:00:00. > :00:23.The foreign ministers of the world's seven biggest economies begin
:00:24. > :00:25.to arrrive in Lucca, Italy, and free trade is high
:00:26. > :00:38.We look at Singapore's efforts to regulate the airspace
:00:39. > :01:03.If you got eight minutes, stay where you are, give me eight minutes and
:01:04. > :01:05.I'll give you a fascinating snapshot of the world of business and money
:01:06. > :01:05.but... We start in Italy where the foreign
:01:06. > :01:09.ministers of the world's biggest economies meeting in
:01:10. > :01:11.the historic city of Luca. This year Italy holds the presidency
:01:12. > :01:15.of the G7 group and Rome has already made it clear that one of it's
:01:16. > :01:18.priorities is fighting But hang on, why does it
:01:19. > :01:24.matter to all of us? Well, it's important because the G7
:01:25. > :01:27.accounts for just over 46% This meeting is
:01:28. > :01:36.important because it's in preparation for next
:01:37. > :01:39.month's leaders summit. Last month the host,
:01:40. > :01:44.Italian Prime Minister Paolo Gentiloni, laid out his G7 plan
:01:45. > :01:55.by saying: to tackle is how they grow
:01:56. > :02:00.their economies amidst a political The latest IMF forecasts show
:02:01. > :02:04.reasonable growth this year for the US, Germany and the UK
:02:05. > :02:08.with others struggling. Other topics on the
:02:09. > :02:10.agenda include climate change, immigration
:02:11. > :02:11.and energy security, in fact G7 energy ministers
:02:12. > :02:14.are currently holding a seperate Athanasios Vamvakidis,
:02:15. > :02:51.Global head of G10 FX Strategy Athanasios, thanks for coming on at
:02:52. > :02:53.this for all our. This will be a very interesting meeting because
:02:54. > :02:59.already Rex Tillerson is seen as hampering this year's gathering
:03:00. > :03:03.because he hasn't hired the people the Secretary of State needs to get
:03:04. > :03:09.the draft documents in place, where the US stands, the whole meeting
:03:10. > :03:13.smells like there's a lack of trust. Indeed, this is an important meeting
:03:14. > :03:18.although it's in preparation for the summit of the leaders, to a large
:03:19. > :03:23.extent because there are many global challenges today and we don't really
:03:24. > :03:27.know where the US stands. We used to take the US for granted about their
:03:28. > :03:32.views on the world economy, geopolitics and their leadership
:03:33. > :03:37.role in the G7 and G20. Now we don't really know what the US wants to
:03:38. > :03:40.achieve using these groups and what are their views on the main
:03:41. > :03:46.challenges the world is facing today. Do you think the foreign
:03:47. > :03:51.ministers gathering before next month's leaders summit, do you think
:03:52. > :03:55.they will go to the US and say what is your plan on energy and security
:03:56. > :04:01.etc. Will they try and sniff out what the US thinks? It is likely and
:04:02. > :04:05.the whole world will be watching, the US used to be the number one
:04:06. > :04:11.country pushing for free trade. Now this is not the case any more.
:04:12. > :04:15.Middle East, are we going to have more or less intervention and what
:04:16. > :04:21.do we want to achieve? Will the US do it alone or use the G7 to achieve
:04:22. > :04:27.consensus? Do these meetings move the markets up or down? Actually
:04:28. > :04:32.not, it used to be important during the crisis, since then G7 and G20
:04:33. > :04:37.meetings haven't achieved much. This time it could actually matter, it
:04:38. > :04:43.could give us some insight on what is next in Syria, which would have
:04:44. > :04:47.implications directly through oil prices and affecting risk sentiment.
:04:48. > :04:50.Obviously where we're going in terms of international trade is very
:04:51. > :04:56.important so markets actually will be watching this meeting much more
:04:57. > :05:00.than in the past. I want to wrap this up, Athanasios, but I do wonder
:05:01. > :05:06.if the G7 holds any weight any more, it is meant to be the seven biggest
:05:07. > :05:12.economies in the world but where is India and China? They are meant to
:05:13. > :05:16.be adults in the room but they are not always acting as adults and some
:05:17. > :05:22.emerging markets, the kids, are now grown-ups. Athanasios, thanks for
:05:23. > :05:28.joining us. I thought Heslehurst was tough enough! I'm just playing, he
:05:29. > :05:30.is a regular with us! Which makes you wonder why I can't I can't get
:05:31. > :05:31.his name right! The operator of Hong Kong's gold
:05:32. > :05:34.exchange is in talks with Myanmar to help the government there set up
:05:35. > :05:38.a similar exchange in that country. Sharanjit Leyl, who knows a thing
:05:39. > :05:47.or two about precious metals, What is going on? That's right,
:05:48. > :05:51.they're helping Myanmar set up this exchange mainly because they're huge
:05:52. > :05:56.growth prospects, it is a bit of a frontier town, it has just opened up
:05:57. > :06:01.in recent years, and also it's a prime location, along the route of
:06:02. > :06:06.China's one belt, one road, which makes it an attractive spot to catch
:06:07. > :06:10.the commodities trade in the region. That is all the view of the
:06:11. > :06:14.president of the Chinese gold and silver exchange Society, a
:06:15. > :06:21.century-old Hong Kong Boras, who are the folks advising the Myanmar on
:06:22. > :06:26.this venture. We know this was initiated by the Chinese in 2013 to
:06:27. > :06:29.establish trade and infrastructure projects, including roads and
:06:30. > :06:33.railway links to connect the 60 countries between China and other
:06:34. > :06:38.Asian and European countries, all of this to promote trade and the
:06:39. > :06:43.economy and Myanmar is among these countries. Chinese investments,
:06:44. > :06:48.especially in energy and infrastructure, are growing and the
:06:49. > :06:53.economy is likely to expand a whopping 8.1% in 2016, that's
:06:54. > :07:00.according to a forecast by the IMF. It makes the country full of growth
:07:01. > :07:04.prospects. In fact, it's the world's fastest-growing economy after Iraq.
:07:05. > :07:09.Thanks very much for that, we will talk to you very soon. Sharanjit
:07:10. > :07:10.Leyl from Singapore. Talking of Singapore, let's stay there...
:07:11. > :07:13.The sky's the limit for the number of drones expected to hit
:07:14. > :07:15.Singapore's airspace in the next ten years.
:07:16. > :07:17.But the heavy traffic will present some real dangers.
:07:18. > :07:19.To prevent crashes, experts at Nanyang Technological University
:07:20. > :07:23.and the Civil Aviation Authority of Singapore are working on a system
:07:24. > :07:36.of air lanes to keep drones on a safe path.
:07:37. > :07:44.There is a need for a system that can govern and regulate the safe and
:07:45. > :07:48.efficient operations of groans. But we also know that the government
:07:49. > :07:56.agencies are looking at more usage of groans, operations which are
:07:57. > :08:05.dull, dirty and dangerous. These are the types of work which would be
:08:06. > :08:09.best done by a robot or by a drone. If you want to inspect a chimney for
:08:10. > :08:13.instance, you wouldn't want to send someone up and down the chimney, you
:08:14. > :08:18.would probably just send a drone to do an inspection.
:08:19. > :08:26.The reason now you don't see many drones flying in a big area, and
:08:27. > :08:28.also especially in urban areas, is because safety is something that you
:08:29. > :08:37.must take care of. For Singapore, many people may not
:08:38. > :08:43.realise that the urban airspace is actually finite and limited. There
:08:44. > :08:48.are other airspace users, from the military and air force and so on.
:08:49. > :08:50.There's a need to structure the airspace and divide it and the key
:08:51. > :09:02.technology traffic management. There is a way to fence a virtual
:09:03. > :09:06.wall around an area, because we don't want to allow any drones to
:09:07. > :09:13.enter in that area. This would require the technology that supports
:09:14. > :09:19.the surveillance of where they are, it knows its position is well enough
:09:20. > :09:22.so that if a particular area is G of fenced then this information can be
:09:23. > :09:39.uploaded. -- geofenced. Jazzy music! Follow me on Twitter. I
:09:40. > :09:43.will be back with Chris to look at the newspapers from all around the
:09:44. > :09:45.world. Stay tuned for that, see you very shortly. Bye-bye.