:00:00. > :00:00.hospital of treating him... The hospital treating him of lying to a
:00:00. > :00:00.judge. They say they have new proof the child therapy could help him.
:00:00. > :00:19.Now on BBC News all the latest business news live from Singapore.
:00:20. > :00:25.India's cattle trade, a major decision looms ahead of one that
:00:26. > :00:29.will affect business and religious communities in India.
:00:30. > :00:36.And it's venue saw growth, we look at the ambitious plans stretched
:00:37. > :00:39.across the 7000 miles between China and the UK -- it's the new Silk
:00:40. > :00:48.Road. Good morning, Asia, hello, world,
:00:49. > :00:52.glad you could join us for this Tuesday addition of Asia Business
:00:53. > :00:55.Report. I'm Rico Hizon and we kick off with India were the highest
:00:56. > :00:59.court there will look at the government's recent decision to ban
:01:00. > :01:03.the sale of cattle for slaughter through animal markets. Their
:01:04. > :01:07.leather and beef export industry said the government move violates
:01:08. > :01:10.the right to free trade. It's a case that could affect the livelihoods of
:01:11. > :01:16.more than 20 million workers across the meat industry. We have more from
:01:17. > :01:19.Delhi. India's top court has asked the
:01:20. > :01:24.government for a detailed response with regards to a law that would ban
:01:25. > :01:30.the trade of cattle for slaughter. After widespread criticism, Delhi
:01:31. > :01:33.has clarified the new rolls are in that regulation and not banning the
:01:34. > :01:37.sale of cattle. It's said it's willing to amend the law after
:01:38. > :01:43.talking to all stakeholders -- murals. Most of India's beef comes
:01:44. > :01:47.from water buffalo rather than cows, which are considered wholly by
:01:48. > :01:52.Hindus. Many states have banned cow slaughter but at the moment there's
:01:53. > :01:55.no such ban on buffaloes and camels. It would have a massive impact on
:01:56. > :02:02.meat and leather industries with animal experts worth more than $4
:02:03. > :02:06.billion, it's the biggest exporter in the world. It employs millions of
:02:07. > :02:11.people mostly from the Muslim community. The decision is expected
:02:12. > :02:15.to affect millions of farmers nationwide who use cattle for things
:02:16. > :02:20.like dairy corruption and ploughing. Farmers generally sell the cattle to
:02:21. > :02:24.slaughterhouses after they become old or unproductive. Many states are
:02:25. > :02:29.vehemently opposing the law and they have said they will not implement it
:02:30. > :02:36.even if it is brought in. The government is expected to give more
:02:37. > :02:41.details in court on Tuesday. One Silicon Valley start-up has now
:02:42. > :02:45.reached the shores of mainland China and its hundreds of millions of
:02:46. > :02:51.customers. Stripe, a digital service that accepts payments over the
:02:52. > :03:00.Internet, is going against many other companies. They make up 90% of
:03:01. > :03:03.the mobile wallet market in China. Joining us is the president and
:03:04. > :03:10.co-founder. How big a game changer is best for your business,
:03:11. > :03:16.partnering with these companies? Good morning. As you can imagine
:03:17. > :03:22.this is something we have always wanted to do. STRIPE provides
:03:23. > :03:26.infrastructure for the online economy, we get businesses to set up
:03:27. > :03:31.and have the tools to accept payments, if you're online you're
:03:32. > :03:34.not just addressing a local market, you are serving a global customer
:03:35. > :03:38.audience and one of the things that often holds you back from trading
:03:39. > :03:45.globally is payment infrastructure. We are very excited about the news
:03:46. > :03:51.this week, in an industry first out of the box, they can except all
:03:52. > :03:58.these payment systems without additional integration work. You
:03:59. > :04:02.talk about infrastructure, these transactions were mainly done with
:04:03. > :04:05.China based businesses and there were relatively few Chinese
:04:06. > :04:09.consumers buying online from overseas because of the lack of
:04:10. > :04:15.credit cards. Could this be a problem for STRIPE? This is exactly
:04:16. > :04:20.the problem we are trying to solve, if you look at the history of
:04:21. > :04:26.Internet commerce, in China, a very large mobile commerce market, over
:04:27. > :04:31.half of the mobile commerce auctions taking place are in China but in
:04:32. > :04:40.western countries it is credit card dominant Don Mike -- dominated. We
:04:41. > :04:45.are trying to fix this so that for Western businesses that we support,
:04:46. > :04:51.they can now unlock this very large Chinese consumer market. Is the
:04:52. > :04:56.profitability of STRIPE depending on China's appetite for buying products
:04:57. > :05:01.from overseas? Yes, I don't think that appetite is in doubt. Chinese
:05:02. > :05:05.demand for foreign goods is expected to be $150 billion by 2020, we have
:05:06. > :05:10.seen this pattern growing and we fully expect it to continue. As the
:05:11. > :05:15.payment infrastructure improves Chinese consumers have more global
:05:16. > :05:19.options. What is your forecast in terms of transactions over the next
:05:20. > :05:23.two to five years? It's a little hard for us to say just having
:05:24. > :05:28.launched this right now, so we are going to be tracking this very
:05:29. > :05:33.closely over the next few years but there's 4 billion people connected
:05:34. > :05:40.to the Internet globally, Alipay has 5 billion users and WeChat Pay has
:05:41. > :05:42.even more so we would be surprised if this wasn't a big driver going
:05:43. > :05:59.forward. Thanks very much. . The firm is selling more than 90% of
:06:00. > :06:06.its 13 tourism projects to a Chinese developer for $19.3 billion. Earlier
:06:07. > :06:10.I asked an expert why wonder is giving up its challenge to Mickey
:06:11. > :06:14.Mouse. It's sad to hear but this has been a while coming, looking at how
:06:15. > :06:18.they have performed over the last 12 months, their real estate holdings
:06:19. > :06:24.haven't done well, they've seen a drop in revenue. At the same time
:06:25. > :06:27.they have gone without a massive expansion spree overseas and they
:06:28. > :06:36.are carrying debt on their balance sheets and this will be a way for
:06:37. > :06:43.them... Why have they accumulated so much debt? They have been
:06:44. > :06:47.opportunistic as a company, they have seen deals they thought were
:06:48. > :06:51.good for their brand image and future revenues, but to do that they
:06:52. > :06:56.have had to borrow a bit of money from major Chinese banks. They've
:06:57. > :07:00.got $33 billion of debt and that's not sustainable as a business over
:07:01. > :07:07.the long-term to carry that much. What about the buyer, Chinese
:07:08. > :07:13.developer Sunap, they are buying the estate for $9.3 billion, why would
:07:14. > :07:17.they want to buy these properties if the amusement parks aren't
:07:18. > :07:23.performing well? It's interesting because they are the polar opposite
:07:24. > :07:27.of WANDA, Sunap has been a residential rather than commercial
:07:28. > :07:33.developer, they've done well over the last year and expanded into new
:07:34. > :07:37.cities cities and generated revenue from property sales so now they
:07:38. > :07:41.looking to move into new segments of the market so for them purchasing
:07:42. > :07:47.commercial real estate at least on paper makes sense. The that remains
:07:48. > :07:53.is can they all WANDA manage these properties that generates
:07:54. > :07:58.significant revenue? -- or WANDA. China's Silk Road was an ancient
:07:59. > :08:02.trade route that link these to the west and now the Chinese president
:08:03. > :08:05.is looking to the past to paint the way for the future with a $1
:08:06. > :08:09.trillion initiative to build infrastructure in more than 60
:08:10. > :08:13.countries. Carrie Gracie has travelled the 7000 mile route from
:08:14. > :08:20.the mainland to the UK to assess what it may deliver. She spoke to me
:08:21. > :08:24.earlier north-west China. This is still very much in its early stages,
:08:25. > :08:28.it's a huge plan, it is all things to all men and women at the moment
:08:29. > :08:34.and it's very hard to work out which bits matter and which don't, but as
:08:35. > :08:39.you know, Rico, the main issue here is China building an almost amount
:08:40. > :08:44.of infrastructure, roads, rails, ports, airports, pipelines, using up
:08:45. > :08:47.the excess capacity from its construction companies inside China
:08:48. > :08:51.and the infrastructure building that's gone on in these China over
:08:52. > :08:56.the past 20 years or so, bringing that construction effort to China's
:08:57. > :08:59.neighbours to boost trade at the end of the day, sell more Chinese
:09:00. > :09:04.exports and create more Chinese influence. What are the challenges
:09:05. > :09:08.of this initiative and how is this going to be funded? The challenges
:09:09. > :09:17.are immense and numerous. Different in different places. In many other
:09:18. > :09:21.places, just beyond me to the West, Central Asia, we have questions of
:09:22. > :09:26.instability and questions of corruption. Infrastructure projects
:09:27. > :09:30.are hard to keep clean at the best of times, they unfold over long
:09:31. > :09:34.periods of time. If you're dealing with non- transparent government in
:09:35. > :09:38.China and then nontransparent government in its neighbours and
:09:39. > :09:44.partners, then you have a recipe for potentially Vanotti projects,
:09:45. > :09:47.projects going wrong and a lot of misallocated resources -- Vanotti.
:09:48. > :09:51.That something China's commercial partners are worried about and it is
:09:52. > :09:55.something private business in China is worried about -- that's
:09:56. > :09:59.something. One of the striking problems President Xi has with this
:10:00. > :10:03.initiative is in getting his own private sector on board, it's very
:10:04. > :10:10.much a stake driven initiative at the moment and it's being funded by
:10:11. > :10:14.China's big state banks. They are talking enormous numbers, the $1
:10:15. > :10:18.trillion you mentioned, how much of that is going to come through and
:10:19. > :10:24.whether it's going to come through for projects which are commercially
:10:25. > :10:28.viable or public goods for their own populations in the long run, that
:10:29. > :10:34.still remains to be seen. Carrie Gracie on the silk Road route
:10:35. > :10:38.in north-west China. Thank you so much for investing your time with
:10:39. > :10:42.us. I'm Rico Hizon. Sport Today is up next.
:10:43. > :10:46.You're watching BBC News. The Department for Education says pay
:10:47. > :10:50.rises for teachers in England and Wales will remain capped at 1%, but
:10:51. > :10:51.the independent body which