish referendum campaign have held | :10:48. | :10:49. | |
rallies as they made their final efforts to win over undecided | :10:50. | :10:52. | |
voters. President Obama says American forces | :10:53. | :10:56. | |
won't have a combat mission in Iraq, the day after his top general | :10:57. | :10:58. |