11/11/2013 World Business Report


11/11/2013

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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

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and EU to create the world's largest free trade agreement. But Europe

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won't pander to German demands to include a data protection clause in

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the deal. And it's the world's biggest online

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shopping bonanza. Cyber Monday in China could reap sales of nearly $5

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billion. Welcome to World Business Report.

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Also in the programme ` as China's leaders meet to discuss economic

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policy we focus on its poorest region and what difference their

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decisions will make. It's poised to be the biggest

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free`trade deal in history. Today, the second round of talks resume

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between the United States and the European Union to agree on what's

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known as the Transatlantic Trade and Investment Partnership. The talks,

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which are expected to last a week, were postponed due to the US

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government shutdown. Officials are aiming to have a deal signed by the

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end of this year, which would create a market of 800 million people.

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Already, together, the US and the EU account for around $30 trillion of

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annual output, almost half the world's total, and it's estimated

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that greater free trade between them has the potential to boost economic

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growth by $100 billion per year in reduced tariffs. However, the talks

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have been overshadowed by the recent leak that America's security agency

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has been tapping German Chancellor Angela Merkel's mobile phone. The

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allegation resulted in Germany pushing to include data protection

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rules in the talks. But EU officials in Brussels have denied this will

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happen. With me is Holger Schmieding, Chief Economist at

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Berenberg Bank. It is lovely to see this morning.

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Politics always features heavily in trade discussions. These talks this

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week will be made that much more difficult because of the spying

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story emanating from the US regarding Angela Merkel and other EU

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leaders. What you think of Germany's move to include the data

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protection clause? A think it should be left aside. They should be

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separate negotiations. They should not be tied to trade talks. Judging

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the political mood on the European continent, to get a trade deal

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ratified will need to see some data protection deal. These are separate

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issues, they should not be tied up into one negotiation. There is a lot

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of difficult things to be talked about. The US is accusing Germany of

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driving out competition in Europe with its strong exports, tell us

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more about that and how it could affect these talks is weak. The

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reason a discussion between the US and some European countries. We are

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now in the stage of trade talks. German exports are a great

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contribution to global trade. Germany is a competitive country.

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Other parts of Europe need to be more competitive. They are trying to

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get there. If we look at the latest data, we see that the German trade

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surpassed the rest of the eurozone. It has come down sharply. Germany is

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even now. It is the resulting boom that we have in the US that sucks in

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German imports. The German strength is relative to the US, they have a

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strongly growing economy. German strength is no longer relative to

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the rest of the euro. When we look at it at that we have a week of

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talks ahead of this, they are hoping to have a deal in place by the end

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of the year. How optimistic RU? These talks are riddled with all

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sorts of issues. I am optimistic by nature, but this is an ambitious

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task to get trade talks completed by the end of the year. Chances are

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that we will hit a few roadblocks. What are they likely to be? There

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are issues of deregulation when it comes to services. Can you as

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financial firms operate freely? It is to make a modified food, these

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type of consumer protection issues. Always good to have it on the

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programme. We will keep you up`to`date as the week progresses on

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how those trade talks are going. Tens of millions of Chinese internet

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users stayed up on Sunday night to shop for bargains at midnight, when

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online retailers slashed prices by at least 50%. It has become the

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biggest day of the year for Chinese consumers. Last year, the Alibaba

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group alone accounted for $3.1 billion worth of transactions, far

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surpassing big shopping days in the US or Europe. Our Hong Kong

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Correspondent Juliana Liu reports. No, this isn't latest animated

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children's game, it is a promotion for China's version of cyber Monday.

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Retailers here on Alibaba compete against each other, promising

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savings of at least 50%. This Hong Kong watchmaker has a virtual shop.

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The company has long had a physical presence, but now it is betting big

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on the Internet. It expects to sell more watchers on Monday than it

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normally sells in two months. TRANSLATION: In China, online

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shopping is more popular than normal shopping. Customers have become used

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to playing in this way. The online shopping experience is so

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convenient. The biggest winner on the day will be Alibaba, the

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Internet giant that started their sales events. They have boosted

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their network capacity to cope with the extra demand. It is about 2.5

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times what we prepared last year. We are very well`prepared this year for

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the in traffic. Last year, in the first minute alone week has 10

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million unique visitors. To find out how keen Chinese shoppers are to

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open their wallets online, we have come to one of Hong Kong's

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best`known retail areas. TRANSLATION: Atlanta's buy shoes and

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handbags. A lot of the big brands are selling online. It is much

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cheaper than normal. TRANSLATION: There is nothing there that I want.

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A friend had told me it is a feisty get the good stuff. If you wanted,

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you have to wait by the computer and constantly refresh the page to

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order. You have to be so fast. I do not think it is worth it. The sale

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is worth it to tens of millions of online shoppers who will be using

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their online smart phones to bring up another record year.

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It sounds quite hectic. We will stay with China.

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Strong economic data out of China over the weekend will offer some

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confidence to the country's leaders who are currently meeting to

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determine changes to policy for the coming decade. Industrial production

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data beat expectations while inflation came in lower than

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forecasts. It's the third and penultimate day of the Plenum, at

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which the Chinese government is sounding the horn to comprehensively

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deepen reform. That's according to the People's Daily, which is the

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Communist Party's mouthpiece. The BBC's China correspondent Martin

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Patience is in Henan Province, one of the country's poorest regions.

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Good to see you. Before we talk about what impact the region you are

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in will feel as a consequence of the talks, tell us if there is any news

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out of the gathering. This hugely important meeting is taking place in

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Beijing, a ten Hour Drive from where I am, while the delegates are

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meeting in a hotel. According to some reports, they are not allowed

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to leave the hotel to prevent leaks. Certainly, some details have been

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emerging. Today we heard some of the scope of the possible reforms to

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state`owned enterprises. There has been all liquid is and that a lot of

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criticism saying that the private sector needs a greater say. There

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was an indication of private investors would be old to buy stakes

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in those companies. That will be welcomed by economic liberals

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calling for greater reforms. Thank you. Can question you any further,

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we are tied for time. We will be hearing from Martin through the day

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as he analyses what the discussions really mean for areas like high nine

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in China. There is a lot more online Peter Reid. A little Toshiba

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markets, it is a mixed picture. You can see Japan standing out, the yen

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has weakened. Strong jobs news out has boosted demand. Soon as we look

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to the papers. `` I will see you soon.

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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

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she maintains the spotlight. Thank you guys very much. Good

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