:00:00. > :00:00.for a special programme on the referendum. We will be overseeing
:00:00. > :00:13.the results of the votes as they start coming in. More from me later.
:00:14. > :00:22.Friend or Foe- can the investment bank confront its critics as it
:00:23. > :00:27.prepares to hold its first meeting and working hard in the lap of
:00:28. > :00:36.luxury. An insider 's look of what it takes to run a 5-star hotel.
:00:37. > :00:45.Welcome. The China backed Asia infrastructure bank holds its first
:00:46. > :00:53.meeting this weekend with representatives from the 57 founding
:00:54. > :01:00.members. The bank is widely seen as a rival to the World Bank, led by
:01:01. > :01:10.the US, of course a number of US allies have joined it. I asked what
:01:11. > :01:13.is likely to be on the agenda? The second panel discussion is about
:01:14. > :01:18.green lending and investment. They are focused on the Click correct
:01:19. > :01:24.issues but there are going to be three things are discussed -
:01:25. > :01:34.firstly, a bit of getting the day you session. The organisation is
:01:35. > :01:42.less than a year old. -- getting to know you session. Secondly, other
:01:43. > :01:52.discussions with other multilateral banks. It is quite clear the AIIB is
:01:53. > :01:59.not in competition with these organisations but is cooperating
:02:00. > :02:05.with them. Thirdly, discussions with Boris and service providers to the
:02:06. > :02:13.AIIB. Very fascinating. They have their work cut out for them. What
:02:14. > :02:17.are some of the projects they have been funding and concerns that they
:02:18. > :02:23.may be critically motivated by Beijing? That was the initial
:02:24. > :02:30.concern. That this was really a political vehicle from China but in
:02:31. > :02:34.actual fact, a lot of those concerns have in dissipated over the course
:02:35. > :02:39.of the last year or two back. There will be about a dozen projects
:02:40. > :02:44.launched in the first year and pretty much all of those projects
:02:45. > :02:51.are going to be in infrastructure, obviously, but also in cooperation
:02:52. > :02:59.with other banks. This is not setting its own agenda but it is
:03:00. > :03:08.setting negotiations with other organisations. Has the US in Petterd
:03:09. > :03:13.and -- impediment been much of a hurdle? They have legitimate
:03:14. > :03:22.concerns but quite frankly it has not stopped the organisation romp
:03:23. > :03:31.setting up. There are 57 members. -- from setting up. They raise a
:03:32. > :03:38.sizeable outcome. Half of the capital of the World Bank. Pretty
:03:39. > :03:41.sizeable. Over the course of the coming decade, they could be a
:03:42. > :03:47.significant force in infrastructure investment. In Asia there is a
:03:48. > :04:00.Chilean demand in infrastructure needed. --8 trillion. A downgrade in
:04:01. > :04:07.growth forecast with a 2.2% prediction which is down from last
:04:08. > :04:12.year. Christine Lagarde, director of the IMF, called on the US to raise
:04:13. > :04:16.minimum wage and to encourage more women to work. The IMF chief says
:04:17. > :04:22.the Federal Reserve should avoid sudden moves on interest rates. Any
:04:23. > :04:32.such decision to increase rates should be data dependent, gradual
:04:33. > :04:40.and should clearly be focused on the objective of stability and not
:04:41. > :04:46.abrupt decisions, 1-way or the other. Shares of Tesla motors tanked
:04:47. > :04:52.by more than 10% after the electric car maker made an offer to buy the
:04:53. > :04:59.solar installation for them, solar city. $3 billion worth stop there
:05:00. > :05:06.was a lack of specifics on how a potential merger could bring savings
:05:07. > :05:14.to both companies. FedEx shares closed 5% lower after the company
:05:15. > :05:19.reported a company lost it blamed pension adjustment. And other
:05:20. > :05:26.factors. It has no clarity on how the acquisition will affect future
:05:27. > :05:32.earnings. Mitsubishi motors have forecast a net loss for the current
:05:33. > :05:39.business year in the wake of its current fuel scandal. It has been
:05:40. > :05:45.falsifying tests for decades. It led to a sell-off of Company shares
:05:46. > :05:52.dropping more than 3 billion dollars. Cathay Pacific has decided
:05:53. > :06:02.to ban the shipment of shark fins in all flights with immediate effect.
:06:03. > :06:08.It is a turnaround. It now joined the list of other international
:06:09. > :06:13.airlines who have adopted the ban, including Qantas and Singapore
:06:14. > :06:20.airlines. Coutinho is key when it comes to business but could also
:06:21. > :06:27.potentially be damaging? -- connection. In China, a study has
:06:28. > :06:31.looked at the impact it is having on the financial industry was concerned
:06:32. > :06:44.about relationships between financial analysts and fund
:06:45. > :06:52.managers. It exists in every society and culture. Even in the US and
:06:53. > :06:57.Europe, you find it affecting business relationship but in no
:06:58. > :07:04.other country is it more important than in China. The reason is pretty
:07:05. > :07:07.simple, the market is not well developed and the cost of
:07:08. > :07:17.transaction is pretty high so people have to resort to low-cost ways to
:07:18. > :07:26.do business. Is it potentially harmful to markets and what can and
:07:27. > :07:31.be done to regulate it? Financial analysts and fund managers find ways
:07:32. > :07:37.to collude and benefit each other rather than help small investors.
:07:38. > :07:44.The typical career past of a mutual fund manager is to work a few years
:07:45. > :07:56.in a brokerage house and then work as a fund manager. They keep these
:07:57. > :08:02.natural relationship. What is your dream job? Most people could name on
:08:03. > :08:06.the not everyone manages to make money the way they really want to.
:08:07. > :08:10.We are going to meet people from around the region who have made a
:08:11. > :08:19.career out of doing something quite cool. This week, we find out how one
:08:20. > :08:29.Polish man went from chef to running a 5-star hotel here, in Singapore. I
:08:30. > :08:37.the general manager of this hotel. Being operational manager in
:08:38. > :08:44.different destinations for almost 80 years --8. There are more
:08:45. > :08:56.responsibilities but I am going to be myself and am going to fix
:08:57. > :09:03.everything. When a look at myself today, I am very proud of what I
:09:04. > :09:10.have achieved. What drives me is of the same as what drove me 20 years
:09:11. > :09:15.ago-to be a better person, to live a better. I do not want to be the
:09:16. > :09:23.richest man in the world. I started as a chef. My aspiration was my
:09:24. > :09:28.uncle. I loved to sit next to him in the kitchen and looked at the way he
:09:29. > :09:35.was creating his food. That inspired me at the time to do something for
:09:36. > :09:43.others. To bring satisfaction and smiles to other people. I have seen
:09:44. > :09:50.so many different management styles and, you know, that is what drives
:09:51. > :09:57.me at the time, to come to work and learn how you talk, how you dress,
:09:58. > :10:04.how you create atmosphere in the hotel. If this is my last role, I do
:10:05. > :10:10.not know, in the sense of development. When I work, I have my
:10:11. > :10:23.pleasure element. I did not work hard to be stressed, I work hard to
:10:24. > :10:26.follow my passion. This is the end of the report. Stay tuned for
:10:27. > :10:39.sports, that his next. You are watching BBC News. The
:10:40. > :10:40.headlines: it is time