brazil's president is said to me xijinping in a bid to deepen economic relations. analysis on the ties between asia and latin america's largest economies. plus, auto backin largest economies. plus, auto back in the fast lane after a covid speedbump. —— automakers. hello and welcome to asia business report. i'm karishma vaswani. our top story, brazil's leader lola da silva is expected to meet with china's leader xi jinping in the next few hours, president lula arrived in beijing late on wednesday and

attended the inauguration of the new bank in shanghai on thursday. the new development bank is set up by the brics group, and president lawler said the new financial institute freeze developing countries from establishment. a business reporterjoao da silva has more on the significance of this trip. the goal, in his own words, is to strengthen the relationship and at least when it comes to business ties already significant, china's brazil's biggest export market, each year buying tens of billions of dollars worth of natural resources and agricultural products, including soybeans, iron ore, oil, and beef. while brazil, according to chinese state media, is the biggest recipient of chinese investment in latin america. president lula da silva is more of it if he is to boost result�*s stagnant economy, that is why the brazilian government expects more than 20 bilateral agreements to be signed during his trip was not as part of the

deeper ties, they have already agreed to allow businesses to conduct bilateral trade in their own currencies instead of their own currencies instead of the us dollars. lula's visit tyseley —— mechanically with china's agender right now, tensions with united centre been intensifying and basing is looking to reduce its dependence on its largest trading partner. joao da silva there without report from earlier. it is notjust brazil, china has been urging other countries to settle trades with the chinese yaun, simply making inroads, in february and overtook the us dollar to become the most traded currency in russia. earlier on spoke with galvin sheoak from that markets and he told me that although chinese yaun settlements it is only happening incrementally. i think from a bilateral standpoint, certainly as was mentioned just now, pretty significant because of the importance of brazil as an export market chinese for brazil, soybeans being one of the major commodities being exported. i think putting this in the broader picture it

really is sort of an incremental development rather than a seachange when it comes to settlement in currencies other than the us dollar. so is seepolitics — other than the us dollar. so is geopolitics driving _ other than the us dollar. so is geopolitics driving this, - other than the us dollar. so is geopolitics driving this, like i geopolitics driving this, like what we have seen with russia or is there a practical financial aspect to all of this was yellow i think they definitely is a very strong geopolitical angle to this. so the events of last year, the russian invasion of ukraine, only served to sort of highlight and accelerate these trends and it served to highlight how it is possible for the global financial payment system and the payments architecture to fracture along these lines. for many, many years the majority of the world trade, and it still is, was conducted in dollars, but now as we have been hearing incrementally, think it is starting to settle or at least would prefer to have it settled in its own currency, but it is a very incremental change. that gap between what has been settled in us dollars and what is currently being settled in

the yaun, as you point out it is a huge gap because this is happening also slowly. which countries do you think might be more convinced to go beijing's route and follow the path of the yaun, if you will? to put it into context, _ the yaun, if you will? to put it into context, the - the yaun, if you will? to put it into context, the yaun - the yaun, if you will? to put it into context, the yaun is l it into context, the yaun is currently only used for about 2% of global payments and about 3% of officialforeign 2% of global payments and about 3% of official foreign currency reserves compared to the us dollar which is 85% of global payments and just under 60% of global reserves. which countries are more likely to sorta follow that route, i think it is the ones that china really trying to extend its and in terms of economic diplomacy with, it is these countries that are deeply, you know, the global south, the southern hemisphere, the less economically developed countries, and perhaps also the countries, and perhaps also the countries that are less willing to sort of or have a less ideological bent towards the us and are willing to say if this works for us, both of us, then that's something we will go along with.

that's something we will go along with-— that's something we will go alon: with. ., ., , along with. from a consumer perspective _ along with. from a consumer perspective of _ along with. from a consumer perspective of or _ along with. from a consumer perspective of or a _ along with. from a consumer perspective of or a corporate | perspective of or a corporate perspective, is it a good thing to diversify your options rather than having all your eggsin rather than having all your eggs in the us dollar basket? does it make sense to say they will settle some stuff in us dollars, i will settle some stuff in the yaun, is that something companies consider? i think so. from the company's perspective it is like a puzzle perspective, are you willing to pay in us dollars? it brings its own, sometimes we have to think about different exchange rate risks, what type of market fluctuations there are, if there are any political considerations or is it possible to exchange this amount of currency at this given time. historically speaking, the reason us dollar has benefited or has been the choice were many market participants is because there are no such constraints and it is typically considered to be almost a risk—free time of currency, right. whereas other

currencies whether it is yen or euros, there are other considerations that must be taken into place, markets open, can you trade the amount, are there risks that the currency could suddenly move? 0bviously these are short—term considerations that may well settle themselves out in the end, but it is something that full corporate institutional complaints and individuals, it may be a consideration. from natwest markets _ may be a consideration. from natwest markets speaking i may be a consideration. from natwest markets speaking to | may be a consideration. from - natwest markets speaking to me earlier, galvin. in other stories, saudi arabia's crown prince mohammed will simon launched two new special economic zones as part of a major programme to encourage international investment in the kingdom. foreigners will be allowed 100% ownership of companies in his own situated in riyadh and king abdullah economic city. the crown prince of the initiative divided historic opportunities and would create tens of thousands ofjobs. japan has approved a plan to build the country's first

casino resort in the western city of osaka, casino with a conference centre, and other facilities will be built on the artificial island of mishina in the bay in 2029. the sinners were historically banned in japan but a 2018 or allowed casino games such as poker is officially approved establishments. two indian hour, because after hitting a speedbump during covid, india's automakers seem to be driving in the fast lane. passenger vehicle sales grew 26 x 7% in the most recent financial year, according to data for the society of indian automobile manufacturers. 0ur india business correspondent has more. there are a bunch of reasons for the performance of indian automakers in the last financial year between april 2022 and much 2023. chip shortages has been won. higher pent—up demand after two years of covid and solid buying ahead of covid and solid buying ahead of the implementation of new fuel emission norms has helped

sales momentum pickups, suvs were the preferred choice of all indian buyers, however sales of small entry—level cars fell 57% as opposed to last year, a sign perhaps of an unequal economic recovery where those at the bottom of the pyramid was still holding off big purchases. 0verall, pyramid was still holding off big purchases. overall, 3.9 million passenger vehicles were sold last year compared to just 3.1 million the year before and this was despite high inflation, rising borrowing costs, and carmakers hiking prices. it is these very factors that are likely to keep things in single digits this year according to analysts. well, pandora is one of the biggestjewellery brands in the world but it hasn't yet conquered the biggest market, china. the boss of the company is now hoping to change that with a relaunch.— is now hoping to change that with a relaunch. pandora has been present _ with a relaunch. pandora has been present in _ with a relaunch. pandora has been present in the - with a relaunch. pandora has been present in the market i been present in the market since 2010. it had a kind of rebirth in 2015, which didn't go down that well. so we have

been kind waiting to relaunch the brand in the last few years have been plagued by the restrictions around the pandemic, so traffic into the stores has been very minimal. so we were kind of sitting a bit on the sidelines waiting for the market to normalise. the perspective on why we're this is of course that china is the largestjewellery market in the largestjewellery market in the world and we believe that pandora has a very good chance to play it well in china. 0utside to play it well in china. outside of china, how are things holding up? is the cost—of—living crisis eating into consumers' budgets? we have had into consumers' budgets? - have had this macro fear and kind of touching the consumer wallet for a thing well over a year by now, with various different aspects of it, last yeari different aspects of it, last year i believe that our category fared relatively well. we grew our business by 7% in 2022 and so we kind of stood quite strong. the other aspect

i think it is important to remember in particular for the pandora case is a lot of our product aborted to be used as gifts to celebrate birthdays and other things. so that puts and other things. so that puts a level of resilience into the business. so actually so far we're quite with what we are seeing. i we're quite with what we are seeina. ~' ., , we're quite with what we are seeina. ~ ., , ., , seeing. i know it is only aril, seeing. i know it is only april. but _ seeing. i know it is only april, but i'm _ seeing. i know it is only april, but i'm sure - seeing. i know it is only april, but i'm sure you | seeing. i know it is only i april, but i'm sure you are already thinking about christmas. how do you see this year being different?— year being different? well, i have been — year being different? well, i have been with _ year being different? well, i have been with pandora - year being different? well, i have been with pandora for. year being different? well, i. have been with pandora for four years, this will be my fifth christmas, each year has been a very different construct with pandemics and inflation and wars and what have you, so it is probably going to be different, just don't know what it is. we are getting ready with interesting innovation, with interesting innovation, with interesting innovation, with interesting retail experiences that we offer and that's the kind of controllable is that we have, so let's see what the macro brings, but we are ready for different

scenarios, of course. that is it from us- _ scenarios, of course. that is it from us. thank _ scenarios, of course. that is it from us. thank you - scenarios, of course. that is it from us. thank you so - scenarios, of course. that is l it from us. thank you so much watching. do stay with us cbc news and i will see you soon next week. —— bbc news. hey, this is the catch up. tonight full ball says no to gambling, jamie oliver discusses dyslexia, and cartoons come to life —— football. premier league football. premier league football shirts are going to look a bit different in future. lumps have agreed to stop showing the betting companies that sponsor them on the front. to tell us why irresponsible to sam harrison.— to tell us why irresponsible to sam harrison. untilthe end of the 2025-26 — sam harrison. untilthe end of the 2025-26 season _ sam harrison. untilthe end of the 2025-26 season it - sam harrison. untilthe end of the 2025-26 season it comes. the 2025—26 season it comes after the leader spoke with the government about reducing gambling advertising because of new plans it was to bring in around gambling laws. eight

premier league clubs currently have gambling companies on the front of their shirt and they account for about £60 million worth of revenue every year. fix, worth of revenue every year. a couple of other stories now. eight serving and former metropolitan police officers have been found guilty of gross misconduct over offensive messages shared in a whatsapp. the officers without a assent offensive messages between 2016 and 2018, some of which made fun of caty price's disabled son harvey. and jamie oliver said he recorded his first book on a dictaphone, instead of writing them down, because of his struggles with adhd and dyslexia. the celebrity chef use the same technique writing is new accessible children's book, saying he was with bakehs book, saying he was with baker's put off by reading due to the learning difficulties. time to now leave you with ten seconds of seeing double. do you remember the cartoon character snoopy? well, we have found the real life double,

bailey looks just like the iconic however, the exact same white face and floppy black ears. you're all caught up now, have a great night. hello, i'm tulsen tollett, from the bbc sport centre.

coming up on this programme: sevilla strike late in manchester as they fight back from 2—0 down to snatch a draw at united in the europa league quarter final first leg. djokovic dumped out of monte carlo after a controversial defeat to lorenzo musetti. and there's a row brewing in boxing — as nations break away in the amateur game forming their own, new, world governing body. hello and welcome to the programme where we start with a cracking match at old trafford as the europa league quarter finals got underway. one of the favourites for the trophy, manchester united appeared to be cruising towards the semi—finals, leading sevilla 2—0 in therfirst leg. but two late goals saw the spanish side snatch a draw and leave the tie delicately poised. 0ur reporterjohn murray was watching. a damaging night for manchester

united in so many ways. certainly in how they conceded two own goals in eight minutes late in the match. and so crazily frittered away a strong position in the tie. that had been given them by marcel saponara the first quarter. so bills may have been red carded but var decided not. eries had her went off an unfortunate maguire for an equaliser for the equaliser, in between united laws martinez to a nasty looking injury and had to finish with ten men and bruno fernandez will be suspended for the second leg where after this united will do well to get through. so what started out as a memorable night — soon turned into a disappointing one. united's manager erik ten hag admits it was a game of missed chances. we had opportunities to score the third goal.