:00:00. > :00:00.A report says a Brexit could lead to a fall in the value of the pound,
:00:00. > :00:00.reduced economic growth, higher inflation and more unemployment.
:00:07. > :00:12.Now on BBC News all the latest business news live from Singapore.
:00:13. > :00:40.News and takes the helm at. We'll be scanned a payoff -- Nissan takes the
:00:41. > :00:50.helmet. Is it worth the payoff spotlight is on the shares of Nissan
:00:51. > :00:56.and Mitsubishi. They have spent money to become the biggest
:00:57. > :01:02.shareholders in the small vehicle market. We saw shares surging 16% on
:01:03. > :01:15.Thursday. This is where they are right now. Nissan is currently
:01:16. > :01:19.higher. It fell at -- it fell yesterday, we will keep an eye on
:01:20. > :01:27.it. Mitsubishi admitted that it had been cheating on fuel economy tests
:01:28. > :01:32.for 25 years. Nissan's boss said it is a win for both companies, but I
:01:33. > :01:40.put that question to an auto analyst. It's a low price to pay to
:01:41. > :01:46.control the interest and get an auto maker that has a fairly local reach.
:01:47. > :01:50.It's the move to restore confidence in Mitsubishi, which is critical
:01:51. > :01:56.this time. In this particular deal, you have a very experienced
:01:57. > :02:04.executive who has been able to successfully navigate through a
:02:05. > :02:08.complex alliance such as that with Nissan. This will be a piece of cake
:02:09. > :02:16.by comparison. The consolidation that is needed in the industry, it
:02:17. > :02:21.is a great benefit in distribution especially in South-East Asia where
:02:22. > :02:30.Mitsubishi fills gaps in the Nissan portfolio. There are a lot more
:02:31. > :02:34.worries about how the scandal could potentially become wise, isn't this
:02:35. > :02:39.a huge risk for Nissan? There is risk in any deal, not just the fact
:02:40. > :02:47.that there are liabilities here. I think this is a calculated risk.
:02:48. > :02:50.China has faced many allegations of hacking websites of American
:02:51. > :02:54.governments and companies, officials met again this week to try and reach
:02:55. > :03:00.some sort of agreement, with not much luck. A leading security expert
:03:01. > :03:04.from China is that they should work together. Our correspondent attended
:03:05. > :03:13.a rare event where some of the smartest hackers in China compete
:03:14. > :03:17.against each other. It's the gambling capital of the world.
:03:18. > :03:23.China's rich come here in the hope that they will leave even richer.
:03:24. > :03:30.But some want to be consistent. Behind closed doors, teenage
:03:31. > :03:36.hackers, too young to bet downstairs are competing. What do you like
:03:37. > :03:42.about hacking? I love it, and I love cyber safety. So much so that he
:03:43. > :03:47.practices one day a week. At 16, he thinks he may have a career in it.
:03:48. > :03:56.They raced against the clock to access a smart phone or a wireless
:03:57. > :04:02.router. It's all above board. A filmmaker and retail giant Alibaba
:04:03. > :04:08.Abbe is here to learn. Organisers insist that this is about exposing
:04:09. > :04:11.vulnerabilities and helping manufacturers make their technology
:04:12. > :04:15.more secure. They say it is definitely not about sharing the
:04:16. > :04:18.information with governments. It is better say that there are plenty of
:04:19. > :04:22.people who are very interested in what is going on inside this room.
:04:23. > :04:30.China's government works hard to control the Internet within its
:04:31. > :04:35.borders. Hacking as a weapon of war, that is a very sensitive issue. The
:04:36. > :04:40.geeks competing here want the focus to be on security and working with,
:04:41. > :04:46.not against, countries like the US. TRANSLATION: The department I am
:04:47. > :04:53.working for has found and solved many problems for international
:04:54. > :05:00.companies like Microsoft. Today we fixed 32 bugs which were found by my
:05:01. > :05:04.team this month. The best hackers in the world are apparently not in
:05:05. > :05:10.China. One of the organisers told me that Russia, Israel and America are
:05:11. > :05:14.leading the way. These competitions show that China is trying to catch
:05:15. > :05:22.up, all in the name of Internet security.
:05:23. > :05:27.To our special series on the beef trade in India. It supplies about
:05:28. > :05:33.20% of all worlds beef, but it is the topic of religious debate. A ban
:05:34. > :05:37.on slaughter and consumption has been extended to all members of the
:05:38. > :05:39.cow family because of Hindu beliefs. It affects not just farmers but
:05:40. > :05:55.associated industries. These leather sandals are an iconic
:05:56. > :06:03.product of this region. They support a huge industry here. Over the last
:06:04. > :06:07.year, a ban on cow slaughter in the State was extended to the main
:06:08. > :06:13.source of the leather used to make these slippers. This has squeezed
:06:14. > :06:20.the supply of Labour, pushing up the prices. That is making customers
:06:21. > :06:27.unhappy, say retailers. Business has come down by 40%. Customers used to
:06:28. > :06:31.buy four or five pairs, because the shoes were so good. Now they
:06:32. > :06:37.complain that the prices are too high and by just one or two pairs.
:06:38. > :06:45.It's hard to believe that factories like this once made products sold in
:06:46. > :06:48.markets, and in the US or Australia. It is no longer as lucrative to be
:06:49. > :06:55.in this business, it's getting harder to find younger workers who
:06:56. > :07:01.want to learn these skills. Once employing over 100,000 workers, the
:07:02. > :07:06.traditional slippers industry now has less than one tenth of that
:07:07. > :07:12.number. This man learnt his skills as a child and has been making shoes
:07:13. > :07:18.for 55 years. Working 12 hours a day, he makes just $30 a month. His
:07:19. > :07:22.sons still want to be in this trade. The industry is dying. We don't have
:07:23. > :07:26.enough to make ends meet. We don't even get good leather any more. How
:07:27. > :07:34.do we make good shoes? All of us will be out of jobs soon. The
:07:35. > :07:37.industry was already shrinking, and the beef ban seems to have been the
:07:38. > :07:45.final blow. Many worry it will be difficult to recover from. A piece
:07:46. > :07:54.of local history, along with these livelihoods, might be lost for ever.
:07:55. > :07:59.It's a show that is normally synonymous with Las Vegas, but the
:08:00. > :08:11.Consumer Electronics Show is being held in Shanghai this week. It
:08:12. > :08:39.brings the world's biggest names in technology together.
:08:40. > :08:52.Can China compete with the US in terms of innovation? We are joined
:08:53. > :08:59.by Jeremy from Shanghai. Describe the show to us, how busy is it? Is
:09:00. > :09:05.it as big and exciting as it lost a counterpart? That is the big
:09:06. > :09:10.question. The gig me if I sound a bit strange, it is very loud. It is
:09:11. > :09:17.not as big as the Las Vegas exposition, which is enormous. Las
:09:18. > :09:22.Vegas is preposterously big. This is a more manageable size. The show
:09:23. > :09:27.producers have told me it is twice as big as it was last year. You can
:09:28. > :09:34.see that many of the booths are on the same scale as the ones in Las
:09:35. > :09:40.Vegas. They are showing of all the latest gadgets. Tell us about the
:09:41. > :09:47.gadgets. What do you think will be the next big thing? The biggest buzz
:09:48. > :09:51.word is virtual reality. There are a number of headsets you where, you
:09:52. > :09:56.put your smart phone in and you are in another world. There are a dozen
:09:57. > :10:03.companies selling them here, so there are a lot of products. The
:10:04. > :10:07.latest I have seen are a pair of sunglasses, they look like sports
:10:08. > :10:12.sunglasses but they pack the technology in there. We are seeing a
:10:13. > :10:16.number of Chinese companies, about 40%. Is this a real innovation,
:10:17. > :10:24.there is criticism that they could be copying? It's a loaded question,
:10:25. > :10:31.but a good and important question. The virtual reality headset for
:10:32. > :10:34.example. Samsung and HTC did it originally, but you also have
:10:35. > :10:40.Chinese companies doing the exact same thing. Are they copying? I
:10:41. > :10:45.would argue that the sunglasses are innovation, but the others are maybe
:10:46. > :10:50.just knockoffs. There was a lot of stuff going on behind you, but thank
:10:51. > :10:57.you so much for coming on the programme. That is it for this
:10:58. > :11:03.edition of Asia Business Report. Thank you for joining us.
:11:04. > :11:06.The top stories this hour: Defeated but defiant, Brazil's