:00:00. > :00:12.Now on BBC News all the latest business news live from Singapore.
:00:13. > :00:24.Go in for gold. We find out what Nissan is up to at the Olympic
:00:25. > :00:30.Games. Cleared for takeoff. The Indonesian pilot who wants to be the
:00:31. > :00:36.first female captain of her airlines. Good morning, Asia. Hello,
:00:37. > :00:41.world. I'm Sharanjit Leyl. Welcome to Asia Business Report. And
:00:42. > :00:49.Japanese carmaker, Nissan, is an official sponsor of the Olympic
:00:50. > :00:53.Games. Its Chief Executive is Brazilian. They manufacture cars
:00:54. > :00:58.there and it has given its latest model ahead of the Olympic ceremony.
:00:59. > :01:03.But with Brazil's economy in recession, is it a good idea to
:01:04. > :01:08.sponsor the Olympic Games? We don't doubt it is the right decision. The
:01:09. > :01:13.objective from the beginning was to give more awareness to the Nissan
:01:14. > :01:17.brand. At the moment we are starting our offensive in the country and
:01:18. > :01:22.Latin America. It doesn't change anything. The market is down today.
:01:23. > :01:27.Hopefully it will be higher 2- three years down the road. It is what we
:01:28. > :01:35.are expecting. Awareness is the reason we are doing this. How does
:01:36. > :01:42.Brexit and the falling sterling effect your business in the UK? We
:01:43. > :01:52.will continue in Europe despite it. We cannot count on economic growth.
:01:53. > :01:55.We have uncertainty on the new economic conditions which will
:01:56. > :02:00.determine the relationship with the UK and Europe. As you know, this
:02:01. > :02:07.will take many years to settle down. The market hates uncertainty. Ikan
:02:08. > :02:15.expect some contraction in the UK market. Will you raise prices
:02:16. > :02:19.because of Grexit? Without any doubt. If you are in a situation
:02:20. > :02:23.where carmakers are building cars in Europe and selling them in the UK
:02:24. > :02:29.and the pound is depreciating compared to the euro, you don't want
:02:30. > :02:34.to have your revenue in pounds because you will be in a complicated
:02:35. > :02:37.situation. The only way out of it even though nobody likes it is to
:02:38. > :02:42.increase the price. I think that will be the case of many car
:02:43. > :02:48.manufacturers. Most of them are producing in Europe to sell in the
:02:49. > :02:53.UK. The Nissan boss may not be too pessimistic about leaving the EU,
:02:54. > :03:01.but the vote press is spreading. The Bank of England has got the cost of
:03:02. > :03:05.borrowing to a new low. -- cut. They also announced their biggest cut to
:03:06. > :03:15.their growth for cast since they started making them in 1993. Let's
:03:16. > :03:19.look at the details. Interest rates have been cut to their lowest level
:03:20. > :03:25.in the rough 100 and 22 year history of the Bank of England. -- 322. It
:03:26. > :03:29.is slashing growth predictions for pretty 17. It also unveiled a range
:03:30. > :03:37.of additional measures, including buying an extra ?60 billion, $79
:03:38. > :03:42.billion, of government bonds. That is as well as a ?100 billion scheme
:03:43. > :03:48.designed to force banks to pass on lower interest rates to businesses
:03:49. > :03:53.and consumers. By acting early and comprehensively, they can reduce
:03:54. > :03:58.uncertainty, bolster confidence, halts the slowdown, and support
:03:59. > :04:01.necessary adjustments in the UK economy. And interest rates could
:04:02. > :04:07.fall even further, with the bank's monetary policy and Mickey
:04:08. > :04:12.supporting additional drops if data shows the economy is deteriorating.
:04:13. > :04:17.Following that decision, the pound fell 1.5% against the dollar.
:04:18. > :04:23.Uncertainty surrounding the vote is also affecting oil prices. They
:04:24. > :04:28.crossed the $50 mark about six weeks ago but they did a gain and earlier
:04:29. > :04:34.this week fell below $40 a barrel. Let's look at it now. Above $40 a
:04:35. > :04:40.barrel once again. A former Federal Reserve bank has said they bottomed
:04:41. > :04:46.out but have they? I asked an industry analyst for his opinion. I
:04:47. > :04:50.think the move up to $50, they can be taken as a signal the rebalancing
:04:51. > :04:56.has begun. Now we can look forward to higher prices. We will look at
:04:57. > :05:00.down global inventory. This rebalancing and focus has been put
:05:01. > :05:05.primarily on crude oil and the Saudis. They have ignored the fact
:05:06. > :05:09.that at the end of the day the end of the supply chain has to sell a
:05:10. > :05:13.product. This has not been a good year for refining for the
:05:14. > :05:17.downstream. We have had to wrestle with a surplus, a global glut in
:05:18. > :05:24.refined products, especially gasoline. It has gone up to $50 in
:05:25. > :05:29.crude oil. Product prices did not fall. As a result, we are in a peek
:05:30. > :05:35.driving demands season in the US and still refiners are struggling. You
:05:36. > :05:39.cannot ignore the fact that finished products are an important part of
:05:40. > :05:47.the equation. Obviously, the fact is many people are focusing on the
:05:48. > :05:53.crude oil. We know that the up is taking longer than you expected. It
:05:54. > :05:58.will have a few bumps. Many moving parts have to fall into step for the
:05:59. > :06:01.rebalancing to take place. In the US, when you see statistics like
:06:02. > :06:09.drilling rigs coming back onstream, I mean, this $50 level was not a
:06:10. > :06:12.surprise. Several independent producers said at this level it is
:06:13. > :06:19.economic to produce in certain areas in the US. Right. $50, that is a
:06:20. > :06:29.threshold, and we have gone over that level. At we have fallen back.
:06:30. > :06:32.And now we have reached $40. I don't think he is much of an oil plundered
:06:33. > :06:39.but he might be right on this one. 49, rebounding 8%. You mentioned
:06:40. > :06:46.Greenspan, he said he thinks he bottomed out. But it is trading to
:06:47. > :06:49.$50 a barrel over next years according to the forecast. That puts
:06:50. > :06:55.US project is out of the picture, doesn't? -- addict is. That is a
:06:56. > :07:01.bold call. Saying we are a range bound between 40 and $50 going into
:07:02. > :07:08.pretty 17, that is risky. Jon Driscoll. In other business news,
:07:09. > :07:11.financial regulators in New York have formally requested a meeting
:07:12. > :07:15.with Goldman Sachs about billions of dollars it is alleged were paid
:07:16. > :07:22.through a bond issue for a Malaysian state fund, 1MBD. US authorities
:07:23. > :07:26.last month went to see is $1 billion in assets by the fund set up by the
:07:27. > :07:33.Malaysian Prime Minister. A potential road block for Uber has
:07:34. > :07:38.happened in Taiwan. They want Uber to leave the market. They say it has
:07:39. > :07:41.misrepresented its business as an Internet based information
:07:42. > :07:45.technology platform rather than a trepidation service. The final
:07:46. > :07:49.decision is due next week. -- transportation. Indonesia is one of
:07:50. > :07:53.the most hazardous places in the world. That doesn't take many young
:07:54. > :07:58.people off the dream of being a pilot. This woman is 23 and wants to
:07:59. > :08:04.be the first female cab than of their national carrier. She tells us
:08:05. > :08:12.how she got her dream job as an airline pilot. -- captain. Hello, I
:08:13. > :08:21.am protrusion. I am a pilot for Indonesia. Many people are against
:08:22. > :08:29.women becoming pilot. Maybe they think they are not masculine enough
:08:30. > :08:34.for the job. Even people in my own family have asked why I want to be a
:08:35. > :08:41.pilot. But I have always been a risk taker. From a young age, I wanted to
:08:42. > :08:45.explore many things. My father is a pilot as well. Since I was little I
:08:46. > :08:51.have been flying with him around Indonesia. I sat in the cockpit and
:08:52. > :08:59.watched him work. GUITAR MUSIC. I have travelled all over Indonesia,
:09:00. > :09:03.all the way to Papua. I have been from the top to the bottom of the
:09:04. > :09:06.country. I have been everywhere. Indonesia is incredibly beautiful.
:09:07. > :09:12.There are many places that tourist never visit. Nowadays, everyone
:09:13. > :09:24.wants to go overseas, but nowhere is as beautiful as Indonesia. 50, 40,
:09:25. > :09:28.30... An element of fear is always there. Especially when there are
:09:29. > :09:35.many plane crashes around the world. On land you are more likely to have
:09:36. > :09:39.an accident. I try not to be frightened. If the pilot is
:09:40. > :09:44.frightened then the passengers will be even more scared, right?
:09:45. > :09:49.Sometimes, when there is bad weather, and I have to divert the
:09:50. > :09:59.plane, we have to put safety first. They might complain, but we have to
:10:00. > :10:05.do it. My goal is to be a captain. There are no women captains in the
:10:06. > :10:10.fleet so that is my goal. I have to be the first female captain. I am
:10:11. > :10:19.proud to prove that women and men are equal. Patricia. Let us take a
:10:20. > :10:23.look at the markets now. As you can see, the Nikkei and the All
:10:24. > :10:28.Ordinaries Index have both opened up, but ever so slightly. There is
:10:29. > :10:33.caution heading into the US payroll report later today. That is it for
:10:34. > :10:36.Asia Business Report. Thank you for watching.
:10:37. > :10:42.Russia says the majority of its athletes have been cleared
:10:43. > :10:46.to compete at the Rio Olympics despite the sfcandal