:00:00. > :00:00.Now for the latest financial news with Sally Bundock
:00:00. > :00:20.The flags are ready but tough talk awaits President Obama
:00:21. > :00:28.at the meeting of south-east Asia's leaders.
:00:29. > :00:35.And following the rockstar governor, Urjit Patel takes up his role as
:00:36. > :00:38.governor of India's central bank can he win the war on inflation where
:00:39. > :00:52.his predecessor failed? We will be looking at the market
:00:53. > :00:57.reaction today as the oil price starts to to dip again but the
:00:58. > :01:03.Indian rupee is rocketing. First of all, with the G20 done and that dust
:01:04. > :01:08.another major global pow wow with a confusing acronym.
:01:09. > :01:11.The US-ASEAN Summit gets under way in Laos today.
:01:12. > :01:14.While the leaders of the ten South East Asian nations
:01:15. > :01:16.will of course be there, the meeting is also being attended
:01:17. > :01:20.by President Obama and the leaders of Japan, Russia and India.
:01:21. > :01:23.The TPP - or Trans-Pacific Partnership will take centre
:01:24. > :01:26.stage at the meeting, with Obama desperate to get
:01:27. > :01:29.the controversial trade deal signed before he leaves office in January.
:01:30. > :01:35.The deal covers 12 nations and 40% of world commerce.
:01:36. > :01:38.Its supporters say it could boost global growth by close to half
:01:39. > :01:46.The other big financial talking point at the summit is the ongoing
:01:47. > :01:53.An estimated $5 trillion worth of global trade passes
:01:54. > :02:00.In July an international tribunal ruled against Chinese claims
:02:01. > :02:03.to rights over the majority of the Sea, backing a case
:02:04. > :02:10.China is standing firm on its claim though,
:02:11. > :02:13.while the US has been flexing its military might
:02:14. > :02:18.by sailing warships through the disputed waters.
:02:19. > :02:24.Karishma Vaswani is in the Laotion capital Vientiane and Karishma,
:02:25. > :02:43.yes, indeed. Just in the last few minutes we have received a statement
:02:44. > :02:47.from President Duterte, the president of the Philippines. His
:02:48. > :02:52.spokesperson and the delegation read out a statement to the press here
:02:53. > :02:57.basically saying that the President regretted the statement that he
:02:58. > :03:01.made, the comments that he had made that caused such a turmoil
:03:02. > :03:05.diplomatically between the United States and the Philippines. I will
:03:06. > :03:08.read you what that statement said. The meeting between the United
:03:09. > :03:12.States and the Philippines has been hugely agreed upon to be moved to a
:03:13. > :03:18.later date. This was the meeting that was cancelled, remember, sale,
:03:19. > :03:23.after the Philippines President back in a conversation with a reporter in
:03:24. > :03:28.Manila called the American President the son of a poor and he also
:03:29. > :03:34.continues to stay in the statement that while the immediate cause for
:03:35. > :03:39.cancelling that meeting were strong comments were also regret that came
:03:40. > :03:46.across as a personal attack on the US President. So, very much an
:03:47. > :03:50.apology mode here. The Philippines President, Rodrigo Duterte has been
:03:51. > :03:55.known to make these sorts of comments in the past. President
:03:56. > :04:00.Obama is not the first high-profile leader he has said these sort of
:04:01. > :04:07.things about. Many of the Philippine media amongst the Philippine media
:04:08. > :04:12.expressed concerns about how he will end up appearing in front of many of
:04:13. > :04:17.his counterparts at the ASEAN meeting over the next couple of
:04:18. > :04:21.days. As it is, his first it international debuts since he became
:04:22. > :04:25.president in May. We'll keep a close eye on that. In in the meantime,
:04:26. > :04:32.what are the hopes about the progress on the Trans-Pacific
:04:33. > :04:38.Partnership? So many acronyms. So many options. Certainly that is the
:04:39. > :04:43.big agenda, the big thing on the agenda for the American President
:04:44. > :04:49.Barack Obama. He is trying to push through the partnership. It is his
:04:50. > :04:53.last chance because this is his final trip to the region and this is
:04:54. > :04:58.the last chance he has to tell the members of ASEAN that this is a good
:04:59. > :05:02.idea and if we all sign up to this end we'll take part in these it will
:05:03. > :05:05.have a massive impact on global trade. It is not merely about
:05:06. > :05:09.lowering tariffs in it is about upping standards and that has been
:05:10. > :05:13.his pitch throughout the entire time he has been trying to push the
:05:14. > :05:19.Trans-Pacific Partnership. But of course, it is not really up to us.
:05:20. > :05:23.It is up to the US Congress. And given the current mood in the United
:05:24. > :05:29.States, it is an election year in both candidates gunning for the top
:05:30. > :05:33.job have come out against the Trans-Pacific Partnership and many
:05:34. > :05:37.here in Asia will be looking to President Obama to hear some kind of
:05:38. > :05:42.reassurance that he still has the ability to push this through, that
:05:43. > :05:46.the US is still invested in this region because, remember, over the
:05:47. > :05:50.previous eight years and that the President has been in power he has
:05:51. > :05:55.come with a real push towards Asia. A foreign policy pivot towards Asia
:05:56. > :05:59.and many he will be waiting to see of the United States still has that
:06:00. > :06:05.kind of pool and credibility that he believes it does. It is missing out
:06:06. > :06:09.China, isn't it? That has been a controversial element from the
:06:10. > :06:15.beginning. Indeed. And we often speak about this in lots of our
:06:16. > :06:19.discussions where we look at the US and its attempts to increase
:06:20. > :06:24.engagement, not only politically but economically in the region and the
:06:25. > :06:28.rising power that is China because do not forget, it is the major
:06:29. > :06:34.investor in many of the Southeast Asian Nations. Look at Laos for
:06:35. > :06:40.example, it would be fair to say that up until recently, Laos was
:06:41. > :06:44.living in the shadow of China and many south-east Asian countries have
:06:45. > :06:47.seen their economies grow over the last decade as a result of selling
:06:48. > :06:54.the commodities to China. Indonesia is a case in point. But being in
:06:55. > :06:58.between these sort of established superpower and this rising
:06:59. > :07:02.superpower, it is rare that ASEAN has found itself over the last
:07:03. > :07:06.couple of years. And that is why the issue of the South China Sea will be
:07:07. > :07:10.an interesting one, as it always is in every summit, and we will be
:07:11. > :07:18.watching that in the days to come. Thank you very much. Good to see
:07:19. > :07:22.you. Now, chocolate. I must say I am a fan of chocolate. If you follow me
:07:23. > :07:26.on Twitter you will know that because you will see me tweeting
:07:27. > :07:27.chocolate cakes and all sorts of things.
:07:28. > :07:30.The Philippines produces less than one% of the global
:07:31. > :07:33.But with its equatorial climate it has perfect growing conditions
:07:34. > :07:36.and entrepreneurs want to increase this ten-fold within three years.
:07:37. > :07:44.We caught up with one farmer who's cashing in.
:07:45. > :07:58.I am a farmer, a retired government employee of the Philippines. I
:07:59. > :08:04.decided to plant a Carl because I have six children and if you rely
:08:05. > :08:10.just on our salary, my wife is a classroom school teacher, and I am a
:08:11. > :08:14.mailman, I could not imagine sending six children to college. At the
:08:15. > :08:23.beginning it was my passion to love farming is. During my off days and
:08:24. > :08:31.holidays I go to my farm and started planting cacao little by little. 50
:08:32. > :08:43.trees, 100 trees, 200 trees. The only sort of tree that will bear
:08:44. > :08:51.fruit 24 months from fainting. It is now 140 or 100 pesos per kilo. I
:08:52. > :09:01.have a better income from my cacao farm. 50 times my salary. I am proud
:09:02. > :09:06.to say that I have even have a daughter who has graduated from a
:09:07. > :09:12.medical college. I did not think I could have this happen. I do not
:09:13. > :09:17.have experience in farming. My parents are not farmers. There were
:09:18. > :09:22.many failures but it interests me because if you fail you have to do
:09:23. > :09:32.something to overcome the failure. Today is a big day for the man
:09:33. > :09:40.behind me, the new boss of the India Central bank. Urjit Patel starts a
:09:41. > :09:44.three-year term and his in tray is full to overflowing. Among many
:09:45. > :09:49.other tasks, he needs to finish in an finished agenda of his
:09:50. > :09:54.predecessor. He also needs to win the war on inflation. Later here on
:09:55. > :09:58.the BBC we will go live to Mumbai to speak to our correspondent who is
:09:59. > :10:04.outside the central bank for his take on what Patel will go on day
:10:05. > :10:09.one. Other stories- the South Korean government will reportedly stepped
:10:10. > :10:14.in to help the embattled shipping not lion Hanjin. The government will
:10:15. > :10:23.provide with $91 million of long-term loans. It applied for
:10:24. > :10:25.bankruptcy. The world is seventh-largest container line has
:10:26. > :10:29.been unprofitable for four of the last five years. In the markets
:10:30. > :10:36.today it has been a funny week because the US was closed on Monday
:10:37. > :10:41.as was India so many market that did not close. In Asia you can see these
:10:42. > :10:46.markets are opening and the price of oil is edging up again. We saw a
:10:47. > :10:52.massive bounce in the price of oil on Monday. That was on the news that
:10:53. > :11:10.Russia and Saudi Arabia may collude on prices. That is how
:11:11. > :11:11.A BBC investigation has found out that drugs are used to be