:00:06. > :00:16.neighbourhood. Time for the latest money news, he is the World Business
:00:16. > :00:22.
:00:22. > :00:28.Report. -- here is the World Business Report. Light, camera,
:00:28. > :00:35.action. Official US growth figures are factoring in the television
:00:35. > :00:45.industry for the first time. Can the new boss of drinks giant Diageo to
:00:45. > :00:50.
:00:50. > :00:54.continue the results we have become very used to. Also in the programme,
:00:54. > :00:57.we continue our series that looks into how the housing market is doing
:00:57. > :01:03.in various parts of the world. Today, we are looking at the market
:01:03. > :01:09.in the US. We start with the US, the world 's biggest economy, where
:01:09. > :01:13.historic changes are taking place to the way they measured growth. The
:01:13. > :01:18.question of how do you capture in one number the health, or otherwise,
:01:18. > :01:22.of an economy is a very tricky one to answer. Today the commerce
:01:22. > :01:28.Department will release its first estimate of the three months from
:01:28. > :01:32.April to June. Expectations are not high but as experts believe that
:01:32. > :01:38.these calculations will give a better calculation of how the worlds
:01:38. > :01:44.largest economy is progressing. What has the film industry got to do with
:01:44. > :01:48.the size of the US economy? More than you suspect. A lot of wealth is
:01:48. > :01:53.generated by film and TV production. The US government wants to capture
:01:53. > :02:01.that in its measure of growth. To do so, it has invented a new way to
:02:01. > :02:05.calculate gross domestic product. What is GDP? It is an attempt to
:02:05. > :02:13.capture how an economy is going in one now that -- number.
:02:13. > :02:18.Statisticians tend to do this by valuing the goods of products
:02:18. > :02:22.purchased by consumers. GDP will now include spending on research and
:02:22. > :02:25.development and some forms of entertainment. As well as changes to
:02:25. > :02:32.pension accounting. These adjustments are expected to boost
:02:32. > :02:36.America's output by up to $400 billion, roughly the same size as
:02:36. > :02:42.Sweden's economy. Which brings us back to this onset. Right now
:02:42. > :02:52.they're going to shoot a scene from the TV show girls which is wrought
:02:52. > :02:53.
:02:53. > :02:56.cast on HBO. The way it GDP used to be calculated, revenue from DVD
:02:56. > :03:03.sales used to be counted but not the money that goes into making the
:03:03. > :03:05.programme. But from today, budgets like this will be included. US
:03:05. > :03:09.economist say these new additions are meant to reflect the change in
:03:09. > :03:14.the economy. They have made similar changes before. For example with the
:03:14. > :03:18.creation of sulphur. This is part of an ongoing programme to better
:03:18. > :03:23.reflect the contribution of intellectual property to the overall
:03:23. > :03:30.economic productivity. When it comes to the story of economic growth, the
:03:30. > :03:39.US is the first to get his major rewrite. But it will not change the
:03:39. > :03:45.economic reality for most Americans. When it comes to today's GDP number,
:03:45. > :03:48.economist at predicting a growth of a meagre 1%. That is quite a drop on
:03:48. > :03:54.the first quarter. Investors are also keeping an eye on this
:03:54. > :03:58.building, the Federal reserve in Washington. It is ending its two-day
:03:58. > :04:03.meeting today, as you can imagine the markets are fairly jittery about
:04:03. > :04:08.that ahead of what they might say. You love story between Tinseltown
:04:08. > :04:13.and China has just turned a bit sour. China has stopped paying
:04:13. > :04:19.Hollywood studios for its films and a dispute over Chinese tax on movie
:04:19. > :04:26.profits. We like to think of him as our own movie star, we cross the
:04:26. > :04:31.Ricoh in Singapore. Tell us more about this story. You are talking
:04:31. > :04:39.about this lovers quarrel, Sally, and it started over this 2% value
:04:39. > :04:43.added tax that Beijing is charging on US films. The Hollywood studios
:04:43. > :04:50.say this tax violates a World Trade Organisation film trade agreement
:04:50. > :04:55.between the two countries. China has a state owned distributor that has
:04:55. > :05:02.stopped payment since the start of the year. They have not given at
:05:02. > :05:09.this point a reason why they did so. Tens of millions of dollars of box
:05:10. > :05:13.office revenue are now owed to the like of Warner, Disney, Sony. China
:05:13. > :05:23.owes more than $31 million to specifically for Warner Brothers,
:05:23. > :05:25.
:05:25. > :05:32.$20 million for sky fall, and $20 million for life of high -- to Fox
:05:32. > :05:34.Studios. It is an increase in the revenue sharing scheme. Despite all
:05:34. > :05:43.their differences, everyone is hoping for a Hollywood ending. They
:05:43. > :05:49.are trying to resolve this lovers quarrel. Thank you very much. Five
:05:49. > :05:54.years have passed since America's housing market collapsed, affecting
:05:54. > :05:58.economies around the world. If you look at recent figures, the US
:05:58. > :06:01.market seems to be recovering but for much of the younger generation,
:06:01. > :06:06.achieving the American dream of owning their own home is still in
:06:06. > :06:13.the impossible. As part of our home truths series, we visited one couple
:06:14. > :06:20.in New Jersey. Friday afternoon in a suburb of New Jersey, the sun is out
:06:20. > :06:28.and so are his family. It looks like a picture perfect American family
:06:28. > :06:32.except for one issue, the house they live in isn't theirs. It is tough
:06:32. > :06:38.because coming out of college, you both have student loan debts and it
:06:38. > :06:45.is really difficult because when we go to apply to the debt we carry,
:06:45. > :06:49.compared to what we make is a little lopsided. We do not really qualify.
:06:49. > :06:53.They at least have family fans who come to the rescue. Mike has worked
:06:53. > :07:03.at this store ever since he was a high school student. Its owner is
:07:03. > :07:07.
:07:07. > :07:11.their landlord. Her father and more -- her father-in-law owns the house.
:07:11. > :07:18.I think that one for era that my father-in-law had that opportunity
:07:18. > :07:21.to make as much money as he had, investing in stocks in real estate,
:07:21. > :07:27.I am not so sure that the generations to come will be able to
:07:27. > :07:31.do that. Their stories are not unique. Within a few generations,
:07:31. > :07:35.achieving the American dream has become much tougher. Today, not just
:07:35. > :07:40.here in New Jersey but across the country, young people are struggling
:07:40. > :07:47.to afford their first home. Over the last few decades, first home buyers
:07:47. > :07:52.in their late 20s and early 30s have on average a carrot -- accounted for
:07:52. > :07:58.40% of home sales. That figure has now fallen to 30%. To make things
:07:58. > :08:02.harder, it was hit by hurricane in sandy last year. An industry expert
:08:02. > :08:07.thinks that things are starting to look better. We are starting to look
:08:08. > :08:13.prices, transactions and the market moving in the right direction. That
:08:13. > :08:20.is consistent with what the overall country is doing. But for this
:08:20. > :08:30.couple, it is still a far-off dream. Just like many other first home time
:08:30. > :08:31.
:08:31. > :08:34.buyers, making a living is the reality they are faced with. Watch
:08:34. > :08:38.out TV executive 's, Facebook is coming for some of your advertising
:08:38. > :08:43.revenues. According to a report, the social networking company is going
:08:43. > :08:47.to sell TV like ads on its site for as much as two and a half million
:08:47. > :08:57.dollars per day. The 15 second ads could start appearing on the 1.5
:08:57. > :09:03.billion Facebook users screens. So says the report. Drinks giant Diageo
:09:03. > :09:07.is to release its full year results in a fall -- in a few hours. It is a
:09:07. > :09:12.result of all the first new executive to outline his plan for
:09:12. > :09:16.the company to tweak the emerging market strategy drawn up by his
:09:16. > :09:26.predecessor. We will be speaking to inhere on world report in two hours
:09:26. > :09:27.
:09:27. > :09:34.time. It is an incredible busy day for the financial markets in Japan.