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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:16. | |
As China moves to open up its financial sector, it is asking too | :00:17. | :00:20. | |
big Internet firms to help it set up private banks. And all jobs in | :00:21. | :00:27. | |
Asia, we take to the skies with the pilot of a hot air balloon business | :00:28. | :00:35. | |
in Myanmar. Welcome to Asia Business Report. Two | :00:36. | :00:41. | |
of China's biggest Internet companies have been picked either | :00:42. | :00:44. | |
government to help set up private banks. The two companies have been | :00:45. | :00:51. | |
chosen for a pilot project to set up five banks owned completely by | :00:52. | :00:53. | |
private companies. As part of China's move to further open up its | :00:54. | :00:58. | |
financial sector. Earlier I spoke to our correspondent in Hong Kong. I | :00:59. | :01:03. | |
asked her about the significance of this move. Your Mac is extremely | :01:04. | :01:10. | |
significant, in fact the market are quite surprised by how quickly this | :01:11. | :01:16. | |
trial programme has been announced. The idea was floated last year but | :01:17. | :01:19. | |
no one had any idea that they would be announcing it during the national | :01:20. | :01:26. | |
peoples Congress around that time. What is less surprising I should say | :01:27. | :01:30. | |
is that it involves two of China's biggest Internet companies. One of | :01:31. | :01:37. | |
those companies is already playing into space. They announced they | :01:38. | :01:44. | |
would be launching a credit card and they have already started offering | :01:45. | :01:48. | |
an online sort of fund management programme. Tens of billions of US | :01:49. | :01:56. | |
dollars has already been invested. The company put out a statement | :01:57. | :01:59. | |
yesterday saying they are still in the process of looking at the | :02:00. | :02:02. | |
details of the kind of private tank that they would like to set up. So | :02:03. | :02:07. | |
they do not have much more to say aeons that. They did confirm that | :02:08. | :02:11. | |
they are working with an auto parts of the, also based in the eastern | :02:12. | :02:18. | |
Chinese city. Are there any concerns about how these banks will be | :02:19. | :02:21. | |
regulated? We know there has already been a situation of debt in China. | :02:22. | :02:28. | |
Yellow mac I do get the sense that debt are left of a focus. What they | :02:29. | :02:36. | |
really want to achieve is to make banking more friendly for the little | :02:37. | :02:41. | |
guy. That just means individual depositors and a smaller, | :02:42. | :02:45. | |
medium-sized companies who want access to credit. Right now, the | :02:46. | :02:49. | |
banking sector is dominated either big four state owned banks. Of | :02:50. | :02:53. | |
course there are private layers but at the moment, interest rates are | :02:54. | :02:59. | |
extremely low. Many small companies who wish to expand, it is difficult | :03:00. | :03:03. | |
for them to get credit. According to one of the regulators who briefed | :03:04. | :03:08. | |
journalists in Beijing, he said that one of the company 's proposals | :03:09. | :03:15. | |
focuses on smaller companies. Italy is biggest bank UniCredit has | :03:16. | :03:28. | |
recorded a large loss. The bank put aside more than $18 billion to cover | :03:29. | :03:35. | |
losses from loans in 2013. It will take stock of its position before an | :03:36. | :03:40. | |
industry wide health check is conducted. For more business News, | :03:41. | :03:49. | |
visit the BBC website. In Thailand, a state of emergency may be lifted | :03:50. | :03:53. | |
from its capital of Bangkok due to pressure from businesses, according | :03:54. | :03:57. | |
to reports of a top government official said an proved the security | :03:58. | :04:04. | |
situation would create a high chance the emergency would be removed. | :04:05. | :04:09. | |
Protesters have been trying to remove President Yingluck Shinawatra | :04:10. | :04:16. | |
for quite sometime now. Tourism is a key industry for Thailand, it has | :04:17. | :04:19. | |
also suffered. Many related businesses are feeling the pinch. | :04:20. | :04:24. | |
The Central Bank meets later and they are widely rumoured to cut | :04:25. | :04:32. | |
rates. I asked our correspondent if Loring interest rate would address | :04:33. | :04:40. | |
the country 's problems. Book when consumer confidence is low, it may | :04:41. | :04:45. | |
not filter through. Businesses as well. One of the thing that the | :04:46. | :04:51. | |
Central Bank will do is to boost confidence. They want to send out | :04:52. | :04:56. | |
the right signal. You can't even get the infrastructure rolling at this | :04:57. | :05:10. | |
point. That is worth 17% of the GDP. What else be expected to hear from | :05:11. | :05:13. | |
the bank today? What is the outlook for growth this year versus what you | :05:14. | :05:21. | |
are projecting? We lowered our forecast in the midst of the | :05:22. | :05:26. | |
political turmoil. At the last time the Central Bank was in the ballpark | :05:27. | :05:33. | |
of 4%. We think it is going to move lower. They might lower it to be 3% | :05:34. | :05:37. | |
range. What does this mean for Thai assets? Surprisingly, it has not | :05:38. | :05:47. | |
been that hard hit. If you have eat Thai bat, it has dropped 6%. We | :05:48. | :05:56. | |
think that the underlying confidence in Thai economy remains. They are | :05:57. | :06:01. | |
just waiting for the political storm to blow over. We would rather be | :06:02. | :06:05. | |
cautious about these assets and we are looking at the Thai bat | :06:06. | :06:16. | |
deteriorating. Do you think a lot of the directionless that we are seeing | :06:17. | :06:19. | |
in the markets, this caution, is due to be political turmoil? | :06:20. | :06:27. | |
Unfortunately, that seems to be the situation because they are waiting | :06:28. | :06:30. | |
for things to happen, infrastructure projects, businesses investing, | :06:31. | :06:36. | |
clarity in policy. None of this will happen until we have a stable | :06:37. | :06:42. | |
government. Asked each child what they want to be when they grow up | :06:43. | :06:47. | |
and what careers today as a? Astronauts, football stars even | :06:48. | :06:52. | |
teachers. What are the coolest jobs in Asia? As part of our new series | :06:53. | :06:58. | |
our correspondent met the pilot of a hot air balloon. | :06:59. | :07:07. | |
If you have a burning desire to be a hot air balloon pilot, you had | :07:08. | :07:19. | |
better be an early riser. I have set the alarm and come to meet men whose | :07:20. | :07:23. | |
professional lives also involve a lot of hot air. How long does it | :07:24. | :07:29. | |
take to become a hot air balloon pilot? Yellow mac for the private | :07:30. | :07:34. | |
licence, that is not too long, usually within a year. At the | :07:35. | :07:40. | |
professional level, pilots before they get into the highest group, | :07:41. | :07:49. | |
three or four years. The pilot view our all European. They are flying | :07:50. | :07:54. | |
full basket of tourists, each paying at least 300 dollars for 45 minutes | :07:55. | :07:59. | |
looking down on the ancient temples of Myanmar. The view up here is | :08:00. | :08:05. | |
amazing. Do you sometimes look at yourself and say, wow! I have equal | :08:06. | :08:12. | |
job I have to pinch myself occasionally. Every flight is | :08:13. | :08:18. | |
different. You never know where you will end up. It is one of the last | :08:19. | :08:24. | |
real adventures. You never know where you will end up. But | :08:25. | :08:29. | |
everything when you do it a lot has the potential to get a bit boring. | :08:30. | :08:35. | |
You have been doing this for six years, are you getting bored? Not | :08:36. | :08:42. | |
really. It is an amazing place around here. You see the sunrise, | :08:43. | :08:49. | |
you see all the temples. What the friends say have boring desk jobs? | :08:50. | :08:58. | |
When the raising season starts in April, the balloons are grounded. -- | :08:59. | :09:04. | |
rainy season. The pilot had back to Europe for the summer season there. | :09:05. | :09:08. | |
What is the worst thing about this job? There must be something. Your | :09:09. | :09:14. | |
Mac is a stunning place to be but of course, it has downsides as well | :09:15. | :09:19. | |
because it is quite remote. The logistics of getting your family out | :09:20. | :09:22. | |
he can become placated. My family were here for three months. I wish | :09:23. | :09:28. | |
they could have been here for eight bit longer. But it is an amazing | :09:29. | :09:32. | |
place to fly. It is hard to complain. During Myanmar's dark | :09:33. | :09:39. | |
days, only one company flew here. With reforms and more tourists are | :09:40. | :09:44. | |
not there is now competition. The skies have never been so busy. I | :09:45. | :09:53. | |
will have to take you back down to earth because the market are seeing | :09:54. | :09:55. | |
a huge sell-off this morning. It is weak after China's first | :09:56. | :10:09. | |
onshore default. Disappointing data from China. That is fuelling | :10:10. | :10:14. | |
concerns in Hong Kong. Over in Japan, we are seeing the yen high | :10:15. | :10:20. | |
against the dollar. That means stocks are being sold. In Australia, | :10:21. | :10:30. | |
we saw fall in metals prices. BHP Billiton and Rio Tinto being sold | :10:31. | :10:31. | |
off. Thanks for watching. I'm Mike Embley. The top stories | :10:32. | :10:45. | |
this hour. The search for the missing Malaysia and airliner | :10:46. | :10:48. | |
reaches its | :10:49. | :10:49. |