:00:08. > :00:09.I'm Babita Sharma with BBC World News.
:00:10. > :00:14.China reacts defiantly after an international tribunal
:00:15. > :00:17.rules against it in the South China Sea dispute.
:00:18. > :00:21.The US has urged China to abide by a ruling that its territorial
:00:22. > :00:24.claims in the South China Sea have no legal basis.
:00:25. > :00:27.The court found in favour of the Philippines in a long-running
:00:28. > :00:35.dispute about who owns hundreds of islands and coral reefs.
:00:36. > :00:40.Two passenger trains have crashed head-on in southern Italy leaving
:00:41. > :00:45.The trains collided on a single track near the city of Bari.
:00:46. > :00:47.Rescuers are still trying to free some of the passengers
:00:48. > :00:50.And this is trending online: An Eagle has been caught trying
:00:51. > :00:54.to fly off with a slightly larger mammal - a human child.
:00:55. > :00:55.It happened at the Alice Springs desert park.
:00:56. > :01:06.The eagle wasn't successful and the boy was unhurt.
:01:07. > :01:09.And the top story here in the UK: The Labour Party's National
:01:10. > :01:11.Executive Committee has voted to automatically include
:01:12. > :01:13.Jeremy Corbyn on the ballot for the party leadership race.
:01:14. > :01:24.His opponents had wanted to force him to gather nominations.
:01:25. > :01:47.Soothing troubled markets. The Hong Kong finance secretary restores
:01:48. > :01:50.meshes to soften the impact of the Brexit vote -- measures. Today,
:01:51. > :02:00.commercials are running longer and longer. We find out why. Good
:02:01. > :02:09.morning Asia. Hello world. Glad you can join us. We kickoff with Hong
:02:10. > :02:13.Kong and the Financial Secretary has told the BBC more has to be done to
:02:14. > :02:18.restore confidence in international markets following Britain's decision
:02:19. > :02:29.to leave the EU. In Asia Hong Kong is thought to be the most at risk
:02:30. > :02:36.from the prospect of Brexit. Certainly, with a referendum
:02:37. > :02:41.decision like what we have now, it is not big on confidence. So I think
:02:42. > :02:48.that need some repair. I think for one thing, they should do more
:02:49. > :02:55.roadshows going around the world to assure people of the markets in the
:02:56. > :03:04.UK will continue to operate in the normal way. That sort of assurance
:03:05. > :03:08.is important. Do you see the British pound continuing its slide against
:03:09. > :03:16.Asian currencies? It has gone down around 10% so far. It is quite
:03:17. > :03:21.substantial. I suppose they should be able to hold at this level for a
:03:22. > :03:26.while. Wasn't it quite a bad outcome for Asian economies wanting to
:03:27. > :03:29.export? Given the current situation, I think the demand in the UK would
:03:30. > :03:35.diminish. It has been a problem since 2008. The entire of Europe
:03:36. > :03:45.hasn't had much demand for goods from anywhere. And for example, Hong
:03:46. > :03:50.Kong, trade is about four times GDP. Without trade, it really doesn't
:03:51. > :03:55.have an impact on our GDP. Do you think the Brexit referendum comes
:03:56. > :04:02.for Hong Kong at a delicate time? The economy contracted 0.4% in the
:04:03. > :04:05.first quarter, another three months of contraction would imply a
:04:06. > :04:10.technical recession. Is that where Hong Kong is headed? The first
:04:11. > :04:15.quarter has been a difficult one. The second quarter so far doesn't
:04:16. > :04:22.look so bad. I don't think we will get into a technical recession
:04:23. > :04:28.situation. But we are in a difficult situation and now the Brexit has
:04:29. > :04:34.become a reality. We will have to watch closely what other factors
:04:35. > :04:37.will contribute. The Hong Kong financial Secretary speaking with
:04:38. > :04:44.our correspondent. Leaders of the aviation world gathered in the UK
:04:45. > :04:52.for an airshow with a full quota of machinery on display on the ground
:04:53. > :04:57.and in the air. The first appearance of the F35 Lightning Two, which was
:04:58. > :05:00.supposed to be a technological leap forward that hasn't gone entirely to
:05:01. > :05:06.plan, as our correspondent reports. After years of anticipation and
:05:07. > :05:08.delays, the F35 Lightning Two finally made its international
:05:09. > :05:13.debut, flying through the cloudy skies over Farnborough. This
:05:14. > :05:17.aircraft is meant to become a mainstay of US air power, the
:05:18. > :05:21.all-purpose fighter used on land and launch from ships, a stealth vehicle
:05:22. > :05:28.the fruit of years of intensive development. It is a dream to fly.
:05:29. > :05:32.It is so nice, so easy and integrated with the pilot. We
:05:33. > :05:37.literally feel like we are one with the machine. We plugged the helmet
:05:38. > :05:41.into the machine, we see through the machine's eyes and when we put into
:05:42. > :05:45.with light controls it responds immediately. A lot is at stake. The
:05:46. > :05:52.project is led by the US defence giant Lockheed Martin but several
:05:53. > :05:56.others are involved. It is years late and heavily overbudget. This is
:05:57. > :05:59.what the F35 looks like inside the cockpit. It is highly advanced and
:06:00. > :06:04.the product of decades of research but it is also the most expensive
:06:05. > :06:09.project in history. Does it offer value for money? The biggest problem
:06:10. > :06:13.is those with a stake in it, those with Korea's reliant on it, are
:06:14. > :06:21.perpetually overpromised and underdeliver -- careers. Despite
:06:22. > :06:26.delays the boss says the project can still be a success. There is a very
:06:27. > :06:30.complex development programme and any of this magnitude and
:06:31. > :06:35.sophistication will take a lot of effort on the part of many people to
:06:36. > :06:38.get it right. It would always go exactly right along the way. We have
:06:39. > :06:45.had some challenges on the front end. Since it was re- baselines back
:06:46. > :06:50.in 2011 timeframe, we have been on cost and schedule and tracking well.
:06:51. > :06:54.It is ten years since an experimental F35 first took to the
:06:55. > :06:59.skies. Its appearance at Farnborough is certainly a milestone. Until the
:07:00. > :07:02.plane has been tested in combat, questions over the cost and
:07:03. > :07:08.complexity of the project will continue to hang in the air. No
:07:09. > :07:13.doubt, there is a lot of money in mixed martial arts these days.
:07:14. > :07:19.Earlier this week, fight promoter UFC sold for $4 billion US. In this
:07:20. > :07:22.region, a Singapore -based championship has received a funding
:07:23. > :07:31.boost of millions of dollars from a consortium including the sovereign
:07:32. > :07:37.wealth fund, and I spoke with one CEO of one championship. It is an
:07:38. > :07:40.exciting time in the sport. We really have a fantastic vision. One
:07:41. > :07:47.of the largest investment funds in Asia have a vision for the global
:07:48. > :07:51.growth of One Championsip. Where will the money go? Into the
:07:52. > :07:55.business. We are already in almost every city in Asia. We are holding
:07:56. > :08:00.multiple events across the region. Our vision is to be holding one
:08:01. > :08:05.event every week of the entire year across Asia. What are the biggest
:08:06. > :08:09.challenge to expanding one championship in the region? Making
:08:10. > :08:13.sure that we continue to grow at the right pace and find the right talent
:08:14. > :08:20.in Asia. You told me there is so much talent, how can you pick the
:08:21. > :08:25.best? We have the best team in the world looking at the fighters around
:08:26. > :08:28.the world. Every fighter wants to be on One Championsip. If you are an
:08:29. > :08:33.athlete in Asia you want to be with the best of the best, broadcast with
:08:34. > :08:37.1 billion viewers worldwide, so why wouldn't you want to be part of it?
:08:38. > :08:41.How to react when browsing the Internet and an advertisement pops
:08:42. > :08:45.up? Do you flick away or do you watch? If you are in this region it
:08:46. > :08:51.is highly likely you will be watching for a long time. In the
:08:52. > :08:55.last 24 hours, an advertisement from Nike has gone viral in India,
:08:56. > :09:00.putting the spotlight on female athletes, it is touching nerves
:09:01. > :09:11.across the nation - the holy grail for advertisers today.
:09:12. > :09:54.It is really storytelling, it's very natural, it is authentic and so
:09:55. > :09:55.whether that is a TV drama or an ad, audiences and users are choosing to
:09:56. > :10:28.watch it. Inspiration is a creed trend brands
:10:29. > :10:33.want to get on top of, inspiring people to do great things, which
:10:34. > :10:36.often takes the form of travel -- great. A third-party study done last
:10:37. > :10:42.year found that by combining TV and YouTube increased brand recall and
:10:43. > :10:49.awareness as well, so it is proving to be effective. It is also creating
:10:50. > :10:58.infinity, so you do see across social media a lot of activity with
:10:59. > :11:10.users, that they will start sharing it. Guess who stepped in the rain,
:11:11. > :11:19.the last one left in the ring. # like, oh my God. And, just like that
:11:20. > :11:23.ad, Asian stock markets are running forward, a positive day, another
:11:24. > :11:27.winning streak this Wednesday after the US secretary set record closing
:11:28. > :11:30.high for a second day with optimism on the world economy and upbeat
:11:31. > :11:37.corporate results. The Nikkei to divide is up 1.7%. Investors are
:11:38. > :11:43.hopeful of a Japanese stimulus initiative. The All Ordinaries index
:11:44. > :11:50.is also in positive territory half a percent. Hong Kong's Hang Seng index
:11:51. > :11:58.opening doors in 15 minutes' time. A good day for the Asian financial
:11:59. > :12:07.markets. That is it for this edition of Asia Business Report. See you in
:12:08. > :12:08.the next hour. You're watching BBC News.
:12:09. > :12:13.The United States has urged China to comply with the ruling
:12:14. > :12:15.of an international tribunal, which found that China's claim
:12:16. > :12:17.to historic rights over the South China Sea had
:12:18. > :12:21.President Obama has urged Americans to reject despair over racial
:12:22. > :12:23.division at a memorial service in Dallas for five police officers
:12:24. > :12:28.Archaeologists are hailing an extraordinary discovery in
:12:29. > :12:30.They've discovered field patterns buried underneath woodland
:12:31. > :12:33.in the South Downs that suggest pre-Roman Britain was much more
:12:34. > :12:43.Duncan Kennedy reports from Bignor Hill.
:12:44. > :12:48.The breathtaking woodlands of the South Downs.
:12:49. > :12:50.Beneath this lush canopy, historians have uncovered
:12:51. > :13:01.It took ground-breaking lasers to reveal the underground secrets.
:13:02. > :13:03.For two years, they scanned the floor and analysed the data
:13:04. > :13:15.300 square miles of fields from 1500 years BC.
:13:16. > :13:24.Organised farming on a scale and age not seen before.
:13:25. > :13:26.It is really important and exciting that in England's
:13:27. > :13:29.newest national park, we have used aerial radar to make
:13:30. > :13:31.archaeological discoveries that are some of the most extensive
:13:32. > :13:36.and significant in England over the last decade.
:13:37. > :13:41.Until now, it was thought large-scale organised farming came
:13:42. > :13:44.The researchers say that their findings put
:13:45. > :13:57.With the scale of this on the South Downs and the quality
:13:58. > :13:59.of the preservation within the wooded part
:14:00. > :14:01.of the South Downs, it is a truly remarkable discovery.
:14:02. > :14:03.The ancient fields under these trees would have seen wheat
:14:04. > :14:07.Prehistoric people farming, not hand-to-mouth, but on an epic scale.
:14:08. > :14:16.The latest figures from John Lewis suggest sales are recovering
:14:17. > :14:18.from the uncertainty that followed the Brexit vote.
:14:19. > :14:21.The John Lewis Partnership is the only major British retailer
:14:22. > :14:24.to publish weekly sales updates and its sales are often seen
:14:25. > :14:42.as an indicator of trends on the high street.
:14:43. > :14:43.That is it for me. All of the stories of the BBC News website.