07/10/2013 World Business Report


07/10/2013

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Asia—Pacific economic grouping APEC are meeting in Asia, —1. President

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Obama stays at home to deal with the budget crisis. And ending poverty.

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Now is the time as the World Bank lays out its new strategy. Welcome.

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You are with World Business Report. Also in the programme, working and

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living on shaky ground in Mumbai. Our team in the city reports on

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living on shaky ground in Mumbai. crumbling housing. But first, as you

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have been hearing, Asia—Pacific leaders are gathering in Indonesia

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for the annual economic summit. leaders are gathering in Indonesia

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this year they are without their most powerful member, President

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Good morning. In Bali there is a lot Obama. He is staying at home to

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Good morning. In Bali there is a lot of talk about the fact that Xi

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Jinping probably is not going to be at this meeting. I caught up with

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that would include 12 Pacific Rim at this meeting. I caught up with

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that would include 12 Pacific Rim countries including the US and

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Japan, but not including China. countries including the US and

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is why Obama's absence allows China to come in to negotiate their own

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agreement. I will not give you a break on the acronyms and let you

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know what I heard when I caught break on the acronyms and let you

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PricewaterhouseCoopers. —— German. He says why everybody is so keen to

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be getting in. I am afraid we do not have that from the chair man. Of

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PricewaterhouseCoopers. But tell us what he said. Absolutely. There

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PricewaterhouseCoopers. But tell us business leaders who are looking at

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the Asia—Pacific as the long—term investment and opportunity. What the

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survey essentially found is that CEOs are more optimistic about the

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Asia—Pacific region this year than last year. Even though the World

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Bank has this morning cut the growth forecast for developing East Asia

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But the reorientation of the United fastest growing region in the world.

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But the reorientation of the United States's encroachment of China

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creates impeding trade blocs. What I hear from business leaders and

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policymakers the ultimate goal is to create a free—trade area of the

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Asia—Pacific. That would encompass create a free—trade area of the

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Asia—Pacific. That would encompass trade gains of nearly $1 trillion.

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hammer out some of these economic trade gains of nearly $1 trillion.

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hammer out some of these economic Thank you, Linda. As she mentioned,

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a lot more. You can follow her on Twitter. Moving on. Extreme poverty

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has been described as the defined the moral issue of our time. ——

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defining. The president of the World Bank says that with more than 1

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billion people in the world living on less than $1.25, he says they

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institution to help end poverty on less than $1.25, he says they

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economic disasters and crazies can wipe out economic gains were some of

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the world's biggest people. —— Severe weather, like the recent

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flooding in Vietnam, is getting Severe weather, like the recent

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frequent, says the World Bank. These disasters are among a catalyst of

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shocks that may push people below the poverty line. Managing these

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seachange. A shift from responding to proactively managing risk. The

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bulk of resources dealing with to proactively managing risk. The

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bulk of resources dealing with disasters goes to emergency response

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prevention. There are costs with and reconstruction. Only a tiny

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supplements to reduce malnutrition benefits can be larger. For example,

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supplements to reduce malnutrition can have benefits 15 times greater

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problem. People can take too little than the cost. There is another

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risk. Farmers often need cash to get risk. Farmers often need cash to get

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through dry spells, but they can also deal with rain spells. The

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through dry spells, but they can is to devote more planning to risks

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before disaster strikes. Last week is to devote more planning to risks

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before disaster strikes. Last week more than 60 people died in Mumbai

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when a building they were living in The city has seen a growing list of

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such buildings collapsing. Many The city has seen a growing list of

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known to be unsafe. But people continue to live in them. We report

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on what can be done to support the Mumbai. It has been condemned as

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dangerous to live in. Yet more than 11 families call it home. This man

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has lived here more than 20 years. He says there is no way he can

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leave. TRANSLATION: I can't afford to buy a new house. Despite the

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cracks we have no option but to to buy a new house. Despite the

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here. When I go to work I keep calling home, because I'm worried my

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building. The one Maxtor has been identified by the Administration.

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There are nearly 1000 more such buildings in Mumbai. People continue

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to live in many of them. Lives have crashing down. This amateur video

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Windows begin to shatter, seconds later the wall has disintegrated.

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The authorities say there have been later the wall has disintegrated.

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The authorities say there have been trained to get people to vacate

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unsafe structures. TRANSLATION: trained to get people to vacate

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provide temporary accommodation trained to get people to vacate

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people will buildings are being reconstructed. But often these

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houses are located far away. People can find it inconvenient. They do

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houses are located far away. People places, poor quality construction

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construction practices are often places, poor quality construction

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construction practices are often ignored by those in power. Any

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reconstruction can take years to reach. But with the death toll

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rising, the city's government is another building comes to rubble.

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Let us just update you on what is going on in the state. The Speaker

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of the House of Representatives going on in the state. The Speaker

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said it will not agree to raise America's debt ceiling without

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measures to deal with the underlying problems. United States will hit its

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borrowing limit in less than two weeks. Congress will need to approve

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an increase if the US is to avoid defaulting on debt. That situation

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and the budget deadlock is very defaulting on debt. That situation

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dominating markets. There is no agreement, as you can see in Asia.

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We are seeing losses across the board. The indications are that

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We are seeing losses across the US will go lower, as will Europe.

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Those are the currencies. The yen is seen as a safe haven. I will see you

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later for a look at the papers.

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