:00:00. > :00:08.Brexit secretary geisha -- David Davis is pretty sure that not
:00:09. > :00:09.certain that the UK can secure a deal with the EU.
:00:10. > :00:15.Now on BBC News all the latest business news live from Singapore.
:00:16. > :00:24.From high skilled worker visas to import duties, how much can India's
:00:25. > :00:30.Prime Minister accomplished during his 48 hours in Washington? And it
:00:31. > :00:34.has been almost 20 years since the Asian prices tripled several
:00:35. > :00:35.economies in this region. We hear from business owners who lost
:00:36. > :00:48.everything. Hello and look into Asia Business
:00:49. > :00:52.Report. I'm Sharanjit Leyl. India's Prime Minister Narendra Modi is on a
:00:53. > :00:57.visit to Washington. It is his first meeting with Donald Trump and India
:00:58. > :01:04.US trade has grown to 115,000,000,020 16 from 19 billion
:01:05. > :01:08.in 2000. But with rising protection in the United States and in
:01:09. > :01:13.particular a crackdown on visas for Indians, it is harder to export for
:01:14. > :01:24.India. Hoping to get American and tension
:01:25. > :01:28.one stitch at a time. These products are headed to the US. One of the
:01:29. > :01:34.biggest markets for the garment export industry here. Some
:01:35. > :01:41.businesses feared that India is no longer a priority for Washington but
:01:42. > :01:45.they hope Narendra Modi's visit will improve conditions. We want US to
:01:46. > :01:51.remove the nontariff barriers. We want to promote India as a
:01:52. > :01:58.destination for US customers because we make better quality than China
:01:59. > :02:02.and we may be a bit higher on pricing but we can match it in the
:02:03. > :02:07.near future. It is good like this that are a cause for concern for Mr
:02:08. > :02:13.Trump as he desperately tries to balance US trade. Last year, the US
:02:14. > :02:17.ran a deficit of $23.4 billion with India. That number is too small to
:02:18. > :02:22.have an adverse affect on the US economy -- million. The US doesn't
:02:23. > :02:29.seem convinced. The issue is likely to have a lot of attention during Mr
:02:30. > :02:34.Modi's visit. It hasn't been a easy ride for US companies try to make it
:02:35. > :02:38.big in India is well. Some car companies have had success here but
:02:39. > :02:42.other companies like Apple and Walmart have struggled to access the
:02:43. > :02:47.market. I can be a great product manufacturer and have the finest
:02:48. > :02:53.technology but I need the consumer. It would be silly for a construction
:02:54. > :03:00.company -- consumption country like the US not to look at India as
:03:01. > :03:08.destination market. We will come down to once in three days after
:03:09. > :03:12.coming from once in one week. Is fast food chain is one of the merry
:03:13. > :03:18.American companies that still want a bite out of the Indian market. --1
:03:19. > :03:23.of the many. It is known for its oversized burgers and it is
:03:24. > :03:29.competing with others like Burger King, Wendy's and McDonald's. The
:03:30. > :03:34.competition has deterred investors who are steaming ahead with
:03:35. > :03:39.expansion plans. India has a lot to offer American companies. Mr Modi
:03:40. > :03:41.will be pitching to persuade Mr Trump that there is plenty for
:03:42. > :03:51.Indian companies to offer the US. Well, in addition to Mr Modi's visit
:03:52. > :03:57.to Washington, we are also watching this this week. On Thursday, it will
:03:58. > :04:01.be ten years since the first iPhone went on sale in the United States
:04:02. > :04:05.and since then, Apple has sold over 1 billion units of the iPhone
:04:06. > :04:10.worldwide. Also on Thursday, Chinese President Xi Jinping arrives in Hong
:04:11. > :04:16.Kong. He is scheduled to stay until Saturday to inaugurate a new leader
:04:17. > :04:20.there. In July the first, 20 years is marked since Hong Kong was handed
:04:21. > :04:28.back to China by Britain. By the end of the week, Friday brings a close
:04:29. > :04:35.to the trading session for the end of this year. I was asking what
:04:36. > :04:37.Narendra Modi might achieve on his visit to the US.
:04:38. > :04:45.I feel at the betrayal of it being low-key since his last visit
:04:46. > :04:52.underlined since the fewer headache -- headlines come out, the better
:04:53. > :04:57.for Modi. It is either about visas or outsourcing, it is things they
:04:58. > :05:03.would like to avoid. There will be legitimate things on his agenda and
:05:04. > :05:09.the ace up his sleeve about potential building of F-16's for
:05:10. > :05:15.India. Other than that, they don't want our lot of headlines.
:05:16. > :05:20.Certainly, it is a strong visit and a pivot away from China and Russia.
:05:21. > :05:28.Not just on spending and technology but also on defence and military
:05:29. > :05:32.commitment in the region, particularly with the resurgence of
:05:33. > :05:36.China. And Xi Jinping is said to be in Hong Kong this week marking the
:05:37. > :05:40.20th anniversary of the handover. The markets respond? They may. It
:05:41. > :05:45.depends on how much rhetoric comes out of the Chinese press around it.
:05:46. > :05:50.They are planning to sell their -- failed their new aircraft carrier
:05:51. > :05:53.into the waters of Hong Kong so that may be seen as a bit more
:05:54. > :06:03.antagonistic than people might have thought. The bridge has not been a
:06:04. > :06:09.good situation. They may play the defence parts down. The fewer
:06:10. > :06:19.headlines that camera out, the better for markets. Volatile oil
:06:20. > :06:23.prices, US market at a record high, is a correction due? Certainly. We
:06:24. > :06:36.talked about Apple a bit earlier. It is about 4% of the SNP. The simple
:06:37. > :06:39.fact these days is there is so much money in these big tech companies
:06:40. > :06:45.that if anything goes wrong, it won't hurt. Oil is probably the
:06:46. > :06:50.biggest disappointment so far. With what is going on in Qatar and Saudi
:06:51. > :06:52.Arabia, it is a real flashpoint this week.
:06:53. > :07:01.The troubled Japanese auto parts company Takata has filed for
:07:02. > :07:05.bankruptcy protection in the US claiming $10 billion in liabilities.
:07:06. > :07:08.Trading in shares have been suspended after reports it would
:07:09. > :07:15.make a similar application in Japan. The defective airbag maker 's Takata
:07:16. > :07:21.have been linked to 17 deaths in several countries and led to the
:07:22. > :07:29.automobile industry's biggest recall and has cost than $9 billion.
:07:30. > :07:37.Thailand's central bank floated the Thai bard. It led to a dip in the
:07:38. > :07:40.currency and triggered a wave of financial and economic collapses
:07:41. > :07:45.around the region. All this week, we are looking at regional spots most
:07:46. > :07:50.affected by the financial crisis and we begin in Thailand where it all
:07:51. > :07:53.started. Jonathan head met with two highflying businesses who met -- who
:07:54. > :08:04.lost everything -- Head. Defining success these days, how
:08:05. > :08:09.good his grilled chicken tastes. His restaurant serving classic
:08:10. > :08:12.north-eastern Thailand dishes is renowned and popular. This business
:08:13. > :08:21.was born out of a catastrophic failure. He showed us the tree where
:08:22. > :08:26.he started 20 years ago. Then, just a grill, at table and a few chairs.
:08:27. > :08:30.He had to build the business from nothing after his property company
:08:31. > :08:40.was sunk by the sudden devaluation of the Thai bard.
:08:41. > :08:47.TRANSLATION: I had never prepared myself for something like this.
:08:48. > :09:00.Suddenly, the banks could no longer live anything to my customers. --
:09:01. > :09:04.high baht. Ties turned to anger. Austerity began to bite. The newly
:09:05. > :09:11.impoverished Rich started selling their high end cards and watches for
:09:12. > :09:18.quick cash. One man set is this unusual market for second-hand
:09:19. > :09:22.luxury goods. -- set up. Today, he is still a dealer and one of the
:09:23. > :09:28.most successful in Thailand, selling a lot of vehicles per year. 20 years
:09:29. > :09:40.ago when the baht crashed, he was left with 100 unsalted howzat are
:09:41. > :09:44.lot of newly bought property. -- TRANSLATION: I started buying more
:09:45. > :09:51.cars and then all of a sudden business became stuck and they
:09:52. > :09:57.couldn't even sell cars. . It took him five years to clear the backlog.
:09:58. > :10:04.Now you have to order. Could it happen again? Those who were burnt
:10:05. > :10:09.with the 1997 crisis save the habits of thrift and caution they learnt
:10:10. > :10:13.are hard to break. In any case, a lot less rational exuberance of
:10:14. > :10:19.these days -- were irrational exuberance. At a growth rate around
:10:20. > :10:20.3%, the Thai economy is more other plodding buffalo than the tiger it
:10:21. > :10:29.once was. Let's have a quick look at the
:10:30. > :10:32.market before we go. The Nikkei and Australia having just opened. That
:10:33. > :10:47.is it for Asia Business Report. Banks are watching. -- thank you for
:10:48. > :10:50.watching. You are watching BBC News. The top stories this hour.
:10:51. > :10:54.A boat packed with holidaymakers sinks in a reservoir in Colombia.