:00:00. > :00:00.reveal how many foreign workers are employed. The data will be collected
:00:00. > :00:00.but not made public. More from the United States with the debates. But
:00:00. > :00:17.first, Asia Business Report. Hillary Clinton and Donald Trump
:00:18. > :00:22.countdown to the second Presidential Debate. We ask what a Trump
:00:23. > :00:28.presidency would mean for the global economy. Driverless cars will change
:00:29. > :00:30.the roads in a few years, but it may also cause a radical shift in the
:00:31. > :00:46.insurance industry. Good morning Asia, hello world,
:00:47. > :00:49.thank you for joining us on Asia Business Report. The second debate
:00:50. > :00:54.between US presidential candidates Hillary Clinton and Donald Trump
:00:55. > :00:59.will be starting very shortly with polls putting their neck and neck in
:01:00. > :01:02.the battle to the White House. There are worries that close race will
:01:03. > :01:09.spark volatility in the financial markets. We ask well-known emerging
:01:10. > :01:16.markets investor Mark Mobius if he is concerned. The key point is if
:01:17. > :01:23.Trump get selected he will act as a negotiator. He is a businessman. He
:01:24. > :01:27.knows how to negotiate. That is his strength. At the end of the day he
:01:28. > :01:31.will come to some agreements. He won't be afraid to fly to Mexico to
:01:32. > :01:36.come to some understanding. Same thing with Asia any other parts of
:01:37. > :01:41.the world. At the end of the day it will probably be positive. Federal
:01:42. > :01:47.Reserve, everyone is waiting for them to raise interest rates. People
:01:48. > :01:51.are making a mistake thinking that because the Fed will raise rates
:01:52. > :01:55.that the stocks will go down. This will not necessarily happen. And in
:01:56. > :02:01.addition to the fact that if there is a rate increase it would be very
:02:02. > :02:05.small. Very little impact. The direction, however, unfortunately is
:02:06. > :02:14.towards negative rates. If you look at what the Economists are saying,
:02:15. > :02:18.-1 doesn't work, let's go to -2, let's go to three or four, this is
:02:19. > :02:25.the reality of the mentality that we are seeing. This central bankers are
:02:26. > :02:35.being influenced by the central bankers. -- by the Economists. Could
:02:36. > :02:39.they go to negative rates? It could. They have threatened to raise rates
:02:40. > :02:45.many times but didn't do it. And it depends on the level of the
:02:46. > :02:49.economies. I know some of the governors want to raise rates. And
:02:50. > :02:53.there are many people in America who want to have rates higher,
:02:54. > :03:03.especially those on fixed income and pensions and so forth. At the end of
:03:04. > :03:06.the day is not clear that the Fed will do it. To negative interest
:03:07. > :03:09.rates were? We haven't seen an effect in Europe or Japan. They
:03:10. > :03:16.haven't worked. This central banks are given responsibility for growth
:03:17. > :03:19.which they should not have responsibility for, it is
:03:20. > :03:24.politicians, the reform programme that results in growth. So this is a
:03:25. > :03:28.real dilemma. There is too much dependence on central banks. Mark
:03:29. > :03:35.Mobius is speaking with our correspondent. AT has stopped
:03:36. > :03:38.replacement of the Galaxy Note 7 after reports of more replacement
:03:39. > :03:45.phones overheating. If confirmed that will be three in a week. This
:03:46. > :03:49.teenager in the US says her Samsung phone melted on her hand. Her father
:03:50. > :03:53.says the phone is a replacement for the Galaxy Note 7 that was part of a
:03:54. > :03:58.global recall last month. This comes after a US plane was evacuated last
:03:59. > :04:04.week after a Note 7 phone on board the plane started emitting smoke.
:04:05. > :04:08.India's e-commerce companies will have a bumper period as festival
:04:09. > :04:11.season approaches with the sector becoming fiercely competitive since
:04:12. > :04:16.US online giant Amazon started pouring money into India. That is
:04:17. > :04:22.not putting off the country's local brands. We catch up with the head of
:04:23. > :04:27.one of them, the Indian company Mintra. She started asking why the
:04:28. > :04:31.market is so promising. E-commerce as a space is here to stay because
:04:32. > :04:36.it provides services to our customer, which is convenient.
:04:37. > :04:41.Fashion and lifestyle is the number two category after mobiles and it
:04:42. > :04:44.will be for a while. However, it is very profitable because margins are
:04:45. > :04:47.much higher. You recently made one of the biggest acquisitions we've
:04:48. > :04:54.seen in this industry when you acquired a rival company, so what do
:04:55. > :04:58.you plan to do with it, will you consolidate or run them
:04:59. > :05:02.independently? We are $2.5 billion in online fashion and lifestyle
:05:03. > :05:06.services and that number will become 4 billion. That has happened
:05:07. > :05:10.everywhere else in the world and it will happen here as well, so the
:05:11. > :05:13.purpose of the acquisition, it is rare to buy their number two player
:05:14. > :05:18.as number one player, so the purpose was to look at how to grow the
:05:19. > :05:22.market. Companies like you have been growing fast however online reach in
:05:23. > :05:26.India is still very small. How do you respect it to grow further? The
:05:27. > :05:33.biggest problem in fashion is not reach, we have the problem of size,
:05:34. > :05:39.touch and feel, which we are solving through technology with a service
:05:40. > :05:43.called try and buy to order multiple clothes, the guy will wait for you
:05:44. > :05:48.and you return it, so we bring the trial room to you. That is what is
:05:49. > :05:54.going to grow the market. You have to think about other value, can I
:05:55. > :05:59.get better service, alterations, more selection, can I offer more
:06:00. > :06:05.international brands? You are owned by one of the ten most valuable
:06:06. > :06:10.start-ups of the world, so how does it help? Many different things. The
:06:11. > :06:14.first is capital, which is very important, and the second is the
:06:15. > :06:17.ability to make bold moves like what we have done. As a stand-alone
:06:18. > :06:24.company we couldn't do that. And third is we leverage with the supply
:06:25. > :06:27.chain, so if you focus on that you can provide better service. While
:06:28. > :06:31.you talk of opportunities in the market, surely there are challenges.
:06:32. > :06:37.The first is keeping up with scale and growth. Not so much the market
:06:38. > :06:40.but internally as a company, growing 80% year-on-year, how can you make
:06:41. > :06:45.sure the processors come along and the culture stays what it is
:06:46. > :06:49.supposed to be, how can we stay innovative, that is what I am
:06:50. > :06:52.worried about. The market will happen. We are focused on the
:06:53. > :06:56.customer and the market and making sure that we can keep pace with
:06:57. > :07:01.growth is the biggest challenge. We might be a few years away from
:07:02. > :07:05.consumers buying driverless cars but the technology is about to radically
:07:06. > :07:10.changes the insurance industry and according to one US report premiums
:07:11. > :07:17.could drop more than 40% want the autonomous cars are fully adopted.
:07:18. > :07:21.So how is the industry assessing risk? Chief executive of the
:07:22. > :07:33.insurance provider FWD Group spoke to us and said that is the billion
:07:34. > :07:37.dollar question. The technology is changing across the way we do
:07:38. > :07:41.business from the way we talk to the customer, the way we sell a product,
:07:42. > :07:45.the way we design a product, the way we serve them and the way we make
:07:46. > :08:00.claims. Everything is changing in the industry.
:08:01. > :08:05.The relationship of the insurance contract between an individual and
:08:06. > :08:10.the insurance company will evolve also. So at the moment it is
:08:11. > :08:14.individual customers, consumers still responsible for their own
:08:15. > :08:18.insurance coverage. In the next five to ten years I have no doubt that
:08:19. > :08:24.the relationship will evolve. It will become a contract with the
:08:25. > :08:28.insurance company and the car manufacturer or the software
:08:29. > :08:37.manufacturer and at that time the liability or shift from individuals
:08:38. > :08:40.into more of a group setting. The road will change. For example, now
:08:41. > :08:45.when you get on an aeroplane you don't think about the aeroplane
:08:46. > :08:50.insurance any more as a passenger. In the future we will change our
:08:51. > :08:57.behaviour accordingly and we will work with the car, it is Uber or
:08:58. > :09:00.Tesla, the relationship with the insurance company will be very
:09:01. > :09:07.different. That is a very relevant one, I think, the impact of the
:09:08. > :09:11.revenue model on one hand, certainly insurance and policy will go down
:09:12. > :09:13.but on the other hand are the insurance will probably fill the
:09:14. > :09:23.different need that the consumer wants. From our own perspective this
:09:24. > :09:28.will be much safer. The rate of the incidence of accidents in a
:09:29. > :09:34.driverless environment will be lower than the human controlled
:09:35. > :09:42.transportation. From a personal perspective I am quite excited
:09:43. > :09:47.because I have to make -- two teenagers and I am most worried
:09:48. > :09:57.about accidents with my kids, so this can bring a positive change to
:09:58. > :10:00.society and is just fantastic. The insurance industry during the era of
:10:01. > :10:05.driverless cars. Let's have a quick look now at the Asian markets and
:10:06. > :10:10.they could be moving sideways today. The latest US drops reports revealed
:10:11. > :10:15.that employers hired at a slower pace than forecast. Well, you have
:10:16. > :10:21.the Nikkei two to five in Japan closed due to public holiday --
:10:22. > :10:25.negate 225. The Hang Seng index in Hong Kong will open their trading
:10:26. > :10:29.doors for the trading week in about 15 minutes time. Thank you so much
:10:30. > :10:37.for investing your time with us. Have a great day, everyone. I'm Rico
:10:38. > :10:42.Hizon. Goodbye for now. You're watching BBC News. The second
:10:43. > :10:45.presidential debate is coming up at the top of the hour between Hillary
:10:46. > :10:50.Clinton and Donald Trump. Barbara Plett-Usher has been looking back at
:10:51. > :10:51.the candidates' first confrontation to get an idea of what we might