the shares of a popular indian digital payments company plunge amid reports of a widening investigation. plus we'll have the latest interest rate decision from the reserve bank of australia as the economy down and continues show strength. welcome to asia business report. we begin with a focus on the popular indian digital payments company after its shares fell more than 40% in the last three trading sessions. last week the reserve bank of india on deal—maker ordered the company to stop having fresh deposits from march and there are reports and investigation into paytm is widening. i willjoined us from mumbai. tell us more about this

widening probe. the mumbai. tell us more about this widening probe.— widening probe. the issues can turn delicate _ widening probe. the issues can turn delicate concerned - widening probe. the issues can turn delicate concerned the - turn delicate concerned the payment division of the company which can keep deposits of up to $2400 but cannot lend to its customers and there at the central bank has cited persistent noncompliance and supervisory concerns. paytm has beenin supervisory concerns. paytm has been in regulatory cross hairs. there have been multiple warnings sent by the regulator to look into the dealings between the banking division as well as the popular payments app well as the popular payments app paytm. latest reports say theissues app paytm. latest reports say the issues include multiple transaction beyond regulatory limits, improper customer verification and even raising money laundering consent and violation of forex reels. experts say the harsh action could indicate getting that payment bank licence being scrapped in the next few weeks, while the company says they are

mending their processes and that they are not being investigated for violation of forex reels, the investors have been spooked. since its mega listing in 2021 the company has already lost 80% of value as of yesterday's trade. it certainly is like an existential crisis for the company, that was one of the findings of the landscape, along with its rivals google pay and phone pay, they have revolutionised the space where people have mobile wallets and they are even making payments through that all for their groceries or to make payments and paytm today has about 300 million such mobile wallets. but most of these customers and merchants are now looking to move to their rivals, so they will be a big change even in the digital payments based landscape in india with this regulatory action. it certainly asks the question, _ regulatory action. it certainly asks the question, what - regulatory action. it certainly. asks the question, what about the others? does it point to

corporate government being a bigger concern perhaps as one thought? bigger concern perhaps as one thou:ht? ~ , , thought? absolutely. paytm is not the first — thought? absolutely. paytm is not the first and _ thought? absolutely. paytm is not the first and not _ thought? absolutely. paytm is not the first and not the - thought? absolutely. paytm is not the first and not the only. | not the first and not the only. in the recent past we have seen another poster child of india has mega start—up story go down from $2 billion valuation to almost nothing now. it is even becoming difficult for them to pay salaries their employees and all that points to corporate governance concerns. multiple times where the regulators and boys have come forward to highlight corporate governance but that has not been taken into consideration. some experts i spoke with said easy availability of money for the injured start—ups pushed the injured start—ups pushed the growth factor but corporate governance, compliances and transparency still needs to be tightened as the indian start—up grows. tightened as the indian start-up grows.- tightened as the indian start-up grows. tightened as the indian start-u crows. . ~ , start-up grows. thank you very much. staying with india, hyundai motor is reportedly gearing up

to take its indian unit public. according to reuters the ipo could raise at least $3 billion making it india's biggest listing to date. they have yet to confirm the news but they are currently in the second largest car—maker in india, with a 15% market share. the reserve bank of australia has just announced that it is keeping its key interest rate on hold at 4.35%. it last hiked rates in november and has been holding steady since then. higher mortgage payments in australia are hitting savings and spending for low income households, but the economy has also shown surprising strength. the statement from iba, inflation continued to ease in the december quarter. despite progress inflation remains high at 4.1%. let's get the thoughts from our guest from sydney. june, this announcement, as

expected. june, this announcement, as “meted-— june, this announcement, as expected. absolutely. it is as exnected- — expected. absolutely. it is as expected. however, - expected. absolutely. it is as expected. however, it - expected. absolutely. it is as expected. however, it is - expected. however, it is pushing a little bit of confidence into the market as we can see post the announcement. it we can see post the announcement. . , . ., announcement. it has changed its outlook? _ announcement. it has changed its outlook? you _ announcement. it has changed its outlook? you mentioned i announcement. it has changed its outlook? you mentioned it| its outlook? you mentioned it has a more dovish stance, what does that mean for the outlook of 2024? ~ ,_, , does that mean for the outlook of2024? ~ , , ~ does that mean for the outlook of2024? ~ , ~ , of 2024? absolutely. at this oint, of 2024? absolutely. at this point, expectation _ of 2024? absolutely. at this point, expectation is - of 2024? absolutely. at this point, expectation is a - of 2024? absolutely. at this point, expectation is a three j point, expectation is a three rate cut for the latter part of this year. now, with this dovish, it might be a bit more or even earlier than expected, but this of course will be very much dependent on where inflation is going. we had one good inflation number, we need them to keep easing off in the next few months.— them to keep easing off in the next few months. what is your take on what _ next few months. what is your take on what we _ next few months. what is your take on what we are _ next few months. what is your take on what we are likely - next few months. what is your take on what we are likely to l take on what we are likely to see in 2024 going forwards with regards to inflation, and given the strength of the economy in australia?— the strength of the economy in australia? ~ , ,., , ,, australia? absolutely, we think inflation will _ australia? absolutely, we think inflation will ease _ australia? absolutely, we think inflation will ease quite - inflation will ease quite rapidly, more so than expected.

a bit like what we saw in the us, and we expect to ease very quickly in the next few months and the rate cut will be discussed. now the challenge is that the australian economy will have a bit of stimulus to come through with the may budget as well as the tax cuts in the middle of this year so perhaps inflation will be a bit persistent into the year end but we should at least see two rate cuts by the end of the year. rate cuts by the end of the ear. a , rate cuts by the end of the ear. a, , . rate cuts by the end of the ear. . ~' year. many thanks, june. to our next _ year. many thanks, june. to our next story, - year. many thanks, june. to our next story, the . year. many thanks, june. | to our next story, the uk, year. many thanks, june. - to our next story, the uk, like many countries around the world, has an ageing population. the concern for the economy is that if things don't change, there may not be enough workers to pay for the upkeep of the state pension. my colleague spoke to the ceo of the phoenix group and pensions adviser to the uk covenant, asking him if this is a global problem. asking him if this is a global roblem. ~ ., asking him if this is a global problem-— asking him if this is a global roblem. ~ . ., ., , problem. what we have globally is an ageing _ problem. what we have globally is an ageing population, - problem. what we have globally is an ageing population, the - is an ageing population, the world economic forum recently produced some statistics that by 2050 the number of people

aged over 60 globally will double, and the number of people aged over 80 globally will triple by 2050. so if you then think about that from a pensions perspective, if you want to keep the proportion of people of working age to the proportion that i retired the same, then by 2050, globally, retirement ages will need to increase by eight years so that ageing puts a huge stress and pressure on the pensions system, but ultimately people need to save more and need to be prepared to work for longer. what can organisations like government or pension providers do to encourage this change of behaviour? ie working for longer and saving more. ultimately, in the uk, we have a total enrolment where people are automatically enrolled into their company pension scheme. the contribution rate, minimum, is 8%. if we look at some other countries... in canada, that contribution rate is 20%. of

that 8% contribution in the uk, 3% of that is coming from the employer. the australian equivalent of that 3% is 12% from the employer. so the first and most important thing is that we need to increase the rates of those auto enrolment contribution is higher than 8%, ideally to 12 or even 15% over time. ., , ideally to 12 or even 1596 over time. . , . ,, ideally to 12 or even 1596 over time. . , ., ,, ., time. that is assuming someone is in employment _ time. that is assuming someone is in employment where - time. that is assuming someone is in employment where they - is in employment where they have an employer doing that for them. many people are self employed, they might have multiple jobs, employed, they might have multiplejobs, they might be out of the workforce. there are so many complicated scenarios in this day and age. i so many complicated scenarios in this day and age.— in this day and age. i think there are _ in this day and age. i think there are two _ in this day and age. i think there are two key - in this day and age. i think there are two key points . in this day and age. i think there are two key points i | there are two key points i would make to that. first of all, auto enrolment needs to be extended to include the self—employed, as well, so that the self employed get a regular saving, so everyone in employment should have pension savings built in as part of what they are doing. the other area that you touched on was getting more people working for

longer, and a particular issue here is that in the uk we have roughly half a million over 50s that are out of work and would like to work, and this is a huge challenge but also a huge opportunity. if we can get a lot of that half a million of over 50s back to work, first the good work is good for you, good for your physical and mental well—being. secondly, you are earning money for longer and therefore saving for longer, and your pension needs to last less time if you work for longer. so there is a real benefit and opportunity of getting more of those over 50s back into work. snapchat has become the latest social media company to announcejob social media company to announce job losses. social media company to announcejob losses. it social media company to announce job losses. announce 'ob losses. it will cut about — announce job losses. it will cut about 1096 _ announce job losses. it will cut about 1096 of _ announce job losses. it will cut about 1096 of its - announce job losses. it will. cut about 1096 of its workforce, cut about 10% of its workforce, which is thought to be around 500 employees. the firm is due to announce its latest financial results on tuesday. it reported a loss of more than $300 million in the previous quarter. major companies across the technology industry have been attempting to reduce costs

in recent months. microsoft, and google have all announced lay—offs. and before we go, let's give you a recap of that breaking news that came out from australia just a few moments ago. australia's central bank held interest rates steady today, as expected, but cautioned that a further increase could not be ruled out, given inflation was still too high. the reserve bank of australia kept rates at 12 year high of 4.35%, having last lifted them by a quartet point in november. we will be digesting that over the next few days, along with other reports here on asia business report. a reminder you can check out our business news on bbc.com, as well. thank you for your company, goodbye for now. bbc news, bringing| you different stories from across the uk.

harry and his family are huge brighton fans. but seven years ago harry suffered a cardiac arrest at school. it was his teacher, christine, who saved his life. harry was playing football at the after—school club and i got called out to the field and he was just lying there. i knew he wasn't breathing because i'd checked for the breathing, and also his lips were going blue. she continued doing cpr for 15 minutes without stopping. i mean, she's the most amazing lady. and, yeah, i'm really, really grateful for what she did for harry. all i could remember was waking up in hospital and not really- know...knowing what had - happened and what had gone on. cardiac arrest can happen to anyone — as the collapse of luton town captain tom lockyer back in december showed. during his recovery, he thanked those who helped him, and encouraged more to learn cpr. earlier this week he returned to his club and was given

a standing ovation in their game against brighton. tom lockyer was, in many ways, very lucky that it happened on a football pitch with people who knew how to do cpr, and there's a defibrillator there ready to save his life. for more stories from across the uk, head l to the bbc news website. tonight, king charles is diagnosed with cancer. an update on the class deal on a copper manhunt and an unusual piano concert. first, buckingham palace says king charles has been diagnosed with cancer. he is undergoing treatment and will not be carrying out public duties, but the palace says he remains positive. some other stories, police say a 22—year—old has been arrested and released on bail on suspicion of helping the suspect in the clapham chemical

attack. they are now offering £20,000 for information about him. more than 100 people have been killed by forest fires which have been raging in chile. part of the country have completely destroyed with residents describing the situation as hell. next, a big night at the grammys for taylor swift, who won album of the year for a record—breaking fourth time. that put her ahead of anyone else in the history of the awards. she used the occasion to make this big announcement. my to make this big announcement. my brand—new album... cheering is out on april 19. the night was dominated by women, with billie eilish taking home some of the year for what was i made for? and miley cyrus finally won her first grammy, for a record of the year and maybe gave away too much information. i the year and maybe gave away too much information.- too much information. i 'ust won my first i too much information. i 'ust won my first grammy! h too much information. ijust| won my first grammy! thank too much information. ijust- won my first grammy! thank you all so much. i don't think i forgot anyone, but i might have forgotten underwear. and now here is ten seconds of

this unusual concert, one pianist in germany took performing to new heights playing a piano concert suspended vertically in the air. that is it from me, you are all cut up. —— all caught up.

hello, and welcome to sportsday. i'm marc edwards. here's what is coming up on our show. foden on fire as the hat—trick hero helps manchester city up to second. he keeps the match ball in a 3—1win over brentford. a record run chase too far — england run out of miracles as india level the series. calling it a massive issue — emma hayes says there aren't enough opportunities for female coaches in the wsl. hello, and thanks for joining us on sportsday. manchester city are up to second in the premier league after a convincing 3—1 win at brentford which sees them move menacingly into second place two points behind leaders liverpool with a game in hand.

while all the pre—match talk centred around erling haaland