:00:00. > :00:12.The US Secretary of State has called North Korea's
:00:13. > :00:15.missile test a new escalation of the threat to America
:00:16. > :00:19.US defence officials are now acknowledging that North Korea's
:00:20. > :00:23.latest missile test WAS an intercontinental ballistic missile.
:00:24. > :00:27.A meeting of the UN Security Council will take place later on Wednesday.
:00:28. > :00:31.On the first ever visit to Israel by an Indian Prime Minister,
:00:32. > :00:34.Narendra Modi has said he hopes to transform their economic ties
:00:35. > :00:38.and build what he called a robust security partnership.
:00:39. > :00:41.And this video is trending on bbc.com.
:00:42. > :00:44.Italian police say four teenagers accused of 12 robberies in Milan
:00:45. > :00:47.resembled the violence of a notorious gang in the film
:00:48. > :01:08.Families affected by the Grenfell Tower disaster have
:01:09. > :01:10.been attending a private meeting with the police
:01:11. > :01:14.Some are reported to have left part-way through.
:01:15. > :01:30.Now on BBC News all the latest business news live from Singapore.
:01:31. > :01:41.And historic visit by Indian Prime Minister Narendra Modi as he seeks
:01:42. > :01:45.defence deals with Israel -- an. An 8 billion cans later, we wish a
:01:46. > :01:57.happy 80th birthday to attend luncheon meat spam -- and. -- to
:01:58. > :02:02.tinned. It's Wednesday, good morning, Asia, hello, world, glad
:02:03. > :02:05.you could join us for this edition of Asia Business Report, I'm Rico
:02:06. > :02:08.Hizon. Narendra Modi is on an historic three-day trip to Israel,
:02:09. > :02:12.he is the first Indian Prime Minister to visit and it signals
:02:13. > :02:18.warming relations between the two sides. Defence deals are expected to
:02:19. > :02:21.top the agenda. India but has become Israel's biggest export market for
:02:22. > :02:33.arms as it seeks to counter China and Pakistan. It gets an estimated
:02:34. > :02:34.$1 billion per years in weapons -- per year.
:02:35. > :02:42.The fact Netanyahu received Modi on Tuesday at the airport signals the
:02:43. > :02:45.strength. India has been historically supportive of the
:02:46. > :02:51.Palestinian cause but quietly it's been working on its relationship
:02:52. > :02:58.with Israel and until now Mr Modi has given credit to Israel. The main
:02:59. > :03:05.focus of the trip will be economic and strategic. India is already
:03:06. > :03:10.Israel's largest arms market, buying weapons worth $1 billion every year.
:03:11. > :03:17.On this trip Mr Modi is expected to push for joint development and sale
:03:18. > :03:20.of drones, missiles and radar systems and the signature make in
:03:21. > :03:24.India campaign. Bilateral trade between the two countries is around
:03:25. > :03:30.$5 billion per year. Both countries want to expand economic ties and are
:03:31. > :03:31.expected to announce deals in sectors like agriculture, water and
:03:32. > :03:38.space technology. The European Union senior officials
:03:39. > :03:44.are also busy discussing free-trade deals with the Southeast Asia
:03:45. > :03:54.nations, a UNKNOWN SPEAKER: As ASEAN in Bangkok, Thailand this week
:03:55. > :04:06.-- a bloc known as. The region created $280 billion in
:04:07. > :04:09.2016 and that is 13% of trade in the region and when it comes to foreign
:04:10. > :04:14.direct investment, the EU is the largest source of investment inflow
:04:15. > :04:19.to the Association of Southeast Asia nations. Earlier I spoke with Kris
:04:20. > :04:23.Humphries, the executive director of the EU ASEAN business council and I
:04:24. > :04:27.asked him if we were likely to see any progress in this meeting.
:04:28. > :04:33.There's time for them to go in this deal -- Chris Humphrey. They need to
:04:34. > :04:37.put in a framework, that's the important first step, scope out the
:04:38. > :04:44.range of issues they want in that deal. But, Chris, talks started in
:04:45. > :04:48.2009 and we are now on the eighth year, how soon before a deal is
:04:49. > :04:52.finalised? Talks did start in 2009 and they were suspended because the
:04:53. > :04:56.feeling from Europe at least was the ten countries of Southeast Asia
:04:57. > :05:00.weren't ready to work together. That mood has changed, there's a sense in
:05:01. > :05:03.Europe now and certainly in the business community that Southeast
:05:04. > :05:07.Asia is ready to move quicker but it won't be a quick process, we're
:05:08. > :05:11.probably talking another 12 months before formal discussions can start
:05:12. > :05:16.and it could be three to complete those talks. You have the ASEAN six
:05:17. > :05:21.and the remaining frontier markets like Cambodia and Laos and Myanmar,
:05:22. > :05:25.do you think ASEAN countries will be willing to include labour rights in
:05:26. > :05:29.the arrangement? I think if ASEAN want to deal with Europe it has to
:05:30. > :05:35.include a whole range of things, it can't just be tariffs but services
:05:36. > :05:38.and RP rights and access to services and also Labour and environmental
:05:39. > :05:42.issues, that's the standard template these days for a deal from the
:05:43. > :05:48.European Commission and I can't see the EU moving on those. Why is
:05:49. > :05:52.labour rights a major sticking point between the EU and ASEAN? It's about
:05:53. > :05:57.the competition to make sure the playing field is as level as
:05:58. > :06:02.possible. -- fair competition. We're talking about the rights of people
:06:03. > :06:06.in their workplace, to avoid slave labour essentially. On the other
:06:07. > :06:12.hand could this extend negotiations between the two sides and there
:06:13. > :06:17.would be any agreement? I'm sensing a greater willingness on both sides
:06:18. > :06:21.to progress. With the near death of TPP, Europe is now seeing an
:06:22. > :06:24.opportunity in Southeast Asia to step up to the plate more, there's
:06:25. > :06:28.more urgency from them and seeing the Southeast Asia nations wanting
:06:29. > :06:33.to do more as a group as well, a region to region deal is possible
:06:34. > :06:37.but it won't be a quick process, but it is now more possible than
:06:38. > :06:41.previously. Any concerns about the future of the EU with Brexit? None
:06:42. > :06:46.at all and the EU is getting stronger, we seen it in recent
:06:47. > :06:50.elections, the EU will come out of this looking very good. There are
:06:51. > :06:54.lots of free trade talks taking place taking place this week, Shinzo
:06:55. > :06:59.Abe is visiting Brussels to finalise a trade arrangement with the EU, a
:07:00. > :07:04.deal that would remove all customs duties and give greater market
:07:05. > :07:07.assets to Japanese car manufacturers and European food exporters. Several
:07:08. > :07:12.airlines in the Middle East will soon allow laptops in cabin is again
:07:13. > :07:16.after the US reversed its ban for US bound flights, however the
:07:17. > :07:20.Department of Homeland Security will require additional security
:07:21. > :07:24.initiatives -- cabins. Turkish airlines and the Saudi airlines have
:07:25. > :07:27.said they will implement the new roles. Formula 1 racing team
:07:28. > :07:34.Williams has revealed the baby carrier... The carbon fibre baby pod
:07:35. > :07:39.has been developed to transport critically ill newborn infants
:07:40. > :07:42.safely and securely in an ambulance or helicopter. The BBC's Theo
:07:43. > :07:48.Leggett reports. Williams is one of the great names
:07:49. > :07:51.of Formula 1. Every year it spends millions on exotic new technology
:07:52. > :07:56.and all to make one of these go round a track as fast as possible.
:07:57. > :08:00.But the expertise developed on the racetrack doesn't go to waste.
:08:01. > :08:05.Williams advanced engineering is a sister business to the F1 team and
:08:06. > :08:09.it's finding new uses for Formula 1 technology. These little boxes,
:08:10. > :08:13.little pots, are built alongside the Formula 1 cars and they're very
:08:14. > :08:17.high-tech Andrew Talansky why we have Paul McNamara, the technical
:08:18. > :08:22.director of Williams advanced engineering -- and to tell us why.
:08:23. > :08:30.Paul, what is this? A baby pod, a product designed at Williams but its
:08:31. > :08:34.purpose is for moving infants. The idea is it will go into an
:08:35. > :08:37.ambulance, it will go into a helicopter or something like that.
:08:38. > :08:41.The objective that we had with it was to make it very accessible, so
:08:42. > :08:45.as you can see we can take the lid off and we can get everywhere inside
:08:46. > :08:49.this structure. Its carbon fibre because it needs to be light and
:08:50. > :08:53.crashproof. In the event of an accident and we had to simulate and
:08:54. > :08:57.calculate all of that we had to pull on the tabs and the structure had to
:08:58. > :09:01.stay put and the padding which the child is in keeps them OK. One of
:09:02. > :09:06.the most technologically advanced race cars that's ever been made has
:09:07. > :09:11.been made by us... The team said the baby pod is one example of how
:09:12. > :09:15.research carried out in racing can have real social benefits...
:09:16. > :09:19.Lightweight materials, composite, aerodynamics, all these technologies
:09:20. > :09:23.can be so easily applied to other industries, sectors and products in
:09:24. > :09:26.order to invariably make them better but most importantly safe are
:09:27. > :09:30.sometimes and that's the case with the baby pod. The engineering
:09:31. > :09:35.business also allows Williams to make money. -- safer. The profits
:09:36. > :09:38.are ploughed back into the racing team, helping it to fund more
:09:39. > :09:41.research and development and make its Formula 1 cars even faster. Theo
:09:42. > :09:48.Leggett, BBC News. Spam, the low-priced long-lasting
:09:49. > :09:52.and tinned meat is now 80 years old, happy birthday! Did you know it kept
:09:53. > :09:57.troops and civilians alive in the Second World War and it was then fed
:09:58. > :10:01.to unwilling is schoolchildren in the post-war years. It's the food
:10:02. > :10:08.summit in the western love to hate but 8 billion cans have so far been
:10:09. > :10:10.sold. Now eight! Now in some countries it's a delicacy. -- now
:10:11. > :11:37.8,000,000,001. Let's take a wow, I'm really ready for my
:11:38. > :11:41.breakfast! Spam with eggs and rice! To all American viewers, happy
:11:42. > :11:48.fourth of July and of course because of the holiday in the US, we are
:11:49. > :11:52.seeing thin trading in Asia today. Thank you so much for investing your
:11:53. > :11:54.time with us, I'm Rico Hizon, goodbye for now.