:00:00. > :00:13.Now on BBC News all the latest business news live from Singapore.
:00:14. > :00:22.The UN imposes tougher sanctions on North Korea and we find out what
:00:23. > :00:27.that means for the country's economy. How India is growing its
:00:28. > :00:43.music industry on mine to beat the Pirates. Welcome to Asia Business
:00:44. > :00:46.Report. United Nations Security Council has approved tough new
:00:47. > :00:51.sanctions against North Korea and that is in response to the recent
:00:52. > :00:57.rocket launch a nuclear test. They will be banned from exporting
:00:58. > :01:02.natural resources, including coal up iron, gold and other metal. There
:01:03. > :01:11.won't be able to sell aviation fuel to North Korea and all important
:01:12. > :01:21.exports will be subject to inspection. This man has his doubts
:01:22. > :01:27.about the impacts. It will have a significant impact on the economy,
:01:28. > :01:31.but these new measures were about maximising the non-proliferation and
:01:32. > :01:39.demilitarisation effort of North Korea rather than maximising the
:01:40. > :01:45.impact on the North Korean economy. These new measures try to maximise
:01:46. > :01:48.non-proliferation efforts, but minimise impact on the North Korean
:01:49. > :01:52.economy. You are saying it will not have much impact, but the UN
:01:53. > :02:00.Security Council says these are tough measures. There is a ban on
:02:01. > :02:08.the commodities, aviation fuels and a blacklist on individuals and banks
:02:09. > :02:12.and companies. Surely these are expected to hurt the economy. Where
:02:13. > :02:22.do you think they will hurt the most? The devil is in the details
:02:23. > :02:29.again. Last night, there are conditions attached to different
:02:30. > :02:33.economic section measures, for example, when it comes to the export
:02:34. > :02:38.of coal and other minerals to China. It says that as long as the export
:02:39. > :02:46.of minerals to China is not related to the nuclear programme it is
:02:47. > :02:49.fine. It is fine you say, so we are expecting there are loopholes that
:02:50. > :02:55.North Korea could take to get around the sanctions? That is right. They
:02:56. > :02:59.need a credible effort to show to the international community that
:03:00. > :03:06.they are making sure that the money earned through these exports is not
:03:07. > :03:09.being diverted to the nuclear programme and it is not going
:03:10. > :03:19.against these measures proposed last night. Mining firms have agreed to
:03:20. > :03:32.pay $1.1 billion in Brazil for damage caused by a Gamba burst last
:03:33. > :03:37.year. -- a dam that. If they fail to pay, the companies will step up. It
:03:38. > :03:43.killed 19 people and caused major damage in south-east Brazil. Earlier
:03:44. > :03:52.I spoke with our south American reporter. It will be paid out and it
:03:53. > :03:58.should not affect the rest of the values operation. The problem would
:03:59. > :04:02.be if the group does not have the funds over 15 years to pay for the
:04:03. > :04:07.damage because that is what was agreed today. They are going to pay
:04:08. > :04:14.a lot of money over the course of 15 years, and if in that case, BHP will
:04:15. > :04:25.have two step up and pay the money. They are announcing their first ever
:04:26. > :04:31.loss. Will this pay at have even worse repercussions that these
:04:32. > :04:35.firms? They are in deep financial trouble long before this accident
:04:36. > :04:41.happened. The company had some good results back in 2011 but since that
:04:42. > :04:45.year it has not been good news and any year this year so far. The
:04:46. > :04:50.problem is that they are selling iron all at a time when it is very
:04:51. > :04:54.cheap. They also produce in Brazil and they expect to get a lot of
:04:55. > :04:59.money abroad, but they don't, because the currency is quite low
:05:00. > :05:02.right now. This accident only as a lot more financial strain to a
:05:03. > :05:09.company that is not looking good for investors. Global stock markets have
:05:10. > :05:15.faced turbulent times recently on the back of China's slowdown. But,
:05:16. > :05:19.one of the regions biggest stock exchange makers, has reported their
:05:20. > :05:24.biggest ever profit. Is due to strong trading volumes for the Hong
:05:25. > :05:30.Kong stock exchange and it actually soared some 54%. It was over $1
:05:31. > :05:37.billion last year. We spoke to the Chief Executive. Our business is
:05:38. > :05:45.about trading and if more people are trading happily, or they're treading
:05:46. > :05:50.very stressful, as long as they are trading, that is our business. What
:05:51. > :05:55.is the outlook of your year given the continued market and economic
:05:56. > :06:01.uncertainty? This is a tough year and a tough year for everybody. It
:06:02. > :06:06.is challenging and there is no realistic hope that we're going to
:06:07. > :06:10.repeat the kind of record wrecking year that we had last year. I think
:06:11. > :06:18.the last quarter and the first quarter this year clearly indicating
:06:19. > :06:23.a deteriorating market. But I think the market is so bad today that
:06:24. > :06:32.almost all the bad news is that you can think of seems to be reasonably
:06:33. > :06:37.priced into Dave's market. I don't think other people waiting for these
:06:38. > :06:42.jobs. Now the Hong Kong and Shanghai index was forecast strong for 2014
:06:43. > :06:51.and at what point will that be expanded and a similar project? It
:06:52. > :06:56.will be the expansion of Shanghai in other announcements and that will
:06:57. > :07:00.all happen, most likely, with the launch of the company. There's no
:07:01. > :07:06.point doing this separately. They need to do this simultaneously and
:07:07. > :07:12.push out all the other programme. At this point, we are all pretty much
:07:13. > :07:16.ready and it is up to the Chinese regulators to make a decision to
:07:17. > :07:22.launch in the coming weeks and months we will be hearing something
:07:23. > :07:27.and when we are ready to go. The head of the Hong Kong stock
:07:28. > :07:32.exchange. Piracy is a problem for the music industry everywhere and in
:07:33. > :07:35.India it is stopped the industry generating the cells that you would
:07:36. > :07:40.might expect from a large market. Can the rise of streaming services
:07:41. > :07:46.offering legal access that some are prepared to pay make much of a
:07:47. > :07:53.difference? We have been taking a look from Mumbai. Music is not just
:07:54. > :07:57.this man's passion, it is his career. He has been performing for
:07:58. > :08:00.more than 15 year. While he is well-known for his live shows,
:08:01. > :08:08.recording a telling that music has been a recent thing for him. I was
:08:09. > :08:12.very excited to record music. We were going out doing a lot of wide
:08:13. > :08:16.backs because you could see they are consuming there. It is so simple to
:08:17. > :08:22.record music and in a minute or two you can put it out there. You put
:08:23. > :08:29.your CDs in all the stores in the world. I could most musicians, he
:08:30. > :08:35.does not have a deal with the music label. But the growth of online
:08:36. > :08:42.streaming industries has helped them work independently. I's music
:08:43. > :08:45.industry was worth an estimated $155 million last year, more than half
:08:46. > :08:50.comes from digital forms of music like streaming and download. About
:08:51. > :08:55.20% comes from sales of CDs and vinyl is, a sector that has seen a
:08:56. > :09:01.huge drop in the last few years and the rest comes from payments from
:09:02. > :09:06.music played on radio, television or public spaces. But musicians face a
:09:07. > :09:13.problem. The world of Bollywood doesn't just own film but music as
:09:14. > :09:17.well. All the best selling tunes have been from film soundtracks and
:09:18. > :09:25.so historically it has only been Bollywood music that is made money.
:09:26. > :09:34.Hoping to make a broader range of music popular and profitable, our --
:09:35. > :09:44.our firms like this one. They are similar to other better and known
:09:45. > :09:49.global names like spot -- Spotify. By offering an affordable
:09:50. > :09:54.alternative than downloading music illegally it expects to grow fast.
:09:55. > :09:58.The mainstream market has the most potential anywhere in the world not
:09:59. > :10:05.only because of the population of India, but the scale of mobile phone
:10:06. > :10:13.sales and smartphone sales. Music tracks with that almost 121. They
:10:14. > :10:19.need to come over the customer reluctance to play for subscriptions
:10:20. > :10:25.if they going to fully realised the country's potential. Very quickly to
:10:26. > :10:30.the markets they are all high here in Asia. That is it for this edition
:10:31. > :10:31.of Asia Business Report. Thank you for