:00:00. > :00:00.greatest rugby players. He died this month at the age of 40 because of
:00:00. > :00:00.convocations arising from a long-standing kindie -- kidney
:00:00. > :00:23.condition. As world leaders gather in Paris in
:00:24. > :00:26.an attempt to seal the deal on climate change, we will be looking
:00:27. > :00:30.at the potential cost of the ignoring the issue. On track to
:00:31. > :00:39.outpace China, India releases its latest growth numbers. We are in
:00:40. > :00:47.Mumbai to find out whether it will further boost the economy. Hello and
:00:48. > :00:52.welcome. East China's yuan about to make it into the big league? We will
:00:53. > :00:55.be finding out. Now to the event that we have been telling you all
:00:56. > :01:00.about, heads of government from across the world, including
:01:01. > :01:10.President Shi, President Obama and David Cameron meeting. It would be
:01:11. > :01:16.legally binding. Inactivity could prove expensive, US bank Citigroup
:01:17. > :01:23.puts the total cost of doing nothing at $44 trillion by 2060. If sea
:01:24. > :01:28.temperatures rise by five Celsius, it is predicted assets worth $7
:01:29. > :01:32.trillion could be lost, more than the total market capitalisation of
:01:33. > :01:37.the London stock exchange. In the US, the White House has said that
:01:38. > :01:41.inaction will cost its economy 150 billion dollars per year. Our
:01:42. > :01:47.business is ready to tackle this issue, and which ones are the
:01:48. > :01:51.winners and losers in the race to reduce its carbon footprint? I am
:01:52. > :01:57.joined by Paul Simpson from the International environmental
:01:58. > :02:04.non-profit group, CDP on the Carbon disclosure Project. There has been
:02:05. > :02:08.an awful lot of momentum in the run-up to this event in Paris, and
:02:09. > :02:13.for business leaders around the world I imagine they have also been
:02:14. > :02:20.preparing. That is right, we have seen momentum building, many leading
:02:21. > :02:28.countries taking action. More than 800 corporations have called for a
:02:29. > :02:34.strong global deal limiting a temperature rise to 2%. So this will
:02:35. > :02:38.mean a level playing field for businesses around the world? What
:02:39. > :02:43.business really wants is policy certainty. They want something solid
:02:44. > :02:47.from France that will provide a framework, a limit of two degrees
:02:48. > :02:49.over time. That means businesses complain correct and invest in it
:02:50. > :02:55.and they can avoid the greatest risk. What is the likely outcome in
:02:56. > :03:00.terms of policy, change, and what that means for businesses? We have
:03:01. > :03:14.seen more than have seen business initiatives
:03:15. > :03:18.taking action and committing to 100 sent emissions reductions using a
:03:19. > :03:25.carbon price. Businesses and policies moving, Paris needs to
:03:26. > :03:30.capture that are mentioned -- capture that dimension. Do you think
:03:31. > :03:34.we will achieve this goal? Six years ago in Copenhagen it seemed a bit
:03:35. > :03:40.chaotic, a bit of a mess, that is overstating it, but for sure, no
:03:41. > :03:45.agreement. I think the signs are good this time, that there will be a
:03:46. > :03:51.good deal in Paris. A lot has changed since Copenhagen, with an
:03:52. > :03:54.aggressive plan to reduce emissions and bring in a carbon trading
:03:55. > :03:57.scheme. The US reducing emissions from power plants, and leading
:03:58. > :04:03.business is already taking these actions. Momentum is with us, we
:04:04. > :04:07.need to capture that and drive a transition to a sustainable low
:04:08. > :04:13.carbon economy. Thank you for coming in, and as and when decisions are
:04:14. > :04:18.made, agreements on policy and etc, we will update you.
:04:19. > :04:21.more information on our website as well. In the next few hours, India
:04:22. > :04:27.is due to release the latest report on the help of
:04:28. > :04:29.expected to have growth by more than 7% in the last three months, despite
:04:30. > :04:36.weak rain is hurting its agricultural sector. Analysts say
:04:37. > :04:41.strong growth in the manufacturing sector is behind the gains.
:04:42. > :04:47.This construction site is buzzing with activity. Due to the economic
:04:48. > :04:51.slowdown, the last few years have been difficult for the construction
:04:52. > :04:55.sector. That is changing now, with sales picking up sharply this year
:04:56. > :05:01.and providing confidence to resume work. Like the construction
:05:02. > :05:06.industry, other parts of the economy are also showing signs of growth.
:05:07. > :05:12.Consumer demand for cars, motorbikes, and electronics picked
:05:13. > :05:17.up and is a big importer of oil, this is also helping the country's
:05:18. > :05:21.finances. But there are plenty of things that could get in the weight
:05:22. > :05:28.of more consistent growth. One of them is weak demand in rural areas,
:05:29. > :05:32.on the back of low rainfall for two consecutive years. There are
:05:33. > :05:37.concerns that a poor harvest could also put pressure on food prices in
:05:38. > :05:44.the coming months. On the political front, PM Narendra Modi was defeated
:05:45. > :05:47.in an important state election recently, which investors worry will
:05:48. > :05:52.have a key impact on some legislation that is stuck in
:05:53. > :05:57.Parliament for approval. That his government has announced some
:05:58. > :06:01.reforms in the past few weeks, saying that to sustain high economic
:06:02. > :06:05.growth levels more needs to be done. The growth that we are seeing is
:06:06. > :06:08.lopsided, so won the investment side of the economy we are seeing more
:06:09. > :06:11.public invest and driven growth rather than private investment. On
:06:12. > :06:21.the consumption side we are seeing more demand led demand in rural
:06:22. > :06:27.areas. To balance this across all the sectors is what is going to be
:06:28. > :06:32.the primary challenge in front of the government. For that to happen,
:06:33. > :06:36.Narendra Modi is betting on his ambitious initiative trying to
:06:37. > :06:40.attract international firms to set up manufacturing factories in the
:06:41. > :06:43.country. Despite some initial success, it is still early days to
:06:44. > :06:46.judge whether this programme can drive high growth consistently for
:06:47. > :06:56.Asia's third-largest economy. When we get the numbers for India we
:06:57. > :06:59.will update you. For China it is decision day as far as the
:07:00. > :07:01.International Monetary Fund is concerned, because it has been
:07:02. > :07:10.deliberating on whether it should allow the Chinese currency, to have
:07:11. > :07:17.status as a reserve currency. Just the US dollar, the euro, the yen and
:07:18. > :07:24.the pound are part of this elite band. Rico Hizon is in Singapore for
:07:25. > :07:28.us. If the yuan likely to get the thumbs up from the IMF and what does
:07:29. > :07:34.it mean? It looks like they will pass the test and be part of this
:07:35. > :07:41.so-called elite club of currencies, and for Beijing, the inclusion would
:07:42. > :07:44.represent recognition that the status of the yuan is rising along
:07:45. > :07:51.with China's place in global finance. Over the years, concerns
:07:52. > :07:54.about Beijing's keeping the yuan artificially low to help exporters
:07:55. > :07:58.was one reason why the currency previously failed to meet the
:07:59. > :08:03.criteria for reserve currencies set out by the IMF. But now we have
:08:04. > :08:08.Chinese officials making a concerted effort to build support for the
:08:09. > :08:16.one's inclusion and a recent IMF staff report has indeed endorse such
:08:17. > :08:19.a move. But, when they get into this group, this is where the hard part
:08:20. > :08:23.comes. The inclusion puts new pressure on Beijing to change
:08:24. > :08:30.everything from how it manages the yuan to how it communicates with
:08:31. > :08:33.investors in the world. China has pledged to loosen its tight grip on
:08:34. > :08:38.the currency's value and open its financial system, which will come
:08:39. > :08:46.under new scrutiny. A lot of challenges ahead if indeed they join
:08:47. > :08:51.this reserve basket of currencies, also known as special Drawing
:08:52. > :08:56.rights. Iran has overhauled the way it offers contracts to foreign oil
:08:57. > :09:01.companies in a bid to attract $30 billion of new investment. The terms
:09:02. > :09:05.of the new contracts will be more favourable to investors, allowing
:09:06. > :09:08.them a greater stake in long-term profits. Iran is gearing up for the
:09:09. > :09:16.lifting of sanctions following the nuclear deal with Six Nations in
:09:17. > :09:20.July. Lufthansa will avoid future strike action by giving a 1-off
:09:21. > :09:26.payment to ground staff. Europe's biggest airline is yet to reach an
:09:27. > :09:30.agreement with cabin crew who called a weeklong industrial action in
:09:31. > :09:35.early November. Looking at markets, a brand-new trading week for Asia,
:09:36. > :09:38.and of course American markets will open again as normal this week
:09:39. > :09:47.having had a shorter week last week because of thanksgiving. This is how
:09:48. > :09:51.things have gone so far in Asia, this is how the oil price is
:09:52. > :09:53.trading, with OPEC meeting this week which will be key for the oil
:09:54. > :09:55.industry.