26/06/2017 Asia Business Report

Brexit secretary geisha -- David Davis is pretty sure that not

certain that the UK can secure a deal with the EU.

Now on BBC News all the latest business news live from Singapore.

From high skilled worker visas to import duties, how much can India's

Prime Minister accomplished during his 48 hours in Washington? And it

has been almost 20 years since the Asian prices tripled several

economies in this region. We hear from business owners who lost

everything. Hello and look into Asia Business

Report. I'm Sharanjit Leyl. India's Prime Minister Narendra Modi is on a

visit to Washington. It is his first meeting with Donald Trump and India

US trade has grown to 115,000,000,020 16 from 19 billion

in 2000. But with rising protection in the United States and in

particular a crackdown on visas for Indians, it is harder to export for

India. Hoping to get American and tension

one stitch at a time. These products are headed to the US. One of the

biggest markets for the garment export industry here. Some

businesses feared that India is no longer a priority for Washington but

they hope Narendra Modi's visit will improve conditions. We want US to

remove the nontariff barriers. We want to promote India as a

destination for US customers because we make better quality than China

and we may be a bit higher on pricing but we can match it in the

near future. It is good like this that are a cause for concern for Mr

Trump as he desperately tries to balance US trade. Last year, the US

ran a deficit of $23.4 billion with India. That number is too small to

have an adverse affect on the US economy -- million. The US doesn't

seem convinced. The issue is likely to have a lot of attention during Mr

Modi's visit. It hasn't been a easy ride for US companies try to make it

big in India is well. Some car companies have had success here but

other companies like Apple and Walmart have struggled to access the

market. I can be a great product manufacturer and have the finest

technology but I need the consumer. It would be silly for a construction

company -- consumption country like the US not to look at India as

destination market. We will come down to once in three days after

coming from once in one week. Is fast food chain is one of the merry

American companies that still want a bite out of the Indian market. --1

of the many. It is known for its oversized burgers and it is

competing with others like Burger King, Wendy's and McDonald's. The

competition has deterred investors who are steaming ahead with

expansion plans. India has a lot to offer American companies. Mr Modi

will be pitching to persuade Mr Trump that there is plenty for

Indian companies to offer the US. Well, in addition to Mr Modi's visit

to Washington, we are also watching this this week. On Thursday, it will

be ten years since the first iPhone went on sale in the United States

and since then, Apple has sold over 1 billion units of the iPhone

worldwide. Also on Thursday, Chinese President Xi Jinping arrives in Hong

Kong. He is scheduled to stay until Saturday to inaugurate a new leader

there. In July the first, 20 years is marked since Hong Kong was handed

back to China by Britain. By the end of the week, Friday brings a close

to the trading session for the end of this year. I was asking what

Narendra Modi might achieve on his visit to the US.

I feel at the betrayal of it being low-key since his last visit

underlined since the fewer headache -- headlines come out, the better

for Modi. It is either about visas or outsourcing, it is things they

would like to avoid. There will be legitimate things on his agenda and

the ace up his sleeve about potential building of F-16's for

India. Other than that, they don't want our lot of headlines.

Certainly, it is a strong visit and a pivot away from China and Russia.

Not just on spending and technology but also on defence and military

commitment in the region, particularly with the resurgence of

China. And Xi Jinping is said to be in Hong Kong this week marking the

20th anniversary of the handover. The markets respond? They may. It

depends on how much rhetoric comes out of the Chinese press around it.

They are planning to sell their -- failed their new aircraft carrier

into the waters of Hong Kong so that may be seen as a bit more

antagonistic than people might have thought. The bridge has not been a

good situation. They may play the defence parts down. The fewer

headlines that camera out, the better for markets. Volatile oil

prices, US market at a record high, is a correction due? Certainly. We

talked about Apple a bit earlier. It is about 4% of the SNP. The simple

fact these days is there is so much money in these big tech companies

that if anything goes wrong, it won't hurt. Oil is probably the

biggest disappointment so far. With what is going on in Qatar and Saudi

Arabia, it is a real flashpoint this week.

The troubled Japanese auto parts company Takata has filed for

bankruptcy protection in the US claiming $10 billion in liabilities.

Trading in shares have been suspended after reports it would

make a similar application in Japan. The defective airbag maker 's Takata

have been linked to 17 deaths in several countries and led to the

automobile industry's biggest recall and has cost than $9 billion.

Thailand's central bank floated the Thai bard. It led to a dip in the

currency and triggered a wave of financial and economic collapses

around the region. All this week, we are looking at regional spots most

affected by the financial crisis and we begin in Thailand where it all

started. Jonathan head met with two highflying businesses who met -- who

lost everything -- Head. Defining success these days, how

good his grilled chicken tastes. His restaurant serving classic

north-eastern Thailand dishes is renowned and popular. This business

was born out of a catastrophic failure. He showed us the tree where

he started 20 years ago. Then, just a grill, at table and a few chairs.

He had to build the business from nothing after his property company

was sunk by the sudden devaluation of the Thai bard.

TRANSLATION: I had never prepared myself for something like this.

Suddenly, the banks could no longer live anything to my customers. --

high baht. Ties turned to anger. Austerity began to bite. The newly

impoverished Rich started selling their high end cards and watches for

quick cash. One man set is this unusual market for second-hand

luxury goods. -- set up. Today, he is still a dealer and one of the

most successful in Thailand, selling a lot of vehicles per year. 20 years

ago when the baht crashed, he was left with 100 unsalted howzat are

lot of newly bought property. -- TRANSLATION: I started buying more

cars and then all of a sudden business became stuck and they

couldn't even sell cars. . It took him five years to clear the backlog.

Now you have to order. Could it happen again? Those who were burnt

with the 1997 crisis save the habits of thrift and caution they learnt

are hard to break. In any case, a lot less rational exuberance of

these days -- were irrational exuberance. At a growth rate around

3%, the Thai economy is more other plodding buffalo than the tiger it

once was. Let's have a quick look at the

market before we go. The Nikkei and Australia having just opened. That

is it for Asia Business Report. Banks are watching. -- thank you for

watching. You are watching BBC News. The top stories this hour.

A boat packed with holidaymakers sinks in a reservoir in Colombia.