:00:00. > :00:15.News. Now for the latest financial news with World Business Report.
:00:16. > :00:19.Share markets surge on signs of progress in Washington as the
:00:20. > :00:25.deadline to resolve the US debt crisis edges closer. And you can
:00:26. > :00:28.still count on us ` embattled smart phone maker Blackberry publishes an
:00:29. > :00:37.open letter to customers saying it has a future.
:00:38. > :00:45.Welcome to World Business Report. I'm Sally Bundock. Also in the
:00:46. > :00:48.programme our team in the US takes a look at what a debt default would
:00:49. > :00:55.mean for the millions of Americans reliant on social security spending.
:00:56. > :00:58.Markets have jumped over night on the back of the news that US senate
:00:59. > :01:03.leaders have made progress on a deal to reopen the government and avoid a
:01:04. > :01:08.breach of the country's debt limit. But time is running out fast. There
:01:09. > :01:13.are only two more days left before the US government loses its ability
:01:14. > :01:15.to borrow money to pay its bills. If lawmakers fail to stop the US
:01:16. > :01:22.government from defaulting on its debt, the impact on the markets
:01:23. > :01:30.would be enormous. Rico Hizon is at our Asia business hub with the
:01:31. > :01:38.latest. Nice to see you. Rico talk us through the trading day. Markets
:01:39. > :01:44.are betting US politicians will indeed a result of this ongoing
:01:45. > :01:48.gridlock. We are seeing stocks rebounding as a regional sentiment
:01:49. > :01:55.continues to mirror mood on Wall Street. They are clean to what
:01:56. > :02:01.senior US leaders are saying and that they are close to a deal,
:02:02. > :02:11.possibly averting a debt default. Overall, traders remain cautious
:02:12. > :02:20.until they see the final income. Shares are rising to the highest
:02:21. > :02:24.levels in nearly five months. Hong Kong shares a touching a three`week
:02:25. > :02:31.high. We also have some regional market closed due to holidays. So
:02:32. > :02:36.for now financial markets are betting US politicians will reach a
:02:37. > :02:38.deal before October the 17th. But for millions of Americans who
:02:39. > :02:42.receive benefits such as social security and Medicare government
:02:43. > :02:53.spending is their lifeline. Mariko Oi in New York takes a look at the
:02:54. > :03:00.impact a default would have on them. This woman has been receiving social
:03:01. > :03:05.security cheques since 2008 when she lost her job during the recession.
:03:06. > :03:13.It is my life sustaining income. I need it to live. I worked for 40
:03:14. > :03:23.years and worked very hard, putting into the system, and I rely on it to
:03:24. > :03:26.be there for me. Wendy is almost one of almost 58 million Americans who
:03:27. > :03:34.receive money through the social security system. The money they
:03:35. > :03:38.spend is a big boost to the economy. Continued `` contributes $1.3
:03:39. > :03:47.billion and can affect 9 million jobs. We know that the every $1 that
:03:48. > :03:53.a recipient gets, and other $2 is better fitted by individuals and
:03:54. > :03:59.businesses. Is this a time that we want to come back on an economic
:04:00. > :04:03.driver that is as strong as Social Security ` it isn't really the
:04:04. > :04:08.bedrock. If they stop spending money, it will affect the economic
:04:09. > :04:11.growth. If they fail to raise the debt ceiling, the US government will
:04:12. > :04:16.only be able to spend the government it gets from it tax revenue and that
:04:17. > :04:22.only covers two thirds of all the payments that it needs to make.
:04:23. > :04:28.Nobody knows exactly how big the impact will be on the economy. But
:04:29. > :04:35.for people like Wendy, the impact on her livelihood and her spending will
:04:36. > :04:38.be swift and damaging. Todd Buchholz is Former White House economic
:04:39. > :04:52.adviser and CEO of Sproglit a software company. You have worked in
:04:53. > :04:56.the White House, it gives us your take on this political deadlock
:04:57. > :05:02.because many in America feel they are taking it way too far? It is not
:05:03. > :05:06.unprecedented. In fact, you can go all the way back to the 1970s when
:05:07. > :05:12.President Richard Nixon was on the ropes and Senator Ted Kennedy and
:05:13. > :05:25.others challenged the debt ceiling vote and tried to revoke finance.
:05:26. > :05:32.When we tried to liberate Kuwait, they were debt ceiling debates. But
:05:33. > :05:36.the tension is high. The debt ceiling will not be breached, I
:05:37. > :05:42.think. I think a deal will be done by politicians on both sides want to
:05:43. > :05:49.take a pound of flesh from the other. Who will get the pound of
:05:50. > :05:53.flesh was back who will have to give up most stashed the Obama
:05:54. > :05:57.administration or the Republicans? Look at it this way, the Senate Rob
:05:58. > :06:07.Lee in the next day or so, will bravely and boldly decide to waive
:06:08. > :06:14.our decision till January. The deal will simply tell them that they will
:06:15. > :06:18.need to convene again and once again negotiate these in January. There is
:06:19. > :06:24.no talk right now a sincere long`lasting bring it on spending
:06:25. > :06:29.within the US. At this moment, it looks like the President and the
:06:30. > :06:34.Democratic party have the edge because of the Republican gambit did
:06:35. > :06:39.not work so well. The Republicans are not going to be able to dislodge
:06:40. > :06:43.President Obama from his healthcare plan which some of them had hoped to
:06:44. > :06:48.do. In the meantime, you are an economist, what damage is this doing
:06:49. > :06:58.to American businesses and the economy? The economy is at a low
:06:59. > :07:05.from the beginning of the fall. In September, things looked weaker than
:07:06. > :07:10.three months before. It is taking a toll on the confidence in the
:07:11. > :07:15.market. That means this needs to be resolved soon or else it could start
:07:16. > :07:20.affecting businesses if they decide that spending will affect the
:07:21. > :07:27.Christmas season. If we are going to avoid a recession, it is important
:07:28. > :07:34.to get the deal done pretty sad. Thank you for your time and
:07:35. > :07:37.perspective. `` pretty soon. We will continue to cover that story.
:07:38. > :07:39.Embattled smartphone maker Blackberry is publishing an open
:07:40. > :07:44.letter to reassure customers about its future. The letter ` which
:07:45. > :07:46.appears in more than 30 daily newspapers in nine countries `
:07:47. > :07:50.admits the firm is facing challenging times but adds that it
:07:51. > :07:53.is taking measures to tackle them. It comes just days after research
:07:54. > :07:58.firm Gartner recommended customers should move to other technologies.
:07:59. > :08:00.Blackberry made a net loss of nearly $1 billion in the second quarter and
:08:01. > :08:06.has agreed to be bought by its biggest shareholder for $4.7
:08:07. > :08:14.billion. Larry Magid is a financial analyst for Cnet. Nice to see you
:08:15. > :08:21.again. What do you make of this latest move by BlackBerry? It
:08:22. > :08:28.strikes me as a type of desperation. They do have a lot of cash in the
:08:29. > :08:32.bank. I have no doubt that they will be around for the foreseeable future
:08:33. > :08:36.but the reason a worry that the new owners might break them up and sell
:08:37. > :08:44.the pieces. Anyone who has a big investment in hardware and
:08:45. > :08:48.services, it is a way to assure the current customers everything is game
:08:49. > :08:54.to be okay. It may stop customers from jumping ship but it will not
:08:55. > :09:04.encourage anybody to go out and buy a BlackBerry. What you think the
:09:05. > :09:10.future holds for BlackBerry ` it has a deal done with Fairfax that what
:09:11. > :09:15.will the future be will it survive? For the foreseeable future it will
:09:16. > :09:24.survive. But it not seem much grace. `` growth. It could be many
:09:25. > :09:34.years from now before it is no longer with us. Thank you very much.
:09:35. > :09:40.Let's show you the markets. Interestingly, do note that
:09:41. > :09:51.Singapore and India are closed today. I wanted to show you the
:09:52. > :09:56.close in the US. London and Paris will open in a couple of hours. The
:09:57. > :10:01.sentiment is positive right now because, of course, it is thought a
:10:02. > :10:03.deal may be done very soon. I will be back to look through the papers
:10:04. > :10:21.later. See you soon. New figures show the number of cases
:10:22. > :10:24.of kidney cancer in England has risen by more than 30% in the last
:10:25. > :10:27.ten years. Now, Public Health England is launching a new TV
:10:28. > :10:30.advertising campaign to try to persuade people to take the early
:10:31. > :10:36.signs of the disease more seriously, after research showed that many
:10:37. > :10:40.people are ignoring them. This is one of the television ads designed
:10:41. > :10:44.to raise awareness of kidney cancer. It is also an attempt to
:10:45. > :10:58.focus on one of the main symptoms. Blood in your your ride can be a
:10:59. > :11:01.sign of cancer. `` urine. The number of cases have gone up by 30% in an
:11:02. > :11:06.decade.