:00:00. > :00:16.Manchester later today. Now on BBC News all the latest business news
:00:17. > :00:22.live from Singapore. G 20 finance ministers say they are closing in on
:00:23. > :00:27.their target for global economic expansion and job creation. And why
:00:28. > :00:33.China is becoming one of the world's most important markets for
:00:34. > :00:42.diamond sales. Thank you for joining us. Finance ministers from the 20
:00:43. > :00:48.largest economies in the world have left a meeting in a showdown knowing
:00:49. > :00:51.they have nearly achieved a target for boosting economic growth and
:00:52. > :01:00.jobs. The host, the Austral then Treasurer, Joe hockey. `` Joe Hockey
:01:01. > :01:06.said they have achieved their goal of setting targets of boosting GDP
:01:07. > :01:12.by 2018. They are hoping to have positive news by the gathering of
:01:13. > :01:21.the G 20 leaders in November. I spoke to our correspondent in
:01:22. > :01:25.Sydney. You could say people are saying that things are going pretty
:01:26. > :01:35.well. But the leaders are worried about the eurozone. 2% growth by
:01:36. > :01:41.2018, but they are worried about Europe. That will mean big increases
:01:42. > :01:47.in the number of jobs globally, but the question is, two years down the
:01:48. > :01:55.road, will these targets have been met? And what Joe Hockey is saying
:01:56. > :02:04.is he wants the growth to be driven by investment and infrastructure.
:02:05. > :02:14.Estrada is pledging to invest hundreds 5 billion in infrastructure
:02:15. > :02:19.projects. `` 135 billion dollars. While the Australian agenda is about
:02:20. > :02:23.economic growth, we could see things have distracted by bigger issues.
:02:24. > :02:29.One thing that came out of the issue was that Vladimir Putin will be
:02:30. > :02:33.invited to the G 20 despite some controversy about Ukraine. That
:02:34. > :02:50.could prove a distraction to the meeting in November. One of the key
:02:51. > :03:00.topics were tax goals. Joe Hockey said there are new targets, when
:03:01. > :03:03.will that be clicking in? A lot of these big global companies have
:03:04. > :03:08.tricks up their sleeves to do their business in one place but end up
:03:09. > :03:13.paying tax in different countries. What they are saying is that they
:03:14. > :03:16.have this new system which allows the sharing of information between
:03:17. > :03:20.countries. It will be interesting to see whether the accountants and up
:03:21. > :03:29.to being one step ahead of the politicians. In other business news,
:03:30. > :03:34.General Motors has recalled more than 220,000 cars to correct a brake
:03:35. > :03:40.defect that could increase a risk of fire. It affects some Cadillac
:03:41. > :03:52.models from predator ten and 2014, and recent versions of the Chevrolet
:03:53. > :03:56.Impala. They have been no deaths or injuries resulting from the latest
:03:57. > :04:01.problem, according to General Motors. China says it is to end its
:04:02. > :04:06.restrictions around housing purchases to boost local markets.
:04:07. > :04:09.More than 30 cities across the mainland have made similar
:04:10. > :04:17.initiatives to boost economic growth. In 2011 China put limits on
:04:18. > :04:21.the number of homes locals could buy it's a very hot property markets.
:04:22. > :04:30.But a slow sales this year have left cities overstock. It is said diamond
:04:31. > :04:39.is RA girl's best friend, and this is true in China. Sales of diamond
:04:40. > :04:43.jewellery to mainland consumers grew by 31% over the last ten years, the
:04:44. > :05:00.fastest growing market in the world. `` 21.
:05:01. > :05:11.Will be markets stay bullish? Power Hong Kong correspondent put that
:05:12. > :05:18.question to the chief executive of De Beers. It will be strong but
:05:19. > :05:24.maybe a little bit wide than what we enjoyed in the last ten years. In
:05:25. > :05:32.the foreseeable future, diamond jewellery sales will remain around
:05:33. > :05:35.10% or higher. Not as big as 20% but 10% is as big as a growth we can
:05:36. > :05:43.enjoy around the world. Ten years ago China was 3% of the world
:05:44. > :05:49.market, now it is 13% to 15%. 10% growth over a bigger base is
:05:50. > :05:58.equivalent to 20% in a smaller market. We believe greater China is
:05:59. > :06:02.the engine of growth for the future. The biggest buyers last year were
:06:03. > :06:06.married women looking for something special for themselves, and not the
:06:07. > :06:15.bridal market. What is industry doing to try to broaden its fan base
:06:16. > :06:19.in China? The main customers for diamonds are women who already own a
:06:20. > :06:23.diamond. I am not surprised that women in China are buying themselves
:06:24. > :06:28.a diamond because they received wonderfully and want more. Repeat
:06:29. > :06:35.purchase is always very good in our business. Let us talk about prices.
:06:36. > :06:43.Given that there is likely to be less production over the next ten
:06:44. > :06:49.years, will prices rise? Prizes will fluctuate with the economic
:06:50. > :06:55.environment. That prices. The bumps up and down high not that big.
:06:56. > :07:00.Diamond prices, they have always been increasing over the years. If
:07:01. > :07:07.you are looking for an investment, not over one or two years, but over
:07:08. > :07:14.five or ten years, diamond prices are increasing. China is the main
:07:15. > :07:20.growth driver, but what about other economies such as India? We have a
:07:21. > :07:28.very solid base with the Japan today, and very strong growth in
:07:29. > :07:33.China. Just behind it India is a good engine for growth in the next
:07:34. > :07:39.three to four years. Indonesia, Thailand and those countries could
:07:40. > :07:49.become the next sources of growth. So Asia is a big carrier for us.
:07:50. > :07:56.This week India's mission to Mars reaches a crucial stage when
:07:57. > :08:02.scientists attempt to space they `` Place a spacecraft into the Martian
:08:03. > :08:13.orbit. What will success mean to the multi`million space industry? ``
:08:14. > :08:17.multimillion dollar. India's made on Mars mission was successfully
:08:18. > :08:22.launched in November last year. And after travelling more than 600
:08:23. > :08:27.million kilometres, the spacecraft is now on the cusp of entering the
:08:28. > :08:35.Martian orbit. The aim of finding signs of life on the red punnet.
:08:36. > :08:42.This is the epicentre of India's Mars mission. `` punnet. Nearly 200
:08:43. > :08:44.scientists have been working around the clock monitoring the
:08:45. > :08:49.spacecraft's movement. They are nowadays away from discovering if
:08:50. > :08:54.the mission was a successful is what the project director knows it
:08:55. > :08:57.specked patients are high. He says he's not worried if everything does
:08:58. > :09:04.not go to plan. We should not be worried about failure. That is the
:09:05. > :09:13.basic value of our organisation. When you take up such projects which
:09:14. > :09:21.are challenging and very dreamlike, we are living the dream. This is
:09:22. > :09:29.space exploration on a budget, $73 million to be precise, less than
:09:30. > :09:33.1/10 of what Nasser has spent on its Mars satellite. Critics question
:09:34. > :09:35.whether a country such as India where one third of the population
:09:36. > :09:41.lives below the poverty line should be spending money on space
:09:42. > :09:45.programmes at all. But a former head of the space agency of India says
:09:46. > :09:50.missions like these are essential for a growing economy. Nations can
:09:51. > :09:56.be prosperous but to be an economic power you have to be strong in terms
:09:57. > :10:03.of various areas where the country has to go beyond survival.
:10:04. > :10:08.Sustaining a high level of growth involves science and technology.
:10:09. > :10:12.India's ambition is to overtake China and Japan in the field of
:10:13. > :10:19.space exploration. Whatever the outcome of the mission, NASA and
:10:20. > :10:25.India's space agency are in talks to work together on further studies of
:10:26. > :10:40.Mars. With that we end this edition of
:10:41. > :10:43.Asia Business Report. Thank you for your time. Welcome back.