:00:00. > :00:13.murdering PC Keith Blakelock during riots in north London in 1985. Nicky
:00:14. > :00:16.Jacobs was accused of attacking him with a large knife. Now on BBC News
:00:17. > :00:25.all the latest business news live from Singapore. Toyota announces a
:00:26. > :00:37.global recall, millions of vehicles heading back to Garrard says. And
:00:38. > :00:45.eyes on China. `` garages. Welcome to Asia Business Report. We start
:00:46. > :00:49.today with the carmaking giant Toyota. Questions are being asked
:00:50. > :00:56.about its production processes after another major recall. This time
:00:57. > :01:13.million vehicles are being affected. Yaris, and other models have
:01:14. > :01:18.potential problems with their airbags, which don't always inflate.
:01:19. > :01:24.No accidents have yet in associated with these problems. I asked our
:01:25. > :01:30.correspondent how investors are likely to respond. Looking at stock
:01:31. > :01:38.prices yesterday, they have fallen off 3% yesterday. Given that it has
:01:39. > :01:44.risen about 60% over the past year, this event was more of an
:01:45. > :01:49.opportunity for investors to take profits from the table. I think the
:01:50. > :01:53.short`term ramifications tend to ease off as the issues are
:01:54. > :02:03.forgotten. More marketing campaigns will be given. You also have a
:02:04. > :02:10.fairly weak yen, which will help exports, as well is the consumption
:02:11. > :02:19.tax. They are supportive of repatriated earnings. Earnings for
:02:20. > :02:27.the Toyota have doubled its profits last year. They will experience a
:02:28. > :02:32.profit not experienced since 2007. You are right that consumption taxes
:02:33. > :02:35.will affect domestic sales. Looking at their vision, they have a more
:02:36. > :02:45.regional and international outreach. Therefore, it might soften
:02:46. > :02:53.the impact on the consumption tax hike. Staying with the car industry.
:02:54. > :03:00.The BMW group has reportedly sold more than 112,000 BMW at Rolls`Royce
:03:01. > :03:07.and Mini vehicles. It is their best ever results. It is an increase in
:03:08. > :03:14.their last record high, from March 2012. The Bank of America has agreed
:03:15. > :03:18.to pay 783 million in fines and refunds to settle accusations that
:03:19. > :03:24.it misled customers about red card services. Some of that will be paid
:03:25. > :03:30.in penalties to regulators. The pay`out relates to the giant's
:03:31. > :03:40.representation of identity theft services from 2010 and 2012. More
:03:41. > :03:46.light will be shed on the health of trade balance and economy. The
:03:47. > :03:52.outlook for trade in China and its potential impact on the rest of the
:03:53. > :03:56.world. I spoke with a correspondent to ask about what we can expect to
:03:57. > :04:00.hear from Beijing later today. We are looking for a moderate influence
:04:01. > :04:05.from the trade figures in the last month. We think this is the start of
:04:06. > :04:12.a period of adjustment for the Chinese economy. Trade will start to
:04:13. > :04:16.play a smaller role. The overall growth picture, by design, and
:04:17. > :04:19.partly as a result of the downturn in the economy in China. Trade is
:04:20. > :04:23.dependent on the external picture. That is stable. So we expect
:04:24. > :04:27.external demand to be relatively intact for this year. Overall,
:04:28. > :04:29.policymakers in Beijing want a reduced the external vulnerability
:04:30. > :04:37.of the economy and reduced the potential for shocks which they
:04:38. > :04:41.experienced in 2008 in 2009 during the financial crisis. You are
:04:42. > :04:47.calling this an adjustment by Chinese authorities. They also
:04:48. > :04:51.announced a small stimulus last week which they hope will help lift some
:04:52. > :04:56.of the slowdown projected for the economy. Do you see this happening?
:04:57. > :04:59.What the stimulus really is is moving some projects Ford which were
:05:00. > :05:11.scheduled for later this year. We will see what that does for the
:05:12. > :05:19.coming few quarters. Overall, I think they are not keen on bailing
:05:20. > :05:27.out the old model, they want to ease out of the period of rapid growth.
:05:28. > :05:31.These kinds of infrastructure projects, are relatively good ways
:05:32. > :05:35.to do that. I think there may be more to come later this year if
:05:36. > :05:40.growth continues to weaken. We don't see this as stimulus so much as
:05:41. > :05:44.stabilisation. I think they will reassess when we get to June and
:05:45. > :05:52.July. The IMF is worrying about rising debt levels. The fund, which
:05:53. > :05:58.is often referred to as the lender of last resort, warned that the
:05:59. > :06:02.issue poses a risk. Our correspondent was in Washington and
:06:03. > :06:07.has been speaking to the director of IMF. One topic being discussed
:06:08. > :06:15.inside the headquarters of the IMF is how it years of cheap credit have
:06:16. > :06:22.led to a rise in corporate debt. In fact, in emerging economies, it has
:06:23. > :06:29.surpassed levels seen before the crisis. That worries those seen
:06:30. > :06:32.inside this building. The director told me that the prospect of lower
:06:33. > :06:38.interest rates and slowing growth could mean some companies in
:06:39. > :06:44.emerging markets could have difficulties paying back the money
:06:45. > :06:48.they have borrowed. The corporate debt in emerging markets, the
:06:49. > :06:58.significant fraction could be a risk. 35% of corporate debt in many
:06:59. > :07:06.emerging markets would be owned by firms which would have difficulties
:07:07. > :07:11.in servicing their debt obligations. Given their worries about corporate
:07:12. > :07:14.debt, I also asked him what lessons can be learned from the recent
:07:15. > :07:23.failure of a Chinese company that defaulted on its debt. This led him
:07:24. > :07:31.to address another concern, China's shadow banking system. It is very
:07:32. > :07:37.important, given the growth in this in China, the so`called shadow
:07:38. > :07:45.banking system, it is important that these small defaults can play a role
:07:46. > :07:55.in taking out moral hazard, and making investors and savers are
:07:56. > :08:03.where of the risks which are associated with higher returns. D on
:08:04. > :08:13.the national level, Walmart wants to see greater global co`operation. As
:08:14. > :08:17.ever, with countries facing different challenges at different
:08:18. > :08:22.stages of development, that is easier said than done. To Walmart,
:08:23. > :08:26.which is going ahead with plans to build another 50 stores in India.
:08:27. > :08:32.That is despite possible policy changes which could arise should a
:08:33. > :08:41.new government win the election. Today could mark a turning point as
:08:42. > :08:49.voters go to the polls. Our correspondent in Delhi. Why is the
:08:50. > :08:55.retail sector so controversial in these elections? Absolutely, it is
:08:56. > :09:00.almost one of the key points this election. There is a sharp divide
:09:01. > :09:05.between the ruling party and opposition on where they stand on
:09:06. > :09:14.opening up of the retail sector. The sector in India itself was opened up
:09:15. > :09:22.almost one year ago, but no big player has opened shop here yet.
:09:23. > :09:29.There is a cash and carry and whole`cell format, for BJP, and it
:09:30. > :09:35.has taken many by surprise that they have announced 50 new stores. It was
:09:36. > :09:40.in all the papers. The opposition party just came up with its
:09:41. > :09:47.manifesto, saying they would scrap the policy if they came to power.
:09:48. > :09:55.The main constituents who vote for them are small traders who would be
:09:56. > :10:05.affected by this decision when it happens. So BJP has constantly been
:10:06. > :10:12.saying it would affect traders in the country. And most of the sector
:10:13. > :10:18.is not well organised, and small stores would fear for their jobs. If
:10:19. > :10:22.you bring in big players, the supply chain will be in Hants, and jobs
:10:23. > :10:27.will be created. With BJP, despite their manifesto, they will need a
:10:28. > :10:32.coalition to form government. What are the odd that this declaration,
:10:33. > :10:40.that they will be able to follow through with its? That is the thing.
:10:41. > :10:43.Even if it is the Congress, or the Asia Business Report, anyone who
:10:44. > :10:46.comes in almost probably have to have a coalition with small regional
:10:47. > :10:47.players. In