0:00:01 > 0:00:02forecast in his budget statement from 2% to 1.5%. Now here on BBC
0:00:02 > 0:00:06News, lots more business news coming up live from Singapore with Rico
0:00:06 > 0:00:06Hizon.
0:00:16 > 0:00:21Did you follow Russian propaganda pages? Facebook is about it you. And
0:00:21 > 0:00:30confectionery giant Mars Wrigley says sales in Asia will offset
0:00:30 > 0:00:39slowing growth in the US and Europe. It is Thursday, everyone! Good
0:00:39 > 0:00:43morning, Asia, hello, world. Loud you can join us for another exciting
0:00:43 > 0:00:48addition of Asia Business Report. -- glad. I'm Rico Hizon. Technology
0:00:48 > 0:00:51giants are coming up with more measures in response to claims
0:00:51 > 0:00:55Russia meddled with the US election. Yesterday we told you Google was
0:00:55 > 0:00:59going to show stories from two Kremlin owned newspaper is lower in
0:00:59 > 0:01:06search results. -- news providers. Several hours ago Facebook said it
0:01:06 > 0:01:10will show its users which Russian propaganda pages or accounts they
0:01:10 > 0:01:14have followed in the like. I'm joined by my colleague and business
0:01:14 > 0:01:19reporter Monica Miller. Monica, how big a problem was it?They believe
0:01:19 > 0:01:23roughly 150 million Facebook and Instagram users may have seen some
0:01:23 > 0:01:27of these fake accounts or organic posts that were created by this
0:01:27 > 0:01:32Russian propaganda group. Now, a couple of weeks ago, lawmakers on
0:01:32 > 0:01:36Capitol Hill grilled lawyers from these giant social media companies.
0:01:36 > 0:01:41In response, Facebook says they are now creating an online tool that
0:01:41 > 0:01:44will basically let people see if they have been impacted by this
0:01:44 > 0:01:50propaganda. The company which did this is based in Saint Petersburg.
0:01:50 > 0:01:53It is called the Internets Research Agency, which sounds pretty
0:01:53 > 0:01:59legitimate. Apparently they have paid hundreds of people to create
0:01:59 > 0:02:02these false accounts to push pro- Kremlin propaganda onto Facebook and
0:02:02 > 0:02:06Instagram.Lots of revelations about their presence in social media. So
0:02:06 > 0:02:10what has been the reaction of dollars in makers in the United
0:02:10 > 0:02:17States? -- policymakers.They say it is a good step but doesn't go far
0:02:17 > 0:02:20enough. They initially asked Facebook to reach out individually
0:02:20 > 0:02:24to each person who had been impacted by this. Instead they are kind of
0:02:24 > 0:02:29putting it on their help site and some tech blogs are saying that they
0:02:29 > 0:02:33are really hiding this. They wanted this to be more in the open and more
0:02:33 > 0:02:42transparent.Thank you. Business reporter Monica Miller. In news
0:02:42 > 0:02:47Justin, Uber has been sued for over 7 billion US dollars for the massive
0:02:47 > 0:02:51data breach we told you about yesterday. The breach exposed the
0:02:51 > 0:02:55names, email addresses and phone numbers of it in million customers
0:02:55 > 0:03:01and drivers around the world. This occurred over one year ago but is
0:03:01 > 0:03:04only now being made public. Well, candy giant Mars needs little
0:03:04 > 0:03:08introduction. Its stable of treats including M&Ms, slippers and
0:03:08 > 0:03:15Maltesers can be found in many households. -- Snickers. Mars is the
0:03:15 > 0:03:19world's biggest chocolate maker, making about $35 billion a year.
0:03:19 > 0:03:22That has been slowing as health-conscious consumers in the
0:03:22 > 0:03:25developed world, which makes up two thirds of the market, begin shunning
0:03:25 > 0:03:30sugar and other processed foods. But the number of those with a sweet
0:03:30 > 0:03:36tooth in Asia is expanding. Nearly half of chocolate sales in China
0:03:36 > 0:03:40from the mild selection. As the regional boss of Mars Wrigley
0:03:40 > 0:03:46Confectionery told me earlier.Our opportunity in Asia is phenomenal.
0:03:46 > 0:03:50We have a rising middle class.
0:03:52 > 0:03:56Berrer going to be more middle-class consumers in Asia than already exist
0:03:56 > 0:04:02in Europe and North America. -- there are going to be. Right now it
0:04:02 > 0:04:06is about one tenth the consumption per capita that exists in Europe and
0:04:06 > 0:04:09North America.You talk about the middle class, but the middle-class
0:04:09 > 0:04:15in Asia also becoming more health-conscious. Shunning sugar and
0:04:15 > 0:04:18processed foods. Isn't that the competition for you?We believe the
0:04:18 > 0:04:28quality of our products are great? -- are great. We believe in portion
0:04:28 > 0:04:31control and responsible consumption. We think people vote with their
0:04:31 > 0:04:35wallets.When I travel around the region I notice that there is lots
0:04:35 > 0:04:39of local competition as well. More craft chocolate makers. Is this
0:04:39 > 0:04:45eating up your Asian market share. Our objection -- objective is to
0:04:45 > 0:04:49grow the market category.We think there is room for us and others, if
0:04:49 > 0:04:52we do it right, to bring this category to where it is supposed to
0:04:52 > 0:04:56be in a size potential.The colour is a raw material and commodity that
0:04:56 > 0:05:03is used in most of your products. -- Cocoa is a raw material. Suppliers
0:05:03 > 0:05:08have been depressed recently. How is that affecting your bottom line?
0:05:08 > 0:05:12Cocoa prices go up and down. We believe in a long-term pricing
0:05:12 > 0:05:15strategy to provide the best value for consumers.Lots of competition
0:05:15 > 0:05:21in this space. You expecting, going forward, a consolidation?This is
0:05:21 > 0:05:27possible.Are you looking for opportunities to buy?I can never
0:05:27 > 0:05:31project the future. But this is possible. We are mostly focused on
0:05:31 > 0:05:35growing our business. We believe organic growth has tremendous
0:05:35 > 0:05:38potential, especially in this part of the world.Where is the biggest
0:05:38 > 0:05:42market here in Asia?China, of course. But there are many other
0:05:42 > 0:05:46markets which are growing fast. India, Indonesia, the Philippines.
0:05:46 > 0:05:50We are excited by the number of opportunities that are ahead of us
0:05:50 > 0:05:55here.Leaving out to Singapore, and a report on the state of the economy
0:05:55 > 0:05:59showed it expanded by 5.2% in the three months to September, compare
0:05:59 > 0:06:03to last year's levels. That is the strongest growth since 2013. The
0:06:03 > 0:06:06government is concerned about maintaining growth. Recently it said
0:06:06 > 0:06:14it may raise taxes. The goods and services tax, or GST, is one of the
0:06:14 > 0:06:18government's the sources of revenues. It brought in $8.2 billion
0:06:18 > 0:06:22last year. Singapore last raised the GST to 7% one decade ago, and that
0:06:22 > 0:06:26is still lower than many other countries. In Japan the GST rate is
0:06:26 > 0:06:358%. In India, it almost doubles, 15.5%. In the United States, 7.5%.
0:06:35 > 0:06:43In the UK, a whopping 20%. This economist said the hike would be to
0:06:43 > 0:06:46tackle longer term issues for the economy like the Asian population.
0:06:46 > 0:06:50There is certainly no hurry for them to do that. And finances here are
0:06:50 > 0:06:55into mentis shape. In most European countries, we just have the European
0:06:55 > 0:07:00-- the UK budget yesterday, the debt to GDP ratio is 80, 90, 100%.
0:07:00 > 0:07:05Singapore has a surplus. The assets they have, the income every year,
0:07:05 > 0:07:08contributes to the budget.They seem to be pressing ahead with this
0:07:08 > 0:07:12particular goods and services tax. They are clearly keen to raise
0:07:12 > 0:07:16taxes. I think you can understand why, in a long-term view, because
0:07:16 > 0:07:19demographics is completely forecast of all. You can understand that your
0:07:19 > 0:07:23income tax base is going to shrink, your costs like healthcare will
0:07:23 > 0:07:26increase steadily over the next ten or 20 years. They want to plan ahead
0:07:26 > 0:07:31for that.China recently relaxed foreign investment rules for its
0:07:31 > 0:07:34massive financial sector, but the mainland's high levels of debt could
0:07:34 > 0:07:41deter international investors. We spoke to China's leading online
0:07:41 > 0:07:44lending platform and asked how those concerns are impacting the company.
0:07:44 > 0:07:57What we do is to help traditionally the underserved population. Small
0:07:57 > 0:08:03businesses, rural people, really build access to credit. These
0:08:03 > 0:08:06people, these segments, traditionally they are not well
0:08:06 > 0:08:11served, or not served at all by banking systems.You talk about
0:08:11 > 0:08:15inclusive growth and adding more of these entrepreneurs and small
0:08:15 > 0:08:18business owners, giving them access to credit. What happens when
0:08:18 > 0:08:23something goes wrong. Who takes responsibility? Is it the company,
0:08:23 > 0:08:29the government?We utilise big data in what we do. We utilise small
0:08:29 > 0:08:40businesses, micro- entrepreneurs and consumers, operational data,
0:08:40 > 0:08:45transactional data, these are intangible but invaluable assets.
0:08:45 > 0:08:48Otherwise they could not use them in traditional banking. For this
0:08:48 > 0:08:54business, risk does exist. Default does happen. And the business model
0:08:54 > 0:08:59is that a lender actually lends to many, many people. So with a very
0:08:59 > 0:09:09small % goes wrong, he's still has a good return. -- if a very small
0:09:09 > 0:09:15percentage goes wrong.He may not be racing in F1 any more, but former
0:09:15 > 0:09:19champion Nico Rosberg has told the BBC he has great affinity with the
0:09:19 > 0:09:23Singapore Grand Prix. Nico Rosberg said his qualifying lap in 2016,
0:09:23 > 0:09:26when he claimed pole position, was his favourite poll performance in
0:09:26 > 0:09:31any of his 206 Formula 1 starts. Now retired, he has been looking back at
0:09:31 > 0:09:35his career.My favourite ever qualifying lap or Singapore, India
0:09:35 > 0:09:38last year, actually. It is one of those moments where it happens very,
0:09:38 > 0:09:43very rarely, actually. But you go into this tunnel vision and sort of
0:09:43 > 0:09:47start to feel completely invincible. You feel nobody could possibly do
0:09:47 > 0:09:53this corner now, or this lap, better than I am doing it at the moment. It
0:09:53 > 0:10:00is a very strange feeling. I read about it, somebody else speaking
0:10:00 > 0:10:07about this as well, and you go into such an extreme moment and the
0:10:07 > 0:10:11buildup to it and all the tension and adrenaline and everything, it
0:10:11 > 0:10:20really begins to close, narrow down, and you find this perfection. I
0:10:20 > 0:10:24found that in Singapore, and I was on the poll by five or six tenths,
0:10:24 > 0:10:30around this huge track. But was a very special moment.For more from
0:10:30 > 0:10:36Nico Rosberg, we have a special programme called My Life After F1 on
0:10:36 > 0:10:42BBC World News. That is on Thursday at 10:30pm GMT. That is at 6:30pm in
0:10:42 > 0:10:47Singapore and Hong Kong. Thank you for investing your time with us. I'm
0:10:47 > 0:10:49Rico Hizon. Goodbye