:00:00. > :00:00.Nigeria, killing four people and the bomber. The attack was in a
:00:00. > :00:00.predominantly Christian neighbourhood. Those are the latest
:00:07. > :00:19.headlines. Now, the latest financial news with Sally. Trading places `
:00:20. > :00:25.talks in Virginia and Singapore on cutting the cost of everyday goods
:00:26. > :00:28.and services around the world. And Pfizer sweetens the pill with an
:00:29. > :00:48.improved $117 billion bid for AstraZeneca. Welcome to World
:00:49. > :00:53.Business Report. I'm Sally Bundock. 25 years on from the end of
:00:54. > :00:56.communism in Romania, we look at what it means for business people
:00:57. > :00:59.there now. Transatlantic Trade and Investment Partnership, or TTIP,
:01:00. > :01:01.talks get under way in Virginia today. The United States and
:01:02. > :01:04.European Union already account for nearly half the world's wealth and
:01:05. > :01:23.this planned trade pact could boost that by $100 billion a year. But
:01:24. > :01:25.there are hurdles. At the moment, the US has a strict buy`American
:01:26. > :01:28.policy that discriminates against foreign firms bidding for government
:01:29. > :01:30.contracts. The transatlantic car makers could benefit from
:01:31. > :01:32.harmonising industry standards but there are fears that any changes
:01:33. > :01:36.could jeopardise safety. And there is opposition from some to a deal on
:01:37. > :01:38.financial services in case it jeopardises tougher US rules brought
:01:39. > :01:41.in after the financial crisis. Michelle Fleury gives us the view
:01:42. > :01:55.from Wall Street and small`town America. In the small web with 10``
:01:56. > :02:01.Midwestern city near Chicago, they are keeping a close eye on these
:02:02. > :02:06.traits ago she Asians. The local chemical company wants to export
:02:07. > :02:13.more but regulations on chemicals differ greatly on both sides of the
:02:14. > :02:22.Atlantic. We pride for approval in 2005 `` we applied for approval in
:02:23. > :02:25.2005. We received that in 2008. But some countries want their own
:02:26. > :02:33.authorisation levels even though we are proved in the EU as a whole. If
:02:34. > :02:39.these trade talks lead to tariff reductions, it could save millions
:02:40. > :02:44.of dollars. For my company as well as the other chemical companies in
:02:45. > :02:49.the industry. And the savings would be put to use in creating jobs.
:02:50. > :02:55.Small and medium`sized businesses are the backbone of communities like
:02:56. > :03:01.this, creating jobs. Any trade deal with Europe that would help boost
:03:02. > :03:05.growth is welcome here. Some say it would increase the average American
:03:06. > :03:15.family's purchasing power by nearly $900. But not everyone is convinced.
:03:16. > :03:20.To America's financial capital, memories of the credit crisis are
:03:21. > :03:25.still fresh. The US Treasury is against financial services being
:03:26. > :03:29.included in these talks. That is what they are worried about, that
:03:30. > :03:38.this would lead to a watering down of US laws. They are worried about
:03:39. > :03:43.lowering US standards, lowering standards on things like safety and
:03:44. > :03:48.soundness of companies. They are worried about capital ratios and
:03:49. > :03:54.leveraged ratios, things that were hardfought four. For financial
:03:55. > :04:01.regulators, a world of simple regulation sounds alarming, whereas
:04:02. > :04:15.for American industry in a manufacturing revival, that is
:04:16. > :04:21.exactly what they want. That's trade between the US and Europe. What
:04:22. > :04:24.about elsewhere? Mexico, Singapore and eight other nations meet to
:04:25. > :04:37.thrash out the details of the Trans`Pacific Partnership. Ashleigh
:04:38. > :04:45.Nghiem is following the talks. Good morning. A short time ago, the
:04:46. > :04:50.ministers and negotiators ended a 90 minute session. These were the first
:04:51. > :04:54.ministerial level talks since President Obama met the Japanese
:04:55. > :04:58.prime minister in April. During their meeting in Tokyo, they
:04:59. > :05:04.discussed outstanding issues on agriculture and cars. Japan wants
:05:05. > :05:11.concessions for its key producers, rice and sugar, as well as pork and
:05:12. > :05:16.beef producers. There are also other countries like Malaysia, which is
:05:17. > :05:20.worried about its pharmaceuticals. Vietnam has its textile industry and
:05:21. > :05:27.New Zealand has issues about its dairy producers. There are a number
:05:28. > :05:31.of countries that want to sort out these issues over the next few days.
:05:32. > :05:36.As for the rest of today and tomorrow, the rest of the group will
:05:37. > :05:42.be holding bilateral meetings and it is still hoped that the TPP could be
:05:43. > :05:45.wrapped up sometime this year, although the deadline for that keeps
:05:46. > :05:52.getting pushed further back. Thank you. The American drugs giant Pfizer
:05:53. > :05:59.has raised its offer to buy British`based AstraZeneca. If the
:06:00. > :06:02.offer, which values AstraZeneca at $69 billion, around $116 billion, is
:06:03. > :06:18.accepted, it will be the largest takeover of a firm in British
:06:19. > :06:22.corporate history. Hugh Pym reports. What began as private talks between
:06:23. > :06:28.two leading drug companies has escalated into a financial war of
:06:29. > :06:31.words and a major political row. There have been predictions of job
:06:32. > :06:34.losses and damage to British scientific research if AstraZeneca
:06:35. > :06:40.is taken over by its US rival Pfizer. Labour says if it is in
:06:41. > :06:45.government, any such takeover would be blocked, while ministers say they
:06:46. > :06:52.are holding out for the best deal on jobs and UK scientific capability.
:06:53. > :06:56.At the beginning of the year, Pfizer met AstraZeneca bosses in New York
:06:57. > :07:06.for secret talks. Their first offer was declined. The second offer was
:07:07. > :07:11.?50 per share. Last Friday, the US company said it would go to ?53.50.
:07:12. > :07:17.In new talks, AstraZeneca claimed this substantially undervalued the
:07:18. > :07:22.company. It has since updated the proposal to a final figure of ?55.
:07:23. > :07:25.The question now is whether shareholders will put pressure on
:07:26. > :07:30.the AstraZeneca border to enter talks over what could be the biggest
:07:31. > :07:36.ever takeover of a UK company by a foreign entity. In other news:
:07:37. > :07:38.Telecoms giant AT is to buy America's biggest satellite TV
:07:39. > :07:45.operator in a deal worth $67 billion. That offer also covers
:07:46. > :07:49.DirecTV's hefty debts. But the takeover would still need the
:07:50. > :07:54.go`ahead from US regulators. In Romania, life under communism was
:07:55. > :07:57.particularly harsh. People queued for hours for staple foods, while
:07:58. > :08:01.electricity and hot water were rationed. 25 years on, it has come a
:08:02. > :08:04.long way but it is still the second`poorest country in the EU.
:08:05. > :08:08.The BBC's Tanya Beckett spoke to one businesswoman who was in the square
:08:09. > :08:21.on the night of the revolution to find out how her life has changed.
:08:22. > :08:28.Romania's break from communism was silent and controversial. Over 1000
:08:29. > :08:34.people lost their lives. You could feel the solidarity for the same
:08:35. > :08:39.cause of the other people. She was working as a dog in Bucharest and
:08:40. > :08:47.vividly recalls that night in December, 1990 `` as a doctor in
:08:48. > :08:54.Bucharest and vividly recalls that night in December. I was frightened
:08:55. > :09:00.but only from time to time because I was continuing to work with the
:09:01. > :09:08.other people to fight for our freedom. For her, the revolution was
:09:09. > :09:20.a release of creativity. She set up a furniture shop. You had a sense of
:09:21. > :09:28.the possibility that was out there when Communist and fell? There was
:09:29. > :09:33.nothing on the market, so consumption took off. This is when
:09:34. > :09:39.we started our business and how we started from a small business. 25
:09:40. > :09:43.years on, Romania's passion for progress seems to have ebbed away.
:09:44. > :09:49.In comparison with its revolutionary neighbours, the economy in Romania
:09:50. > :09:57.is far away from delivering its potential. There is a lack of
:09:58. > :10:00.economic leadership and reformist leadership. It has been a big
:10:01. > :10:05.hindrance. Countries that benefited from that, not only can we point to
:10:06. > :10:11.Poland but also the Czech Republic, they have done much better. The
:10:12. > :10:16.result is that Romania is a country of emigration. Young people seek to
:10:17. > :10:20.study abroad and workers leave in search of better pay elsewhere in
:10:21. > :10:22.Europe. There have been moves in Romania to take the cost of
:10:23. > :10:27.borrowing cheaper and a brighter outlook beckons for the economy this
:10:28. > :10:33.year, but right now, there are still many people living on the margins
:10:34. > :10:38.stop next week, we will go to Estonia, where after communism came
:10:39. > :10:47.a very capitalist boom and bust scenario. Stay with us on that
:10:48. > :10:52.story. Looking at the markets, now, you can see that the week started in
:10:53. > :10:56.a pessimistic fashion. News out of the Chinese housing market has
:10:57. > :11:13.affected trade and this is where things downed at the moment. Thank
:11:14. > :11:16.you. The ITV drama Broadchurch was the big winner at the television
:11:17. > :11:19.BAFTAs, picking up three trophies. There were also special awards for
:11:20. > :11:25.Cilla Black and the actress Julie Walters. Here's our entertainment
:11:26. > :11:27.correspondent, Lizo Mzimba. Many of television's most well`known
:11:28. > :11:28.names were out