:00:00. > :00:16.Now on BBC News all the latest business news live from Singapore.
:00:17. > :00:28.China's one belt one road for it kicked off in Beijing. Just how
:00:29. > :00:35.lofty are its Silk Road ambitions and can they be filled? More victims
:00:36. > :00:37.are expected of the cyber attack as they return to work after the
:00:38. > :00:45.weekend. Hello and welcome to Asia Business
:00:46. > :00:49.Report. Leaders from 28 nations are gathered in Beijing to bring China's
:00:50. > :00:55.grand plan to invest billions of dollars to improve its global trade
:00:56. > :01:00.links one step closer to reality. Called the one belt one road
:01:01. > :01:07.initiative, it was proposed in 2013 by President Xi Xin Ping. Its
:01:08. > :01:12.ambitions span over 60 countries and the President has pledged billions
:01:13. > :01:16.of dollars for the scheme. There are sceptics that say it is an expensive
:01:17. > :01:21.exercise to extend China's political and economic influence. We are
:01:22. > :01:27.joined by our Asian business correspondence in the studio. $124
:01:28. > :01:31.billion, no small number. Of course, this was an announcement that was
:01:32. > :01:37.made to all of the world leaders that were gathered to listen to
:01:38. > :01:42.President Xi. Why are the Chinese making such a big deal about this?
:01:43. > :01:46.In simple terms, this is China's beat coming out party and especially
:01:47. > :01:51.so for President Xi Jinping. He has basically pegged his credibility to
:01:52. > :01:56.this initiative. He is basically saying that this is a project of the
:01:57. > :02:00.century. But have looked at how fast this initiative is. If you can see
:02:01. > :02:09.on the Mac right now, the One Belt One Road plan, it goes through most
:02:10. > :02:16.of Asia, Africa and all the way up to Europe. -- on the map. This is
:02:17. > :02:21.Railways worth $1 trillion. Even more money being pumped in by the
:02:22. > :02:25.Chinese. The plan is that with this initiative, trade will flow from
:02:26. > :02:30.east to west and in theory from West back to East and that will help the
:02:31. > :02:35.economies around the world to grow. You mentioned it will go into the
:02:36. > :02:38.trillions of dollars, this huge project. All of the ports and
:02:39. > :02:42.railroads. The Chinese are paying a significant amount of that and what
:02:43. > :02:48.country to come on board. They are also wanting the private sector on
:02:49. > :02:53.board. Booval the money come from? Initially, it will be financed by
:02:54. > :02:58.China but they can't do it alone. -- where will the money come from. It
:02:59. > :03:01.is cognisant about the fact it can't afford it all alone. Local
:03:02. > :03:04.governments in particular are wondering whether they have the
:03:05. > :03:08.firepower to invest because otherwise they won't need China's
:03:09. > :03:15.help. The investment bank has said trillions of dollars is needed in
:03:16. > :03:18.Asia over the next few years and China's One Belt One Road goes some
:03:19. > :03:22.way to solving that problem but how our local governments going to get
:03:23. > :03:25.the money? And a quick one on corruption. There is a bit worried
:03:26. > :03:31.that China is investing in countries with very bad records of governance.
:03:32. > :03:34.How can they mitigate some of their losses? Pakistan, Central Asia,
:03:35. > :03:40.countries where foreign investors do not go in without some degree of
:03:41. > :03:43.caution. China is much the same and privately, some officials are saying
:03:44. > :03:45.they don't expect to get a massive return on investments. One to watch
:03:46. > :03:53.for the future. Thank you very much. We will be
:03:54. > :03:58.watching the second day of the forum today. Europe's's police agency
:03:59. > :04:03.since last Friday's global attack has hit more than 200,000 feet and
:04:04. > :04:08.is in over 150 countries. Cyber Security agencies are now warning of
:04:09. > :04:10.a new wave of cyber attacks are round the world as people return to
:04:11. > :04:26.work after the weekend. They have seen this as a major
:04:27. > :04:32.problem over the years but never on this soul. Infected computers pass
:04:33. > :04:36.it onto others its network -- Europol has seen this. They were
:04:37. > :04:39.designed to affect as many people and as many companies as possible on
:04:40. > :04:47.a global basis. The healthcare sector is vulnerable. Healthcare
:04:48. > :04:50.trusts approach a lot of sensitive information on old legacy IT
:04:51. > :05:02.systems. The criminals know that if they can exploit the vulnerability
:05:03. > :05:06.is, there will be a lot of issues. 150 countries were affected before a
:05:07. > :05:11.22-year-old Briton, hailed as a hero, bound a simple kill switch in
:05:12. > :05:16.its code. Something he warned was just a temporary fix. There is a lot
:05:17. > :05:24.of money in this. There is no reason for them to stop. There is no effort
:05:25. > :05:27.for them to change the code. We have seen seen the cyber criminals react
:05:28. > :05:31.to that and put out a new version, and new variant of that which
:05:32. > :05:34.overcomes the temporary fix and am also concerned about what happens on
:05:35. > :05:38.Monday morning because I think the bug will be sitting in systems over
:05:39. > :05:42.the weekend that have so far not being used. When people arrive to
:05:43. > :05:48.work on Monday morning and turn on their computer, I think we will see
:05:49. > :05:52.the numbers going up again. While the high profile organisations have
:05:53. > :05:58.largely recovered, Britain's NHS one of them, thanks to backup systems,
:05:59. > :06:04.some systems, and individuals, were not so prepared. Students at this
:06:05. > :06:08.campus from China, no option but to pay up if they want their files I'm
:06:09. > :06:14.locked by the hackers. TRANSLATION: The encryption of planet --
:06:15. > :06:18.ransomware was advanced. Individual users would not be able to recover
:06:19. > :06:23.their files. For users, they should also make always back up their
:06:24. > :06:29.files, upgrade best suit -- security software and use antivirus tools.
:06:30. > :06:33.That is the main advice from security experts. Download the
:06:34. > :06:36.latest security patches from Microsoft and regulate backup data
:06:37. > :06:41.to devices not connected to the Internet.
:06:42. > :06:47.Let's look at some of the other news. We will be keeping an eye on
:06:48. > :06:53.this week. Later today, Thailand and sales growth numbers on the January
:06:54. > :06:56.PO -- January to May period. Since the death of their King last year,
:06:57. > :07:05.Thailand is expected to have grown at their fastest pace in force --4
:07:06. > :07:10.years. Google's developer's conference gathered from around the
:07:11. > :07:17.world. Letter this week, Singapore airlines reveal their earnings. --
:07:18. > :07:24.later. We will see them going into debt is only as 2018. Also, Japan
:07:25. > :07:30.releases its preliminary GDP and just like Thailand, growth is
:07:31. > :07:35.projected. Earlier, I spoke with and investment expert.
:07:36. > :07:43.Exports are picking up. Consumers are spending and tourists are
:07:44. > :07:48.returning. These are three meant -- main drivers for Thailand. If they
:07:49. > :07:52.can start exporting, things will look after. There is a cloud on the
:07:53. > :07:58.horizon and that is that much of Thailand's exports are destined for
:07:59. > :08:03.China and Thailand makes the product that China then assembles which are
:08:04. > :08:07.then exported to the West. If trade relationships between the US and
:08:08. > :08:12.China are not good then of course that could affect China which in
:08:13. > :08:17.turn will affect Thailand. Moving on, quickly. Google and technology
:08:18. > :08:22.from Internet search engine to self drive -- self driving cars. What's
:08:23. > :08:25.next? Killam the thing about this conference is something surprising
:08:26. > :08:29.always comes out -- the thing about this conference. I think technology
:08:30. > :08:33.affects all of us and will touch all of us. I think in the case of
:08:34. > :08:38.Google, they appear to be working on things like virtual reality. How
:08:39. > :08:44.that is actually impacting my life, I'm not entirely sure. For some
:08:45. > :08:48.people, it will be a big thing. They are working very hard on Google home
:08:49. > :08:52.which means your home will be connected with the things you do on
:08:53. > :08:57.a daily basis. I can for instance set my washing machine last sitting
:08:58. > :09:01.here talking to you. Fascinating. Let's look at Singapore airlines.
:09:02. > :09:06.Brand-new planes. They have been buying a lot of them Asperitas sense
:09:07. > :09:10.they might go into debt as soon as next year. What's expected that
:09:11. > :09:13.their results? What they said last time they came out were the
:09:14. > :09:17.conditions were challenging. I think we know things are challenging at
:09:18. > :09:20.the moment that what you touched on about that debt is quite
:09:21. > :09:25.interesting. Previously, they had about $3 billion worth of cash, half
:09:26. > :09:31.of which was debt which means they were in a Metcash position. What
:09:32. > :09:35.could happen as they start at -- spending on these planes, they could
:09:36. > :09:39.start using up a lot of this cash and instead of having net cash, they
:09:40. > :09:45.will have net debt. They properly think that having some net debt is
:09:46. > :09:49.not such a bad thing. Japan expecting growth? I think so. One
:09:50. > :09:55.thing --1 person smiling will be that of Japan's of another. I think
:09:56. > :10:02.he will be smiling because it is finally working. -- bank of Japan.
:10:03. > :10:07.The Nikkei in Japan and the all ordinaries in Australia are both
:10:08. > :10:14.trading law at -- Lower, taking their cues from Wall Street. It was
:10:15. > :10:18.due to a weaker than expected retail sales and a report on consumer
:10:19. > :10:22.prices in the US. Of course there are geopolitical issues as well
:10:23. > :10:25.after the missile launch in North Korea over the weekend which is
:10:26. > :10:29.unnerving some investors over in Japan. That is it for this edition
:10:30. > :10:35.of Asia Business Report. Thank you for watching.