and we speak with one of the world's largest cryptocurrency exchanges... now currently being sued by the us securities watchdog. hello and welcome to asia business report. i'm monica miller. our top story this morning us presidentjoe biden has hailed a new era in relations with india... as prime minister narendra modi prepares to wrap up his visit to the country. both sides inked several defence and commercial deals earlier i wasjoined by sadanand dhume, a senior fellow at the american enterprise institute. there are many significant fields most significantly the jet engine technology and also transfer that technology. there

is private—sector initiative to start building semiconductors in india which is also something to keep an eye on. i think more anything else, the headline is that the fact that modi has been given this very high—profile state visit underlines how important the india relationship is for the biden administration. india is rovin: biden administration. india is proving to — biden administration. india is proving to be _ biden administration. india is proving to be a _ biden administration. india is proving to be a viable - biden administration. india is proving to be a viable option | proving to be a viable option in terms of of supply chains for american companies, should patient be afraid? i for american companies, should patient be afraid?— patient be afraid? i think bei'ina patient be afraid? i think beijing has _ patient be afraid? i think beijing has a _ patient be afraid? i think beijing has a large - patient be afraid? i think beijing has a large lead l patient be afraid? i think - beijing has a large lead when it comes to supply chains and i think india is still working through some of his problems. it has had a few high—profile successes most importantly apple but i think in terms of catching up with beijing this is still frankly very early days for india.— is still frankly very early days for india. human rights has become _ days for india. human rights has become an _ days for india. human rights has become an issue - days for india. human rights has become an issue in - days for india. human rights has become an issue in the l has become an issue in the recent protests by members contest but will the business community turn a blind eye to those? ., , , �* , community turn a blind eye to those? ., ,, �*, . ., those? -- congress. it's clear that both _ those? -- congress. it's clear that both of— those? -- congress. it's clear that both of business - those? -- congress. it's clear. that both of business community and the business —— us is

looking in terms of business in terms of market opportunity and the skilled manpower that it provides and in geopolitical terms. the people who are most concerned about the human rights and democracy issues, people and ngos, journalists and so on, certainly have their voices heard but i do not think they are deeply influencing the policy debate. elsewhere in the us a house committee has released a report accusing online fast fashion giants shein and temu of a number of import violations. they include not paying import duties and not subjecting their shipments to human rights reviews. from new york, michelle fleury reports. temu and shein to online shopping platforms have become hugely popular in the united states, especially with gen z he consumers. but as that popularity has grown, so too has scrutiny. over the ties to china, the country where the two countries started out. a congressional report claims the two companies had recently

violated us import laws. us lawmakers warning that there was a risk that products sold by temu have been made with force to be your labour. the report as a result of an ongoing investigation that barred the import of forced import of beaker labour. temu said it is not as long as they are sent directly to consumers and are valued at under $800. the criticism of these two fast fashion giants are a reminder, it seems the cost of doing business in the us given political tensions right now is greater scrutiny of the supply chains. in other news this morning the ftc has faced off with the tech giant microsoft in court. has faced off with tech giant microsoft in court over its $69

billion dollar takeover of gaming company activision blizzard. the ftc wants to temporarily block the deal from closing... until the agency decides if the move hurts competition in the gaming industry. microsoft says the move would only benefit gamers and gaming companies. meanwhile, a senate subcommittee has asked the key figures of a proposed golf merger to testify on capitol hill next month. the union of the pga tour and the saudi backed liv golf was announced weeks ago and shocked the sports world. the deal is currently under investigation by the us department ofjustice. let's bring in ben freeman now he's with the quincy institute for responsible statecraft. he explained why the merger raised red flags. indie he explained why the merger raised red flags.— raised red flags. we do not know the — raised red flags. we do not know the details _ raised red flags. we do not know the details of - raised red flags. we do not know the details of this - know the details of this merger. with the general sense that the saudi investment fund is effectively binding international game of golf. they are buying out, they will be the number one owner of the pga tour, the world tour and of

course liv. so there is ample reason for the department of justice to investigate this under antitrust laws in the us. the us has a bit of a special relationship with the saudis. can you describe what that is like? ,, , , ., , ., like? the us sells weapons to saudi arabia, _ like? the us sells weapons to saudi arabia, has _ like? the us sells weapons to saudi arabia, has a _ like? the us sells weapons to saudi arabia, has a deep - saudi arabia, has a deep security relationship with saudi arabia and of course gets a lot of oil from saudi saudi arabia and of course gets a lot of oilfrom saudi arabia and of —— frankly the relationship has contentious as of late biden has not gotten along with the leader there and i think this will be another contentious issue between the saudis and the biden administration and could have ultimately have an impact on us foreign policy with the regime. human rights has been a main issue so how will that play into all of this? there is a large voice in the us that does not like to do business with the saudis?— not like to do business with the saudis? ., ., , ., ., , the saudis? that was what was so surprising — the saudis? that was what was so surprising about _ the saudis? that was what was so surprising about this - the saudis? that was what was j so surprising about this merger to begin with. the pga tour had been one of the most outspoken

organisations and the players were outspoken about all of the saudi human rights abuses from the murder ofjamaal to killing the murder of jamaal to killing civilians the murder ofjamaal to killing civilians in the war in yemen, horrible human rights record at home and yet now it is the pga tour that is going to merge with liv it seems hypocritical. do you think this deal will stop? with the americans be able to step in if they find that it able to step in if they find thatitis able to step in if they find that it is inappropriate? to think this would call it off? i do think that it is a very real possibility —— possibility we already hearing from people in the pga tour that at the very least these investigations are going to push off this merger at least a year. i think there are very real concerns about this being effectively a monopoly on the international game of golf. so i do think that there is a good chance that there is a good chance that this gets shut down. and finally we've seen the price of cryptocurrency bitcoin rally recently in fact, it's currently hovering around one year highs. this is even the industry has been caught in the cross hairs

of the us securities regulator. the sec has sued trading platforms binance and coinbase. .. on alleged violations of securities law. but in comments to my colleague aaron heslehurst... coinbase's chief legal officer says the current rules must be clearer. as you point out, coinbase has been engaged with our security exchange commission with for some time on these topics. we have sought regulatory clarity over whether certain types of crypto currencies or tokens are securities on the one hand or commodities on the other hand for some time post it as an issue that matters in the united states because we do not have just one regulator, united states because we do not havejust one regulator, the securities and exchange commission at the federal but a second, a commodities futures trading commission as well. so the definitions matter and the labels matter and unfortunately even as we have gone through the process of listing as a public company, we have now come to realise that the sec, the market for securities

regulation has changed course, has taken a very different view of its authority and it now claims essentially that all digital assets are securities other than perhaps bit coin. a very different perspective than they had when they allowed us to list in 2021.— to list in 2021. how he must ask, to list in 2021. how he must ask. do you _ to list in 2021. how he must ask, do you think— to list in 2021. how he must ask, do you think that - to list in 2021. how he must ask, do you think that the i to list in 2021. how he must l ask, do you think that the sec have _ ask, do you think that the sec have any— ask, do you think that the sec have any valid points? that some — have any valid points? that some of— have any valid points? that some of the coins that you treat— some of the coins that you treat on— some of the coins that you treat on your exchange are seen as securities and that should be treated like that. coinbase does not list _ be treated like that. coinbase does not list any _ be treated like that. coinbase does not list any securities i be treated like that. coinbasej does not list any securities on our exchange today because we operate and apply and exacting listing process. a deep analysis of each asset to confirm that the asset is not a security. it is one reason that for example or two over 90% of the assets is considered for listing. but we do agree with the sec that offering digital asset securities should come to market sooner rather than later. we would like to be able

to do this in the future. of course there need to be sensible rules in place to make sure that investors are protectors —— protected in the process. in the sec has decided to pursue those rules or establish the standards through litigation. we think that rule—making or lawmaking is a much more efficient and efficient process. —— efficient. well, you can catch the full interview with america's largest cryptocurrency exchange this weekend, on talking business with aaron heslehurst on bbc news. and that's it for this edition of asia business report. actually we have one more story for you. that is turkey which has raised its interest rates. turkey's central bank has jacked up the country's interest rate by 6.5 percent... changing course after years of monetary easing. this currently puts the cost of borrowing in the country at 15 percent less than what analysts had expected.

ankara is trying to tame runaway inflation... which soared to a 2k year high last year. now that is all we have for you on our programme. if you want to take a quick look at what happened on wall street, pretty much flat and investors are kind of chewing over all of the news that has happened with the fed plans to do with those interest rates. stay tuned. also if you want to keep up with the latest news visit our website or if you have not already download our app. i am monica miller, we've had a fabulous week here, happy friday and thank you for joining. brings you different stories from across the uk. in a school in south—west london a surprise is about to take place, starring will poulter.

he's just starred in the marvel blockbuster guardians of the galaxy three. but he's here today because of his sister. today is national teacher day. i've decided to surprise my little sister and thank her. like many teachers, she is something of an unsung hero and she takes on a huge responsibility. thank a teacher day began in 2014 to celebrate the commitment and professionalism found in so many schools. hi, ms. hi. how are you doing? hi, everybody. hi. how's it going? hi, ms charlotte. it's national bank teacher day, so i wanted to say thank you to you and all your colleagues. she's funny and she's cool. she's a great person. she's always kind to everyone. the whole team are incredible. it's very much a joint effort. and yeah, i'mjust... i'm very lucky to work with people that i do. it's not about me.

appreciation often goes unmentioned. but in schools today, it's hoped pupils, parents, families and friends will take the time to say thank you. for more stories from across the uk, head to the bbc news website. hi, it's the catch up. tonight, migrant boat anniversary, drug safety testing at festivals and paddle boarding waste pickers. some breaking news in the past few minutes. ocean gate, the company operating the sub missing in the atlantic has said it believes all five people on board have died. earliertoday, debris was found in the search area of the wreckage near the titanic. oceangate says our hearts are with these five souls and every member of theirfamilies during this tragic time. some other stories now. it's been celebrations to mark

75 years since the first crossing from the caribbean on the windrush boat. the crossing refers to thousands encouraged to get people to migrate and help for labour shortages after world war two. onsite drug safety testing will take place at festivals such as glasto and reading and leeds for summer. smaller festivals, were told by bbc they don't think they'll be able to do the same because of disputes over paperwork. such drug testing is a way to identify potentially deadly substances and warn people about them and to elon musk and mark zuckerberg have agreed to fight each other in a cage match. twitter and musk said he was up for a cage fight with zuckerberg, facebook and instagram. chief zuckerberg replied to a screenshot of musk�*s tweet and the caption "send the location." and time now to leave you with 10 seconds of paddleboarding to correct weights, because paddleboarders in london have taken to the river thames to help clear plastic pollution which has found its way into the water.

you all caught up before now. have a good night. hello, welcome to the bbc sport centre. coming up on this programme... ellyse perry stars with ellyse perry stars with australia on top despite a late australia on top despite a late fightback from england fightback from england on the first day of on the first day of

the ashes at trent bridge. the ashes at trent bridge. what's got rory mcilroy smiling just a few days after the heartbreak of losing the us open byjust one shot?