:00:00. > :00:15.The newspaper review after World Business Report.
:00:16. > :00:18.Handing on control of the world's biggest economy.
:00:19. > :00:24.As Barack Obama prepares to say goodbye we look at what he's
:00:25. > :00:30.The cost of China's raw materials is going up faster than it has
:00:31. > :00:37.wait for it - it's important because it could mean the rest of us
:00:38. > :00:40.- the rest of the world - paying more for the stuff
:00:41. > :01:01.Stay where you are I have about nine! Nine minutes, it is all I am
:01:02. > :01:04.asking for an eye promised to deliver an exciting snapshot of
:01:05. > :01:06.business. There are just a couple of weeks
:01:07. > :01:09.of Barack Obama's presidency remaining and later today
:01:10. > :01:12.he gives his big farewell speech. As well as being commander in chief
:01:13. > :01:15.he's also overseen the world's biggest economy for
:01:16. > :01:17.the last eight years. Well more than 11 million more
:01:18. > :01:28.jobs have been added with the unemployment rate
:01:29. > :01:33.falling from 7.8% to 4.7% But what the typical American family
:01:34. > :01:37.brings home has barely changed at nearly $54,000 a year once
:01:38. > :01:48.you adjust for inflation Pretty much the same as it has been
:01:49. > :01:53.for 20 years. And the economy has grown about 1.5%
:01:54. > :01:56.a year over the course It compares to about 2%
:01:57. > :01:59.under his predecessor One of the costs of that has
:02:00. > :02:03.been that US Government debt has nearly doubled from $10
:02:04. > :02:11.trillion to $20 trillion. From New York Michelle Fleury
:02:12. > :02:26.sent this report. Wall Street is left reeling from
:02:27. > :02:34.some of the biggest blows. It is a nightmare. Bunker C Bower louts and
:02:35. > :02:39.nine employment that peaked at 10% in 2009. When Barack Obama became
:02:40. > :02:44.president, he had seen were fighting the total collapse of the financial
:02:45. > :02:48.system. 15 million Americans were out of work when he delivered his
:02:49. > :02:53.first state of the union address. People are out of work. They are
:02:54. > :03:00.hurting. They need our help and that is why jobs must be our number one
:03:01. > :03:04.focus in 2010. Perhaps his biggest achievement, stopping the recession
:03:05. > :03:08.from turning into another Great Depression and it started with the
:03:09. > :03:13.rescue of a symbol of US industrial might stash the American car
:03:14. > :03:22.industry. Some this investment banker remembers it well. He led the
:03:23. > :03:29.auto industry recovery. It was is in parsing that that in fact he made a
:03:30. > :03:33.decision that was unpopular but was clearly, in retrospect the right
:03:34. > :03:38.decision. If we had allowed those car companies to continue to
:03:39. > :03:43.liquidate, the loss of many jobs at a time when the economy was ready
:03:44. > :03:47.losing so many jobs. Government involvement did not end with the
:03:48. > :03:52.auto industry. An unprecedented amount of money was spent to
:03:53. > :03:58.stimulate the economy. $4 million made its way to the Bronx community
:03:59. > :04:06.Centre, saving 15 jobs. Not everyone was a fan of the stimulus plan. We
:04:07. > :04:13.were. We were great fans because it allowed us to really and hands our
:04:14. > :04:17.relations. Under President Obama, staggering 11 million jobs have been
:04:18. > :04:22.created to stop while hiring has picked up, many of those positions
:04:23. > :04:26.are temporary or part-time, not the kind of work you can raise a family
:04:27. > :04:34.on which is why many people I spoke to were gloomy. Do you feel more
:04:35. > :04:43.hopeful than eight years ago? So-so. Prices are up and salaries remain
:04:44. > :04:47.the same. President Obama has the longest job growth in history but
:04:48. > :04:49.many Americans have forgotten what prosperity feels like. The challenge
:04:50. > :04:55.facing the incoming administration. We've had some numbers out of China
:04:56. > :05:03.which show that the world's second biggest economy could be
:05:04. > :05:06.about to push up the prices of the things the rest of the world
:05:07. > :05:12.is buying from them. Let's go to Rico Hizon whose in our
:05:13. > :05:23.Asia Business Hub in Singapore. Leeson, people watching will be
:05:24. > :05:32.thinking how can China make us pay more? Absolutely. Even your socks,
:05:33. > :05:35.your shirts and suits could be more expensive by next week because with
:05:36. > :05:40.higher prices from the mainland at this could lead them to export
:05:41. > :05:44.inflation to nations around the world through its supply chain as
:05:45. > :05:51.manufacturers are squeezed by higher input costs and in turn raise asking
:05:52. > :05:57.prices, raw materials, anything because China explores a lot of
:05:58. > :06:00.things around the world and this could put pressure on monetary
:06:01. > :06:05.policies and lead to higher interest rates. It could impact growth rates
:06:06. > :06:09.not only in Asia but around the world which is ready been affected
:06:10. > :06:16.by the global economy. It is good news for the Chinese economy because
:06:17. > :06:24.they may be turning the corner but whether that rebound in China will
:06:25. > :06:35.be sustained edges on how the global economy fares under a Donald Trump
:06:36. > :06:39.administration. Watch this space. 2017 will be an important year for
:06:40. > :06:49.the Chinese and US economy. Thank you so much for explaining that. If
:06:50. > :07:03.the price is now up is OK if our wages go up. But that ain't going to
:07:04. > :07:08.happen on the BBC, I can tell you. It is the cruise industry, 25
:07:09. > :07:12.million people expected to cruise this year and an increasing number
:07:13. > :07:19.are from Asia. One of the biggest cruise liners, Carnival, is hoping
:07:20. > :07:28.that will allow it to dock more profits... JJ my producer wrote
:07:29. > :07:34.this, by the way, I did not. We caught up with the boss of Carnival.
:07:35. > :07:38.Take a look. A red carpet welcome for every guest. This is the
:07:39. > :07:45.seaborne encore docking in Singapore for the very first time. Cruising is
:07:46. > :07:51.still relatively new in Asia, it is seen as a holiday for retirees and
:07:52. > :07:54.mass passengers are from the US, Europe or Australia. This chip
:07:55. > :08:00.according to the company that owns it is one of the most like Sirius
:08:01. > :08:04.and it is on its maiden voyage to Asia-a massive market. China has
:08:05. > :08:11.become a particular focus, despite the fact that economic growth is
:08:12. > :08:17.slowing down. Asia is a huge market and a large portion is an
:08:18. > :08:24.penetrated. China. Some people estimate tourists in China could be
:08:25. > :08:30.the largest. Plus the rest of Asia is growing. Australia is one of the
:08:31. > :08:36.fastest growing market, growing 20% a year for many years. The youth
:08:37. > :08:43.field you have kind of missed the boat, so to speak a cunning into
:08:44. > :08:52.Asia now? It is almost... It almost is not matter. You can produce so
:08:53. > :08:57.much capacity. Even though thinks may be slowing, there are many, many
:08:58. > :09:08.people who can still cruise and will cruise who have not. But it has not
:09:09. > :09:15.all been this -- smooth sailing. Carnival was accused of washing its
:09:16. > :09:23.hands of the disaster and spent years trying to build back its
:09:24. > :09:30.reputation. We learnt something from it, examining it closer. We learnt
:09:31. > :09:35.from any incident that happens anywhere in the world. Since that
:09:36. > :09:41.time we have advanced the number of safety systems on ships which we do
:09:42. > :09:45.on a continuous basis anyway. Safety concerns did not appear to be
:09:46. > :09:50.dampening prospects, at least a dozen new ships are set to hit the
:09:51. > :09:54.sea this year and profits are soaring at finding new and younger
:09:55. > :10:00.passengers, willing to take a cruise is likely to be a challenge.
:10:01. > :10:07.Two prototype models of a highly-anticipated gaming
:10:08. > :10:09.laptop have been stolen at the Consumer Electronics Show
:10:10. > :10:13.They belong to the gaming company Razer and each has three 4K screens
:10:14. > :10:16.- its' the first portable laptop of its kind.
:10:17. > :10:21.Razer said the devices were taken from its press room on Sunday.
:10:22. > :10:25.And the Chief Executive Min-Liang Tan said they were treating the case
:10:26. > :10:37.Don't forget you can get in touch with me and some of the team
:10:38. > :10:49.Concerns have been raised about the care of transgender
:10:50. > :10:55.prisoners, following four deaths in little more than a year at jails
:10:56. > :10:59.A report from the Prisons and Probation Ombudsman says prison