10/01/2017 World Business Report


The latest business news with informed analysis from the world's financial centres.

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The newspaper review after World Business Report.


Handing on control of the world's biggest economy.


As Barack Obama prepares to say goodbye we look at what he's


The cost of China's raw materials is going up faster than it has


wait for it - it's important because it could mean the rest of us


- the rest of the world - paying more for the stuff


Stay where you are I have about nine! Nine minutes, it is all I am


asking for an eye promised to deliver an exciting snapshot of


business. There are just a couple of weeks


of Barack Obama's presidency remaining and later today


he gives his big farewell speech. As well as being commander in chief


he's also overseen the world's biggest economy for


the last eight years. Well more than 11 million more


jobs have been added with the unemployment rate


falling from 7.8% to 4.7% But what the typical American family


brings home has barely changed at nearly $54,000 a year once


you adjust for inflation Pretty much the same as it has been


for 20 years. And the economy has grown about 1.5%


a year over the course It compares to about 2%


under his predecessor One of the costs of that has


been that US Government debt has nearly doubled from $10


trillion to $20 trillion. From New York Michelle Fleury


sent this report. Wall Street is left reeling from


some of the biggest blows. It is a nightmare. Bunker C Bower louts and


nine employment that peaked at 10% in 2009. When Barack Obama became


president, he had seen were fighting the total collapse of the financial


system. 15 million Americans were out of work when he delivered his


first state of the union address. People are out of work. They are


hurting. They need our help and that is why jobs must be our number one


focus in 2010. Perhaps his biggest achievement, stopping the recession


from turning into another Great Depression and it started with the


rescue of a symbol of US industrial might stash the American car


industry. Some this investment banker remembers it well. He led the


auto industry recovery. It was is in parsing that that in fact he made a


decision that was unpopular but was clearly, in retrospect the right


decision. If we had allowed those car companies to continue to


liquidate, the loss of many jobs at a time when the economy was ready


losing so many jobs. Government involvement did not end with the


auto industry. An unprecedented amount of money was spent to


stimulate the economy. $4 million made its way to the Bronx community


Centre, saving 15 jobs. Not everyone was a fan of the stimulus plan. We


were. We were great fans because it allowed us to really and hands our


relations. Under President Obama, staggering 11 million jobs have been


created to stop while hiring has picked up, many of those positions


are temporary or part-time, not the kind of work you can raise a family


on which is why many people I spoke to were gloomy. Do you feel more


hopeful than eight years ago? So-so. Prices are up and salaries remain


the same. President Obama has the longest job growth in history but


many Americans have forgotten what prosperity feels like. The challenge


facing the incoming administration. We've had some numbers out of China


which show that the world's second biggest economy could be


about to push up the prices of the things the rest of the world


is buying from them. Let's go to Rico Hizon whose in our


Asia Business Hub in Singapore. Leeson, people watching will be


thinking how can China make us pay more? Absolutely. Even your socks,


your shirts and suits could be more expensive by next week because with


higher prices from the mainland at this could lead them to export


inflation to nations around the world through its supply chain as


manufacturers are squeezed by higher input costs and in turn raise asking


prices, raw materials, anything because China explores a lot of


things around the world and this could put pressure on monetary


policies and lead to higher interest rates. It could impact growth rates


not only in Asia but around the world which is ready been affected


by the global economy. It is good news for the Chinese economy because


they may be turning the corner but whether that rebound in China will


be sustained edges on how the global economy fares under a Donald Trump


administration. Watch this space. 2017 will be an important year for


the Chinese and US economy. Thank you so much for explaining that. If


the price is now up is OK if our wages go up. But that ain't going to


happen on the BBC, I can tell you. It is the cruise industry, 25


million people expected to cruise this year and an increasing number


are from Asia. One of the biggest cruise liners, Carnival, is hoping


that will allow it to dock more profits... JJ my producer wrote


this, by the way, I did not. We caught up with the boss of Carnival.


Take a look. A red carpet welcome for every guest. This is the


seaborne encore docking in Singapore for the very first time. Cruising is


still relatively new in Asia, it is seen as a holiday for retirees and


mass passengers are from the US, Europe or Australia. This chip


according to the company that owns it is one of the most like Sirius


and it is on its maiden voyage to Asia-a massive market. China has


become a particular focus, despite the fact that economic growth is


slowing down. Asia is a huge market and a large portion is an


penetrated. China. Some people estimate tourists in China could be


the largest. Plus the rest of Asia is growing. Australia is one of the


fastest growing market, growing 20% a year for many years. The youth


field you have kind of missed the boat, so to speak a cunning into


Asia now? It is almost... It almost is not matter. You can produce so


much capacity. Even though thinks may be slowing, there are many, many


people who can still cruise and will cruise who have not. But it has not


all been this -- smooth sailing. Carnival was accused of washing its


hands of the disaster and spent years trying to build back its


reputation. We learnt something from it, examining it closer. We learnt


from any incident that happens anywhere in the world. Since that


time we have advanced the number of safety systems on ships which we do


on a continuous basis anyway. Safety concerns did not appear to be


dampening prospects, at least a dozen new ships are set to hit the


sea this year and profits are soaring at finding new and younger


passengers, willing to take a cruise is likely to be a challenge.


Two prototype models of a highly-anticipated gaming


laptop have been stolen at the Consumer Electronics Show


They belong to the gaming company Razer and each has three 4K screens


- its' the first portable laptop of its kind.


Razer said the devices were taken from its press room on Sunday.


And the Chief Executive Min-Liang Tan said they were treating the case


Don't forget you can get in touch with me and some of the team


Concerns have been raised about the care of transgender


prisoners, following four deaths in little more than a year at jails


A report from the Prisons and Probation Ombudsman says prison