:00:00. > :00:10.Now all the latest business news live from Singapore.
:00:11. > :00:19.A giant leap into private banking. Find out why Singapore's bank is
:00:20. > :00:23.picking up assets that rivals are ditching.
:00:24. > :00:35.And from dairy farms to aeroplanes. Breaking ground in New Zealand. Good
:00:36. > :00:40.morning. Glad you could join us for this edition of Asia Business
:00:41. > :00:47.Report. We start with Singapore's diggers to lender, the boss of the
:00:48. > :00:50.DBS group says he is confident there is more wealth creation to take
:00:51. > :00:54.place in Asia in the coming years and that's why it is making a major
:00:55. > :00:59.push into private banking with the purchase of ANZ bank's wealth and
:01:00. > :01:06.retail businesses in five regional markets. We caught up with the chief
:01:07. > :01:15.executive to find out more about the bank's strategy.
:01:16. > :01:23.China is growing at 6%, India at 7%, Indonesia at 5% plus, my definition
:01:24. > :01:28.of six is not flatlining. Six is four times the growth in Europe and
:01:29. > :01:36.three times that of the US. So, frankly, I am still very will wish
:01:37. > :01:43.about Asian creation. -- bullish. Frankly we have only just scratched
:01:44. > :01:50.the tip. There will be a lot of growth in Indonesia in the next 10-
:01:51. > :01:53.20 years. DBS has focused on tech and you have focused on the fact
:01:54. > :02:01.that it isn't competition from smaller players, it is more the big
:02:02. > :02:07.platform players, like Alibaba. TUC a future where companies like
:02:08. > :02:14.Alibaba will replace banks in regards to rudimentary banking
:02:15. > :02:22.services? The platform players like Facebook, Google, Amazon, Alibaba.
:02:23. > :02:25.They already have the customer base, so the cost of customer acquisition
:02:26. > :02:30.is low. To compete with them you have to embrace a lot of their
:02:31. > :02:38.strengths. You have to have the same kind of culture. You have to have
:02:39. > :02:45.the same embrace of technology. Only some banks can make this migration.
:02:46. > :02:56.You will find a fundamental restructuring of markets over the
:02:57. > :02:59.next 5- ten years. Moving now of other business news making
:03:00. > :03:04.headlines. Japan airlines has slashed its earnings outlook for the
:03:05. > :03:09.full year until March, after having a 30% decline in their first half
:03:10. > :03:13.net profit. A slump in international business and strength of the
:03:14. > :03:19.Japanese yen badly in the third earnings in the six months until
:03:20. > :03:24.September. Meanwhile, a rival carrier saw a 6% boost to its first
:03:25. > :03:27.half net profit, thanks to cost-cutting and a pickup in
:03:28. > :03:33.business travel to North America and Asia. They say management played a
:03:34. > :03:37.big part in its latest financial performance. More on corporate Japan
:03:38. > :03:42.and Sony has reduced its profit outlook by 10% due to losses related
:03:43. > :03:47.to the sale of its battery business. The consumer electronics giant
:03:48. > :03:52.announced its first half results -- will announce its first half results
:03:53. > :03:55.later today. Well, they don't agree on much, but both Hillary Clinton
:03:56. > :04:01.and Donald Trump said he will not support the transpacific partnership
:04:02. > :04:05.if elected president. At the former Australian Prime Minister Kevin Rudd
:04:06. > :04:12.is warning that scrapping the deal would negatively impact the way the
:04:13. > :04:17.US is viewed in Asia. I think from a American policy perspective a
:04:18. > :04:22.central pillar will be the Trans-Pacific Partnership. Of course
:04:23. > :04:28.free trade area involving a large number of Asian Pacific countries,
:04:29. > :04:36.but not China. I think if the United States Congress decides not to pass
:04:37. > :04:40.the DPP, or the new administration doesn't pass the TPP, then there
:04:41. > :04:45.will be a huge impact in terms of American influence in the region.
:04:46. > :04:51.The second one is less obvious, which is for the TPP to be a
:04:52. > :04:56.successful instrument of regional and bilateral trade policy, the door
:04:57. > :05:01.has to be wide open for China to join. That has always been my
:05:02. > :05:09.position. The whole notion of creating competitive, competing or
:05:10. > :05:12.conflict in or opposing trade regimes does not add to regional
:05:13. > :05:19.peace and security. It undermines it. You mentioned the TPP but both
:05:20. > :05:21.candidates oppose this deal. You think the election has actually
:05:22. > :05:26.affected the perception of the United States in Asia in
:05:27. > :05:32.generalwe've seen in the United States in the body politic is the
:05:33. > :05:39.same as we have seen in many countries around the world. There is
:05:40. > :05:42.a rising tide of protectionism and people saying, what's in it for me
:05:43. > :05:45.as far as globalisation is concerned? Has my living standard
:05:46. > :05:53.increased? To I still have my job? Related a better job? -- will I get
:05:54. > :05:57.a better job? Because many people are answering those questions in
:05:58. > :06:01.America and around the world, we see domestically this rise in
:06:02. > :06:09.protectionism. Of course the difficulty for all of us, including
:06:10. > :06:12.China, is that if this rising tide of protectionism begins to redirect
:06:13. > :06:21.trade barriers then we undermine the economic growth model, which has
:06:22. > :06:26.helped Asia develop since 1945, and certainly since 1975, and I think
:06:27. > :06:31.that will be a big step for all, not just the US or China.
:06:32. > :06:35.That was Kevin Rudd, the former Australian Prime Minister, speaking
:06:36. > :06:40.with my colleague in New York. The Bank of England governor Mark
:06:41. > :06:43.Carney says he will step down in June, 2019, which means he will
:06:44. > :06:48.serve another year than what it committed to. He will now remain at
:06:49. > :06:52.the helm of the Bank of England until Britain has negotiated its
:06:53. > :06:55.exit from the EU and that is assuming the government sticks to
:06:56. > :06:59.its stated goal of starting the two-year process early next year.
:07:00. > :07:06.New Zealand has long been a nation that thrives on farming but these
:07:07. > :07:09.days that means a lot more than just sheep. Agricultural technology has
:07:10. > :07:13.become an industry worth more than $1 billion a year to the New Zealand
:07:14. > :07:17.economy and it is now expanding into new territories and soaring to new
:07:18. > :07:21.heights. A dairy farm isn't the first place
:07:22. > :07:27.you would think of for the latest in robotic technology. But this noisy
:07:28. > :07:32.little rover, that defies gravity, is exactly that, able to climb
:07:33. > :07:38.non-magnetic surfaces it is being developed to inspect dairy tanks.
:07:39. > :07:41.Normally we have people abseiling from the top or by putting
:07:42. > :07:46.scaffolding around the tank, or inside the tank, in order to expect
:07:47. > :07:52.them. So it's a human on a rope with airport. So the suction cups we use
:07:53. > :07:57.provide enough suction and enough sleep underneath that suction for us
:07:58. > :08:02.to slide over the surface. It has taken five years to get to this
:08:03. > :08:08.point and the robot is about to jump industries, the agriculture to
:08:09. > :08:12.airport and New Zealand is trialling it to inspect planes. The aviation
:08:13. > :08:17.industry thought it was left field but if you think about it it isn't
:08:18. > :08:20.that big of a stretch. We were used to going inside a tank, not too
:08:21. > :08:24.dissimilar to the outside of an aircraft. If we can reduce the
:08:25. > :08:30.amount of time it takes for those inspections to be completed, that
:08:31. > :08:35.aircraft is back in operation more quickly. The robot isn't the first
:08:36. > :08:38.is ill and farm technology to expand into another industry. The humble
:08:39. > :08:46.electric fence was first established as an animal control tool in the
:08:47. > :08:49.1950s. The family run company is now an agricultural tech giant, taking
:08:50. > :08:56.the electric fence far beyond the farm. The technology goes through to
:08:57. > :08:59.the security business. One is our perimeter, the electric fencing
:09:00. > :09:05.redeveloped for cattle, etc, that's good for people. The security tech
:09:06. > :09:11.is used in 200 places in New Zealand, Australia and the US, in
:09:12. > :09:21.prisons. Technology development is crucial to the company's success. Of
:09:22. > :09:25.its 1300 worldwide staff, one in ten focus on R We have a Western
:09:26. > :09:28.standard of living based on unsubsidised agriculture and that's
:09:29. > :09:35.done with technology. About 80% of our revenue is outside of New
:09:36. > :09:38.Zealand. As things get more tough, we need lower cost methods and New
:09:39. > :09:42.Zealand is the king of low-cost methods. Low-cost but a massive
:09:43. > :09:48.return. Agricultural tech generates exports of more than $800 million a
:09:49. > :09:54.year. Before we go, a quick look at the
:09:55. > :10:00.Asian Pacific markets. The market board is mixed. The Hang Seng
:10:01. > :10:06.opening for trade and it is up by about 80.5 points, due to positive
:10:07. > :10:15.manufacturing numbers coming out of China. That's compared to 50.4 in
:10:16. > :10:20.September. As for the Nikkei, down by 80 points due to the stronger yen
:10:21. > :10:25.against the US dollar, which impacts exporters. The All Ords down by 36
:10:26. > :10:27.due to the fall in oil prices overnight. Thanks for investing your
:10:28. > :10:32.time with us. Goodbye for now. A lorry driver has been
:10:33. > :10:35.jailed for ten years for killing a mother
:10:36. > :10:37.and three children because he was looking at his mobile
:10:38. > :10:43.phone while travelling at 50 The judge said that Tomasz Kroker
:10:44. > :10:47.might as well have