:00:00. > :00:00.Union, if they got into power. He said they'd offer a vote only if the
:00:00. > :00:00.UK was asked to transfer more powers to Brussels.
:00:00. > :00:12.Now on BBC News all the latest business news live from Singapore.
:00:13. > :00:19.After more than a week of talks, it is the last day of China's big
:00:20. > :00:28.Congress gathering and we ask what comes next for the economy. And King
:00:29. > :00:31.of games, creators of candy crush are buying a share sale in the US
:00:32. > :00:43.and we find out how investors are likely to react. Welcome to Asia
:00:44. > :00:48.Business Report. We begin in China, where an annual 10-day gathering of
:00:49. > :00:52.its parliament is finishing. In the press conference at the closing of
:00:53. > :00:54.proceedings, the Premier said the government was paying close
:00:55. > :00:58.attention to issues like the country 's debt risk and that it would
:00:59. > :01:05.continue to fight corruption. During the meeting, the only unveiled key
:01:06. > :01:09.proposals for reform, including a measure to set up bank deposit
:01:10. > :01:13.insurance, allowing governments to issue bonds and a plan for the
:01:14. > :01:20.Chinese currency to trade more friendly. I spoke to a banker from
:01:21. > :01:25.HSBC, asking his thoughts on what has come out from the meeting. We
:01:26. > :01:35.get the sense of urgency. Nothing that was announced had been rumoured
:01:36. > :01:41.or proposed before. At this meeting, they set a clear marker, in playing
:01:42. > :01:45.timelines, giving us a sense of when they might begin implementing these
:01:46. > :01:51.reforms. It is unusual in a Chinese context to do that, pre- committing
:01:52. > :01:54.yourself to a timeline. But we know the deposit insurance scheme for
:01:55. > :02:01.banks may be up and running before the end of the year. How significant
:02:02. > :02:07.do you think they are? You mentioned this scheme. Will it be as active at
:02:08. > :02:16.addressing China's debt problems? It is one of many measures needed. The
:02:17. > :02:24.deposit Aaron T scheme is one way to contain deposits in the banking
:02:25. > :02:27.sector. -- deposit scheme. We have seen investors investing in a shadow
:02:28. > :02:33.banking system or buying poverty. But if deposits are guaranteed, they
:02:34. > :02:41.are likely to keep money in banks, thus reducing the shadow banking. It
:02:42. > :02:48.will reduce also the upward momentum of property prices. Also, the but
:02:49. > :02:58.that means scaling back China's huge industries. How will that look for
:02:59. > :03:03.China's economic future? These are hard choices China's leaders need to
:03:04. > :03:09.make. But one involves prioritising the environmental issues. They want
:03:10. > :03:12.to address pollution. There is clearly a lot of frustration within
:03:13. > :03:19.the country about the deteriorating air quality. The leadership has
:03:20. > :03:22.gotten the message. The trouble is that some of these decisions in the
:03:23. > :03:29.short term will outweigh economic growth. That includes closing down
:03:30. > :03:34.steel and cement plants, the big polluters. If you close them down,
:03:35. > :03:38.in the short term, that has employment implications and growth
:03:39. > :03:41.implications. But they have sent the message they are determined to crack
:03:42. > :03:49.down on that. Staying with the mainland, there is new saying, that
:03:50. > :03:57.when China sneezes, the world catches a cold. To some extent that
:03:58. > :04:02.is true in the markets this week. I ore, a key ingredient in steel
:04:03. > :04:12.production, saw prices fall by 20%. -- Iron. Used in everything from the
:04:13. > :04:18.production of cars to refrigerators, steel is one of the most important
:04:19. > :04:22.metals in life. But to create steel, unique iron ore. Iron ore is
:04:23. > :04:26.Australia's most valuable commodity and has been a cash cow for some of
:04:27. > :04:32.the world to that most biggest mining companies, including BHP and
:04:33. > :04:37.Rio Tinto. This week, iron ore prices fell to an 18 month low, and
:04:38. > :04:41.the feeling that this downward spiral will continue. Mining
:04:42. > :04:46.executives say they are placed to cope with the tumbling prices,
:04:47. > :04:53.despite pain to come. Share prices have fallen in recent days. Showing
:04:54. > :04:59.investors may not agree. What is calling the -- causing the fall?
:05:00. > :05:04.Mostly to do with China's slowing economy and a credit squeeze. China
:05:05. > :05:08.is the biggest consumer of iron ore. Over the past decade, it has bought
:05:09. > :05:14.huge amounts for construction and manufacturing. But, as growth
:05:15. > :05:20.slows, demand has lessened and there is speculation they might now be an
:05:21. > :05:27.oversupply. According to one research firm, stockpiles at Chinese
:05:28. > :05:30.ports are up 20%. Ultimately, Australia will be watching closely
:05:31. > :05:34.to see if iron ore and other commodity prices improve, because,
:05:35. > :05:41.given it is facing a decade high unemployment rate and the -- budget
:05:42. > :05:48.deficit, it can't afford to discount iron ore, its biggest export earner
:05:49. > :05:54.to its biggest customer. In other news making headlines, Japan's
:05:55. > :06:03.electronics firm, Panasonic, will pay employees in China a premium for
:06:04. > :06:05.the high pollution. Employees sent overseas receive hardship pay
:06:06. > :06:11.increases and Panasonic is the first firm to pay more to do China's
:06:12. > :06:15.air-quality problems. Smog has been a problem in many cities.
:06:16. > :06:21.Australia's economy added 47,000 jobs in February, triple the number
:06:22. > :06:28.and novelist had expected. It comes after two months in declines,
:06:29. > :06:34.despite the surge in new jobs, the unemployment rate remained steady at
:06:35. > :06:40.6%. US regulators have launched investigations into Herbalife. This
:06:41. > :06:44.follows allegations they operate a pyramid scheme, which is making
:06:45. > :06:49.money from new distributors rather than sales. A deny allegations and
:06:50. > :06:54.said they will call operate in the enquiry. Shares fell by 16% of that
:06:55. > :07:00.news, before recovering slightly, down at 7%. The New Zealand central
:07:01. > :07:07.bank has lifted its lending rate, the first since 2012. The reserve
:07:08. > :07:13.bank increased its cash rate by .25%, to 2.75% of saying that rates
:07:14. > :07:18.don't need to be kept at a record low, because the economy had
:07:19. > :07:22.considerable momentum. It also signalled further rises were had.
:07:23. > :07:31.More on these and other stories from around the region, on the BBC
:07:32. > :07:37.website. Have you heard of Candy Crush? If you play games on your
:07:38. > :07:43.smart phones, it is likely you know exactly what I am talking about. The
:07:44. > :07:48.Dublin -based creator of the games, King Digital entertainment, saw
:07:49. > :07:53.sales surge to $2 billion. The company is looking to raise $500
:07:54. > :08:02.million from a share sale in the US. I spoke to someone about the
:08:03. > :08:13.offering and whether it was reasonable. What is an IPO? The
:08:14. > :08:20.founders are trying to get a stake out of the business, get a return
:08:21. > :08:23.that is what an IPO is. There is a lot of popularity with regards to
:08:24. > :08:31.Candy Crush and, consequently, the founders want to sell. Very
:08:32. > :08:35.popular, but a lot of the eggs are in one basket. They get three
:08:36. > :08:47.quarters of revenues from Candy Crush a loan. That is about 95% of
:08:48. > :08:53.revenue. -- alone. What might this mean for the company's prospect? It
:08:54. > :09:04.is a good point. Go that one step, the company called Zinga had a game
:09:05. > :09:09.called Farmville. That was very popular until Candy Crush was the
:09:10. > :09:14.next three and then came along. -- next big thing. How many big things
:09:15. > :09:19.can be world tolerate's the world isn't big enough or that many big
:09:20. > :09:24.things, and I right? When you look at Candy Crush, you have to ask what
:09:25. > :09:32.is the longevity of the game. I am planing a little. I am waiting for
:09:33. > :09:38.the next big thing. -- waning. Valuations aren't exorbitant as far
:09:39. > :09:45.as investors are concerned. Will be profit be able to be sustained? If
:09:46. > :09:48.not, the company does not have much of a chance. A quick look at the
:09:49. > :09:51.markets. not, the company does not have much
:09:52. > :09:58.of a chance. A quick look at They are rising in Asia. They are
:09:59. > :10:03.recuperating losses from Wednesday. Even though there is a deal of
:10:04. > :10:09.caution, we are awaiting the Chinese economic numbers, which are coming
:10:10. > :10:18.out in industrial art put -- output and retail sales.
:10:19. > :10:30.The Nikkei is up as a result of data from Japan. That is it for this
:10:31. > :10:36.edition of Asia Business Report. Thank you for watching.
:10:37. > :10:40.I'm Mike Embley. The top stories this hour. The Chinese authorities
:10:41. > :10:43.have released satellite images which appear to show three objects
:10:44. > :10:46.floating in the South China Sea, near where a Malaysian airliner went
:10:47. > :10:48.missing on Saturday. It's not known if the objects are part of the
:10:49. > :10:51.plane. President Obama says the West will
:10:52. > :10:53.be forced to apply costs if Russia continues its military intervention