0:00:00 > 0:00:03The Institute for Fiscal Studies has been analysing Wednesday's budget
0:00:03 > 0:00:05Now on BBC News all the latest business news live from Singapore.
0:00:17 > 0:00:22To all shoppers out there, it is Black Friday, marking the official
0:00:22 > 0:00:26start of the Christmas shopping season in America. First there was
0:00:26 > 0:00:30Sony, then Yahoo and now the latest is a Uber, our company is doing
0:00:30 > 0:00:40enough to protect themselves against cyber hackers? Good morning, Asia,
0:00:40 > 0:00:44hello, world. It's a Friday, the weekend right around the corner,
0:00:44 > 0:00:48glad you could join us for this edition of Asia Business Report, I'm
0:00:48 > 0:00:53Rico Hizon. It's going to be hard to compete with the $25 billion Chinese
0:00:53 > 0:00:58consumers spent on Singles Day on the 11th of November but after
0:00:58 > 0:01:03Thanksgiving Thursday, Black Friday and Cyber Monday marks the start of
0:01:03 > 0:01:08the US Christmas shopping season. In America alone 164 million shoppers
0:01:08 > 0:01:12are expected to go nation bending spree this weekend, that's over half
0:01:12 > 0:01:18of the US population -- to go on a spending spree. In the UK shoppers
0:01:18 > 0:01:22are expected to spend over 13 billion US dollars over the next
0:01:22 > 0:01:26week and you can bet retailers are doing whatever they can to keep the
0:01:26 > 0:01:29cash register is going. Samira Hussain reports from New York
0:01:29 > 0:01:36on what this means for retailers worldwide -- cash register is. --
0:01:36 > 0:01:39registers. It's 7am and workers have already
0:01:39 > 0:01:44been here for a while, sorting box after box after box. This is the
0:01:44 > 0:01:47beginning of the busiest time of year for shipping companies like
0:01:47 > 0:01:52FedEx as the holiday shopping season kicks off.You probably see more
0:01:52 > 0:01:57people in the stores on Black Friday, but come Cyber Monday, Green
0:01:57 > 0:02:02Monday and the Monday going into Christmas, heavy online shipping
0:02:02 > 0:02:05because they're being driven to shop more online.
0:02:05 > 0:02:10Everything that's happening here is really great news for the US economy
0:02:10 > 0:02:15given it depends so heavily on consumer spending. But there is a
0:02:15 > 0:02:21bit of a downside. The impact it's actually having on bricks and mortar
0:02:21 > 0:02:26stores. Scoring a deal used to mean wading through a mass of crowds, but
0:02:26 > 0:02:30as rents go up and people prefer online, retailers have been closing
0:02:30 > 0:02:34their doors, setting up a battle between E commerce and physical
0:02:34 > 0:02:40stores. However, there may be a truce on the horizon.In almost
0:02:40 > 0:02:44every company today, every retail and every brand has incorporated a
0:02:44 > 0:02:48digital aspect to their physical business and that combination
0:02:48 > 0:02:54together is more powerful.The retail landscape in America is in a
0:02:54 > 0:03:01period of transition, obvious at this FedEx distribution centre,
0:03:01 > 0:03:05e-commerce is it to stay but what is changing is companies are no longer
0:03:05 > 0:03:08choosing a side in the battle for consumers. Having a combination of
0:03:08 > 0:03:14both a physical store and an online presence is much more powerful.
0:03:14 > 0:03:19Samira Hussain, BBC News, New York. Are you having trouble keeping up on
0:03:19 > 0:03:23where your muggy is going? Especially as the holiday season
0:03:23 > 0:03:28approaches. A British start-up has developed a budgeting app that uses
0:03:28 > 0:03:31artificial intelligence -- Mo'Nique. The idea started when the young
0:03:31 > 0:03:35founder was looking to ways to help himself stay out of debt -- money.
0:03:35 > 0:03:41It was never meant to be a business to start with until I wanted to know
0:03:41 > 0:03:45where my money was going. Having a tool that would tell me when I was
0:03:45 > 0:03:49running out of money, that would tell me when I was overspending on
0:03:49 > 0:03:52certain things was incredibly useful. It change my behaviour and
0:03:52 > 0:03:56how I spend my money, they showed me to friends and they loved it, it
0:03:56 > 0:03:59really resonated with people and this was obviously a problem people
0:03:59 > 0:04:07needed to solve. Can I get a flat white please? Thank you. Cleo is a
0:04:07 > 0:04:10digital assistant and you connect your bank accounts and it helps you
0:04:10 > 0:04:14manage your money. You connect via Facebook messenger and you would
0:04:14 > 0:04:17text her like you would text a friend, you can ask her questions,
0:04:17 > 0:04:21how much am I spending on Uber, groceries, have I got the best
0:04:21 > 0:04:25credit card rate, she will help you budget and you can send it to
0:04:25 > 0:04:28friends and she can save money automatically for you.
0:04:28 > 0:04:32I've just come to my favourite coffee shop and I've got a coffee,
0:04:32 > 0:04:37I'm going to ask Cleo how much I've spent on coffee this month. Cleo's
0:04:37 > 0:04:43told me I'd spent £500 at Shoreditch Grind, £42 in the last month. I'm
0:04:43 > 0:04:49going to check now what that means for my balance this month. It's
0:04:49 > 0:04:54looking OK, it's looking relatively healthy.
0:04:59 > 0:05:05She connects your online banking, so she only has access to the
0:05:05 > 0:05:11transaction date, she's not moving money backwards and forwards. It's
0:05:11 > 0:05:14encrypted but she's scanning your transactions and turning it into
0:05:14 > 0:05:16useful actionable information.
0:05:52 > 0:05:59The future of banking is within software companies. It's not going
0:05:59 > 0:06:03to be your traditional banks. It's who owns the data and who owns the
0:06:03 > 0:06:07experience. It's who you trust the most to take financial products
0:06:07 > 0:06:09from.
0:06:12 > 0:06:15Artificial intelligence. In other business news, shares in mature this
0:06:15 > 0:06:24EU Root materials lower in afternoon trade this hour after its business
0:06:24 > 0:06:29business units falsified data -- shares in Mitsubishi Materials. In
0:06:29 > 0:06:33China the stock markets are known for their wild ups and downs, but
0:06:33 > 0:06:37Thursday wasn't a good day with the blue-chip index seeing its biggest
0:06:37 > 0:06:42one-day drop in a year and a half so how has it open this morning? For
0:06:42 > 0:06:47more I'm joined by Monica Miller. Are we seeing some volatility in
0:06:47 > 0:06:53opening trade?Right now it's about 15% down but yesterday it took a
0:06:53 > 0:06:58nosedive, it went down 3%. This impacts the people that are actually
0:06:58 > 0:07:03purchasing, these are the regular customers, not institutions, that
0:07:03 > 0:07:07were making these trades yesterday and this is what is pumping money
0:07:07 > 0:07:11into the mainland. At this point it actually impacted bond yields as
0:07:11 > 0:07:16well, the interest they pay, and it made investors rather skittish. What
0:07:16 > 0:07:20this is caused by is a dealer bridging that President Xi Jingping
0:07:20 > 0:07:25says he wants to cut down on their loans and debt -- and the
0:07:25 > 0:07:31leveraging. It's sending ripples through the mainland and Hong Kong.
0:07:31 > 0:07:35The market has been up all year and of course Wall Street closed
0:07:35 > 0:07:41overnight due to the Thanksgiving holiday. Thanks for that. Tomorrow
0:07:41 > 0:07:46marks three years since the infamous cyber attack on Sony Pictures when
0:07:46 > 0:07:50alleged North Korean hackers exposed embarrassing e-mails and stole five
0:07:50 > 0:07:54unreleased feature films. Earlier this week we learned Uber was hacked
0:07:54 > 0:07:58and the company paid a ransom to the cyber attackers, and the list goes
0:07:58 > 0:08:03on. Some of the more notorious hacks include linked in all the way back
0:08:03 > 0:08:10in 2012, which affected 170 million users. We had Yahoo in 2013,
0:08:10 > 0:08:14initially it was thought 1 billion accounts were affected but later it
0:08:14 > 0:08:20revised that figure to 3 billion. What can be done? I put that
0:08:20 > 0:08:25question to Matt from CNS.The top job for the government is they have
0:08:25 > 0:08:29to keep up with the technology. We are seeing governments adapt. --
0:08:29 > 0:08:33tough job. In Europe governments introduced a new law that comes into
0:08:33 > 0:08:38effect next year called GDP are, general data protection regulation,
0:08:38 > 0:08:42that is a new high in terms of the standards that imposes on companies
0:08:42 > 0:08:48to protect data and breaches of that will carry a fine of 4% of global
0:08:48 > 0:08:54turnover. -- GDPR. For some of these huge companies that save billions of
0:08:54 > 0:08:58dollars figure potentially.Have you ever wondered how a smart phone is
0:08:58 > 0:09:05made? The BBC's Click got exclusive access to a factory owned by one
0:09:05 > 0:09:13plus in Shenzhen. -- OnePlus.
0:09:22 > 0:09:25Being in Shenzhen we have access to the entire ecosystem, all the
0:09:25 > 0:09:30suppliers are here, we can have a new idea on Tuesday and see a new
0:09:30 > 0:09:32prototype on Thursday for a new design.
0:10:10 > 0:10:17Being a brand-new company, not making such a complicated product as
0:10:17 > 0:10:20a smart phone and being based in there, we didn't release have the
0:10:20 > 0:10:24opportunity to test the product in all the countries where we sold it.
0:10:24 > 0:10:28Adding to that, we didn't know how many phones to make. If you end up
0:10:28 > 0:10:32having to many phones in your warehouse that you can't sell, it's
0:10:32 > 0:10:33over. Thanks for