19/05/2014 World Business Report

Nigeria, killing four people and the bomber. The attack was in a

predominantly Christian neighbourhood. Those are the latest

headlines. Now, the latest financial news with Sally. Trading places `

talks in Virginia and Singapore on cutting the cost of everyday goods

and services around the world. And Pfizer sweetens the pill with an

improved $117 billion bid for AstraZeneca. Welcome to World

Business Report. I'm Sally Bundock. 25 years on from the end of

communism in Romania, we look at what it means for business people

there now. Transatlantic Trade and Investment Partnership, or TTIP,

talks get under way in Virginia today. The United States and

European Union already account for nearly half the world's wealth and

this planned trade pact could boost that by $100 billion a year. But

there are hurdles. At the moment, the US has a strict buy`American

policy that discriminates against foreign firms bidding for government

contracts. The transatlantic car makers could benefit from

harmonising industry standards but there are fears that any changes

could jeopardise safety. And there is opposition from some to a deal on

financial services in case it jeopardises tougher US rules brought

in after the financial crisis. Michelle Fleury gives us the view

from Wall Street and small`town America. In the small web with 10``

Midwestern city near Chicago, they are keeping a close eye on these

traits ago she Asians. The local chemical company wants to export

more but regulations on chemicals differ greatly on both sides of the

Atlantic. We pride for approval in 2005 `` we applied for approval in

2005. We received that in 2008. But some countries want their own

authorisation levels even though we are proved in the EU as a whole. If

these trade talks lead to tariff reductions, it could save millions

of dollars. For my company as well as the other chemical companies in

the industry. And the savings would be put to use in creating jobs.

Small and medium`sized businesses are the backbone of communities like

this, creating jobs. Any trade deal with Europe that would help boost

growth is welcome here. Some say it would increase the average American

family's purchasing power by nearly $900. But not everyone is convinced.

To America's financial capital, memories of the credit crisis are

still fresh. The US Treasury is against financial services being

included in these talks. That is what they are worried about, that

this would lead to a watering down of US laws. They are worried about

lowering US standards, lowering standards on things like safety and

soundness of companies. They are worried about capital ratios and

leveraged ratios, things that were hardfought four. For financial

regulators, a world of simple regulation sounds alarming, whereas

for American industry in a manufacturing revival, that is

exactly what they want. That's trade between the US and Europe. What

about elsewhere? Mexico, Singapore and eight other nations meet to

thrash out the details of the Trans`Pacific Partnership. Ashleigh

Nghiem is following the talks. Good morning. A short time ago, the

ministers and negotiators ended a 90 minute session. These were the first

ministerial level talks since President Obama met the Japanese

prime minister in April. During their meeting in Tokyo, they

discussed outstanding issues on agriculture and cars. Japan wants

concessions for its key producers, rice and sugar, as well as pork and

beef producers. There are also other countries like Malaysia, which is

worried about its pharmaceuticals. Vietnam has its textile industry and

New Zealand has issues about its dairy producers. There are a number

of countries that want to sort out these issues over the next few days.

As for the rest of today and tomorrow, the rest of the group will

be holding bilateral meetings and it is still hoped that the TPP could be

wrapped up sometime this year, although the deadline for that keeps

getting pushed further back. Thank you. The American drugs giant Pfizer

has raised its offer to buy British`based AstraZeneca. If the

offer, which values AstraZeneca at $69 billion, around $116 billion, is

accepted, it will be the largest takeover of a firm in British

corporate history. Hugh Pym reports. What began as private talks between

two leading drug companies has escalated into a financial war of

words and a major political row. There have been predictions of job

losses and damage to British scientific research if AstraZeneca

is taken over by its US rival Pfizer. Labour says if it is in

government, any such takeover would be blocked, while ministers say they

are holding out for the best deal on jobs and UK scientific capability.

At the beginning of the year, Pfizer met AstraZeneca bosses in New York

for secret talks. Their first offer was declined. The second offer was

?50 per share. Last Friday, the US company said it would go to ?53.50.

In new talks, AstraZeneca claimed this substantially undervalued the

company. It has since updated the proposal to a final figure of ?55.

The question now is whether shareholders will put pressure on

the AstraZeneca border to enter talks over what could be the biggest

ever takeover of a UK company by a foreign entity. In other news:

Telecoms giant AT is to buy America's biggest satellite TV

operator in a deal worth $67 billion. That offer also covers

DirecTV's hefty debts. But the takeover would still need the

go`ahead from US regulators. In Romania, life under communism was

particularly harsh. People queued for hours for staple foods, while

electricity and hot water were rationed. 25 years on, it has come a

long way but it is still the second`poorest country in the EU.

The BBC's Tanya Beckett spoke to one businesswoman who was in the square

on the night of the revolution to find out how her life has changed.

Romania's break from communism was silent and controversial. Over 1000

people lost their lives. You could feel the solidarity for the same

cause of the other people. She was working as a dog in Bucharest and

vividly recalls that night in December, 1990 `` as a doctor in

Bucharest and vividly recalls that night in December. I was frightened

but only from time to time because I was continuing to work with the

other people to fight for our freedom. For her, the revolution was

a release of creativity. She set up a furniture shop. You had a sense of

the possibility that was out there when Communist and fell? There was

nothing on the market, so consumption took off. This is when

we started our business and how we started from a small business. 25

years on, Romania's passion for progress seems to have ebbed away.

In comparison with its revolutionary neighbours, the economy in Romania

is far away from delivering its potential. There is a lack of

economic leadership and reformist leadership. It has been a big

hindrance. Countries that benefited from that, not only can we point to

Poland but also the Czech Republic, they have done much better. The

result is that Romania is a country of emigration. Young people seek to

study abroad and workers leave in search of better pay elsewhere in

Europe. There have been moves in Romania to take the cost of

borrowing cheaper and a brighter outlook beckons for the economy this

year, but right now, there are still many people living on the margins

stop next week, we will go to Estonia, where after communism came

a very capitalist boom and bust scenario. Stay with us on that

story. Looking at the markets, now, you can see that the week started in

a pessimistic fashion. News out of the Chinese housing market has

affected trade and this is where things downed at the moment. Thank

you. The ITV drama Broadchurch was the big winner at the television

BAFTAs, picking up three trophies. There were also special awards for

Cilla Black and the actress Julie Walters. Here's our entertainment

correspondent, Lizo Mzimba. Many of television's most well`known

names were out