:00:16. > :00:26.singles title in 77 years. Time for the latest financial news. Here is
:00:26. > :00:29.
:00:29. > :00:39.Sally and World Business Report. BP argues that its compensation fund is
:00:39. > :00:44.being abused. Trade talks begin today between the US and EU. In
:00:44. > :00:54.contention is the world's largest free-trade agreement. Can all sides
:00:54. > :00:55.
:00:55. > :01:01.agree on the detail? Welcome to the programme.
:01:01. > :01:07.Focusing on the Chinese dream. Can the aspirations of the growing
:01:07. > :01:12.middle class in China be achieved? BP is back in court in the US,
:01:12. > :01:21.trying to limit pay-outs by a fund that was set up to compensate those
:01:21. > :01:27.affect dead by the oil spill disaster in 2010. -- affected. BP
:01:27. > :01:31.says that the system is being abused and many claims are inflated.
:01:31. > :01:38.It was the biggest oil spill and one of the worst environmental disasters
:01:38. > :01:42.in US history. An explosion at the Deepwater Horizon oil rig in the
:01:42. > :01:46.Gulf of Mexico in 2010 killed 11 workers and affected hundreds of
:01:46. > :01:53.thousands of local fishermen and businesses. BP originally estimated
:01:53. > :01:56.it would cost $8 billion to pay compensation. Including fines and
:01:56. > :02:03.cleanup costs, it is expected to spend more than $40 billion because
:02:03. > :02:10.of this crisis. The total amount may be even more because BP says the
:02:10. > :02:16.pay-out fund is being misinterpreted. BP came into this
:02:16. > :02:24.deal to show its good side, that we want to compensate people fairly
:02:24. > :02:33.because we know they went through a hard time. But they never thought
:02:33. > :02:37.they would be taking advantage of on this magnitude. BP has been stepping
:02:38. > :02:41.up its campaign to challenge this compensation system. Ahead of the
:02:41. > :02:45.court hearing, it placed a full-page advertisement in three of the
:02:45. > :02:52.country's biggest newspapers to make its case. Many lawyers have been
:02:52. > :03:01.setting up shop near Louisiana to sign up more claimants for damages,
:03:01. > :03:06.even those who live far away from where the oil spill was. Faced with
:03:06. > :03:11.a possible financial crisis, BP's fight to keep some of its money
:03:11. > :03:16.continues. We have all heard about the American
:03:16. > :03:24.dream but what about the Chinese one? If Xi Jinping achieves his
:03:24. > :03:29.goal, it will become just as familiar. He wants to promote
:03:29. > :03:33.productivity and innovation and the personal aspiration that feeds them.
:03:33. > :03:41.But there are challenges and for some, the Chinese dream will stay
:03:41. > :03:46.out of reach. Our correspondent is in a prosperous inland city known
:03:46. > :03:56.for its love of leisure and the good life. Tell us more about the Chinese
:03:56. > :04:02.dream. We came here because this is the most populous province in China
:04:02. > :04:09.and, as you say, it is inland. This is where the aspirations and growth
:04:09. > :04:13.of the middle class must take hold before China can realise its
:04:13. > :04:18.potential. One of the main things about the Chinese dream, I have
:04:18. > :04:23.discovered, is that it is a lot like the American dream. Everybody I have
:04:23. > :04:29.spoken with, young and old, want a stable job, good home, good
:04:29. > :04:33.marriage, two children and a dog. There is one specific challenge
:04:33. > :04:38.particular to China that must be addressed. At the heart of the
:04:38. > :04:46.American dream is social mobility. That's no matter who you are, you
:04:46. > :04:52.can become anything you want. In China, deep inequalities are
:04:52. > :05:00.apparent. Half of China is rural. They do not have the right
:05:00. > :05:08.registration. They cannot travel freely because of restrictions by
:05:08. > :05:11.the government. This is affecting the life chances of young Chinese
:05:11. > :05:16.born in the 1990s. Reforming the system is going to be a huge issue
:05:16. > :05:22.for the Chinese government if they really want to bring the rest of the
:05:22. > :05:27.population to join those who are currently in the middle class.
:05:27. > :05:35.new government does realise the challenges. But it realises it has
:05:35. > :05:41.to push for turning point. If that's the case? Absolutely. One parallel
:05:41. > :05:45.with the American dream... I know it is difficult to think of it now, but
:05:45. > :05:51.in the beginning of the 1960s, America was afraid it would fall
:05:51. > :05:55.behind the Soviet Union. President Kennedy wanted America to be the
:05:55. > :06:00.first nation to put a person on the moon. In China, there is that sense.
:06:00. > :06:05.They had a remarkable growth spurt in the last 30 years since market
:06:05. > :06:11.reforms started, but growth is slowing and the challenges of
:06:11. > :06:14.becoming an innovative nation are massive. To do that, they need to
:06:14. > :06:19.have especially the young people believing that they can become the
:06:19. > :06:24.next Bill Gates. One of the challenges with a slowing economy is
:06:24. > :06:33.that China is now graduating 7 million graduate 's per year. If
:06:33. > :06:43.they cannot all find good jobs, it could be they will find the dream as
:06:43. > :06:50.
:06:50. > :06:54.hard to reach and the consequences behind that will be fast. Thank you.
:06:54. > :06:58.When it comes to trade, it seems almost impossible for different
:06:58. > :07:03.governments to agree on anything, so imagine 29 different countries all
:07:03. > :07:09.coming together to try to hammer out a free-trade agreement. That is what
:07:09. > :07:13.is happening in Washington. The US and EU are officially beginning
:07:13. > :07:16.their negotiations for a transatlantic free-trade agreement.
:07:16. > :07:21.If successful, it would mean billions of dollars in additional
:07:21. > :07:28.economic activity for both sides. Despite a strong desire to strike a
:07:28. > :07:32.deal, there are already many obstacles in the way.
:07:32. > :07:37.Carefully slicing ham for the customers, this is some of the
:07:37. > :07:46.highest quality meat available in the US. But there is still something
:07:46. > :07:53.missing. We do not have those very special baby lambs that are so
:07:53. > :07:59.succulent and tender. Similar with beef. We have a hard time finding
:07:59. > :08:05.good, grass fed beef. She spends her time selling gourmet food to shops
:08:05. > :08:13.and restaurants. She is paying close attention to the trade
:08:13. > :08:18.negotiations. What I really hope from this is to be able to have
:08:18. > :08:21.access to the meat that we do not have access to today in the US.
:08:22. > :08:26.Being able to ship goods freely would benefit both American and
:08:26. > :08:31.European businesses. But a free-trade deal would also allow
:08:31. > :08:40.both the US and EU to better compete with the fastest-growing economy,
:08:40. > :08:44.China. China is an extraordinarily competitive challenge. It is growing
:08:44. > :08:52.fast and selling a lot of things to both of us. Rapidly growing
:08:52. > :08:58.standards and regulations benefiting its manufacturers mean we run the
:08:58. > :09:02.risk of being disadvantaged if we cannot get together with Europe and
:09:02. > :09:07.agree on joint regulations and joint standards. Agreeing on joint rules
:09:07. > :09:14.will not be easy. EU member countries still disagree amongst
:09:14. > :09:23.themselves on many issues. Nothing in this deal by next year appears
:09:23. > :09:29.ambitious but the appetite is there. The markets in Asia. They are all
:09:29. > :09:32.flagging today because of the jobs news out of the US on Friday. It
:09:32. > :09:41.appears that stimulus measures could be scaled back by the Federal