And you can get all the latest on our website. That is bbc. Co. Uk news. Now on bbc news, live to singapore for Asia Business report. Wto warning. As global trade growth forecasts are slashed, we look at how trade wars have hit australia. And india plastic band. How Narendra Modi aims to conquer the countrys rubbish mountains. Hello and welcome to this mid week edition of Asia Business report. I am Sharanjit Leyl business report. I am Sharanjit Leyl. We start with the global economy, because the World Trade Organisation has slashed its forecast for trade growth year by more than half, warning that Living Standards and jobs could be hit. The effects of the us china conflict are already being felt in many countries, including australia. Yesterday, it Central Bank Cut the cost of borrowing to a fresh record low. Earlier i asked an analyst whether rate cuts are the best way to deal with a global slowdown. Whether rate cuts are the best way to deal with a global slowdownm terms of rate cuts, it is not the best tool. But of course, what rate cut does is to try to drive the confidence level. We so far this Financial Year have already cut the. Well, this is the third time, and potentially there will be more, one more cut, in the next 12 months, hoping with that consecutive cut to improve the confidence, together with the tax rebates that most consumers received a couple of months ago. But the main driver will have to be fiscal stimulus, which government is somewhat reluctant to do at this point. Right, and you mentioned the rebates, the tax cuts, potential fiscal stimulus, but is Monetary Policy going to be enough to boost Consumer Spending and keep the economy buoyant in the face of a global slowdown . Look, so far what we have seen is that it somewhat has stabilised our housing market. However, the latest cut, we have already heard from the commercial banks, and most of them are not passing on 100 of the cuts. So that really reduces the effectiveness of the Monetary Policy. Fiscal would have to be the key. So what does that do for business and investment and the climate in australia there . Look, in australia its actually somewhat interesting. While globally most investigators are rotating into more defensive sort of sectors, in australia people are moving into more pro cyclical sectors, thinking the rate cuts as well as the fiscal stimulus would potentially improve the economy. Jun bei, during the financial meltdown australia was known as the thunder from down under for staying fairly resilient, relying on markets like china, its largest export market. Can it be resilient again . At this point our markets look quite resilient. Simply put, the fiscal position we are in, we will be delivering quite a nice trade surplus, and that gives government a lot of firepower in terms of what they could do to stimulate the consumer. And on the monetary front, weve still got a bit more room compared to some other economies, such as the us. That was jun bei liu speaking to me earlier. In the us, a row has broken out between facebook boss Mark Zuckerberg and president ial hopeful Elizabeth Warren after recording was lea ked Elizabeth Warren after recording was leaked of Mr Zuckerberg saying he would, quote, go to the mat to fight against the compa nys would, quote, go to the mat to fight against the companys breakup. His comments come after ms warren said she would consider splitting up facebook and other tech giants. The bbcs Samira Hussain has more. We now have a situation in which the head of the worlds larger social network is publicly battling one of the leading Democratic Candidates for president at a time when Silicon Valley and facebook in particular continues to face backlash for not doing enough to combat disinformation on their sites. Senator elizabeth has made breaking up senator elizabeth has made breaking up Big Tech Companies like amazon and facebook a central part of her political platform. She argues that these companies have become too big, wielded too much power, and stifled competition. In these leaked audio recordings, founder and ceo of facebook Mark Zuckerberg is heard arguing that if ms warren does in fa ct arguing that if ms warren does in fact become president , the company would sue the Us Government and it would sue the Us Government and it would have a good case. He went on to say that breaking up big tech wont solve issues of election interference, but would make it more likely, since there would need to be more Co Ordination between different companies. Senator warren took to twitter to rebuke those comments, calling out facebook for repeatedly fumbling their responsibility to protect democracy. Samira hussain in new york. It is golden week in china, where millions of people take advantage of the National Holiday and splurge on travel. The formerly popular destinations such as hong kong and the us are now losing ground to countries like thailand, japan and italy. Earlier i asked a strategy consultant how important Chinese Tourists have become in terms of spending. Well, the chinese tourist has become a major source of revenue for brands all over the world. And the golden week is an amazing opportunity, because you have anywhere above 100 million Chinese People travelling during the week to various destinations around the world. So it is a very important opportunity for retailers worldwide. Now, as you say, 100 million Chinese Tourists travelling around the world. So just how badly impact on other countries they seem to have stopped visiting . Other countries they seem to have stopped visiting . The other countries they seem to have stopped visiting . The United States, because of the trade war, and hong kong, of course, because of the political unrest there. Yes, so for hong kong it is a pretty dramatic shift because we have been starting to observe a decline in the number of Chinese Tourists all the way through the summer, and the expectation for the golden week is that it expectation for the golden week is thatitis expectation for the golden week is that it is going to be about 30 below last year. Although, in the golden week of 2018, we were at double digit growth compared to 2017. So it is going to be probably quite a big disappointment for, you know, retailers, restaurants and hotels in hong kong. Right, and what about the United States . Because obviously that trade war has meant that it obviously that trade war has meant thatitis obviously that trade war has meant that it is not the top destination for most chinese. No, it is not the top destination. It is probably on the top ten still but it is well below some of their priority destinations, like thailand, like japan. I mean, of course hong kong was number one, and is still probably going to be number one despite the 30 decline. But america is probably in the seventh or eighth ranking, about the same level as italy. But it is not the top destination. Later today, indias Prime Minister is expected to announce a nationwide campaign to stamp out single use plastic. The policy is thought to cover items including plastic bags, cutlery and straws. But the proposal has already spooked businesses and manufacturers. Our correspondent travelled to northern Uttar Pradesh for more. India has one of the Fastest GrowingPlastic Industries in the world. Every year, more than 40 in the world. Every year, more than a0 million tons are produced for sale within the country and for export. But the workers in this factory and a million others in the Plastic Industry across india are suddenly staring at an uncertain future. Translation if these goods are phased out, there is no alternative, and what will happen to us in the industry, and our employees . We ask the government for time, around 3 four years, to prepare. Prime minister Narendra Modi is on a mission to free india of single use plastic, but the lack of single use plastic, but the lack of clarity over what could be phased out has taken a toll. This factory has already seen a drop of 30 a0 in sales. Many businesses produce Plastic Products ahead of time, and so its not uncommon to have this volume of stock ready to be shipped out. But with so much uncertainty surrounding the governments policy on single use plastic, many businesses around the country, just like this one, dont know if their stock will be sold or go to waste. Concerns are growing around the world about plastic pollution, but it is these visuals that have really rattled india. A garbage mountain in new delhi, on course to rise higher than the taj mahal in the coming year. Plastic is a huge challenge, because we are not managing our waste rightly. We need to strengthen processing, we need to strengthen recycling, and all of it is not happening in the present context. Of course, in the past a five years, we have to some extent achieved some success with segregation, some success with segregation, some success with segregation, some success with processing, but there is still a long way to go. The government is recommending biodegradable products like these earthen pots is one alternative, but baking and transporting them pollutes the air, and because they are handmade, it will be impossible to meet demand. Some states in india have already banned a number of Plastic Products, forcing smaller units like this one to shut down entirely. There is no doubt india has a long way to go in solving its problem with plastic, but most people agree Waste Management is as critical as curbing the use of these products. Some really stark images of plastic mountains. Lets take a look at those markets, because in asia they have opened weaker, as you can see. They are taking their cues from the us, concerns about a slowing global economy. We had a survey of the Manufacturing Sector in the us overnight which showed it at its lowest point in about a decade, and lots of concerns that there is going to be a global slowdown. Thats it for the programme. Thank you for watching. This is bbc news. The top stories this hour dozens of people needed hospital treatment and police made hundreds of arrests after protestors defied a ban and took to the streets of hong kong on tuesday. Boris johnson will submit his plans for a brexit deal to brussels later today. He tell the eu it is his final offer. Torrential rain has swept across large parts of england and wales, causing floods, closing roads, and forcing people to leave their homes. Landslides blocked the railway line between carlisle and newcastle. A Major Incident was declared on the isle of man, from where dan johnson sent this report. All the cars behind it are going, as well. Theyre used to bearing the brunt of the weather here. But in laxey, this well, this was something else. Oh, some sandbags, there. That is actually the Civil Defence van that is supposed to be laying sandbags. Talk about optimism in the face of adversity. Even rescue teams struggled as the river raged after hours of rain, so a coastguard helicopter came to lift residents to safety, as schools were closed and people were warned to get out or head upstairs. After the deluge, the damage was clear. You can see from the debris in the riverjust how forceful the water was, and you can see the destruction it caused. Cars have been ruined, and homes too. If you look on the wall there, you can see the tide mark. That is how high the water got. This was the front room. Some homes were under three, four or even five feet. The next thing the door came in, and so i was trying to push the door. The kids were upstairs, screaming. I managed to get the dog and cats upstairs, as well. It was just horrendous. It was literally within five minutes, it happened within five minutes. There was nothing you could do. At one stage there were 50 flood warnings across england, and although the storm surge wasnt as bad as feared, in cumbria, landslides blocked railway lines, and after a month of record rain, carlisle was one of many places where roads were tricky. In leicestershire, rivers swelled, leaving cars submerged. Back on the island, there is much more clearing up to do, and there is disbelief here at the speed, intensity and destruction of this devastating flash flood. Dan johnson, bbc news, in laxey, on the isle of man. A senior mp has been sent home from the conservative Party Conference in manchester after an altercation. Sir Geoffrey Clifton brown, mp for the cotswolds, clashed with staff as he tried to enter a room with his fiancee without the relevant pass. He has apologised unreservedly. Up up to 60 of Police Officers could be equipped with a taser stun guns as part of a new government scheme. Lots more on all of our stories on our website. Now on bbc news, sport today. Hello, im marc edwards and this is sport today, live from the bbc sport centre. Coming up on this programme utter humiliation. Tottenham hotspur suffer their worst home defeat in their history, thrashed by Bayern Munich. Its a triple gold day for the usa. Well bring you up to date on the world athletics championships in doha. And well take a look at how japan is embracing rugby, while rugby it seems, is embracing japan. Well, well, well. What a truly rotten day for Tottenham Hotspur fans. Tottenham hotspur have suffered the biggest ever margin of defeat by an english team at home in any European Competition after they were utterly thrashed 7 2 by Bayern Munich in the champions league. To compound that damning statistic it is also the first time