:00:00. > :00:00.Now for the latest financial news with Sally Bundock
:00:00. > :00:19.Wake up to modern slavery - global business is warned.
:00:20. > :00:23.A report claims forced labour is rife across much of the world -
:00:24. > :00:27.in mines, farms and factories - with China and India among
:00:28. > :00:32.Plus - tax cuts, trade and the minimum wage -
:00:33. > :00:43.how Trump and Clinton stack up on their plans for the US economy.
:00:44. > :01:01.New Zealand joins the interest rate cutting party. South Korea holds
:01:02. > :01:04.off. Let's start with what British Prime Minister to reason may have
:01:05. > :01:06.called the great human rights issue of our time.
:01:07. > :01:09.It is also - it's being claimed - a major problem for global business.
:01:10. > :01:14.A report out today warns forced labour is rife in over half
:01:15. > :01:16.the countries of the world - with some industries
:01:17. > :01:20.It calls on businesses to do more to find out if workers
:01:21. > :01:23.in their supply chain are being paid fairly and given basic
:01:24. > :01:30.According to the report by consultancy Verisk Maplecroft -
:01:31. > :01:35.the risk is high or extreme in 58% of countries in the world.
:01:36. > :01:38.Among the worst offenders - two of the most important nations
:01:39. > :01:41.in many supply chains - China and India.
:01:42. > :01:45.Not surprisingly - sub-Saharan Africa also fares very
:01:46. > :01:50.badly - with 80% of countries in the highest risk categories.
:01:51. > :01:53.As far as industries go - agriculture, manufacturing
:01:54. > :01:59.and mining are three areas seriously affected by modern slavery.
:02:00. > :02:06.The exploitation of children in mines and factories is common.
:02:07. > :02:08.Products of particular concern range from cocoa -
:02:09. > :02:13.to minerals like cobalt that are used in the mobile phone industry.
:02:14. > :02:16.With me, Dr Alex Channer, Principal Human Rights Analyst
:02:17. > :02:41.As consumers worldwide, this is concerning. Verisk Maplecroft has
:02:42. > :02:44.developed this index to try and understand where they face the
:02:45. > :02:51.greatest risks of modern slavery in their supply chain.
:02:52. > :02:57.Lots of businesses have to report publicly about what they are doing
:02:58. > :03:02.to stop this. Our index can do that. Some of the findings are not good
:03:03. > :03:07.news for business. We found that over half the countries in the
:03:08. > :03:12.world, 115, are extreme high risk for modern slavery. When we look to
:03:13. > :03:15.evidence of forced labour, we found reported cases in over 90% of the
:03:16. > :03:21.countries we looked at. Few countries are immune to the problem.
:03:22. > :03:25.The business, the key problem is its major sourcing economies which fall
:03:26. > :03:32.into the higher risk category. He mentioned that the UK, the slavery
:03:33. > :03:36.act, it was brought in by the then Secretary Theresa May, something she
:03:37. > :03:40.is passionate about what about other governments around the world? There
:03:41. > :03:43.is an interesting trend in the government 's that are now
:03:44. > :03:50.legislating on modern slavery. The UK is one of the leaders in this
:03:51. > :03:52.area but the US also has laws on the books in California, which require
:03:53. > :03:59.companies to report on what they are doing to stop slavery. It might also
:04:00. > :04:04.include modern slavery in it, the legislation. There is a move to
:04:05. > :04:08.legislate. What is critical is enforcement. How easy is it for
:04:09. > :04:12.businesses to find out if, you know, their product is linked to modern
:04:13. > :04:15.slavery? You have to go right to the beginning of the supply chain and
:04:16. > :04:20.that is not always easy. That's right. He businesses have actually
:04:21. > :04:24.mapped beyond Tier one. A few series of steps they have to follow, they
:04:25. > :04:27.have to map their supply chain and see where they source their
:04:28. > :04:32.materials from and then they have to do a top-level risk assessment. They
:04:33. > :04:36.have to an index like ours. Then they collaborate with NGOs and
:04:37. > :04:42.governments. Most of all with their suppliers and try to protect workers
:04:43. > :04:46.in their supply chain. As consumers, many, many consumers worldwide are
:04:47. > :04:51.very keen to buy ethically. But to what extent can we rely on the
:04:52. > :04:55.information we are getting from companies like fair trade labels,
:04:56. > :05:01.those kinds of labels? As consumers, we need to help nurses and we need
:05:02. > :05:05.to help governments as well, make a zero tolerance of modern slavery
:05:06. > :05:16.competitive. If we vote with our wallets, we buy and put treasure on
:05:17. > :05:18.companies, read this statement, make sure governments are working in an
:05:19. > :05:23.environment that helps to stop Modern Slavery Act, they know we can
:05:24. > :05:29.make zero tolerance of modern slavery in this world. We appreciate
:05:30. > :05:31.your time. A very interesting reading the report, very scary.
:05:32. > :05:33.Let's look at some other stories. We are also looking at the US
:05:34. > :05:36.presidential election campaign - because later on Thursday
:05:37. > :05:38.the Democratic party's nominee, Hillary Clinton, unveils her plans
:05:39. > :05:40.for the US economy. Mrs Clinton will be
:05:41. > :05:43.speaking in Detroit. This is just days after her rival
:05:44. > :05:46.Donald Trump went to the same to city to lay out HIS
:05:47. > :05:48.economic proposals. So how do the two candidates plans
:05:49. > :06:14.for the US economy compare? These reforms will of the biggest
:06:15. > :06:19.tax revolution since the Reagan tax reform. Which unleashed years of
:06:20. > :06:46.continued economic growth and job creation.
:06:47. > :06:56.They tried to make it all, tired ideas sound new but here is what we
:06:57. > :06:58.know. His tax plans will give super big tax breaks to large corporations
:06:59. > :07:41.and the really wealthy. There is lots more on our website.
:07:42. > :07:46.Let's go to Asia where interest rate decisions have been top of the
:07:47. > :07:50.agenda. Rico Hizon is in Singapore. Nice to see you. Let's start with
:07:51. > :07:57.New Zealand. The decision to cut? That is right. The reserve bank
:07:58. > :08:03.decided to reduce its costs of borrowing to a fresh record low of
:08:04. > :08:08.2% and this is the sixth rate cut in New Zealand in 14 months, quite
:08:09. > :08:13.active in terms of policy. The central bank also flagged that they
:08:14. > :08:21.could be one more rate cut this year as economy is struggling basically
:08:22. > :08:24.to meet its inflation target. This will push the New Zealand dollar to
:08:25. > :08:33.a one-year high against the US dollar. On the other side of the
:08:34. > :08:36.coin, you have a South Korea central bank deciding to sit on interest
:08:37. > :08:44.rates and keep it at a record low as board members need a clearer picture
:08:45. > :09:02.of the state of the economy. It remains at one .25%. Exploits -- the
:09:03. > :09:06.central bank will respond if conditions worsen going forward.
:09:07. > :09:12.Thank you so much, Rico Hizon. Let's talk about Ali Babar.
:09:13. > :09:14.Chinese e-commerce giant Alibaba just keeps growing.
:09:15. > :09:17.It is expected to announce a 50% jump in revenue for the three
:09:18. > :09:21.Alibaba is less than two decades old but dominates online
:09:22. > :09:24.It is is now one of the world's top retail companies
:09:25. > :09:39.The UK housing market weakened following direct -- the Brexit vote.
:09:40. > :09:44.The biggest drop in transactions since the global financial prices in
:09:45. > :09:47.2008. Prices continue to rise nationally but at the slowest pace
:09:48. > :09:51.in three years and actually fell in London. I will see you in one minute
:09:52. > :09:54.when we review the papers. Goodbye.