leading wealth managers. last week, the company warned investors that it is insolvent, with liabilities of up to $61; billion, more than double its assets. it is china's biggest so—called "shadow bank" — a finance firm that operates in a very similar way to a bank, but with little or no regulation. the firm has a sizeable exposure to china's real estate industry, which has been rocked by serious financal problems faced by major developers like evergrande and country garden. let's speak to andrew collier. he is an expert on shadow banks and the former president of a bank of china subsidiary. for several decades china has been chasing this property bubble, and in orderto

been chasing this property bubble, and in order to create this bubble, offering very very high returns and it works for quite a while because property prices were going up and everybody was sort of a win win for everybody. the everybody was sort of a win win for everybody-— for everybody. the property developers _ for everybody. the property developers could _ for everybody. the property developers could throw - for everybody. the property developers could throw up i developers could throw up buildings that people thought that they needed, and investors would get the returns of ten or 15%. however, bubbles everywhere crashed, united states it happened in 2009, and that's what's happening now. so therefore all these investment products are no longer worth very much. it is a little surprising but the central government is making this into a criminal case because it's basically a lack of regulation. it is not necessarily that anybody who was stealing the money although that's also possible. this is going to spread further into other forms of shadow banks and potentially into the real bricks and mortar banks. �* ., , ., ., , banks. and how big a threat is this to the _ banks. and how big a threat is this to the chinese _ banks. and how big a threat is this to the chinese economy? |

this to the chinese economy? the bigger threat is not so much a meltdown like the united states had in 2009, that meltdown occurred because there were a lot of liquid products sold in wall street and when the property market went down those products very very quickly needed to be revalued. china, most of its debt is held in these shadow banks and some of the brick—and—mortar banks so that the rate can decline a bit. the bigger issue is that. the debt in the property sector is huge, as much as 30% of bank assets and that is going to take a long time to unwind and the central government is very reluctant to step in and probably can't have enough cash. , cash. under these circumstances, i cash. under these i circumstances, what cash. under these - circumstances, what needs cash. under these _ circumstances, what needs to be done? 3, , circumstances, what needs to be done? 1, , , ., done? basically the government has to make _ done? basically the government has to make decisions _ done? basically the government has to make decisions in - has to make decisions in allocating defaults. is the magic mortgage holders going to get her, that's what happened in the united states people lost a lot of money in their housing. are the banks going to be squeezed? they can be squeezed, but you can't put the banks out of business because

then you lose your financial system. there's going to be a lot of investors as we are already saying, people thought they could make a killing and they could make a killing and they are losing their shirt, probably everything they put into these dodgy products. but to some degree, it was their fault for thinking that this whole thing could go along. so i think there's not much that can be done in the structural downturn for the property industry except to try and allocate the pain in some reasonable fashion. in other news making headlines this morning... foreign ministers from south korea, japan and china met for the first time in four years — with diplomatic interactions disrupted by covid and geopolitical tensions. this diplomats on sunday agreed to hold a summit either by the end of this year or in early 202a. this comes as tokyo and seoul have both grown closer to washington in recent months — to beijing's displeasure.

tension between the us and china have been high lately. ties between the two biggest economies in the world have only eased recently following a summit between the president's of china and the us earlier this month. now, let's take a look at some of the big events we're expecting this week. the rising cost of living will be in focus in the coming days, with inflation numbers for october out of australia on wednesday. later that day, new zealand's central bank is due to make an interest rate decision, which has been on hold since may as inflation eases. on thursday, it's south korea's turn to decide on interest rates — where rates have also been held in recent months. the same day, china is due to give us a health check on its manufacturers as investors hope for more signs of recovery in the world's second largest economy. for more on what to look out for, let's speak to isaac poole from oreana financial services.

the really big this week is going to be the pce inflation in the us. we've seen in placement move lower, that's likely to continue and there's a real risk that we'll see a surprise down side this week, it's important because the fed has been on hold for several months now and if we see that inflation continued to slow markets will decide that the fed is done hiking and they will start looking for rate cuts as soon as early 01 or 02 next year. cuts as soon as early 01 or 02 next year-— next year. were you seeing the consumer _ next year. were you seeing the consumer spending _ next year. were you seeing the consumer spending being - consumer spending being focused?— focused? we are saying inflation _ focused? we are saying inflation coming - focused? we are saying inflation coming down, | focused? we are saying i inflation coming down, but consumers still feel the pain of cumulative inflation. prices are higher and their incomes haven't kept up, so as we move through the end of this year and barely into next year, we are going to see those consumers really pull back on their spending from a household spending will slow, that will hurt the economy in the us, it will hurt the global economy

and really increase the risk that we will see a recession at some stage. that we will see a recession at some stage-— some stage. the focus points will be on _ some stage. the focus points will be on china's _ some stage. the focus points will be on china's bmi - some stage. the focus points will be on china's bmi data, | will be on china's bmi data, what are your expectations on that front? we what are your expectations on that front?— that front? we are seeing china's economy - that front? we are seeingl china's economy beginning that front? we are seeing - china's economy beginning to improve as impacts from policy support role through. this month and the pmi from china will probably see that more clearly, the economy is just picking up a little bit. and we are going to see in a sense that china is going to achieve its gross target this year. and that's going to be a fairly critical piece of data coming out. world leaders will descend in dubai later this week for the cop28 climate conference. let's get you news from india now where earlier this month, pollution levels in delhi reached toxic levels. india's top court ordered states surrounding the capital to stop farmers from burning crop residue — a method most of them regard as the most cost—effective way to clear land.

now, a start—up in india is trying to tackle the problem by converting crop waste into paper and other products. the bbc�*s archana shukla sent this report from morena in central india. every winter, air pollution chokes much of northern india. a major cause of that pollution is the smoke from crop waste burned to clear fields for the next harvest. but instead of being burned, straw and husks can be processed to make the main raw material for paper mills. these fully compostable pulp sheets, which can then be made into packaging or disposable tableware. the waste can even be turned into furniture. brother and sister team shubham and himanshu singh are doing just that with their company kraft in central india's morena district.

we can help our farmers and we can also reduce the crop burning problem, say for packaging around the 3.2 billion trees are cut just to make our pizza boxes, and it doesn't make sense at all. so by using this abundant crop waste to create products which are alternative to timber, we are also able to save our world's forest. government has been quite keen to promote companies that upcycle these millions of tonnes of agricultural wastes. but the problem is creating additional value forfarmers and that's why some of these companies that generate that upcycle this agricultural waste into biofuels or fertilisers are not seeing many takers. crust is addressing this by being more to farmers like rajpal sabir, who was the first in the area to stop burning his fields. translation: as small farmers, we don't have

the resources and the money to transport the waste, so we burn it. but if someone picks up the waste and pays us a good amount, it is good for everyone. crust is hoping more farmersjoin in, but the field to factory business is not just about creating products but also a market to sell them, and that needs time. the big challenge, of course, is of the market itself. they have to compete with the existing market. for example, they have to compete with the plastic industry, single use plastic products. for instance, these products are cheaper. they are already in the market. for crop based companies, high transport and storage costs are also hurdles to scaling up. crust hopes. setting up small factories next to farms could be the answer. one of the ways in the attackers one of the ways india tackles is stubble burning problem.

archana shukla, bbc news. and that's it for this edition of asia business report. thanks for watching. bbc news — bringing you different stories from across the uk. locals say they live here for the countryside, the wildlife and the peace. but that could change as a new prison is set to be built here. kevin bowden has lived in gayatri for over 20 years. my concern is when i get up in the mornings and open my curtains, i'm not going to see the fields behind me with the sheep and the wildlife. i'm just going to see a wall of prison. plans were first submitted by the ministry ofjustice for a new prison adjacent to the current prison over two years ago. it was refused permission by harborough district council. however, that refusal has now been overturned on appeal by communities

secretary michael gove. i'm astounded at this decision. i think it's completely the wrong decision and it's one member of the public described it to me this morning. they see it as a slap in the face for democracy. it's always been the wrong place. these are country lanes, a country area where they're trying to facilitate this. a spokesman for the mo] said that the decision at gayatri is critical to delivering the 20,000 extra places we need to keep dangerous offenders off the streets, and it'll boost the local economy by creating hundreds of newjobs. protesters here say they'll fight on. they're calling for a judicial review. for more stories from across the uk, head to the bbc news website.

bbc news — bringing you different stories from across the uk. at the central methodist hall in coventry, volunteers have come together to put on the £1 panto. it's called cinder baller and is a take on cinderella

with a twist. here is she wants to play football rather than go to the ball like. rather than go to the ball. cinder baller, she has an evil stepmom and she has dreams of being a massive football player. and the dream is to show young kids and everyone else that anyone can follow their dreams. gareth southgate and serena wiegman, the national team coaches are in the cast of champions the national team coaches are in the cast. i manage the men's and we've won. anyway. and the support from local semi—professional players. is putting out there that - you should believe in yourself no - matter what people

say to you. so just block out them haters and listen to yourself- and good people around you. we're still trying to head in the direction that the men are in, and that's where essentially where we want to be. cinder baller runs from december the fourth to the ninth and details of how to go are on friday social media accounts. hello and welcome to sports day. i'm kathy. the headlines. the man who helped english football have a seminal summer has passed away. terry venables has died at the age of 80. what a week forjannik sinner. what a week forjannik sinner. he helps italy secure a first davis cup title in almost 50 years, and max verstappen ends the most dominant season in history with yep, you guessed it, another grand prix victory in abu dhabi.

hello there. we'll start with the news that terry venables, a former england and barcelona manager, has died at the age of 80. his family say they are totally devastated by the loss of a wonderful husband and father who passed away peacefully on saturday after a long illness. venables was the england manager at a home european championship in 1996 when football fervour gripped england as they reached the semi—finals of the competition. it was their best major tournament achievement in 30 years. our correspondent andy suisse looks back at the life of terry venables. he brought the feel good factor back to english football. at euro 96, terry venables took his team tantalizingly close to glory.

after dazzling their way to the semi—finals, england's hopes ended in heartache.