:00:00. > :00:11.Now on BBC News all the latest business news live from Singapore.
:00:12. > :00:24.The connection between Hong Kong and the stock exchanges is now live.
:00:25. > :00:27.Will it be a success or a risk? A shock resignation. New Zealand's
:00:28. > :00:39.Prime Minister is stepping down after eight years in power. It is a
:00:40. > :00:45.Monday. Glad you could join us with this addition of Asia Business
:00:46. > :00:50.Report. It is live. The long-awaited connection between the Hong Kong and
:00:51. > :00:56.Shenzhen stock exchange has just started. Foreign investors can
:00:57. > :01:09.foreign investors can now buy properties listed in changing. For
:01:10. > :01:17.the latest, we are joined by the Hong Kong stock exchange. Looks busy
:01:18. > :01:21.there. It is of course an extension of the Hong Kong Shanghai connect. A
:01:22. > :01:27.message from Beijing that the Chinese markets are gradually
:01:28. > :01:33.opening? , that's right. It's very busy here today. In just a few
:01:34. > :01:37.seconds ago, they rang an gong to symbolise the open of Duchenne Jen
:01:38. > :01:46.and Hong Kong stock exchange connect. -- Shenzhen. A lot of these
:01:47. > :01:49.are considered different from the stocks available from the Shanghai
:01:50. > :02:03.stock market because Duchenne Jen and stock market is Stec Heavey. --
:02:04. > :02:05.tech heavy. They are keen to attract foreign investment. They are also
:02:06. > :02:11.keen to internationalise their market. They want to encourage more
:02:12. > :02:18.foreign investment and reach international standards. The MSCI
:02:19. > :02:21.index decided not to include Chinese stock because they were worried
:02:22. > :02:26.about access ability issues stop this is going to be seen as a
:02:27. > :02:31.chance, a step, for China to move towards that. Indeed, a significant
:02:32. > :02:38.moment. Atkins see a lot of bubblies flowing around behind you. --I can
:02:39. > :02:43.see. Of course, this particular Shenzhen, Hong Kong connect comes at
:02:44. > :02:49.a very critical time because we are seeing the Chinese economy slowing
:02:50. > :02:57.down. We are seeing a weaker yen and expect it US rate hike. Many people
:02:58. > :03:02.think that is why there has been an delay to the launch of the Shenzhen
:03:03. > :03:05.stock connect. Some people but it would launch last year and it was
:03:06. > :03:09.delayed because there was a serious market crash in China. A lot of
:03:10. > :03:13.people were also expecting it to launch in November but it seems like
:03:14. > :03:18.there was a delay there is well put up many analysts think it was to do
:03:19. > :03:21.with the falling UN. Especially after the election of Trump. Many
:03:22. > :03:31.people are worried about capital flight. They thought it might be
:03:32. > :03:36.because China wanted to wait for a few weeks. The launch of the
:03:37. > :03:49.Shenzhen Hong Kong stock connect. Let's check on how the Hong Kong and
:03:50. > :03:55.Shenzhen markets have opened. As you can see, it is done by one point to
:03:56. > :04:00.5%. As for the Hong Kong stock exchange, it is lower by about 75
:04:01. > :04:06.points. The sentiment is basically negative after the Italian
:04:07. > :04:11.referendum whether no voter one. Moving to New Zealand and the Prime
:04:12. > :04:15.Minister John Key is resigning stop he made the surprise announcement
:04:16. > :04:20.meant that are as conference a short time ago saying his family was the
:04:21. > :04:26.main reason he is leaving office. So, far more, let's cross over to
:04:27. > :04:32.our correspondence in Auckland. Thank you for joining us. This was a
:04:33. > :04:39.surprise to many people and now the big question is, the will take over?
:04:40. > :04:46.Surprise, shock, everybody is dealing with the information at the
:04:47. > :04:51.moment. Mr He was doing his press conference and then he sprung it on
:04:52. > :04:59.everybody. Nobody saw it coming. Quite unusual, -- Key. His main
:05:00. > :05:02.reason is his family. He has had three terms in office and is
:05:03. > :05:06.exhausted and now is the time to move along and let someone else take
:05:07. > :05:13.over the reins. You have to understand, for the next election in
:05:14. > :05:17.New Zealand, in one years time. This gives time for the National party to
:05:18. > :05:21.get a new leader in and prepare themselves for the next battle. He
:05:22. > :05:25.has been one of the most popular prime ministers the country has seen
:05:26. > :05:30.and his National party has had popular feedback in the polls. It
:05:31. > :05:33.will be an interesting time. Can imagine the opposition parties are
:05:34. > :05:37.finally looking with some kind of hope for the next election. Stepping
:05:38. > :05:42.into next week, once it gets confirmed by his party, is ill
:05:43. > :05:44.English, his finance minister, who has always been his right-hand man.
:05:45. > :06:02.He was the Lacoste. -- Bill. Throughout these years, I have given
:06:03. > :06:06.everything I have two this job in the country I love and cherish. This
:06:07. > :06:12.has come at a sacrifice to my family. For my wife, there have been
:06:13. > :06:15.many in nights and weekends spent a loan. Many occasions that were
:06:16. > :06:18.important to her that I simply couldn't attend.
:06:19. > :06:24.That was Prime Minister John Key explaining why he resigned after
:06:25. > :06:30.ages in office. Of course everybody wants to find out with chunky moving
:06:31. > :06:33.ahead, stepping down, what will happen to the New Zealand economy
:06:34. > :06:43.which is agriculturally dependent -- John Key. He was a very successful
:06:44. > :06:49.businessman before he became a minister. Obviously tourism is big
:06:50. > :06:54.in the country and it has overtaken dairy as its primary import. We
:06:55. > :07:02.think with the election coming up next year, dairy will still be at
:07:03. > :07:05.the forefront of what has been described as a superstar economy.
:07:06. > :07:12.Interesting times ahead for New Zealand.
:07:13. > :07:18.Moving to developments in India and a cash crunch causing by the
:07:19. > :07:24.government's surprise decision to withdraw large banknotes, has seen
:07:25. > :07:29.bartering return to many rural villagers. We are seeing how they
:07:30. > :09:42.are surviving without cash. In other business news, making
:09:43. > :09:46.headlines. HSBC is targeting the 3 million consumers as it starts
:09:47. > :09:50.issuing credit cards in China from today. It is the first time it has
:09:51. > :09:57.done so under its own steam and only two other foreign banks provide
:09:58. > :10:00.credit cards in China. A significant proportion of the Chinese population
:10:01. > :10:04.doesn't have a credit card and banks offering them will face challenges
:10:05. > :10:07.from mobile payment services. But have a quick look now at the
:10:08. > :10:17.markets. It is currently very nervous day, particularly in the
:10:18. > :10:23.greater China markets after the Shenzhen markets connect. And also
:10:24. > :10:30.the yes vote in it till it -- in Italy. Thank you so much for
:10:31. > :10:49.investing your time with us. Sport Today is up next.
:10:50. > :10:52.Italian Prime Minister Matteo Renzi says he is resigning