:00:10. > :00:11.I'm Babita Sharma with BBC World News.
:00:12. > :00:17.Britain's Prime Minister has apologised to her party's MPs
:00:18. > :00:20.for the Conservatives' performance in the General Election.
:00:21. > :00:24.Theresa May said she'd got them into "this mess" and would get them
:00:25. > :00:28.She also said she would serve them as party leader for as long
:00:29. > :00:34.Hong Kong is being lashed by heavy rain and strong winds
:00:35. > :00:36.as Tropical Storm Merbok makes landfall on China's south coast.
:00:37. > :00:40.Waves of up to six metres have been reported.
:00:41. > :00:41.And this story is trending on bbc.com.
:00:42. > :00:44.It's the tale of a 94-year-old Indonesian banana seller
:00:45. > :00:57.After a video was posted on-line showing him in distress,
:00:58. > :01:01.donations poured, in and almost $3,000 has been raised so far.
:01:02. > :01:05.That's all from me for now. Stay with BBC News.
:01:06. > :01:12.The British Prime Minister, Theresa May, apologises to her MPs
:01:13. > :01:14.for losing her government's majority in last week's election.
:01:15. > :01:17.The uncertainty looks likely to delay the Queen's Speech
:01:18. > :01:32.Now on BBC News, all the latest business news live from Singapore.
:01:33. > :01:42.To hike or not to hike. We will look at the rate decision of the Federal
:01:43. > :01:51.bank and its impact on Asia. And why is rechargeable gear becoming
:01:52. > :01:55.popular among the gaming community? Good morning, Asia. Hello, world.
:01:56. > :02:01.Welcome to another edition of Asia Business Report. It's a Tuesday. I'm
:02:02. > :02:08.Rico Hizon. We kicked off with the US Federal Reserve. Investors will
:02:09. > :02:13.be keeping a close eye on this week's meeting from the Central Bank
:02:14. > :02:17.for any clues for the rest of the year. The outlook will further rate
:02:18. > :02:24.rises is nowhere near certain. The chief economist told me why the US
:02:25. > :02:29.Central Bank is expected to raise the cost of borrowing by another
:02:30. > :02:34.quarter of this week. It is pretty unanimous that they will raise
:02:35. > :02:39.rates. That has been the clear forward guidance. If they don't, it
:02:40. > :02:43.will be a shock to the markets. The interesting thing the markets are
:02:44. > :02:51.looking for is any forward guidance going forward. In view, given the
:02:52. > :02:55.economic fundamentals of the US economy, is this the right time to
:02:56. > :03:04.raise interest rates, or should they stay put for now until it is right
:03:05. > :03:08.time. It is a bit tricky. Core inflation has been going down. The
:03:09. > :03:12.Federal Reserve is confused with the recent data. At the same time,
:03:13. > :03:18.though, the labour market continues to tighten. At some point, that
:03:19. > :03:24.typically leads to inflation. They need to get away from the emergency
:03:25. > :03:30.very low rates. At some point in the future they will be a recession.
:03:31. > :03:39.Mixed economic data. The Federal Reserve supposed to wait until the
:03:40. > :03:43.next meeting? They have to wait. In terms of forward guidance, I don't
:03:44. > :03:47.expect any big news at this meeting. They will want to see a bit more
:03:48. > :03:50.data before they actually provide more news, for instance, on the
:03:51. > :03:59.balance sheet reduction plans, the details. What about Asian central
:04:00. > :04:07.banks? Which ones will stay put and which ones will hike? Nearly every
:04:08. > :04:12.Central Bank is on hold this whole year. The only one at the moment
:04:13. > :04:22.hiking is the Philippine Central Bank. And even then we are not sure.
:04:23. > :04:28.The risk with this FOMC is that Janet Yellen and the FOMC sound more
:04:29. > :04:41.hawkish than the markets. Next year they are forecasting three rate
:04:42. > :04:46.hikes! In other business news making headlines, GE's chairman and Chief
:04:47. > :04:52.Executive is retiring after 16 years. This comes after GE has been
:04:53. > :04:56.under pressure to slash costs and boost profits in the core industrial
:04:57. > :05:04.business. A high level shakeup at the joint-venture between Fuji Film
:05:05. > :05:06.and Xerox. The chairman and three executives are stepping down after
:05:07. > :05:12.accounting problems in Australia and New Zealand. Fuji Film says
:05:13. > :05:25.irregularities were larger than thought at $240 million. Apple and
:05:26. > :05:33.Toshiba will join. They are also in talks with the owner of Google,
:05:34. > :05:41.Alphabet, and Microsoft. Toshiba is selling off its chip unit to cover
:05:42. > :05:46.huge losses. Iron ore and steel losses have climbed back after
:05:47. > :05:52.Monday. They are the largest steel producer, China, doing half of
:05:53. > :05:58.global output. The US claims China has been dumping steel products on
:05:59. > :06:05.their market, hurting their own steel makers. They recently had put
:06:06. > :06:08.more duties on Chinese steel. But China says it is slashing
:06:09. > :06:13.production. What can we make of these claims? China all along is
:06:14. > :06:19.saying it has not been dumping. That is because its products have pricing
:06:20. > :06:25.competitiveness. Are they cutting capacity across the board for both
:06:26. > :06:32.crude and finished steel, or just finished? Normally, they are both
:06:33. > :06:37.affected when we say one. But now we are talking about capacity, not
:06:38. > :06:48.production. Chinese authorities are trying to get things going. We have
:06:49. > :07:04.seen a consolidation in 2015 and 2016. 17? They have been working on
:07:05. > :07:08.that. What about in terms of prices, iron ore and steel? Will iron ore
:07:09. > :07:20.prices continue to fall? That is a tricky question. Recently, iron ore
:07:21. > :07:23.has fallen from $94 in February to $56. That is because Chinese makers
:07:24. > :07:33.are using more scrap. Be more scrapped you use, the more pressure
:07:34. > :07:45.on iron ore prices as well. Razor is a cult brand for gamers in
:07:46. > :07:49.Singapore. They want either a mouse or a headset, like my son, and want
:07:50. > :07:51.to pay a premium. Do their products live up to the hype? We met there
:07:52. > :08:23.spokesman. -- their. I have always been passionate about
:08:24. > :08:32.gaming. I play games all the time, even when I was a lawyer. Even today
:08:33. > :08:43.I am still a huge game. I have always been a gamer. We started by
:08:44. > :08:47.asking ourselves, like any other gamer, how in the world can we get
:08:48. > :08:58.an unfair advantage over our competitors? I think you can see
:08:59. > :09:02.from my set-up I'm a huge fan of Razor. There is no way to describe
:09:03. > :09:24.it. The first thing I would do is go crazy if I got to meet them.
:09:25. > :09:30.It is such a high premium. They are searching for the brand.
:09:31. > :09:40.Technically, there is not much difference than a Lenovo or Dell
:09:41. > :09:46.laptop. They are a great brand We have to celebrate a brand that is so
:09:47. > :09:57.strong. Many lenders are jealous of this brand. You can even see
:09:58. > :10:02.T-shirts for Razor. However, there is also the question of hype to talk
:10:03. > :10:03.about. It is about winning all of the time. They are
:10:04. > :10:06.about. It is about winning all of the time. They are not the only
:10:07. > :10:14.company trying to cash in on gaming. The industry has become a global
:10:15. > :10:20.juggernaut, generating $91 billion of revenue last year. $41 billion
:10:21. > :10:27.was spent on mobile gaming, with hits like Pokemon Go leading the
:10:28. > :10:38.charge. PC gaming brings in 36 billion US dollars. There will be a
:10:39. > :10:42.leading industry event soon. Microsoft and Sony are at E3. What
:10:43. > :10:54.can we expect? We have already heard from Microsoft, who have already
:10:55. > :11:03.launched their Xbox1X we have heard. Sony wants to keep up momentum,
:11:04. > :11:07.greatly outselling the Xbox at the moment. It might do that with more
:11:08. > :11:12.titles, something that Xbox does not yet have copied we will also hear
:11:13. > :11:17.from Nintendo. Since last year, they have had a remarkable turnaround in
:11:18. > :11:23.fortunes. It has been a remarkable year for them. BBC News. We will now
:11:24. > :11:29.have a quick look at what is happening to Bitcoin. Two weeks ago,
:11:30. > :11:35.$2000! Now it is trading above $3000 for the first time. That is 5000%
:11:36. > :11:44.since the start of 2017. Another cryptocurrency is surging on Monday,
:11:45. > :11:48.record levels of $407. That is Ethyrium. A quick look at the
:11:49. > :12:02.markets. They are currently awaiting Asian trade. I am Rico Hizon. Thank
:12:03. > :12:06.you for watching. Goodbye for now. This is BBC News. The British Prime
:12:07. > :12:07.Minister, the reason may, has apologised to her MPs for