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have urged members not to abandon the party and stay and fight | :00:00. | :00:00. | |
Hilary Benn told activists they should "rise above the most | :00:00. | :00:07. | |
vile abuse" being thrown at them by other members of the party. | :00:08. | :00:10. | |
Now on BBC News all the latest business | :00:11. | :00:12. | |
The greatest threat to the global economy. Find out why one of the | :00:13. | :00:21. | |
world's best economist is really worried about China. And how India's | :00:22. | :00:26. | |
space programme is making money shuttling foreign satellites out of | :00:27. | :00:33. | |
this world at bargain prices. Good morning, Asia. Hello, world. I'm | :00:34. | :00:35. | |
Sharanjit Leyl. Welcome to another edition of Asia Business Report. | :00:36. | :00:41. | |
Thank you for joining us. Former chief economist of the International | :00:42. | :00:45. | |
Monetary Fund has told the BBC he believes China's economy is slowing | :00:46. | :00:48. | |
down much more than official figures showed. He is one of the world's | :00:49. | :00:53. | |
most respected economists speaking to us. He said the possibility of a | :00:54. | :01:05. | |
calamitous heartland in in China could be the greatest risk. -- hard | :01:06. | :01:11. | |
landing. It has been picking up, but China has been really important to | :01:12. | :01:14. | |
the world economy. It is going through a big political revolution. | :01:15. | :01:20. | |
There is no doubt about that. It is slowing down more than the figures | :01:21. | :01:24. | |
show, I feel. If you want to look at a party in the world with a debt | :01:25. | :01:28. | |
problem, look at China. These things don't go on forever. The state owns | :01:29. | :01:36. | |
everything. China is different. They can control it only to a point. I | :01:37. | :01:41. | |
definitely worry about a hard landing in China. We are having a | :01:42. | :01:45. | |
pretty hard landing already is. I really worry about China being taken | :01:46. | :01:52. | |
for granted. That whatever Europe and Japan are doing, at least China | :01:53. | :01:57. | |
is moving along. There is no substitute for them. India may come | :01:58. | :02:03. | |
along some day and do better. But it is falling so far behind in size it | :02:04. | :02:08. | |
will not be enough. That is the area in the world I worry most about. | :02:09. | :02:14. | |
What could mitigate this risk of China's hard landing? That is a | :02:15. | :02:19. | |
tough question. Ideally, you would like to regenerate growth and be | :02:20. | :02:24. | |
more on your feet when this happens so that when China starts slowing | :02:25. | :02:30. | |
down Europe is doing better, the US is already, I think doing better, | :02:31. | :02:34. | |
maybe some emerging markets are doing better. You would like the | :02:35. | :02:38. | |
rest of the world not to be dependent on China so much. By the | :02:39. | :02:43. | |
IMF has marked down its forecast of global growth nine years in a row. | :02:44. | :02:48. | |
The rumour is they are about to do it again in this forecast. In the | :02:49. | :02:53. | |
early stage, it was the advanced countries. But for some time now it | :02:54. | :02:59. | |
has been China. There are limits to what you can do. Is a country that | :03:00. | :03:03. | |
big is slowing down, and it can slow down a light, there are limits. -- | :03:04. | :03:12. | |
if. He was talking about the rest of the global economy. You can find out | :03:13. | :03:19. | |
more of his views on our blog. Goldman Sachs is reportedly cutting | :03:20. | :03:24. | |
one third of its 300 investment banking jobs in Asia outside Japan. | :03:25. | :03:29. | |
That is in response to a slowdown in activity in the region. They told | :03:30. | :03:34. | |
Reuters a majority of the cuts will take place in Hong Kong, Singapore, | :03:35. | :03:38. | |
and China. It is likely to affect staff in the mergers and | :03:39. | :03:42. | |
acquisitions department. A Singapore -based firm has acquired a stake in | :03:43. | :03:48. | |
Rolling Stone, the magazine known as the voice of music and popular | :03:49. | :03:53. | |
culture. They aim to expand the business in new markets. The | :03:54. | :03:58. | |
Singapore firm has a portfolio of companies including retail | :03:59. | :04:02. | |
industries in the music industry. They hope that contributes to the | :04:03. | :04:08. | |
growth of Rolling Stone. OPEC members are going to meet on the | :04:09. | :04:12. | |
sidelines of the international and the forum starting today, Monday, in | :04:13. | :04:16. | |
Algeria. They have a lot to discuss. Oil prices. They have been all over | :04:17. | :04:22. | |
the place since last year. Prices were rock bottom at under $30 a | :04:23. | :04:31. | |
barrel in January, but his 16. They rose to $60. They have been | :04:32. | :04:36. | |
fluctuating from 40 to 50 ever since. The low prices are caused by | :04:37. | :04:43. | |
a glut in supply expected to exist until at least the end of next year | :04:44. | :04:47. | |
and even into. In April, these members failed to agree on capping | :04:48. | :04:53. | |
production. I asked what they are expecting from the meeting. There is | :04:54. | :04:58. | |
a persistent oversupply that needs to be taken care of. So while | :04:59. | :05:03. | |
earlier this year we saw attempts by OPEC to perhaps introduce a freight | :05:04. | :05:10. | |
scheme that wasn't successful, it has grown over the past months. That | :05:11. | :05:15. | |
will balance oil ministers and what they were talking about earlier this | :05:16. | :05:20. | |
year, it hasn't materialised. In fact, now the expectation is that it | :05:21. | :05:26. | |
will continue, not only because of non- OPEC production, which is now | :05:27. | :05:29. | |
declining, but because different OPEC producers are competing for | :05:30. | :05:34. | |
market share, playing against them in terms of whatever strategy they | :05:35. | :05:40. | |
may have two produce that. -- reduce that. Be spark was caused by a boom | :05:41. | :05:48. | |
in US shale. The OPEC leader in Saudi Arabia responded by increasing | :05:49. | :05:52. | |
production rather than cutting it. How long will this light last? If | :05:53. | :05:58. | |
you look at Saudi policies specifically this is the right time | :05:59. | :06:04. | |
as the Iraqi representative to OPEC said early last week. This is the | :06:05. | :06:09. | |
right time for OPEC to take some action because it allows Saudi | :06:10. | :06:15. | |
Arabia to reduce from the peak output they have now, 10.7 million | :06:16. | :06:21. | |
barrels a day, anywhere this time of year because there are owned a man | :06:22. | :06:26. | |
falls because of the consumption for air-conditioning. -- there own | :06:27. | :06:30. | |
demand We also have Iran back to pre- sanction level production. This | :06:31. | :06:37. | |
might be a good way for the Saudis to prevent Iraq from gaining market | :06:38. | :06:41. | |
share because they have increased production at a much faster rate | :06:42. | :06:45. | |
than expected when the sanctions were lifted earlier this year. | :06:46. | :06:53. | |
Speaking to me earlier. SpaceX -- space exploration is expensive and | :06:54. | :06:58. | |
less you are in India. They launch satellites for a fraction of the | :06:59. | :07:01. | |
cost other countries spend. They have also found a way of making | :07:02. | :07:05. | |
money by allowing foreign satellites to piggyback its launch vehicles. It | :07:06. | :07:11. | |
is set to send five foreign satellites into space today. We have | :07:12. | :07:18. | |
more from Bangalore. Four, three, two, one. Canvas rocket become a | :07:19. | :07:22. | |
moneymaking machine for India? The blast off in June was the vehicle's | :07:23. | :07:30. | |
35th successful launch. It had on board 20 satellites, the most in a | :07:31. | :07:35. | |
single go for the Indian space agency. 17 of them were foreign. And | :07:36. | :07:40. | |
India was being paid to carry them along. We have the national | :07:41. | :07:50. | |
requirement. They are of communication and navigation. We | :07:51. | :07:53. | |
have some access capacity. What we have been looking for is how to make | :07:54. | :07:59. | |
it more cost-effective for RBS own activities. -- excess capacity. So | :08:00. | :08:03. | |
we send it along with our satellites. This is the model of the | :08:04. | :08:10. | |
kind of launchers they have used to send satellites into space. They are | :08:11. | :08:15. | |
on average doing one a month. It is expensive to be each time a vehicle | :08:16. | :08:20. | |
has to be built from scratch. This country is often riverside for | :08:21. | :08:23. | |
spending money on a space programme with high levels of poverty. -- | :08:24. | :08:29. | |
criticised. But they say they have strong returns from mapping and | :08:30. | :08:32. | |
weather forecasting but also making money from other countries. India | :08:33. | :08:38. | |
has so far launched 74 foreign satellites and earn more than $120 | :08:39. | :08:44. | |
million from it. Vehicles like this one are being put together at a | :08:45. | :08:48. | |
frantic speed now as India plans to have 12 launchers every year, a pace | :08:49. | :08:53. | |
that has more than doubled since 2015. This woman runs a company that | :08:54. | :08:59. | |
brokers deals between the India space agency and foreign companies | :09:00. | :09:06. | |
that wants satellites launched. The need for launchers is growing | :09:07. | :09:08. | |
exponentially primarily because we are now seeing new companies which | :09:09. | :09:14. | |
are planning to launch entire commercial constellations of | :09:15. | :09:20. | |
satellites. Not wine - five, but anywhere from 24- 120 satellites per | :09:21. | :09:30. | |
consolation. -- consolation. They also have request from private | :09:31. | :09:34. | |
companies as well. So far they have only carried small and light ones. | :09:35. | :09:38. | |
Launching heavier ones is where the big money is. BBC News, Bangalore. | :09:39. | :09:46. | |
In other news, messaging firm Snapchat has announced its first | :09:47. | :09:55. | |
gadget SunGlasses with its first camera. They have gained an | :09:56. | :10:03. | |
old-fashioned name, calling them Spectacles, recording dirty seconds | :10:04. | :10:07. | |
of video at a time and going on sale later this year. They are renaming | :10:08. | :10:13. | |
themselves Snap Inc, outlining their desire to go beyond the messaging | :10:14. | :10:17. | |
apps. The markets. They are all down in Asia. The Nikkei is down 0.6. | :10:18. | :10:23. | |
That is due to the stronger currency, the yen, taking a toll on | :10:24. | :10:29. | |
exporters. Australia's economy is taking a hit from the strong close | :10:30. | :10:34. | |
on Friday. That is it for Asia Business Report. Thank you for | :10:35. | :10:44. | |
watching. You are watching BBC News. The headlines. Britain and France | :10:45. | :10:48. | |
have accused Russia of committing war crimes in Syria. The UN says | :10:49. | :10:51. | |
conditions in Aleppo have | :10:52. | :10:52. |