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headlines from BBC News. Now for the latest financial news with Sally | :00:00. | :00:00. | |
Tick tock — its day 14 of the US latest financial news with Sally | :00:00. | :00:21. | |
Tick tock — its day 14 of the US shutdown and just days to go before | :00:21. | :00:21. | |
default China is 'an opportunity, not a threat' Britian's chancellor | :00:21. | :00:27. | |
Welcome to World Business Report. I'm Sally Bundock. Also in the | :00:27. | :00:47. | |
programme food prices creep up in China and exports unexpectedly drop. | :00:47. | :00:51. | |
We'll have the latest from our team in the region. Day 14 and the US | :00:51. | :00:55. | |
shutdown enters its third week and there's still no sign of a deal | :00:55. | :00:58. | |
shutdown enters its third week and end the political deadlock over | :00:58. | :00:59. | |
government spending and raise the federal debt ceiling which expires | :00:59. | :01:06. | |
this Thursday. Late on Sunday the head of the International Monetary | :01:06. | :01:09. | |
Fund, Christine Lagarde warned a US default could tip the world into | :01:09. | :01:15. | |
recession. Our Chief Economics Correspondent Hugh Pym explains | :01:15. | :01:17. | |
what's at stake and how the current Budget impasse could affect everyone | :01:17. | :01:27. | |
around the world. What is the debt ceiling? In many months, the US | :01:27. | :01:31. | |
government spends more money than it gets in. It borrows money and to | :01:31. | :01:37. | |
make up the shortfall. It is done by the US Treasury through the issue of | :01:37. | :01:41. | |
bonds. US bonds are seen as one the US Treasury through the issue of | :01:41. | :01:49. | |
Congress put in place of the first limit on accumulated debt — as | :01:49. | :01:56. | |
ceiling the US government can have. Congress has to vote to raise the | :01:56. | :02:00. | |
ceiling. So what it did they vote Congress has to vote to raise the | :02:00. | :02:08. | |
ceiling. So what it did they vote not to increase at? This time, | :02:08. | :02:08. | |
Republicans are using the votes not to increase at? This time, | :02:08. | :02:14. | |
protest against the healthcare plan. The current ceiling is a | :02:14. | :02:19. | |
protest against the healthcare trillion and the USA hit that level | :02:19. | :02:23. | |
back in May. Since then, the US Treasury has been scraping together | :02:23. | :02:25. | |
all the cash it can to keep the Treasury has been scraping together | :02:25. | :02:30. | |
which will include the interests on government funded. They estimate | :02:30. | :02:45. | |
which will include the interests on the IOUs and paying back some debt. | :02:45. | :02:48. | |
By the end of a Toba, it may be forced to delay an interest — not | :02:48. | :02:58. | |
paying what you are when you are is a default. That shockwave would | :02:58. | :03:05. | |
reverberate through the global financial markets, probably raising | :03:05. | :03:14. | |
interest rates for the whole world. Nice to see you again, Chris. It is | :03:14. | :03:20. | |
the same conversation we are having dashes the lack of movement in | :03:20. | :03:21. | |
Washington. Heart you surprise? dashes the lack of movement in | :03:21. | :03:30. | |
are you surprised? They are talking about the right questions are now. | :03:30. | :03:36. | |
Senators were having some debate around the level of funding to a | :03:36. | :03:40. | |
continuing resolution and the length of that resolution. That is a good | :03:40. | :03:43. | |
thing because when the Senate is talking about the numbers, you can | :03:43. | :03:46. | |
always get to some level in the exclusive issues at stake — the | :03:46. | :03:56. | |
healthcare law. Doing it or not doing it. They have gone from that | :03:56. | :04:02. | |
to numbers which makes it more doing it. They have gone from that | :04:02. | :04:09. | |
to numbers which makes it more Interesting as well that the Obama | :04:09. | :04:10. | |
decision? Do you think they have to administration did not go for the | :04:11. | :04:25. | |
decision? Do you think they have to force the issue? Effectively, we | :04:25. | :04:25. | |
threat of a default. The principle force the issue? Effectively, we | :04:25. | :04:39. | |
Effectively, that has happened. they would not negotiate over that. | :04:39. | :04:47. | |
Effectively, that has happened. Hopefully it gets a result. The | :04:47. | :04:47. | |
power goes out in the Senate, that Hopefully it gets a result. The | :04:47. | :04:56. | |
power goes out in the Senate, that could push down to the deadline | :04:56. | :04:59. | |
power goes out in the Senate, that hopefully within a couple of days | :04:59. | :05:02. | |
you will see a resolution will stop what you think the final outcome | :05:02. | :05:08. | |
will be's most likely the Republican changing the healthcare law, other | :05:08. | :05:17. | |
completely dropped and the most continuing resolution to keeping the | :05:17. | :05:23. | |
Budget going, the government open, until about January, at a level | :05:23. | :05:36. | |
Budget going, the government open, appreciate you coming and talking to | :05:36. | :05:38. | |
us. Britain's Finance Minister, Chancellor George Osborne, is in | :05:38. | :05:41. | |
relations between the two countries. Today he's been speaking to students | :05:41. | :05:43. | |
at Peking University. Observers Today he's been speaking to students | :05:43. | :05:47. | |
improving and so far Osborne has announced the UK will relax visa | :05:47. | :05:50. | |
rules for Chinese visitors and has unveiled a one point three billion | :05:50. | :05:53. | |
dollar plan for Chinese investment in Manchester Airport, creating | :05:53. | :06:09. | |
saying where you are? So far, the 16,000 new jobs. What are people | :06:09. | :06:16. | |
saying where you are? So far, the announcement has generated the most | :06:16. | :06:20. | |
attention on the Chinese equivalent announcement has generated the most | :06:20. | :06:24. | |
attention on the Chinese equivalent of Twitter. That more tourists would | :06:24. | :06:28. | |
be allowed to travel to the UK has excitement. That seems to be the | :06:28. | :06:36. | |
thing that is getting a lot of attention here. In many ways, it | :06:36. | :06:39. | |
would make sense to relax those attention here. In many ways, it | :06:40. | :06:44. | |
these rules. It seemed unusual that Chinese visitors in particular had | :06:44. | :06:45. | |
UK? Absolutely. UK Visa officers, Chinese visitors in particular had | :06:45. | :06:55. | |
UK? Absolutely. UK Visa officers, when they realised many people were | :06:55. | :06:57. | |
choosing to skip the UK because when they realised many people were | :06:57. | :07:05. | |
missing out on a lot of high end Chinese tourists — people who spend | :07:05. | :07:13. | |
a lot of money. In Paris, they will spend a lot of money in boutiques. | :07:13. | :07:19. | |
By relaxing those rules, they can encourage more people to travel | :07:19. | :07:24. | |
By relaxing those rules, they can the UK. We are hoping to fast track | :07:24. | :07:27. | |
visas for businesspeople — people who need visas very quickly. It | :07:27. | :07:30. | |
might be easier for them to travel to the UK. In terms of trade deals, | :07:30. | :07:37. | |
we know about the investment near Manchester airport, any other deals? | :07:37. | :07:41. | |
We are hearing about a possible Manchester airport, any other deals? | :07:41. | :07:47. | |
on nuclear energy that will be coming up later this week. The | :07:47. | :07:51. | |
Chancellor will also be travelling to southern China to visit the | :07:51. | :07:56. | |
officers of a major technology company in China. They have already | :07:56. | :08:01. | |
announced they will be opening an office in the UK. Throughout the | :08:01. | :08:05. | |
week he will be travelling through the country, announcing further | :08:05. | :08:06. | |
deals. He is trying to announce the country, announcing further | :08:06. | :08:12. | |
variety of deals across industries in the UK. Thank you very much. | :08:13. | :08:19. | |
Staying with China, it's had some economic numbers out this morning | :08:19. | :08:21. | |
crept up to a seven—month high in which are rather worrying. Inflation | :08:21. | :08:24. | |
crept up to a seven—month high in September and in the same month | :08:24. | :08:24. | |
there's been an unexpected fall September and in the same month | :08:25. | :08:29. | |
exports. Rico Hizon is in our Asia business hub with the details on | :08:29. | :08:37. | |
2.9%. You mention a spike in food that. Nice to see you. Tell us more | :08:37. | :08:55. | |
2.9%. You mention a spike in food driver, authorities also blamed | :08:55. | :08:55. | |
holidays in late September, also floods and droughts in some areas. | :08:55. | :09:01. | |
rise it travel costs. Producer prices fell which shows Chinese | :09:01. | :09:15. | |
rise it travel costs. Producer fractures have yet to benefit from | :09:15. | :09:22. | |
government measures to boost growth. Sales to South East Asia fell by | :09:22. | :09:33. | |
currency against the US dollar. Imports fared better. They rose | :09:33. | :09:41. | |
currency against the US dollar. 7.4%. Expert data might be quite | :09:41. | :09:47. | |
weak in upcoming months as financial turmoil affects the global markets. | :09:47. | :09:58. | |
holiday. We have a mixed picture. These markets are digestive news out | :09:58. | :10:03. | |
of China and also the fact that there is seemingly no movement in | :10:03. | :10:04. |