10/11/2017 Business Briefing


10/11/2017

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This is Business Briefing.

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I'm Sally Bundock.

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The headlines: Under pressure.

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Round 6 of Brexit talks end today,

amid warnings Britain has just two

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weeks to break the deadlock.

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Plus - it was all sewn up,

now a $29 trillion trade deal

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lies in tatters.

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But is there life after Trump

for the Trans Pacific Partnership?

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And on the markets:

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A mixed day emerging across the

board in Asia, following a downbeat

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day on Wall Street the

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We start in Brussels,

where EU and UK negotiators

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are about to wrap up the sixth

round of Brexit talks.

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EU sources have told the BBC that

Britain has as little as two weeks

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to make progress on deadlocked

issues, particularly the so called

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divorce bill, if its to move

on to trade talks at the EU

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summit in December.

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Meanwhile, former UK prime minister

Gordon Brown has warned that the UK

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may hit a "crisis point next summer"

as the UK edges closer to Brexit

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without a deal and held out

the possibility that the UK may not

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leave the EU.

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I think what's going to happen is we

are going to come to a crisis point

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next summer and I can't tell you

exactly how it is going to work

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itself out but this is what will

happen. By next summer the public

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will have made up their mind that

the four red line is that the

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government had actually set in place

are not going to be achievable. So

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we will not have proper control of

borders, we will not have proper

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control of our money, we will not

have proper control of our courts

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and law because we will still be

governed in many ways by the

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European Court of Justice and we

won't have individual trade and

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agreements for years. So all the

propositions made by the Leave camp,

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including 350 million a week from

the national health service, they

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aren't being achieved. So we need to

assess the position and in my view

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you can't go back to the electorate

and say, you were wrong. You can't

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do that. People have made their

decision and it is -- right for that

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to happen. But is there a game

changer? Is there something we

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didn't get right last time that

would persuade millions of Leave

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voters to think it was worth going

for Remain?

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With me is Dr Elaine Fahey,

from City Law School.

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Good morning. What do you make of

what he had to say, the possibility

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of a game changer, the possibility

of the UK remaining?

There are lots

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of legal possibilities to extend the

negotiation period for the UK to

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withdraw its notification. All of

these things are possible. From a

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short-term perspective a huge

question about how to manage this

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gap in the phase we are now and to

move onwards to face the

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negotiation.

The EU is putting

pressure on the UK, saying we have

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two weeks to get to the next steps

we can discuss trade. But the

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problem is the real sticking point,

the question of Northern Ireland,

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the divorce Bill, it seems to be

very little movement on those or

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agreement on those.

There are still

huge stumbling blocks to do with any

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of these questions. The European

Parliament has just writ -- rejected

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the latest issues regarding human

rights. The customs issues have come

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to the table. They say we must stay

within the union for that. At every

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stage there are enormous gaps to be

bridged, so it remains a difficult

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question, how to get out of this

stage.

The EU say... How did they

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freighted? They want to see a

certain amount of progress?

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Sufficient progress. How do you

define sufficient progress? It is an

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interpretation of the law in many

ways.

It is unambiguous idea as to

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what the law is. It is hard to see

how to get out of the situation

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without having the political

determination.

Do you hope that in

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two weeks we will be able to discuss

trade?

I think it will be very

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difficult to meet that test, given

the fact that the customs union has

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150 areas between Ireland and the

UK, between citizens rights, about

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750 treaties between the EU and UK.

Thank you very much for your time.

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Of course we should keep a close eye

on those talks and we will let you

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know of any progress made or

otherwise. Let's focus on rage of --

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Asia. President Trump is continuing

his tour. He has just landed in

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Vietnam for the summit. The US

president sent shock waves around

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the region when he pulled out of a

massive trade deal, the newly

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announced Trans-Pacific Partnership.

Other countries involved are now

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trying to salvage that deal. Let's

show you some detail, including the

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US -- that the US would have been

worth about 38% of world GDP,

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according to research. Without US

involvement you can cut back to $10

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trillion, or just 13.5% of the world

economy. The US retreat from the

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deal is also providing a big

opportunity for China and the

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dilemma for smaller countries, like

Vietnam. Our correspondent has been

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finding out. Vietnam is one of the

world's biggest garment exporters.

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And you can see why at this factory

in Ho Chi Minh City, which produces

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everything from men's suits the

women's coats.

Every single day.

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Some of America's best-known brands

are made here under the watchful eye

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of Michael. The US is still his

biggest customer, despite it pulling

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out of the DPP.

But that could

change. We are starting to see many

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enquiries from some of China's

largest garment producers as well as

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fabric producers and we see that as

being a very profitable business.

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China is already a major customer

for Vietnam's against coffee

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exporter and grains provide. It

sells rice to China, but also

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exports to the US. The chairman says

Vietnam needs to balance these

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competing interests.

The US and

China are both powerful countries,

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but they are also locked in

conflict. They both want to drag

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Vietnam to their side and Vietnam

should take advantage of that.

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Member Vietnam's economy is still

pretty basic. It's about supplying

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raw materials and produce to market

elsewhere and labour-intensive

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manufacturing. That's why this is so

important. If the original U.S.-led

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TBB deal had gone through it would

have boosted Vietnam's economy by

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about 10% over the next couple of

decades and that would have lifted

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the impacts on people here. That's

why it is on the agenda of the

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summit, held here. Both Vietnam and

China have clashed over the waters,

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but the US's lack of engagement

means Hanoi may have the edge closer

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to Beijing.

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Now let's brief you some

other business stories.

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Walt Disney has seen annual profits

fall for the first time since 2009,

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amid growing competition from

streaming services like Netflix.

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Shares though rallied after it

announced a deal to make three

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new Star Wars movies.

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The CEO refused to comment

on reports it has held talks

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on a partial takeover

of Twenty First Century Fox,

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but did not rule out

making an acquisition.

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US interest rates are likely to rise

again next month and a further three

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times next year, according to one of

the Federal Reserve's rate-setters.

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John Williams, who sits

on the Fed's Open Markets Committee,

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said a rate rise in December "makes

sense, at least based

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on the information I have today".

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on the information I have today".

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One of the founders of Facebook,

Sean Parker, has unloaded

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worries and criticisms

of the network at a technology

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industry event, saying he had no

idea what he was doing at the time

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of its creation.

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He described the thought process

behind social media applications as:

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"How do we consume as much

of your time and conscious

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attention as possible?

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God only knows what it's doing

to our children's brains."

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And now - what's trending

in the business news this morning?

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That is our conversation today. What

do you think about what Sean Parker

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had to say? Looking at what is

trending, the courts and social

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media are discussing a new Star Wars

trilogy.

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Quartz says Disney just performed

an old Jedi mind trick

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on Wall Street, distracting

investors from falling profits.

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From the Business Insider,

Dubai has tested an autonomous

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flying taxi drone, which they hope

could be the future

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of passenger travel.

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And this is a really shocking story

highlighted by the Financial Times

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and this is trending.

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Indian city locks up its beggars

ahead of Ivanka Trump visit.

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Authorities in Hyderabad have taken

hundreds of people off the street

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for causing "annoyance

and awkwardness".

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And don't forget, let's us know

what you are spotting online.

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Use the hashtag BBC-The-Briefing.

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Looking at the markets, this time

yesterday we had strong gains across

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the board in Asia, especially Japan.

It was at a 25 year high at one

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point. Markets have come down little

bit. Japan just over 1%. There is

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talk of concern about the tax

changes in the US. They may not be

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as robust as Trump has promised. See

you soon for the News Briefing.

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