Browse content similar to 10/03/2014. Check below for episodes and series from the same categories and more!
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programme. It's the country's first official visit from an EU figure in | :00:00. | :00:00. | |
six years. With less than one week to a | :00:00. | :00:24. | |
referendum in Crimea, dismiss leaders in Ukraine called for calm | :00:25. | :00:28. | |
and a diplomatic solution to the crisis. -- business leaders. Trade | :00:29. | :00:35. | |
talks between the US and EU resume but disagreements over farming looks | :00:36. | :00:45. | |
set to block progress. Also in the programme, we look at poor economic | :00:46. | :00:49. | |
news from the world 's second and third largest economies. First, as | :00:50. | :00:57. | |
you have been hearing, a referendum in Crimea on the region joining | :00:58. | :01:01. | |
Russia is less than one week away and tensions on the peninsula are | :01:02. | :01:04. | |
rising. Ukrainian business leaders warned that escalating tensions are | :01:05. | :01:09. | |
causing more damage to a near bankrupt economy, as the stand-off | :01:10. | :01:14. | |
continues to draw the attention of leaders around the world. How is | :01:15. | :01:18. | |
business on the ground being hit by this uncertainty? Thank you for | :01:19. | :01:32. | |
joining me. You are joining us on a personal capacity. It's a critical | :01:33. | :01:36. | |
week for Ukraine, with this referendum of sorts happening in six | :01:37. | :01:43. | |
days. Give us your take on what is happening at the moment. There has | :01:44. | :01:50. | |
been an invasion by Russian troops. That is fairly obvious. The | :01:51. | :02:04. | |
referendum in six days, I'm told, cannot actually take place properly | :02:05. | :02:06. | |
because there is not enough time to organise it. In terms of what | :02:07. | :02:13. | |
business leaders say and those involved in the economics of the | :02:14. | :02:17. | |
region, there is huge frustration because the economy is close to | :02:18. | :02:21. | |
bankruptcy and is in need of immediate financial assistance, and | :02:22. | :02:27. | |
yet Ukraine has huge potential. It has enormous potential. Ukraine 's | :02:28. | :02:41. | |
potential comes into areas. The most important is that within a decade, | :02:42. | :02:47. | |
food supplies in the world will become quite tight. Ukraine is the | :02:48. | :02:55. | |
only major agricultural producer that has not been sensibly | :02:56. | :02:59. | |
developed. It could probably increase its food production by | :03:00. | :03:04. | |
about 400%. When food becomes tight, the world will look to Ukraine for | :03:05. | :03:10. | |
food and the Middle East and North Africa will probably depend upon | :03:11. | :03:13. | |
Ukraine for food, which makes it a very strategic place. Crimea in | :03:14. | :03:17. | |
particular could become the California of Europe and North | :03:18. | :03:24. | |
Africa and the Middle East. It has a warm microclimate but it depends on | :03:25. | :03:30. | |
Ukraine for its water. The gas potential in the Black Sea as well. | :03:31. | :03:36. | |
That's important, isn't it? Again, especially in terms of Crimea. It's | :03:37. | :03:45. | |
very important. Exxon Mobil has made a major discovery near Romania. | :03:46. | :03:53. | |
Several companies now have the right to drill off the Crimean short, the | :03:54. | :04:02. | |
rights with Ukraine. But this depends on Crimea remaining with | :04:03. | :04:06. | |
Ukraine. What do you think the outcome of all of this will be? | :04:07. | :04:14. | |
Given that Ukraine had a referendum in 1991 and voted 93% in favour of | :04:15. | :04:19. | |
independence and that in 1994, Russia, the UK and US guaranteed the | :04:20. | :04:23. | |
territorial integrity of the Ukraine, I believe that Russia | :04:24. | :04:28. | |
should withdraw and the Ukraine should continue to be the state as | :04:29. | :04:30. | |
it is. Thank you. Of course, we will keep you | :04:31. | :04:43. | |
up-to-date as well. Now, let's talk about something else. Trade talks | :04:44. | :04:49. | |
are resuming again between the US and EU today, the so-called | :04:50. | :04:55. | |
Transatlantic Trade and Investment Partnership aims to boost economic | :04:56. | :04:59. | |
growth and jobs on both sides by liberalising trade and investment | :05:00. | :05:06. | |
between the two largest economic regions in the world. But with | :05:07. | :05:09. | |
Europe reluctant to make any exceptions on importing GM crops and | :05:10. | :05:14. | |
hormone treated beef, is any kind of deal feasible? We are not going to | :05:15. | :05:23. | |
change our basic legislation, which means the existing GM legislation | :05:24. | :05:31. | |
remains in force. On the other hand, we will also realise that about 50 | :05:32. | :05:40. | |
GM products have been authorised. The legislation does not forbid GM. | :05:41. | :05:48. | |
Instead, there is a process of authorisation on the basis of the | :05:49. | :05:51. | |
proportional principle and the commission has to decide. There is | :05:52. | :05:56. | |
legislation. What about public procurement. A lot of American | :05:57. | :06:02. | |
states have legislation to buy American. Politically, it will be | :06:03. | :06:10. | |
difficult for them to make an exception. What stands with GM also | :06:11. | :06:19. | |
stands for hormone treated beef. That is related to our concerns for | :06:20. | :06:22. | |
health and safety. This is not for discussion. You will not give ground | :06:23. | :06:28. | |
on that but at the same time, you expect the Americans to give ground | :06:29. | :06:34. | |
on by American legislation. That is completely different. National | :06:35. | :06:42. | |
preferences is a traditional trade issue. This is a trade issue. It's | :06:43. | :06:47. | |
not an issue that is to do with health and safety. It's completely | :06:48. | :06:53. | |
different. To be clear, you think that whatever concessions you end up | :06:54. | :06:57. | |
making, the prize of the deal with the US is worth it? Yes because it | :06:58. | :07:03. | |
will widen the market and it will create growth and jobs and it will | :07:04. | :07:13. | |
enormously facilitate, I believe, small to medium-sized enterprises in | :07:14. | :07:16. | |
the American market, which will become much more transparent to | :07:17. | :07:20. | |
them. Apart from that, we should also realise that the next major | :07:21. | :07:26. | |
battle on trade is going to be about laws and standards and regulations. | :07:27. | :07:33. | |
That's what the next contest is going to be about. That was the | :07:34. | :07:41. | |
trade commissioner of the EU. It has not been a good start to the trading | :07:42. | :07:46. | |
week at all in Asia thanks to some pretty dismal news about the world | :07:47. | :07:49. | |
's second and third largest economies. You are always smiling, | :07:50. | :07:58. | |
regardless of what the news might be. Good morning and nice to see | :07:59. | :08:05. | |
you. As always, light at the end of the tunnel. Many people, you are | :08:06. | :08:09. | |
that light. What is the news from China? It's all about the export | :08:10. | :08:16. | |
sector. Outgoing shipments from garments, machinery to consumer | :08:17. | :08:20. | |
electronics, came in worse than expected, falling more than 18% in | :08:21. | :08:25. | |
the month of February compared to the same period last year. The | :08:26. | :08:30. | |
forecast was for an increase of 7%. You can see the discrepancy. As for | :08:31. | :08:34. | |
imports, it had a steady 10% year-on-year increase. That falling | :08:35. | :08:40. | |
exports unexpectedly swung this whole trade balance into deficit. | :08:41. | :08:46. | |
When you speak to analysts about China 's deficit, they say that this | :08:47. | :08:49. | |
does not bode well for the country's trade this year. It comes just days | :08:50. | :08:57. | |
after the mainland 's premier Li Keqiang set the growth forecast at a | :08:58. | :09:05. | |
steady 7.5%. We will have to see if they can stick to that forecast. The | :09:06. | :09:09. | |
growth figures out of Japan were also pretty dire. They have been | :09:10. | :09:15. | |
revised downwards further. Yes. The initial estimate was 1% but it just | :09:16. | :09:22. | |
grew by 0.7%. This revised data brings about concerns about the pace | :09:23. | :09:27. | |
of the economic recovery under the prime minister Shinzo Abe. On the | :09:28. | :09:32. | |
current account deficit front, it widened to a record $15 billion in | :09:33. | :09:37. | |
January, the largest since records began in 1985, and these figures | :09:38. | :09:43. | |
will now turn focus on the bank of Japan. There is speculation they | :09:44. | :09:48. | |
could unveil further monetary easing measures to counter a possible | :09:49. | :09:51. | |
slowdown from a sales tax hike, which begins on the 1st of April. | :09:52. | :10:01. | |
Thank you. Looking at the financial markets, as you can imagine, | :10:02. | :10:06. | |
sentiment has been hit across-the-board. Japan is down over | :10:07. | :10:11. | |
1% at the moment, so is Hong Kong. All of the markets have lost a bit | :10:12. | :10:16. | |
of ground. Looking at the currencies as well before we say goodbye. | :10:17. | :10:26. | |
Stay with us. We will be talking about the front-page headlines | :10:27. | :10:46. | |
next. Thank you. Now, talking about the weather transport system | :10:47. | :10:48. | |
operates for patients we need new lungs. It's a scandal and needs to | :10:49. | :10:52. | |
change, according to | :10:53. | :10:53. |