:00:00. > :00:12.The US has for the first time successfully tested its defence
:00:13. > :00:16.system against an intercontinental ballistic missile.
:00:17. > :00:18.Officials say it launched the ground based interceptor
:00:19. > :00:22.The test comes amid increased tensions with North Korea.
:00:23. > :00:24.The test comes after Pyongyang fired its ninth missile this year.
:00:25. > :00:27.Bangladesh coastal communities are assessing the damage in the wake
:00:28. > :00:37.US singer Ariana Grande has announced she'll return
:00:38. > :00:40.to Manchester to hold a benefit concert for the victims
:00:41. > :00:43.She'll be joined by other pop acts such as Coldplay,
:00:44. > :00:58.Proceeds will go to the "We Love Manchester" emergency fund.
:00:59. > :01:04.That's all from me, stay with BBC News.
:01:05. > :01:09.Jeremy Corbyn has apologised for not knowing the figures
:01:10. > :01:11.for Labour's childcare policy, during a BBC interview.
:01:12. > :01:13.He later clarified the policy saying it would cost
:01:14. > :01:31.Now on BBC News all the latest business news live from Singapore.
:01:32. > :01:38.How well has India's economy whether the cash ban on big notes? We find
:01:39. > :01:43.out when the government releases economic growth figures later today.
:01:44. > :01:46.And we are nearly halfway to the year. For investors it has been a
:01:47. > :01:59.steady climb upwards, but could there be trouble spots ahead?
:02:00. > :02:03.Welcome to Asia Business Report. We start with India, and the latest
:02:04. > :02:07.economic growth figures due later today. GDP data generated in the
:02:08. > :02:11.March quarter should offer clues on any more effects from the
:02:12. > :02:16.controversial cash ban. The South Asian economy has been expanding at
:02:17. > :02:20.a rate of around 7%, lower than previous quarters due to this sudden
:02:21. > :02:25.withdrawal of two of the most commonly used banknotes late last
:02:26. > :02:35.year. So, our businesses there feeling the pinch? Our team and by
:02:36. > :02:52.when to find out... -- in Mumbai. FUNKY MUSIC
:02:53. > :03:00.It is difficult for us to get to the 7% plus growth rate in the economy
:03:01. > :03:05.because there has been at least a partial breakdown in the world
:03:06. > :03:13.economy. Incomes haven't risen. People are holding back on any
:03:14. > :03:24.expenses which is bad for business in general.
:03:25. > :03:32.In the last few years, and especially the last few months, it
:03:33. > :03:40.has been very bad for the market. Adding fuel to the fire has been the
:03:41. > :03:44.mother to say. Things have gone down by 18% in terms of growth -- di
:03:45. > :04:09.monetisation. The auto industry, we have been
:04:10. > :04:17.working on since 1958, is doing well. There were ups and downs,
:04:18. > :04:21.partly because of demonetisation, but the Indian economy is robust. We
:04:22. > :04:29.are confident of that and we are further investing so we achieve
:04:30. > :04:33.this. In news just in, there has been a rebound in factory output in
:04:34. > :04:38.different macro culture plan. It rose 4% in April on the previous
:04:39. > :04:41.month that the fastest pace in six years. Analysts say the jump
:04:42. > :04:45.suggests the economy is making a strong start in the second quarter
:04:46. > :04:51.boosted by overseas demand for products. In contrast, South Korea's
:04:52. > :05:03.production fell by more than 2% in April, that comes in spite and and
:05:04. > :05:06.Alpert arise. To share way says it is operating at full schedule after
:05:07. > :05:12.hundreds of flights were cancelled at the weekend after an IT meltdown.
:05:13. > :05:15.Shares in its parent company closed 1.5% lower. Some estimates say that
:05:16. > :05:31.this problem could cost BA more than $150 million. What is lowering one
:05:32. > :05:43.of the biggest players in food and agricultural business Cheika girl?
:05:44. > :05:48.They trade -- Cargill. The chief Asia-Pacific executive for Cargill,
:05:49. > :05:53.I ask him why it was such an important market for the firm. Asia
:05:54. > :06:00.is very important for three reasons. Worst of all, a favourable
:06:01. > :06:05.demographic, rising urbanisation which fits well in our portfolio. We
:06:06. > :06:14.know Cargill is a firm supporter of free trade but with the demise of
:06:15. > :06:18.trade packs like the DPP, how is it that it has limited your goods?
:06:19. > :06:23.Cargo has been in business for 50 years. We favour global trade but at
:06:24. > :06:30.the same time there are tendencies for nationalisation. We wonder how
:06:31. > :06:33.to adjust the system to that. For those who continue to push and
:06:34. > :06:38.promote local trade as well. With local production, you talk about
:06:39. > :06:44.agriculture for a lot of your products, but there are concerns
:06:45. > :06:55.around accusations of deforestation linked to you, and land clearance in
:06:56. > :07:02.Brazil, despite Terrance not to do so. In Asia, Malaysia and Indonesia,
:07:03. > :07:06.there is clearance for palm oil. What do you say to these
:07:07. > :07:12.accusations? We are explicit that we want to feed the globe in a
:07:13. > :07:16.sustainable and global way. Deforestation is a problem. We
:07:17. > :07:22.wanted to half deforestation by 2020, we said that in 2014. And
:07:23. > :07:26.completely stop it by 2030. We work closely with other people in the
:07:27. > :07:32.supply chain to live up to our commitment. You are a big supporter
:07:33. > :07:35.of China's one belt one road for these giant infrastructure projects
:07:36. > :07:41.that do not necessarily protect the environment. Why do you support it?
:07:42. > :07:47.Because, as mentioned, we want to feed the world in a sustainable way
:07:48. > :07:51.and in a responsible way. We need to address both. That is the end of
:07:52. > :07:55.your two minutes, thank you for joining us!
:07:56. > :08:02.US stocks closed out the final trading session for the month of
:08:03. > :08:08.May. They were flat, nearly halfway through the year. Driving big gains
:08:09. > :08:16.on Wall Street. Let's have the luck... Buoyed by optimism that the
:08:17. > :08:19.US president will roll out tax cuts that favour businesses and boost
:08:20. > :08:28.profits for corporate America. Some of that enthusiasm trickled into
:08:29. > :08:31.Asia. This was tempered by North Korea and several missile launches,
:08:32. > :08:35.raising worries about security in the region. Not many investors are
:08:36. > :08:44.convinced that China can maintain growth momentum. My guest told me
:08:45. > :08:48.that this year, it has been an incredible year for investors...
:08:49. > :08:53.Across the world we have seen double-digit returns, in particular
:08:54. > :08:57.in this region, quite a nice performance of Asian markets close
:08:58. > :09:02.to 20%. That is something that we have been a bit surprised about. In
:09:03. > :09:08.terms of magnitude and pace. It was clearly driven I very good earnings
:09:09. > :09:13.growth so far. The question is how sustainable it will be in the second
:09:14. > :09:17.half of the season. And some challenges as we have seen in
:09:18. > :09:23.geopolitical risks and others. What big concerns to watch out for? We
:09:24. > :09:29.need to watch out for North Korea and the situation there. And on the
:09:30. > :09:36.political side, I think that Europe but aside most of the election that
:09:37. > :09:40.we have seen so far in Europe, it has been more leaning towards the
:09:41. > :09:46.pro-European side. We have also seen quite a nice rally in European
:09:47. > :09:51.equity markets. If we look at the USA so far, to be honest, we haven't
:09:52. > :09:56.seen anything delivered yet from Trump in terms of infrastructure and
:09:57. > :10:00.spending, more and more importantly in terms of his corporate tax cuts.
:10:01. > :10:06.We know interest rates are on the up. But closer to home, how worrying
:10:07. > :10:12.are China's economic problems? We saw credit ratings downgraded by
:10:13. > :10:19.Moody 's. Will it filtered through to the rest of Asia? In the last few
:10:20. > :10:25.years, we have seen correction in the first half of 2015 and 2016 was
:10:26. > :10:29.driven by Chinese concern. Afterwards, we haven't really heard
:10:30. > :10:33.anything from China. From a market perspective I would say it is a
:10:34. > :10:38.positive sign but if you look at the depth of GDP numbers in China at
:10:39. > :10:45.260%, relatively high, we should not forget that most of those debts are
:10:46. > :10:49.held by domestic investors, hence the volatility we see in other
:10:50. > :10:57.markets and not so evident, like in China. The downgrade may be the
:10:58. > :11:00.first signal that the government is supposed to work against this.
:11:01. > :11:07.Actually, they have done so over the last few months already. Growth has
:11:08. > :11:11.come down substantially so they have tightened up a lot in terms of
:11:12. > :11:18.leveraged. Going in the right direction, we need to see more of
:11:19. > :11:23.this over the next few quarters. In news Justin, the Vietnamese Prime
:11:24. > :11:29.Minister is meeting President Trump for dinner in Washington. He has
:11:30. > :11:35.forecast he will ring in news and services up to $17 million. There is
:11:36. > :11:40.have a look at the markets before we go. Asian markets, if we look at
:11:41. > :11:45.those, they are fairly flat at the moment. And have been so in the last
:11:46. > :11:49.few days. Quiet as there has been a lot of holidays. That's all for this
:11:50. > :11:54.edition of Asia Business Report, thank you for watching.
:11:55. > :11:57.The US military says it has successfully test fired
:11:58. > :11:59.an interceptor designed to bring down an intercontinental ballistic
:12:00. > :12:08.missile, as concerns grow over North Korea's ambitions.