This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Hello and welcome to "Asia Market Daily".
I am Saijal Patel reporting from CNBC's Asia headquarters and here's our look at the top stories in Asia today.
A winning day for stocks in the region with all markets trading higher.
The benchmark Nikkei 225 is the winner of the day, finishing 2.7 percent higher.
Japan stocks gained on positive corporate earnings and prospects that a weaker yen will boost Japanese exporters.
Technology shares brought much cheer after Canon reports its best profits in 7 quarters.
Asia's technology sector is to out-perform according to our next guest.
(SOT) Wong Sui Jau, General Manager, Fundsupermart.com:
“Generally Asian tech is a very good place to be in. I actually feel that tech is driven very strongly by end-user consumer demand, so tech is actually one of the sectors which I'm fairly positive on, which extends to some of the very tech-heavy countries, for example South Korea, which has also benefited from a slightly lower Won in recent times."
Meantime, South Korea's KOSPI finished 0.3 percent higher as losses in LG Electronics were offset by gains in banks.
In Australia, the S&P ASX 200 also finished at a 5-week high gaining 0.7 percent.
In Hong Kong, attention was on property counters as the Hong Kong government conducts land auction of the Mt. Nicholson Road site.
(SOT) Eric Wong, Head of Asia Real Estate Research, UBS Investment Research:
“We have a 2 year forecast for Hong Kong property to go up 35 percent, basically that re-captures 97-high, given that we are up 9 percent year today, that means there's 20 odd percent to go for the next 15 month or so. We do like the developers sector as a sub-sector, but on the other hand, also we like landlords, because of the trend of more and more banks and even fund managers, financial services firms all moving to Hong Kong and Singapore.”
Australia's inflation number comes in well below expectations taking pressure off the Reserve Bank to hike rates.
The consumer price index rose 0.6 percent from the first quarter; economists were expecting a 1 percent advance.
Prices gained 3.1 percent from a year earlier.
(SOT) Wayne Swan, Treasurer, Australia:
"Today's figures, while lower than expected still show that there is financial pressure facing Australian families and businesses."
Australia's policy makers had signaled that they are monitoring inflation as they consider whether to raise rates for the first time in three months at next week's meeting.
Concern that rebounding economic growth will stoke inflation has prompted policy makers across the Asia-Pacific region to boost rates.
Just yesterday, India's central bank increased a key interest rate more than economists forecast
India's central bank has also announced that it will be taking steps to stress test its banking sector.
The U.S. did it first, Europe has just done it, and now it's India's turn.
The Reserve Bank of India says local lenders will be subjected to stress tests twice a year.
In fact, the central bank had earlier conducted basic tests on banks during the global financial crisis, but now, it wants to make the tests more sophisticated to build confidence in the country's banking sector.
(SOT) Hugh Young, Managing Director, Aberdeen Asset Management:
“Small subsidiary state banks I would have thought there'll be the odd issue of bad domestic lender, it's not an issue of investing in Greece, so nothing like that, as India is very domestic, and banks like ICICI got a little stretched in the good days. They really went for growth and they are under a bit of stress, a year or two ago. But they have reined themselves in and rebuild pretty quickly."
BP, the British oil giant posted a 17 billion dollar second quarter loss after charging 32 billion dollars to the gulf clean up.
But what does the future hold? There's talk about restructuring the company.
Robert Dudley the incumbent CEO says asset sales will help re-position BP as a growth company; by selling off mature oil and gas fields and retaining the more attractive prospects.
BP's targeting 25 to 30 billion in asset sales over the next 18 months, that's about a tenth of the 250 billion assets it has now.
Just last week BP sold $7 billion in non-core assets to Apache.
Would the break-up of the company extract more value?
Some hedge fund managers think so. A breakup could generate 850 pence a share rather than the current level of around 400 pence that it's trading now.
Some view dissolution will spell another disaster.
In an interview with CNBC's Maria Bartiromo, incoming CEO Robert Dudley talks about the future for BP and his to-do list.
He takes over in October 1st.
Dudley: I am going to take time, learn from this accident, we are definitely going to change the company's culture around safety and we are going to learn from it. We will undoubtedly reorganize the company to ensure that happens and then take time, look at the portfolio, company will be a smaller company, have a higher quality set of assets with growth potential and then it is up to the board t o decide but I think then we will be able to in 2011 look again at restoring the dividend; we've suspended it for three quarters as you know.
Bartiromo: Do you worry that you will have less access to the Gulf?
Dudley: I think there will be a time we are going to hold ourselves, as I mentioned, to a higher standard and it is a possibility that the U.S. will. We have a very good set of producing assets, fantastic ones here, and we have good exploration success out in the deeper waters of the Gulf. That's very valuable to the United States. It's very valuable to BP. How we decide to go forward with it, it is too early to say, we are going to take our time. But we have a very, very good prospective business in the Gulf of Mexico. We just now have to meet our commitments there I'm sure to be able to move forward with that.
Bartiromo: How important is Libya to you?
Dudley: Libya is an exploration project, there's been a lot of speculation about it in the past, we wouldn't have had that project in Libya had Libya not reopened and normalized this relationship with the West, a lot of European companies, a lot of American companies that are now in Libya; its an exploration project for us.
Bartiromo: Will the 20 billion dollars that the Obama administration asked you to put together, is that going to be enough or is that number going up?
Dudley: There's a claims process', the admittance to the claims process' for business', we will undoubtedly have fines, clean water act fines, we got state and local claims, for their spill response; that number is a big number. And we put on the books today an estimate of liabilities that that plus more is a little bit more. I think that for what we know today, that is a good number. That number does not include contribution or restitution from any of our partner projects which is also something we will pursue.
Well, that wraps up today's business highlights.
I'm Saijal Patel from CNBC. Thank you for watching.
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