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the Prime Minister of India meets Fortune 500 executives in the US, we | :00:00. | :00:00. | |
look at success of his US trip so far. Welcome to Asia Business Report | :00:00. | :00:16. | |
on BBC World News. I'm Rico Hizon. Hong Kong's stock market remained | :00:17. | :00:21. | |
weak as pro`democracy demonstrators continue to cap out in the central | :00:22. | :00:24. | |
business district. While the number of protesters have dropped for now | :00:25. | :00:29. | |
another surge expected on Wednesday. Hang Seng index has fallen for a | :00:30. | :00:32. | |
second straight day. It is now 300 points, 22,929. In the Hong Kong | :00:33. | :00:40. | |
dollar remained at six`month lows against the US dollar. Earlier I | :00:41. | :00:47. | |
spoke with the editorial director of Haymarket financial media about the | :00:48. | :00:50. | |
long`term impacts of these protest on Hong Kong's economy and its | :00:51. | :00:56. | |
reputation as a key Asian financial hub. If the protest lasts throughout | :00:57. | :00:59. | |
this week, then there is a resolution, it will be temporary. | :01:00. | :01:04. | |
Financial markets are functioning normally. People are working, some | :01:05. | :01:11. | |
retail shops are suffering. And some bank branches have to be closed. But | :01:12. | :01:16. | |
I think if this lasts for a week or ten days, the damage will be | :01:17. | :01:22. | |
compounded. `` contained. Remember a lot of this is happening over a lot | :01:23. | :01:26. | |
of public holidays. This is all about sustainability and the growing | :01:27. | :01:28. | |
crowds in the central business district. And like Thailand, | :01:29. | :01:34. | |
protests like this have had a major impact on the tourism, such as in | :01:35. | :01:40. | |
Bangkok. Were impact on tourism? A lot of the tourists in Hong Kong are | :01:41. | :01:46. | |
from mainland China. This week was a big, the Golden week holiday, that | :01:47. | :01:52. | |
has obviously been disrupted. There are some operators that will not be | :01:53. | :01:57. | |
too happy right now. But I think the broader test is, will middle`class | :01:58. | :02:01. | |
people who have come out in force ` will they come out tomorrow on the | :02:02. | :02:04. | |
public holiday? Will they support the students and the activists, or | :02:05. | :02:06. | |
will it remain a one`dimensional show of force? All right. Apart from | :02:07. | :02:17. | |
the issue of democracy, there is a lot of unhappiness in Hong Kong over | :02:18. | :02:24. | |
high housing prices. You also have a growing income gap, and an influx of | :02:25. | :02:30. | |
mainland visitors. Yes, and these are both seen as different aspects | :02:31. | :02:33. | |
of one country, two systems, not working out for a lot of people of | :02:34. | :02:39. | |
Hong Kong. And that is fuelling a lot of the unrest. The issue of | :02:40. | :02:42. | |
mainland visitors, people feel they are being democratically | :02:43. | :02:49. | |
overwhelmed. `` demographically overwhelmed. It is not just the | :02:50. | :02:54. | |
visitors but a lot of money goes into the flats here, driving up the | :02:55. | :02:59. | |
prices. There is investment nudges from the mainland, but all over the | :03:00. | :03:02. | |
place, it is squeezing out the middle class. We're now seeing a lot | :03:03. | :03:15. | |
of volatility the Hong Kong is `` Hong Kong stock market. Down 3% in | :03:16. | :03:22. | |
two trading days. Moving out other business News making headlines, | :03:23. | :03:27. | |
India's Prime Minister Narendra Modi has met President Barack Obama for | :03:28. | :03:30. | |
the first time on US soil. The leaders of the world two largest | :03:31. | :03:35. | |
democracies started with a private dinner before a formal meeting at | :03:36. | :03:40. | |
the Oval Office. Ahead of the talks, Narendra Modi spoke at America's | :03:41. | :03:44. | |
Council of foreign relations giving this commitment on negotiations for | :03:45. | :03:51. | |
a WTO trade agreement. TRANSLATION: We also recognise that we have to | :03:52. | :03:54. | |
work with the international community and the rest of the world | :03:55. | :03:58. | |
on the WTO agreement. I am personally against populist policies | :03:59. | :04:03. | |
or even economic approaches, at one must recognise that India has a very | :04:04. | :04:08. | |
large population of poor people whose requirements of food security | :04:09. | :04:11. | |
and availability cannot be ignored. As a result I have always agreed | :04:12. | :04:16. | |
that the agreement on food security and trade facilitation has to go | :04:17. | :04:23. | |
hand in hand together. Earlier I spoke with a representative from the | :04:24. | :04:28. | |
Singapore Indian chamber of commerce who says the trip has been a success | :04:29. | :04:32. | |
so far. The response has been more than excellent, and I think there | :04:33. | :04:35. | |
will be a lot of results coming from investment into India. And Narendra | :04:36. | :04:47. | |
Modi, before he left, has already announced made in India, to create | :04:48. | :04:54. | |
more jobs in his country. He has won the support of some US businessmen, | :04:55. | :04:57. | |
but others are questioning Mr Modi's reformist credentials, particularly | :04:58. | :05:00. | |
on the issue of global trade. They are saying India is playing | :05:01. | :05:08. | |
hardball, that is one aspect of it. True. But that is just one aspect of | :05:09. | :05:17. | |
it. But in his country he is making a lot of changes. The speed of | :05:18. | :05:23. | |
action is greater than before. From 27 processors, he has brought it | :05:24. | :05:28. | |
down to four or five. On the bigger projects he has taken personal | :05:29. | :05:31. | |
control and brought in the right people to push his agenda through, | :05:32. | :05:39. | |
where investment is concerned. Because a lot of US businesses are | :05:40. | :05:42. | |
complaining about India's unfair trade access, particularly raising | :05:43. | :05:44. | |
tariffs and imposing new testing requirements on medication products. | :05:45. | :05:54. | |
`` trade practices. He is tackling big problem, he is new in the | :05:55. | :06:02. | |
office. And I think he is first visiting the two big countries, | :06:03. | :06:09. | |
Japan and China. This has had a significant impact on the US. There | :06:10. | :06:18. | |
is a good strategic direction that the visit America. And it is the | :06:19. | :06:22. | |
first time an Indian leader has had overwhelming support, and President | :06:23. | :06:26. | |
Obama cannot ignore this. And one other issue that the leaders will | :06:27. | :06:33. | |
have to tackle is the ease of travel between the two countries? Yes, he | :06:34. | :06:36. | |
has said he will try and make it easier. Meanwhile China's bank | :06:37. | :06:48. | |
regulator has reportedly approved the launch of two privately owned | :06:49. | :06:51. | |
commercial banks, in an attempt to increase competition in the | :06:52. | :06:58. | |
state`dominated banking industry. One of those to benefit is an | :06:59. | :07:01. | |
affiliate of Alibaba, which has a licence to open a bank in the east. | :07:02. | :07:13. | |
Where its headquarters are based. New data out from Japan reveals | :07:14. | :07:17. | |
household spending will invite 4.7% in August compared to one year ago | :07:18. | :07:22. | |
levels. That represents a drop for a fifth straight month of sales tax | :07:23. | :07:28. | |
rise in April. Factory output also fell in August, down 1.5% compared | :07:29. | :07:33. | |
with a much earlier `` month earlier after edging up in July. There was | :07:34. | :07:39. | |
the worst monthly fall in South Korea since the 2008 global | :07:40. | :07:44. | |
financial crisis. But there was a pickup in the services sector with | :07:45. | :07:49. | |
the output index growing in August after a revised drop in July. | :07:50. | :07:53. | |
Thailand is due to reveal key economic data that will probably | :07:54. | :07:55. | |
confirm that industrial performers has fallen for the 17th month in a | :07:56. | :08:03. | |
row. That is in line with weaker than predicted exports and further | :08:04. | :08:08. | |
proof that the military agenda of Thailand faces an uphill battle. Our | :08:09. | :08:15. | |
correspondent reports. Thailand's military seized power in May saying | :08:16. | :08:18. | |
it would restore order after months of anti`government protests. But the | :08:19. | :08:23. | |
economy has continued to struggle since the Thai military took over in | :08:24. | :08:29. | |
May. A further fall is predicted. Trouble in the car`making industry | :08:30. | :08:32. | |
is helping to drive the decline, it has been selling since last year | :08:33. | :08:35. | |
following the scrapping of a state subsidy for people buying new cars. | :08:36. | :08:41. | |
`` it has been slowing. Some economists had forecast that the | :08:42. | :08:43. | |
economy may improve under the military. But so far recovery is | :08:44. | :08:50. | |
slower than expected. Tourism accounts for around 10% of the Thai | :08:51. | :08:53. | |
economy, and it has taken a big hit after many months of political | :08:54. | :09:03. | |
unrest. If I look across the world markets and throughout the world, | :09:04. | :09:06. | |
there is only one country that has not grown year on year. And that is | :09:07. | :09:11. | |
Thailand. Notwithstanding what I've just said, by Christmas Thailand | :09:12. | :09:18. | |
will be back where it was before. But not everyone is optimistic. | :09:19. | :09:24. | |
Exports account for more than 60% of the GDP of Thailand, but they fell | :09:25. | :09:27. | |
7.4% in August, the biggest percentage drop since the floods of | :09:28. | :09:35. | |
2011. Last week the central bank abandoned the forecast of 3% export | :09:36. | :09:38. | |
growth for this year, saying that it now expects no increase. High`end | :09:39. | :09:50. | |
watch company TAG Heuer has lowered its profit outlook. That is after a | :09:51. | :09:57. | |
slowing of demand for its luxury timepieces. Hong Kong represents | :09:58. | :10:01. | |
about 2% of the luxury watch sales for the company. `` 20%. Thank you | :10:02. | :10:08. | |
for investing your time with us. Goodbye for now. The top stories | :10:09. | :10:15. | |
this hour: Thousands of pro`democracy protestors in Hong | :10:16. | :10:18. | |
Kong continue their standoff with police in the heart of the financial | :10:19. | :10:22. | |
district. The Iraqi army, supported by air strikes, halts the advance of | :10:23. | :10:24. | |
Islamic State militants, just kilometres from the capital of | :10:25. | :10:33. | |
Baghdad. Now, parody of films, books and TV programmes has a long history | :10:34. | :10:35. | |
in | :10:36. | :10:36. |