:00:00. > :00:10.Now on BBC News, all the latest business news live from Singapore.
:00:11. > :00:20.Asian stocks back the trend after a day of turmoil sparked by plunging
:00:21. > :00:31.oil prices. And the signal all the noise. With the promise of big data
:00:32. > :00:36.make a difference to the economy? Welcome to Asia Business Report.
:00:37. > :00:43.Regional stock markets are all up this morning after what was dubbed a
:00:44. > :00:49.Black Wednesday amongst analysts as stocks dived to their lowest levels
:00:50. > :00:53.since May 2009 on Wednesday with investors spooked by the relentless
:00:54. > :01:02.slide in oil prices. UK, French and Japanese shares fell by more than
:01:03. > :01:05.20%. Wall Street had 500 point shaved off the Dow Jones in the
:01:06. > :01:08.first hour of trade. It is those worries about oil, China and the
:01:09. > :01:14.Federal Reserve that sparked the selloffs. This is how the US ended.
:01:15. > :01:20.They recovered some of their steeper losses. Asian shares this Thursday
:01:21. > :01:28.have all opened higher. We are seeing the Nikkei up of 1%. The Hang
:01:29. > :01:38.Seng has opened higher as well, and although that is not reflecting yet.
:01:39. > :01:42.We know China's markets are open now as well. We can get an update from
:01:43. > :01:49.our correspondent at the Hong Kong stock exchange. We are seeing this
:01:50. > :01:56.pickup in Hong Kong as well, I believe. What have traders there'd
:01:57. > :02:05.been telling you in terms of this volatility in the markets? The Hong
:02:06. > :02:10.Kong shares have just opened, 1% higher in line with what we have
:02:11. > :02:15.been seeing in Japan and Australia. In the last few seconds, though,
:02:16. > :02:24.those games have started to be paid. The Hang Seng index now up 0.7%. We
:02:25. > :02:29.will have to see if those games are managed -- games are held onto. I
:02:30. > :02:35.have been speaking to traders this morning who say this is a moderately
:02:36. > :02:40.more optimistic trading day, but they say there is not much
:02:41. > :02:45.conviction among investors. That means this very modest recovery may
:02:46. > :02:51.not last. One of the traders even refer to this as a possible dead cat
:02:52. > :03:01.bounce, a term coined in the 1980s to describe a short lived recovery.
:03:02. > :03:04.Especially during an overall environment where stocks were still
:03:05. > :03:07.falling. We will have to see throughout the rest of the day
:03:08. > :03:14.whether that indeed is what happened overnight. Again, the suggestion
:03:15. > :03:20.this volatility might continue. Certainly a fragile and cautious
:03:21. > :03:23.recovery in the market. A lot of economists have been talking
:03:24. > :03:30.recently about a correction from those highs. The Nikkei is down over
:03:31. > :03:39.20% since its 2015 high. Is this the start of a bear market? Certainly
:03:40. > :03:43.for the Japanese market, it is already be start of a bear market.
:03:44. > :03:48.There are similar worries in Hong Kong as well. Some of the reports
:03:49. > :03:54.from economists are expecting the Hong Kong dollar, which is tightly
:03:55. > :03:59.pegged to the US dollar but still manages to trade within a fairly
:04:00. > :04:06.narrow band, to become weaker within that band. Possibly prompting the
:04:07. > :04:11.central bank year to intervene to maintain and defend that peg. One of
:04:12. > :04:16.the reasons the stock market fell by almost 4% yesterday is there where
:04:17. > :04:22.rumours or thoughts being bandied about that perhaps that peg can't be
:04:23. > :04:35.defended. We will leave it there. Thank you. Let's take a look at
:04:36. > :04:38.India, which is forecast to make the world's fastest-growing economy this
:04:39. > :04:44.year. That is according to the International Monetary Fund. With
:04:45. > :04:48.China's stole the economy, the India's central bank governor says
:04:49. > :04:53.their economy is heading in the right direction to become the engine
:04:54. > :04:57.of global growth. He speak to a reporter at the world economic Forum
:04:58. > :05:04.in Davos. I think we are much smaller than China. How that growth
:05:05. > :05:10.translates into dollars, we will not produce the same as China. But I
:05:11. > :05:17.have no doubt that we will produce an increasing amount of goods for
:05:18. > :05:23.other countries over the next 5-10 years. I think growth will pick up
:05:24. > :05:28.from here. We will get stronger. Eventually, we will be of a size
:05:29. > :05:34.that China is today, and have the ability to say we can replace
:05:35. > :05:37.Chinese growth. Just not now. Do you have a sense of when that might be?
:05:38. > :05:46.That is an interesting thing to claim. We are 10- 15 years behind
:05:47. > :05:49.China in terms of our reformed path. We are not going down the same road
:05:50. > :05:54.as China. We are doing different things. We may not be the
:05:55. > :05:55.manufacturing hub of the world, but we will surly do a lot more
:05:56. > :06:02.manufacturing there we do certainly. But we may be the service
:06:03. > :06:06.hub of the world and we may be where people get medical operations done.
:06:07. > :06:10.People may consultancy services. We would do
:06:11. > :06:26.things differently. They even our great to decorate and the fact that
:06:27. > :06:26.in terms of what we are providing the world, we should be in a similar
:06:27. > :06:41.position cuts which could affect its Asian
:06:42. > :06:43.operations. More than 1000 jobs are expected to be axed across its
:06:44. > :06:50.investment bank. If confirmed, it will be the first big strategic move
:06:51. > :06:57.made by the new chief executive. His predecessor had promised to cut 7000
:06:58. > :07:02.jobs over three years. The digital universe is growing at a
:07:03. > :07:05.rapid rate. At the world economic Forum, business leaders are
:07:06. > :07:10.scratching their heads over how to analyse massive amounts of
:07:11. > :07:15.information. And how much protection they should give their consumers. We
:07:16. > :07:20.now report on the debate over big data.
:07:21. > :07:24.All of us are producing data all of the time. Without even knowing it.
:07:25. > :07:31.The frequency and quantity with which it is being generated have
:07:32. > :07:36.ended the title big data. -- and it. There is so much companies are
:07:37. > :07:40.springing up with the sole aim of sifting through it. The best use of
:07:41. > :07:44.the data ironically is to make it as small as possible because consuming
:07:45. > :07:52.all of that information is impossible. I think a lot of
:07:53. > :07:59.technologies can package big data in a way that takes the mass and sheer
:08:00. > :08:02.size out of the equation and points you to the right information at the
:08:03. > :08:07.time you needed to make the right decision. In 2013, under a quarter
:08:08. > :08:16.of digital data was considered useful. By 2020, it will be over a
:08:17. > :08:21.third. Here at Davos, collecting business cards is very much part of
:08:22. > :08:25.the way people interact. But what businesses do with this
:08:26. > :08:31.information, how they collated and use it, even whether they feel free
:08:32. > :08:36.to pass it on, these are becoming very relevant questions. Some of the
:08:37. > :08:40.algorithms are getting so sophisticated in their ability to
:08:41. > :08:46.not just predict where we are going to be, what we will like, etc. The
:08:47. > :08:51.choices we make. But to use that to influence ours. I think it is in
:08:52. > :08:57.that moment I become uncomfortable -- influence us. The explosion of
:08:58. > :09:01.data has many possible applications, especially in the health sector. The
:09:02. > :09:06.challenge is to control how it is used. We need to move to a world
:09:07. > :09:13.where people who use data professionally have systems which we
:09:14. > :09:17.call accountable systems, which track not only what you are doing
:09:18. > :09:23.with the data at why you are doing it. So for example at a patient, I
:09:24. > :09:28.can go to a hospital website and not only download my data also see a
:09:29. > :09:33.list of people who have looked at it and see what is going on. In Davos,
:09:34. > :09:39.business leaders place a premium on the privacy of their conversations.
:09:40. > :09:45.Many consumers now want the same level of control.
:09:46. > :09:50.Let's take a look at those markets again. We can show you what the
:09:51. > :09:55.Chinese markets are doing and how they have opened. They both opened
:09:56. > :09:58.lower cost up that is defying the trend from the rest of the region,
:09:59. > :10:07.as we are seeing gains from any other markets including Hong Kong,
:10:08. > :10:10.which is opened up over 1%, and this is essentially reversing what is
:10:11. > :10:14.being called a Black Wednesday because we did see huge selloffs on
:10:15. > :10:17.Wednesday. But this Thursday morning, we are seeing the markets
:10:18. > :10:21.turnaround. Some investors saying there is perhaps bargain-hunting on,
:10:22. > :10:26.the sentiment is still very fragile. That is it for this edition of Asian
:10:27. > :10:37.business report. They give are watching.
:10:38. > :10:44.You are watching BBC News. The headlines: Billions of dollars have
:10:45. > :10:48.been wiped off stock market around the world because of growing concern
:10:49. > :10:49.about the economic slowdown. But early