17/09/2014 Asia Business Report

in charge of children's services in the town of Rotherham at the time

several counts of child abuse took place has resigned.

China's president heads to India. Could Xi Jinping's visit me and that

they could be Quapaw rating with the Asian giants. And, we have a look at

the workings behind e`commerce giant Alibaba. Welcome to Asia Business

Report. India is preparing to welcome China's president Xi Jinping

today. The symbolic three`day visit is seen as a chance for India to

push for improved economic ties with the mainland. Two way trade between

the Asian economic giants is already the Asian economic giants is already

worked tens of millions of dollars, but it has been held back by

politics, and the relationship is far from equal.

When it comes to the economy, India longs to be like China, but is years

behind when it comes to investing in roads, and railway lines. Now, China

will step in and help. The Chinese Premier is expected to offer money

for specific infrastructure projects, like a new industrial

parts or bullet trains. He has recently returned from Tokyo with

pledges of billions of dollars in investment, and many are expecting

Beijing to better that figure. China is already one of India's biggest

trading partners. Two way trade stands close to $70 billion. But

this is not an equal relationship. For every dollar of Indian goods

sold to China, India imports more than $3 work. To start rectifying

the imbalance, India needs to make more things that China wants to buy,

but there needs to be some willing as well. Indian success stories have

had a tough time entering the Chinese market. China has blocked

market access for Indian goods like pharmaceuticals and meat. On the

flipside, India remains suspicious of Chinese Telecom indications

companies. And, Delhi has been restricting visas for Chinese

labour, especially on large projects like roads and airports. Eliminating

some of these boundaries is bound to be a talking point over the next few

days, but you can guarantee that any concessions will be political and

economic, and they will meet the needs of two of the world's most

populous nations. Moving to other business news making headlines. The

Chinese footwear maker says its chief executive and CEO have

disappeared along with most of the company's Cas. `` cash. At the same

time, they said its cash reserves in China and Hong Kong had been

transferred out of its shares of the company, after a 70% loss. One of

the services offered by an alternative taxi company has been

ruled on. It has been banned from operating its service across

Germany. The charismatic executive chairman of Alibaba is due to sell

his shares in New York later this week. The CEO is a household name at

home in China, but what about outside? We take a closer look at

the man behind what is meant to be the world's largest stock market

listing. This is a Hong Kong neighbourhood, an area famous for

high`end shopping. In the building behind me stands one of the main

offices of internet giant Alibaba it is a company that in just 15 years

has grown from a barebones start`up to a name synonymous with internet

retail in China. It was founded by an English teacher, a man who picked

up the language in eastern China, by giving free tours to tourists. He

dreams of his own business. Following several false starts, he

gathered about a dozen friends in his flat in 1999 to fund Alibaba.

Ali Baba focused on connecting factory owners in China with

suppliers abroad. One of the early Hires was a young American, who

first met Jack Ma at a sales event. He was a bit distracted and it was a

bit of an unpolished performance, but for me it was like seeing a rock

star in the early days, who was trying to build a revolution. The

revolution came in 2003. Sensing composition from internet auctioneer

eBay, Jack Ma decided to enter the world of online retail shopping. The

company did so well, but three years later eBay decided to close its

business in China. Now, the confident technology Typhoons heads

a company that handles more merchandise and hammers on and eBay

combine. He may be trained as an English teacher but he could run a

masterclass in online shopping. There is hope that other Asian

companies will be taking inspiration from Ali Baba and Jack Ma and will

look to create their own unique product. What I love about this IPO

is it has put two things on the map. The internet, which is great for us.

And it has put Asia on the map. People are realising that Asia can

create phenomenally large internet companies. There is probably

something like ten internet companies in South East Asia that a

publicly listed, four of those we have found it. None of those have

reached $1 billion yet. I prediction is that we will see the first US

billion`dollar company in the next few months. With the listing of

Alibaba, Jack Ma will have deep pockets of 25 billion US dollars.

How do you think he will capitalise? Will he look at the south`east Asian

market and other Asian markets was yellow he is an incredible guy, we

have known him for fit the news. I think he will go everywhere. His

ambition and drive unparalleled. He wants to be the biggest IPO in the

world, trying to raise more cash than anyone else. It is a profitable

business, this 20 billion they are raising is not to fund his business,

it is to go global. I think yes, they will look at America and

Europe, and definitely South East Asia. Like you said, you invest in

various sites. You think that Asian companies can compete with the likes

of the big Silicon Valley companies? Yes. I think at the end

of the day, if you are building a great e`commerce site in, let's say

Indonesia for example. You need to be on the ground, face`to`face,

involved in warehousing and delivery. Local entrepreneurs need

to be involved. There are millions of risks, let's say in e`commerce,

getting orders wrong. Getting delivery wrong, getting delivery

time is wrong, but colour and size. There is a whole multitude of things

that can go wrong. Meanwhile, the world's ultrarich are

getting richer, and there are more of them according to a new survey.

The US, Germany China have the most of the richest. `` Germany and

China. We find that wealth is created in waves. Many times, says

waves are in infrastructure national resources, in technology and other

businesses. We are seeing the next wave of wealth creation happening,

and there are certain individuals who will capture that and build huge

fortunes. What about geopolitical tensions? You have also outside of

the region. Can this also impact wealth and reduce the number of

billionaires in the region? Actually, I think it is going in the

other direction. It is the entourage. Entrepreneurs find

opportunities in capitalise on them. The fact that there is so much of a

growing consumer class, whether it is in China or the Philippines, it

is those same people who are becoming entrepreneurs and building

on that. The rich are getting richer and the poor are getting poorer. The

rich are getting richer, I will say that. Can a working man like you and

me billionaire? The answer is yes. Where they got involved in

technology or anything, they started early, they work hard into their

50s, still working extremely hard. And they are getting diversified.

They are buying their way into other companies, and most have done a very

good job at buying assets at the right time and the right place. Here

is a quick look at the markets. right time and the right place. Here

is a quick Most Asian shares are creeping higher. There was

speculation that the Fed would maintain low rates, and their

two`day policy meeting ends today. Thank you for investing your time

with us. Our top stories: President Obama has

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