:00:00. > :00:00.goods giant Unilever is over. -- Brexit. That is the brand behind
:00:00. > :00:00.things like Marmite. Now for the latest business news
:00:00. > :00:21.in Asia Business Report. In Thailand, the nation mourns. We
:00:22. > :00:26.look at the legacy of the world's longest serving monarch. King
:00:27. > :00:29.Bhumibol Adulyadej was revered for anchoring Thailand through our
:00:30. > :00:31.people and helping the poor. What will his passing mean for the
:00:32. > :00:35.politically volatile country? Hello and welcome to
:00:36. > :00:46.Asia Business Report. Thailand's King Bhumibol Adulyadej
:00:47. > :00:52.was revered as the father of the nation. We PGATA role died on
:00:53. > :00:57.Thursday after years of illness. -- and 88-year-old. He was the world's
:00:58. > :01:03.longest serving monarch and many Thais have not lived under any other
:01:04. > :01:10.monarch. Outpourings of grief have taken place across the country and
:01:11. > :01:18.there are worries about the country's economy. The Prime
:01:19. > :01:22.Minister urged the people to be vigilant about potential security
:01:23. > :01:25.threats and told the business community to remain calm.
:01:26. > :01:32.TRANSLATION: For the economy, stock market, trade, and business sector,
:01:33. > :01:36.please don't stop. Don't panic to buy or dump stock. I urge everybody
:01:37. > :01:44.to maintain our country's financial security. That was Thailand's Prime
:01:45. > :01:49.Minister. Earlier I asked about Thailand's economic prospects.
:01:50. > :01:53.Thailand has been facing economic headwinds over the last couple of
:01:54. > :01:56.years. Political uncertainty over the last couple of years has meant
:01:57. > :02:01.foreign direct investment has fallen quite dramatically in the last two
:02:02. > :02:07.years and the first half of this year was also relatively weak. So I
:02:08. > :02:11.think the key will be restoring and there are some very bright spots in
:02:12. > :02:16.the outlook for Thailand, if we look over the medium term. Probably the
:02:17. > :02:22.most exciting thing at the moment in terms of the economy is that Chinese
:02:23. > :02:25.tourism is booming. There are about 8 million Chinese tourists last
:02:26. > :02:30.year, already about 10% of the GDP of Thailand. We saw the stock market
:02:31. > :02:35.and the currency is hanging onto gains today, following the news of
:02:36. > :02:38.the king's death, but they had been impacted by news of his
:02:39. > :02:44.deteriorating health earlier this week. Do you expect further
:02:45. > :02:47.volatility to there? Investors are always fearful of uncertainty and at
:02:48. > :02:51.the moment I think both domestic investors and foreign investors are
:02:52. > :02:57.likely to be quite wary about the near-term development is, so
:02:58. > :03:01.therefore I would expect some volatility to continue. And against
:03:02. > :03:06.about drop in which the US Fed is talking about a rate hike later this
:03:07. > :03:11.year as well and that I think will affect other emerging market
:03:12. > :03:15.currencies as well as the Thai currency. The Thai government has
:03:16. > :03:19.announced one year of mourning following the king's death. What
:03:20. > :03:23.impact might this have long-term, especially as they are already
:03:24. > :03:27.urging people to tone down any festive or celebratory events? I
:03:28. > :03:32.think I would expect to see that private consumption will soft and in
:03:33. > :03:37.the last few months of this year. -- will soften. As people are no longer
:03:38. > :03:41.willing to go to restaurants or do anything that involves any kind of
:03:42. > :03:45.celebration. That will have a direct effect on private consumption and on
:03:46. > :03:50.GDP, at least for the fourth quarter of this year. I think over the
:03:51. > :03:56.medium term that will gradually fade away, but certainly in the near term
:03:57. > :04:01.I would expect some softening in the growth outlook.
:04:02. > :04:05.The smartphone fallout continues for Samsung. It has again slashed its
:04:06. > :04:10.earnings forecasts, following the recall and the scrapping of its
:04:11. > :04:14.flagship Galaxy Note 7 model. Samsung estimates that prices could
:04:15. > :04:18.cost the company more than $3 billion in lost profits over the
:04:19. > :04:23.next six months. The world's biggest handset maker is due to report its
:04:24. > :04:24.latest earnings at the end of the month.
:04:25. > :04:27.South Korea's troubled shipping company is planning to sell off
:04:28. > :04:35.major businesses including its network or its Asia route. It is
:04:36. > :04:45.hoping to rebuild the firm, which is heavily in debt. News of the sale
:04:46. > :04:49.led to a 30% jump in Hanjin shares. Hewlett high card plans to cut up to
:04:50. > :04:56.4000 jobs over the next three years as part of the restructuring plan.
:04:57. > :05:01.It expects to record charges of up to $500 million.
:05:02. > :05:07.Shares fell on news of the job cuts. Leaders from Brazil, Russia, India,
:05:08. > :05:11.China and South Africa are gathering this weekend for a summit. It marks
:05:12. > :05:16.the 15th anniversary of the original grouping of major emerging economies
:05:17. > :05:21.and since then China has detonated, resilience in deep recession, Russia
:05:22. > :05:26.and South Africa are floundering and India is the only remaining economic
:05:27. > :05:37.star. A former Goldman Sachs chief executive first coined the acronym
:05:38. > :05:41.BRIC and insist China's prospects are not so bleak. Even though China
:05:42. > :05:46.has its own problems, China today is well ahead of where I thought it
:05:47. > :05:51.would be, including in this decade. So even though China has slowed, it
:05:52. > :05:55.hasn't buy as much as I thought. So when people say China is a real
:05:56. > :05:59.disaster, actually for anyone who has looked at it 15 or 20 years ago
:06:00. > :06:03.and new China would eventually slow down at one point, it isn't true at
:06:04. > :06:10.all. It is actually coping with it better than people would have
:06:11. > :06:13.thought. Before heading to go, China's president was in Cambodia,
:06:14. > :06:19.which is banking on Beijing to help grow the economy. -- heading to Goa.
:06:20. > :06:22.They are hoping to take advantage of falling rice prices. The Cambodian
:06:23. > :06:28.government is asking Beijing for $300 million in emergency aid and
:06:29. > :06:32.also wants to see more 2-way trade, hoping for a 25% increase from the
:06:33. > :06:37.current levels, the $5 billion next year. One sector that is already
:06:38. > :06:40.seen a boost from Chinese money is tourism and to keep it that is
:06:41. > :06:44.coming the Cambodian government wants more businesses to accept the
:06:45. > :06:49.use of the Chinese currency the yuan.
:06:50. > :06:57.It is not local currency, not even the widely used US dollar. Visitors
:06:58. > :07:02.can now use the Chinese yuan as the officially accepted currency. Many
:07:03. > :07:06.in Cambodia's tourism sector this will be a way to further boost to
:07:07. > :07:11.the growing ranks Chinese tourists. For almost 30 years the Cambodian
:07:12. > :07:15.economy has been polarised alongside the Cambodian currency, at times are
:07:16. > :07:19.changing and now a third currency, the Chinese yuan, is being widely
:07:20. > :07:25.accepted within the tourism industry. The government recently
:07:26. > :07:28.announced its new China ready strategy, an ambitious plan to
:07:29. > :07:34.attract up to 2 million Chinese tourists annually by 2020, a
:07:35. > :07:38.significant increase from the estimated 700,000 who are expected
:07:39. > :07:41.to visit this year. Very happy and we welcomed the decision from the
:07:42. > :07:49.government to actually facilitate the Chinese travel industry. We are
:07:50. > :07:53.now heading to being able to use the currency and we believe the usage of
:07:54. > :07:59.the currency will of course increase the number of visitors coming to
:08:00. > :08:03.Cambodia. I found more and more Chinese people come to Cambodia for
:08:04. > :08:09.travel and sightseeing, because it's a very beautiful place. It is
:08:10. > :08:14.convenient for Chinese people to use the Chinese yuan when they travel.
:08:15. > :08:21.More and more people are here, so if the currency yuan becomes useful
:08:22. > :08:27.local people it's good for us. Chinese people come here a lot. For
:08:28. > :08:36.this year we have the most Chinese tourists coming to Cambodia, so if
:08:37. > :08:40.they come here they can -- we can earn more money. We are very
:08:41. > :08:45.surprised that many Cambodians can say very good Chinese and this guy,
:08:46. > :08:54.he has learnt Chinese for eight years. That's very awesome. With
:08:55. > :08:59.entrance fees set to almost double here in 2017, some industry analysts
:09:00. > :09:04.feel the lower budget to arrest and back Akers, the mainstay of the
:09:05. > :09:08.tourism industry, may now look for a cheaper destination, but any slack
:09:09. > :09:14.will likely be taken up the increasing numbers of Chinese
:09:15. > :09:18.tourists. Now, if you are in the market for
:09:19. > :09:23.learning a foreign language, this could be for you. Ed Cook is a
:09:24. > :09:26.grandmaster of memory and can memorise a 1000 digit number in less
:09:27. > :09:31.than an hour, would you believe? Using cognitive science and flash
:09:32. > :09:36.cards he has set up a business called Memorise and it has about 12
:09:37. > :09:40.million users online. It offers learning in 100 different languages.
:09:41. > :09:45.He wants to shake up adult learning and believes anyone can do what he
:09:46. > :09:48.can now do. In my late teens I became interested in memory
:09:49. > :09:52.techniques, which work by using your imagination to make things
:09:53. > :09:57.memorable, because we all remember things that are vivid, interesting,
:09:58. > :10:01.fun or amusing and we take that fact and then use your imagination, you
:10:02. > :10:04.take the information, make it memorable, and then get good at
:10:05. > :10:09.remembering things. People always say I am a genius, and they say it
:10:10. > :10:12.is about technique. That's where we started this company, to take the
:10:13. > :10:15.techniques, you'll be into an app, cedar and have to learn the
:10:16. > :10:19.techniques themselves, you can just have the experience and thereby
:10:20. > :10:24.learn that which is weakly. And a look at the markets now. We are
:10:25. > :10:28.seeing them flat, opening slightly higher for the Nikkei as well as the
:10:29. > :10:30.All Ords. That's it for this addition of Asia Business Report.
:10:31. > :10:44.Thanks for watching. This is BBC News. The top stories:
:10:45. > :10:49.Thailand mourns the death of King Bhumibol Adulyadej. Tributes come in
:10:50. > :10:51.from around the globe for the world's longest serving monarch.
:10:52. > :10:52.Donald Trump