:00:00. > :00:00.will oil prices respond to the devastation? And don't just leave it
:00:00. > :00:16.to the experts. In New Zealand, you can build and design your own
:00:17. > :00:21.sendoff box. It's Monday, good morning Asia, hello world. But you
:00:22. > :00:27.could join us. As we have been reporting, the most powerful
:00:28. > :00:34.hurricane to hit Texas in more than a century has led to two doubts and
:00:35. > :00:40.concerns of more. Triggering more floods and Tornadoes, it it comes
:00:41. > :00:47.two days after tropical storm Hato paralysed Hong Kong. -- deaths. It
:00:48. > :00:53.is a reminder of how damaging national disasters can be. I earlier
:00:54. > :00:56.spoke to a chief economist and asked how the insurance industry is
:00:57. > :01:02.changing to keep up with the increasing number of disasters. We
:01:03. > :01:05.don't know for sure, it is always climate change with these storms, it
:01:06. > :01:10.could just be the natural development of a cycle of heavy
:01:11. > :01:17.storms. We do know that we get lots of perils and catastrophes, we are
:01:18. > :01:23.seeing more frequency of flooding and wildfires, for example. With all
:01:24. > :01:28.of these national disasters in North America, Asia and Europe, are
:01:29. > :01:35.insurance companies starting to rethink projection models? We find
:01:36. > :01:40.out that floods are more common, wildfires might be more common, and
:01:41. > :01:49.we are always improving the models to adjust. We have had a big push on
:01:50. > :01:52.flooding recently. It is difficult to assure a product. People think
:01:53. > :01:58.the government will help them out, it is difficult to convince people
:01:59. > :02:04.that they should purchase insurance. Are we seeing rising premiums as a
:02:05. > :02:09.result of these developments? The market has a lot of capital
:02:10. > :02:15.currently. We have seen a lot of things happening, it is all
:02:16. > :02:20.regional. In an area that is subject to an extra amount of flooding, such
:02:21. > :02:32.as the UK, prices go up, but not globally. That was a global chief
:02:33. > :02:36.economist explaining the insurance policies.
:02:37. > :02:48.And speaking further about Harvey, has defected early Asian trade?
:02:49. > :02:54.Setting some context, some 45% of US refining capacity lies on the Gold
:02:55. > :03:00.Coast. You have got a good portion, one fifth of the nation's crude oil
:03:01. > :03:04.production out in the Gulf of Mexico. What happens there has a
:03:05. > :03:11.huge impact. We have seen two things, gasoline futures are up
:03:12. > :03:16.about 70% to a two-year high. However, the benchmark oil price
:03:17. > :03:22.that people usually look at, the West Texas intermediate, that has
:03:23. > :03:28.barely moved, it is down slightly. We saw prices spiking 1% on Friday.
:03:29. > :03:35.People bracing for the impact of the storm. Traders coming back yesterday
:03:36. > :03:41.and watching the impact. What has been confirmed is that one quarter
:03:42. > :03:47.of production has been shut down. About 24% of the production in the
:03:48. > :03:54.area of crude is down. National gas, 26%. If you think about it, that is
:03:55. > :04:03.about 400,000 barrels per day. All big firms have shut down production.
:04:04. > :04:15.It seems like investors are still assessing the damage. Thank you.
:04:16. > :04:23.Planning to travel, but not keen to stay in Hotel? The rise in house and
:04:24. > :04:29.apartment rentals has shown the power of the collaborative economy.
:04:30. > :04:36.I spent two minutes with the co-founder of AirBnB. I asked how he
:04:37. > :04:39.came up with his business idea. I was an entrepreneur, I had a
:04:40. > :04:46.business in high school. I learned from that that I could build things
:04:47. > :04:51.that people valued. That is now AirBnB, which is very successful.
:04:52. > :04:57.Property regulations around the world have cracked down. They have
:04:58. > :05:02.challenged AirBnB. How was AirBnB working with governments in Asia for
:05:03. > :05:07.these regulations? We try to have as many proactive conversations as
:05:08. > :05:11.possible. Many governments have embraced home sharing policies and
:05:12. > :05:18.many more will hopefully follow suit, including here in Singapore.
:05:19. > :05:23.Is the benchmark for short-term leases? Yes, it is a trend that is
:05:24. > :05:28.not going away. The question is what the rules are in any given city that
:05:29. > :05:35.should surround that. Is AirBnB's growth slowing because of increased
:05:36. > :05:40.regulation? Not necessarily. It has slowed a bit, but at this scale, it
:05:41. > :05:43.is a scale that most people could not have imagined a couple of years
:05:44. > :05:52.ago. How are you countering these challenges to grow in Asia? The
:05:53. > :05:56.business is evolving. It is not just about accommodation, we have
:05:57. > :06:00.launched experiences now as well, including here in Singapore. What
:06:01. > :06:05.lessons have you learned growing with AirBnB as a business? More and
:06:06. > :06:10.more young people are travelling, the middle class is getting bigger.
:06:11. > :06:15.They want to experience the world authentically. That is what you get
:06:16. > :06:25.when you stay in someone's home. You have stayed in hundreds of AirBnB's
:06:26. > :06:31.which one was the most memorable? This past October, I was in a castle
:06:32. > :06:36.in Tuscany. It was on a vineyard, we had a tour of the vineyard and we
:06:37. > :06:41.got to explore the underground caves. It dated back to the 1400 's,
:06:42. > :06:47.so that was pretty unique. Thank you for your time.
:06:48. > :06:52.For most people, organising a funeral is an expensive formality
:06:53. > :07:02.left to professionals. Groups in New Zealand are changing that mentality.
:07:03. > :07:08.The coffin club teaches people how to make there own caskets.
:07:09. > :07:23.In a shrine to Elvis, there is a cough and with Raewyn. Warming up
:07:24. > :07:30.her shared deathbed. Why are the king? That is a silly question. Who
:07:31. > :07:36.wouldn't? Just look at him! It means you'll be lying on top of me for
:07:37. > :07:42.eternity. What could be better? Raewyn's a member of the Rotorua
:07:43. > :07:50.coffin club, where people make their own coffers. They are a sick, and
:07:51. > :07:56.can cost as little as $200 US -- coffins. Decorating is where the
:07:57. > :08:06.imagination runs wild. I could afford a normal funeral service and
:08:07. > :08:17.coffin, but I couldn't even cover the cost that myself. Robin will be
:08:18. > :08:21.cushioned by her late husband's love letters my husband died many years
:08:22. > :08:27.ago and I had to spend a lot of money on his funeral that wasn't
:08:28. > :08:31.necessary. Ironically, Jan used to be a funeral director. She has had
:08:32. > :08:36.funerals in her backyard, and said they can cost as little as $700.
:08:37. > :08:43.Many families get crippled because of funeral expenses. The thing is,
:08:44. > :08:49.you cannot personalise it. When people see this, they are going to
:08:50. > :08:55.say, hey, that is great. This is Katie Williams who founded the club
:08:56. > :09:00.nearly ten years ago. A former midwife, she donates coffins for
:09:01. > :09:04.children and our unborn babies. In our own little way, we are changing
:09:05. > :09:11.some of the concepts of a traditional funeral. Taking all the
:09:12. > :09:23.mystique out of death and dying. It is normal. Want to get past 73,
:09:24. > :09:27.funerals come to frequently. A musical documentary has been made
:09:28. > :09:35.about the club, highlighting its surge. -- Once you get to. Who would
:09:36. > :09:39.have thought death could be so glamorous.
:09:40. > :09:58.Before we go, some breaking news. Uber has a new CEO. The former CEO
:09:59. > :10:09.of Expedia has been appointed. They are seeking to move past a turbulent
:10:10. > :10:18.period. Uber has a new CEO. Thank you for investing your time with us.