:00:00. > :00:07.at the general election is a vote for labour's Ed Miliband. Let's find
:00:08. > :00:08.out what is happening in the business world, with Asia Business
:00:09. > :00:20.Report. `` Labour. Police crack down on protesters in
:00:21. > :00:25.Hong Kong. Its stock market falls, and several banks suspend
:00:26. > :00:27.operations. Rockstar welcome for India's PM, but will that translate
:00:28. > :00:43.to business deals? Welcome to Asia Business Report.
:00:44. > :00:48.Hong Kong traders are bracing for a sell`off this Monday, with markets
:00:49. > :00:52.already lower. Any are making plans to work outside the financial
:00:53. > :00:58.district. That is after the biggest police crackdown in the city since
:00:59. > :01:03.it was returned to Chinese rule. Police used tear gas to break up the
:01:04. > :01:06.demonstrations, after protesters locked traffic in and around the
:01:07. > :01:11.central business district. It is home to the world's fifth`largest
:01:12. > :01:15.stock market. 29 branches of 17 banks have suspended operations
:01:16. > :01:19.today. Let's have a look at the markets, they have been open for
:01:20. > :01:28.about an hour, and they have fallen to a two`month low, sinking well
:01:29. > :01:30.over 1%. That is following the weekend unrest, as you can see.
:01:31. > :01:33.over 1%. That is following the weekend unrest, as you can The Hang
:01:34. > :01:38.Seng is down considerably over 500 points. The closure of some of the
:01:39. > :01:44.city's most busy roads lead to widespread chaos. Some bank branches
:01:45. > :01:48.are shut, as our schools. That is not the case with all the markets,
:01:49. > :01:53.because Japan's Nikkei is higher, mainly because it is aided by the
:01:54. > :01:56.weakness of the yen. That is boosting the export sector,
:01:57. > :02:04.Australian shares being hit by falls in iron ore prices. Mark Konan is
:02:05. > :02:09.the chief executive of Cathay combing asset management in Hong
:02:10. > :02:14.Kong. He explains how the violence has affected the city. This is a
:02:15. > :02:17.question of access to offices and public transport, and that is where
:02:18. > :02:24.the disruption is most heavily felt this morning. A number of train
:02:25. > :02:30.stations have been extremely congested, as access to those has
:02:31. > :02:32.been restricted. A number of bus services servicing the key areas on
:02:33. > :02:37.the island, the business district is, have been rerouted, which is
:02:38. > :02:42.made life more difficult for those trying to get to work. Schools in
:02:43. > :02:46.the central area on the island as well have been closed, which did
:02:47. > :02:51.ease traffic this morning. As you say, tourist arrivals could be
:02:52. > :02:55.heard. This comes at a time anyway with the clampdown on conspicuous
:02:56. > :02:59.consumption in China, which is affecting the retail industry in
:03:00. > :03:03.Hong Kong will broadly. Very quickly, do you think all of this
:03:04. > :03:08.will be a short`term impact, or are they concerned it could: longer?
:03:09. > :03:14.Especially as there is no sign of China or the Hong Kong government
:03:15. > :03:18.giving in? It started off this time as a student protest, and it has
:03:19. > :03:24.been taken on by the occupier central movement. `` occupier
:03:25. > :03:29.central. The stand`off has become a little bit out of control, but
:03:30. > :03:33.whether this leads into a further stand`off where it extends in terms
:03:34. > :03:36.of further progress in the central business district, I think it's
:03:37. > :03:43.largely rest in the reaction we see from the leadership here, and what
:03:44. > :03:48.reaction we are going to get from Beijing. Given it is a short week,
:03:49. > :03:54.things could get difficult in and around the public holiday. The
:03:55. > :03:58.Indian PM, Narendra Modi, has been given a welcome normally reserved
:03:59. > :04:06.for rock stars on his visit to the US. His appearance at Madison Square
:04:07. > :04:10.Garden on Sunday sold out. It is a trip focused on boosting trade, and
:04:11. > :04:17.Narendra Modi is expected to hold meetings with leaders from several
:04:18. > :04:21.Fortune 500 companies, including Pepsi Cola, Boeing and Google. Our
:04:22. > :04:29.business correspond it asked the head of the US business alliance if
:04:30. > :04:33.he can deliver. I think his track record is very good, which is why he
:04:34. > :04:44.got elected with such a mandate. The difference is this mandate is that
:04:45. > :04:49.because of the coalition government, he has a clear mandate. With that he
:04:50. > :04:55.can get things done. The odds are that he will get things done. Is
:04:56. > :05:00.this visit hitting the reset button? I think it is more than hitting the
:05:01. > :05:07.reset button. For a person who is persona non grata until about a year
:05:08. > :05:11.ago, he has now been posted for lunch by the vice president and
:05:12. > :05:20.Secretary of State, he is making the defence secretary and being hosted
:05:21. > :05:27.by the Congressional organisation, I think that button has been hit very
:05:28. > :05:31.hard. Bank in Japan is in talks to acquire DreamWorks, the animation
:05:32. > :05:38.studio behind the movies Schreck and Madagascar. It is set to be worth
:05:39. > :05:45.$3.4 million. It would be the second Japanese finance company to buy a
:05:46. > :05:53.Hollywood studio. China's e`commerce giant, Ali Baba, has bought a 50%
:05:54. > :05:59.stake in a Chinese technology company. It is a firm's first big
:06:00. > :06:08.investment since his record`breaking share listing in New York. The
:06:09. > :06:10.collapse of Indian carrier Kingfisher airlines was an
:06:11. > :06:16.embarrassment for the aviation industry in India, and the
:06:17. > :06:20.businessman behind it. Now, a bank has declared him a wilful default
:06:21. > :06:26.over debts that he racked up while he had the airline.
:06:27. > :06:29.At the height of his success, veejay Mallya was known as the king of The
:06:30. > :06:33.Times, and there were plenty of those. A one`time billionaire,
:06:34. > :06:41.thanks to his success in the alcohol industry, his flamboyant lifestyle
:06:42. > :06:45.led him to be referred to as the Richard Branson of India. But since
:06:46. > :06:50.Kingfisher was grounded due to massive losses, is business prospect
:06:51. > :06:54.of change dramatically. This was the headquarters of Kingfisher Airlines,
:06:55. > :06:58.in the heart of Mumbai. It is close to the airport, and one of many
:06:59. > :07:02.properties that were taken over by the bank after the company failed to
:07:03. > :07:07.repay its debts. It owes nearly $1.2 billion. Now, the lenders are trying
:07:08. > :07:14.to claw back some of that money by selling these assets. Earlier this
:07:15. > :07:20.month, one of those lenders declared him and his airline a wilful
:07:21. > :07:23.default. A term for those believed to have deliberately not met their
:07:24. > :07:27.payments, even though they were able to pay. Many more banks are expected
:07:28. > :07:34.to follow suit with the same declaration. That is damaging. Once
:07:35. > :07:37.tagged as a wilful default, people can be barred from accessing Indian
:07:38. > :07:42.financial markets to raise funds, and are kept out of influential
:07:43. > :07:45.corporate positions. Kingfisher Airlines, which has gone to the
:07:46. > :07:56.courts to fight these charges, has said...
:07:57. > :08:06.For now, his options are limited. He has to figure out a way to pay gap,
:08:07. > :08:13.or convince the bank that he genuinely does not have funds to
:08:14. > :08:16.clear his debts. Either way, the making good times now faces some
:08:17. > :08:21.tough debts instead. For the first time, the Xbox will go
:08:22. > :08:28.on sale in China. This is after a lifting of a government ban on on
:08:29. > :08:31.game consoles. All years, Microsoft, Sony and Nintendo wanted access to
:08:32. > :08:37.the Chinese market, but as our Beijing correspondent reports, they
:08:38. > :08:41.will now face tough competition. They are old school and still going
:08:42. > :08:46.strong. But with China now lifting its ban on and gaming consoles, some
:08:47. > :08:54.warn that these arcade could soon become a thing of the past. I'm
:08:55. > :08:59.going to let you into a little secret. Despite the ban, millions of
:09:00. > :09:12.consoles have already been sold in China. This man bought his Xbox on
:09:13. > :09:19.the black market. Like many, he is a fan of violent games, but he says
:09:20. > :09:22.that if these games, as seems likely, are banned by the
:09:23. > :09:27.government, then an official sales will start struggle to take off.
:09:28. > :09:31.TRANSLATION: I think players would be willing to buy the official Xbox,
:09:32. > :09:34.as long as they can get the good games. But if there are
:09:35. > :09:43.restrictions, people won't pay hundreds of dollars to play boring
:09:44. > :09:50.games. Because of rampant piracy, china's games industry develops
:09:51. > :09:54.differently from the West. Videogame companies, like this one in Beijing,
:09:55. > :09:59.aim to first hooked the player in hope of future profits. TRANSLATION:
:10:00. > :10:05.Chinese games had the runway of making money. Players download them
:10:06. > :10:10.for free, we give the best thing they can offer, and if they like the
:10:11. > :10:13.game they can pay for extra items. All the games at this company are
:10:14. > :10:18.actually being developed for mobile phones. That is because China sees
:10:19. > :10:26.the smart phone and not the console is the future of gaming here.
:10:27. > :10:32.Are very quick recap of the markets. Our top line about the protests in
:10:33. > :10:33.Hong Kong, that has impacted the market, which is down to a 2.5 month
:10:34. > :10:49.low. Welcome back. A reminder of the
:10:50. > :10:53.BBC's top stories this power. Hong Kong protests are escalating,
:10:54. > :11:00.thousands continuing to defy police and authorities. The Islamic State
:11:01. > :11:02.advance into Iraq is now less than ten kilometres to from