11/07/2017 Asia Business Report

hospital of treating him... The hospital treating him of lying to a

judge. They say they have new proof the child therapy could help him.

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

India's cattle trade, a major decision looms ahead of one that

will affect business and religious communities in India.

And it's venue saw growth, we look at the ambitious plans stretched

across the 7000 miles between China and the UK -- it's the new Silk

Road. Good morning, Asia, hello, world,

glad you could join us for this Tuesday addition of Asia Business

Report. I'm Rico Hizon and we kick off with India were the highest

court there will look at the government's recent decision to ban

the sale of cattle for slaughter through animal markets. Their

leather and beef export industry said the government move violates

the right to free trade. It's a case that could affect the livelihoods of

more than 20 million workers across the meat industry. We have more from

Delhi. India's top court has asked the

government for a detailed response with regards to a law that would ban

the trade of cattle for slaughter. After widespread criticism, Delhi

has clarified the new rolls are in that regulation and not banning the

sale of cattle. It's said it's willing to amend the law after

talking to all stakeholders -- murals. Most of India's beef comes

from water buffalo rather than cows, which are considered wholly by

Hindus. Many states have banned cow slaughter but at the moment there's

no such ban on buffaloes and camels. It would have a massive impact on

meat and leather industries with animal experts worth more than $4

billion, it's the biggest exporter in the world. It employs millions of

people mostly from the Muslim community. The decision is expected

to affect millions of farmers nationwide who use cattle for things

like dairy corruption and ploughing. Farmers generally sell the cattle to

slaughterhouses after they become old or unproductive. Many states are

vehemently opposing the law and they have said they will not implement it

even if it is brought in. The government is expected to give more

details in court on Tuesday. One Silicon Valley start-up has now

reached the shores of mainland China and its hundreds of millions of

customers. Stripe, a digital service that accepts payments over the

Internet, is going against many other companies. They make up 90% of

the mobile wallet market in China. Joining us is the president and

co-founder. How big a game changer is best for your business,

partnering with these companies? Good morning. As you can imagine

this is something we have always wanted to do. STRIPE provides

infrastructure for the online economy, we get businesses to set up

and have the tools to accept payments, if you're online you're

not just addressing a local market, you are serving a global customer

audience and one of the things that often holds you back from trading

globally is payment infrastructure. We are very excited about the news

this week, in an industry first out of the box, they can except all

these payment systems without additional integration work. You

talk about infrastructure, these transactions were mainly done with

China based businesses and there were relatively few Chinese

consumers buying online from overseas because of the lack of

credit cards. Could this be a problem for STRIPE? This is exactly

the problem we are trying to solve, if you look at the history of

Internet commerce, in China, a very large mobile commerce market, over

half of the mobile commerce auctions taking place are in China but in

western countries it is credit card dominant Don Mike -- dominated. We

are trying to fix this so that for Western businesses that we support,

they can now unlock this very large Chinese consumer market. Is the

profitability of STRIPE depending on China's appetite for buying products

from overseas? Yes, I don't think that appetite is in doubt. Chinese

demand for foreign goods is expected to be $150 billion by 2020, we have

seen this pattern growing and we fully expect it to continue. As the

payment infrastructure improves Chinese consumers have more global

options. What is your forecast in terms of transactions over the next

two to five years? It's a little hard for us to say just having

launched this right now, so we are going to be tracking this very

closely over the next few years but there's 4 billion people connected

to the Internet globally, Alipay has 5 billion users and WeChat Pay has

even more so we would be surprised if this wasn't a big driver going

forward. Thanks very much. . The firm is selling more than 90% of

its 13 tourism projects to a Chinese developer for $19.3 billion. Earlier

I asked an expert why wonder is giving up its challenge to Mickey

Mouse. It's sad to hear but this has been a while coming, looking at how

they have performed over the last 12 months, their real estate holdings

haven't done well, they've seen a drop in revenue. At the same time

they have gone without a massive expansion spree overseas and they

are carrying debt on their balance sheets and this will be a way for

them... Why have they accumulated so much debt? They have been

opportunistic as a company, they have seen deals they thought were

good for their brand image and future revenues, but to do that they

have had to borrow a bit of money from major Chinese banks. They've

got $33 billion of debt and that's not sustainable as a business over

the long-term to carry that much. What about the buyer, Chinese

developer Sunap, they are buying the estate for $9.3 billion, why would

they want to buy these properties if the amusement parks aren't

performing well? It's interesting because they are the polar opposite

of WANDA, Sunap has been a residential rather than commercial

developer, they've done well over the last year and expanded into new

cities cities and generated revenue from property sales so now they

looking to move into new segments of the market so for them purchasing

commercial real estate at least on paper makes sense. The that remains

is can they all WANDA manage these properties that generates

significant revenue? -- or WANDA. China's Silk Road was an ancient

trade route that link these to the west and now the Chinese president

is looking to the past to paint the way for the future with a $1

trillion initiative to build infrastructure in more than 60

countries. Carrie Gracie has travelled the 7000 mile route from

the mainland to the UK to assess what it may deliver. She spoke to me

earlier north-west China. This is still very much in its early stages,

it's a huge plan, it is all things to all men and women at the moment

and it's very hard to work out which bits matter and which don't, but as

you know, Rico, the main issue here is China building an almost amount

of infrastructure, roads, rails, ports, airports, pipelines, using up

the excess capacity from its construction companies inside China

and the infrastructure building that's gone on in these China over

the past 20 years or so, bringing that construction effort to China's

neighbours to boost trade at the end of the day, sell more Chinese

exports and create more Chinese influence. What are the challenges

of this initiative and how is this going to be funded? The challenges

are immense and numerous. Different in different places. In many other

places, just beyond me to the West, Central Asia, we have questions of

instability and questions of corruption. Infrastructure projects

are hard to keep clean at the best of times, they unfold over long

periods of time. If you're dealing with non- transparent government in

China and then nontransparent government in its neighbours and

partners, then you have a recipe for potentially Vanotti projects,

projects going wrong and a lot of misallocated resources -- Vanotti.

That something China's commercial partners are worried about and it is

something private business in China is worried about -- that's

something. One of the striking problems President Xi has with this

initiative is in getting his own private sector on board, it's very

much a stake driven initiative at the moment and it's being funded by

China's big state banks. They are talking enormous numbers, the $1

trillion you mentioned, how much of that is going to come through and

whether it's going to come through for projects which are commercially

viable or public goods for their own populations in the long run, that

still remains to be seen. Carrie Gracie on the silk Road route

in north-west China. Thank you so much for investing your time with

us. I'm Rico Hizon. Sport Today is up next.

You're watching BBC News. The Department for Education says pay

rises for teachers in England and Wales will remain capped at 1%, but

the independent body which