:00:00. > :00:18.Now for the latest financial news with World Business Report.
:00:19. > :00:26.Will the big boss of America's central bank, the Federal Reserve,
:00:27. > :00:29.drop any hints today about raising the cost of borrowing
:00:30. > :00:42.Singapore introduces the world's very first driverless taxis.
:00:43. > :00:51.Welcome to World Business Report. I'm Aaron Heslehurst.
:00:52. > :01:04.If you are a regular viewer, we love you, in the non- biblical sense.
:01:05. > :01:12.Stay with us. It is a bite-size show. Only eight minutes. Now, how
:01:13. > :01:16.about this? Wouldn't you like to be invited to this weekend getaway?
:01:17. > :01:20.It's not that nice, is it? Central bankers from around
:01:21. > :01:23.the world will meet in Jackson Hole, The keynote speech will come
:01:24. > :01:29.from the US Federal Reserve boss, Everyone will be looking for insight
:01:30. > :01:33.into the state of the US economy and most crucially, when we may see
:01:34. > :01:36.the next interest rate hike. Samira Hussain has this
:01:37. > :01:49.report from New York. We didn't centre there, we couldn't
:01:50. > :01:53.afford it. She sent us this report. At a time when Japan's economy is
:01:54. > :01:58.barely growing, despite aggressive spending by the government, and
:01:59. > :02:04.China's economy is stalling, posting some of its slowest growth rate in
:02:05. > :02:07.years, and the UK has just slashed interest rates following a historic
:02:08. > :02:10.vote in favour of leaving the European Union, it is hard to
:02:11. > :02:18.believe that the world 's largest economy is thinking about raising
:02:19. > :02:22.interest rates. But that's where we are. America's economy is showing
:02:23. > :02:26.stock signs of strength. The labour market is growing at a pretty
:02:27. > :02:34.healthy clip and consumers seem to be spending at all this is happening
:02:35. > :02:39.despite global weakness. In a speech at the Aspen Institute on Sunday,
:02:40. > :02:40.Janet Yellen's deputy, Stanley Fischer, said America's economy is
:02:41. > :02:59.close to its targets, stating: those comments have given some hope
:03:00. > :03:06.but really, many economists just want clarity. The Fed is going back
:03:07. > :03:10.and forth between hiking rates or not. They have got the market
:03:11. > :03:14.excited and had not followed through so this is a chance for Janet Yellen
:03:15. > :03:19.to actually improve the confidence the market has in the Fed. The
:03:20. > :03:26.Federal reserve continues to investors on its way to the next
:03:27. > :03:27.rate rise. This meeting could be the Fed's chance to clearly set its
:03:28. > :03:31.course. We will keep across that meeting.
:03:32. > :03:36.Japan. Its inflation continues
:03:37. > :03:38.to disappoint, with consumer prices dropping for the fifth
:03:39. > :03:52.month in a row in July. The Japanese government, whatever
:03:53. > :04:00.they had left in the kitchen, they threw at the economy. Nothing seems
:04:01. > :04:04.to be working. That's right. We just heard Samira there, there is barely
:04:05. > :04:11.any growth in the Japanese economy. There was no rise in prices. That is
:04:12. > :04:16.why inflation today was 0.5% down. Worse than what economists had
:04:17. > :04:20.expected and the latest setback in Tokyo's losing war against deflation
:04:21. > :04:25.or falling prices. Japanese officials are yet again under
:04:26. > :04:28.intense pressure to deliver as many economists are starting to lose
:04:29. > :04:36.faith in the Prime Minister's strategy to kickstart growth. His
:04:37. > :04:41.plan over the past couple of years, a mix of monetary easing, government
:04:42. > :04:45.spending and redtape slashing. It gave the market a boost, the
:04:46. > :04:49.Japanese yen some weakness but today, it has lost momentum. The
:04:50. > :04:53.weak inflation figures are putting more pressure on Japan's central
:04:54. > :04:57.bank for another round of stimulus. Tokyo recently announced what you
:04:58. > :05:01.said, a massive multibillion-dollar package aimed at kickstarting growth
:05:02. > :05:05.but analysts say it is not enough, it is disappointed the markets and
:05:06. > :05:09.we are seeing the yen stronger than ever against the US dollar. Friday's
:05:10. > :05:14.poor data comes against household spending numbers which are expected
:05:15. > :05:19.to be disappointing and July exports suffered a sharp fall, the worst in
:05:20. > :05:23.seven years. Figures showed that the economy registered zero growth in
:05:24. > :05:28.the quarter. It seems like nothing is going right for the Japanese
:05:29. > :05:30.economy with whatever they do, particularly economic 's Prime
:05:31. > :05:36.Minister Shinzo Abe so fingers crossed that all of this will help
:05:37. > :05:46.out and move forward and jumpstart the economy. Rico, I am only a
:05:47. > :05:50.layman but nothing will work unless they do structural economic reforms
:05:51. > :05:54.but they do not listen to me. They are not listening to me at all. I
:05:55. > :05:55.have been telling Shinzo Abe, the Prime Minister. Listen up. How about
:05:56. > :06:03.this? It pulls up - hang on,
:06:04. > :06:09.it's got no driver. But it's here the world's first
:06:10. > :06:11.self-driving taxi hit the road The company behind it - NuTonomy -
:06:12. > :06:15.has beaten other ride hailing services such as Uber,
:06:16. > :06:18.to roll out autonomous cars. But it's still just a limited trial,
:06:19. > :06:20.with select passengers riding for free on select routes
:06:21. > :06:27.in a small area. A fully paid service won't be
:06:28. > :06:31.launched for two years. Ashleigh Nghiem caught up
:06:32. > :06:35.with Doug Parker from NuTonomy and asked him how the ride
:06:36. > :06:40.compares to a regular taxi. They are fairly conservative
:06:41. > :06:46.and they might drive a bit boring, like your
:06:47. > :06:49.grandmother might drive. They are careful, stop
:06:50. > :06:51.for pedestrians and pass slowly. How can a passenger be
:06:52. > :06:56.confident the cars are safe? We have driven hundreds
:06:57. > :06:59.of thousands of kilometres, we have a good safety record
:07:00. > :07:01.especially around collisions It will make the right choice,
:07:02. > :07:09.it has a 360 degrees view continually, it sees what's
:07:10. > :07:14.going on in the world and it reacts at the speed
:07:15. > :07:17.of a computer, not at the speed It is a robot and it
:07:18. > :07:23.has to do three things, see the world, decide what to do
:07:24. > :07:27.and then decide to move an act. Those are the sensors
:07:28. > :07:31.you see on the outside. Today they are very expensive
:07:32. > :07:37.lasers, camera and radar to create a detailed
:07:38. > :07:38.image of the world. It is continually updating itself 20
:07:39. > :07:44.times a second or more 360 degrees, creating a detailed
:07:45. > :07:45.picture of pedestrians, trucks and buses, all the things
:07:46. > :07:50.a car sees, and it builds Then we have a decision
:07:51. > :07:59.engine that decides How can the business model be
:08:00. > :08:04.applied outside Singapore, especially when the government
:08:05. > :08:06.highly restricts how many cars are here and there is
:08:07. > :08:08.lots of regulations? First it will develop in places
:08:09. > :08:10.like Singapore with well structured streets,
:08:11. > :08:12.well marked streets, people generally obey
:08:13. > :08:14.the rules of the road. We think we can find appropriate
:08:15. > :08:17.markets but we probably won't start How hard will it be to get
:08:18. > :08:31.insurance for these cars? We have a global insurance policy
:08:32. > :08:33.that covers all our operations We will get more safety records
:08:34. > :08:46.as we get more kilometres. It'll be easier to insure
:08:47. > :08:48.than a lot of humans. What kind of reaction do
:08:49. > :08:51.you expect from the industry? There will be an amazing
:08:52. > :08:53.amount of disruption. If you think about it,
:08:54. > :08:55.we will be launching fleets of cars that will replace
:08:56. > :08:57.your individual car. That will mean fewer
:08:58. > :08:59.personal car sales and All those things for
:09:00. > :09:01.individuals will be Drivers will also be disrupted
:09:02. > :09:06.initially and that's what we need to work with, especially
:09:07. > :09:08.with governments to make sure that drivers and other people that
:09:09. > :09:11.are disrupted in the industry It is a taxi, not a plane. I'm not
:09:12. > :09:31.sure what he means. Air New Zealand's profits
:09:32. > :09:33.are up a massive 42%. The airline posted record profits
:09:34. > :09:36.of US$338 million on the back New Zealand had 3.31 million visitor
:09:37. > :09:53.arrivals in the last year, Since the Brexit vote, the amount of
:09:54. > :09:56.enquiries to emigrate to New Zealand has doubled, compared to the same
:09:57. > :10:02.time last year. There you go. This is what the markets are doing, they
:10:03. > :10:06.are looking at Jackson Hole, Wyoming, as we all are. You can
:10:07. > :10:22.follow me on Twitter. We will have a look at the papers soon.
:10:23. > :10:23.Nearly 200 people have been arrested since a blanket ban on