:00:00. > :00:16.Now on BBC News all the latest business news live from Singapore.
:00:17. > :00:24.A weaker Philippines currency is taking its toll on the economy, how
:00:25. > :00:33.will it impact president Rodrigo Duterte Rodrigo Duterte
:00:34. > :00:37.infrastructure plans. Canada, the US and Mexico rehashing the North
:00:38. > :00:47.American free-trade agreement, 23 years after it went into effect.
:00:48. > :00:52.This is Newsday. Thank you for joining us. The Philippines will be
:00:53. > :00:55.posting growth figures for the second quarter and it is one of the
:00:56. > :01:01.fastest-growing economies in Asia but it has a weakening currency and
:01:02. > :01:08.concerns over a growing account deficit. Rodrigo Duterte on a
:01:09. > :01:12.campaign to increase infrastructure spending but he needs funds to do
:01:13. > :01:23.this. We match up with Carlos Dominguez, the Finance Secretary. We
:01:24. > :01:28.think it is a very important neighbour and it is important for us
:01:29. > :01:37.to test the market in China so we are coming up to a small issue of
:01:38. > :01:44.$200 million and we just want to sit how well it will be received. -- to
:01:45. > :01:49.see. You are getting these at a time when you're trying to fight your
:01:50. > :01:53.claims against China in the South China Sea. Isn't there a risk you
:01:54. > :02:01.will give up on these claims in the China Sea? Absolutely not. We have
:02:02. > :02:10.won our case in the arbitration Court but, as president Rodrigo
:02:11. > :02:15.Duterte Rodrigo said, we will take these issues up sometime in the
:02:16. > :02:18.Administration but at this point it is important to build confidence in
:02:19. > :02:27.each other. Before we tackle the difficult issues that are posed in
:02:28. > :02:33.the South China Sea. We are not abandoning any claims but we think,
:02:34. > :02:39.the president thinks, this is time to be more friendly rather than
:02:40. > :02:44.contentious. China is growth is slowing down and the ruck and turns
:02:45. > :02:50.of a debt bubble. Many countries who have taken loans from there are now
:02:51. > :02:54.worried of being in debt to China. Is the Philippines in this position?
:02:55. > :03:03.We think Chinese loans can be beneficial to us, particularly if we
:03:04. > :03:09.negotiate them in a clever man. , using our national interest is our
:03:10. > :03:13.prime measure as to whether we take the loan or not. Nobody is forcing
:03:14. > :03:19.them down our throat and we will look to our interests first.
:03:20. > :03:24.Currently it the biggest partner for the Philippines is the US. Do you
:03:25. > :03:30.see that changing? Our business with the US will continue but probably it
:03:31. > :03:36.will not be as big a part of our economy is in the past. It isn't
:03:37. > :03:40.showing over the years... We used to have only American cars, in the 60s,
:03:41. > :03:49.then suddenly a Japanese cars came in. Now we are seeing Chinese cars
:03:50. > :03:54.coming in, Chinese motorcycles. I mean, we have to move with the time.
:03:55. > :04:00.The Finance Secretary for the Philippines Carlos Dominguez. The
:04:01. > :04:05.third biggest economy is showing signs it is bouncing back. Numbers
:04:06. > :04:13.are just released, exports rising more than 13% in July compared to a
:04:14. > :04:19.year ago. Imports were also up more than 16%. The Japanese economy is on
:04:20. > :04:26.track to grow at its fastest pace in more than two years. Analysts
:04:27. > :04:31.looking at smart phone games, payment and online advertisers. The
:04:32. > :04:38.most valuable company listed in Asia is running away with success. But on
:04:39. > :04:47.more than $2.7 billion, up 70% from a year ago. Cathay Pacific reported
:04:48. > :04:51.its worst half-year loss in at least two decades and says it does not
:04:52. > :05:03.expect to see an improvement for the remainder of the year. It posted a
:05:04. > :05:06.loss and is struggling to retain customers. After tumultuous couple
:05:07. > :05:13.of days, Donald Trump announced he will be spent to business councils
:05:14. > :05:17.after corporate chief executives quit over his remarks are blaming
:05:18. > :05:24.violence in Virginia last week not only on white nationalists but also
:05:25. > :05:29.protesters opposing them. The president promised to cut taxes and
:05:30. > :05:39.regulations to help grow US businesses. The start of talks to we
:05:40. > :05:46.negotiate Nafta. We was introduced 23 years ago. -- it was. Donald
:05:47. > :05:57.Trump called it the worst deal ever and vowed to rip it up or fix it.
:05:58. > :06:03.Donald Trump blames the North American free trade agreement, a
:06:04. > :06:08.pact between the US, Canada and Mexico the sending jobs south of the
:06:09. > :06:12.border. Companies taking advantage of cheaper wages in Mexico. It is a
:06:13. > :06:19.sentiment shared by Robert Lighthouse who said that at the
:06:20. > :06:30.start of talks, Nafta had failed many Americans. Aha you minimum wage
:06:31. > :06:38.in Mexico is to be looked at. But not so fast according to some. It is
:06:39. > :06:42.difficult to change wages. Wages are part of the market and we want to
:06:43. > :06:48.keep them that way so it is important that it is a free and you
:06:49. > :06:53.cannot artificially limit or enclose restrictions or the other way around
:06:54. > :07:01.and Labour. Another potential source of friction is any attempt to
:07:02. > :07:04.rewrite the mechanisms through which disputes are resolved, chapter 19,
:07:05. > :07:10.the Canadians said this could be a deal breaker. The chief negotiator
:07:11. > :07:14.told me why. It is fundamental because of the commerce Department
:07:15. > :07:21.here takes a lot of Asia's and countervailing duties which are
:07:22. > :07:27.sometimes are unjust and unfounded and through that mechanism, which is
:07:28. > :07:32.much faster than the World Trade Organization mechanism, we win and
:07:33. > :07:39.these decisions are reversed so they are fundamental. The Canadians came
:07:40. > :07:43.in defending Nafta and striking a broadly optimistic tone, contrast
:07:44. > :07:47.that to the US which took a tougher tone. It is a reminder of how
:07:48. > :07:51.politically difficult it is to get trade deals done when the benefits
:07:52. > :07:59.can be brought but the pain caused local. Expectations are high for
:08:00. > :08:03.Alibaba current numbers released later today. China's consumer demand
:08:04. > :08:17.by shopping online has made Alibaba the dominant player in that sector
:08:18. > :08:36.with companies. A brick and mortar present for Alibaba. Also cloud
:08:37. > :08:40.services. Finance and logistics. Firstly, if you look at the
:08:41. > :08:49.business, there has been very popular and it is going to continue
:08:50. > :08:54.to grow in these quarter. E-commerce, online retail has gone
:08:55. > :09:03.up for China in June and he continues to be significant. Alibaba
:09:04. > :09:10.has faced a backlash, particularly from luxury retailers, that they
:09:11. > :09:18.have been selling fake goods. Will this continue to have a stigma and
:09:19. > :09:24.hurt its earnings? I think it has been resolved when it went into an
:09:25. > :09:29.agreement. I believe that in China this is not affected its sales or
:09:30. > :09:36.reputation. Are they still selling counterfeit goods and it has not
:09:37. > :09:45.been regulated? They are taking steps to prevent this. When someone
:09:46. > :09:53.lodges a complain, they respond and do something about it. They are
:09:54. > :09:57.taking steps to address this. Alibaba's earnings will be released
:09:58. > :10:16.very soon. Looking at the Asian market... It is a mixed Baga. --
:10:17. > :10:22.bag. Terminal in Washington and US Fed meeting is showing worries about
:10:23. > :10:31.inflation. In the US market... In positive territory. Thank you so
:10:32. > :10:33.much for investing your time with us. Bye for now.