28/08/2017 Asia Business Report

will oil prices respond to the devastation? And don't just leave it

to the experts. In New Zealand, you can build and design your own

sendoff box. It's Monday, good morning Asia, hello world. But you

could join us. As we have been reporting, the most powerful

hurricane to hit Texas in more than a century has led to two doubts and

concerns of more. Triggering more floods and Tornadoes, it it comes

two days after tropical storm Hato paralysed Hong Kong. -- deaths. It

is a reminder of how damaging national disasters can be. I earlier

spoke to a chief economist and asked how the insurance industry is

changing to keep up with the increasing number of disasters. We

don't know for sure, it is always climate change with these storms, it

could just be the natural development of a cycle of heavy

storms. We do know that we get lots of perils and catastrophes, we are

seeing more frequency of flooding and wildfires, for example. With all

of these national disasters in North America, Asia and Europe, are

insurance companies starting to rethink projection models? We find

out that floods are more common, wildfires might be more common, and

we are always improving the models to adjust. We have had a big push on

flooding recently. It is difficult to assure a product. People think

the government will help them out, it is difficult to convince people

that they should purchase insurance. Are we seeing rising premiums as a

result of these developments? The market has a lot of capital

currently. We have seen a lot of things happening, it is all

regional. In an area that is subject to an extra amount of flooding, such

as the UK, prices go up, but not globally. That was a global chief

economist explaining the insurance policies.

And speaking further about Harvey, has defected early Asian trade?

Setting some context, some 45% of US refining capacity lies on the Gold

Coast. You have got a good portion, one fifth of the nation's crude oil

production out in the Gulf of Mexico. What happens there has a

huge impact. We have seen two things, gasoline futures are up

about 70% to a two-year high. However, the benchmark oil price

that people usually look at, the West Texas intermediate, that has

barely moved, it is down slightly. We saw prices spiking 1% on Friday.

People bracing for the impact of the storm. Traders coming back yesterday

and watching the impact. What has been confirmed is that one quarter

of production has been shut down. About 24% of the production in the

area of crude is down. National gas, 26%. If you think about it, that is

about 400,000 barrels per day. All big firms have shut down production.

It seems like investors are still assessing the damage. Thank you.

Planning to travel, but not keen to stay in Hotel? The rise in house and

apartment rentals has shown the power of the collaborative economy.

I spent two minutes with the co-founder of AirBnB. I asked how he

came up with his business idea. I was an entrepreneur, I had a

business in high school. I learned from that that I could build things

that people valued. That is now AirBnB, which is very successful.

Property regulations around the world have cracked down. They have

challenged AirBnB. How was AirBnB working with governments in Asia for

these regulations? We try to have as many proactive conversations as

possible. Many governments have embraced home sharing policies and

many more will hopefully follow suit, including here in Singapore.

Is the benchmark for short-term leases? Yes, it is a trend that is

not going away. The question is what the rules are in any given city that

should surround that. Is AirBnB's growth slowing because of increased

regulation? Not necessarily. It has slowed a bit, but at this scale, it

is a scale that most people could not have imagined a couple of years

ago. How are you countering these challenges to grow in Asia? The

business is evolving. It is not just about accommodation, we have

launched experiences now as well, including here in Singapore. What

lessons have you learned growing with AirBnB as a business? More and

more young people are travelling, the middle class is getting bigger.

They want to experience the world authentically. That is what you get

when you stay in someone's home. You have stayed in hundreds of AirBnB's

which one was the most memorable? This past October, I was in a castle

in Tuscany. It was on a vineyard, we had a tour of the vineyard and we

got to explore the underground caves. It dated back to the 1400 's,

so that was pretty unique. Thank you for your time.

For most people, organising a funeral is an expensive formality

left to professionals. Groups in New Zealand are changing that mentality.

The coffin club teaches people how to make there own caskets.

In a shrine to Elvis, there is a cough and with Raewyn. Warming up

her shared deathbed. Why are the king? That is a silly question. Who

wouldn't? Just look at him! It means you'll be lying on top of me for

eternity. What could be better? Raewyn's a member of the Rotorua

coffin club, where people make their own coffers. They are a sick, and

can cost as little as $200 US -- coffins. Decorating is where the

imagination runs wild. I could afford a normal funeral service and

coffin, but I couldn't even cover the cost that myself. Robin will be

cushioned by her late husband's love letters my husband died many years

ago and I had to spend a lot of money on his funeral that wasn't

necessary. Ironically, Jan used to be a funeral director. She has had

funerals in her backyard, and said they can cost as little as $700.

Many families get crippled because of funeral expenses. The thing is,

you cannot personalise it. When people see this, they are going to

say, hey, that is great. This is Katie Williams who founded the club

nearly ten years ago. A former midwife, she donates coffins for

children and our unborn babies. In our own little way, we are changing

some of the concepts of a traditional funeral. Taking all the

mystique out of death and dying. It is normal. Want to get past 73,

funerals come to frequently. A musical documentary has been made

about the club, highlighting its surge. -- Once you get to. Who would

have thought death could be so glamorous.

Before we go, some breaking news. Uber has a new CEO. The former CEO

of Expedia has been appointed. They are seeking to move past a turbulent

period. Uber has a new CEO. Thank you for investing your time with us.