25/08/2014 World Business Report

conditions. Those are the latest headlines from BBC World News. Now

for the latest financial news with World Business Report. Japan restart

exports of rice grown in exports for the first time since foreign sales

were altered in the wake of the nuclear disaster in 2011. This

year's big central bankers meeting. We look at what has been revealed

about interest rates and the prospects for the global economy.

Welcome to World Business Report. In a minute, retailers fight back

against online shopping with new Beacon technology. But first: Now

would you eat rice grown near an area of a nuclear disaster area? It

seems some are happy to, because Japan has restarted exports of rice

grown in Fukushima for the first time since foreign sales were

stopped in the wake of that nuclear disaster in 2011. Since then it has

been a slow process to get the rice from that region back on the shop

shelves, but now a shipment of rice, harvested about 60 kilometres from

the Fukushima nuclear plant, went on sale this weekend in Singapore and

sold out in just over 24 hours, raising hopes of opening up new

export markets for Fukushima's struggling farmers. Ashleigh Nghiem

reports. If this goes well, it could mark a turning point for Fukushima's

farmers. It is only 60 bags of rice, but it is the first shipment to be

exported from the region since foreign retailers shunned it in the

wake of the nuclear disaster in 2011. In a test case, we brought in

60 bags. 300 kilograms in total. And within 24 hours, half has been sold

already. The proof is in the eating, that is why they had decided to cook

some of the rice for people to taste. Some have agreed to try it.

What do you think of the rice, sir? Good meal. It is natural, it is

normal. Would you be worried about eating rice from Fukushima? No, no.

I'm sure they have done enough test and stuff like that to make sure it

is safe for consumption. Trade officials from Japan have come to

Singapore to reassure potential buyers. One of them explains to me

how the rice is tested before it can be exported. There is no hiding

where this rice has come from. Each bag has a sticker saying it is a

product of Fukushima. At what is important here is this label. It

says that it has been cleared for radiation testing, and has been

certified as being safe to eat. With that clearance, Singapore was

deliberately chosen as the first export market. TRANSLATION:

Singapore is very strict about food safety. So we hope that now it has

been approved here people realise it is safe. And this is why there is so

much at stake. The tsunami earthquake which crippled the

Fukushima nuclear plant years ago, spread radioactive material over

nearby farmland. A region once known for its high`quality rice and fruit

became a wasteland. Rice exports of more than 100 tons each year, mainly

to Hong Kong and Taiwan, became zero. Back here, that fate is at the

front of mind of some shoppers. So that is the main reason why you are

doing it? To support Fukushima. Fukushima's farmers may have a tough

time selling to other consumers. While in Singapore they seem

comfortable buying the rice, there is plenty of public debate about

whether the rice is safe to eat. Japanese authorities know they have

a big challenge overcoming those concerns. If anyone thought Janet

Yellen might clarify her view of the US job market in her speech at the

annual summit of central bankers at Jackson Hole, Wyoming, the Federal

Reserve chair had one message ` the picture is still hazy, and Ms Yellen

failed to give investors any clues on interest rate hikes. In a

separate speech, head of the European Central Bank Mario Draghi,

said the ECB is prepared to do more to boost the shaky recovery in the

18 nations that use the euro. But governments must co`ordinate efforts

to reduce persistently high unemployment. So what have we learnt

from this year's gathering? With me is Lawrence Goslin, editor in chief

of Investment Week. Thank you for joining us here on World Business

Report. Unemployment, employment very much in focus this year at

Jackson Hole. They have moved on considerably. Unemployment,

previously they have talked about only raising interest rates when it

moves above a certain level. I think because the unemployment levels have

gone down, but not the full`time level of unemployment that they are

looking for. They are looking to create more full`time jobs. This

cycle has been quite different because there have been quite a lot

of part`time zero hours contract which have come in. That has

slightly confused the central bankers. What have investors been

telling you about how worried they are about the investment situation

at the moment, especially in the UK? What they are saying is that the

level of unemployment is an indication of how strong the

recovery is. The recovery is OK, it is a load, but it is not as strong

as they would expect that this normal point. Interest rates. There

were some hints that interest rates in the US would not be raised until

June next year. The rest of the June next year. The rest of the

world very much focused on what the US is doing. Again this comes back

to the point of unemployment. They don't want to derail the recovery.

Janet Yellen indicated the middle of next year, in a sign that there was

almost a bit of forward guidance in a way. How important are these kinds

of central bank meetings to investors? Do they actually worry

about what central bankers are thinking in terms of the future?

Yes, there is a big pool of investors trying to second`guess

what they will do so they can make an investment decision ahead of it.

So you will see people pour over every single piece of many share in

the comments and the speeches. They are incredibly important, more

important than what the leaders of countries say. Do they give anything

away? Yes, Janet Yellen has been quite clever. She is keeping things

very close to her chest, not giving too much away, unlike her

predecessor who perhaps suffered from being a little bit too

talkative at times perhaps. They do focus very closely. She has given an

air of confidence to the market. So although things are not amazingly

good they are solid. That is probably what the markets want to

hear. With shopping online now easier and more popular than ever,

retailers are harnessing new technology to compete for High

Street customers. London's Regent Street is Europe's first shopping

street to pioneer a personalised mobile phone app with Beacon

technology, which allows shops to send customers special offers for

goods when they are walking past. The BBC's Technology Correspondent

Rory Cellan Jones reports. Out in London's West End, doing a bit of

window shopping, with a difference. The mannequins in this menswear shop

know I am here and are communicating with iPhone. A few taps on an app

and I can check what they are wearing and even buy it online

without doing in the shop. Some revolutionary technology in the

mannequins is making this happen. It is a Bluetooth low energy Beacon.

Their backers believe that Beacon technology could transform shopping.

It is huge. It is a way of bridging bricks and mortar and e`commerce

that retailers are looking for, and it is also engaging for the consumer

to Axa Avenue shopping experience to four hours a day. Will this was one

of the very few shops where staff actually knew that our Beacon had

been installed. In general we found that both retailers and shoppers up

pretty unaware of the app and what it can do. It is all very well in

venting an exciting new technology, but you then have to show shoppers

how it will improve their experience. The smartphone is

leading the charge, as all kinds of new technologies sweep through the

shops. That means we will all be handing over more data, at this

adviser on retail technologies as shoppers will need to be offered

something in return. They are more and more willing to share

information, but there has to be our value in that exchange. So if I am

willing to exchange information with you, what do I get in return. And I

think retailers have to be absolutely transparent in how they

are obtaining and using data in the future. These days we are as likely

to take a phone shopping as our wallets. And retailers are working

out how they can connect better with us as mobile technology advances. In

other news: Chinese oil giant Sinopec has beat forecasts with a

36% rise in second quarter profits. It has posted a net profit of $3

billion for the three months to June, compared to $2.2 billion a

year earlier. The jump follows strong improvement at its refining

business. Chinese carmaker BYD, which stands for Build Your Dreams

and is backed by US billionaire Warren Buffett, posted a 15% drop in

first`half profit which fell to $58 million. Sluggish sales of gasoline

cars dragged down profits and offset a surge in its electric car

business. That is the round`up for all the business from me. Thank you

for watching. Goodbye for now. Should Scotland be an independent

country? This is a question which will decide the future of the United

Kingdom. Two men who believe they know the right