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Now on BBC News, all the latest business news live from Singapore. | :00:00. | :00:15. | |
Billions of dollars in loans and investments - find out why China is | :00:16. | :00:21. | |
flexing its financial muscle in the region. And time is money in India's | :00:22. | :00:28. | |
financial capital. That is helping one man make a good living from a | :00:29. | :00:30. | |
fast-growing trend. Welcome to this edition | :00:31. | :00:35. | |
of Asia Business Report. Chinese President Xi jinking wraps | :00:36. | :00:46. | |
up his trip to Cambodia, Bangladesh and India this Monday and over the | :00:47. | :00:50. | |
five days Beijing has signed off lots of loans with Cambodia | :00:51. | :00:56. | |
receiving $200 million in addition to the $3 billion it has provided | :00:57. | :01:03. | |
since 1992 -- Jinping. China has signed a record amount of loan | :01:04. | :01:06. | |
agreements in Bangladesh worth $20 billion. This is the biggest foreign | :01:07. | :01:11. | |
credit line that country has ever received. Earlier I spoke with a | :01:12. | :01:18. | |
member of China market research group about what China can expect in | :01:19. | :01:22. | |
return. I think there is an understanding on Cambodia's part | :01:23. | :01:30. | |
that China might be a lifeline for money for development reasons and I | :01:31. | :01:35. | |
think China knows that if Cambodia gets access to this they will vote | :01:36. | :01:40. | |
favourably for China. They are cosying up to the current | :01:41. | :01:43. | |
administration more than they have in the past. And continuing to look | :01:44. | :01:49. | |
at Cambodia - will this money from China support the failing popularity | :01:50. | :01:54. | |
and will it do much for the Cambodian economy? I don't know how | :01:55. | :01:58. | |
much it will affect the popularity of the leading family but I think | :01:59. | :02:06. | |
there is concern that there is corruption going on but it will it | :02:07. | :02:12. | |
anything give the opposition party firepower. If the money is put | :02:13. | :02:19. | |
towards infrastructure projects, if there is worry that there is graft | :02:20. | :02:24. | |
involved or the money is under the table, it could be good but it | :02:25. | :02:31. | |
remains to be seen. Moving over to Bangladesh, that was a staggering | :02:32. | :02:35. | |
amount. China's growing economic role is a worry for Indian officials | :02:36. | :02:41. | |
because they are exerting influence in their territory. So what is your | :02:42. | :02:47. | |
view on that? If you look at China's global aspirations over the next | :02:48. | :02:52. | |
5-10-15 years, they are looking at extending their power in the Asia | :02:53. | :02:56. | |
region. Part of that is expanding their naval presence. One of the | :02:57. | :03:00. | |
problems they have had is they haven't been able to do development | :03:01. | :03:04. | |
work, that is simply because they haven't had access to deepwater | :03:05. | :03:07. | |
ports. Giving money to Bangladesh give them a way to do that and I | :03:08. | :03:12. | |
think that should worry India and other countries in the region | :03:13. | :03:15. | |
because China will be able to exert more power than in the past. | :03:16. | :03:21. | |
Australia's biggest casino company Crown Resorts says 18 staff | :03:22. | :03:25. | |
including a senior executive were detained by authorities in China. | :03:26. | :03:28. | |
The resort has not offered details for the detention. Crown Resorts is | :03:29. | :03:33. | |
partly owned by billionaire James Packer. Airlines in Australia and | :03:34. | :03:39. | |
New Zealand have joined the US in banning the recall that Samsung Note | :03:40. | :03:48. | |
7 from all of their planes. Some airlines in Europe have also adopted | :03:49. | :03:54. | |
the proportion. Samsung has stopped production of the Note 7 following | :03:55. | :03:58. | |
reports of overheating batteries which can catch fire. News just in, | :03:59. | :04:06. | |
shares in Tokyo Electric power have fallen 7% after an antinuclear | :04:07. | :04:10. | |
candidate won an election on Sunday. The multilateral development bank | :04:11. | :04:17. | |
formed by the BRICS group of emerging nations has been held for | :04:18. | :04:21. | |
supporting clean energy and sustainable development. Since | :04:22. | :04:25. | |
becoming operational year ago, $900 million has been won for these | :04:26. | :04:29. | |
projects and some say the role of the bank overlapped the IMF and the | :04:30. | :04:33. | |
World Bank. Our correspondent spoke with the chief, who explained why he | :04:34. | :04:39. | |
believes it's needed. All of us put together are all playing a | :04:40. | :04:42. | |
complementary role to a larger developmental need. To put that | :04:43. | :04:47. | |
number in context, if annual spending on infrastructure in the | :04:48. | :04:53. | |
developing world is around $1.5 trillion, all institutions put | :04:54. | :04:56. | |
together would do less than 15% of that. Many question the potential -3 | :04:57. | :05:07. | |
members out of five are struggling when it comes to their economy. Will | :05:08. | :05:16. | |
this ever be an effective group? I think economic cycles and shocks are | :05:17. | :05:20. | |
transitional. You have to look at this over a longer period of time. | :05:21. | :05:25. | |
Even with the economic shocks, I would think the BRICS countries put | :05:26. | :05:31. | |
together today provide most of the growth that is happening in the | :05:32. | :05:34. | |
world, coming from these five countries. Incremental growth. Even | :05:35. | :05:43. | |
with the current challenges. At this stage all the founding members have | :05:44. | :05:47. | |
equal shareholding at the new development bank but many believe | :05:48. | :05:50. | |
that in the long-term China will dominate the proceedings because of | :05:51. | :05:57. | |
the sheer size of its economy. In our articles we are clear that | :05:58. | :06:02. | |
shareholding is equal. Even if the bank were to in the future looked at | :06:03. | :06:07. | |
the wider membership, that is to help the pollution in P. Going | :06:08. | :06:12. | |
beyond that would not be right at this stage. -- dilution. There are | :06:13. | :06:28. | |
concerns about the official year of the death of King Bullmer will | :06:29. | :06:41. | |
continue. We explain what businesses and foreign investors can expect | :06:42. | :06:46. | |
going forward -- King Bumubhol. In the short term we will see business | :06:47. | :06:50. | |
disruptions in the first 2-4 weeks. People are not at work. They are | :06:51. | :06:54. | |
taking time to mourn and grief. That will impact sea ports, airports, | :06:55. | :06:59. | |
manufacturing facilities. Control risk has been working around | :07:00. | :07:02. | |
contingency planning for businesses on those issues and there has been a | :07:03. | :07:07. | |
moratorium on entertainment events, so concerts and sporting event | :07:08. | :07:10. | |
having cancelled. That will have an impact. Business travel is down. I | :07:11. | :07:15. | |
have spoken with clients last week who were cancelling trips into the | :07:16. | :07:18. | |
country to let things settle down before everyone has their mind back | :07:19. | :07:22. | |
on business as usual. Those are short-term impacts. Tourism is a | :07:23. | :07:29. | |
huge part of Thailand's economy. It is known as the land of smiles. It | :07:30. | :07:34. | |
is anything but since last Friday. What impact might it have long-term | :07:35. | :07:38. | |
on tourism? It will be interesting to see. I think the government knows | :07:39. | :07:45. | |
that tourism is 10% of Thailand's GDP with 30 million people coming | :07:46. | :07:52. | |
each year. It will be key to see the key engine of the economy get back | :07:53. | :07:56. | |
to full steam as soon as so all in due course and that will be | :07:57. | :07:59. | |
something to watch for, certainly with tourists being advised to pay | :08:00. | :08:03. | |
respect when they come to town. There have been some tourism | :08:04. | :08:07. | |
cancellations but not significant. I think in the long-term we won't a | :08:08. | :08:12. | |
significant impact. Now to the fast growing geek economy creating | :08:13. | :08:19. | |
opportunities for contractors and freelancers with 160 million people, | :08:20. | :08:23. | |
30% of the working age population in the US and Europe alone, are earning | :08:24. | :08:27. | |
money from independent work and gigs. That is according to McKinsey. | :08:28. | :08:34. | |
This week we bring you stories from entrepreneurs from around the globe, | :08:35. | :08:45. | |
starting with India. TRANSLATION: In a city like Mumbai, time is more | :08:46. | :08:49. | |
precious than money. What I like most about my job is how we save | :08:50. | :09:00. | |
people's time. My name is Sajit, I am 25 years old, and I work for | :09:01. | :09:09. | |
Rush. We run errands for people. If someone need something from home, | :09:10. | :09:12. | |
documents delivered or a cheque delivered in a bank, we get it done. | :09:13. | :09:18. | |
For example, today I'm going to deliver food to a customer for one | :09:19. | :09:24. | |
of her clients who is a home chef. Basically I'm helping her run her | :09:25. | :09:32. | |
business. When we are out on deliveries the traffic is a problem. | :09:33. | :09:42. | |
It can make us late. My family and friends do not think this job is | :09:43. | :09:47. | |
that secure. They don't like it because they do not understand this | :09:48. | :09:56. | |
industry. I think my future is promising because growth depends on | :09:57. | :10:02. | |
performance and efficiency. Today I am a field executive but one day I | :10:03. | :10:06. | |
could be selected as a team leader. In my opinion, there is potential in | :10:07. | :10:11. | |
this business of deliveries. There is a lot of competition but with | :10:12. | :10:15. | |
good performance people like me can grow. Let's have a quick look at the | :10:16. | :10:21. | |
markets before we go and we can see the Nikkei has opened fairly flat. | :10:22. | :10:25. | |
Australia as well, exactly flat. That is because of comments from the | :10:26. | :10:29. | |
Fed reserve chaired Janet Yellen last week that is causing some | :10:30. | :10:35. | |
concern. That is it for this edition of Asia Business Report, thank you | :10:36. | :10:42. | |
for watching. You're watching BBC News. | :10:43. | :10:43. | |
The top stories this hour: A Chinese space rocket has blasted off | :10:44. | :10:47. | |
from a launchpad in the Gobi desert, carrying two men | :10:48. | :10:51. | |
The mission is designed to test China's ability to send crewed | :10:52. | :10:53. |