:00:16. > :00:18.The President of protocol meets the maverick billionaire turned
:00:19. > :00:21.President - but will Trump and Xi get down to some "serious business"
:00:22. > :00:24.or will the meeting prove to be too difficult?
:00:25. > :00:28.The rain and wind may have forced fans off the course of the Master's
:00:29. > :00:37.golf tournament in Augusta - but the event that attracts
:00:38. > :00:41.the worlds golfing elite is big business.
:00:42. > :00:56.Also in the programme it is interest rate decision day in India.
:00:57. > :01:06.A much-anticipated meeting between the leaders of the world's
:01:07. > :01:12.On Thursday, US President Donald Trump will host Chinese leader
:01:13. > :01:14.Xi Jinping at his Mar-a-Lago resort in Florida.
:01:15. > :01:17.It is the very first time they are meeting in person and trade
:01:18. > :01:23.At just over $659 billion of goods and services in 2015 it's one
:01:24. > :01:25.of the biggest trading relationships in the world.
:01:26. > :01:28.Last week Mr Trump tweeted that today's meeting "will be a very
:01:29. > :01:31.difficult one in that we can no longer have massive trade deficits."
:01:32. > :01:34.Trump has been outspoken in his desire to put "America First"
:01:35. > :01:38.and in terms of what he might do about it during his election
:01:39. > :01:42.Mr Trump floated the idea of a 45% tariff on goods from China.
:01:43. > :01:45.But the big problem Donald Trump has is that it's heavily tilted
:01:46. > :01:58.in China's favour because the US had a deficit of $336.2 billion.
:01:59. > :02:02.There have been indications China would retaliate to any such move
:02:03. > :02:06.and in January President Xi said "waging a trade war will only cause
:02:07. > :02:11.So will the two leaders see eye-to-eye?
:02:12. > :02:17.And what do the businesses in New York want to hear?
:02:18. > :02:44.We cannot continue to allow China to rape our country. They have taken
:02:45. > :02:52.our money, they have taken our jobs. China is a currency manipulator.
:02:53. > :02:57.America has lost 70,000 factories. Since China entered the World Trade
:02:58. > :03:01.Organization. Probably not the best way to tee up a meeting with
:03:02. > :03:06.America's second largest trading partner. But meeting they are, at
:03:07. > :03:10.the Trump estate in Florida. Two countries have a lot to discuss.
:03:11. > :03:15.Take this custom lighting manufacturer in suburban New York.
:03:16. > :03:18.The import products from China to create some of their lighting
:03:19. > :03:25.features and they have also sold to China, something they will not do
:03:26. > :03:29.again. I want to take an order -- I will not take an order for China in
:03:30. > :03:33.a national account. I will sort them locally, they have to figure out to
:03:34. > :03:37.get it to China. Because it is that difficult? It is, it is that
:03:38. > :03:42.difficult. We are just not on an even playing field. Lieberman
:03:43. > :03:45.believes it is China that has to change, making it easier for
:03:46. > :03:50.companies like used to do business in the country. But Mr Trump will
:03:51. > :03:53.have good times those wants with the reality that America's economy
:03:54. > :04:01.depends on a working relationship with China, and his bombastic style
:04:02. > :04:05.makes some uneasy. 38% of all apparel comes from China. 73% of all
:04:06. > :04:10.footwear comes from China. How supply chains are entrenched in
:04:11. > :04:14.China. If anything were to happen to that relationship it would be a big
:04:15. > :04:20.trouble for retail and America. There is a lot riding on this first
:04:21. > :04:25.face-to-face meeting between President Trump and President Xi
:04:26. > :04:29.Jinping. President Trump has had a lot of success with trade populism,
:04:30. > :04:36.but establishing a viable trade policy is something very different.
:04:37. > :04:41.We will discuss that meeting a bit more detail later on in this
:04:42. > :04:42.half-hour. Let's move on to other stories.
:04:43. > :04:45.In a few hours' time the Central Bank of India
:04:46. > :04:50.Even though rates aren't expected to change, the new governor
:04:51. > :04:53.is likely to release some comment about the demonetisation that has
:04:54. > :04:56.Now three months in since old currency was declared invalid,
:04:57. > :04:59.have the people of India coped with the transition?
:05:00. > :05:02.And when is the central bank likely to lift restrictions of daily
:05:03. > :05:30.Tell us more about what the central bank is likely to say today about
:05:31. > :05:34.that problem? Well, Sally, a direct comment is not expected from the
:05:35. > :05:38.governor of the central bank. There are two reasons for that. Number
:05:39. > :05:42.one, the e- monetisation programme seems to have been settled on the
:05:43. > :05:48.ground now. -- di monetisation. There is enough liquidity in cash
:05:49. > :05:53.now. This problem has really reduced over the last few months. That is
:05:54. > :05:57.why the government -- governor may not say anything directly. As far as
:05:58. > :06:00.interest rates are concerned most economists predict they will hold
:06:01. > :06:08.rates. There are two reasons. Number one, due to demonetisation people
:06:09. > :06:12.started depositing their cash in banks, and there is too much cash in
:06:13. > :06:15.the banks right now. Number two, there are inflation has seen an
:06:16. > :06:19.uptick in stock the governor of the central bank does not see any reason
:06:20. > :06:22.to cut interest rates at this time because they feel that banks are
:06:23. > :06:26.already flooded with cash any to start releasing that into the
:06:27. > :06:29.system. They may look at other tools within the ability of the central
:06:30. > :06:34.bank to push banks to release liquidity or access cash in the
:06:35. > :06:40.system. That is something we will be watching closely, what the central
:06:41. > :06:44.bank does on that. All right, and as we say, most people are not
:06:45. > :06:49.expecting any move on rates. When do people think interest rates may be
:06:50. > :06:52.on the move next? Well, interestingly, the last time the
:06:53. > :06:58.central bank had been monitoring policy meeting, for the first time
:06:59. > :07:01.in two years, the central bank said that as far as interest rates are
:07:02. > :07:04.concerned, from an accommodating policy, which means that they are
:07:05. > :07:07.tilting towards cutting rates when the situation is final on the
:07:08. > :07:11.ground, they have moved their stance to neutral, which means they will
:07:12. > :07:16.make a call based on inflation, based on the liquidity situation.
:07:17. > :07:20.The growth rate in India's economy is growing fast but inflation has
:07:21. > :07:23.started to rise and that has been the central bank's top priority in
:07:24. > :07:27.the last few years. Whenever there has been an uptick in inflation they
:07:28. > :07:31.immediately become cautious and prefer holding rates. That is why
:07:32. > :07:35.there is no reason, economists do not expect any rate cut in the
:07:36. > :07:37.months to come. The 81st Masters tees
:07:38. > :07:41.off today in Augusta, And like any big sporting event,
:07:42. > :07:49.there's some big numbers behind it as Ramzan Karmali has
:07:50. > :08:02.been finding out. If you win the golf championship at
:08:03. > :08:06.Augusta you get rewarded with a green jacket. Unlike here on some or
:08:07. > :08:13.road the cost of that jacket is just $250. -- Elon Saville Row. If you
:08:14. > :08:17.win the tournament to get $1.8 million, lack written's Danny
:08:18. > :08:21.Willett did last year. Even if you come last, you still get rewarded
:08:22. > :08:29.with a cheque of $20,000, plenty for a jacket like this. But for us mere
:08:30. > :08:34.mortals just getting into the ground could be quite an expensive day out.
:08:35. > :08:39.250,000 people are expected to visit the famous Augusta national, with
:08:40. > :08:44.some pain between 30 and $100 and $15 just to get into the ground.
:08:45. > :08:49.Last year it was estimated that ticket sales revenues were $35
:08:50. > :08:52.million. And once you are on the grounds, don't expect your wallet
:08:53. > :08:57.not to take another hit. The cost of a chicken sandwich, $3. A bottle of
:08:58. > :09:01.water, $2. Perhaps you are better off staying in and watching it on
:09:02. > :09:03.the TV. Don't worry, the organisers get paid for that too. International
:09:04. > :09:06.broadcasting rights, $25 million. JAB Holdings, the owner
:09:07. > :09:09.of Krispy Kreme Doughnuts, will buy the bakery chain
:09:10. > :09:11.Panera Bread for $7.2 billion, as it expands its coffee
:09:12. > :09:17.and breakfast empire Panera has about 2,000 bakery cafes
:09:18. > :09:25.in the United States and its fresh offerings appeal to
:09:26. > :09:27.health-conscious consumers. The founder and CEO of Amazon,
:09:28. > :09:31.Jeff Bezos, says on he is selling about $1 billion worth
:09:32. > :09:33.of Amazon stock per year to fund his Blue Origin
:09:34. > :09:36.rocket company. In all he expects to spend
:09:37. > :09:42.about $2.5 billion developing a rocket that can lift satellites
:09:43. > :09:45.and eventually people into orbit. Blue Origin aims to launch paying
:09:46. > :10:07.passengers on 11-minute suborbital That is quite an interesting story,
:10:08. > :10:10.the space race between the business billionaires. Looking at the
:10:11. > :10:14.markets, in Asia they are reacting strongly to what was going on in the
:10:15. > :10:18.US yesterday. Lots of news coming from the Federal Reserve. Comments
:10:19. > :10:22.in their minutes from their last meeting spooking investors
:10:23. > :10:24.worldwide. There is talk of the Federal Reserve basically shrinking
:10:25. > :10:29.its own balance sheet, but also some of the comments they have made about
:10:30. > :10:33.the fact that stocks have gone too far caused a real stir at the end of
:10:34. > :10:39.trading on Wall Street. Lauer and the down slightly, but the S 500
:10:40. > :10:43.was up by 0.8% and in the last two hours of trade it fell and reversal
:10:44. > :10:47.of that. We will be back in a moment with a look at some of the other
:10:48. > :10:56.stories in the news. Stay with us and I will see you then.
:10:57. > :11:00.There's a call for the drug ketamine to be used more widely by the NHS
:11:01. > :11:04.Psychiatrists in Oxford say they've had some success with a human trial
:11:05. > :11:09.using the Class B substance, which is also used as a horse