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BBC World News. Now for the latest financial news with World Business | :00:00. | :00:00. | |
Report. Trade talks resume between the US | :00:00. | :00:18. | |
and EU to create the world's largest free trade agreement. But Europe | :00:19. | :00:22. | |
won't pander to German demands to include a data protection clause in | :00:23. | :00:26. | |
the deal. And it's the world's biggest online | :00:27. | :00:29. | |
shopping bonanza. Cyber Monday in China could reap sales of nearly $5 | :00:30. | :00:31. | |
billion. Welcome to World Business Report. | :00:32. | :00:45. | |
Also in the programme ` as China's leaders meet to discuss economic | :00:46. | :00:48. | |
policy we focus on its poorest region and what difference their | :00:49. | :00:53. | |
decisions will make. It's poised to be the biggest | :00:54. | :00:56. | |
free`trade deal in history. Today, the second round of talks resume | :00:57. | :00:59. | |
between the United States and the European Union to agree on what's | :01:00. | :01:02. | |
known as the Transatlantic Trade and Investment Partnership. The talks, | :01:03. | :01:07. | |
which are expected to last a week, were postponed due to the US | :01:08. | :01:12. | |
government shutdown. Officials are aiming to have a deal signed by the | :01:13. | :01:16. | |
end of this year, which would create a market of 800 million people. | :01:17. | :01:21. | |
Already, together, the US and the EU account for around $30 trillion of | :01:22. | :01:24. | |
annual output, almost half the world's total, and it's estimated | :01:25. | :01:27. | |
that greater free trade between them has the potential to boost economic | :01:28. | :01:30. | |
growth by $100 billion per year in reduced tariffs. However, the talks | :01:31. | :01:39. | |
have been overshadowed by the recent leak that America's security agency | :01:40. | :01:42. | |
has been tapping German Chancellor Angela Merkel's mobile phone. The | :01:43. | :01:47. | |
allegation resulted in Germany pushing to include data protection | :01:48. | :01:53. | |
rules in the talks. But EU officials in Brussels have denied this will | :01:54. | :01:57. | |
happen. With me is Holger Schmieding, Chief Economist at | :01:58. | :02:06. | |
Berenberg Bank. It is lovely to see this morning. | :02:07. | :02:08. | |
Politics always features heavily in trade discussions. These talks this | :02:09. | :02:16. | |
week will be made that much more difficult because of the spying | :02:17. | :02:18. | |
story emanating from the US regarding Angela Merkel and other EU | :02:19. | :02:26. | |
leaders. What you think of Germany's move to include the data | :02:27. | :02:30. | |
protection clause? A think it should be left aside. They should be | :02:31. | :02:35. | |
separate negotiations. They should not be tied to trade talks. Judging | :02:36. | :02:39. | |
the political mood on the European continent, to get a trade deal | :02:40. | :02:50. | |
ratified will need to see some data protection deal. These are separate | :02:51. | :02:54. | |
issues, they should not be tied up into one negotiation. There is a lot | :02:55. | :02:58. | |
of difficult things to be talked about. The US is accusing Germany of | :02:59. | :03:04. | |
driving out competition in Europe with its strong exports, tell us | :03:05. | :03:11. | |
more about that and how it could affect these talks is weak. The | :03:12. | :03:16. | |
reason a discussion between the US and some European countries. We are | :03:17. | :03:25. | |
now in the stage of trade talks. German exports are a great | :03:26. | :03:29. | |
contribution to global trade. Germany is a competitive country. | :03:30. | :03:34. | |
Other parts of Europe need to be more competitive. They are trying to | :03:35. | :03:39. | |
get there. If we look at the latest data, we see that the German trade | :03:40. | :03:45. | |
surpassed the rest of the eurozone. It has come down sharply. Germany is | :03:46. | :03:57. | |
even now. It is the resulting boom that we have in the US that sucks in | :03:58. | :04:01. | |
German imports. The German strength is relative to the US, they have a | :04:02. | :04:07. | |
strongly growing economy. German strength is no longer relative to | :04:08. | :04:12. | |
the rest of the euro. When we look at it at that we have a week of | :04:13. | :04:15. | |
talks ahead of this, they are hoping to have a deal in place by the end | :04:16. | :04:20. | |
of the year. How optimistic RU? These talks are riddled with all | :04:21. | :04:27. | |
sorts of issues. I am optimistic by nature, but this is an ambitious | :04:28. | :04:31. | |
task to get trade talks completed by the end of the year. Chances are | :04:32. | :04:36. | |
that we will hit a few roadblocks. What are they likely to be? There | :04:37. | :04:42. | |
are issues of deregulation when it comes to services. Can you as | :04:43. | :04:49. | |
financial firms operate freely? It is to make a modified food, these | :04:50. | :04:55. | |
type of consumer protection issues. Always good to have it on the | :04:56. | :04:59. | |
programme. We will keep you up`to`date as the week progresses on | :05:00. | :05:02. | |
how those trade talks are going. Tens of millions of Chinese internet | :05:03. | :05:06. | |
users stayed up on Sunday night to shop for bargains at midnight, when | :05:07. | :05:08. | |
online retailers slashed prices by at least 50%. It has become the | :05:09. | :05:14. | |
biggest day of the year for Chinese consumers. Last year, the Alibaba | :05:15. | :05:17. | |
group alone accounted for $3.1 billion worth of transactions, far | :05:18. | :05:19. | |
surpassing big shopping days in the US or Europe. Our Hong Kong | :05:20. | :05:34. | |
Correspondent Juliana Liu reports. No, this isn't latest animated | :05:35. | :05:41. | |
children's game, it is a promotion for China's version of cyber Monday. | :05:42. | :05:47. | |
Retailers here on Alibaba compete against each other, promising | :05:48. | :05:52. | |
savings of at least 50%. This Hong Kong watchmaker has a virtual shop. | :05:53. | :05:59. | |
The company has long had a physical presence, but now it is betting big | :06:00. | :06:03. | |
on the Internet. It expects to sell more watchers on Monday than it | :06:04. | :06:09. | |
normally sells in two months. TRANSLATION: In China, online | :06:10. | :06:14. | |
shopping is more popular than normal shopping. Customers have become used | :06:15. | :06:21. | |
to playing in this way. The online shopping experience is so | :06:22. | :06:26. | |
convenient. The biggest winner on the day will be Alibaba, the | :06:27. | :06:28. | |
Internet giant that started their sales events. They have boosted | :06:29. | :06:34. | |
their network capacity to cope with the extra demand. It is about 2.5 | :06:35. | :06:41. | |
times what we prepared last year. We are very well`prepared this year for | :06:42. | :06:45. | |
the in traffic. Last year, in the first minute alone week has 10 | :06:46. | :06:54. | |
million unique visitors. To find out how keen Chinese shoppers are to | :06:55. | :06:58. | |
open their wallets online, we have come to one of Hong Kong's | :06:59. | :07:04. | |
best`known retail areas. TRANSLATION: Atlanta's buy shoes and | :07:05. | :07:11. | |
handbags. A lot of the big brands are selling online. It is much | :07:12. | :07:17. | |
cheaper than normal. TRANSLATION: There is nothing there that I want. | :07:18. | :07:22. | |
A friend had told me it is a feisty get the good stuff. If you wanted, | :07:23. | :07:26. | |
you have to wait by the computer and constantly refresh the page to | :07:27. | :07:31. | |
order. You have to be so fast. I do not think it is worth it. The sale | :07:32. | :07:38. | |
is worth it to tens of millions of online shoppers who will be using | :07:39. | :07:44. | |
their online smart phones to bring up another record year. | :07:45. | :07:49. | |
It sounds quite hectic. We will stay with China. | :07:50. | :07:52. | |
Strong economic data out of China over the weekend will offer some | :07:53. | :07:54. | |
confidence to the country's leaders who are currently meeting to | :07:55. | :07:57. | |
determine changes to policy for the coming decade. Industrial production | :07:58. | :07:59. | |
data beat expectations while inflation came in lower than | :08:00. | :08:03. | |
forecasts. It's the third and penultimate day of the Plenum, at | :08:04. | :08:06. | |
which the Chinese government is sounding the horn to comprehensively | :08:07. | :08:12. | |
deepen reform. That's according to the People's Daily, which is the | :08:13. | :08:18. | |
Communist Party's mouthpiece. The BBC's China correspondent Martin | :08:19. | :08:20. | |
Patience is in Henan Province, one of the country's poorest regions. | :08:21. | :08:28. | |
Good to see you. Before we talk about what impact the region you are | :08:29. | :08:32. | |
in will feel as a consequence of the talks, tell us if there is any news | :08:33. | :08:40. | |
out of the gathering. This hugely important meeting is taking place in | :08:41. | :08:44. | |
Beijing, a ten Hour Drive from where I am, while the delegates are | :08:45. | :08:51. | |
meeting in a hotel. According to some reports, they are not allowed | :08:52. | :08:55. | |
to leave the hotel to prevent leaks. Certainly, some details have been | :08:56. | :09:06. | |
emerging. Today we heard some of the scope of the possible reforms to | :09:07. | :09:09. | |
state`owned enterprises. There has been all liquid is and that a lot of | :09:10. | :09:18. | |
criticism saying that the private sector needs a greater say. There | :09:19. | :09:21. | |
was an indication of private investors would be old to buy stakes | :09:22. | :09:26. | |
in those companies. That will be welcomed by economic liberals | :09:27. | :09:30. | |
calling for greater reforms. Thank you. Can question you any further, | :09:31. | :09:38. | |
we are tied for time. We will be hearing from Martin through the day | :09:39. | :09:42. | |
as he analyses what the discussions really mean for areas like high nine | :09:43. | :09:51. | |
in China. There is a lot more online Peter Reid. A little Toshiba | :09:52. | :09:56. | |
markets, it is a mixed picture. You can see Japan standing out, the yen | :09:57. | :10:02. | |
has weakened. Strong jobs news out has boosted demand. Soon as we look | :10:03. | :10:14. | |
to the papers. `` I will see you soon. | :10:15. | :10:21. | |
You are with BBC World News. Singer Miley Cyrus has caused more | :10:22. | :10:27. | |
controversy by smoking what's thought to be cannabis while picking | :10:28. | :10:30. | |
up an award at the MTV European Music Awards in Amsterdam. In a nod | :10:31. | :10:48. | |
to the host, the city's famously tolerant attitude towards drugs. She | :10:49. | :10:54. | |
had visited eight copy shop were drugs were also on the menu. This | :10:55. | :11:05. | |
Mac a coffee shop. The sensationalist Miley Cyrus, ensuring | :11:06. | :11:11. | |
she maintains the spotlight. Thank you guys very much. Good | :11:12. | :11:12. |