of liquid products sold in wall street, and when the property market went down, those products very quickly had to be revalued. china, most of its debt is held in these shadow banks and in some of the bricks and mortar banks so the rate of decline can be slowed a little bit. howeverthe decline can be slowed a little bit. however the biggest issue is debt. overall the debt in the property sector is huge. as much as 30% of bank assets, and that will take a long time to unwind, and the centre of government is very reluctant to step in and probably can't have enough cash. step in and probably can't have enough cash-— enough cash. under the circumstances - enough cash. under the circumstances what - enough cash. under the circumstances what one j enough cash. under the - circumstances what one needs to be done? ., ., , ., be done? the garment has to make decisions _ be done? the garment has to make decisions on _ be done? the garment has to make decisions on allocatingl make decisions on allocating defaults. will mortgage holders get hurt? that is what happened in the united states, lots of people asked lots of money in their housing. will the banks be squeezed? they can be but then you can't put the banks out of business because then you lose your financial system. so there will be a lot of investors, people who they thought 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 a structural downturn like this for the property industry extract to try to allocate the pain in some reasonable fashion. other news making — some reasonable fashion. other news making headlines - some reasonable fashion. other news making headlines this - news making headlines this morning, foreign ministers from south korea, japan and china met over the weekend for the first time in four years, after covid and geopolitical tensions interrupted diplomatic interactions. it comes as tokyo and seoul have both grown closer to washington in recent months to beijing because my displeasure. relations between china and the us have been tense recently especially over semiconductors, and south korea is home to some of the biggest chip—makers in the world like samsung. tensions have only eased recently, relatively, following a summit between president xijinping and following a summit between president xi jinping and joe biden earlier this month. let's also take you through some of the other big events that we are expecting through the week, and that we will be covering. the rising cost of living will be in focus in the coming days, with inflation numbers for october out of australia on wednesday. and later the same day we will also be looking at new zealand's central bank. that is due to make an interest rate decision that has been on hold since may, as inflation also eases. then a day late on thursday at a south korea's turn to decide on interest rates, where rates have also been held in recent months. the same day, the big one we are looking out for in china that is due to give us a health check on its manufacturers as well as investors, as investors rather, hope for more signs of recovery in the world's second largest economy. as pulled from ariana financial services tell me what to look up this week. the really big piece of data this week is going to be the pce inflation in the us. we have seen inflation move lower. that is likely to continue and there is a real risk we see a surprise to the downside this week. it is important because the fed has been on hold for several months now and if we see that inflation continue to slow, markets will decide that the fed is done hiking and they will start looking for rate cuts are seen at the end of 01 or early 02 next year. inflation as we are talking about is coming down, where are you seeing the consumer spending being focus? we are seeinu spending being focus? we are seeing inflation _ spending being focus? we are seeing inflation come - spending being focus? we are seeing inflation come down i spending being focus? we are l seeing inflation come down but consumers still feel the pain of cumulative inflation of the last couple of years, prices at a level basis are high and their incomes haven't kept up. so as we move through the end of this year and early next year we will see those consumers really pull back on their spending. household spending will slow, that will hurt the economy and the us, it will hurt the global economy and really increase the risk of seeing a recession at some stage. seeing a recession at some staue. , , stage. the focus point will be on china's — stage. the focus point will be on china's pmi _ stage. the focus point will be on china's pmi data. - stage. the focus point will be on china's pmi data. what. stage. the focus point will be | on china's pmi data. what are your expectations on that front? it your expectations on that front? . ., ., , your expectations on that front? ., front? it is a really important iece of front? it is a really important piece of data _ front? it is a really important piece of data because - front? it is a really important piece of data because we - front? it is a really important piece of data because we are| piece of data because we are seeing china's economy began to improve as cumulative impacts from monetary policy rowthree. i think this month we will probably see that a bit more clearly. the economy is just picking up a little bit, and we are going to see a sense that china is going to achieve its around 5% growth target this year and that will be a fairly critical piece of data coming out. ., ., ., critical piece of data coming out. ., ., '. critical piece of data coming out. ., ., ' . ., out. inflation has an effect on consumer— out. inflation has an effect on consumer spending _ out. inflation has an effect on consumer spending in - out. inflation has an effect on consumer spending in the - out. inflation has an effect on| consumer spending in the us. american shoppers spent a record $9.8 billion during the black friday sales last week. that is 8% higher from last year, and retailers are hoping to extend the black friday consumer spending boom this week on cyber monday, which focuses on online discounts. it is a key period for companies and kicks off the christmas shopping season. this is our business reporter. inflation and high mortgage rates have hit consumer hard this year. in the uk, black friday spending was expected to fall by more than a quarter to £5.6 million or $7.5 billion. the retailer argos had a playstation five gaming console, beats headphones and apple products were among the most popular place on the day. some insurers will hold out for different products on cyber monday with the risk of waiting is that some items will sell out, i've checked and that is certainly true in some cases. recent research by voucher code consider that pre—christmas retail spending in the uk was likely to rise by 3.3%, and in fact fewer products will be bought because of price rises. in the cost of living squeeze means gift spending might actually fall by 3%. in the us adobe analytics expects shoppers to spend $12 million online on cyber monday, which marks the end of a traditional week of discounts around thanksgiving. world leaders will be gathering in dubai later this week for the cop 28 annual climate conference to discuss a host of issues. chief among them is how to bring emissions down. earlier this month pollution levels in delhi reach toxic levels, ordering the top court there to stop farmers from burning crop residue. a start—up in india is trying to stop that. every winter, air pollution chokes much of northern india. a major cause of that pollution is the smoke from crop fields cleared by burning to clear for the next harvest. but instead of being banned, straw and husks can be processed to make the main raw material for paper mills. these fully compatible pulp sheets, which can then be made into packaging or disposable tableware. the waste can even be turned into furniture. this brother and sister team are doing just that with their company in central india's marina district. we can hel our india's marina district. we can help our farmers _ india's marina district. we can help our farmers and - india's marina district. we can help our farmers and we - india's marina district. we can help our farmers and we can l help our farmers and we can also reduce the crop burning problem. it doesn't make sense at all. by using this abundant crop waste to create products we are also able to save our world's forests. government has been quite _ world's forests. government has been quite keen _ world's forests. government has been quite keen to _ world's forests. government has been quite keen to promote - been quite keen to promote companies that up cycle these millions of tonnes of agricultural waste. millions of tonnes of agriculturalwaste. but millions of tonnes of agricultural waste. but the problem is creating additional value forfarmers, and problem is creating additional value for farmers, and that is why some of these companies that generate cover that up cycle this agricultural waste into biofuels or fertilisers are not seeing many takers. they are addressing this by paying more to farmers like this one, who was the first in the area to stop burning his fields. figs the area to stop burning his fields. �* . . ., the area to stop burning his fields. ~ , , ., ., , fields. as small farmers we don't have _ fields. as small farmers we don't have the _ fields. as small farmers we don't have the resources i fields. 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. he pays us a good amount it is good for everyone.- pays us a good amount it is good for everyone. he is hoping more farmers _ good for everyone. he is hoping more farmersjoin _ good for everyone. he is hoping more farmersjoin in. _ good for everyone. he is hoping more farmersjoin in. but - good for everyone. he is hoping more farmersjoin in. but the i more farmers join in. but the field to factory business is notjust 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 for instance. these products are cheaper, they are already in the market. for crop -based companies, _ already in the market. for crop -based companies, high i —based companies, high transport and storage costs are also burdens. he hopes that setting up small factories next fans could be the answer. one of the ways india tackles its earning problem. that is it on this edition of asia business report. much more on the bbc news website. thanks for watching and stay on with bbc news. bbc news, bringing you different stories from across the uk. ., different stories from across the uk. , the uk. local say they live here for— the uk. local say they live here for the _ the uk. local say they live here for the countryside, i the uk. local say they live i here for the countryside, the wildlife and the piece, but that could change as a new prison is set to be built here. kevin bowed and has lived in gartree for over 20 years. the concern is _ gartree for over 20 years. the concern is when _ gartree for over 20 years. the concern is when i _ gartree for over 20 years. the concern is when i get - gartree for over 20 years. tue: concern is when i get up gartree for over 20 years. tte: concern is when i get up in gartree for over 20 years. t'te: 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 wildlife, just going to see a wall of prison.— wall of prison. plans were first submitted _ wall of prison. plans were first submitted by - wall of prison. plans were first submitted by the i wall of prison. plans were i first submitted by the ministry ofjustice for a new prison adjacent to the current prison over two years ago. it was refused permission by houlbrook district council. however, that refusal has now been overturned on appeal by communities secretary michael gove. t on appeal by communities secretary michael gove. i am astounded — secretary michael gove. i am astounded at _ secretary michael gove. i am astounded at this _ secretary michael gove. i am astounded at this decision. l secretary michael gove. i am astounded at this decision. i | astounded at this decision. i think it's completely the wrong decision, and as one member of the public described it this morning, they see it as a slap in the face for democracy. it has always been the wrong place. these are country lanes, country area where they are trying to facilitate this. fit, trying to facilitate this. a spokesman for the owenj says it is critical in delivering the 20,000 extra places we need to keep dangerous offenders off the streets, and it will boost the streets, and it will boost the local economy by creating hundreds of newjobs. hundreds of new jobs. protesters hundreds of newjobs. protesters here say they will fight on. they are calling for a judicial review. for fight on. they are calling for a judicial review.— a judicial review. for more stories from _ a judicial review. for more stories from across i a judicial review. for more stories from across the i a judicial review. for more stories from across the uk a judicial review. for more i stories from across the uk had 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. tt is to put on the £1 panto. it is called sender _ to put on the £1 panto. it is called sender bowler- to put on the £1panto. it is called sender bowler and is to put on the £1 panto. it is called sender bowler and is a take on cinderella, but the twist here is she wants to play football rather than go to the ball. # like a diamond in the sky... sender bowler, she is paul and she has a evil step mum and she —— she is poor. the message is to show young kids that anyone can follow their dreams. gareth south . ate can follow their dreams. gareth southgate and _ can follow their dreams. gareth southgate and serena - can follow their dreams. gareth i southgate and serena wakeman, the national team coaches, are in the cast. the nationalteam coaches, are in the cast-— the nationalteam coaches, are in the cast. european champions and world _ in the cast. european champions and world cup — in the cast. european champions and world cup finalists! - in the cast. european champions and world cup finalists! i i and world cup finalists! i manage the main's, and we won _ manage the main's, and we won... anyway, so...- manage the main's, and we won... anyway, so... and there is support _ won... anyway, so... and there is support from _ won... anyway, so... and there is support from local _ is support from local semiprofessional players. putting it out they should believe in yourself no matter what people say to you, such just block out there mate is a to yourself and good people around you. irate to yourself and good people around you-— to yourself and good people around you. we are still trying to head in _ around you. we are still trying to head in the _ around you. we are still trying to head in the direction i around you. we are still trying to head in the direction the i to head in the direction the men — to head in the direction the men are _ to head in the direction the men are in that is essentially where — men are in that is essentially where want to be. it men are in that is essentially where want to be.— men are in that is essentially where want to be. it runs from december— where want to be. it runs from december four _ where want to be. it runs from december four and _ where want to be. it runs from december four and details i where want to be. it runs from december four and details of l december four and details of how to go are on friday's social media accounts. hello and welcome to sportsday. i'm karthi gnanasegaram. the man who helped english football have a seminal summer has passed away. terry venables dies at the age of 80. what a week forjannick sinner. he helps italy secure a first davis cup title in almost 50 years. and max verstappen ends the most dominant season in formula 1 history with... yep, you guessed it, another grand prix victory in abu dhabi. 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 swiss looks back at the life of terry venables. we have a bit more here. he brought the feel good factor back to english football
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