ellyse perry stars with australia on to| need ite a late ellyse perry stars with australia on to| need to a late 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 and even agreed to terminate six outstanding disputes at the world trade organisation. mr modi is expected to be hosted to a state dinner soon. earlier i wasjoined by sadanand dhume, a senior fellow at the american enterprise institute. there are many significant deals, i think 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 glittering high—profile state visit, underlines how important the india relationship is for the biden administration. india is proving to be a viable option in terms of of supply chains for american companies, should beijing 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 its 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. human rights has become an issue in the recent protests by members of congress but will the business community turn a blind eye to those? it's clear that both the business community and 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. a senior fellow at the american enterprise institute. 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.

meanwhile, a senate subcommittee has asked the key figures of a proposed golf merger to testify on 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. and the senate finance committee. let's bring in ben freeman now he's with the quincy institute for responsible statecraft. he explained why the merger raised red flags. we do not know the details of this merger. with the general sense that the saudi investment fund is effectively buying international game of golf.

they are buying out, they will be the number one owner of the pga tour, the dp 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? the us sells weapons to saudi arabia, has a deep security relationship with saudi arabia and of course gets a lot of oil from saudi arabia and 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? that was what was 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 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 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 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 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. do you think that the sec have any valid points? that 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 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 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 effective process. well, you can catch the full interview with america's largest cryptocurrency exchange this weekend, on talking business with aaron heslehurst on bbc news. americans have decided for themselves that they want crypto _ themselves that they want crypto in their financial future _ crypto in their financial future. already today 20% or more — future. already today 20% or more of _ future. already today 20% or more of americans have bought or sold — more of americans have bought or sold digital assets are interacted with the digital economy and so most of the american _ economy and so most of the american people have made it clear_ american people have made it clear they want crypto as part of their— clear they want crypto as part of their financial future. crypto _ of their financial future. crypto globally is a reality in ways — crypto globally is a reality in ways that cannot and will not

be affected by the decisions of the united states are one particular regulator in the united _ particular regulator in the united states at the question for american regulators is do they— for american regulators is do they want to allow their constituency, american investors, access to the same financial— investors, access to the same financial opportunities, the same — financial opportunities, the same digital asset product and services — same digital asset product and services that the rest of the world — services that the rest of the world undoubtedly will have access — world undoubtedly will have access to? and that's it for this edition of asia business report. thanks for watching.

drug safety testing at festivals and paddle boarding waste — festivals and paddle boarding waste pickers.— festivals and paddle boarding waste pickers. some breaking news. in the _ waste pickers. some breaking news. in the past _ waste pickers. some breaking news. in the past few- waste pickers. some breaking. news. in the past few minutes, ocean gate, the company operating the sub missing in the atlantic says it believes all five people on board have died. debris was found near the titanic. ocean says our hearts are with these five soles and members of their families during this time. celebrations to mark 75 years since the

first crossing on the windrush boat. the crossing was the first of thousands encouraged to get people to migrate and help labour shortages after world war ii. on site drug safety testing will take place at festivals this summer. smaller festivals have told the bbc they don't think they will be able to do the same because of paperwork. it is a way to identify potentially deadly substances and warn people about them. tech billionaires have agreed to fight each other in a cage match. elon musk said he was up for it. time now to leave you with ten seconds of paddle boarding to pick up ways because paddle boarders in london have taken to the river thames to help clear plastic

solution which has found its way into the water. you are all cut up. goodbye for now. have a good night. have a good night. hello, welcome to the bbc sport centre. coming up on this programme: 00:15:01,061 --> 2147483051:44:15,245 ellyse perry stars with 2147483051:44:15,245 --> 4294966103:13:29,429 australia on top despite a late