:00:00. > :00:16.Now on BBC News all the latest business news live from Singapore.
:00:17. > :00:26.As China and America's 100 days of trade talks expire, we look at how
:00:27. > :00:29.much has been achieved. And India's aviation minister exclusively tells
:00:30. > :00:36.the BBC it has agreed to the of the state carrier.
:00:37. > :00:48.Hello and welcome. American beef, natural gas and financial services.
:00:49. > :00:54.Those are just some of the trade deals struck between the US and
:00:55. > :00:58.China after US President Trump met the Chinese president in April. Many
:00:59. > :01:05.are wondering if both sides can agree on more weights ways to boost
:01:06. > :01:10.trade. Washington wishes to reduce its trade deficit which reached $347
:01:11. > :01:14.billion last year. There are many contentious issues are still on the
:01:15. > :01:19.table as senior officials gather in Washington for the annual bilateral
:01:20. > :01:24.economic dialogue. We have more on that from New York.
:01:25. > :01:34.It is made in America week in the US and President Trump is promoting it.
:01:35. > :01:40.When we purchase products made in the USA, the profit stays here, the
:01:41. > :01:45.revenue says here and the jobs, maybe most importantly of all, they
:01:46. > :01:49.stay right here in the USA. That kind of protectionist language is a
:01:50. > :01:53.worry for America's trading partners including China. These days,
:01:54. > :01:57.however, Mr Trump's tone is more measured when it comes to China,
:01:58. > :02:03.compared to what was said in the throes of a presidential campaign.
:02:04. > :02:08.We cannot continue to allow China to rate our country. They have taken
:02:09. > :02:13.our money, they have taken our jobs. The turning point in the
:02:14. > :02:19.relationship? We need broke rank and ate cake. Now President Trump has
:02:20. > :02:22.referred to President Xi as a terrific guy and a good friend of
:02:23. > :02:29.mine. Given the political state, what can we expect to come out of
:02:30. > :02:32.the summit? I would not expect any big breakthroughs. The most
:02:33. > :02:38.important thing is that they are talking and I would expect a fairly
:02:39. > :02:43.amicable discussion, some minor outcomes and some nice general
:02:44. > :02:46.language that the two countries will work together to strengthen economic
:02:47. > :02:51.relationships and reduce the trade imbalance, it imbalance.
:02:52. > :02:56.Overshadowing the economic and trade issues is the question of North
:02:57. > :03:01.Korea. Mr Trump wants China to exert more pressure on the country. A
:03:02. > :03:06.failure to do so could undermine the strategic dialogues.
:03:07. > :03:13.At a business lunch before the start of talks, the Treasury Secretary
:03:14. > :03:18.outlined his expectations from the summer. We still have work to do
:03:19. > :03:24.with China to achieve a balanced relationship based on reciprocal
:03:25. > :03:31.city. This relationship will provide more opportunities for us and for
:03:32. > :03:36.exporters and companies to compete. This means working to lift foreign
:03:37. > :03:38.ownership restrictions so that US companies can participate more
:03:39. > :03:44.thoroughly in China's growing financial services sector. It means
:03:45. > :03:46.working with China to resolve barriers to trade and its
:03:47. > :03:51.information and communication technology. Finally, it means a high
:03:52. > :03:56.standard of openness and communicating. New and revised
:03:57. > :04:03.policies, regulations and statistics that our companies can make
:04:04. > :04:08.efficient business and efficient business decisions. In other news,
:04:09. > :04:12.Bank of America has reported a better-than-expected 10% rise in
:04:13. > :04:17.profits in the three months to June. The lenders say they did better due
:04:18. > :04:20.to higher interest rates and a boost in retail business, offsetting a
:04:21. > :04:25.slowdown in the investment sector. Increased sales of the 35 fighter
:04:26. > :04:34.jet has boosted profits at Lockheed Martin. It that it beat market
:04:35. > :04:42.expectations after posting a 5% rise to over $940 million. Sales in the
:04:43. > :04:45.aeronautic listeners, have jumped nearly 20% in the second quarter.
:04:46. > :04:50.Shares in Harley-Davidson are down 6% in after hours trade in New York
:04:51. > :04:56.after the iconic motorcycle maker slashed its sales forecast for this
:04:57. > :05:01.year. At one point they plunged 12%. And demand has dropped four years
:05:02. > :05:07.and they are facing competition from cheaper bikes. After struggling for
:05:08. > :05:12.years, India's government has finally agreed to privatise its
:05:13. > :05:16.national carrier. The airline is saddled with debt and so selling
:05:17. > :05:20.even part of it off will not be an easy task. We sat down with the
:05:21. > :05:27.aviation minister for this exclusive interview. A royal prince is the
:05:28. > :05:32.mascot of India's national carrier. And while they were once king of the
:05:33. > :05:37.skies, it has not made a profit in over a decade. A5 billion dollar
:05:38. > :05:44.bailout by the government in 2012 did not help. Today, the airline has
:05:45. > :05:48.a debt of $8 billion. Now a committee will decide whether to
:05:49. > :05:55.sell a minority stake or sell the airline completely. I spoke to the
:05:56. > :05:58.aviation minister, who is on the committee, and began by asking him
:05:59. > :06:02.if the government will write off the debt to sell the airline. You must
:06:03. > :06:12.be practical in these things. We have a word in Hindi that means
:06:13. > :06:16.scapegoat. A hard now and businessmen and there is always a
:06:17. > :06:29.scapegoat that can be found. So you need escape to take up the airline?
:06:30. > :06:36.With all of its debt, we would need about 52,000. If I had that type of
:06:37. > :06:41.money, I could set up an outline. I would not have the eye. If you find
:06:42. > :06:48.a buyer willing to invest, given that it is a huge mess, they would
:06:49. > :06:57.one day a huge hand in restructuring, which would involve
:06:58. > :07:02.cutting jobs. That will lead to long-term trouble. There is thinking
:07:03. > :07:07.that taxpayer money is invested in other places. Rather than keeping
:07:08. > :07:14.airline afloat. Those other places also render more jobs. In terms of
:07:15. > :07:18.numbers and things like that. Do you see problems on that front? There
:07:19. > :07:26.are problems everywhere. Business as usual is not an option. Will you
:07:27. > :07:36.face political opposition? It is taxpayers money you will be using.
:07:37. > :07:47.We do if no matter what you do you have political opposition. We could
:07:48. > :07:49.allow Aero India to become a written off company unable to discharge its
:07:50. > :08:02.liabilities. The Indian e-commerce firm Flipcart
:08:03. > :08:09.is sweetening its offer to buy a rival. They have told Indian media
:08:10. > :08:15.that Flipcart has raised its bid to 950 million. Becomes one fortnight
:08:16. > :08:24.after its initial bid was rejected. And what SAP is now working, not
:08:25. > :08:27.working in China. The service appears to have been hit by
:08:28. > :08:31.disruptions and experts say could be blocked by the government. The
:08:32. > :08:36.online currency bit coin has jumped in value after reports it may not be
:08:37. > :08:42.split into different currencies after all. The people who run the
:08:43. > :08:49.currency have been divided over it, Howard is used, leading to flee as
:08:50. > :08:53.it could be split up. British American Tobacco shareholders are
:08:54. > :08:59.set to vote later today on its $49 billion merger with a rival it will
:09:00. > :09:06.create the world 's largest publicly listed tobacco firm. Consolidation
:09:07. > :09:12.has been picking up in the industry as demand falls. However in Asia,
:09:13. > :09:16.Japan, China and Indonesia are among the world's exist tobacco consuming
:09:17. > :09:22.countries. India is also growing quickly. The use of smoke-free
:09:23. > :09:30.products is also becoming more popular across the region. I was
:09:31. > :09:38.told how this could affect the plans for Asia. The bulk of the profits
:09:39. > :09:45.for BA tea will come from developing countries and emerging markets. In
:09:46. > :09:51.Asia you will find the smoking prevalence over 40% of men, they are
:09:52. > :09:58.smokers. This translates into big business. Not just for BAT but the
:09:59. > :10:04.tobacco itself. When you look at large make it to markets such as
:10:05. > :10:11.Indonesia where two out of three men are smokers, this is a huge pocket.
:10:12. > :10:18.In the Philippines you have 17 million smokers. The future profits
:10:19. > :10:24.of BAT is Asia and other emerging markets. 'S a quick look at the
:10:25. > :10:27.markets and how they have opened here in Asia. Than Japanese market
:10:28. > :10:32.is flat as is the Australian.