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Those are the latest headlines from BBC World News. It is time for the | :00:00. | :00:00. | |
latest financial news with World Business Report. | :00:00. | :00:17. | |
Japan suffers its biggest economic contraction since the devastating | :00:18. | :00:19. | |
March 2011 earthquake, as a sales tax hike takes a heavy toll on | :00:20. | :00:26. | |
household spending. Investors are hoping for a big surge | :00:27. | :00:29. | |
in profit for Asia's biggest technology company China's Tencent. | :00:30. | :00:38. | |
Welcome to World Business Report. Also in the programme, we will talk | :00:39. | :00:51. | |
about Cathay Pacific Airways. It is revealing more about its financial | :00:52. | :00:55. | |
health and has been investing in a company in the United States. Let us | :00:56. | :00:59. | |
focus on Japan's economy. Japan's economy has seen its biggest | :01:00. | :01:02. | |
contraction since 2011 when it was devastated by an earthquake and | :01:03. | :01:04. | |
tsunami. Japan's gross domestic product` or the total output of | :01:05. | :01:08. | |
goods and services ` shrank by an annualised 6.8% in the second | :01:09. | :01:10. | |
quarter` but that is smaller than economists expected. Many economists | :01:11. | :01:18. | |
argue this is down to the hike in sales tax at the beginning of April, | :01:19. | :01:22. | |
which held back consumer spending. Buyers of major purchases, such as | :01:23. | :01:25. | |
cars, rushed to beat the tax jump, somewhat inflating spending in | :01:26. | :01:31. | |
earlier months. The government, under Prime Minister Shinzo Abe and | :01:32. | :01:34. | |
his Abenomics strategy, has been trying to revive the world's | :01:35. | :01:36. | |
third`biggest economy by freeing up regulations and encouraging the yen | :01:37. | :01:39. | |
to rise, a move that helps exporters. So is it working? We will | :01:40. | :01:56. | |
go to Singapore. It is an interesting scenario. On the one | :01:57. | :02:01. | |
hand, the economy shrunk by a big amount, but it is not as bad as | :02:02. | :02:04. | |
economists were predicting. That is right. The sales tax is a | :02:05. | :02:12. | |
double`edged sword. We may see household and corporate spending | :02:13. | :02:18. | |
slumping after Tokyo raised taxes from five to 10%. This could | :02:19. | :02:27. | |
increase by 2% in 2015. On the other hand, it is basically trying to | :02:28. | :02:35. | |
solve the massive mountain of debt that Japan has. It is one of the | :02:36. | :02:41. | |
highest in the world. When you speak with economists and analysts who say | :02:42. | :02:45. | |
many Japanese consumers slowed down their purchases after a Kinglake in | :02:46. | :02:58. | |
many `` accumulating many items. At this moment, when we analyse the | :02:59. | :03:05. | |
situation, many are saying that Japan will not be going through a | :03:06. | :03:13. | |
technical recession, two consecutive contractions. They say we will see a | :03:14. | :03:19. | |
recovery in consumer and household spending this quarter. It would | :03:20. | :03:25. | |
offset the contraction during the April`June period. We will keep our | :03:26. | :03:31. | |
fingers crossed. That would explain why the markets are muted, they are | :03:32. | :03:38. | |
not wobbled by these news. They were expecting a worse number. 1.9% on a | :03:39. | :03:47. | |
quarterly basis. This was that are expected. Let us talk about the | :03:48. | :03:51. | |
Cathay Pacific Airways. We are expecting some news to tell us how | :03:52. | :03:56. | |
they are doing financially. They have been on a spending spree. What | :03:57. | :04:07. | |
have they been doing? Before they report their half`year earnings | :04:08. | :04:12. | |
results, if we take a look at this agreement with this company Fulcrum | :04:13. | :04:27. | |
BioEnergy. , this agreement is about sustainable aviation fuel towards | :04:28. | :04:33. | |
the next decade. Cathay Pacific Airways is Fulcrum BioEnergy's first | :04:34. | :04:39. | |
Caroline investor. They have also negotiated a long`time supplier | :04:40. | :04:43. | |
agreement with Fulcrum BioEnergy for an initial 375 million gallons. This | :04:44. | :04:54. | |
represents approximately 2% of the airline's current annual fuel | :04:55. | :04:59. | |
consumption. Fulcrum BioEnergy, which is in partnership with Cathay | :05:00. | :05:03. | |
Pacific Airways, plans to construct its first commercial facility later | :05:04. | :05:08. | |
this year and build large scale waste to fuel renewable plants. I | :05:09. | :05:18. | |
merrily in North America. `` primarily. Let us stay in Asia and | :05:19. | :05:24. | |
talk about its biggest technology company, Tencent. It is updating | :05:25. | :05:30. | |
shareholders on its financial performance as well. Investors are | :05:31. | :05:34. | |
expecting net profit to have surged by more than 50% over the spring | :05:35. | :05:37. | |
months. The Chinese company got its start by providing an instant | :05:38. | :05:40. | |
messaging service called QQ, before making its name in online games. | :05:41. | :05:45. | |
Now, it is throwing its efforts behind mobile offerings, an area | :05:46. | :05:50. | |
where there is keen competition. The BBC's Hong Kong correspondent | :05:51. | :05:58. | |
Juliana Liu reports. The games arena. Let players have | :05:59. | :06:04. | |
come to sharpen their skills in league of legends, and online game | :06:05. | :06:07. | |
where teams battle to defeat their opponents. It is owned by the | :06:08. | :06:16. | |
Chinese Internet giant Tencent. The biggest technology firm in Asia. | :06:17. | :06:21. | |
Almost half of its business comes from computer games. While this is | :06:22. | :06:26. | |
one of the most popular computer games on the planet, it costs | :06:27. | :06:33. | |
absolutely nothing to play. Instead it makes money through online | :06:34. | :06:36. | |
transactions. Players can spend their cash on purchasing new | :06:37. | :06:41. | |
characters or outfits for those characters. This man explains its | :06:42. | :06:53. | |
appeal. TRANSLATION: While you do not need a powerful computer to | :06:54. | :06:57. | |
plate, there is high awareness of the game. It is regularly updating | :06:58. | :07:06. | |
with new characters and situations. Computer games still have a massive | :07:07. | :07:10. | |
fan base. Even the most hard`core players are beginning to spend more | :07:11. | :07:15. | |
time their smartphones. Tencent launched a mobile games to its | :07:16. | :07:22. | |
messaging applications. And that is not all. They have had to integrate | :07:23. | :07:29. | |
things like mobile payments, online banking, games, even a blogging | :07:30. | :07:34. | |
platforms to appeal to the Chinese consumer. They have had to offer | :07:35. | :07:44. | |
many more channels. Tencent may be ahead, but it has tough competition. | :07:45. | :07:55. | |
Alibaba has offered its own messaging app. Back at the arena, | :07:56. | :08:01. | |
players are getting ready for the World Championships in South Korea. | :08:02. | :08:11. | |
Tencent has profited from league of legends. But the future lies in | :08:12. | :08:15. | |
profiting from smartphones. In other news. China's biggest | :08:16. | :08:17. | |
e`commerce firm Alibaba has sold off its loan business ahead of a | :08:18. | :08:22. | |
forthcoming share sale. In a recent filing with US regulators, Alibaba | :08:23. | :08:25. | |
said it is selling off its small and medium enterprise loan business to | :08:26. | :08:28. | |
Small and Micro Financial Services Company, in a cash deal for $518 | :08:29. | :08:41. | |
dollars. `` 500 $18 million. `` 500 $18 million. `` $518 million. | :08:42. | :08:47. | |
In a few hours the Bank of England Governor Mark Carney sets out the | :08:48. | :08:52. | |
latest forecast for growth and inflation. The city will be looking | :08:53. | :08:55. | |
for hints on the timing of the first rise in interest rates. | :08:56. | :08:57. | |
Australia's biggest bank, the Commonwealth, has posted a 13% jump | :08:58. | :09:00. | |
in full`year net profit to a record $8.63 billion Australian ` which is | :09:01. | :09:04. | |
$8 billion US. It has gains across each of its core divisions. The | :09:05. | :09:06. | |
country's top home lender and biggest company by market | :09:07. | :09:09. | |
capitalisation says net profit for the 12 months ending in June was | :09:10. | :09:15. | |
above analyst expectations. A huge archive of hitherto | :09:16. | :09:20. | |
let us look at the markets and see how the markets have dealt with | :09:21. | :09:29. | |
Japan's contraction. To a degree it was expected that consumer spending | :09:30. | :09:35. | |
would fall. You can see a dollar buying over 102 yen at the moment. | :09:36. | :09:43. | |
Just a slight decline for the main markets. That is all for me from | :09:44. | :09:48. | |
now. I will see you again when we look at the papers. | :09:49. | :09:58. | |
A huge archive of unknown material relating to World War I tribunal 's | :09:59. | :10:02. | |
has been discovered in Staffordshire. They were held after | :10:03. | :10:05. | |
conscription was introduced in 1916 and when people asked not to be | :10:06. | :10:07. | |
called up. Some were conscientious objectors, most had other reasons. | :10:08. | :10:12. | |
At the end of the war the government ordered all but two areas' documents | :10:13. | :10:16. | |
destroyed. This cache of 20,000 documents has laid undiscovered | :10:17. | :10:18. | |
since 1920 and researchers have just | :10:19. | :10:19. |