:00:00. > :00:07.record highs. $5 trillion and counting, the booming global
:00:08. > :00:16.business of education. We speak to the boss of Pearson about the
:00:17. > :00:24.future. In just a moment, how the economic fallout from Typhoon
:00:25. > :00:39.Cheyenne is affecting people far from the site of the disaster ``
:00:40. > :00:48.Typhoon Haiyan. What was: `` what was causing all the excitement? It
:00:49. > :00:53.is all about this lady here. She is the woman that President Obama has
:00:54. > :01:00.nominated to lead the Federal reserve. She needs the Senate's
:01:01. > :01:07.approval if she is to take over from Ben Bonacci when he steps down in
:01:08. > :01:13.January. They believe she will be confirmed. She has been a strong
:01:14. > :01:27.supporter of the third's stimulus measures. `` Federal reserve's. The
:01:28. > :01:31.objective here is to ensure we have a strong recovery. And we do so
:01:32. > :01:39.while keeping inflation under control. It is important not to
:01:40. > :01:50.remove support especially when the recovery is fragile. How are Asian
:01:51. > :02:11.markets reacting to the prospect of Janet? They are reacting rather
:02:12. > :02:17.positively. There is a great deal of relief that she will keep the easy
:02:18. > :02:27.money policy in the US. Investments will stay affordable. The nick a
:02:28. > :02:45.shooting past the 15,000 mark for the first time in several months ``
:02:46. > :02:52.Nikkei. We are seeing a lot of these familiar names in Japan, they are
:02:53. > :03:04.all stronger. They make a lot of their money abroad. We have seen the
:03:05. > :03:18.Nikkei rise 45% this year. The yen dropping 15%. There are concerns
:03:19. > :03:31.that those games will stall, concerns that some of those games
:03:32. > :03:45.will fall short of expectation `` gains. The economic damage wreaked
:03:46. > :03:55.by Typhoon Haiyan is starting to become clearer. Across many sectors
:03:56. > :03:59.of commerce, there has already been an impact. Agriculture and fisheries
:04:00. > :04:07.are amongst the most severely hit, threatening the livelihood and food
:04:08. > :04:11.supply of millions. Fishing is a key part of the
:04:12. > :04:14.Filipino economy, and when the super typhoon hit the central and southern
:04:15. > :04:17.Philippines, one of the key areas where they get fish stocks from was
:04:18. > :04:20.heavily hit. At this market here in Manila, we are already feeling the
:04:21. > :04:22.repercussions. The fishermen are telling me that they are seeing
:04:23. > :04:25.incomes slashed in half. Their livelihoods are being affected.
:04:26. > :04:28.TRANSLATION: It is difficult. The price has gone right up. We have no
:04:29. > :04:31.buyers because it is too expensive. People would rather have meat.
:04:32. > :04:34.TRANSLATION: Due to the typhoon, selling has slowed. It is like
:04:35. > :04:45.people do not have money. Only a few people buy. The price of fish has
:04:46. > :04:48.increased. The extent of the damage to the outlying islands has yet to
:04:49. > :04:50.be completely be shown. Here in Manila, for many farmers and
:04:51. > :05:05.fishermen throughout the country, it is proving to be a real struggle on
:05:06. > :05:38.a day`to`day basis. Now, let's talk education.
:05:39. > :05:49.Media giant Pearson is best known as the publisher of the Financial
:05:50. > :05:55.Times. Today it is setting out a new strategy to improve global education
:05:56. > :06:00.standards. John Fallon is chief executive of Pearson and he joins me
:06:01. > :06:10.this morning. Explain this new strategy. I think we are on the cusp
:06:11. > :06:20.now a transfer mean learning outcomes and therefore life chances
:06:21. > :06:27.for many people all over the world. `` transforming. We have a body of
:06:28. > :06:34.research that helps us really understand what works in education
:06:35. > :06:41.around the world. It will transform pretty much every sector of public
:06:42. > :06:52.life. It will really enable us to personalise learning on a scale
:06:53. > :06:57.never seen before. A kid is learning a mathematical concept in school. We
:06:58. > :07:11.won't know it they have mastered it until they take the exam at the end
:07:12. > :07:17.of the. `` end of the year. That is really what we are putting at the
:07:18. > :07:21.heart of our business. Moving from a world where we provide input,
:07:22. > :07:29.high`quality textbooks, rigourous exams, without really being able to
:07:30. > :07:33.ensure whether the outcome, which is improved literacy and numeracy
:07:34. > :07:39.levels, the skills that people need to be successful in our economy,
:07:40. > :07:43.whether those skills have actually been achieved. Now we can do that on
:07:44. > :07:56.a scale which has never been done before. To be sure that I am clear
:07:57. > :08:01.on this, you are going to report on the effectiveness on some of your
:08:02. > :08:07.courses and products with the same sort of transparency that you do
:08:08. > :08:13.with your financial reports? It will take some years to be absolutely
:08:14. > :08:18.built into every single thing that we do but we will report on the
:08:19. > :08:22.impact that we are having just as surely as we do with our cash
:08:23. > :08:32.generation and financial profits and the like. It will be interesting to
:08:33. > :08:41.see how shareholders react to that. Any comment on that? I'm not sure
:08:42. > :08:52.why there are lots of rumours. The Financial Times is incredibly
:08:53. > :09:01.successful. 50% of its profits is generated from people actually
:09:02. > :09:07.buying its content. The Financial Times is not only a great business
:09:08. > :09:13.newspaper what can also help us to provide a wider range of services to
:09:14. > :09:25.those professionals in countries such as China, Brazil and South
:09:26. > :09:29.Africa. Many thanks. Games fans in the US have been
:09:30. > :09:39.queueing to get their hands on Sony's new console. It goes on sale
:09:40. > :09:53.tonight. The PS file will go up against the new Xbox one from
:09:54. > :09:56.Microsoft `` PlayStation four. It is looking more likely the US
:09:57. > :10:03.government will not bail out the companies if they fail. Force them
:10:04. > :10:24.to post more collateral in derivative trades. Let's have a
:10:25. > :10:27.quick look at the numbers in Asia. A falling yen had Japanese stocks
:10:28. > :10:36.gunning for their biggest increase in nearly four years. Goodbye for