:00:00. > :00:00.Those are the latest headlines from BBC World News.
:00:00. > :00:16.Now for the latest financial news with World Business Report.
:00:17. > :00:21.A make or break summit ` the World Trade Organisation meets on the
:00:22. > :00:26.island of Bali as it fights to salvage a deal on global commerce.
:00:27. > :00:37.And Italian fashion house Ferragamo eyes the business prize in
:00:38. > :00:43.south`east Asia. Welcome to World Business Report.
:00:44. > :00:46.I'm Sally Bundock. In a minute we'll have a look at Toyota China sales `
:00:47. > :00:49.but first ` top trade officials have begun talks on the Indonesian resort
:00:50. > :00:53.island of Bali that will either produce an 11th hour deal that could
:00:54. > :00:56.boost the global economy or possibly spell the end of the World Trade
:00:57. > :01:12.Organisation's relevance as a forum for negotiations. The hope is that
:01:13. > :01:18.its 159 members will agree to its first`ever accord aimed at removing
:01:19. > :01:23.barriers to trade. There is a lot a stake as it's estimated a deal could
:01:24. > :01:24.add $1 trillion to global trade. Alice Budisatrijo is our reporter in
:01:25. > :01:37.Bali The Italian fashion house there is often a hostile reception
:01:38. > :01:42.when the World Trade Organisation comes to town. The anti` trade
:01:43. > :01:50.organisation chants in Bali will have a familiar ring as delegates
:01:51. > :01:55.that `` gets down to business. They will try to make negotiations that
:01:56. > :01:59.were started 12 years ago. There is no chance of a full agreement.
:02:00. > :02:08.Negotiators have been trying to get a deal on part of it, including
:02:09. > :02:13.cutting red tape, food security, and lower barriers for customs duties on
:02:14. > :02:19.export from poorer countries. In the end, there was no agreement. The
:02:20. > :02:24.director`general says a deal would deliver jobs and opportunities, but
:02:25. > :02:29.Australia would have grave consequences for the trading system.
:02:30. > :02:35.It would fail the business community and the world's poorest people.
:02:36. > :02:41.We speak to our correspondence at the negotiations right now. It is
:02:42. > :02:45.nice to see you. Tell us about the expectation weigh you are.
:02:46. > :02:51.Indonesia's trade Minister says there is a chance of salvaging this
:02:52. > :02:58.elusive deal, and yet many argue that it is pie in the sky. There is
:02:59. > :03:02.a huge challenge for ministers here to strike a deal. If I can summarise
:03:03. > :03:08.the main issues they will put about here, one is trade facilitation,
:03:09. > :03:14.easing the flow of goods between international borders. There will be
:03:15. > :03:19.talks on making it easier for products from poor countries to get
:03:20. > :03:23.into rich countries. There is a very tough negotiation on agriculture.
:03:24. > :03:31.India is coming to these meetings with the promise of no copra buys on
:03:32. > :03:37.food security programmes. `` no compromise. These talks usually end
:03:38. > :03:42.of being a fight between rich and poor countries. This stand is
:03:43. > :03:47.frustrating developed countries and developing countries. Officials have
:03:48. > :03:53.told that Bali is known as the island of the gods, they are hoping
:03:54. > :03:56.that a heavenly guidance could lead these negotiations to an agreement.
:03:57. > :04:03.Judging by the rhetoric we have been hearing in the lead up, it feels
:04:04. > :04:08.like only a heavenly guidance could bring them to an agreement. They are
:04:09. > :04:15.looking for some divine intervention, which is interesting.
:04:16. > :04:20.What are people saying about the relevance of the WTO, given that so
:04:21. > :04:31.many trade deals are being made on a bilateral level. Certainly, what
:04:32. > :04:35.officials have told me is that considering talks in Geneva earlier
:04:36. > :04:42.this week have failed to bring an agreement to Bali, these talks in
:04:43. > :04:45.Bali between ministers, which is actually even more clouded by
:04:46. > :04:51.political interests than talks between trade delegates in Geneva.
:04:52. > :04:58.The problem with these trade talks is that it is very difficult, even
:04:59. > :05:05.though the WTO was created to help poor countries, there is a promise
:05:06. > :05:13.of global trade deals to boost the world economy by $1 trillion. It is
:05:14. > :05:18.difficult for governments to convince citizens that they will get
:05:19. > :05:25.a slice or a fraction of that pie in the form of their increased wages.
:05:26. > :05:31.That is why these trade talks are difficult. Most people only see
:05:32. > :05:35.globalisation as meaning a loss of jobs and an influx of cheap goods
:05:36. > :05:44.coming in from other countries. Thank you. We will talk to you
:05:45. > :05:53.later. Now, Toyota. It has seen a big jump
:05:54. > :05:58.in sales in China in November. Some say it is a sign that consumers have
:05:59. > :06:03.not been put off Japanese goods, despite the recent spat over
:06:04. > :06:11.disputed islands. We are joined from Singapore. Tell us more about this.
:06:12. > :06:21.Of course, the space between China and Japan is only very recent, isn't
:06:22. > :06:30.it? Absolutely. We are seeing quite encouraging numbers despite the row
:06:31. > :06:38.between the Chinese and Japanese. The sales rose by almost 41%. Is the
:06:39. > :06:48.third month in a row of gains this year. The November sale is the first
:06:49. > :06:54.month 's is a territorial dispute between Asia's? Biggest economies
:06:55. > :06:56.surface. Japanese brands are still escaping the backlash they faced
:06:57. > :07:02.last year over a group of disputed islands in the East China Sea. This
:07:03. > :07:08.illustrates the contrast and the economic fallout between last two's
:07:09. > :07:11.to make the speech in this year. Analysts say the pressure on
:07:12. > :07:16.Japanese automakers will always be there. They will always need to find
:07:17. > :07:21.the best way to cope with the current situation, given that China
:07:22. > :07:29.is a must have market. They think that the impact over the disputed
:07:30. > :07:32.islands, and China cream this as a fence area will start impacting
:07:33. > :07:45.sales numbers this December. We will have to see. An Italian fashion
:07:46. > :07:47.house, Ferragamo, is betting on China's love affair with fashion.
:07:48. > :07:50.It's heavily invested in China, but with growth in that market slowing,
:07:51. > :07:53.it's looking to other countries in south`east Asia. Ashleigh Nghiem
:07:54. > :08:01.spoke to the firm's CEO and Salvatore Ferragamo's grandson to
:08:02. > :08:06.find out more. The luxury fashion label Ferragamo
:08:07. > :08:14.is a long`standing favourite amongst Hollywood and Beverley Hill 's
:08:15. > :08:26.luminaries, but Asia is becoming part of the business. The demand is
:08:27. > :08:30.largely driven by demand from China. Beijing and Shanghai have been
:08:31. > :08:39.overestimated. Every brand has four or five stores. The competition is
:08:40. > :08:48.very high. Local consumers have the opportunity to travel more abroad.
:08:49. > :08:55.Our strategy to distribute to cover the whole Chinese territorial has
:08:56. > :08:58.been a good one. The CEO believes there are still big opportunities
:08:59. > :09:08.for growth in other parts of Asia, including Indonesia, the unarmed and
:09:09. > :09:14.the Philippines. `` Vietnam's. Today we have a fashion show, it is live
:09:15. > :09:19.streaming. Anyone can see it. The information is available. This is
:09:20. > :09:24.creating more commonality then there was in the past. With the profits in
:09:25. > :09:30.Asia, many luxury brands are putting in a big effort. How was this firm
:09:31. > :09:37.trying to do sting which it runs? We are launching a major water brand.
:09:38. > :09:44.`` trying to distinguish its brands. We want customers to come in
:09:45. > :09:49.and order issues. They can select the material, the colour of the
:09:50. > :09:55.ornaments, and have the shoe personalised. That is becoming more
:09:56. > :10:02.important. Today, everything is becoming so available. The ability
:10:03. > :10:10.to select something made for them, on their specific needs, is what
:10:11. > :10:16.luxury has become. An old brands trying new tricks, just one sign of
:10:17. > :10:19.how tough it has become for all luxury brands given Chinese is
:10:20. > :10:24.spending on these products has dramatically slowed in the past two
:10:25. > :10:27.years. We will talk you through the
:10:28. > :10:43.newspapers in a moment. Stay with us. The final format victims of
:10:44. > :10:49.Friday's helicopter crash have been named by police. Officers have now
:10:50. > :10:51.finished their fingertip search of the Clutha Vaults pub, and the
:10:52. > :10:55.helicopter is being taken to Hampshire to be studied by air crash
:10:56. > :10:56.investigators. Dan Johnson reports from the scene in