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Those are the latest headlines from BBC World News. | :00:00. | :00:00. | |
Now for the latest financial news with World Business Report. | :00:00. | :00:16. | |
A make or break summit ` the World Trade Organisation meets on the | :00:17. | :00:21. | |
island of Bali as it fights to salvage a deal on global commerce. | :00:22. | :00:26. | |
And Italian fashion house Ferragamo eyes the business prize in | :00:27. | :00:37. | |
south`east Asia. Welcome to World Business Report. | :00:38. | :00:43. | |
I'm Sally Bundock. In a minute we'll have a look at Toyota China sales ` | :00:44. | :00:46. | |
but first ` top trade officials have begun talks on the Indonesian resort | :00:47. | :00:49. | |
island of Bali that will either produce an 11th hour deal that could | :00:50. | :00:53. | |
boost the global economy or possibly spell the end of the World Trade | :00:54. | :00:56. | |
Organisation's relevance as a forum for negotiations. The hope is that | :00:57. | :01:12. | |
its 159 members will agree to its first`ever accord aimed at removing | :01:13. | :01:18. | |
barriers to trade. There is a lot a stake as it's estimated a deal could | :01:19. | :01:23. | |
add $1 trillion to global trade. Alice Budisatrijo is our reporter in | :01:24. | :01:24. | |
Bali The Italian fashion house there is often a hostile reception | :01:25. | :01:37. | |
when the World Trade Organisation comes to town. The anti` trade | :01:38. | :01:42. | |
organisation chants in Bali will have a familiar ring as delegates | :01:43. | :01:50. | |
that `` gets down to business. They will try to make negotiations that | :01:51. | :01:55. | |
were started 12 years ago. There is no chance of a full agreement. | :01:56. | :01:59. | |
Negotiators have been trying to get a deal on part of it, including | :02:00. | :02:08. | |
cutting red tape, food security, and lower barriers for customs duties on | :02:09. | :02:13. | |
export from poorer countries. In the end, there was no agreement. The | :02:14. | :02:19. | |
director`general says a deal would deliver jobs and opportunities, but | :02:20. | :02:24. | |
Australia would have grave consequences for the trading system. | :02:25. | :02:29. | |
It would fail the business community and the world's poorest people. | :02:30. | :02:35. | |
We speak to our correspondence at the negotiations right now. It is | :02:36. | :02:41. | |
nice to see you. Tell us about the expectation weigh you are. | :02:42. | :02:45. | |
Indonesia's trade Minister says there is a chance of salvaging this | :02:46. | :02:51. | |
elusive deal, and yet many argue that it is pie in the sky. There is | :02:52. | :02:58. | |
a huge challenge for ministers here to strike a deal. If I can summarise | :02:59. | :03:02. | |
the main issues they will put about here, one is trade facilitation, | :03:03. | :03:08. | |
easing the flow of goods between international borders. There will be | :03:09. | :03:14. | |
talks on making it easier for products from poor countries to get | :03:15. | :03:19. | |
into rich countries. There is a very tough negotiation on agriculture. | :03:20. | :03:23. | |
India is coming to these meetings with the promise of no copra buys on | :03:24. | :03:31. | |
food security programmes. `` no compromise. These talks usually end | :03:32. | :03:37. | |
of being a fight between rich and poor countries. This stand is | :03:38. | :03:42. | |
frustrating developed countries and developing countries. Officials have | :03:43. | :03:47. | |
told that Bali is known as the island of the gods, they are hoping | :03:48. | :03:53. | |
that a heavenly guidance could lead these negotiations to an agreement. | :03:54. | :03:56. | |
Judging by the rhetoric we have been hearing in the lead up, it feels | :03:57. | :04:03. | |
like only a heavenly guidance could bring them to an agreement. They are | :04:04. | :04:08. | |
looking for some divine intervention, which is interesting. | :04:09. | :04:15. | |
What are people saying about the relevance of the WTO, given that so | :04:16. | :04:20. | |
many trade deals are being made on a bilateral level. Certainly, what | :04:21. | :04:31. | |
officials have told me is that considering talks in Geneva earlier | :04:32. | :04:35. | |
this week have failed to bring an agreement to Bali, these talks in | :04:36. | :04:42. | |
Bali between ministers, which is actually even more clouded by | :04:43. | :04:45. | |
political interests than talks between trade delegates in Geneva. | :04:46. | :04:51. | |
The problem with these trade talks is that it is very difficult, even | :04:52. | :04:58. | |
though the WTO was created to help poor countries, there is a promise | :04:59. | :05:05. | |
of global trade deals to boost the world economy by $1 trillion. It is | :05:06. | :05:13. | |
difficult for governments to convince citizens that they will get | :05:14. | :05:18. | |
a slice or a fraction of that pie in the form of their increased wages. | :05:19. | :05:25. | |
That is why these trade talks are difficult. Most people only see | :05:26. | :05:31. | |
globalisation as meaning a loss of jobs and an influx of cheap goods | :05:32. | :05:35. | |
coming in from other countries. Thank you. We will talk to you | :05:36. | :05:44. | |
later. Now, Toyota. It has seen a big jump | :05:45. | :05:53. | |
in sales in China in November. Some say it is a sign that consumers have | :05:54. | :05:58. | |
not been put off Japanese goods, despite the recent spat over | :05:59. | :06:03. | |
disputed islands. We are joined from Singapore. Tell us more about this. | :06:04. | :06:11. | |
Of course, the space between China and Japan is only very recent, isn't | :06:12. | :06:21. | |
it? Absolutely. We are seeing quite encouraging numbers despite the row | :06:22. | :06:30. | |
between the Chinese and Japanese. The sales rose by almost 41%. Is the | :06:31. | :06:38. | |
third month in a row of gains this year. The November sale is the first | :06:39. | :06:48. | |
month 's is a territorial dispute between Asia's? Biggest economies | :06:49. | :06:54. | |
surface. Japanese brands are still escaping the backlash they faced | :06:55. | :06:56. | |
last year over a group of disputed islands in the East China Sea. This | :06:57. | :07:02. | |
illustrates the contrast and the economic fallout between last two's | :07:03. | :07:08. | |
to make the speech in this year. Analysts say the pressure on | :07:09. | :07:11. | |
Japanese automakers will always be there. They will always need to find | :07:12. | :07:16. | |
the best way to cope with the current situation, given that China | :07:17. | :07:21. | |
is a must have market. They think that the impact over the disputed | :07:22. | :07:29. | |
islands, and China cream this as a fence area will start impacting | :07:30. | :07:32. | |
sales numbers this December. We will have to see. An Italian fashion | :07:33. | :07:45. | |
house, Ferragamo, is betting on China's love affair with fashion. | :07:46. | :07:47. | |
It's heavily invested in China, but with growth in that market slowing, | :07:48. | :07:50. | |
it's looking to other countries in south`east Asia. Ashleigh Nghiem | :07:51. | :07:53. | |
spoke to the firm's CEO and Salvatore Ferragamo's grandson to | :07:54. | :08:01. | |
find out more. The luxury fashion label Ferragamo | :08:02. | :08:06. | |
is a long`standing favourite amongst Hollywood and Beverley Hill 's | :08:07. | :08:14. | |
luminaries, but Asia is becoming part of the business. The demand is | :08:15. | :08:26. | |
largely driven by demand from China. Beijing and Shanghai have been | :08:27. | :08:30. | |
overestimated. Every brand has four or five stores. The competition is | :08:31. | :08:39. | |
very high. Local consumers have the opportunity to travel more abroad. | :08:40. | :08:48. | |
Our strategy to distribute to cover the whole Chinese territorial has | :08:49. | :08:55. | |
been a good one. The CEO believes there are still big opportunities | :08:56. | :08:58. | |
for growth in other parts of Asia, including Indonesia, the unarmed and | :08:59. | :09:08. | |
the Philippines. `` Vietnam's. Today we have a fashion show, it is live | :09:09. | :09:14. | |
streaming. Anyone can see it. The information is available. This is | :09:15. | :09:19. | |
creating more commonality then there was in the past. With the profits in | :09:20. | :09:24. | |
Asia, many luxury brands are putting in a big effort. How was this firm | :09:25. | :09:30. | |
trying to do sting which it runs? We are launching a major water brand. | :09:31. | :09:37. | |
`` trying to distinguish its brands. We want customers to come in | :09:38. | :09:44. | |
and order issues. They can select the material, the colour of the | :09:45. | :09:49. | |
ornaments, and have the shoe personalised. That is becoming more | :09:50. | :09:55. | |
important. Today, everything is becoming so available. The ability | :09:56. | :10:02. | |
to select something made for them, on their specific needs, is what | :10:03. | :10:10. | |
luxury has become. An old brands trying new tricks, just one sign of | :10:11. | :10:16. | |
how tough it has become for all luxury brands given Chinese is | :10:17. | :10:19. | |
spending on these products has dramatically slowed in the past two | :10:20. | :10:24. | |
years. We will talk you through the | :10:25. | :10:27. | |
newspapers in a moment. Stay with us. The final format victims of | :10:28. | :10:43. | |
Friday's helicopter crash have been named by police. Officers have now | :10:44. | :10:49. | |
finished their fingertip search of the Clutha Vaults pub, and the | :10:50. | :10:51. | |
helicopter is being taken to Hampshire to be studied by air crash | :10:52. | :10:55. | |
investigators. Dan Johnson reports from the scene in | :10:56. | :10:56. |