:00:24. > :00:31.Asia—Pacific economic grouping APEC are meeting in Asia, —1. President
:00:31. > :00:40.Obama stays at home to deal with the budget crisis. And ending poverty.
:00:40. > :00:49.Now is the time as the World Bank lays out its new strategy. Welcome.
:00:49. > :00:54.You are with World Business Report. Also in the programme, working and
:00:54. > :01:00.living on shaky ground in Mumbai. Our team in the city reports on
:01:00. > :01:03.living on shaky ground in Mumbai. crumbling housing. But first, as you
:01:03. > :01:04.have been hearing, Asia—Pacific leaders are gathering in Indonesia
:01:04. > :01:40.for the annual economic summit. leaders are gathering in Indonesia
:01:40. > :01:41.this year they are without their most powerful member, President
:01:41. > :02:09.Good morning. In Bali there is a lot Obama. He is staying at home to
:02:10. > :02:13.Good morning. In Bali there is a lot of talk about the fact that Xi
:02:13. > :02:15.Jinping probably is not going to be at this meeting. I caught up with
:02:15. > :02:30.that would include 12 Pacific Rim at this meeting. I caught up with
:02:30. > :02:30.that would include 12 Pacific Rim countries including the US and
:02:30. > :02:38.Japan, but not including China. countries including the US and
:02:38. > :02:45.is why Obama's absence allows China to come in to negotiate their own
:02:45. > :02:47.agreement. I will not give you a break on the acronyms and let you
:02:47. > :03:00.know what I heard when I caught break on the acronyms and let you
:03:00. > :03:06.PricewaterhouseCoopers. —— German. He says why everybody is so keen to
:03:06. > :03:17.be getting in. I am afraid we do not have that from the chair man. Of
:03:17. > :03:23.PricewaterhouseCoopers. But tell us what he said. Absolutely. There
:03:23. > :03:26.PricewaterhouseCoopers. But tell us business leaders who are looking at
:03:26. > :03:32.the Asia—Pacific as the long—term investment and opportunity. What the
:03:32. > :03:36.survey essentially found is that CEOs are more optimistic about the
:03:36. > :03:43.Asia—Pacific region this year than last year. Even though the World
:03:43. > :03:50.Bank has this morning cut the growth forecast for developing East Asia
:03:50. > :04:00.But the reorientation of the United fastest growing region in the world.
:04:00. > :04:07.But the reorientation of the United States's encroachment of China
:04:07. > :04:10.creates impeding trade blocs. What I hear from business leaders and
:04:10. > :04:14.policymakers the ultimate goal is to create a free—trade area of the
:04:14. > :04:16.Asia—Pacific. That would encompass create a free—trade area of the
:04:16. > :04:22.Asia—Pacific. That would encompass trade gains of nearly $1 trillion.
:04:22. > :04:47.hammer out some of these economic trade gains of nearly $1 trillion.
:04:47. > :04:49.hammer out some of these economic Thank you, Linda. As she mentioned,
:04:49. > :04:58.a lot more. You can follow her on Twitter. Moving on. Extreme poverty
:04:58. > :05:04.has been described as the defined the moral issue of our time. ——
:05:04. > :05:07.defining. The president of the World Bank says that with more than 1
:05:07. > :05:14.billion people in the world living on less than $1.25, he says they
:05:14. > :05:24.institution to help end poverty on less than $1.25, he says they
:05:24. > :05:28.economic disasters and crazies can wipe out economic gains were some of
:05:28. > :05:35.the world's biggest people. —— Severe weather, like the recent
:05:35. > :05:39.flooding in Vietnam, is getting Severe weather, like the recent
:05:39. > :05:43.frequent, says the World Bank. These disasters are among a catalyst of
:05:43. > :05:55.shocks that may push people below the poverty line. Managing these
:05:55. > :05:59.seachange. A shift from responding to proactively managing risk. The
:05:59. > :06:04.bulk of resources dealing with to proactively managing risk. The
:06:04. > :06:08.bulk of resources dealing with disasters goes to emergency response
:06:08. > :06:16.prevention. There are costs with and reconstruction. Only a tiny
:06:16. > :06:22.supplements to reduce malnutrition benefits can be larger. For example,
:06:22. > :06:24.supplements to reduce malnutrition can have benefits 15 times greater
:06:24. > :06:35.problem. People can take too little than the cost. There is another
:06:36. > :06:39.risk. Farmers often need cash to get risk. Farmers often need cash to get
:06:39. > :06:46.through dry spells, but they can also deal with rain spells. The
:06:46. > :06:46.through dry spells, but they can is to devote more planning to risks
:06:46. > :06:52.before disaster strikes. Last week is to devote more planning to risks
:06:52. > :06:55.before disaster strikes. Last week more than 60 people died in Mumbai
:06:55. > :06:59.when a building they were living in The city has seen a growing list of
:06:59. > :07:06.such buildings collapsing. Many The city has seen a growing list of
:07:06. > :07:10.known to be unsafe. But people continue to live in them. We report
:07:10. > :07:24.on what can be done to support the Mumbai. It has been condemned as
:07:24. > :07:32.dangerous to live in. Yet more than 11 families call it home. This man
:07:32. > :07:39.has lived here more than 20 years. He says there is no way he can
:07:39. > :07:42.leave. TRANSLATION: I can't afford to buy a new house. Despite the
:07:42. > :07:47.cracks we have no option but to to buy a new house. Despite the
:07:47. > :07:58.here. When I go to work I keep calling home, because I'm worried my
:07:58. > :08:02.building. The one Maxtor has been identified by the Administration.
:08:02. > :08:05.There are nearly 1000 more such buildings in Mumbai. People continue
:08:05. > :08:18.to live in many of them. Lives have crashing down. This amateur video
:08:18. > :08:23.Windows begin to shatter, seconds later the wall has disintegrated.
:08:23. > :08:25.The authorities say there have been later the wall has disintegrated.
:08:25. > :08:25.The authorities say there have been trained to get people to vacate
:08:25. > :08:31.unsafe structures. TRANSLATION: trained to get people to vacate
:08:31. > :08:34.provide temporary accommodation trained to get people to vacate
:08:34. > :08:38.people will buildings are being reconstructed. But often these
:08:38. > :08:46.houses are located far away. People can find it inconvenient. They do
:08:46. > :08:46.houses are located far away. People places, poor quality construction
:08:46. > :09:11.construction practices are often places, poor quality construction
:09:11. > :09:13.construction practices are often ignored by those in power. Any
:09:13. > :09:20.reconstruction can take years to reach. But with the death toll
:09:20. > :09:31.rising, the city's government is another building comes to rubble.
:09:31. > :09:33.Let us just update you on what is going on in the state. The Speaker
:09:33. > :09:40.of the House of Representatives going on in the state. The Speaker
:09:40. > :09:43.said it will not agree to raise America's debt ceiling without
:09:43. > :09:47.measures to deal with the underlying problems. United States will hit its
:09:47. > :09:51.borrowing limit in less than two weeks. Congress will need to approve
:09:51. > :09:54.an increase if the US is to avoid defaulting on debt. That situation
:09:54. > :10:02.and the budget deadlock is very defaulting on debt. That situation
:10:02. > :10:07.dominating markets. There is no agreement, as you can see in Asia.
:10:07. > :10:11.We are seeing losses across the board. The indications are that
:10:11. > :10:15.We are seeing losses across the US will go lower, as will Europe.
:10:15. > :10:20.Those are the currencies. The yen is seen as a safe haven. I will see you
:10:20. > :10:25.later for a look at the papers.