:00:00. > :00:00.path. He died after being taken to hospital. Merseyside Police have
:00:00. > :00:22.launched a murder investigation. Entrepreneurship, innovation and
:00:23. > :00:28.human capital. Key themes for the meeting of the APEC leaders summit
:00:29. > :00:32.in Manila. Stuck in traffic or moving forward? We take a closer
:00:33. > :00:36.look at infrastructure, which is crucial to growth in not only the
:00:37. > :00:44.Philippines but Asia-Pacific economies.
:00:45. > :00:51.Good morning Asia, hello world! Great to have the with us for this
:00:52. > :00:56.special edition of Asia Business Report, live from my home city of
:00:57. > :01:04.Manila. I am currently here at the APEC CEO Summit, and it is 9:30am,
:01:05. > :01:08.and world leaders are starting to arrive for the annual summit, which
:01:09. > :01:14.officially begins tomorrow. The theme this year is all about
:01:15. > :01:18.inclusive growth and inclusive economies. It is also the first time
:01:19. > :01:24.that member states of the major trade agreement, also known as the
:01:25. > :01:29.PPP, will meet, since the agreement was finalised. The host country of
:01:30. > :01:34.APEC, the Philippines, is not part of this arrangement, and the
:01:35. > :01:38.President has said the DPP needs to be more inclusive. Every country
:01:39. > :01:46.would want to be part of all of these agreement, but we were not
:01:47. > :01:51.invited to DPP to begin with. We are expected to be invited when they do
:01:52. > :01:57.open up membership. If the idea is to broaden trade, making it
:01:58. > :02:03.exclusive actually defeats the whole purpose of why you enter into the
:02:04. > :02:08.agreement. That was the president of the Philippines. The leading lights
:02:09. > :02:13.of the business world are also here, as you can see behind me. In fact,
:02:14. > :02:17.7000 business leaders and delegates are currently meeting to discuss
:02:18. > :02:23.economic growth, and how to make it more inclusive. Infrastructure
:02:24. > :02:24.indeed is an important element, but it is one that poses many challenges
:02:25. > :02:36.for the whole city, my home city. Manila, a place with huge potential,
:02:37. > :02:42.but it has its setbacks. It can to work each day he can be a chore. I
:02:43. > :02:46.want to experience people's daily frustrations. Today I'm going to
:02:47. > :02:54.take a right with a management consultant, on his journey to work.
:02:55. > :02:59.At this point I am wondering, is Manila really the worst city to
:03:00. > :03:06.drive on earth? We are currently in the midst of a major traffic jam.
:03:07. > :03:10.Vehicles are bumper-to-bumper. This is a reality every day. It takes us
:03:11. > :03:17.at least 2.5 hours on average to get from one point to another. Why don't
:03:18. > :03:22.you take public transport? It is completely dysfunctional, it is
:03:23. > :03:25.obsolete, 30 years behind time. Time is money, and no one knows that more
:03:26. > :03:32.than Jerome Coppel who owns it processing company. His plans turn
:03:33. > :03:38.out more than 5000 hotdogs every minute, 6 million per day, supplying
:03:39. > :03:45.80% of the Philippines' fast food restaurant. But profits are being
:03:46. > :03:53.squeezed. We have trouble brought about by port congestion and very
:03:54. > :03:58.busy roads, that hampers our efficiency and brings up our costs
:03:59. > :04:03.of distribution. Port infrastructure, cost to the
:04:04. > :04:08.Philippine economy was an estimated $16 million a day. The government
:04:09. > :04:10.insist infrastructure spending has more than tripled since this
:04:11. > :04:16.president came to power five years ago. The projects to build rail
:04:17. > :04:21.networks, airports, and roads have been hit by delays, and even the
:04:22. > :04:30.minister in charge admits it has had an economic impact. Definitely there
:04:31. > :04:34.is a huge cost of the late infrastructure, but it took us some
:04:35. > :04:39.time to put the programme in place. With elections due in 2016, the
:04:40. > :04:41.pressure is on the next government to ease the burden on commuters and
:04:42. > :04:49.businesses working in the capital. Those are some of the concerns of
:04:50. > :05:04.the small and medium-sized enterprises, but what do the leaders
:05:05. > :05:10.have to say about this? Growth has really helped in the fast food
:05:11. > :05:14.industry. It is quite resilient industry, but a good economy help us
:05:15. > :05:23.grow faster. The challenges would be with growth comes availability of
:05:24. > :05:32.human capital, scheduling and delivery, with traffic issues we
:05:33. > :05:38.need more proper scheduling, and probably our stores will carry a bit
:05:39. > :05:42.more infantry. Wouldn't it be great if he road networks, the ports, the
:05:43. > :05:46.airports, everything that facilitates trade and of people,
:05:47. > :05:51.there is a lot of low hanging fruit in the country. The tourism industry
:05:52. > :05:54.has tremendous potential, and if we can facilitate the movement of
:05:55. > :06:04.people, the entry of foreign capital, we will be in great shape.
:06:05. > :06:11.I think the waiting sheds in the basketball courts... When it comes
:06:12. > :06:18.to the tollway it is the private sector building it, finding it. The
:06:19. > :06:23.only reason there is a delay is the delivery of the right of way. It
:06:24. > :06:30.really affects the Philippine economy in terms of the traffic, as
:06:31. > :06:44.you know. The regular traffic is costing the economy billions.
:06:45. > :06:51.For her views I am joined by the vice-chair of JP Morgan
:06:52. > :06:54.Asia-Pacific. Thank you for joining us on Asia Business Report. We are
:06:55. > :06:58.talking about inclusive growth building economies. Amid the
:06:59. > :07:05.slowdown in emerging Asian markets, how can inclusive growth help the
:07:06. > :07:10.slowing economy is? Around the Asia-Pacific region, we have 21
:07:11. > :07:16.economies, so inclusive growth really happens at three levels. At a
:07:17. > :07:22.country level, a corporate level, and that the people level. In the
:07:23. > :07:28.Asia-Pacific region there are large economies, like China, but also
:07:29. > :07:31.smaller ones, like the Philippines. Is there enough support for small
:07:32. > :07:35.and medium-sized enterprises? Be used to be a lot more support,
:07:36. > :07:39.because 90% of the companies in Asia-Pacific region need more
:07:40. > :07:48.financing and support from governments in terms of profit. They
:07:49. > :07:51.also need more employment, so at the people level we don't know.
:07:52. > :07:56.Inclusive growth also means fighting poverty. How do you do that? We need
:07:57. > :08:01.to create more infrastructure around the Asia-Pacific so everyone has
:08:02. > :08:05.equal access to the cities and the wonderful infrastructure some urban
:08:06. > :08:08.residents now enjoy. Looking at China, how has inclusive growth
:08:09. > :08:14.helped the economy going forward? In China, one of the major environment
:08:15. > :08:20.initiatives is to make growth a lot more balanced. In the past it was
:08:21. > :08:24.all about manufacturing, but today it is more driven by services. Also,
:08:25. > :08:32.urbanisation is a Keith Dean for Chinese growth, so inclusive growth
:08:33. > :08:38.is about bringing more people into the city and making them enjoy the
:08:39. > :08:45.city lifestyle -- a key theme. Before you go, what do you think
:08:46. > :08:50.about more stimulus measures and interest-rate cuts? There could be
:08:51. > :08:54.more, but we need to focus on the growth of people, rather than just
:08:55. > :09:00.profits. We are cautiously optimistic, next you restart the
:09:01. > :09:02.13th five-year plan, and we will seek it being transformed into a
:09:03. > :09:06.more consumption driven and service driven economy. The
:09:07. > :09:14.Morgan Asia-Pacific, thank you for joining us. Moving to other business
:09:15. > :09:19.news, making headlines, Asia-Pacific airlines have taken a hit on the
:09:20. > :09:26.share market on fears that the Paris attacks would deter people from
:09:27. > :09:31.overseas travel. Hong Kong has said stocks closed lower by 3.5% on Air
:09:32. > :09:37.China, with Cathay Pacific closing down. In Sydney, airline stocks also
:09:38. > :09:43.down, but Virgin Australia has gained 1.7% while Qantas also in
:09:44. > :09:47.positive territory by 2.3%. Indonesia's central bank is holding
:09:48. > :09:51.its meeting today. It has kept rates on hold at 7.5% since February. The
:09:52. > :09:55.most recent figures suggest inflation is easing and growth has
:09:56. > :10:03.picked up slightly. Indonesia is expected to post growth below 5% for
:10:04. > :10:10.the first time since 2009. The world's biggest hotel company is in
:10:11. > :10:13.the making after Marriot has agreed to a deal with over 12 billion US
:10:14. > :10:20.dollars to combine with another company. They will have more than
:10:21. > :10:25.5500 hotels with 1.1 million rooms, and $2.7 billion in revenue. That
:10:26. > :10:31.will see them overtake the UK's Intercontinental hotels, which is
:10:32. > :10:35.just under 5000 hotels. With that, we end of this addition of Asia
:10:36. > :10:41.Business Report. Thank you for investing your time with us.
:10:42. > :10:48.Our top stories: President Hollande has vowed to destroy the so-called
:10:49. > :10:49.Islamic State