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