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