:00:00. > :00:00.Gove to be reined back. The Lib Dems say he has diverted 400 million
:00:00. > :00:00.pounds away from council`run schools to bail out his flagship policy of
:00:00. > :00:08.building free' schools. A spokesman for Mr Gove said the claims are
:00:09. > :00:18.totally wrong. Now on BBC News, all the latest business news live from
:00:19. > :00:21.Singapore. Countdown, as India enters the final days of its
:00:22. > :00:27.election, we find out how upcoming weather conditions could hit the
:00:28. > :00:36.country's economy. And we find out what is really worrying some of the
:00:37. > :00:39.world's biggest banks. Thank you for watching Asia Business Report, I
:00:40. > :00:44.Rico Hizon. India is in the final week of the world's biggest
:00:45. > :00:52.democratic election, in which rising costs have been a key issue on
:00:53. > :00:55.voters' mines. The increasing amount people have been having to pay is
:00:56. > :01:32.one of the biggest political and economic problems. There is
:01:33. > :01:35.increasing concern that the higher costs will be exacerbated this year.
:01:36. > :01:37.With the return of El Nino weather conditions. It returns every few
:01:38. > :01:39.years and can trigger floods and other severe weather conditions.
:01:40. > :01:42.Earlier, I asked our correspondent how it will impact this economy. The
:01:43. > :01:44.last time it came around was 2009. In the case of India, the north`west
:01:45. > :01:46.monsoons, critical for its agriculture sector, suffered quite
:01:47. > :01:48.badly. We saw inflation increasing quite a bit. So at this particular
:01:49. > :01:51.point, India's own weather bureau is saying that the rainfall will be
:01:52. > :01:54.normal. But in the past, forecasts have been wrong. If that happens, we
:01:55. > :01:56.are going to have a big problem on the inflation front. Inflation comes
:01:57. > :02:00.out today, it you also have wholesale prices, rising prices,
:02:01. > :02:05.what are you expecting? Will it be impacted by the El Nino weather
:02:06. > :02:10.pattern? The run up to the monsoons in June, we have already seen dry
:02:11. > :02:16.weather. We still have some impact on certain particular food items. We
:02:17. > :02:20.are expecting a slight uptick in inflation numbers in April. The big
:02:21. > :02:23.risk is we will see a failure and crops. This will have significant
:02:24. > :02:28.impact for the second half of the year. Especially when the new
:02:29. > :02:30.government is in power, and that can potentially be the first big
:02:31. > :02:39.challenge that they will face in office. Our correspondent from
:02:40. > :02:43.Barclays. Staying in India, this north`east state was once lagging
:02:44. > :02:48.behind when it came to economic development. It was a place where
:02:49. > :02:51.young people could not find jobs and refused to move in large numbers to
:02:52. > :02:57.other parts of the country. Now things are changing. Our report from
:02:58. > :03:09.the State capital. Far away from home, in Mumbai's melting pot, this
:03:10. > :03:15.man is. Trying to find a taste for the city. He sells snacks on his
:03:16. > :03:21.roadside cart and lives with several other men in one room. He came here
:03:22. > :03:24.two decades ago in search of work and goes back once every year to
:03:25. > :03:29.meet his wife and children. TRANSLATION: When I left there was
:03:30. > :03:37.no chance of finding any work here. If you are poor and forced to come
:03:38. > :03:42.here you are earning money to send back to your families. If there were
:03:43. > :03:48.any jobs there, I would not have left my home. Millions like him
:03:49. > :03:52.moved away. Now, for young people there, things seem to be moving
:03:53. > :04:04.forward. Rubbish under recently bought this moody `` Ravi Shankar
:04:05. > :04:09.bought this motorcycle. He found a job almost immediately. TRANSLATION:
:04:10. > :04:15.I am happy Eid in have to leave my home. I have a wife and a small
:04:16. > :04:18.baby. It would have been so hard without them. I would have been
:04:19. > :04:24.constantly worrying. Earlier, translate these used to be full of
:04:25. > :04:28.people leaving to move to more developed part of the country in
:04:29. > :04:34.search of work. Now, youngsters ready to join the workforce find
:04:35. > :04:38.their jobs available right here. In this one area alone, about 100
:04:39. > :04:45.factories have come up in the last five years. One of them is this
:04:46. > :04:51.biscuit manufacturing plant, set up three years ago and employing 350
:04:52. > :04:55.people. But it is mostly small industries which have come to Bihar.
:04:56. > :05:01.It is yet to attract many big names. While the State's rapid rate of
:05:02. > :05:05.growth over the last ten years has been welcomed, it will still take a
:05:06. > :05:09.while to catch up with the rest of India. Much of how Bihar progresses
:05:10. > :05:13.depends on politics. So people are relying on whichever party comes to
:05:14. > :05:20.power both in national government and here in the states, to keep
:05:21. > :05:24.Bihar moving in the right direction. In other business News making
:05:25. > :05:27.headlines, for the first time, the UK has more billionaires per head of
:05:28. > :05:33.population than any other country. That is according to a Rich List
:05:34. > :05:43.published by the Sunday Times newspaper. The top names had a
:05:44. > :05:47.fortune of over $20 billion. They say there are now over 100
:05:48. > :05:53.billionaires raced in the UK, with a combined wealth of over 500 billion
:05:54. > :05:58.dollars. The head of Samsung is in a stable condition after emergency
:05:59. > :06:04.heart surgery. He underwent an operation after suffering eating
:06:05. > :06:08.difficulties `` breathing difficulties on Saturday night. He
:06:09. > :06:16.is now recuperating in a stable condition after undergoing the
:06:17. > :06:19.operation. Asia boss Asia's biggest casino operator announced its
:06:20. > :06:25.earnings today. In the past week, its shares have been hit and have
:06:26. > :06:30.basically gone down. It is among the six biggest casino operators to see
:06:31. > :06:36.their stock price plunge on concerns China may tighten controls. Earlier,
:06:37. > :06:42.I spoke to our Hong Kong correspondent for more on this
:06:43. > :06:48.story. These casino operators saw their shares fall by 49%. It is on
:06:49. > :06:52.worries of a growing crackdown on money laundering and illegal money
:06:53. > :06:59.transfers out of China. We had news from China union, the biggest
:07:00. > :07:01.network of ATM cards in China, saying they would tighten their
:07:02. > :07:07.restrictions. This is how most Chinese travellers when they leave
:07:08. > :07:12.China access money. Of course, there are lots of restrictions to how much
:07:13. > :07:16.they can take outside the country including places like Hong Kong.
:07:17. > :07:22.There are also restrictions of how much they can take once they arrive
:07:23. > :07:25.in these two places. People in these casino is have said that the
:07:26. > :07:28.reason, the way that some gamblers have been getting around these
:07:29. > :07:33.currency controls is going to a pawn shop, buying something expensive,
:07:34. > :07:38.returning it right away, in exchange for cash which they get to keep. The
:07:39. > :07:45.owners of the shops get a cut from a deal like that. Of course, this is
:07:46. > :07:48.something that we have been hearing there has been a crackdown on. That
:07:49. > :07:56.has led to those big falls in share prices. From rogue traders, to
:07:57. > :08:01.sub`prime mortgages, there have been many crises in recent years. But a
:08:02. > :08:04.recent survey has found a bank industry is worried that technology
:08:05. > :08:08.will pose the biggest risk to their business. I spoke to a correspondent
:08:09. > :08:12.from PricewaterhouseCoopers, who published the report into what
:08:13. > :08:19.worries the world's banks. We asked why the top risk globally was not
:08:20. > :08:22.macroeconomic factors any more. Immediately after the crisis, people
:08:23. > :08:27.were really concerned about where the economy was going. What they
:08:28. > :08:32.were going to do about it. What the big issues were and how they were
:08:33. > :08:35.going to steer their businesses. By and large people have settled down
:08:36. > :08:40.on that now. Now the issue is how the regulator will respond to that
:08:41. > :08:45.local financial crisis. Regulators have not quite put in place their
:08:46. > :08:48.detailed plans yet. While the banks are pretty sure what their business
:08:49. > :08:52.strategies will now be as we go forward, they are a little bit
:08:53. > :08:55.concerned about how regulators will react. If we look specifically at
:08:56. > :09:02.banks in this region, it is macroeconomic is. The Asia Pacific
:09:03. > :09:06.banks were not as badly damaged by the crisis as culpable banks in
:09:07. > :09:12.Europe and America. As a consequence, again, they are at the
:09:13. > :09:17.stage where they are looking at how the Asian economy can develop. The
:09:18. > :09:22.regulators will be that do what they need to do, or the changes might be
:09:23. > :09:25.somewhere else. So there might be looking at things slightly
:09:26. > :09:27.differently. What is consistent between the two is the technology
:09:28. > :09:32.risk which is consistent across the board. What you mean by technology
:09:33. > :09:38.risk Rees are we talking a cyber risk? It everything. Customers are
:09:39. > :09:43.driving the banks to be more efficient. They are almost making no
:09:44. > :09:49.discretion as to where they go. So banks have had to adopt world`class
:09:50. > :09:55.technology in order to protect customers. This is coming with a
:09:56. > :09:58.certain amount of risk. Ranks are beginning to understand the risks of
:09:59. > :10:03.the marketplace for the Internet and other formats which they need to
:10:04. > :10:09.deal with. Are they worried about a? Are they dealing with? How big a
:10:10. > :10:13.risk factor is a? Very interesting. They have been doing this every two
:10:14. > :10:21.years. The last time the risk came up was 1998, two years before Y2K.
:10:22. > :10:27.Let's have a quick look at the markets. Sentiment in Asia is
:10:28. > :10:30.cautious despite US stocks setting a record close on Friday. Investors
:10:31. > :10:34.are bracing for a reaction after rebels declared victory in eastern
:10:35. > :10:49.Ukraine. Thank you for in investing your time with us, I am Rico Hizon.
:10:50. > :10:52.Goodbye for now. The top stories: unofficial self`rule referendums
:10:53. > :10:55.have been held in eastern Ukraine. There has been a shooting in one
:10:56. > :10:56.town. In