this showing strength — we look at the state of australia's economy as its central bank decides its next move on interest rates. plus the shares of an indian digital payments company plunge amidst the news of a wider investigation. hello and welcome to asia business report. i'm steve lai. let's start with australia, where later this morning the central bank will review its benchmark interest rate. higher mortgage payments in australia are hitting savings and spending for low—income households, but the economy has also shown surprising strength. i spoke withjun bei liu from tribeca alpha plus fund earlier, who gave us her outlook for markets and the economy this year. australian economy has been incredibly resilient. one difference though between here and the us,

the us is a little bit further along than us, and rba, our central bank, generally is a lot more conservative and always looks to the us for guidance. what are the key factors driving the current interest rate movements in australia and how do they impact the economic outlook for the year? the economic outlook at this point is looking at a real gdp growth about 2% with inflation sitting at about mid—single digit level. with the rate currently most economists expect no rise today and potentially three cuts by the end of this calendar year. our inflation rate, the last report was actually a lot better or undershot our central bank's forecast and hopefully that will be on its way down in the next few prints. how resilient is the australian economy then expected to be? you sound very optimistic about it. what are the key areas of strength but also areas perhaps of vulnerability? the australian economy's holding out well because consumers are still doing quite

well, and with the rates staying where it is, yes, we will have slowdown acroos the consumer sctor but we do have this tax cut coming through in the middle of the year which is over $20 million going or into the lower income and middle income households and they will be sure to spend back into the economy, and this is not to mention we have tourism and we have the students coming through that would drive lots of activity for the economy as well. sticking with interest rates, credit quality for major companies in the us is solid, even amid higher borrowing costs. and that's because many of the biggest firms borrowed for longer duration when rates were lower. now, with us and other rates cuts expected later this year, this credit profile adds a tailwind to the chances for a soft landing in the us and a flow through to the global economy later this year. earlier, i spoke to april larusse from bny mellon investment management, and she told me the financial results of american companies have been surprisingly strong.

the corporate results we have seen have all been quite a bit stronger than we expected, and i know the equity market has viewed the results with a bit of a mixed tone to them, but from a fixed income perspective, these companies are generating cash and can afford the debt they have and are certainly going to do well as we go through 202a. the economic data has continued to surprise, coming out stronger and stronger, including things like employment, which we typically would have expected to see slowing down at this stage of the cycle. how do credit ratings of major us corporations compare to those of global companies, and what factor contributes a solid character? in terms of credit quality, the us as more and the, triple b part of the region and that's just bottom end, but looking at default rates, they are pretty similar, you're pretty unlucky to get a default rate on credit, if you look about about 20 years, the average default rate in any one year has been .i% of the investment,

so it's not about defaults, it's about companies perhaps seen changes in their credit rating. and, therefore, as we go into 2024, there will be companies that perhaps see their credit rating downgraded, but we are expecting almost as many to see credit rating upgrades given the strength of the economy we're seen over there. we are keeping an eye on the shares of pami after that shares of pami after that shares fell a0%. there reserve bank of india asked them to stop accepting money in their digital wallets promote. our

correspondentjoins us from mumbai. tell us more about the widening probe. last mumbai. tell us more about the widening probe.— widening probe. last week the central bank _ widening probe. last week the central bank ordered _ widening probe. last week the central bank ordered the - central bank ordered the company, the payments division of the company, to stop accepting deposits, citing persistent non—compliance and supervisory concerns. there are reports that say the lapses are as deep at the payments bank as including multiple transactions beyond regulatory limits. there are improper customer verification. there are also concerns raised on money laundering by the company in violation of forex laws. experts point out the harsh action could be a precursor to the payments bank losing his license in the coming days as well. the company has said in a statement that it isn't being investigated for violation under forex rules or as far as

the larger widening probe is concerned but investors have been spooked. since listing in 2021, the stock today is at least 80% cheaper at the moment and investors are selling it out because the probe has been widening. during that this fintech started up as been a poster child for the digital payments scenario here in india. —— start—up. along with phone pay and google pay, customers use these wallet payments to make these payments even for candy as low as a $1 payment. it is certainly reasonably question mark on regulations around that. is paytm an outlier, or does it point a larger malaise in corporate governance amongst other start—ups? it corporate governance amongst other start-ups?— other start-ups? it isn't the first and _ other start-ups? it isn't the first and only _ other start-ups? it isn't the first and only one. - other start-ups? it isn't the first and only one. we - other start-ups? it isn't the first and only one. we saw. first and only one. we saw another start—up dream that has

also gone down. they went from evaluation of as high as $23 billion in the stock is done basically do nothing. precisely because of corporate governance issues. issues where exploits point out that the founders of the company have a large estate and the companies boards do not get much say in the running of operations. —— experts. despite flagging concerns with regulators they have been minimal changes done. the issue has certainly — editors made more fintechs look into the regulatory stance and their working as far as regulations are concerned.— working as far as regulations are concerned. --it has made. youn: are concerned. --it has made. young date — are concerned. --it has made. young date could _ are concerned. --it has made. young date could raise - are concerned. --it has made. young date could raise at - are concerned. --it has made. | young date could raise at least $1 billion, making it india's biggest listing to date. they

are yet to confirm the news. —— hyundai. they have a 15% market share in india. to the uk, and like many countries it has an ageing population. the concern for the economy is that if things don't change there may not be enough workers to pay for the upkeep of the state pension. sally bundock spoke to addie briggs, ceo of phoenix group and pensions adviser to the uk government. she began by asking if it is a global problem. asking if it is a global problem-— asking if it is a global roblem. ., , , asking if it is a global roblem. ., , problem. we have globally is an auuein problem. we have globally is an ageing population. _ problem. we have globally is an ageing population. the - problem. we have globally is an ageing population. the world i ageing population. the world economic forum recently produced some statistics that by 2050 the number of people aged over 60 globally will double and the number of people aged over 80 globally will triple by 2050. if you don't think about that from a pensions perspective, if you want to get the proportion of people that working age to the proportion of people retired the same, by 2050, globally, retirement age will need to increase by eight years. that

puts a huge stress and pressure on the pension system. ultimately people need to save more and need to be prepared to work for longer.— work for longer. what can organisations _ work for longer. what can organisations like - work for longer. what can - organisations like government organisations like government or pension providers do to encourage this change of behaviour? that is, working for longer and saving more? ultimately in the uk we have auto enrolment where people are automatically enrolled into a company pension scheme. the minimum contribution rate is 8%. if we look at some other countries, and canada, that contribution rate is 20%. 0f contribution rate is 20%. of that 8% contribution in the uk, 3% of that is coming from the employer. the australian equivalent to that 3% is i2% from the employer. the first and most important thing is that we need to increase the rates of those auto enrolment contributions higher than 8%, ideally to 12 or 15% over time. and before we go, samsung's

chairman had a good day in court. he was acquitted of accounting fraud and stock manipulation charges. the charges were connected to the 2015 merger of two samsung affiliates. prosecutors alleged it helped cement his control of the tech conglomerate. the latest legal victory ensures that he will not return to jail, despite his 2017 conviction of bribing a friend of the former south korean president. he was pardoned in 2022 after serving 18 months of his 13 month sentence. snapchat has become the latest social media company to announce job losses. they will cut about 20% of its workforce, thought to be about 500 employees. it is yet to announce its latest results on tuesday. he reported a loss of more than $300 million in the previous quarter. and that is it for asia business report for this hour. thank you for watching.

and i borrowed £1000 from a loan shark when she left home at 17 without any financial support. at 17 without any financial smart-— support. what with the difficulties _ support. what with the difficulties in _ support. what with the difficulties in paying i support. what with the difficulties in paying it| support. what with the - difficulties in paying it back? always — difficulties in paying it back? always struggling. always having _ always struggling. always having to _ always struggling. always having to ask— always struggling. always having to ask to _ always struggling. always having to ask to lend, - always struggling. always i having to ask to lend, always having — having to ask to lend, always having to _ having to ask to lend, always having to ask— having to ask to lend, always having to ask the _ having to ask to lend, always having to ask the places - having to ask to lend, always i having to ask the places where you can — having to ask the places where you can go _ having to ask the places where you can go to— having to ask the places where you can go to borrow, - having to ask the places where you can go to borrow, just - having to ask the places where you can go to borrow, just to l you can go to borrow, just to keep— you can go to borrow, just to keep a — you can go to borrow, just to keep a roof— you can go to borrow, just to keep a roof over— you can go to borrow, just to keep a roof over your - you can go to borrow, just to keep a roof over your head, i you can go to borrow, just to i keep a roof over your head, put food _ keep a roof over your head, put food on — keep a roof over your head, put food on the _ keep a roof over your head, put food on the table, _ keep a roof over your head, put food on the table, because - keep a roof over your head, put food on the table, because you | food on the table, because you don't _ food on the table, because you don't want _ food on the table, because you don't want to _ food on the table, because you don't want to fall _ food on the table, because you don't want to fall behind - food on the table, because you don't want to fall behind on - don't want to fall behind on payments _ don't want to fall behind on payments-_ don't want to fall behind on -a ments. ., ., payments. could you come down? the operation _ payments. could you come down? the operation by _ payments. could you come down? the operation by the _ payments. could you come down? the operation by the illegal- the operation by the illegal moneylending team of cheshire police _ moneylending team of cheshire police led to the arrest of a 63—year—old woman. i need to inform — 63—year—old woman. i need to inform you _ 63—year—old woman. i need to inform you you are under arrest for illegal— inform you you are under arrest for illegal moneylending and for illegal moneylending and for money laundering. gne for illegal moneylending and for money laundering. one in five of the — for money laundering. one in five of the people _ for money laundering. one in five of the people arrested i five of the people arrested last — five of the people arrested last year— five of the people arrested last year was _ five of the people arrested last year was female - five of the people arrested last year was female and i five of the people arrestedj last year was female and it isn't — last year was female and it isn't unusual— last year was female and it isn't unusual for— last year was female and it isn't unusual for them - last year was female and it isn't unusual for them to l last year was female and itl isn't unusual for them to be last year was female and it - isn't unusual for them to be of retirement— isn't unusual for them to be of retirement age _ isn't unusual for them to be of retirement age as _ isn't unusual for them to be of retirement age as well. - isn't unusual for them to be of| retirement age as well. people think— retirement age as well. people think there _ retirement age as well. people think there is _ retirement age as well. people think there is no _ retirement age as well. people think there is no threat. - retirement age as well. people think there is no threat. a - think there is no threat. a 70-year-oid _ think there is no threat. a

70—year—old woman, - think there is no threat. a| 70—year—old woman, what think there is no threat. a i 70—year—old woman, what is think there is no threat. a - 70—year—old woman, what is the threat? — 70—year—old woman, what is the threat? often _ 70—year—old woman, what is the threat? often it— 70—year—old woman, what is the threat? often it is— 70—year—old woman, what is the threat? often it is more - 70—year—old woman, what is the threat? often it is more subtle l threat? often it is more subtle than _ threat? often it is more subtle than breaking _ threat? often it is more subtle than breaking legs, _ threat? often it is more subtle than breaking legs, which - threat? often it is more subtle than breaking legs, which is i than breaking legs, which is what — than breaking legs, which is what people _ than breaking legs, which is what people think _ than breaking legs, which is what people think about - than breaking legs, which is l what people think about when they think— what people think about when they think of— what people think about when they think of loan _ what people think about when they think of loan sharks. - what people think about when they think of loan sharks. thej they think of loan sharks. the wa the they think of loan sharks. the way they operate _ they think of loan sharks. way they operate also they think of loan sharks. tin; way they operate also has changed. way they operate also has changed-— way they operate also has changed. way they operate also has chaned. , ., ., , changed. last year 3996 of cases dealt with had _ changed. last year 3996 of cases dealt with had a _ changed. last year 3996 of cases dealt with had a social _ changed. last year 3996 of cases dealt with had a social media - dealt with had a social media element, _ dealt with had a social media element, either— dealt with had a social media element, either meeting - dealt with had a social media element, either meeting the| element, either meeting the loan — element, either meeting the loan shark— element, either meeting the loan shark on _ element, either meeting the loan shark on social- element, either meeting the loan shark on social media . element, either meeting the| loan shark on social media or communication— loan shark on social media or communication been- loan shark on social media or communication been through sociai— communication been through social media. _ communication been through social media. we _ communication been through social media. we are - communication been through social media. we are seeing i social media. we are seeing lojack— social media. we are seeing lojack to— social media. we are seeing lojack to advertise - social media. we are seeing lojack to advertise on - social media. we are seeing| lojack to advertise on things like snapchat, _ lojack to advertise on things like snapchat, paying - lojack to advertise on things like snapchat, paying an - like snapchat, paying an influencer_ like snapchat, paying an influencer to _ like snapchat, paying an| influencer to recommend like snapchat, paying an - influencer to recommend them, then— influencer to recommend them, then they— influencer to recommend them, then they have _ influencer to recommend them, then they have a _ influencer to recommend them, then they have a reach - influencer to recommend them, then they have a reach of- influencer to recommend them, then they have a reach of the i then they have a reach of the whole — then they have a reach of the whole country. _ then they have a reach of the whole country. —— _ then they have a reach of the whole country. —— loan- then they have a reach of the i whole country. —— loan sharks. for more — whole country. —— loan sharks. for more stories _ whole country. —— loan sharks. for more stories across - whole country. —— loan sharks. for more stories across the - whole country. —— loan sharks. | for more stories across the uk, head to the bbc news website. hey, i'm dylan with the catch up. tonight, king charles is diagnosed with cancer. an update on the clapham man—hunt and an unusual piano concert. first, buckingham palace says king charles has been diagnosed with cancer.

he's undergoing treatment and won't be carrying out public duties, but the palace says he remains positive. some other stories, and police say a 22—year—old has been arrested and released on bail on suspicion of helping the suspect in the clapham chemical attack. they're now offering £20,000 for information about him and more than 100 people have been killed by forest fires which have been raging in chile. parts of the country have been completely destroyed, with residents describing the situation as hell. next, it was a big night at the grammys for taylor swift, who won album of the year for a record breaking fourth time. that puts her ahead of anyone else in the history of the awards. taylor used the occasion to make this big announcement. my brand new album comes out april 19th. the night was dominated by women, with billie eilish taking home song of the year for what was i made for. and miley cyrus finally won her first grammy for record of the year, but maybe gave away a little bit too much information in her victory speech. i just won my first grammy! thank you all so much. i don't think i forgot

anyone, but i might have forgotten underwear bye. now here are ten seconds of this unusual concert one pianist in germany took performing to new heights, playing a piano concert suspended vertically in the air. that's it from me. you're all caught up.

hello, and welcome to sportsday. i'm marc edwards. here's what is coming up on our show: foden on fire as the hat—trick hero helps manchester city up to second. he keeps the match ball in a 3—1win over brentford. a record run chase too far: england run out of miracles as india level the series. calling it a massive issue, emma hayes says there aren't enough opportunities for female coaches in the wsl.