so vijay mallya has become the very public face to a really serious problem here. thank you so much for that update. many foreign companies are knocking on the doors of southeast asia and companies to do business since they are companies to do business since they a re less companies to do business since they are less expensive than its economic powerhouse to the north. a survey from the us chain of commerce in china found nearly a quarter of its members are considering moving or have already done so. of those about half are looking at other countries in asia where labour costs are lower. but do labour costs always mean more profits? tim mcdonnell has more from phnom penh. it's more from phnom penh. it‘s exam day at this school and by cambodia‘s largest textile industry group. many manufacturers come here in search of cheap labour, especially as wages rise in china. but there‘s plenty of competition from other low—cost countries, like vietnam and bangladesh. so these classes are aimed at making sure productivity keeps pace with wages, which have been rising

it is a trial, a case lodged by the indian government to try and get vijay mallya extradited back to india to face a raft of allegations. they include money—laundering, fraud, financial irregularities and tax evasion. most of them are related to the now—defunct kingfisher airlines. ba nksy now—defunct kingfisher airlines. banksy or say that the airline took loa ns banksy or say that the airline took loans of $1.1! billion and defaulted on them, and vijay mallya is personally accused of using some of that money for personal use. banks here are struggling with bad debt, so here are struggling with bad debt, so vijay mallya has really become a poster child for the indian government going had and dealing with this issue. but they also have a lot of allegations against him and many of his businesses, so that is why the indian government is really trying to get extradited back, and thatis trying to get extradited back, and that is what this trial is all about. suranjana, thank you very much for that update. let's check in with the financial markets. the new year rally has finally pet

now, vijay mallya is fighting extradition from the uk over fraud allegations. we will get the latest from our team in mumbai. and on the markets, shares from sydney to shanghai are on the retreat after a stellar start to 2018. we start with brexit, and the future of britain's huge financial industry once it leaves the eu next year. today, uk chancellor philip hammond and brexit secretary david davis are in germany trying to win support for a favourable post—brexit trade deal, especially when it comes to financial services. the financial sector is the uk's biggest exporter, accounting for 10% of the entire economy and 2.2 million jobs. but the uk argues the city of london is also important for europe. mr hammond and mr davis will remind germany its firms need access to london's financial markets. the bosses of barclays, insurance giant aviva and goldman sachs international are thought to be among up to 15 top finance chiefs meeting prime minister theresa may later. she will be trying to reassure them the uk will remain a vibrant financial sector after brexit.

now, vijay mallya is fighting extradition over fraud allegations. we will be live in mumbai with the latest. a warm welcome to the programme, briefing you on all you need to know in global news, business, and sport. and you can be part of the conversation. tell us what you think about the stories we are covering, or what you have spotted online. just use the hashtag #bbcthebriefing. rescue workers are trying to find survivors following the devastating mudslides in southern california. 17 people are known to have died, with more than a dozen still missing. many of those now affected are the very same people who had to flee last month from some of the biggest wildfires in the state's history. the latest extreme weather hit carpinteria, santa barbara and montecito. from there, our correspondent james cook reports. in montecito, they are still combing the ruins, looking for survivors. but, with every hour that passes, hope fades. the surge of mud and debris wasjust hope fades. the surge of mud and debris was just too powerful. it consumed everything bef

now, vijay mallya is fighting extradition over fraud allegations. we will be live in mumbai with the latest.