Browse content similar to 10/11/2017. Check below for episodes and series from the same categories and more!
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This is Business Briefing. | 0:00:14 | 0:00:15 | |
I'm Sally Bundock. | 0:00:15 | 0:00:20 | |
The headlines: Under pressure. | 0:00:20 | 0:00:22 | |
Round 6 of Brexit talks end today,
amid warnings Britain has just two | 0:00:23 | 0:00:26 | |
weeks to break the deadlock. | 0:00:26 | 0:00:30 | |
Plus - it was all sewn up,
now a $29 trillion trade deal | 0:00:30 | 0:00:33 | |
lies in tatters. | 0:00:33 | 0:00:34 | |
But is there life after Trump
for the Trans Pacific Partnership? | 0:00:34 | 0:00:38 | |
And on the markets: | 0:00:38 | 0:00:44 | |
A mixed day emerging across the
board in Asia, following a downbeat | 0:00:44 | 0:00:48 | |
day on Wall Street the | 0:00:48 | 0:00:49 | |
We start in Brussels,
where EU and UK negotiators | 0:01:03 | 0:01:06 | |
are about to wrap up the sixth
round of Brexit talks. | 0:01:06 | 0:01:12 | |
EU sources have told the BBC that
Britain has as little as two weeks | 0:01:12 | 0:01:19 | |
to make progress on deadlocked
issues, particularly the so called | 0:01:19 | 0:01:22 | |
divorce bill, if its to move
on to trade talks at the EU | 0:01:22 | 0:01:25 | |
summit in December. | 0:01:25 | 0:01:26 | |
Meanwhile, former UK prime minister
Gordon Brown has warned that the UK | 0:01:26 | 0:01:29 | |
may hit a "crisis point next summer"
as the UK edges closer to Brexit | 0:01:29 | 0:01:33 | |
without a deal and held out
the possibility that the UK may not | 0:01:33 | 0:01:36 | |
leave the EU. | 0:01:37 | 0:01:43 | |
I think what's going to happen is we
are going to come to a crisis point | 0:01:43 | 0:01:47 | |
next summer and I can't tell you
exactly how it is going to work | 0:01:47 | 0:01:51 | |
itself out but this is what will
happen. By next summer the public | 0:01:51 | 0:01:55 | |
will have made up their mind that
the four red line is that the | 0:01:55 | 0:01:59 | |
government had actually set in place
are not going to be achievable. So | 0:01:59 | 0:02:03 | |
we will not have proper control of
borders, we will not have proper | 0:02:03 | 0:02:06 | |
control of our money, we will not
have proper control of our courts | 0:02:06 | 0:02:11 | |
and law because we will still be
governed in many ways by the | 0:02:11 | 0:02:17 | |
European Court of Justice and we
won't have individual trade and | 0:02:17 | 0:02:20 | |
agreements for years. So all the
propositions made by the Leave camp, | 0:02:20 | 0:02:25 | |
including 350 million a week from
the national health service, they | 0:02:25 | 0:02:29 | |
aren't being achieved. So we need to
assess the position and in my view | 0:02:29 | 0:02:33 | |
you can't go back to the electorate
and say, you were wrong. You can't | 0:02:33 | 0:02:36 | |
do that. People have made their
decision and it is -- right for that | 0:02:36 | 0:02:48 | |
to happen. But is there a game
changer? Is there something we | 0:02:48 | 0:02:52 | |
didn't get right last time that
would persuade millions of Leave | 0:02:52 | 0:02:56 | |
voters to think it was worth going
for Remain? | 0:02:56 | 0:03:01 | |
With me is Dr Elaine Fahey,
from City Law School. | 0:03:01 | 0:03:05 | |
Good morning. What do you make of
what he had to say, the possibility | 0:03:05 | 0:03:13 | |
of a game changer, the possibility
of the UK remaining? There are lots | 0:03:13 | 0:03:18 | |
of legal possibilities to extend the
negotiation period for the UK to | 0:03:18 | 0:03:23 | |
withdraw its notification. All of
these things are possible. From a | 0:03:23 | 0:03:27 | |
short-term perspective a huge
question about how to manage this | 0:03:27 | 0:03:32 | |
gap in the phase we are now and to
move onwards to face the | 0:03:32 | 0:03:37 | |
negotiation. The EU is putting
pressure on the UK, saying we have | 0:03:37 | 0:03:41 | |
two weeks to get to the next steps
we can discuss trade. But the | 0:03:41 | 0:03:45 | |
problem is the real sticking point,
the question of Northern Ireland, | 0:03:45 | 0:03:48 | |
the divorce Bill, it seems to be
very little movement on those or | 0:03:48 | 0:03:55 | |
agreement on those. There are still
huge stumbling blocks to do with any | 0:03:55 | 0:04:01 | |
of these questions. The European
Parliament has just writ -- rejected | 0:04:01 | 0:04:07 | |
the latest issues regarding human
rights. The customs issues have come | 0:04:07 | 0:04:13 | |
to the table. They say we must stay
within the union for that. At every | 0:04:13 | 0:04:17 | |
stage there are enormous gaps to be
bridged, so it remains a difficult | 0:04:17 | 0:04:21 | |
question, how to get out of this
stage. The EU say... How did they | 0:04:21 | 0:04:26 | |
freighted? They want to see a
certain amount of progress? | 0:04:26 | 0:04:29 | |
Sufficient progress. How do you
define sufficient progress? It is an | 0:04:29 | 0:04:37 | |
interpretation of the law in many
ways. It is unambiguous idea as to | 0:04:37 | 0:04:42 | |
what the law is. It is hard to see
how to get out of the situation | 0:04:42 | 0:04:47 | |
without having the political
determination. Do you hope that in | 0:04:47 | 0:04:54 | |
two weeks we will be able to discuss
trade? I think it will be very | 0:04:54 | 0:04:58 | |
difficult to meet that test, given
the fact that the customs union has | 0:04:58 | 0:05:06 | |
150 areas between Ireland and the
UK, between citizens rights, about | 0:05:06 | 0:05:11 | |
750 treaties between the EU and UK.
Thank you very much for your time. | 0:05:11 | 0:05:17 | |
Of course we should keep a close eye
on those talks and we will let you | 0:05:17 | 0:05:21 | |
know of any progress made or
otherwise. Let's focus on rage of -- | 0:05:21 | 0:05:25 | |
Asia. President Trump is continuing
his tour. He has just landed in | 0:05:25 | 0:05:34 | |
Vietnam for the summit. The US
president sent shock waves around | 0:05:34 | 0:05:39 | |
the region when he pulled out of a
massive trade deal, the newly | 0:05:39 | 0:05:45 | |
announced Trans-Pacific Partnership.
Other countries involved are now | 0:05:45 | 0:05:47 | |
trying to salvage that deal. Let's
show you some detail, including the | 0:05:47 | 0:05:54 | |
US -- that the US would have been
worth about 38% of world GDP, | 0:05:54 | 0:06:01 | |
according to research. Without US
involvement you can cut back to $10 | 0:06:01 | 0:06:08 | |
trillion, or just 13.5% of the world
economy. The US retreat from the | 0:06:08 | 0:06:13 | |
deal is also providing a big
opportunity for China and the | 0:06:13 | 0:06:16 | |
dilemma for smaller countries, like
Vietnam. Our correspondent has been | 0:06:16 | 0:06:23 | |
finding out. Vietnam is one of the
world's biggest garment exporters. | 0:06:23 | 0:06:30 | |
And you can see why at this factory
in Ho Chi Minh City, which produces | 0:06:30 | 0:06:34 | |
everything from men's suits the
women's coats. Every single day. | 0:06:34 | 0:06:39 | |
Some of America's best-known brands
are made here under the watchful eye | 0:06:39 | 0:06:44 | |
of Michael. The US is still his
biggest customer, despite it pulling | 0:06:44 | 0:06:49 | |
out of the DPP. But that could
change. We are starting to see many | 0:06:49 | 0:06:54 | |
enquiries from some of China's
largest garment producers as well as | 0:06:54 | 0:07:00 | |
fabric producers and we see that as
being a very profitable business. | 0:07:00 | 0:07:04 | |
China is already a major customer
for Vietnam's against coffee | 0:07:04 | 0:07:08 | |
exporter and grains provide. It
sells rice to China, but also | 0:07:08 | 0:07:12 | |
exports to the US. The chairman says
Vietnam needs to balance these | 0:07:12 | 0:07:17 | |
competing interests. The US and
China are both powerful countries, | 0:07:17 | 0:07:22 | |
but they are also locked in
conflict. They both want to drag | 0:07:22 | 0:07:27 | |
Vietnam to their side and Vietnam
should take advantage of that. | 0:07:27 | 0:07:31 | |
Member Vietnam's economy is still
pretty basic. It's about supplying | 0:07:31 | 0:07:34 | |
raw materials and produce to market
elsewhere and labour-intensive | 0:07:34 | 0:07:39 | |
manufacturing. That's why this is so
important. If the original U.S.-led | 0:07:39 | 0:07:45 | |
TBB deal had gone through it would
have boosted Vietnam's economy by | 0:07:45 | 0:07:50 | |
about 10% over the next couple of
decades and that would have lifted | 0:07:50 | 0:07:57 | |
the impacts on people here. That's
why it is on the agenda of the | 0:07:57 | 0:08:02 | |
summit, held here. Both Vietnam and
China have clashed over the waters, | 0:08:02 | 0:08:06 | |
but the US's lack of engagement
means Hanoi may have the edge closer | 0:08:06 | 0:08:10 | |
to Beijing. | 0:08:10 | 0:08:13 | |
Now let's brief you some
other business stories. | 0:08:13 | 0:08:16 | |
Walt Disney has seen annual profits
fall for the first time since 2009, | 0:08:16 | 0:08:19 | |
amid growing competition from
streaming services like Netflix. | 0:08:19 | 0:08:21 | |
Shares though rallied after it
announced a deal to make three | 0:08:22 | 0:08:24 | |
new Star Wars movies. | 0:08:25 | 0:08:28 | |
The CEO refused to comment
on reports it has held talks | 0:08:28 | 0:08:31 | |
on a partial takeover
of Twenty First Century Fox, | 0:08:31 | 0:08:33 | |
but did not rule out
making an acquisition. | 0:08:33 | 0:08:37 | |
US interest rates are likely to rise
again next month and a further three | 0:08:39 | 0:08:43 | |
times next year, according to one of
the Federal Reserve's rate-setters. | 0:08:43 | 0:08:46 | |
John Williams, who sits
on the Fed's Open Markets Committee, | 0:08:47 | 0:08:49 | |
said a rate rise in December "makes
sense, at least based | 0:08:49 | 0:08:52 | |
on the information I have today". | 0:08:52 | 0:08:55 | |
on the information I have today". | 0:08:55 | 0:08:59 | |
One of the founders of Facebook,
Sean Parker, has unloaded | 0:08:59 | 0:09:02 | |
worries and criticisms
of the network at a technology | 0:09:02 | 0:09:05 | |
industry event, saying he had no
idea what he was doing at the time | 0:09:05 | 0:09:08 | |
of its creation. | 0:09:09 | 0:09:10 | |
He described the thought process
behind social media applications as: | 0:09:10 | 0:09:14 | |
"How do we consume as much
of your time and conscious | 0:09:14 | 0:09:17 | |
attention as possible? | 0:09:17 | 0:09:18 | |
God only knows what it's doing
to our children's brains." | 0:09:18 | 0:09:28 | |
And now - what's trending
in the business news this morning? | 0:09:29 | 0:09:30 | |
That is our conversation today. What
do you think about what Sean Parker | 0:09:34 | 0:09:39 | |
had to say? Looking at what is
trending, the courts and social | 0:09:39 | 0:09:47 | |
media are discussing a new Star Wars
trilogy. | 0:09:47 | 0:09:52 | |
Quartz says Disney just performed
an old Jedi mind trick | 0:09:52 | 0:09:55 | |
on Wall Street, distracting
investors from falling profits. | 0:09:55 | 0:09:57 | |
From the Business Insider,
Dubai has tested an autonomous | 0:09:57 | 0:10:00 | |
flying taxi drone, which they hope
could be the future | 0:10:00 | 0:10:02 | |
of passenger travel. | 0:10:02 | 0:10:11 | |
And this is a really shocking story
highlighted by the Financial Times | 0:10:11 | 0:10:14 | |
and this is trending. | 0:10:14 | 0:10:15 | |
Indian city locks up its beggars
ahead of Ivanka Trump visit. | 0:10:15 | 0:10:18 | |
Authorities in Hyderabad have taken
hundreds of people off the street | 0:10:18 | 0:10:21 | |
for causing "annoyance
and awkwardness". | 0:10:21 | 0:10:26 | |
And don't forget, let's us know
what you are spotting online. | 0:10:28 | 0:10:32 | |
Use the hashtag BBC-The-Briefing. | 0:10:32 | 0:10:36 | |
Looking at the markets, this time
yesterday we had strong gains across | 0:10:36 | 0:10:40 | |
the board in Asia, especially Japan.
It was at a 25 year high at one | 0:10:40 | 0:10:45 | |
point. Markets have come down little
bit. Japan just over 1%. There is | 0:10:45 | 0:10:49 | |
talk of concern about the tax
changes in the US. They may not be | 0:10:49 | 0:10:54 | |
as robust as Trump has promised. See
you soon for the News Briefing. | 0:10:54 | 0:11:00 |