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possible relationship with the EU once it is outside -- David Cameron. | :00:00. | :00:00. | |
Those are the latest headlines. Now on BBC News, it's time | :00:00. | :00:00. | |
for World Business Report. With David Cameron now out of the | :00:00. | :00:23. | |
picture, what direction will be European Union take? The remaining | :00:24. | :00:28. | |
EU leaders continue their discussions after Britain's vote to | :00:29. | :00:32. | |
leave. And another embarrassing recall for Toyota in the US. This | :00:33. | :00:36. | |
time it possible airbag inflated defect. Nearly half the money in | :00:37. | :00:44. | |
vehicles are affected. -- half a million. Hello and welcome to World | :00:45. | :00:49. | |
Business Report. Also in the programme, the former chief | :00:50. | :00:51. | |
economist of the European Central bank tells us what he fears about | :00:52. | :00:58. | |
the EU, that it could fracture. But first, let's talk about what | :00:59. | :01:02. | |
happened in Brussels. Left out in the cold, European leaders meeting | :01:03. | :01:07. | |
again in Brussels today but without written's Prime Minister, David | :01:08. | :01:10. | |
Cameron. The leaders of the 27 in the States will have informal | :01:11. | :01:14. | |
discussions over the indications of the vote to leave the EU. Last night | :01:15. | :01:18. | |
was to Cameron gave what was probably his last as conference in | :01:19. | :01:22. | |
Brussels and outlined some of the challenges ahead. The European Union | :01:23. | :01:27. | |
sees the single market as a single market of goods and services and | :01:28. | :01:32. | |
capital and people, and these things great together, and indeed the | :01:33. | :01:40. | |
European Union sees that the structural funds made to the EU | :01:41. | :01:46. | |
after the single market. Sometimes we see these as separate options. | :01:47. | :01:52. | |
The sense that is that all of these go together, and if you want the | :01:53. | :01:55. | |
full benefits of the single market, you need to be involved in every | :01:56. | :01:59. | |
part of it. That will obviously be a huge challenge to try to get that | :02:00. | :02:02. | |
right for the future. A challenge for Europe and for Britain. | :02:03. | :02:06. | |
Meanwhile, Angela Merkel said there would be no negotiations based on | :02:07. | :02:11. | |
cherry picking what best suits the UK. Yesterday we spoke about how | :02:12. | :02:16. | |
Germany could shape a future trade deal giving the UK is their biggest | :02:17. | :02:21. | |
export market. What about France? It would also be a key player in | :02:22. | :02:25. | |
negotiations and compared with Germany has a lot less to lose when | :02:26. | :02:31. | |
it comes to trade. Exported $35 billion worth of goods to the UK | :02:32. | :02:33. | |
last year. That is less than Germany. Britain's vote has also | :02:34. | :02:45. | |
emboldened the far right parties, including the National Front, which | :02:46. | :02:47. | |
are demanding their own European referendum. Brenda Penn said a UK | :02:48. | :02:53. | |
vote was a victory for democracy. -- Marine Le Pen. It is often seen as a | :02:54. | :02:59. | |
advocate for protectionist measures such as for its agricultural policy | :03:00. | :03:02. | |
which provides billions of dollars to farmers in subsidies. Let's speak | :03:03. | :03:08. | |
to the vice president of the Centre for Young Business Leaders. Good | :03:09. | :03:12. | |
morning and welcome to World Business Report. For France, | :03:13. | :03:16. | |
Francois Hollande is a key player in the Brexit negotiations. What is | :03:17. | :03:21. | |
France looking for and hoping for as this divorce recess gets under way? | :03:22. | :03:34. | |
-- process. Last Friday, when I woke up, I was so surprised, and for | :03:35. | :03:42. | |
French entrepreneurs, especially small business, it was really | :03:43. | :03:51. | |
difficult to understand what kind of decision. Afterwards, when we saw | :03:52. | :04:01. | |
who was voting, and young people mostly voted to remain, and all | :04:02. | :04:09. | |
people voted to leave, we understood that it was like sustainable | :04:10. | :04:21. | |
development. This decision is a short-term decision, and for the | :04:22. | :04:34. | |
future, we think it is a really bad news. What does it mean for France | :04:35. | :04:41. | |
going forward? You have a general election next year and the French | :04:42. | :04:43. | |
economy is going through a tough time. We have been following the | :04:44. | :04:47. | |
protests as Francois Hollande tries to get through difficult labour | :04:48. | :04:52. | |
reforms. Many say Brexit strengthens the hand of Marine Le Pen as you go | :04:53. | :04:55. | |
to that election next year. What do you think this means for France? | :04:56. | :05:07. | |
This decision? That means, first, there are a lot of French | :05:08. | :05:11. | |
politicians, leaders, who think it would be a good being to do a | :05:12. | :05:21. | |
Frexit, not only Marine Le Pen, and what happened is going to | :05:22. | :05:29. | |
concentrate all of the debate on it do we have to stay in Europe or not? | :05:30. | :05:38. | |
But this is one of the main subjects which will impact the next election, | :05:39. | :05:50. | |
but if you look at, I heard this morning, only 30 people in France | :05:51. | :05:58. | |
hope to leave Europe, so I am not afraid about that. But it is a good | :05:59. | :06:02. | |
opportunity for French politicians who want to leave Europe to talk | :06:03. | :06:10. | |
about that, and do a referendum, but we are not obliged to. Thank you for | :06:11. | :06:16. | |
your time this morning. Of course it is a discussion that will continue | :06:17. | :06:21. | |
for some time. Oh, dear. Apologies. We have to move on. The UK's vote to | :06:22. | :06:26. | |
leave the EU has been greeted with shock I many influential people in | :06:27. | :06:31. | |
Europe. You could hear to Rome was shocked when he heard Friday morning | :06:32. | :06:36. | |
and that it could lead to the disintegration of the EU itself will | :06:37. | :06:39. | |
stop others have taken it as a signal that calls for far reaching | :06:40. | :06:44. | |
reforms to ensure the survival of the European project. We can speak | :06:45. | :06:49. | |
to the former chief economist of the European Central bank and seen as | :06:50. | :06:55. | |
one of the architects. The European Union and you resign are taken | :06:56. | :07:01. | |
crossroads -- you resign. For the first time, the process of | :07:02. | :07:06. | |
integration which always went forward, more integration, more | :07:07. | :07:11. | |
countries, it is now going in the other direction. One country has | :07:12. | :07:18. | |
decided to leave. This is a total change to what we have seen since | :07:19. | :07:22. | |
the end of the Second World War. Do you think what we could see now is a | :07:23. | :07:26. | |
move towards a 2-stage Europe where Britain becomes like Norway or | :07:27. | :07:31. | |
Iceland or Switzerland, where it has some of the benefits of European | :07:32. | :07:34. | |
Community membership but is not a member of the EU? Yes, I think this | :07:35. | :07:40. | |
idea of a two speed Europe never died, and the UK was always half in | :07:41. | :07:52. | |
and half out in the past. This cream skimming can be attractive. Against | :07:53. | :07:56. | |
this background, I don't understand why the UK has gone the way to | :07:57. | :08:02. | |
exploit this situation to their advantage. It would be more than a | :08:03. | :08:15. | |
nightmare, a catastrophe, if this would be the start of the collapse | :08:16. | :08:17. | |
of European integration. Interesting. Let's have a look at | :08:18. | :08:22. | |
other business stories will stop Toyota is recalling 482,000 hybrid | :08:23. | :08:30. | |
Prius and access cars. They say there is a possible airbag inflated | :08:31. | :08:36. | |
defect -- Lexus. Let's go to Rico Hizon. It is the airbags yet again. | :08:37. | :08:42. | |
What is going on? The problems continue for the main carte | :08:43. | :08:50. | |
malefactors, and this recall covers 2010- 2012 Toyota vehicles with | :08:51. | :08:52. | |
airbag inflated spec would have a small crack could grow over time and | :08:53. | :08:57. | |
read to the airbag inflating. If a passenger is in the car at the time, | :08:58. | :09:02. | |
it increases the risk of injury. Toyota and Lexus dealers will | :09:03. | :09:09. | |
install so-called brackets on the curtain shield airbag inflated at no | :09:10. | :09:13. | |
cost, but tens of millions of cars have really been recalled over 40 | :09:14. | :09:16. | |
airbags in recent years. Toyota has not specified the manufacturer in | :09:17. | :09:21. | |
this latest recall but as they are not from Takata. Those airbags have | :09:22. | :09:26. | |
been blamed for a living death in some 150 injuries in the past few | :09:27. | :09:33. | |
years. -- for 11 deaths and some 150 injuries. But a fine has won it | :09:34. | :09:39. | |
could move it take orders from the UK depending on it outcome of the | :09:40. | :09:43. | |
big occasions to leave the EU. They said it was important to retain | :09:44. | :09:47. | |
access to the free movement of people, capital and goods. Vodafone | :09:48. | :09:52. | |
says it is still too early to draw firm conclusions regarding the | :09:53. | :09:54. | |
long-term location of its headquarters. The share markets, | :09:55. | :10:02. | |
relief is continuing. We had a strong close across the board for | :10:03. | :10:05. | |
Wall Street. That is the story in Asia again. How long will it last? | :10:06. | :10:11. | |
That is the question. The NASDAQ up over 2%. The euro is stronger versus | :10:12. | :10:16. | |
the pound. But weakening a bit against the dollar. I will see you | :10:17. | :10:17. | |
soon. | :10:18. | :10:21. |