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of her last known movements. Now on BBC News all the latest business | :00:00. | :00:00. | |
news live from Singapore. India's Prime Minister is looking to | :00:00. | :00:19. | |
drum up more business on a high profile visit to the US. | :00:20. | :00:26. | |
China vows penalties after a massive trade financial fraud was revealed. | :00:27. | :00:45. | |
Welcome to Asia Business Report. India's Prime Minister Narendra Modi | :00:46. | :00:48. | |
touches down in the US on Friday, a country that denied him these are | :00:49. | :00:51. | |
four years after religious riots in the State of Gujarat where he was | :00:52. | :00:54. | |
the Chief Minister. This will be his first visit since taking office, he | :00:55. | :00:58. | |
is set to meet 17 business leaders including the heads of Google, | :00:59. | :01:04. | |
Goldman Sachs and others. He is expected to declare India open for | :01:05. | :01:08. | |
business. Now we go to our correspondent. | :01:09. | :01:17. | |
Narendra Modi's rousing invitation to foreign companies has already got | :01:18. | :01:20. | |
some response from the East with his visit to Japan and then his meeting | :01:21. | :01:23. | |
with the Chinese president ending with the promise of investments in | :01:24. | :01:26. | |
India worth tens of billions of dollars. But now as the Prime | :01:27. | :01:31. | |
Minister heads West, can he convince America to do the same? Especially | :01:32. | :01:37. | |
after the troubled relationship he had shared with the US in the past. | :01:38. | :01:44. | |
There are American companies which operate out of Gujarat so they have | :01:45. | :01:47. | |
an experience of how he ran Gujarat as Chief Minister. He also has a | :01:48. | :01:55. | |
reputation of being good at implementing and delivering on his | :01:56. | :01:58. | |
promises, so I think what he says he will deliver, that should be | :01:59. | :02:11. | |
expected. But he may have to do more. US companies, in particular | :02:12. | :02:15. | |
pharmaceutical firms, are worried about patent protection in India. | :02:16. | :02:23. | |
And the American drug authority has had problems with the authority of | :02:24. | :02:24. | |
some medicines produced in the country. But India also want more | :02:25. | :02:33. | |
from the US. IT firms here are concerned about new immigration laws | :02:34. | :02:36. | |
in America and what they mean for their staff's work permits. And then | :02:37. | :02:46. | |
there is the civil nuclear deal, an agreement signed years ago between | :02:47. | :02:49. | |
the two countries stuck over a dispute about who would be liable if | :02:50. | :02:53. | |
there was a nuclear accident. There was a deficit of trust. We attempted | :02:54. | :02:57. | |
to do some big things with the last government but got stuck. But | :02:58. | :03:00. | |
getting some of these issues back on track would help. India's is already | :03:01. | :03:06. | |
a place where some American brands have found success. Many more would | :03:07. | :03:14. | |
like to tap into this large population. | :03:15. | :03:15. | |
find themselves dealing with more competition than ever before and | :03:16. | :03:23. | |
exploit this opportunity, the government here will have to ensure | :03:24. | :03:26. | |
that it exceed passage to India is your for businesses from overseas. | :03:27. | :03:36. | |
`` easier. India's bureaucracy and its slow | :03:37. | :03:39. | |
reform have been challenges for the country especially as it attracts | :03:40. | :03:47. | |
more business from the US. But my guest says India's government is | :03:48. | :03:51. | |
starting to make changes. We have a government that is more cohesive. | :03:52. | :03:56. | |
But the key will be at the state`level and if his party can | :03:57. | :03:59. | |
take state level officers so you can have uniform voice is. `` voice. One | :04:00. | :04:13. | |
of the issues in India has always been navigating through the | :04:14. | :04:15. | |
bureaucracy. Over the next several years as the election in the states | :04:16. | :04:19. | |
occur there is optimism. The US and India, particularly with Modi, there | :04:20. | :04:23. | |
has been a rocky relationship. Will they be able to resolve these? They | :04:24. | :04:28. | |
have to. This relationship will be incredibly important. They have to | :04:29. | :04:35. | |
work through these trade deals. They recognise the importance of | :04:36. | :04:41. | |
cross`border trade. India and Japan will have had issues, even India and | :04:42. | :04:45. | |
China, they have had border issues and economic issues as well so Modi | :04:46. | :04:48. | |
is making an attempt to go out and build those relationships. What does | :04:49. | :04:56. | |
India need to do to try to compete with the dominance of China, | :04:57. | :04:58. | |
especially with these huge deals that have been announced with the | :04:59. | :05:04. | |
Chinese investing in India? 100 million people will be entering the | :05:05. | :05:07. | |
workforce in the next few years, that is more than a population of | :05:08. | :05:13. | |
England and France combined. So they are a huge population but they need | :05:14. | :05:20. | |
to get their infrastructure updated. They need to improve their operating | :05:21. | :05:23. | |
models for more efficiency and less bureaucracy. They also have to send | :05:24. | :05:28. | |
a signal to investors through tax changes, but in the past there have | :05:29. | :05:43. | |
been some rocky roads. In other business news, Apple shares slid by | :05:44. | :05:46. | |
4%, wiping out $23 billion in market value due to problems with its new | :05:47. | :06:10. | |
products. It has also faced claims that the new iPhone 6 is prone to to | :06:11. | :06:14. | |
bending. Apple says they have only received a few complaints over the | :06:15. | :06:21. | |
bending. Nike shares jumped by 5% in US trade. Profit rose to $963 | :06:22. | :06:24. | |
million because of higher sales during the World Cup. Shares of a | :06:25. | :06:30. | |
Korean carmaker tumbled to a six`month low over fears of a | :06:31. | :06:36. | |
strike. Workers have been in a pay dispute with management for months. | :06:37. | :06:45. | |
Japan's efforts to curb inflation appears to be waning. Core consumer | :06:46. | :06:59. | |
prices rose in August which is below market expectations. It has been | :07:00. | :07:02. | |
below the market forecast of 2.3% with the effect of Japan's recent | :07:03. | :07:06. | |
tax changes. It is 1%, well below the target of 2% of the central | :07:07. | :07:13. | |
bank. For more news and analysis be sure to log onto our website. China | :07:14. | :07:18. | |
has discovered almost $10 billion in fraudulent trade deals following a | :07:19. | :07:22. | |
year`long investigation. Companies faked, forged and legally reused | :07:23. | :07:30. | |
export `import documents. That is according to their currency | :07:31. | :07:34. | |
regulator. China also said there was an illegal channel for some tunnels | :07:35. | :07:40. | |
to move funds. Earlier I asked a financial analyst how this would | :07:41. | :07:54. | |
impact markets. Chinese companies have been pledging commodities, iron | :07:55. | :07:56. | |
ore copper, even cornl, against bank loans which they have taken and | :07:57. | :07:59. | |
reinvest and that money into property and unrelated areas. This | :08:00. | :08:02. | |
means that the global numbers on commodity imports by China, which is | :08:03. | :08:05. | |
the significant importer of all commodities, have been inflated much | :08:06. | :08:13. | |
beyond what analysts had expected. As a consequence, markets are being | :08:14. | :08:16. | |
riled as we speak because if those numbers were inflated it means | :08:17. | :08:19. | |
actual demand is much more or less than it seemed to be. We saw | :08:20. | :08:23. | |
commodity markets being rattled when this was first revealed in June, so | :08:24. | :08:30. | |
how will markets react now? The whole year has seen commodity | :08:31. | :08:36. | |
markets doing poorly. They have been falling in gold, that clearly shows | :08:37. | :08:40. | |
how important China is in terms of all commodity prices. Copper prices | :08:41. | :08:46. | |
have been coming down since the unveiling of this scandal in June | :08:47. | :08:50. | |
and one issue I have been looking at is corn. That is American corn | :08:51. | :08:55. | |
farmers could be impacted if the price of corn is affected. That is | :08:56. | :09:08. | |
because the numbers were artificially inflated. So it is a | :09:09. | :09:13. | |
list and not just the iron ore, or copper markets but other things such | :09:14. | :09:15. | |
as agriculture will have huge repercussions. Exactly. This would | :09:16. | :09:19. | |
impact on global trade in commodities over the next couple of | :09:20. | :09:23. | |
months until we can figure out how much of this shadow lending occurred | :09:24. | :09:28. | |
in China by the banks. This added to the over inflation of magnitudes of | :09:29. | :09:34. | |
commodities being traded. Formula 1 is the pinnacle of motor | :09:35. | :09:37. | |
racing where teams spend millions of dollars on their cars and drivers. | :09:38. | :09:41. | |
Technology affects team chances of winning, so how has it changed over | :09:42. | :09:53. | |
the years? We will hear from 13 time Formula 1 winner Tim Coulthar. It | :09:54. | :09:59. | |
has changed so much since I started. When I started there while | :10:00. | :10:02. | |
the three buttons on the wheels, but now it has been much more advanced. | :10:03. | :10:07. | |
Now there are 35. Drivers make the adjustments while they are driving | :10:08. | :10:13. | |
as well. We have much better use of data transfer and storage. Computer | :10:14. | :10:26. | |
Power has improved and the software that the cars run on enables more | :10:27. | :10:30. | |
parameters to be logged and data logging as well, that can be | :10:31. | :10:37. | |
adjusted by the driver. That is all for this addition of Asia Business | :10:38. | :10:44. | |
Report, thanks for watching. I'm Mike Embley. The FBI has said it | :10:45. | :10:52. | |
has identified the man who beheaded journalists and aid workers in | :10:53. | :10:59. | |
Islamic State 80 is. President Obama has warned of the consequences if | :11:00. | :11:00. | |
the world | :11:01. | :11:01. |