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to clear the crowds. Those are the latest headlines. Now | :00:02. | :00:12. | |
:00:12. | :00:20. | ||
it is time for the latest financial news. | :00:20. | :00:24. | |
Console makers battle it out to prove they have the best ideas to | :00:24. | :00:28. | |
win customers, despite the pricey machines, at this week's gaining | :00:28. | :00:34. | |
exposure. Cracking down on tax evasion. We | :00:34. | :00:38. | |
learned that the Indian government's attempts to bring in | :00:38. | :00:48. | |
it needed tax revenues. This is World Business Report. Also | :00:48. | :00:53. | |
in the programme, a report on authorities in Japan. They have | :00:53. | :01:01. | |
revised upwards their growth forecasts for the economy. Starting | :01:01. | :01:06. | |
with the $67 billion industry in the grip of a two-year slump thanks | :01:06. | :01:10. | |
to the rise and rise of tablets and smart phones. We are not talking | :01:10. | :01:15. | |
about the PC market, but the video games industry, where consumers | :01:15. | :01:19. | |
have cut back drastically on expensive purchases of Consols and | :01:19. | :01:25. | |
games. Los Angeles is host to the Electronic Entertainment Expo, the | :01:25. | :01:29. | |
game in this to's biggest trade show. The pressure is on the makers | :01:29. | :01:35. | |
of a new generation of consuls to impress. I am joined by technology | :01:35. | :01:43. | |
analyst Chris Green to ask him what we can expect. All attention is on | :01:43. | :01:49. | |
Microsoft and the ex-boxer and Sony's PlayStation. They are | :01:49. | :01:54. | |
teasing us with expectations of a new console. That is right. They | :01:54. | :02:02. | |
have started feeding this information. They are due for a new | :02:02. | :02:07. | |
release from seven years old. They are getting long in the tooth. That | :02:07. | :02:13. | |
has contributed. They have been revealing more information about | :02:13. | :02:18. | |
the consols. You can also see them trying to get game makers to | :02:18. | :02:24. | |
support them. Will we find out when they watch them? There is a chance | :02:24. | :02:32. | |
that they will. Talk us through the change in the industry. Since most | :02:32. | :02:38. | |
of us are recurring about on mobile devices, the attention on the | :02:38. | :02:45. | |
gaming device has really gone down. Is it just for the hardcore gamers? | :02:45. | :02:50. | |
Not at the moment. We have seen a shift away from dedicated gaming | :02:50. | :02:54. | |
devices to people using their existing smart phones and tablets | :02:54. | :02:59. | |
far more as a gaming platform. That is because the devices are more | :02:59. | :03:06. | |
powerful and capable and able to be used as game devices. It has | :03:06. | :03:15. | |
brought in a generation of younger gamers. But it has also had | :03:15. | :03:19. | |
repercussions for the industry. In terms of the revenue they can | :03:19. | :03:24. | |
generate. Tell us about activation blizzard. This is the biggest game | :03:24. | :03:33. | |
company in the States. Their problem is endemic. The situation | :03:33. | :03:37. | |
is a great example of that how traditional gaming is starting to | :03:37. | :03:42. | |
drop off. This company is successful for the very successful | :03:42. | :03:49. | |
'World of Warcraft'. But there has been a drop off in demand partly | :03:49. | :03:53. | |
because of cost, partly because of a lack of interest. They have also | :03:53. | :04:00. | |
had a drop in subscribers. That is the model, you have to pay every | :04:00. | :04:08. | |
month instead of just buying the game. They have been unable to stop | :04:08. | :04:15. | |
the fall. We will keep an eye on how they get on this week. Thank | :04:15. | :04:21. | |
you for filling us in. Economic growth in Japan is stronger than | :04:21. | :04:24. | |
first thought at the start of the year. When you look at the annual | :04:24. | :04:33. | |
figure, the world stirred largest economy grew at a rate of 4.1%. | :04:33. | :04:39. | |
That is surging ahead of many other industrialised nations. That sounds | :04:39. | :04:43. | |
very impressive. But there is still a lot of challenges facing Japan, | :04:43. | :04:49. | |
isn't there? Indeed there are. But at the moment, the data is adding | :04:49. | :04:56. | |
to a lot of hopes of recovery. It has also seen the stock market | :04:56. | :05:02. | |
rebounding. We will see over 3% gains for the Nikkei, and | :05:02. | :05:06. | |
incredibly volatile market in the past few weeks. It was down 6% last | :05:07. | :05:14. | |
week. This estimate is good, because it does mean that analysed | :05:14. | :05:23. | |
growth is following a series of very aggressive policy moves. It | :05:23. | :05:31. | |
has been named after the Prime Minister. He was behind the push by | :05:31. | :05:36. | |
policy makers to introduce measures aimed at reviving the Japanese | :05:36. | :05:41. | |
economy after years of stagnation. This included doubling the | :05:41. | :05:49. | |
inflation target. It has been deterring businesses from spending. | :05:49. | :05:53. | |
They're holding out for a better deal. What they have been trying to | :05:53. | :05:58. | |
do is boost consumer spending. They have been putting trillions of yen | :05:58. | :06:02. | |
into the money markets. They are trying to keep long-term interest | :06:02. | :06:07. | |
rates low. The ad is that more money around, borrowing costs are | :06:07. | :06:14. | |
low, businesses and consumers will have more cash to spend. But it has | :06:14. | :06:24. | |
responded in a weaker yen. That has pumped up the cost of energy. | :06:24. | :06:30. | |
G8 leaders gather again in a week's time. Top of their agenda will be | :06:30. | :06:38. | |
tax. Politicians are keener than ever to stop companies avoiding | :06:38. | :06:44. | |
paying what they're going. We are looking at those measures that they | :06:44. | :06:49. | |
are taking. We start with India. Out of 1.2 billion people, less | :06:49. | :06:55. | |
than 3% pay any income tax at all. In a country with so many | :06:55. | :07:01. | |
challengers, such low revenues are a major problem. Many people cannot | :07:01. | :07:05. | |
afford to contribute. But one issue is getting those that can to pay | :07:05. | :07:11. | |
their share. We found out how authorities in Bangalore are | :07:11. | :07:18. | |
dealing with the problem. It may look like a wedding party or | :07:18. | :07:24. | |
a religious festival. But actually, these men are making a noise about | :07:24. | :07:30. | |
tax. They have been deployed to play outside the offices of | :07:30. | :07:36. | |
companies who have not paid their taxes. The Bangalore civic | :07:36. | :07:38. | |
authority says that drawing attention to tax avoiders is | :07:38. | :07:43. | |
helping them to recover some of the money. Companies get embarrassed | :07:43. | :07:50. | |
when these people play outside their offices. We started this | :07:50. | :07:55. | |
about six months ago. Since then, we have seen that some of the funds | :07:55. | :08:03. | |
have been recovered. It is a unique attempt at a solution to what is a | :08:03. | :08:07. | |
widespread problem in India. From companies to individuals, tax | :08:07. | :08:12. | |
evasion is very common. Only 3% of people in the country actually pay | :08:12. | :08:20. | |
their taxes. Around a third of the country's 1.2 billion people are | :08:20. | :08:27. | |
very poor end to not and enough to pay any taxes. -- and to not phone. | :08:27. | :08:35. | |
But a lot of people do not pay tax either because they are working in | :08:35. | :08:40. | |
agriculture. A lot of people are paid in cash, those transactions go | :08:40. | :08:44. | |
unaccounted. The income tax department has released | :08:44. | :08:47. | |
advertisements like this one, featuring a Bollywood actor, to | :08:48. | :08:53. | |
encourage people to pay their share and help the country's development. | :08:53. | :08:56. | |
Members of the public who do pay their taxes say they often feel | :08:56. | :09:04. | |
they see little in return. We are not enjoying. We pay the road tax, | :09:05. | :09:14. | |
:09:15. | :09:17. | ||
but look at the roads. One rain, the roads are debris. At least the | :09:17. | :09:21. | |
honest taxpayers pay. This year the income tax department is sending | :09:21. | :09:26. | |
out letters to 1.2 million people who they believe should pay tax. In | :09:26. | :09:31. | |
March, the finance minister raised taxes for India's produced. But | :09:31. | :09:38. | |
this applied to just 40,000 people. -- richest. Many people need to be | :09:38. | :09:42. |