am babita sharma. our top story: a new era for hong kong with a new chief executive marking twenty years since the handover to china. it was all smiles from president xi and hong kong's new boss carrie lam, but there are concerns that beijing is exerting a stronger influence president trump is accused of inciting violence against the media after tweeting a spoof video showing him wrestling a man with a cnn logo superimposed. and this video is trending on bbc.com: it off north korea. —— of. north korea has opened what's called a children's traffic park in pyongyang. it's to teach youngsters how to stay safe on the roads. that story is popular on bbc.com stay with the team here on bbc news. plenty more to come. and the top story here in the uk: the environment secretary michael gove says the government should listen to the recommendations of pay

review bodies looking into public sector salaries. more from me later, but first, he is rico hizon. —— here is. hong kong kicks off a new week with a new chief executive and a new trading link with mainland china. and in an exclusive interview with the bbc, i speak to the new head of the philippine central bank. good morning asia. hello world. it is a monday. the start of a brand—new trading week. they you to join us for this week of asia business report. it was a busy week in hong kong, with the 20th anniversary of the handover. a new chief executive has been sworn in and is building

stronger ties with the mainland. the link will allow foreigners access to the third largest world market. juliana loo tell us how it the linkup will work. —— liu. according to the central bank to hong kong and china, from today, foreign investors will be able to buy chenies bonds by hong kong. that is northbound trading from hong kong to china. —— that v programme has not yet been announced. —— that leg. it is institutional investors that will deal to make these trades. the likes of banks, insurers, and so on. this is the third largest bond market in the world. it is worth 9 trillion us

dollars. at the moment, foreign investors only count for 2% of the market. some analysts are predicting a lot of room for growth. peter wong, the ceo of asia's busy asia—pacific has said that this will bea asia—pacific has said that this will be a catalyst for the continuing development and globalisation of china's bond market. optimism from hedges busy. and this trading link is coming so soon after china's inclusion in the msci. it is another opening in the chinese financial markets? absolutely. this is a significant step. one of the requirements in the recent listing of mainland chinese shares is that foreigners could access the shares. investors, chinese bonds will soon

become a part of global bond indices. —— some of these were via hong kong. —— with unfettered access by foreign investors, chinese bonds will soon become a part of global bond indices. the philippines is a standout in the region. it is one of the korean economies in asia exhibit infrastructure spending and robust demand. according to the world bank's most recent projections, this could see growth of 6.5% — 7% this year alone. this week, i spoke to be head of the philippine central bank. in his first interview since taking job, asked him whatjobs lay ahead.

we arejust job, asked him whatjobs lay ahead. we are just because yes, there is growth, but it is not happening for all of us. people are getting left behind. that is why we need to strengthen our policy across a broad front, for the financial sector. we are committed to creating greater financial inclusion to promote y—axis. this is important for broadening the effects of the economy. “— broadening the effects of the economy. —— to promote the access. i will pursue a continuity. we are looking to support us stability and financial stability. we are already pointed in the right direction, but we need to improve how we do things. this involves, in respect to

financial sectors, supervision. continuing reforms. but also this need to be done in a manner that promotes financial inclusion, as well as promoting consumer protections. so with respect to monetary policy, there it is some continuity there, because we have adopted the interest—rate corridor. and we are in the process of reshaping the way we conduct my cherry policy towards a more market oriented system. the governor with the global current economic fundamentals, with china, japan, and brexit negotiations... could this trigger another global financial crisis in and other shape orform? the world is facing uncertainty. if you look at the data, we are doing

well. the element of uncertainty with the places you have identified is quite strong. that is a reason to not be complacent. for us, we had to forge ahead with the reforms we have been doing for the last decade or so. been doing for the last decade or so. he takes the reins at the start of the second year of president rodrigo duterte's taking of office. he promised to spread the economic growth to everybody. i spoke to an expert and asked how rodrigo duterte's first years compared to his predecessors. the fact year. singingi his predecessors. the fact year. singing i think what makes it different is that he was able to facilitate the construction of progress. —— i think what makes it different is that he was able to facilitate the construction of they can make progress. he has

continued reforms. as he added to what has started? i think no new infrastructure can be triggered to the rodrigo duterte's pipeline. had the rodrigo duterte's pipeline. had the projects are ready started? it had been 360 days since it started as president. adding most of his big projects would only kick in and around 2019, so that is why the tax reform is important, because that is expected to finance his big projects outside of the capital region. what you make of these changes in the tax reform policy? it really helped the philippine economy? as it is, it has been watered down significantly. but what you would really see here is that it would push up the consumption of the domestic economy like cutting the domestic income tax. but this has been driven by

huge remittances from overseas filipino workers like you and me. so are we going to see more work in the philippines, or will the economy be driven by outsourcing, remittances, and infrastructure? ithink driven by outsourcing, remittances, and infrastructure? i think going out of the country has become more ofa out of the country has become more of a collocated question, now. because most graduates, maybe ten yea rs because most graduates, maybe ten years ago, immediately thought of going out of the country. but with the bpo sector being very high salary, it is now a very good alternative to staying in the philippines. how would you rate rodrigo duterte enters of economic reform? i would say about eight as far as his performance is concerned. in other business news, making headlines, it is back. samsung has announced it will sell a re—

furbished version of its galaxy note 7 phone. it had to recall them after problems with fire prone batteries. the cost samsung over by billion dollars in operating profit. it will only be available in korea and will retail for a only be available in korea and will retailfor a much lower only be available in korea and will retail for a much lower price than the original. let's now have a look at what we are watching this week on the business and trading front. on tuesday, the reserve bank of australia will be announcing their cash rate decision. the central bank is expected to give it at a record low of 1.5% at its monthly meeting. and moving to the next important day, and the european union ramps up talks with asean. senior officials from both sides are meeting in bangkok. and world leaders and

central bankers are gathering in hamburg for the g20 international summit. let's have a look briefly at the markets. and at the open, the nikkei is getting 45 points. the all of mary ‘s index is down by 83 points in early trade. thank you for investing your time with us. i am rico hizon in singapore. sport today is coming up next. stay tuned for that. you are watching bbc news. our top stories you this our: —— hour: after the inauguration of a new chief executive, hong kong waits to see whether beijing is going to play a stronger hand. president trump is accused of inciting violence against the media after tweeting a spoof video. the government has announced its withdrawing from a 50—year—old convention that allows five european countries to fish in waters close to the uk coastline.

ireland has called it unwelcome and unhelpful. our business correspondent joe lynam reports. as formal brexit talks set off, britain has said that it would be taking back control over who fishes in its waters. so it is quitting a 53—year—old convention which allowed countries like france and belgium to fish right up to the british coastline. we are giving notice that we intend to quit that. it's a provision in the agreement that enables us to do that with a two—year notice period. and this is important to give us the legal clarity. we're absolutely clear that, when we leave the eu, we leave the common fisheries policy, and we will take control so what is the london fisheries convention? at the moment, trawlers from france, belgium, netherlands, germany and ireland can fish to within six nautical miles of the british coastline. boats from these countries catch 10,000 tons of fish in this area a year. but that is a fraction, just over 1%, of the 700,000 tons a year caught by british fishermen.

the real haggling between brussels and london will be over this — the much wider 200 nautical miles of water around the uk. but the decision has angered the irish government, which has the only land border with britain. its fisheries minister described the move as unwelcome and unhelpful. and scrapping the convention could also be meaningless. michel barnier, the eu's chief brexit negotiator, said in a tweet that the london convention had been superseded by eu rules covered by the common fisheries policy. but fishermen welcomed the government's action. what it does is make a strong commitment to achieving sovereignty over our — taking sovereignty over our waters, which international law states is ours at the moment of brexit. and this is just another statement of intent that that will be what happens. so, while some have welcomed

the government's claim that it is taking back control, they may not get their ultimate wish. fisheries is a tiny part of britain's economy, and could be used as a bargaining chip in the frosty talks between britain and the eu. joe lynam, bbc news. hello, this is sport today, live from the bbc sport centre. coming up on this programme: world champions germany win the confederations cup, after a 1—0 victory over chile in sunday's final. american danielle kang wins her first major title by clinching the women's pga championship. plus: andy murray says he is fit and ready to defend his wimbledon

title, despite a hip problem. hello and welcome to the programme, where world champions germany have won a first confederations cup title, after victory against copa america winners chile in sunday's final in st petersburg. paul frostick watched the action. just three of germany's 2014 world cup winners have been present at this confederations cup, a young squad who have exceeded expectations. the game's only goal came after a mistake in the chilly defence. stindl hit the first half when it into an open goal. they continue the attacking pressure, but couldn't find a second. fifa's decision to trial the video referee system has led to a series of debatable moments throughout the tournament, and the final provided one more. the referee use the video replay to assess this challenge and decided it was