:00:00. > :00:07.for Mr Gove says the claims are totally wrong. Now on BBC News, all
:00:08. > :00:27.the latest business news, live from Singapore. Countdown as India enters
:00:28. > :00:34.the final days of its elections. Can the upcoming weather conditions
:00:35. > :00:40.impact the country's economy? And we will find out what is really
:00:41. > :00:47.worrying some of the world's biggest bank. Thank you for joining us.
:00:48. > :00:49.India is in the final week of the world's biggest democratic election,
:00:50. > :00:56.in which rising costs have been a key issue on voters' minds. The
:00:57. > :01:01.increasing amount people have to pay for basic goods is one of India's
:01:02. > :01:04.biggest economic and political problems. And there is increasing
:01:05. > :01:07.concern that higher cost could be exacerbated this year, when the
:01:08. > :01:10.forecast is for the return of El Nino weather conditions. The weather
:01:11. > :01:15.system can trigger floods and droughts in different parts of the
:01:16. > :01:24.world. Earlier, I spoke with one economist from Barclays. How could
:01:25. > :01:29.El Nino impact this economy? Last time it came around, it was in 2009,
:01:30. > :01:35.and the north`west monsoons suffered quite badly. Inflation increased
:01:36. > :01:42.quite a bit. At this point, India's Weather Bureau says that rainfall is
:01:43. > :01:45.going to be probably normal but in the past, their forecasts have been
:01:46. > :01:52.wrong and if that happens, I think that we will have a big problem on
:01:53. > :01:58.the inflation front. Inflation coming out today and also wholesale
:01:59. > :02:05.prices. What are you expecting? Will it be impacted by this weather
:02:06. > :02:10.pattern? The run`up to the monsoons normally begins in June but we have
:02:11. > :02:14.already seen some dry weather and this will have some impact on
:02:15. > :02:18.particular food items. We expect an increase in inflation numbers for
:02:19. > :02:23.the month of April. The main risk is that we will have a failure in crops
:02:24. > :02:26.and this will have significant impact for the second half of the
:02:27. > :02:30.year, especially when the new government is in power. That can
:02:31. > :02:39.potentially be the first major challenge they face in office. Thank
:02:40. > :02:43.you. In the north`east of India, the state of Bihar once lagged far
:02:44. > :02:47.behind the rest of the country when it came to economic development. It
:02:48. > :02:50.was a place where young people could not find jobs and were forced to
:02:51. > :02:59.relocate to other areas. Now, things are changing.
:03:00. > :03:03.Far away from home in Mumbai's melting pot, this man is still
:03:04. > :03:09.trying to acquire a taste for the big city. He sells spicy Indian
:03:10. > :03:17.snacks from his roadside eatery and lives with six other men all from
:03:18. > :03:21.his village in Bihar. He came here about 20 years ago in search of work
:03:22. > :03:27.and goes back just once every year to meet his wife and children.
:03:28. > :03:32.TRANSLATION: When we left, there was no chance of getting any work in
:03:33. > :03:38.Bihar. We were poor and were forced to come here to make money and send
:03:39. > :03:41.some back to our families. If there had been any jobs there, I would not
:03:42. > :03:48.have left my home. Millions of people like him moved away from the
:03:49. > :03:52.heart, but now, things seem to be moving forward for the young people
:03:53. > :03:57.there. Ravi recently bought this motorcycle with the salary he makes
:03:58. > :04:01.working at a local factory. When he finished his education a few years
:04:02. > :04:08.ago, he found a job almost immediately. TRANSLATION: I'm very
:04:09. > :04:14.happy that I did not have to leave my home. I have a wife and small
:04:15. > :04:18.baby. It would have been very hard without them and I would have been
:04:19. > :04:22.constantly worrying. Earlier, claims like these used to be full of people
:04:23. > :04:27.leaving the heart and moving to more developed parts of the country in
:04:28. > :04:31.search of work. Now, young people ready to join the workforce have
:04:32. > :04:37.found there are opportunities for them here. In this area of Bihar
:04:38. > :04:43.state alone, more than 100 factories have started up in the last few
:04:44. > :04:47.years. One of them is this skit manufacturing plant. Set up three
:04:48. > :04:54.years ago, it employs 350 people. `` biscuit manufacturing grant. But
:04:55. > :04:59.Bihar is yet to attract many big names and while the state's rapid
:05:00. > :05:07.rate of growth has been welcomed, it will take a while to catch up with
:05:08. > :05:11.the rest of the country. Much of how the state of Bihar progresses
:05:12. > :05:13.depends on politics here, and so people are relying on whichever
:05:14. > :05:22.party comes to power both in national government and here in the
:05:23. > :05:26.state to keep them moving in the right direction. For the first
:05:27. > :05:30.time, the UK has more billionaires per head of population than any
:05:31. > :05:37.other country, according to a rich list published by the Sunday Times
:05:38. > :05:44.newspaper. To Indian born brothers topped the list, with a fortune of
:05:45. > :05:46.more than $20 billion. There are now more than 104 billionaires based in
:05:47. > :05:52.the UK, with a combined wealth of more than $500 billion. The chairman
:05:53. > :05:57.of Samsung is in a stable condition after undergoing emergency heart
:05:58. > :06:00.surgery. He underwent the operation after suffering breathing
:06:01. > :06:08.difficulties late on Saturday night. He took over as chairman of Samsung
:06:09. > :06:13.in 1987 after his father's deaths. He is now recuperating and is in a
:06:14. > :06:17.stable condition. India's biggest casino operator announces its
:06:18. > :06:23.earnings today. It runs 20 out of 30 casinos in Macau. But in the past
:06:24. > :06:31.week, its shares have hit a rough patch. It's among six casino
:06:32. > :06:36.operators to have seen this takes plunge after concerns China may
:06:37. > :06:43.tighten its currency controls in Macau. The Hong Kong listed shares
:06:44. > :06:48.in Macau casino operators fell by something up to 9%. And it comes
:06:49. > :06:52.after worries of a growing crackdown on money`laundering and illegal
:06:53. > :07:01.money transfers out of China. We had news from the biggest network of
:07:02. > :07:04.debt and 80 cards in China, saying they would tighten their
:07:05. > :07:09.restrictions. This is how most Chinese travellers when they leave
:07:10. > :07:12.China access money. There are lots of restrictions on how much they can
:07:13. > :07:17.take out of the country including two places like Hong Kong and
:07:18. > :07:20.Macau, and there are also restrictions as to how much they can
:07:21. > :07:25.take out once they arrive in these places. People in the Macau casino
:07:26. > :07:29.industry have said that the way some gamblers have been getting around
:07:30. > :07:32.these currency controls has been going to a porn shop in Macau,
:07:33. > :07:44.buying something expensive, returning that item immediately in
:07:45. > :07:53.exchange for cash. `` pawn shop. And the pawn shop owners would get a cut
:07:54. > :07:56.on that. Thank you. From rogue traders to sub`prime mortgages,
:07:57. > :08:00.banks are dealt with major crises in recent years, but a recent survey
:08:01. > :08:03.has found the industry is now worried that technology may pose one
:08:04. > :08:21.of the biggest risks to their businesses. We asked why this was
:08:22. > :08:24.the main concern. Immediately after the global financial crisis, people
:08:25. > :08:30.were very concerned about where the economy was growing, `` where it was
:08:31. > :08:36.going, what they could do about it and how that would affect them. By
:08:37. > :08:41.and large, people have settled down on that. Now the main issue is how
:08:42. > :08:45.the regulators will respond to the crisis. The regulators have not
:08:46. > :08:49.quite put their plans in place yet. While the banks are pretty certain
:08:50. > :08:52.what their business strategies will be as we go forward, they are
:08:53. > :08:57.concerned about what regulations they will be working under.
:08:58. > :09:03.Macroeconomic factors really do affect this region, however. The
:09:04. > :09:11.Asia`Pacific banks were not as badly damaged by the global financial
:09:12. > :09:17.crisis as their counterparts in the US and Europe. They will be looking
:09:18. > :09:22.at how the market develops after the changes in regulation. Then they are
:09:23. > :09:26.looking at things that are slightly different. What consistent between
:09:27. > :09:30.the two is the uplift of technology risk, which is consistent between
:09:31. > :09:37.the board. What do you mean by that? Cyber risks? Everything.
:09:38. > :09:42.Customers drive the banks to be more efficient in their services and they
:09:43. > :09:48.are almost making that... The banks have had to adopt two world`class
:09:49. > :09:52.technology standards in order to service their customers. This comes
:09:53. > :09:55.with a certain amount of risk and the banks are beginning to
:09:56. > :10:01.understand the type of risk in the marketplace to the sort of internet
:10:02. > :10:07.and other platforms where they need to serve their customers. How big a
:10:08. > :10:16.risk is this? Technology risk has arisen for the first time. The last
:10:17. > :10:26.time technology risk came up was in 1998, two years before Y2K. Thank
:10:27. > :10:34.you for investing your time with us. Goodbye for now.
:10:35. > :10:38.The top stories this hour: Unofficial self`rule referenda have
:10:39. > :10:45.been held in parts of the east of Ukraine.
:10:46. > :10:48.There has been a shooting in one town.
:10:49. > :10:51.Voting has begun in the final round of India's five`week general
:10:52. > :10:59.election. Three key states are going to the polls. Senior Liberal
:11:00. > :11:00.Democrats have increased pressure on the Education Secretary Michael
:11:01. > :11:02.Gove,