13/07/2016 Asia Business Report

I'm Babita Sharma with BBC World News.

China reacts defiantly after an international tribunal

rules against it in the South China Sea dispute.

The US has urged China to abide by a ruling that its territorial

claims in the South China Sea have no legal basis.

The court found in favour of the Philippines in a long-running

dispute about who owns hundreds of islands and coral reefs.

Two passenger trains have crashed head-on in southern Italy leaving

The trains collided on a single track near the city of Bari.

Rescuers are still trying to free some of the passengers

And this is trending online: An Eagle has been caught trying

to fly off with a slightly larger mammal - a human child.

It happened at the Alice Springs desert park.

The eagle wasn't successful and the boy was unhurt.

And the top story here in the UK: The Labour Party's National

Executive Committee has voted to automatically include

Jeremy Corbyn on the ballot for the party leadership race.

His opponents had wanted to force him to gather nominations.

Soothing troubled markets. The Hong Kong finance secretary restores

meshes to soften the impact of the Brexit vote -- measures. Today,

commercials are running longer and longer. We find out why. Good

morning Asia. Hello world. Glad you can join us. We kickoff with Hong

Kong and the Financial Secretary has told the BBC more has to be done to

restore confidence in international markets following Britain's decision

to leave the EU. In Asia Hong Kong is thought to be the most at risk

from the prospect of Brexit. Certainly, with a referendum

decision like what we have now, it is not big on confidence. So I think

that need some repair. I think for one thing, they should do more

roadshows going around the world to assure people of the markets in the

UK will continue to operate in the normal way. That sort of assurance

is important. Do you see the British pound continuing its slide against

Asian currencies? It has gone down around 10% so far. It is quite

substantial. I suppose they should be able to hold at this level for a

while. Wasn't it quite a bad outcome for Asian economies wanting to

export? Given the current situation, I think the demand in the UK would

diminish. It has been a problem since 2008. The entire of Europe

hasn't had much demand for goods from anywhere. And for example, Hong

Kong, trade is about four times GDP. Without trade, it really doesn't

have an impact on our GDP. Do you think the Brexit referendum comes

for Hong Kong at a delicate time? The economy contracted 0.4% in the

first quarter, another three months of contraction would imply a

technical recession. Is that where Hong Kong is headed? The first

quarter has been a difficult one. The second quarter so far doesn't

look so bad. I don't think we will get into a technical recession

situation. But we are in a difficult situation and now the Brexit has

become a reality. We will have to watch closely what other factors

will contribute. The Hong Kong financial Secretary speaking with

our correspondent. Leaders of the aviation world gathered in the UK

for an airshow with a full quota of machinery on display on the ground

and in the air. The first appearance of the F35 Lightning Two, which was

supposed to be a technological leap forward that hasn't gone entirely to

plan, as our correspondent reports. After years of anticipation and

delays, the F35 Lightning Two finally made its international

debut, flying through the cloudy skies over Farnborough. This

aircraft is meant to become a mainstay of US air power, the

all-purpose fighter used on land and launch from ships, a stealth vehicle

the fruit of years of intensive development. It is a dream to fly.

It is so nice, so easy and integrated with the pilot. We

literally feel like we are one with the machine. We plugged the helmet

into the machine, we see through the machine's eyes and when we put into

with light controls it responds immediately. A lot is at stake. The

project is led by the US defence giant Lockheed Martin but several

others are involved. It is years late and heavily overbudget. This is

what the F35 looks like inside the cockpit. It is highly advanced and

the product of decades of research but it is also the most expensive

project in history. Does it offer value for money? The biggest problem

is those with a stake in it, those with Korea's reliant on it, are

perpetually overpromised and underdeliver -- careers. Despite

delays the boss says the project can still be a success. There is a very

complex development programme and any of this magnitude and

sophistication will take a lot of effort on the part of many people to

get it right. It would always go exactly right along the way. We have

had some challenges on the front end. Since it was re- baselines back

in 2011 timeframe, we have been on cost and schedule and tracking well.

It is ten years since an experimental F35 first took to the

skies. Its appearance at Farnborough is certainly a milestone. Until the

plane has been tested in combat, questions over the cost and

complexity of the project will continue to hang in the air. No

doubt, there is a lot of money in mixed martial arts these days.

Earlier this week, fight promoter UFC sold for $4 billion US. In this

region, a Singapore -based championship has received a funding

boost of millions of dollars from a consortium including the sovereign

wealth fund, and I spoke with one CEO of one championship. It is an

exciting time in the sport. We really have a fantastic vision. One

of the largest investment funds in Asia have a vision for the global

growth of One Championsip. Where will the money go? Into the

business. We are already in almost every city in Asia. We are holding

multiple events across the region. Our vision is to be holding one

event every week of the entire year across Asia. What are the biggest

challenge to expanding one championship in the region? Making

sure that we continue to grow at the right pace and find the right talent

in Asia. You told me there is so much talent, how can you pick the

best? We have the best team in the world looking at the fighters around

the world. Every fighter wants to be on One Championsip. If you are an

athlete in Asia you want to be with the best of the best, broadcast with

1 billion viewers worldwide, so why wouldn't you want to be part of it?

How to react when browsing the Internet and an advertisement pops

up? Do you flick away or do you watch? If you are in this region it

is highly likely you will be watching for a long time. In the

last 24 hours, an advertisement from Nike has gone viral in India,

putting the spotlight on female athletes, it is touching nerves

across the nation - the holy grail for advertisers today.

It is really storytelling, it's very natural, it is authentic and so

whether that is a TV drama or an ad, audiences and users are choosing to

watch it. Inspiration is a creed trend brands

want to get on top of, inspiring people to do great things, which

often takes the form of travel -- great. A third-party study done last

year found that by combining TV and YouTube increased brand recall and

awareness as well, so it is proving to be effective. It is also creating

infinity, so you do see across social media a lot of activity with

users, that they will start sharing it. Guess who stepped in the rain,

the last one left in the ring. # like, oh my God. And, just like that

ad, Asian stock markets are running forward, a positive day, another

winning streak this Wednesday after the US secretary set record closing

high for a second day with optimism on the world economy and upbeat

corporate results. The Nikkei to divide is up 1.7%. Investors are

hopeful of a Japanese stimulus initiative. The All Ordinaries index

is also in positive territory half a percent. Hong Kong's Hang Seng index

opening doors in 15 minutes' time. A good day for the Asian financial

markets. That is it for this edition of Asia Business Report. See you in

the next hour. You're watching BBC News.

The United States has urged China to comply with the ruling

of an international tribunal, which found that China's claim

to historic rights over the South China Sea had

President Obama has urged Americans to reject despair over racial

division at a memorial service in Dallas for five police officers

Archaeologists are hailing an extraordinary discovery in

They've discovered field patterns buried underneath woodland

in the South Downs that suggest pre-Roman Britain was much more

Duncan Kennedy reports from Bignor Hill.

The breathtaking woodlands of the South Downs.

Beneath this lush canopy, historians have uncovered

It took ground-breaking lasers to reveal the underground secrets.

For two years, they scanned the floor and analysed the data

300 square miles of fields from 1500 years BC.

Organised farming on a scale and age not seen before.

It is really important and exciting that in England's

newest national park, we have used aerial radar to make

archaeological discoveries that are some of the most extensive

and significant in England over the last decade.

Until now, it was thought large-scale organised farming came

The researchers say that their findings put

With the scale of this on the South Downs and the quality

of the preservation within the wooded part

of the South Downs, it is a truly remarkable discovery.

The ancient fields under these trees would have seen wheat

Prehistoric people farming, not hand-to-mouth, but on an epic scale.

The latest figures from John Lewis suggest sales are recovering

from the uncertainty that followed the Brexit vote.

The John Lewis Partnership is the only major British retailer

to publish weekly sales updates and its sales are often seen

as an indicator of trends on the high street.

That is it for me. All of the stories of the BBC News website.