:00:00. > :00:00.as an "area of interest" to them. Earlier they staged a reconstruction
:00:00. > :00:16.of her last known movements. Now on BBC News all the latest business
:00:17. > :00:20.news live from Singapore. India's prime minister is looking to drum up
:00:21. > :00:28.more business on a high profile visit to the US. China vows back to
:00:29. > :00:35.China vows to penalties after a massive trade financial fraud was
:00:36. > :00:40.revealed. `` vows. Welcome to Asia Business Report, I am in Singapore.
:00:41. > :00:45.India's prime as a narrator Modi touches down in the US on Friday, a
:00:46. > :00:48.country that denied him a these are four years after religious riots in
:00:49. > :00:53.the State of Gujarat where he was the Chief Minister. This will be his
:00:54. > :01:00.first visit since taking office, he is set to meet 17 business leaders
:01:01. > :01:11.including the heads of Google, Goldman Sachs. He is expected to
:01:12. > :01:14.declare India open for business. Narrator Modi's rousing invitation
:01:15. > :01:20.to foreign companies has already got some response from the East with his
:01:21. > :01:24.visit to Japan and then his meeting with the Chinese president ending
:01:25. > :01:27.with the promise of investments in India worth tens of billions of
:01:28. > :01:34.dollars. But now as the prime minister heads West, can he convince
:01:35. > :01:41.America to do the same? Especially after the troubled relationship he
:01:42. > :01:45.had shared with the US in the past. Terra American companies which
:01:46. > :01:49.operate out of Gujarat Soho they have an experience of how he ran
:01:50. > :01:56.Gujarat as Chief Minister. `` so they. He also has a revocation of
:01:57. > :02:03.being good at implementing and delivering on his promises, so I
:02:04. > :02:10.think what he says he will deliver, that should be expected. ``
:02:11. > :02:15.reputation. But he may have to do more. US companies, in particular
:02:16. > :02:21.pharmaceutical firms, are worried about patent protection in India.
:02:22. > :02:23.And the American drug authority has had problems with the authority of
:02:24. > :02:29.some medicines produced in the country. But India also want more
:02:30. > :02:32.from the US. IT firms here are concerned about new immigration laws
:02:33. > :02:39.in America and what they mean for their staff's work permits. And then
:02:40. > :02:42.there is the civil nuclear deal, and agreement signed years ago between
:02:43. > :02:48.the two countries stuck over a dispute about who would be liable
:02:49. > :02:53.that there was a nuclear accident. There was a deficit of trust. We
:02:54. > :02:56.attempted to do some big things with the last government but got stuck.
:02:57. > :03:04.But getting some of these issues back on track would help. India's is
:03:05. > :03:10.already a place where some American brands have found success. Many war
:03:11. > :03:12.would like to tap into this large population. But with greater
:03:13. > :03:17.interest in the country from all around the world, US companies may
:03:18. > :03:20.find themselves dealing with more competition than ever before and to
:03:21. > :03:24.exploit this opportunity the government here will have to ensure
:03:25. > :03:32.that it exceed passage to India is your for businesses from overseas.
:03:33. > :03:37.India's bureaucracy and is slow reform have been challenges for the
:03:38. > :03:44.country is freshly as it attracts more information from the US. ``
:03:45. > :03:48.more business. But my guest Tom India's the government is or is
:03:49. > :03:53.starting to make changes to the we have a government that is more
:03:54. > :03:57.cohesive. But the key will be at the state`level and his party can take
:03:58. > :04:03.state level officers so you can have uniform voice is. One of the issues
:04:04. > :04:10.in India has always been navigating through the bureaucracy. Over the
:04:11. > :04:15.next several years as the election in the states occur there is
:04:16. > :04:21.optimism. The US and India, particularly with Modi, there has
:04:22. > :04:26.been a rocky relationship. Will they be able to resolve these? They have
:04:27. > :04:30.to. This relationship will be incredibly important. Have to work
:04:31. > :04:37.through these trade deals. They recognise the importance of
:04:38. > :04:42.cross`border trade. India and Japan have a Makarova will have had
:04:43. > :04:47.issues, even India and China, they have had border issues and economic
:04:48. > :04:51.issues as well so Modi is making an attempt to go out and build those
:04:52. > :04:55.relationships. What does India need to do to try to compete with the
:04:56. > :05:01.dominance of China, especially with these huge deals that have been
:05:02. > :05:08.announced with the Chinese investing in India? 100 million people will be
:05:09. > :05:11.entering the workforce in the next few years, that is more than a
:05:12. > :05:15.population of England and France combined. So they are a huge
:05:16. > :05:18.population but they need to get their infrastructure updated. They
:05:19. > :05:24.need to improve their operating models for more efficiency and less
:05:25. > :05:31.bureaucracy. They also have to send a signal to investors through tax
:05:32. > :05:38.changes, but in the past there have been some rocky roads. Another
:05:39. > :05:44.business is, Apple shares slid by 4%, wiping out $23 billion in market
:05:45. > :05:52.value due to problems with its new products. The tech giant issued a
:05:53. > :05:57.rare apology over a software blur of Google software bug. There is also
:05:58. > :06:02.claims that the new iPhone 6 is set to rule to bending. Apple says they
:06:03. > :06:13.have only received nice complaints over the bending. Nikkei shares
:06:14. > :06:18.jumped by 5% in US trade. `` Nikkei. Profit rose traditionally percent to
:06:19. > :06:37.$963 million because of higher sales during the World Cup. Japan's
:06:38. > :06:40.efforts to curb inflation appears to be waning. It has been below the
:06:41. > :06:47.market forecast of 2.3% with the effect of Japan's recent tax
:06:48. > :06:53.changes. It is kindly wanton, well below the target of 2% of the
:06:54. > :07:01.central bank. `` it is well below 1%. China has discovered almost $10
:07:02. > :07:11.billion in fraudulent trade deals following a year`long investigation.
:07:12. > :07:15.Companies faked, forged and legally reused export `import documents.
:07:16. > :07:21.China also said there was an illegal channel for some tunnels to move
:07:22. > :07:25.funds. Earlier I asked a financial analyst how this would impact
:07:26. > :07:31.markets of. Chinese Company is have been pledging commodities, iron ore
:07:32. > :07:37.copper, even call, against a bank loans which they have taken and
:07:38. > :07:40.reinvest and that money into property and unrelated areas. This
:07:41. > :07:45.means that the global numbers on commodity imports by China, which is
:07:46. > :07:51.the significant importer of all commodities, have been inflated much
:07:52. > :07:56.beyond what analysts had expected. As a consequence, markets are being
:07:57. > :08:00.riled as we speak because if those numbers were inflated it means
:08:01. > :08:07.actual demand is much more or less than it seemed to be. We saw
:08:08. > :08:12.commodity markets being rattled when this was first revealed in June, so
:08:13. > :08:19.how will markets react now? The whole year has seen commodity
:08:20. > :08:25.markets doing poorly. They have been falling in gold, that clearly shows
:08:26. > :08:29.how important China is in terms of all commodity prices. Copper prices
:08:30. > :08:33.have been coming down since the unveiling of this scandal in June,
:08:34. > :08:39.and one area which I was looking at is born. That is American corn
:08:40. > :08:48.farmers could be impacted if the price of corn is affected. `` corn.
:08:49. > :08:53.So it is a list and not just the iron for, copper markets but other
:08:54. > :08:59.things such as agriculture will have huge repercussions. This would
:09:00. > :09:01.impact on global trade in commodities over the next couple of
:09:02. > :09:08.months until we can figure out how much of this shadow lending occurred
:09:09. > :09:16.in China by the banks. This added to the over inflation of magnitudes of
:09:17. > :09:21.commodities being traded. Formula 1 is the pinnacle of motor
:09:22. > :09:26.racing where teams spend millions of dollars on their cars and drivers.
:09:27. > :09:31.Technology affects team chances of winning, so how has it changed over
:09:32. > :09:46.the years? We will hear from that in time Formula 1 winner Tim Coulthar.
:09:47. > :09:49.When I started there while the three buttons on the wheels, but now it
:09:50. > :09:54.has been much more advanced. Drivers make the Jacksons while they are
:09:55. > :10:00.driving as well. `` the adjusters. We have much better use of data
:10:01. > :10:05.transfer and storage. Computer Power has improved and the software
:10:06. > :10:10.because run on enables more parameters to be logged and data
:10:11. > :10:15.logging as well, that can be adjusted by the driver. For more on
:10:16. > :10:27.the discussion of man versus machine, watch Linkup next business.
:10:28. > :10:31.A quick look at the markets now. Then he gave reversed its seven`year
:10:32. > :10:33.high. That is all for this addition of Asia Business Report, thanks for
:10:34. > :10:43.watching. The top stories this hour: The FBI
:10:44. > :10:44.says