:00:00. > :00:13.Now on BBC News all the latest business news live from Singapore.
:00:14. > :00:19.The business of battling climate change. The UN Summit in New York
:00:20. > :00:30.sees China promising to cut its emissions. Fewer demands for coal
:00:31. > :00:36.are hitting the manufacturers hard. Thank you for joining us for Asia
:00:37. > :00:41.Business Report. At the end of a special summit on climate change in
:00:42. > :00:47.New York, the UN Secretary General said that never before had so many
:00:48. > :00:52.leaders come together for the business of reducing carbon
:00:53. > :00:56.emissions and said the summit had shown the international community
:00:57. > :01:00.could rise to the challenge. Speaking on the sidelines, the vice
:01:01. > :01:07.premier of China agreed with him and with Barack Obama that the largest
:01:08. > :01:14.admissions producing countries have a response ability to lead.
:01:15. > :01:20.TRANSLATION: We will announce actions after 2020 as soon as we can
:01:21. > :01:28.reduce carbon intensity and increase the share of nonfossil fuels, raise
:01:29. > :01:34.our forests stock and try to limit CO2 emissions as soon as possible.
:01:35. > :01:38.Next year, we will become the first Asian country to implement a
:01:39. > :01:47.nationwide emissions trading scheme. We will also let frugal
:01:48. > :01:56.consumers save electricity and send it back to the grid. We pledge to
:01:57. > :02:05.reduce our greenhouse gas emissions by 20% by 2020. The target will go
:02:06. > :02:13.up to 41%. We heard the pledges they are from China, South Korea and
:02:14. > :02:16.Indonesia. China making its first contributions and South Korea
:02:17. > :02:20.promising to be the first country in Asia to introduce an emissions
:02:21. > :02:27.trading scheme. For further commentary on this, we are joined by
:02:28. > :02:32.an economist. How significant is this goal of the Chinese to cut
:02:33. > :02:38.carbon emissions by 45% in six years time? It is the target and we must
:02:39. > :02:44.have them but for the whole point about climate change come a it is
:02:45. > :02:50.about boiling a frog in water. You slowly start heating up the water,
:02:51. > :02:53.it is not until the frog finds it intolerable to stay in the water and
:02:54. > :02:58.jumps out that people actually do anything. It is significant that
:02:59. > :03:03.these leaders are doing something now but unfortunately, they will all
:03:04. > :03:09.have bigger issues to worry about stop in the case of China, they will
:03:10. > :03:14.try to ensure that emissions peak at a certain time as early as possible
:03:15. > :03:16.but they will have big issues as well and climate change should be
:03:17. > :03:22.something they are thinking about the budget isn't really paramount.
:03:23. > :03:28.This comes as the Chinese economy is slowing down. Is reducing carbon
:03:29. > :03:32.emissions good economics for the Chinese? That is the crucial point
:03:33. > :03:37.and that is what I mean when I say they have other issues to worry
:03:38. > :03:41.about. They need to ensure that economic growth carries on at 7.5%
:03:42. > :03:46.this year and next year and if it doesn't, what will they do? Climate
:03:47. > :03:51.change will get put on the back burner for a while. Many of these
:03:52. > :03:54.leaders like to speak from both sides of their mouth at the same
:03:55. > :04:00.time and which one they speak out of is determined by the economy. They
:04:01. > :04:05.have to say the right things on a global stage. What about South Korea
:04:06. > :04:12.introducing their global initiative? That is a good example
:04:13. > :04:15.of them coming up with a scheme. No one knows whether it will in South
:04:16. > :04:20.Korea as it hasn't worked elsewhere in the world. Unfortunately, these
:04:21. > :04:25.leaders at these forums have to say something. They have to be seen to
:04:26. > :04:33.do something or else what is the point of turning up at? `` up? They
:04:34. > :04:39.got a good soundbite and they will have delivered their homework. You
:04:40. > :04:44.don't sound very hopeful about these reductions in carbon emissions.
:04:45. > :04:52.Thank you for joining us. Moving to other news. Barclays has been fined
:04:53. > :04:56.a record $62 million by a UK regulator for failing to keep its
:04:57. > :05:01.clients assets separate from its own. The bank said it did not profit
:05:02. > :05:08.from the issue and no customers lost out. This comes three years after
:05:09. > :05:13.the lending giant paid out $1.8 million for a similar problem.
:05:14. > :05:20.Prosecutors in South Korea are investigating the owners of Tesco
:05:21. > :05:25.after allegations that private information of customers was sold to
:05:26. > :05:32.insurance companies. Tesco said it was cooperating with the probe. In a
:05:33. > :05:39.separate case, they are also under fire in the UK after overstating
:05:40. > :05:43.their half your profit guidance. Demand for coal is having an impact
:05:44. > :05:48.on the world's largest mining company and it has meant lower
:05:49. > :05:54.prices for the commodity for BHP Billiton which plans to cut several
:05:55. > :06:01.hundred jobs in a joint coal mining venture with Mitsubishi in Japan. It
:06:02. > :06:06.represents about 7% of their total workforce and I spoke to a commodity
:06:07. > :06:13.analyst earlier about this, asking him if this was a drastic move. We
:06:14. > :06:17.do think it is drastic. If you look at what they have been doing over
:06:18. > :06:25.the last two years, they have been taking costs out of their operations
:06:26. > :06:31.successfully without really looking at its workforce. It did take out a
:06:32. > :06:36.jobs out of its coal operations and this is the first significant move
:06:37. > :06:41.we have seen in the reduction of their workforce in this particular
:06:42. > :06:47.sector. Could we see more layoffs going forward for BHP Billiton? We
:06:48. > :06:52.certainly think they will be continuing to look at their cost
:06:53. > :07:00.base and we could to say there might be other job layoffs in the future.
:07:01. > :07:07.Not so much in cold that probably a cross some of their other operations
:07:08. > :07:15.into the future `` across. We're it very closely. `` we are watching
:07:16. > :07:21.it. 100 million Chinese are expecting to move to cities by 2020
:07:22. > :07:28.and that puts pressure on the government to build economically
:07:29. > :07:37.sustainable cities. Our correspondent went to one such city
:07:38. > :07:42.and Tianjin. As you drive across the bridge, there is a definite sense of
:07:43. > :07:49.entering a different place. It is not so much the broad boulevards and
:07:50. > :07:53.tree`lined sidewalks or the reminders that 20% of the city's
:07:54. > :07:58.power will one day come from renewable energy. What is noticeable
:07:59. > :08:02.is what is missing. The overwhelming question as you walk around this
:08:03. > :08:07.city in the afternoon heat is where is everybody? The developers say
:08:08. > :08:11.they are coming and there are 12,000 residents already here, just two
:08:12. > :08:18.years ago there were virtually none. But that is a fraction of the
:08:19. > :08:26.350,000 the city will eventually support. In the local market, there
:08:27. > :08:32.is none of the usual bustle of food shopping and that the community
:08:33. > :08:36.centre, there is no lineup to play. But for locals like this woman and
:08:37. > :08:41.her friends, the environment is a big attraction. TRANSLATION: I used
:08:42. > :08:49.to live in a city and the air quality was not great. Here it is
:08:50. > :08:53.great. In a country notorious for polluted cities, this project is a
:08:54. > :08:59.commitment by China to build a sustainable urban centre. The sheer
:09:00. > :09:11.scale of the place makes it hard to replicate. It was planned to be
:09:12. > :09:15.highly workable... This man is in charge of everything from water
:09:16. > :09:21.quality to waste disposal. One of the biggest challenges is balancing
:09:22. > :09:24.everything. Do we go for the highest environmental targets or what the
:09:25. > :09:32.market can support? Only what you can sell at the moment? That's
:09:33. > :09:40.right. 60 `70% of the homes here are sold. On the Commercial Street 's,
:09:41. > :09:45.this woman has sold wine for the last two years and says more people
:09:46. > :09:52.are moving in and it gets busier every year. It is trying to attract
:09:53. > :09:58.new residents just as China's property sector slows down but the
:09:59. > :10:04.hope is that the promise of cleaner and Greener acts as a buffer against
:10:05. > :10:09.the headwinds. A brief look at the markets. Asian
:10:10. > :10:17.stocks art tracking the decline of Wall Street overnight `` are.
:10:18. > :10:25.Everyone is in negative territory. Japan, Hong Kong, and Australia.
:10:26. > :10:33.Thank you for investing your time with us.
:10:34. > :10:43.I'm Mike Embley. The top stories this hour. The US government has
:10:44. > :10:47.said Tuesday's airstrikes were successful but only the beginning of
:10:48. > :10:48.a sustained campaign against the