15/11/2013 World Business Report

record highs. $5 trillion and counting, the booming global

business of education. We speak to the boss of Pearson about the

future. In just a moment, how the economic fallout from Typhoon

Cheyenne is affecting people far from the site of the disaster ``

Typhoon Haiyan. What was: `` what was causing all the excitement? It

is all about this lady here. She is the woman that President Obama has

nominated to lead the Federal reserve. She needs the Senate's

approval if she is to take over from Ben Bonacci when he steps down in

January. They believe she will be confirmed. She has been a strong

supporter of the third's stimulus measures. `` Federal reserve's. The

objective here is to ensure we have a strong recovery. And we do so

while keeping inflation under control. It is important not to

remove support especially when the recovery is fragile. How are Asian

markets reacting to the prospect of Janet? They are reacting rather

positively. There is a great deal of relief that she will keep the easy

money policy in the US. Investments will stay affordable. The nick a

shooting past the 15,000 mark for the first time in several months ``

Nikkei. We are seeing a lot of these familiar names in Japan, they are

all stronger. They make a lot of their money abroad. We have seen the

Nikkei rise 45% this year. The yen dropping 15%. There are concerns

that those games will stall, concerns that some of those games

will fall short of expectation `` gains. The economic damage wreaked

by Typhoon Haiyan is starting to become clearer. Across many sectors

of commerce, there has already been an impact. Agriculture and fisheries

are amongst the most severely hit, threatening the livelihood and food

supply of millions. Fishing is a key part of the

Filipino economy, and when the super typhoon hit the central and southern

Philippines, one of the key areas where they get fish stocks from was

heavily hit. At this market here in Manila, we are already feeling the

repercussions. The fishermen are telling me that they are seeing

incomes slashed in half. Their livelihoods are being affected.

TRANSLATION: It is difficult. The price has gone right up. We have no

buyers because it is too expensive. People would rather have meat.

TRANSLATION: Due to the typhoon, selling has slowed. It is like

people do not have money. Only a few people buy. The price of fish has

increased. The extent of the damage to the outlying islands has yet to

be completely be shown. Here in Manila, for many farmers and

fishermen throughout the country, it is proving to be a real struggle on

a day`to`day basis. Now, let's talk education.

Media giant Pearson is best known as the publisher of the Financial

Times. Today it is setting out a new strategy to improve global education

standards. John Fallon is chief executive of Pearson and he joins me

this morning. Explain this new strategy. I think we are on the cusp

now a transfer mean learning outcomes and therefore life chances

for many people all over the world. `` transforming. We have a body of

research that helps us really understand what works in education

around the world. It will transform pretty much every sector of public

life. It will really enable us to personalise learning on a scale

never seen before. A kid is learning a mathematical concept in school. We

won't know it they have mastered it until they take the exam at the end

of the. `` end of the year. That is really what we are putting at the

heart of our business. Moving from a world where we provide input,

high`quality textbooks, rigourous exams, without really being able to

ensure whether the outcome, which is improved literacy and numeracy

levels, the skills that people need to be successful in our economy,

whether those skills have actually been achieved. Now we can do that on

a scale which has never been done before. To be sure that I am clear

on this, you are going to report on the effectiveness on some of your

courses and products with the same sort of transparency that you do

with your financial reports? It will take some years to be absolutely

built into every single thing that we do but we will report on the

impact that we are having just as surely as we do with our cash

generation and financial profits and the like. It will be interesting to

see how shareholders react to that. Any comment on that? I'm not sure

why there are lots of rumours. The Financial Times is incredibly

successful. 50% of its profits is generated from people actually

buying its content. The Financial Times is not only a great business

newspaper what can also help us to provide a wider range of services to

those professionals in countries such as China, Brazil and South

Africa. Many thanks. Games fans in the US have been

queueing to get their hands on Sony's new console. It goes on sale

tonight. The PS file will go up against the new Xbox one from

Microsoft `` PlayStation four. It is looking more likely the US

government will not bail out the companies if they fail. Force them

to post more collateral in derivative trades. Let's have a

quick look at the numbers in Asia. A falling yen had Japanese stocks

gunning for their biggest increase in nearly four years. Goodbye for