:00:00. > :00:16.Now on BBC News all the latest business news live from Singapore
:00:17. > :00:26.Toshiba is expected to confirm massive job cuts.
:00:27. > :00:30.And we will look at one of India's most famous year ago gurus, who is
:00:31. > :00:38.using his fame to sell everything from shampoo to instant noodles.
:00:39. > :00:47.Hello and welcome to Asia Business Report. Toshiba has been in trouble
:00:48. > :00:51.for a long time. A massive accounting scandal revealed that for
:00:52. > :00:54.years the conglomerate had inflated profits to cover up losses. As part
:00:55. > :01:02.of the scramble to form a new structure, the company will cut 7000
:01:03. > :01:07.jobs. This Monday is the day many expected official confirmation.
:01:08. > :01:11.Shares are down as much as 10%. I asked how the firm can reinvent
:01:12. > :01:16.itself. Toshiba consists of hundreds and
:01:17. > :01:20.hundreds of businesses, from semiconductors to rice cookers to
:01:21. > :01:27.white goods to nuclear power stations to smart metres. There are
:01:28. > :01:32.so many different businesses. Many of them are good businesses on their
:01:33. > :01:36.own. But overall, there was no growth and no profits for 20 years.
:01:37. > :01:44.That should have been tackled much earlier. Very briefly, where just a
:01:45. > :01:51.shiver go from here? How can it mitigates its losses and move
:01:52. > :01:58.forward? They would be to look at every single business units on their
:01:59. > :02:09.own. If we look at image sensors, they will be sold to Sony now. PCs,
:02:10. > :02:20.it is another matter. IBM sold PCs in 2004, 11 years ago, to Lenovo.
:02:21. > :02:23.The International Monetary Fund has long been criticised for being out
:02:24. > :02:29.of touch with today's economic realities. Voting rights are heavily
:02:30. > :02:34.slanted towards Washington and Europe. At the US Senate has finally
:02:35. > :02:41.adopted long-awaited reforms to give emerging economies a greater say in
:02:42. > :02:47.how they are managed. European economies will see their voting
:02:48. > :02:54.rights diminished. I asked why it has taken so long to make the
:02:55. > :02:59.changes. The reason it took so long is the US has dominated with the
:03:00. > :03:08.road organisations. It has been difficult for the US to accent the
:03:09. > :03:16.power they have had. -- accept. That was hard to accept in the US. How
:03:17. > :03:23.much does it mean? The step itself does not mean that much. But it does
:03:24. > :03:26.show how the world has changed. Emerging markets are a lot more
:03:27. > :03:34.important for the world economy than they used to be. More important than
:03:35. > :03:37.the advanced economies. Europe has diminished voting rights. What will
:03:38. > :03:44.this mean that with the economic balance globally. We always think as
:03:45. > :03:53.the IMF as part of a US dominated international economic system. They
:03:54. > :04:00.do not drive the world economy. They deal with particular aspects.
:04:01. > :04:06.Helping some countries grow. It is not a fundamental change in the way
:04:07. > :04:13.the economy works. It is an indication that we will have a
:04:14. > :04:20.balance of power. The US together with Europe dominated those
:04:21. > :04:26.decisions. The balance is shifting to Asia and China, which has set up
:04:27. > :04:36.what is seen as a rival to the IMF and the World Bank. How will
:04:37. > :04:45.China's more vocal presence affect the fact that you have got this
:04:46. > :04:47.other organisation? Each of these organisations have their own
:04:48. > :04:54.objectives. There is a bit of overlap, and competition. It is a
:04:55. > :05:15.reflection that we have a multi polar world.
:05:16. > :05:18.In other business news, countries in the World Trade Organisation have
:05:19. > :05:29.agreed to abolish certain farming subsidies. Star Wars has generated
:05:30. > :05:33.more than $500 million in its opening weekend.
:05:34. > :05:39.It also smashed the box office record in the US, topping Jurassic
:05:40. > :05:45.world. Walt Disney page $4 billion for the rights to the series.
:05:46. > :05:48.Investors in Asia are seeing a volatile year draw to a close.
:05:49. > :05:53.Chinese shares went on a rollercoaster ride this summer,
:05:54. > :06:04.sending shockwaves around the globe. A hike in interest rates has also
:06:05. > :06:12.set in uncertain track. What is in store for 2016?
:06:13. > :06:16.We will see the same kind of mixed year as we saw in 2015, especially
:06:17. > :06:25.from an economic and market perspective. The economic stories we
:06:26. > :06:31.have is slow and low. Slow with pace of growth and low with level of
:06:32. > :06:35.inflation. We have the policies in emerging markets which will
:06:36. > :06:44.counterbalance the effort of what we see. Slow and low, you say, but the
:06:45. > :06:53.concern in this part of the world and is China's slowing growth. Where
:06:54. > :06:57.do you see Chinese growth headed? For Chinese growth, it is slowing.
:06:58. > :07:02.This is not something we will see changing next year. We have a
:07:03. > :07:11.slightly lower consensus for economic growth next year at 6%. The
:07:12. > :07:16.lower than this year, of course. We see there is enough room for Chinese
:07:17. > :07:22.policymakers to avoid the so-called hard landing that investors are
:07:23. > :07:28.afraid of. She is one of India's most famous
:07:29. > :07:32.yoga gurus, well-known for a mass exercise sessions. But now he is
:07:33. > :07:38.using his brains to sell everything from shampoos and serial to skin
:07:39. > :07:43.creams and instant noodles. They have had sales of more than $300
:07:44. > :07:54.million in the last year. We went to northern India to find out more.
:07:55. > :08:03.Exercise mixed with a little bit of entertainment. It is not hard to see
:08:04. > :08:06.why it he has such mass appeal. But the yoga kuru has now turned his
:08:07. > :08:18.attention to something far more commercial. A
:08:19. > :08:22.fastest growing consumer goods companies. TRANSLATION: In this
:08:23. > :08:26.country, cosmetics, food products and medicines are mostly made and
:08:27. > :08:31.sold by foreign multinational companies that take India's money.
:08:32. > :08:36.We want the money to stay in the country. That is why we started
:08:37. > :08:41.this. She is not a stakeholder in the company and it is run by his
:08:42. > :08:49.followers. But he is its biggest ambassador. One of the reasons why
:08:50. > :08:54.these products are selling fast is because they are well below the
:08:55. > :08:58.competition. The company says it can afford that because it does not need
:08:59. > :09:02.a big advertising budget. They have millions of ardent followers thanks
:09:03. > :09:09.to yoga. Many can be convinced to buy this brand. But made from cows
:09:10. > :09:15.milk is the bestselling product. But you will find a wide range of goods
:09:16. > :09:21.on display. His latest product, instant noodles, has earned him a
:09:22. > :09:27.fair bit of criticism, and got him on a tangle with food safety
:09:28. > :09:34.authorities. The company denies this and says the issue has been sorted.
:09:35. > :09:38.It is not the only controversy surrounding the firm, which has had
:09:39. > :09:43.more than 100 cases registered against it. Land grabs and tax
:09:44. > :09:48.evasion are among the claims. TRANSLATION: Not even one quote has
:09:49. > :09:57.put in any order against us. Whatever the cases find, we will
:09:58. > :10:05.answer to government departments. Unfazed by the claims, the plans to
:10:06. > :10:11.launch a of beauty and baby products soon. Expanding at a breathless
:10:12. > :10:22.pace. Quite flexible of the exercises he is so well known for.
:10:23. > :10:26.I am sure the markets need that energy. Today they are all the work,
:10:27. > :10:36.as you can see. They are taking their cues from Wall Street. It is a
:10:37. > :10:49.holiday period. That is it for this addition of Asia Business Report.