:00:20. > :00:21.Coming in to land at last - the UK government's long-awaited
:00:22. > :00:24.decision on airport expansion is set to be announced today,
:00:25. > :00:33.South Korea's losing streak takes its toll on the economy -
:00:34. > :00:46.Samsung - Hyundai and Hanjin - the hat-trick of own-goals.
:00:47. > :00:49.I'm Sally Bundock - also in the programme the little
:00:50. > :00:52.blue bird has lost its voice - more jobs look set to go
:00:53. > :01:03.The UK government will announce today whether it would prefer
:01:04. > :01:05.to expand Heathrow or Gatwick airport, with Heathrow widely
:01:06. > :01:07.expected to get the go-ahead for a third runway.
:01:08. > :01:10.Critically, though, the binding MPs' vote -
:01:11. > :01:13.the one that counts - will not happen for another
:01:14. > :01:17.Heathrow is already operating at 98% capacity,
:01:18. > :01:20.and last year an Independent Commission backed an extra runway
:01:21. > :01:28.But the main competition comes from Gatwick Airport.
:01:29. > :01:31.Brexit favours their plan for an extra runway,
:01:32. > :01:34.because they can do it cheaper and quicker than their rival.
:01:35. > :01:40.The Airports Commission estimates that expanding Heathrow
:01:41. > :01:43.could add as much as $258 billion to the UK economy,
:01:44. > :01:46.runway at Gatwick could add up to $155bn.
:01:47. > :01:49.But the airline industry as a whole is expected to generate
:01:50. > :01:57.revenues of $709 billion this year with hubs like Dubai
:01:58. > :02:00.and Schipol airport keen to take a larger share of that market
:02:01. > :02:07.With me is John Strickland, aviation and airlines expert
:02:08. > :02:18.Nice to see you, John. We should get a decision that as I have already
:02:19. > :02:22.explained, it is not a done deal. Potentially the first step in a long
:02:23. > :02:27.word with this political consultation process going on as you
:02:28. > :02:32.said, maybe one year. Even if that goes smoothly, and the MPs ratify
:02:33. > :02:36.it, it will still have to be the normal planning enquiry and the
:02:37. > :02:40.contentious nature of runway capacity, there could be legal
:02:41. > :02:45.appeals as well. We are not likely to see any new runway capacity for
:02:46. > :02:50.ten years. In the meantime, other airports around the world, they are
:02:51. > :02:54.stealing the march. Heathrow used to be the biggest international airport
:02:55. > :02:59.in the world. Dubai overtook it last year. Even in Europe, which is
:03:00. > :03:05.infrastructure constraints, we see capacity available at airports like
:03:06. > :03:08.Paris, Amsterdam and Frankfurt. While we are debating, other
:03:09. > :03:12.countries are doing something about it, recognising the important role
:03:13. > :03:17.of aviation is an economic catalyst on the 21st century. Such a
:03:18. > :03:23.political hot potato in this country with business leaders showing their
:03:24. > :03:27.exasperation, the investment community and also of course
:03:28. > :03:30.politicians and residents as you have mentioned. Just explain from
:03:31. > :03:35.the business point of view why this extra one way is so beneficial to
:03:36. > :03:41.Heathrow and Gatwick -- Heathrow and Gatwick. We need to understand the
:03:42. > :03:46.role of aviation in every respect as it contributes to the economy. The
:03:47. > :03:53.airport creates direct employment editor means of doing business. We
:03:54. > :03:58.are in a post- Brexit world to show we are open to business but business
:03:59. > :04:02.people cannot go out to win contracts in these airports. Freight
:04:03. > :04:07.is limited because Heathrow is a gateway to freight. Also Gatwick.
:04:08. > :04:13.Tourism, in the case of Ypres, a far bigger ratio of inbound tourism. The
:04:14. > :04:19.pound has gone down that got to be or to fly into the UK. Let's say
:04:20. > :04:23.Heathrow does get this extra under way -- runway. Gatwick says, we will
:04:24. > :04:29.build one anyway. It's not quite that simple. Just talk us through
:04:30. > :04:37.it. Gatwick has had a legal barrier to growing until 2019. It's made a
:04:38. > :04:43.big picture this new runway. It's not just a case of building a runway
:04:44. > :04:47.at any airport. We have to look at what airlines are willing to use. In
:04:48. > :04:55.the vast majority, they have indicated they want capacity at
:04:56. > :05:01.Heathrow. Even capacity of Gatwick, easyJet saying it wants runway at
:05:02. > :05:07.Heathrow. Connecting passengers as well, Heathrow, the many decades, is
:05:08. > :05:11.far outshone Gatwick in attracting business customers so it is high
:05:12. > :05:15.stakes, both airports are very full but airlines given the choice would
:05:16. > :05:20.go to Heathrow before Gatwick. They might not even come to the UK if
:05:21. > :05:24.they cannot get into Heathrow. Thank you for your time. I will talk to
:05:25. > :05:26.you about this in the future. When we are the government 's decision,
:05:27. > :05:27.we will update you. Canada and the European Union
:05:28. > :05:31.say their free trade deal is not dead, although three Belgian regions
:05:32. > :05:33.are blocking its signature. All of the Belgium's regions must
:05:34. > :05:36.approve the deal before the federal government can join other EU
:05:37. > :05:39.countries in signing it. Three French-speaking parts
:05:40. > :05:43.of the country led by Socialists want more time to
:05:44. > :05:45.study the agreement. Flemish-speaking authorities say
:05:46. > :05:50.the delay has made the country The European Council President,
:05:51. > :05:53.Donald Tusk, said it was still possible to sign it
:05:54. > :05:56.on Thursday as planned. But on Monday, the Canadian Trade
:05:57. > :05:58.Minister, Chrystia Freeland, stressed the ball was
:05:59. > :06:14.now in the EU's court. Canada is ready to sign now. We have
:06:15. > :06:19.done our job. Now it is up to Europe to do its job and the Europeans have
:06:20. > :06:23.acknowledged at all levels that it's their job to do and they have all
:06:24. > :06:32.been saying today publicly that they are hard at work. Let's wish them
:06:33. > :06:36.well. We believe that CETA today is an excellent agreement. The leaders
:06:37. > :06:41.of the EU and the leaders of the member states have said, all of the
:06:42. > :06:46.leaders at the federal level, in fact, of all 28 member states, have
:06:47. > :06:50.said and the leaders of the commission and the EU, have said
:06:51. > :06:56.that CETA is the best deal that the EU has ever negotiated. I think that
:06:57. > :06:59.that is absolutely right and this deal is done. It's time to move on,
:07:00. > :07:02.get it signed and get it ratified. Bloomberg is reporting
:07:03. > :07:06.that the online social networking service Twitter is planning
:07:07. > :07:08.to cut hundreds of jobs. The company had 3,860 employees
:07:09. > :07:11.globally in June 2016. In September, Twitter said it
:07:12. > :07:16.would lay off some employees and halt engineering work at one
:07:17. > :07:21.of its development centers The company has not yet commented
:07:22. > :07:25.on the reports. The Chinese conglomerate HNA has
:07:26. > :07:31.bought a 25-per cent stake HNA paid 6-point 5-billion dollars
:07:32. > :07:40.for the stake. Chinese companies have increasingly
:07:41. > :07:43.bene investing in tourism-related businesses as more of its citizens
:07:44. > :07:50.travel abroad. HNA announced in April that it had
:07:51. > :07:53.agreed to acquire Carlson Hotels, which owns the Radisson
:07:54. > :08:03.and Park Plaza brands. That is talk about the South Korean
:08:04. > :08:09.economy. It is stalling. It has lost value of goods and services to the
:08:10. > :08:15.country. That is go to Rico Hizon who was in Singapore. South Korea
:08:16. > :08:19.has had an extremely difficult time. Very challenging times indeed for
:08:20. > :08:24.the South Korean economy. It has been hit by several bad events. You
:08:25. > :08:30.have the country 's worst ever strikes at higher and die. The
:08:31. > :08:38.collapse of its biggest shipping firm, Hanjin and Samsung's worst
:08:39. > :08:42.ever poll -- product recall, the Galaxy Note7. If not, the economy
:08:43. > :08:48.would have performed much better over this period of July -
:08:49. > :08:53.September. We saw growth of 0.7% quarter on quarter. 2.7% annualised
:08:54. > :08:58.growth. It would have been much better than what we have seen over
:08:59. > :09:02.the past couple of quarters. There have been other factors contributing
:09:03. > :09:07.to this slower growth and one is heavy helpful -- household debt
:09:08. > :09:12.growth, reduced consumption and infantry spiralling up. Looking
:09:13. > :09:18.ahead, October - December, economists are forecasting they will
:09:19. > :09:21.also be affected by Samsung's decision to drop its Galaxy Note7
:09:22. > :09:26.smartphone although the economic impact was all reflected in the
:09:27. > :09:38.third quarter. A lot of challenging times indeed for the Korean economy.
:09:39. > :09:43.That is all from World Business Report. We will be reviewing some of
:09:44. > :09:56.the other key stories on the news today. See you in a few minutes.