Browse content similar to 16/02/2017. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with Aaron Heslehurst | :00:00. | :00:00. | |
The European Parliament backs a big trade deal with Canada. | :00:00. | :00:26. | |
Could it serve as a model for a future British | :00:27. | :00:29. | |
Prosecutors in South Korea get another shot at arresting the big | :00:30. | :00:35. | |
That bloke in the middle with the suit! | :00:36. | :00:45. | |
Good morning, Britain. Hello, world. I am sitting down for once. If this | :00:46. | :01:03. | |
is your first time, I have eight minutes to tell you what is going on | :01:04. | :01:05. | |
in the business world. After eight years of negotiations, | :01:06. | :01:06. | |
the EU parliament has approved a landmark free trade | :01:07. | :01:09. | |
deal with Canada. Lawmakers in Strasbourg voted | :01:10. | :01:11. | |
in favour of the so-called CETA agreement, which is hoped to add | :01:12. | :01:14. | |
billions of dollars both sides Once fully implemented, | :01:15. | :01:17. | |
the deal will eliminate 99% of the tariffs between Canada | :01:18. | :01:20. | |
and the EU, increase trade by 22.9%, and the European Commission | :01:21. | :01:23. | |
estimates that this could increase trade between the two | :01:24. | :01:26. | |
by nearly a quarter. Now that the EU Parliament has given | :01:27. | :01:31. | |
the green light to the deal, both sides can start | :01:32. | :01:34. | |
removing trade barriers. But the agreement goes | :01:35. | :01:37. | |
beyond the simple removal of tariffs and calls for further reforms | :01:38. | :01:40. | |
which would require ratification That is important to stress. That is | :01:41. | :02:10. | |
about, what, 28 EU members, and take out the UK. | :02:11. | :02:11. | |
This includes controversial measures such as the creation of a dedicated | :02:12. | :02:13. | |
court to settle disputes between governments and investors. | :02:14. | :02:16. | |
CETA is Canada's biggest trade deal since the North America Free Trade | :02:17. | :02:19. | |
pointed to CETA as a potential model for Brexit once the UK formally | :02:20. | :02:37. | |
With me is Allie Renison from the Institute of Directors. | :02:38. | :02:41. | |
It is good to happy with at this horrible hour. Many members of the | :02:42. | :02:50. | |
European Parliament are patting their backs. They call it Europe's | :02:51. | :02:55. | |
most modern ever trade deal. They said EU policy will never be the | :02:56. | :03:00. | |
same again. Is this a watershed moment? It is as we have events | :03:01. | :03:06. | |
spiralling beyond the control of the EU, like President Trump and anti- | :03:07. | :03:13. | |
free trade rhetoric. The deal was not signed. There was the element of | :03:14. | :03:18. | |
the Belgium problem in holding up the signature. Summer events have | :03:19. | :03:22. | |
conspired to make it a slightly bigger watershed moment than it | :03:23. | :03:28. | |
should have been. -- some events. Critics really do not like this. | :03:29. | :03:33. | |
They are using terms... They are saying yes to Ceta is a trampling of | :03:34. | :03:52. | |
the people, calling it a Trojan horse, and a threat to democracy and | :03:53. | :03:56. | |
the rule of law. That is because of the creation of investor state | :03:57. | :03:59. | |
dispute. It has greater investor protection. That benefits | :04:00. | :04:03. | |
multinational companies. Can you break that down? It allows | :04:04. | :04:07. | |
investors, if they set up a huge investment, take for example | :04:08. | :04:11. | |
Germany, after Germany decided it did not want nuclear energy any | :04:12. | :04:18. | |
more, a Swedish nuclear company sued them saying that it takes away their | :04:19. | :04:22. | |
losses and they wanted to recoup them. This is commercial law. It is | :04:23. | :04:27. | |
done by investment treaties being incorporated into trade treaties. | :04:28. | :04:32. | |
People are finding it for the first time about these investor state | :04:33. | :04:36. | |
dispute settlement provisions. They have been going on for 50 years. | :04:37. | :04:40. | |
Germany is the biggest critic. That is where it originated in. People | :04:41. | :04:46. | |
are coming to grips with something that has been around a long time. | :04:47. | :04:50. | |
Some are asking the question, could this be used as a model for British | :04:51. | :04:59. | |
- Canadian trade deals? Once they leave the EU. This is certainly a | :05:00. | :05:04. | |
model in that it is a trade agreement, but it goes nowhere near | :05:05. | :05:07. | |
matching the level of access we have now. 99% of tariffs, but in | :05:08. | :05:12. | |
sensitive areas of the agriculture, tariffs were phased out over a long | :05:13. | :05:18. | |
time. You would want to go much further with a Brexit deal. I have | :05:19. | :05:22. | |
to move on. But I was saying how this goes beyond tariffs. Anything | :05:23. | :05:30. | |
else added to the deal has to be approved by 28 other governments, | :05:31. | :05:33. | |
right? We are jumping ahead of ourselves. It has been signed but it | :05:34. | :05:39. | |
has to be ratified. That is it big thing to do, to get 28 governments | :05:40. | :05:46. | |
to agree. You can sometimes need smaller governments within those | :05:47. | :05:48. | |
governments to agree as well. Great stuff. Thank you. We appreciate it. | :05:49. | :05:54. | |
You can get out of here and warm up. USA and earlier how cold it was. -- | :05:55. | :06:00. | |
you were saying earlier. For the second time in three weeks, | :06:01. | :06:07. | |
a court will decide whether to grant a request to arrest the head | :06:08. | :06:11. | |
of South Korea's largest company. A hearing is under way | :06:12. | :06:14. | |
where prosecutors will be trying to persuade a judge that there | :06:15. | :06:17. | |
is enough evidence to arrest JY Lee, He's a suspect in a bribery | :06:18. | :06:20. | |
investigation which could bring down the country's president, | :06:21. | :06:25. | |
President Park. Rico Hizon has been | :06:26. | :06:26. | |
following the story from our It is great to see you, my friend. A | :06:27. | :06:43. | |
lovely day to you. This guy is a big fish. Yes. What are the chances of | :06:44. | :06:46. | |
the prosecutors getting this through the judges? Let me tell you, the | :06:47. | :06:50. | |
prosecutors are throwing big kitchensink at Jay Y Lee. They have | :06:51. | :06:55. | |
expanded charges against him to include bribery, embezzlement, | :06:56. | :07:02. | |
hiding assets, and perjury. Prosecutors have focused on Samsung | :07:03. | :07:09. | |
Group's relationship with the president of South Korea, accusing | :07:10. | :07:14. | |
him of giving $38 million to business organisations backed by Ms | :07:15. | :07:22. | |
Park's friend for support of two Samsung companies. But of course, | :07:23. | :07:27. | |
all of the parties have denied these accusations, and prosecutors are | :07:28. | :07:39. | |
also requested the arrest warrant of the CEO of Samsung Electronics. We | :07:40. | :07:43. | |
will find out later today or later tomorrow morning if the arrest | :07:44. | :07:48. | |
warrant will be issued against the Chief of Samsung and the head of | :07:49. | :07:59. | |
Samsung Electronics. I am waiting with bated breath. Hopefully I will | :08:00. | :08:02. | |
talk to you tomorrow if you are in. I am in, are you? I am. See you | :08:03. | :08:05. | |
soon. Let us talk about Lufthansa. The boss of Lufthansa says the firm | :08:06. | :08:11. | |
has made great progress The German carrier is under fierce | :08:12. | :08:14. | |
competition from low-cost rivals, and has suffered more than a dozen | :08:15. | :08:18. | |
strikes over the past 12 months As a part of our series | :08:19. | :08:22. | |
on the challenges facing the global airline industry we've been speaking | :08:23. | :08:26. | |
with Lufthansa's Chief Executive, Eurowings, was crucial | :08:27. | :08:29. | |
for Lufthansa in allowing it We have places in Germany, | :08:30. | :08:51. | |
Stuttgart, Luxembourg, Hamburg, they are rich business centres | :08:52. | :08:55. | |
themselves, and we had to realise we could not compete there with our | :08:56. | :08:59. | |
brand of Lufthansa and the cost of it. We had to create a new brand | :09:00. | :09:04. | |
which is still the best value for money but at much lower cost and | :09:05. | :09:09. | |
that was a necessity. We started late on that which forced us to | :09:10. | :09:13. | |
really accelerate over the last two years. But we have now reached the | :09:14. | :09:17. | |
number one position and we are number three in Europe in this | :09:18. | :09:22. | |
regard. That was quite a race over the last two years. You have paid a | :09:23. | :09:28. | |
price for this. There has been a great deal of industrial action | :09:29. | :09:31. | |
costing you a lot of money. Will you look back on this and say it was all | :09:32. | :09:36. | |
worthwhile? Two things came together on industrial action. First of all, | :09:37. | :09:43. | |
every legacy alive that still carries on money has to go through | :09:44. | :09:51. | |
that process. Secondly, unfortunately, unions tend to see | :09:52. | :09:54. | |
internal competition much more critically banned external | :09:55. | :10:05. | |
competition. -- than. That is why we overcame an issue we would have to | :10:06. | :10:10. | |
have overcome any way. That is why it is so important that Eurowings | :10:11. | :10:15. | |
were offered well-paid jobs, much better than competitors. We provide | :10:16. | :10:24. | |
good standard up to European standards. That creates a business | :10:25. | :10:31. | |
model. Are the unions now seeing the big picture? We made great progress. | :10:32. | :10:36. | |
Now we have 95% of our staff on either new contracts or modified | :10:37. | :10:44. | |
contract. We had a huge issue with pensions, as many other German | :10:45. | :10:47. | |
companies were able to solve, with 95% of our staff. I am sure we will | :10:48. | :10:52. | |
be able to find solutions for the remainder of our staff. I am Aaron | :10:53. | :11:01. | |
Heslehurst. Thank you for sharing your time with me. I will be back | :11:02. | :11:04. | |
later. Goodbye. Social care for elderly people | :11:05. | :11:08. | |
is on the brink of collapse in some parts of England, according | :11:09. | :11:12. | |
to the charity, Age UK. It says more than 50,000 people | :11:13. | :11:14. | |
are now not receiving any help, | :11:15. | :11:19. |