:00:00. > :00:18.Now on BBC News all the latest business news live from Singapore.
:00:19. > :00:24.Oil takes a backseat to security as Donald Trump makes his first
:00:25. > :00:28.overseas trip to Saudi Arabia. What happens when a reporter tried to buy
:00:29. > :00:42.a supercar from this luxury car vending machine? It is a Monday.
:00:43. > :00:50.Glad you could join us for this edition of Asia business report.
:00:51. > :00:58.Donald Trump has just wrapped up a weekend in Saudi Arabia. The
:00:59. > :01:05.relationship has been in oil for the last 70 years. Trump's protectionist
:01:06. > :01:09.policies to support drilling may not sit well with the Saudis but it did
:01:10. > :01:18.not top the agenda on this meeting. Earlier, I asked if this will have
:01:19. > :01:23.any impact on oil prices. I can't see any connection. Donald Trump is
:01:24. > :01:28.out of the cauldron in domestic politics and is on a stage where he
:01:29. > :01:33.can show his dealmaking skills. Certain issues you don't want to
:01:34. > :01:38.bring up. You don't want to bring up oil because effectively, the US and
:01:39. > :01:43.the Saudis are competing for market share. And the price of oil has been
:01:44. > :01:48.affected by the ramp up of production in the United States but
:01:49. > :01:53.could the Saudi funds into billions of dollars deterred going forward
:01:54. > :02:09.shall production, particularly from the base in -- basin? The
:02:10. > :02:12.independent oil producers, the hydraulic fractures, they are
:02:13. > :02:15.showing they can still produce. Effectively, the American
:02:16. > :02:22.independent oil producers become the global swing producer. Budgetary the
:02:23. > :02:28.Trump campaign, he vowed to unleash in the US. Could he start pulling
:02:29. > :02:35.back on these campaign promises which he has done over the past few
:02:36. > :02:39.months of his presidency? I would have to say, trump has already taken
:02:40. > :02:52.steps to unwind some of the Obama gnashers. The keystone pipeline --
:02:53. > :02:57.Obama blockers. He is challenging the American producer. America can
:02:58. > :03:04.be an oil power. That in Saudi Arabia, this visit, oil has taken a
:03:05. > :03:09.backseat then you have this other meeting with other oil producing
:03:10. > :03:16.countries, extending to supply cuts. How will this affect oil prices
:03:17. > :03:21.going forward? There has been a spin coming from OPEC members about the
:03:22. > :03:25.success of these cut back measures. Just the fact they are extending it
:03:26. > :03:30.for another nine months. You have had a Russia come out, recently,
:03:31. > :03:38.talking about their export strategy. The jury is still out on OPEC. We
:03:39. > :03:44.are range bound. It's like the US speed limit. Once we go above 55,
:03:45. > :03:46.the red lights go off, the market settles back down. I then trending
:03:47. > :03:56.upwards before the end of the year. Well, bowling announced it had
:03:57. > :04:01.signed several defence deals with the kingdom. Saudi Arabia agreed to
:04:02. > :04:06.buy helicopters in the deal that will be around $3.8 billion. Wohling
:04:07. > :04:15.also said it would negotiate the deal of 16 wide-body jets to Saudi
:04:16. > :04:20.Gulf airlines -- Boeing. The Trans-Pacific Partnership countries
:04:21. > :04:25.have agreed to pursue an agreement without the US. They were at the
:04:26. > :04:32.forum in Vietnam's. President Trump ditched the Trans-Pacific
:04:33. > :04:36.Partnership shortly after taking office saying it was a bad deal.
:04:37. > :04:44.The US dollar was sold off last week as investors started to question
:04:45. > :04:48.President Trump's ability to deliver on his reform agenda. We will be
:04:49. > :04:54.keeping an eye on that this week. Also coming up, the bank of Korea
:04:55. > :04:57.will hit up old it's first meeting after the new president was elected
:04:58. > :05:02.and a week after the news that Japan's economy is growing better
:05:03. > :05:07.than expected. The chain will announce its figures on Friday.
:05:08. > :05:21.Earlier I spoke to Paul Petron from Scotia bank. It is a tough week.
:05:22. > :05:29.There is not a lot of tier one economic news until Wednesday. And
:05:30. > :05:36.then we wait for Japan's CPI. What about the potential James Comey
:05:37. > :05:40.testimony and North Korea. What will really make headlines and in that
:05:41. > :05:44.investor sentiment? North Korea will today. There is a question on
:05:45. > :05:48.whether we open up with strength in the dollar which has been plagued by
:05:49. > :05:59.weakness lately. Will we have a sell-off in Yemen? -- yen. It is a
:06:00. > :06:11.very important move. Are investors moving from equities to fixed income
:06:12. > :06:16.for safety? For all of this volatility? It seems that leverage
:06:17. > :06:20.best as ours. We haven't yet seen enough in on how people view the
:06:21. > :06:24.equity backdrop to do a wholesale change but saying that, if there is
:06:25. > :06:29.going to be a rate path ahead that is different, we may see it. The
:06:30. > :06:36.bank of Japan has announced their end of month data and of course,
:06:37. > :06:42.last week, what a big surprise. Five consecutive quarters of expansion.
:06:43. > :06:45.Is this good news for the Japanese economy? Without question. The one
:06:46. > :07:00.KV it would be that the export data was strong. -- a caveat. Spending is
:07:01. > :07:05.it still a bit muted. It is good news. It will give Japanese
:07:06. > :07:10.policymakers are left. And of course you have the bank of Korea also
:07:11. > :07:15.meeting. Will they give a monetary policy gift to the new president,
:07:16. > :07:19.briefly? I don't think so just yet. I think they need a few arrows left
:07:20. > :07:27.in their quaver for when they need them. Japan is supposedly the place
:07:28. > :07:33.you can buy just about anything but there is a new kid on the block. Has
:07:34. > :07:37.Singapore outdone the home of self-service and shopping with this?
:07:38. > :07:38.It is a vending machine for supercars. We sent the reporter
:07:39. > :07:46.Timothy McDonald. Well, buying a car in Singapore is
:07:47. > :07:50.always expensive and there is usually a lot of paperwork. But if
:07:51. > :07:56.you have about half $1 million burning a hole in your pocket, there
:07:57. > :08:01.is a whole new way to do it. You come to this private and secure room
:08:02. > :08:07.to pick out your car on these apps. For me, it will be a Lamborghini.
:08:08. > :08:11.What else? Once you pick it out, the amazing bit happens. It brings it
:08:12. > :08:14.down, almost like a giant vending machine and while you wait, it plays
:08:15. > :08:27.an exciting promotional video for you. The best thing is you can only
:08:28. > :08:33.drive it at 90 kilometres an hour in Singapore. Part of the reason I
:08:34. > :08:37.understand you built this dealership is because of the kind of land
:08:38. > :08:44.pressures and costs that you face. That's right. With a footprint I
:08:45. > :08:50.have, I can install about 60- 80 cars. If I do it this way, the size
:08:51. > :08:54.of the land of this place. That was the reason we came up with this
:08:55. > :09:00.idea. You also really just wanted to deal something really cool as well,
:09:01. > :09:03.right? We wanted to make it like a beauty pageant. We are building a
:09:04. > :09:11.stage. Let the customers take a look and decide. Who is the winner, you
:09:12. > :09:15.know? Decide to buy the car. It has been described as a car vending
:09:16. > :09:20.machine. Can you really just a swipe your credit card and drive away? We
:09:21. > :09:38.are working on it and yes, I believe so. I think for cars, it can be.
:09:39. > :09:43.Inside the Begu Bestry, it is a curious mix of amusement park ride
:09:44. > :09:47.and elevator that we are told, in fact, it's a much more efficient way
:09:48. > :09:56.to get the car to the customer, it takes a few minutes. -- inside the
:09:57. > :10:04.vending machine. Maybe I will take the honours. Let's do it. I'm sorry,
:10:05. > :10:09.I think you had better call your bank. That's never going to happen.
:10:10. > :10:19.Thank you very much! Before we go, here is a look at the
:10:20. > :10:27.markets in Asia. All in positive territory. Japan gaining 117 points,
:10:28. > :10:46.the all awards up by 30. Thank you for your time today. Sport Today is
:10:47. > :10:47.coming up next. Bringing you up to date on