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Losses mounting at Japan's biggest conglomerates | :00:00. | :00:21. | |
Mitsui and Mitsubishi who are the latest victims of the fall | :00:22. | :00:24. | |
Fancy shopping till you drop, you'd better head to asia. | :00:25. | :00:31. | |
Fancy shopping till you drop, you'd better head to Asia. | :00:32. | :00:34. | |
The region that has more luxury shopping than anywhere else | :00:35. | :00:36. | |
Also in the programme: | :00:37. | :00:44. | |
What tech is going to shake up the way we do things next? | :00:45. | :00:47. | |
Michelle Fleury has been finding out. | :00:48. | :00:49. | |
Things have been going haywire for some of the titans of corporate | :00:50. | :00:51. | |
Two of the oldest and biggest company's in | :00:52. | :00:55. | |
the country, Mitsui and Mitsubishi, are expected to post their first | :00:56. | :01:03. | |
The two companies trade in a wide range of products and materials, | :01:04. | :01:07. | |
including energy, machinery, chemicals, food and logistics. | :01:08. | :01:09. | |
They blame China's economic slowdown and the subsequent fall | :01:10. | :01:11. | |
in demand for raw materials for the losses. | :01:12. | :01:13. | |
The price of copper has dropped 20% since mid-2014. | :01:14. | :01:17. | |
It's a commodity both Mitsui and Mitsubishi have invested heavily | :01:18. | :01:20. | |
in, especially in copper mining operations in Chile. | :01:21. | :01:28. | |
Similarly, the sharp fall in the oil price has also hit both | :01:29. | :01:31. | |
They have invested billions in shale oil exploration in | :01:32. | :01:37. | |
Saijiro Takeshi is professor of management and information | :01:38. | :01:45. | |
Nice to see you, Saijiro. We have yet to get the numbers from these | :01:46. | :01:59. | |
two companies but they won't be good news, will they? Unfortunately not. | :02:00. | :02:05. | |
It's also a transitionary state for these trading firms, this is like | :02:06. | :02:11. | |
the Japanese companies that used to trade in conglomerate groupings, but | :02:12. | :02:14. | |
these manufacturers can now trade on their own. For that reason these | :02:15. | :02:19. | |
trading houses had to find a new role within their group. Obviously | :02:20. | :02:23. | |
they looked at energy and the fact is they overdid it, or I should say | :02:24. | :02:28. | |
the diversification with other businesses has not boomed as much as | :02:29. | :02:33. | |
they hoped yet. Where do these companies go from here? Are they of | :02:34. | :02:36. | |
such scale that they can ride these storms? They have gone through a lot | :02:37. | :02:43. | |
and they are extremely strong. They have a strong network and they have | :02:44. | :02:49. | |
a good value chain, there are lots of opportunities. Mitsubishi have to | :02:50. | :02:54. | |
focus on their science side and Mitsui in their infrastructure | :02:55. | :02:58. | |
side, add 1.80% of profit from Mitsui came from energy and 70% from | :02:59. | :03:04. | |
Mitsubishi. They are definitely tipping the scale on the energy | :03:05. | :03:14. | |
side. We are expecting they will come back strongly. What impact will | :03:15. | :03:23. | |
the news today have on sentiment in Japan, where it is barely bruised | :03:24. | :03:30. | |
right now? /Fairly. It means times are changing. -- fairly. Even these | :03:31. | :03:37. | |
giant conglomerates having such a loss tells you the external factors | :03:38. | :03:40. | |
could sway their profitability or their plans. They need to be a lot | :03:41. | :03:48. | |
more flexible and more diverse with their business structure, that's | :03:49. | :03:53. | |
what it is telling us. Times are changing very quickly and that's | :03:54. | :03:57. | |
what these two losses mean too many of us here. Saijiro, good to see you | :03:58. | :04:02. | |
and thank you for your analysis. When we get the numbers for both of | :04:03. | :04:04. | |
those companies we will update you. The Greek Government says it's | :04:05. | :04:06. | |
hopeful it will receive the next instalment | :04:07. | :04:09. | |
of its bailout loan from eurozone However, the Eurogroup still wants | :04:10. | :04:11. | |
Greece to create a privatisation It also says it will offer Greece | :04:12. | :04:17. | |
a form of debt relief from 2018 Tata Steel says seven potential | :04:18. | :04:21. | |
buyers are interested The firm, | :04:22. | :04:31. | |
which put the assets up for sale in March, potentially jeopardising | :04:32. | :04:36. | |
jobs, says it's clarifying outstanding | :04:37. | :04:38. | |
points with the interested parties. Tata and others within the European | :04:39. | :04:42. | |
industry blames cheap Chinese imports for a collapse | :04:43. | :04:45. | |
in steel prices. China's Google, | :04:46. | :04:49. | |
Baidu, has been told to reduce the number of paid-for adverts it | :04:50. | :04:51. | |
includes in its search results. The warning | :04:52. | :04:56. | |
from Chinese regulators came after a student died from an experimental | :04:57. | :04:58. | |
cancer therapy that came top of How many Krispy Kreme doughnuts do | :04:59. | :05:01. | |
you think you could get The owner the Kenco coffee and | :05:02. | :05:11. | |
Jimmy Choo shoes has agreed to buy the sugary snack maker | :05:12. | :05:19. | |
for exactly that amount. The chairman | :05:20. | :05:22. | |
of Krispy Kreme said the deal would allow them to continue to spread | :05:23. | :05:25. | |
that joy to a growing number Where should you set up shop | :05:26. | :05:28. | |
if you want to sell luxury goods? According to a new report, | :05:29. | :05:37. | |
Asia is your perfect destination. According to a new | :05:38. | :05:40. | |
study It's home to seven According to a new | :05:41. | :05:46. | |
study it's home to seven of the top 10 cities with | :05:47. | :05:48. | |
the highest luxury retail presence. Hong Kong is second only to | :05:49. | :05:51. | |
London in its global popularity and despite China's slowing economy | :05:52. | :05:53. | |
still gets many of its high spending Also in the top ten, | :05:54. | :05:56. | |
Shanghai, Singapore and Beijing, all of which have benefited | :05:57. | :06:02. | |
from growing middle classes Our very own Rico is in Singapore, | :06:03. | :06:04. | |
have you had a chance to do I don't aspire to buy any luxury | :06:05. | :06:33. | |
goods. I'm not a high end retailer type of customer, I'm a budget | :06:34. | :06:38. | |
consumer. Taking a look at the research, Hong Kong remains Asia's | :06:39. | :06:43. | |
leading luxury shopping destination with many retailers using it as a | :06:44. | :06:46. | |
springboard for expansion into China. You mentioned Shanghai, | :06:47. | :06:54. | |
Beijing and Singapore, but one city that has seen a revival is Tokyo, | :06:55. | :06:59. | |
taking fourth placed globally. Luxury retailers are looking for | :07:00. | :07:04. | |
high-quality real estate in the country as a result of improving | :07:05. | :07:07. | |
economic conditions and the rising tourism numbers. Diem, which has | :07:08. | :07:14. | |
devalued by 30% since 2012, has made Japan a magnet for high-end retail | :07:15. | :07:22. | |
in the region -- the yen. It is also meaning Japanese citizens can make | :07:23. | :07:32. | |
the most of their purchasing power. Hong Kong is still number one, | :07:33. | :07:37. | |
though. Good to see you, frugal living, that's the BBC life. Nice to | :07:38. | :07:40. | |
see you, Rico. TechCrunch's Disrupt New York event | :07:41. | :07:43. | |
is happening right now in the For those of you not in the know, | :07:44. | :07:46. | |
it's a huge show highlighting the technology that aims to shake up | :07:47. | :07:49. | |
the way we live. We gave Michelle the day | :07:50. | :07:52. | |
off to check this out for us. She found a lot of the excitement is | :07:53. | :07:55. | |
about the next generation I'm at the cruiseship terminal | :07:56. | :07:58. | |
in Brooklyn and instead of tourists, as you can see, the room here today | :07:59. | :08:03. | |
is filled with technologists. A lot of the buzz has centred around | :08:04. | :08:06. | |
the creators of Siri, Apple's digital assistant, they did a demo | :08:07. | :08:14. | |
a short while ago showing off their newest creation, it's called Viv, | :08:15. | :08:18. | |
and it's what they say is the next generation of artificial | :08:19. | :08:22. | |
intelligence assistant. We think there will be a new icon | :08:23. | :08:28. | |
that will be very recognisable, as Will it be warmer than 70 degrees | :08:29. | :08:31. | |
near the golden gate bridge Will it be warmer than 70 degrees | :08:32. | :08:42. | |
near the Golden Gate Bridge Send Adam $20 | :08:43. | :08:45. | |
for the drinks last night. It knows who Adam is, | :08:46. | :08:58. | |
it knows what it's about, we are One of the questions that came up is | :08:59. | :09:02. | |
whether or not Viv could potentially replace search, | :09:03. | :09:09. | |
Siri routinely directs queries to search engines when it can't answer | :09:10. | :09:14. | |
the questions it self. search engines when it can't answer | :09:15. | :09:18. | |
the questions itself. This obviously wouldn't be | :09:19. | :09:21. | |
the case with Viv but he still thought there was a role | :09:22. | :09:24. | |
in the future for search engines. And when asked about whether | :09:25. | :09:27. | |
artificial intelligence posed any Michelle Fleury, who is at the event | :09:28. | :09:43. | |
in New York. A lot more about that online and more business news as | :09:44. | :09:46. | |
well, have a look when you have time but for now, goodbye. | :09:47. | :09:54. | |
The legal case for the use of drone strikes against so-called | :09:55. | :09:58. | |
Islamic State terrorists needs urgent clarification, according to | :09:59. | :10:04. | |
A report from the Joint Committee on Human Rights says | :10:05. | :10:10. |