:00:00. > :00:00.have urged members not to abandon the party and stay and fight
:00:00. > :00:07.Hilary Benn told activists they should "rise above the most
:00:08. > :00:10.vile abuse" being thrown at them by other members of the party.
:00:11. > :00:12.Now on BBC News all the latest business
:00:13. > :00:21.The greatest threat to the global economy. Find out why one of the
:00:22. > :00:26.world's best economist is really worried about China. And how India's
:00:27. > :00:33.space programme is making money shuttling foreign satellites out of
:00:34. > :00:35.this world at bargain prices. Good morning, Asia. Hello, world. I'm
:00:36. > :00:41.Sharanjit Leyl. Welcome to another edition of Asia Business Report.
:00:42. > :00:45.Thank you for joining us. Former chief economist of the International
:00:46. > :00:48.Monetary Fund has told the BBC he believes China's economy is slowing
:00:49. > :00:53.down much more than official figures showed. He is one of the world's
:00:54. > :01:05.most respected economists speaking to us. He said the possibility of a
:01:06. > :01:11.calamitous heartland in in China could be the greatest risk. -- hard
:01:12. > :01:14.landing. It has been picking up, but China has been really important to
:01:15. > :01:20.the world economy. It is going through a big political revolution.
:01:21. > :01:24.There is no doubt about that. It is slowing down more than the figures
:01:25. > :01:28.show, I feel. If you want to look at a party in the world with a debt
:01:29. > :01:36.problem, look at China. These things don't go on forever. The state owns
:01:37. > :01:41.everything. China is different. They can control it only to a point. I
:01:42. > :01:45.definitely worry about a hard landing in China. We are having a
:01:46. > :01:52.pretty hard landing already is. I really worry about China being taken
:01:53. > :01:57.for granted. That whatever Europe and Japan are doing, at least China
:01:58. > :02:03.is moving along. There is no substitute for them. India may come
:02:04. > :02:08.along some day and do better. But it is falling so far behind in size it
:02:09. > :02:14.will not be enough. That is the area in the world I worry most about.
:02:15. > :02:19.What could mitigate this risk of China's hard landing? That is a
:02:20. > :02:24.tough question. Ideally, you would like to regenerate growth and be
:02:25. > :02:30.more on your feet when this happens so that when China starts slowing
:02:31. > :02:34.down Europe is doing better, the US is already, I think doing better,
:02:35. > :02:38.maybe some emerging markets are doing better. You would like the
:02:39. > :02:43.rest of the world not to be dependent on China so much. By the
:02:44. > :02:48.IMF has marked down its forecast of global growth nine years in a row.
:02:49. > :02:53.The rumour is they are about to do it again in this forecast. In the
:02:54. > :02:59.early stage, it was the advanced countries. But for some time now it
:03:00. > :03:03.has been China. There are limits to what you can do. Is a country that
:03:04. > :03:12.big is slowing down, and it can slow down a light, there are limits. --
:03:13. > :03:19.if. He was talking about the rest of the global economy. You can find out
:03:20. > :03:24.more of his views on our blog. Goldman Sachs is reportedly cutting
:03:25. > :03:29.one third of its 300 investment banking jobs in Asia outside Japan.
:03:30. > :03:34.That is in response to a slowdown in activity in the region. They told
:03:35. > :03:38.Reuters a majority of the cuts will take place in Hong Kong, Singapore,
:03:39. > :03:42.and China. It is likely to affect staff in the mergers and
:03:43. > :03:48.acquisitions department. A Singapore -based firm has acquired a stake in
:03:49. > :03:53.Rolling Stone, the magazine known as the voice of music and popular
:03:54. > :03:58.culture. They aim to expand the business in new markets. The
:03:59. > :04:02.Singapore firm has a portfolio of companies including retail
:04:03. > :04:08.industries in the music industry. They hope that contributes to the
:04:09. > :04:12.growth of Rolling Stone. OPEC members are going to meet on the
:04:13. > :04:16.sidelines of the international and the forum starting today, Monday, in
:04:17. > :04:22.Algeria. They have a lot to discuss. Oil prices. They have been all over
:04:23. > :04:31.the place since last year. Prices were rock bottom at under $30 a
:04:32. > :04:36.barrel in January, but his 16. They rose to $60. They have been
:04:37. > :04:43.fluctuating from 40 to 50 ever since. The low prices are caused by
:04:44. > :04:47.a glut in supply expected to exist until at least the end of next year
:04:48. > :04:53.and even into. In April, these members failed to agree on capping
:04:54. > :04:58.production. I asked what they are expecting from the meeting. There is
:04:59. > :05:03.a persistent oversupply that needs to be taken care of. So while
:05:04. > :05:10.earlier this year we saw attempts by OPEC to perhaps introduce a freight
:05:11. > :05:15.scheme that wasn't successful, it has grown over the past months. That
:05:16. > :05:20.will balance oil ministers and what they were talking about earlier this
:05:21. > :05:26.year, it hasn't materialised. In fact, now the expectation is that it
:05:27. > :05:29.will continue, not only because of non- OPEC production, which is now
:05:30. > :05:34.declining, but because different OPEC producers are competing for
:05:35. > :05:40.market share, playing against them in terms of whatever strategy they
:05:41. > :05:48.may have two produce that. -- reduce that. Be spark was caused by a boom
:05:49. > :05:52.in US shale. The OPEC leader in Saudi Arabia responded by increasing
:05:53. > :05:58.production rather than cutting it. How long will this light last? If
:05:59. > :06:04.you look at Saudi policies specifically this is the right time
:06:05. > :06:09.as the Iraqi representative to OPEC said early last week. This is the
:06:10. > :06:15.right time for OPEC to take some action because it allows Saudi
:06:16. > :06:21.Arabia to reduce from the peak output they have now, 10.7 million
:06:22. > :06:26.barrels a day, anywhere this time of year because there are owned a man
:06:27. > :06:30.falls because of the consumption for air-conditioning. -- there own
:06:31. > :06:37.demand We also have Iran back to pre- sanction level production. This
:06:38. > :06:41.might be a good way for the Saudis to prevent Iraq from gaining market
:06:42. > :06:45.share because they have increased production at a much faster rate
:06:46. > :06:53.than expected when the sanctions were lifted earlier this year.
:06:54. > :06:58.Speaking to me earlier. SpaceX -- space exploration is expensive and
:06:59. > :07:01.less you are in India. They launch satellites for a fraction of the
:07:02. > :07:05.cost other countries spend. They have also found a way of making
:07:06. > :07:11.money by allowing foreign satellites to piggyback its launch vehicles. It
:07:12. > :07:18.is set to send five foreign satellites into space today. We have
:07:19. > :07:22.more from Bangalore. Four, three, two, one. Canvas rocket become a
:07:23. > :07:30.moneymaking machine for India? The blast off in June was the vehicle's
:07:31. > :07:35.35th successful launch. It had on board 20 satellites, the most in a
:07:36. > :07:40.single go for the Indian space agency. 17 of them were foreign. And
:07:41. > :07:50.India was being paid to carry them along. We have the national
:07:51. > :07:53.requirement. They are of communication and navigation. We
:07:54. > :07:59.have some access capacity. What we have been looking for is how to make
:08:00. > :08:03.it more cost-effective for RBS own activities. -- excess capacity. So
:08:04. > :08:10.we send it along with our satellites. This is the model of the
:08:11. > :08:15.kind of launchers they have used to send satellites into space. They are
:08:16. > :08:20.on average doing one a month. It is expensive to be each time a vehicle
:08:21. > :08:23.has to be built from scratch. This country is often riverside for
:08:24. > :08:29.spending money on a space programme with high levels of poverty. --
:08:30. > :08:32.criticised. But they say they have strong returns from mapping and
:08:33. > :08:38.weather forecasting but also making money from other countries. India
:08:39. > :08:44.has so far launched 74 foreign satellites and earn more than $120
:08:45. > :08:48.million from it. Vehicles like this one are being put together at a
:08:49. > :08:53.frantic speed now as India plans to have 12 launchers every year, a pace
:08:54. > :08:59.that has more than doubled since 2015. This woman runs a company that
:09:00. > :09:06.brokers deals between the India space agency and foreign companies
:09:07. > :09:08.that wants satellites launched. The need for launchers is growing
:09:09. > :09:14.exponentially primarily because we are now seeing new companies which
:09:15. > :09:20.are planning to launch entire commercial constellations of
:09:21. > :09:30.satellites. Not wine - five, but anywhere from 24- 120 satellites per
:09:31. > :09:34.consolation. -- consolation. They also have request from private
:09:35. > :09:38.companies as well. So far they have only carried small and light ones.
:09:39. > :09:46.Launching heavier ones is where the big money is. BBC News, Bangalore.
:09:47. > :09:55.In other news, messaging firm Snapchat has announced its first
:09:56. > :10:03.gadget SunGlasses with its first camera. They have gained an
:10:04. > :10:07.old-fashioned name, calling them Spectacles, recording dirty seconds
:10:08. > :10:13.of video at a time and going on sale later this year. They are renaming
:10:14. > :10:17.themselves Snap Inc, outlining their desire to go beyond the messaging
:10:18. > :10:23.apps. The markets. They are all down in Asia. The Nikkei is down 0.6.
:10:24. > :10:29.That is due to the stronger currency, the yen, taking a toll on
:10:30. > :10:34.exporters. Australia's economy is taking a hit from the strong close
:10:35. > :10:44.on Friday. That is it for Asia Business Report. Thank you for
:10:45. > :10:48.watching. You are watching BBC News. The headlines. Britain and France
:10:49. > :10:51.have accused Russia of committing war crimes in Syria. The UN says
:10:52. > :10:52.conditions in Aleppo have