:00:15. > :00:21.Matching outfits and a massive deal after meeting with the US
:00:22. > :00:26.President-elect. The boss of Japan's Softbank agrees to invest a whopping
:00:27. > :00:31.50 billion US dollars and create 50,000 new jobs. And a victory for
:00:32. > :00:41.Samsung Electronics Abe long and bitter pay battle with Apple. --
:00:42. > :00:46.after a. -- patents battle. Hello, glad you could join us for this
:00:47. > :00:52.midweek edition of Asia Business Report. -- patents battle. Donald
:00:53. > :00:55.Trump has been busy meeting with potential Cabinet members and
:00:56. > :00:58.business leaders from around the world and this time it involves a
:00:59. > :01:05.major investment from a Japanese company. Here they are, Donald Trump
:01:06. > :01:09.with Softbank founder in almost matching outfits in the lobby of
:01:10. > :01:17.current tower in Manhattan. Let's hear what they had to say. Ladies
:01:18. > :01:22.and gentlemen, this is the CEO of Softbank in Japan and he's just
:01:23. > :01:26.agreed to invest $50 billion in the United States and 50,000 jobs, and
:01:27. > :01:32.he's one of the great men of industry, so I just want to thank
:01:33. > :01:39.you. Thank you very much. I just came to celebrate his new job and we
:01:40. > :01:46.were talking about it and then I said I would like to celebrate his
:01:47. > :01:52.presidential job and commit because he would do a lot of deregulation. I
:01:53. > :01:56.said this is great, the United States will become great again.
:01:57. > :02:03.After meeting the media, Mr Trump then went on to tweet that he, as in
:02:04. > :02:09.Mr Son would never have done this if we had not won the election. That
:02:10. > :02:13.statement may not be totally accurate as Michelle Fleury, our
:02:14. > :02:17.business correspondent, explains. It interesting going back to that tweet
:02:18. > :02:20.from Donald Trump saying this wouldn't have happened if he hadn't
:02:21. > :02:25.won the election, there is some doubt over that. The money comes
:02:26. > :02:30.from an investment fund that was created in an airship with Saudi
:02:31. > :02:39.Arabia in October. It's a $100 billion fund created with Saudi
:02:40. > :02:43.Arabia and other investors. -- in a partnership. Before the election
:02:44. > :02:47.they had said they were looking for potential future investments. They
:02:48. > :02:51.didn't give details at the time of what those investments would be. Now
:02:52. > :02:56.it seems we have some idea. The question of what that money will be
:02:57. > :03:00.spent on, there's a bit of mystery about that, there's speculation it
:03:01. > :03:04.could be on start-ups and new ventures, but we will have to wait
:03:05. > :03:07.and see for more details. But as I say, there had been hints even
:03:08. > :03:12.before the election that an investment might be coming.
:03:13. > :03:16.Masayoshi Son already has a huge exposure in the US through
:03:17. > :03:21.telecommunications company Sprint and also he just made a major
:03:22. > :03:29.investment in the UK based chipmaker Arm. It's got lots of different
:03:30. > :03:33.interests. Arm is one of them. In the United States the other is
:03:34. > :03:40.sprint. We have to look at what the share price did. Once the news about
:03:41. > :03:45.the meeting had come out, shares in Sprint jumped around 4% higher. Just
:03:46. > :03:58.to give people some background on all of Sprint was trying to do a
:03:59. > :04:05.deal in the past with T-Mobile but Jo. As a result of this deal
:04:06. > :04:12.investors are betting that regulation might be changing under a
:04:13. > :04:16.Trump presidency. -- with T-Mobile. Michelle Fleury in New York. The
:04:17. > :04:21.Supreme Court in US has sided with Samsung in its long-running patents
:04:22. > :04:29.fight with Apple. The court rejected an earlier ruling that Samsung must
:04:30. > :04:37.pay 400 million US dollars for to Apple for copying iPhone designs. I
:04:38. > :04:43.asked Dave Lee how significant this was. Samsung will presumably have to
:04:44. > :04:49.pay a significantly less amount for infringing on those patents. The
:04:50. > :04:53.topic isn't under dispute, both companies agree that Samsung did
:04:54. > :04:57.copy a few design ideas, like rounded edges on the phone and the
:04:58. > :05:01.grid system of apps we all recognise. Nobody is disputing that
:05:02. > :05:07.but the question is more about how much Samsung should have to pay. It
:05:08. > :05:11.was originally $399 million, now the Supreme Court said it shouldn't be
:05:12. > :05:17.that much, it should be returned to a lower court in the US which will
:05:18. > :05:24.decide is the precise amount. How is this Supreme Court decision related
:05:25. > :05:29.to carpet makers and carpets? I have been obsessed with this. In the
:05:30. > :05:35.1800s, 1885, there was a rout that went to the Supreme Court between
:05:36. > :05:39.two carpet manufacturers, one of which said the other manufacturer
:05:40. > :05:47.was copying their design. -- there was a row. In that instance the
:05:48. > :05:53.Supreme Court said the company should pay all the profits it made.
:05:54. > :05:59.That ruling was used for Apple to get Samsung to pay the $399 million,
:06:00. > :06:02.the entirety of the profits on the phone Samsung had made. Now the
:06:03. > :06:07.Supreme Court has gone back on that and said a phone has a lot more to
:06:08. > :06:11.it and how it looks. It's a precedent, but one that means
:06:12. > :06:17.Samsung can pay less money than before. Dave Lee in Silicon Valley.
:06:18. > :06:23.Australia has released its latest growth data and the economy shrank
:06:24. > :06:30.015% from the last quarter. We found out what is behind this latest
:06:31. > :06:33.contraction -- 0.5%. Weaker housing investment, weaker business
:06:34. > :06:37.investment with the mining downturn still happening, weak government and
:06:38. > :06:45.consumer spending as well. All of those things, not heading towards a
:06:46. > :06:50.recession, but slow growth, after a reasonable period of growth. Weak,
:06:51. > :06:53.weak, weak economy! What is the government likely to do at this
:06:54. > :06:59.point that could pump prime the economy and avoid what you would
:07:00. > :07:04.call a technical recession, two consecutive quarters of contraction?
:07:05. > :07:07.Yes. We said a contraction, we said a contraction, we haven't said a
:07:08. > :07:12.recession and I don't think we will see that. The government will argue
:07:13. > :07:15.this is a 1-off and that it came after a period of quite strong
:07:16. > :07:22.growth, stronger than expected growth, we will see a bounce back in
:07:23. > :07:25.housing investment and non- mining investment will pick up as will
:07:26. > :07:30.consumer spending, so I don't think the government will do anything, it
:07:31. > :07:34.will rely on the Reserve Bank to cut interest rates, but that won't
:07:35. > :07:38.happen until early next year. Shane Oliver from AMP capital in Leicester
:07:39. > :07:43.is. In India the central bank will meet today for the first time since
:07:44. > :07:53.the sudden and chaotic move to withdraw 90% of the banknotes in
:07:54. > :07:57.secular nation. -- Shane Oliver from AMP capital in Australia. Will Mr
:07:58. > :08:03.Modi's cash clampdown forced the central bank to cut the cost of
:08:04. > :08:10.borrowing? That's what everyone is expecting. -- force. Ever since the
:08:11. > :08:14.high-value old currency notes were banned, 86% of the liquidity from
:08:15. > :08:18.the system was actually removed or wiped out. The central bank has been
:08:19. > :08:25.struggling to pump in new notes that have been published at this stage.
:08:26. > :08:29.That's why people have stopped spending because there a cache
:08:30. > :08:37.issue. Businesses are affected because consumers an spending much
:08:38. > :08:42.money and are fears the economy could slow its growth over the next
:08:43. > :08:50.three quarters. -- cash issue. That is why cut of 0.25% is expected so
:08:51. > :08:59.that it gives an incentive for consumers to start spending -- is a
:09:00. > :09:04.cut. That may not happen. -- that is why a cut. The new central bank
:09:05. > :09:07.governor has been very busy, his first meeting he already implemented
:09:08. > :09:15.the rate cut, he could do another one in this meeting. Now you have
:09:16. > :09:21.India in the past quarter, one of the fastest-growing economies in the
:09:22. > :09:26.world and now it may slow down. I think the key thing is that India
:09:27. > :09:32.has seen good growth over the last year or so. The biggest challenge
:09:33. > :09:35.they face right now is that many say that they didn't anticipate this
:09:36. > :09:40.decision, the currency band, would lead to so much chaos because the
:09:41. > :09:44.Reserve Bank of India has been criticised it didn't implement the
:09:45. > :09:49.decision properly. -- the currency ban. They anticipated the new notes
:09:50. > :09:53.would be available in plenty, the banks would have enough notes at
:09:54. > :10:01.their disposal. But they have struggled to distribute notes.
:10:02. > :10:06.People are still queueing up to withdraw notes. Lots of cash
:10:07. > :10:09.machines aren't working. That's why it has become essential for the
:10:10. > :10:13.Reserve Bank of India to make sure that in the coming weeks and months
:10:14. > :10:18.they are able to get as many new notes as possible and that's the big
:10:19. > :10:21.question that Mr Patel will be asked today in the press conference he
:10:22. > :10:26.addresses, why hasn't the Reserve Bank of India implemented the
:10:27. > :10:34.decision properly and how long will it take for the cash crunch to carry
:10:35. > :10:36.on. Thank you for joining us on Asia Business Report. I'm Rico Hizon.
:10:37. > :10:40.Goodbye for now. Concern
:10:41. > :10:43.is growing for the Rohingya muslim