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Now on BBC News all the latest business news live from Singapore. | :00:00. | :00:14. | |
A megamerger in corporate America - AT wants to buy Time Warner. We | :00:15. | :00:24. | |
look at what is at stake. Under review - the Chinese government will | :00:25. | :00:28. | |
go over the code of conduct with its officials to extend the drive to | :00:29. | :00:30. | |
crack down on corruption. It is Monday, the start of a | :00:31. | :00:35. | |
brand-new trading week. Glad | :00:36. | :00:45. | |
you could join me for this Monday The biggest media deal in recent | :00:46. | :00:54. | |
years faces an uphill battle with American telecoms company AT | :00:55. | :00:57. | |
needing to get regulatory approval for the plan to buy the media and | :00:58. | :01:03. | |
entertainment giant Time Warner. The deal is worth more than $85 billion | :01:04. | :01:09. | |
US, which would make it one of the biggest corporate takeovers so far | :01:10. | :01:15. | |
in 2016. Critics have warned of the potential merger, if approved by | :01:16. | :01:19. | |
regulators, concentrates too much media power into one entity. Our | :01:20. | :01:23. | |
correspondent reports on what's at stake. | :01:24. | :01:29. | |
It is the Gothic fantasy which millions of people pay considerable | :01:30. | :01:38. | |
sums to watch, Game of Thrones is made by HBOS owned by Time Warner, | :01:39. | :01:42. | |
which is why AT is paying ?70 billion to own it. Time Warner is | :01:43. | :01:50. | |
big, very big. Apart from HBO, it owns CNN and the Warner Brothers | :01:51. | :01:55. | |
studios from which the Dark Knight comes. This is the home of Harry | :01:56. | :01:59. | |
Potter, produced by Warner Brothers and it allows Time Warner and AT | :02:00. | :02:04. | |
to raise their sights higher because it brings together two very | :02:05. | :02:08. | |
different companies. AT is the platform or the means with which we | :02:09. | :02:13. | |
access the Internet. While Time Warner is the content or the TV | :02:14. | :02:17. | |
shows and movies that we actually want to watch. Warner Brothers has a | :02:18. | :02:24. | |
huge franchise in Harry Potter and it is very important to us in the | :02:25. | :02:30. | |
UK. What AT is buying is a blue-chip media company with an | :02:31. | :02:35. | |
awful lot of content both in hand and in the pipeline to keep people | :02:36. | :02:42. | |
watching the screen. Byte merging two media giants could deprive | :02:43. | :02:46. | |
consumers of choice and might be resisted by regulators -- but. The | :02:47. | :02:51. | |
would-be next president Donald Trump has already said he would block it. | :02:52. | :02:56. | |
As an example of the power structure, AT is biting Time | :02:57. | :03:02. | |
Warner and thus CNN, a deal we will not approve in my Administration | :03:03. | :03:06. | |
because it is too much concentration of power -- buying. In the hands of | :03:07. | :03:13. | |
too few. If the deal does go ahead, don't expect other giant media | :03:14. | :03:17. | |
companies to sit on their hands. The battle for our eyeballs is merely | :03:18. | :03:22. | |
getting started. For more about AT's planned | :03:23. | :03:26. | |
acquisition, check out the website for the latest on the story, at BBC | :03:27. | :03:33. | |
.com /business. An important meeting in China today, the top political | :03:34. | :03:37. | |
leaders in the country to review decades old codes of conduct. That | :03:38. | :03:45. | |
is at the central committee plenum. Previous have led to crackdowns in | :03:46. | :03:49. | |
corruption, a fitting casinos, luxury goods and alcohol sales. We | :03:50. | :03:54. | |
speak with a China expert and independent analyst, Fraser Howley, | :03:55. | :03:57. | |
who told me what we can expect. These are private meetings. We will | :03:58. | :04:03. | |
get nothing publicly -- Howie. The couple of messages will be | :04:04. | :04:07. | |
emphasised, one is unity, one is loyalty to the party, which is what | :04:08. | :04:12. | |
Xi Jinping is strong on. He doesn't want to lose the gains on the | :04:13. | :04:16. | |
corruption tracked down, which has been a keystone policy obvious. How | :04:17. | :04:21. | |
successful has he been, though, in his anticorruption drive? In some | :04:22. | :04:24. | |
ways not at all because corruption is endemic in China. Finding corrupt | :04:25. | :04:28. | |
officials and punishing them is easy. How to change the system and | :04:29. | :04:33. | |
put in better checks and balances, whistleblowing, things like that, he | :04:34. | :04:37. | |
has not moved at all. So what should he do to be able to solidify this | :04:38. | :04:42. | |
agenda? There are a couple of things. What he should do is use the | :04:43. | :04:47. | |
legal process. At the moment the legal process, all the corruption | :04:48. | :04:52. | |
programmes are happening outside the Judiciary Committee is happening | :04:53. | :04:55. | |
intraparty, the party say they are guilty and they are processed. He | :04:56. | :04:59. | |
needs to embrace the law and have a more and transparent process. What | :05:00. | :05:03. | |
about reforming the state-owned sector, what more needs to be done? | :05:04. | :05:08. | |
What more needs to be done? Start reforming. He hasn't done any of the | :05:09. | :05:11. | |
things he promised three years ago. It has not been lots of talk but he | :05:12. | :05:15. | |
has done nothing substantial to reform the state. With all of this | :05:16. | :05:20. | |
rhetoric and you say he hasn't done much, he now really wants to | :05:21. | :05:25. | |
consolidate his power base and maybe run the country beyond his term in | :05:26. | :05:30. | |
2022. Will that happen? It is far too early to say. There is a lot of | :05:31. | :05:34. | |
speculation that Xi Jinping sees himself as a strong man in the style | :05:35. | :05:39. | |
of Vladimir Putin in Russia, and there is speculation he will look to | :05:40. | :05:43. | |
extend his term. As I say it's complete speculation. What we are | :05:44. | :05:48. | |
looking for is starting to extend term limits or retirement ages to | :05:49. | :05:54. | |
give an indication they can go past retirement. And what would it mean | :05:55. | :05:58. | |
for the economy, waffling between 6.5% - 7%? At the moment I don't eat | :05:59. | :06:06. | |
it will make a big difference because they can step in to support | :06:07. | :06:10. | |
the economy, they are happy to increase debt to keep growth going, | :06:11. | :06:13. | |
so the immediate term will have no impact, but long-term for China it | :06:14. | :06:18. | |
is a very bad sign. China expert, Fraser Howie. In news just in, Japan | :06:19. | :06:23. | |
is feeling the effects of the global economic slowdown with the latest | :06:24. | :06:28. | |
trade numbers of revealing exports dropping nearly 7% in September | :06:29. | :06:34. | |
compared to a year ago. That is the world straight month of decline in | :06:35. | :06:37. | |
overseas demand for goods made in Japan. Imports also fell 16%. This | :06:38. | :06:43. | |
fresh report puts the trade balance at a surplus of 4.8 billion US | :06:44. | :06:48. | |
dollars. A bid by Australian mining magnate Gina Rinehart and her | :06:49. | :06:55. | |
Chinese joint-venture partner to buy the Kidman Cattle empire could be | :06:56. | :07:00. | |
scuppered with a 100% owned Australian company has made a | :07:01. | :07:04. | |
counter bid of $200 million US, and if accepted it would need approval | :07:05. | :07:08. | |
from the government or regulators. And not just Gina Rinehart is trying | :07:09. | :07:12. | |
to cash in on the market in China with an army of freelance exporters | :07:13. | :07:17. | |
selling a range of goods from beauty products, infant formula, wine and | :07:18. | :07:23. | |
vitamin C Chinese consumers, known as Daigo, expatriate retail | :07:24. | :07:27. | |
consultants, part of the retail trade who use WeChat build a network | :07:28. | :07:33. | |
of clients. From Sydney, this report from Phil Mercer. | :07:34. | :07:37. | |
Multimillion dollar export industry starts with a trip to the shops. | :07:38. | :07:42. | |
This woman is an accountancy graduate in Sydney. She is a Daid, | :07:43. | :07:50. | |
selling health supplements and baby food to 300 clients back home in | :07:51. | :07:58. | |
China. What they want, genuine products -- Daigo. Baby formula is | :07:59. | :08:03. | |
most popular, something everyone cannot buy in good quality or | :08:04. | :08:08. | |
reliable formula in China, so they want to lie from Australia. If it is | :08:09. | :08:16. | |
more extensive, they don't care of the price. Daigo is a retail agent | :08:17. | :08:21. | |
who buys goods to order and in Australia they are almost | :08:22. | :08:24. | |
exclusively from mainland China. Many are small enterprises set up by | :08:25. | :08:28. | |
students to help subsidise rent and university fees. They sell to family | :08:29. | :08:34. | |
and friends. But others do grow far bigger. Some of them grow to much | :08:35. | :08:39. | |
bigger scale businesses, which establish their own logistics, their | :08:40. | :08:44. | |
own e-commerce website and formally distribute products. So it is all | :08:45. | :08:49. | |
about trust. What they are doing is building trust between their clients | :08:50. | :08:54. | |
and client groups' personal connections. They are small, but | :08:55. | :08:59. | |
there are a lot of people. If you pack them together, it is huge. It | :09:00. | :09:05. | |
is estimated there are 40,000 Daigo in Australia and most are based here | :09:06. | :09:09. | |
in Sydney. It has a large Chinese community and many direct flights to | :09:10. | :09:13. | |
China, which makes doing business on lot easier. However, earlier this | :09:14. | :09:17. | |
year the authorities in Beijing tightened regulations on cross | :09:18. | :09:22. | |
online shopping but there is still money to be made. This man started | :09:23. | :09:27. | |
his business with three friends from university just a few weeks ago. | :09:28. | :09:31. | |
They pack their goods with Australian magazines to help prove | :09:32. | :09:39. | |
their authenticity to buyers in China. The income from Daigou is | :09:40. | :09:43. | |
reasonable compared with other working opportunities, like working | :09:44. | :09:49. | |
in a respite or something. 30% in my classes are doing Daigou. The scale | :09:50. | :09:54. | |
of the trade has improved some larger retailers to go into | :09:55. | :09:57. | |
partnerships with these freelance shopping consultants. That is to | :09:58. | :10:02. | |
open up new untapped market in China. Phil Mercer, BBC News, | :10:03. | :10:07. | |
Sydney. Before we go, a quick look | :10:08. | :10:09. | |
US equities closed lower on Friday despite the worse than expected | :10:10. | :10:25. | |
trade numbers of the Nikkei to defy these up a fraction but the all | :10:26. | :10:27. | |
ordinaries index The top stories this hour: A group | :10:28. | :10:27. | |
of hostages from China, Vietnam and the Philippines, | :10:28. | :10:45. | |
held by Somali pirates for nearly five years, has been freed and are | :10:46. | :10:52. | |
on their way home. | :10:53. | :10:56. |