:00:00. > :00:00.of police officers and border guards.
:00:07. > :00:18.Now on BBC News, all the latest business news live from Singapore.
:00:19. > :00:26.The G7 meets in Italy. How will Donald Trump's America first
:00:27. > :00:29.policies go down with the rest of the grouping? And a profitable
:00:30. > :00:40.business turning old clothes into new products is under threat and we
:00:41. > :00:44.find out why. Welcome to Asia Business Report. I am Sharanjit
:00:45. > :00:48.Leyl. Leaders from the Group of seven countries are meeting in
:00:49. > :00:56.Sicily later today and Donald Trump will be attending for the first
:00:57. > :01:04.time. Along with newly elected French President Macron and UK Prime
:01:05. > :01:11.Minister Theresa May. Terrorism might overshadow other concerns.
:01:12. > :01:19.Trade should remain a key topic on the agenda. Resident Trump to find
:01:20. > :01:25.his trade policy last year very much in opposition, against the TPP,
:01:26. > :01:29.renegotiating Nafta. That is a core element of his political persona. He
:01:30. > :01:37.also realises there has to be a positive agenda. It will be a few
:01:38. > :01:41.months before the message is articulated but the message from
:01:42. > :01:47.colleagues of the G7 will be well received, that it is not sufficient
:01:48. > :01:50.to say what you are against. We know that these proceedings may well be
:01:51. > :01:58.overshadowed by these terror concerns. It comes at the tail end
:01:59. > :02:02.of his meeting with Nato is well, he wants defence spending on the rise
:02:03. > :02:09.but what else is likely to be on the agenda because climate is one thing.
:02:10. > :02:12.This is his first international engagement with the United States
:02:13. > :02:18.most important allies in trading partners. I think Tone and rapport
:02:19. > :02:25.is an important goal. Rear furring -- reaffirming commitment to the
:02:26. > :02:28.Nato alliance. Establishing personal rapport with the other leaders. You
:02:29. > :02:33.have to have a working relationship. In terms of a specific issue,
:02:34. > :02:37.climate change is going to be front and centre because that is the issue
:02:38. > :02:46.Re: what President Trump is postulated. He said the everyone he
:02:47. > :02:52.intends to withdraw from the Paris Accord. Away from the G7, Mr Trump
:02:53. > :02:55.has threatened to withdraw from the North American Free Trade Agreement
:02:56. > :03:03.if his attempt to renegotiate the terms with Canada and Mexico doesn't
:03:04. > :03:08.go well. Canada has been looking to Asia to drum up business. Earlier, I
:03:09. > :03:12.spoke to the Canadian Trade Minister who has been visiting the region
:03:13. > :03:19.doing that. He told me why Nafta is important. We are the largest kind
:03:20. > :03:24.to the United States. We exchange about $2 billion of trade every day.
:03:25. > :03:29.400,000 people crossing every day. The largest energy supplier to the
:03:30. > :03:34.US. Actually, my own province is providing much of the electricity to
:03:35. > :03:39.New York. 47 states have gathered as their primary, secondary or Treasury
:03:40. > :03:45.market service agreement has provided millions of jobs on both
:03:46. > :03:48.sides. 9 million jobs depends on Canada but the relationship is
:03:49. > :03:57.unique because we do not sell to each other, we make things together.
:03:58. > :04:02.If you look at a car, reaching the consumer, this agreement has been
:04:03. > :04:09.good. It provides millions of middle-class jobs. This has been
:04:10. > :04:16.done two decades ago? A rented 11 times already. We are proactive and
:04:17. > :04:20.confident that as my counterpart said recently, this has to be in the
:04:21. > :04:25.interests of all three parties so we are looking at these negotiations
:04:26. > :04:30.from Prime Minister Justin Trudeau which is proactive, making sense to
:04:31. > :04:35.Canada. Don't you think Canada will have a hard negotiation? It is
:04:36. > :04:40.always good -- always good when you are the first client of the entity
:04:41. > :04:44.you are going to negotiate with. We have been proactive in engaging with
:04:45. > :04:49.the US to remind them of the breadth and depth of the relationship. The
:04:50. > :04:53.Prime Minister has established a relationship with President Trump.
:04:54. > :04:58.We saw it in a phone call and we have been firm in telling them, we
:04:59. > :05:02.are going to stand firm for Canadian workers and families and I think
:05:03. > :05:11.that is a message that is well understood in Washington. Let us
:05:12. > :05:16.take a look at oil prices. They have fallen dramatically. This is where
:05:17. > :05:24.they are right now. Brent Crude is flat. We see light crude well below
:05:25. > :05:30.that psychological mark. This all comes after oil producing nations
:05:31. > :05:33.outside of OPEC agreed to extend production cuts. Energy ministers
:05:34. > :05:37.have been meeting in Vienna to discuss extending the cut which is
:05:38. > :05:46.due to expire next month. Higher fuel costs have hit quarterly
:05:47. > :05:50.profits for AirAsia, even though more passengers are travelling with
:05:51. > :05:56.the carrier. The airline has been hurt by the strong US dollar and
:05:57. > :06:01.higher staffing costs. Turning to India which has seen a lucrative
:06:02. > :06:05.textiles trade with Africa. Each day, second-hand clothing arrives
:06:06. > :06:10.from the US and Europe and the clothes are recycled into fabric for
:06:11. > :06:20.blankets made exclusively for African consumers. But this booming
:06:21. > :06:25.business is now struggling. This is the world's cost of capital. From
:06:26. > :06:30.High Street brands to luxury labels, most clothes donated to charity and
:06:31. > :06:36.appear. Every day, hundreds of tons of clothing from across the UK and
:06:37. > :06:40.the US are right here. Torn and used clothing which would otherwise have
:06:41. > :06:46.ended up in landfill. So the factories here play a quiet --a
:06:47. > :06:50.vital link in the global textile recycling business. Shredded,
:06:51. > :06:55.buttons and zippers ripped off, labels discarded. Over 140,000 tons
:06:56. > :06:59.of clothing are processed here and every three tons of fabric produces
:07:00. > :07:07.around 1.5 tons of yarn which is woven back into what's called shoddy
:07:08. > :07:11.fabric. Africa is the biggest consumer for what's made here and
:07:12. > :07:19.the industry here is worried that what was once a lucrative business
:07:20. > :07:23.is now getting more expensive. The cost of importing this textile waste
:07:24. > :07:27.is almost zero but once it reaches India, the custom duties,
:07:28. > :07:32.transportation, storage and electricity and Labour costs add up.
:07:33. > :07:38.Consumers in Africa want cheap blankets and we are struggling to
:07:39. > :07:43.keep prices low. We run one machine a day. While the industry here is
:07:44. > :07:48.well suited to absorb the growing supply of fast fashion from the
:07:49. > :07:52.West, the recycled wool and cotton yarn is facing increased competition
:07:53. > :07:59.from cheaper man-made fibres like polyester. There were more than 400
:08:00. > :08:04.units. Now it is around 100 units. It has taken a very bad hit because
:08:05. > :08:10.the investors is not doing well and every day, a unit is closing or
:08:11. > :08:16.reducing production. We used to work 24 hours a day. Now it is not much
:08:17. > :08:23.of a shift. On one hand, the demand from Africa has dipped and on the
:08:24. > :08:27.other, there is a glut of used clothing. Even though they are
:08:28. > :08:30.having a real environmental impact, the industry here is struggling to
:08:31. > :08:43.make money on the recycling business. It is a race that exhibits
:08:44. > :08:47.some of mankind's most expensive boats. The America's Cup starts
:08:48. > :08:51.later today with racing yachts battling out one of the most
:08:52. > :08:57.prestigious titles in the world. The yachts on display are all about
:08:58. > :09:02.speed but what about the ones that are about luxury? If you are a
:09:03. > :09:05.member of the superrich, the global elite, the chances are you will have
:09:06. > :09:10.a superyacht. That comes with its own headaches like ready but the
:09:11. > :09:17.helicopter will private submarine? That is what this boat is all about.
:09:18. > :09:24.It's really rather special. This is the game-changer, a new vessel with
:09:25. > :09:27.the idea that it is a support vessel for superyacht is so when you are
:09:28. > :09:31.cruising around the Caribbean and you do not want your toys cluttering
:09:32. > :09:39.up the deck, you have somewhere to put them. There is plenty of room on
:09:40. > :09:45.deck. It is a 68- metre vessel. In this market, size does matter. Let's
:09:46. > :09:50.not forget, over here, there is a special spot for your own private
:09:51. > :09:56.submarine. And let's not forget, you need some to park your helicopter.
:09:57. > :10:01.Underneath it, there is a hanger to keep your helicopter safe and dry
:10:02. > :10:04.from wind and waves. This is a limited market, of course. There are
:10:05. > :10:08.only so many people in the world with superyacht is that a big enough
:10:09. > :10:13.to need something like this but it is there if they wanted. How much
:10:14. > :10:21.does it cost? If you had to ask, you can't it. The markets have opened
:10:22. > :10:34.marginally lower and that is really being hit by that huge drop in oil
:10:35. > :10:36.prices. That's it for this addition. I Sharanjit Leyl, thank you for
:10:37. > :10:38.watching. There was a partial resumption
:10:39. > :10:42.of campaigning in the general election on Thursday
:10:43. > :10:46.as the leader of UKIP --