:00:00. > :00:19.A leading think tank says the UK should remain part of the European
:00:20. > :00:22.single market - but is this a step too far for its new Prime Minister?
:00:23. > :00:25.Heading for the exit - could Uber be forced out of Taiwan?
:00:26. > :00:28.Tens of thousands of drivers who rely on the work await
:00:29. > :00:49.Rico Hizon will join us from Singapore to fill us in on how
:00:50. > :00:50.the trading day is shaping up in Asia.
:00:51. > :00:57.A new report is suggesting the UK could achieve significantly stronger
:00:58. > :00:59.economic growth if it found a way to stay
:01:00. > :01:04.Although Britain has taken the decision to leave the 28-country
:01:05. > :01:06.political union, some experts believe it may be possible
:01:07. > :01:12.for the UK to remain part of the EU's tarriff-free trading bloc.
:01:13. > :01:14.Research by the Institute for Fiscal Studies
:01:15. > :01:17.says that over the medium to longer term, Britain's GDP could be 4%
:01:18. > :01:25.higher if it stayed within the single market.
:01:26. > :01:26.The IFS believes there's a huge difference
:01:27. > :01:33.between "full membership" and bilateral access to the club.
:01:34. > :01:35.It argues "membership" reduces non-tariff barriers like customs
:01:36. > :01:39.checks - in a way that narrower free trade deals cannot.
:01:40. > :01:43.But remaining in the trading bloc is looking increasingly difficult.
:01:44. > :01:46.Last month, British Prime Minister Theresa May pledged to deliver
:01:47. > :01:50.'some' control on the free movement of people.
:01:51. > :01:53.But of course this could risk breaching one of the key pillars
:01:54. > :01:58.Peter Bishop is Deputy Chiefs Executive
:01:59. > :02:12.Good morning. What do you make of this report? My first sight of it is
:02:13. > :02:16.it is a realistic take on what is facing us over the next few years. I
:02:17. > :02:24.can't argue with the fact we are next door to a market of 435 million
:02:25. > :02:29.people. It is a customs union. There is a level of harmonisation in goods
:02:30. > :02:33.we sell and indeed services we sell into the market. It has massive
:02:34. > :02:39.spending power. The businesses I speak to, when you ask them what you
:02:40. > :02:45.want to replace the single market with, your biggest market next door,
:02:46. > :02:50.the answer is something similar to that is possible. I know for many
:02:51. > :02:57.businesses in the UK, this is their biggest concern right now. What will
:02:58. > :03:03.it be like, the Brexit story, once we have started to negotiate Article
:03:04. > :03:07.50 and all that still to come? One of the key issues is the movement of
:03:08. > :03:12.people, which is one of the most controversial, but from the point of
:03:13. > :03:16.view of the European Union, and to the medical and the like, it is one
:03:17. > :03:20.of the most important pillars to preserve -- Angela Merkel. How to
:03:21. > :03:25.negotiate that? It is challenging. The input I would make, which I'm
:03:26. > :03:29.sure the government is thinking of now, when the Treaty of Rome was
:03:30. > :03:34.signed in 1957, those four pillars with the movement of goods,
:03:35. > :03:37.services, capital and people. But that was likely an adjunct to that,
:03:38. > :03:45.and the world has changed massively since then. The freedom of movement
:03:46. > :03:58.of goods, services and capital was given a boost by the UK. That single
:03:59. > :04:03.market completion. But the people element was not the driving force.
:04:04. > :04:09.The world has evolved and moved on. It has changed massively since then.
:04:10. > :04:13.We have to get back argument over. If we don't succeed getting that
:04:14. > :04:17.argument over, we could be in a scenario where we don't have some
:04:18. > :04:20.kind of special deal of relationship is aware. What would that mean for
:04:21. > :04:27.many of your members at the chamber of commerce? This is about access to
:04:28. > :04:32.that market. I'm not saying we can't live with that, it is not the
:04:33. > :04:43.favourite approach. There is a world outside the EU, and we are taking a
:04:44. > :04:48.delegation to add -- Abu Dhabi. It is the biggest trade negotiation we
:04:49. > :04:54.have taken, and it is a pen European one led by the UK. Interesting.
:04:55. > :04:57.Thank you for coming in. If you want to read more about what the
:04:58. > :04:58.Institute of Fiscal Studies as to say, take a look at our website. It
:04:59. > :05:01.is on the business page. Let's talk about "movement
:05:02. > :05:04.of people" in a different sense now. Following the company's decision
:05:05. > :05:06.to sell its operations in China, Uber could now face ejection
:05:07. > :05:08.from neighbouring Taiwan. A local regulator has
:05:09. > :05:10.accused the car-hailing app of misusing its business licence,
:05:11. > :05:28.with the national government set It has been a long and bumpy road in
:05:29. > :05:33.a sharp for Uber, which connects travellers to passengers through
:05:34. > :05:37.their smartphones. Taiwan has said Uber's licence could be revoked or
:05:38. > :05:42.was it was registered as a software company, not as a taxi service. A
:05:43. > :05:46.business that is not open to foreign enterprises.
:05:47. > :05:51.TRANSLATION: Our ministry of transportation and the fair Trade
:05:52. > :05:54.Commission have already find Uber Taiwan, but they often claim they
:05:55. > :06:03.have no relationship with the international Uber company. But the
:06:04. > :06:06.acting Taiwan Uber General manager has been deducting illegal
:06:07. > :06:10.activities and illegal operations. The Taiwanese government says it
:06:11. > :06:13.will discuss options with the US company, but this spat is just the
:06:14. > :06:18.latest problem to afflict the car selling out. The car has long
:06:19. > :06:26.encountered opposition from taxi companies around the region --
:06:27. > :06:31.hailing app. It triggered anger from domestic taxi drivers, who have
:06:32. > :06:36.staged protests as recently as July. Uber's has faced similar legal
:06:37. > :06:42.scrutiny in China, where it lost billions of dollars a year. After
:06:43. > :06:47.years of fees because the condition with a local Chinese rival, Uber
:06:48. > :06:52.finally surrendered. Last week and announced an agreement to merge the
:06:53. > :06:54.China operation into the existing operation, giving investors a 20%
:06:55. > :06:57.stake in the Chinese company. UK oil giant BP is planning to sell
:06:58. > :07:01.one of its biggest Chinese Let's cross over to Rico
:07:02. > :07:17.Hizon with the details. Lovely to see you. What is going on?
:07:18. > :07:23.This is a joint venture between BP and the mainland state-owned
:07:24. > :07:26.company. BP is reportedly seeking buyers for its 50% stake in this
:07:27. > :07:32.Chinese petrochemicals joint venture. Just to give the
:07:33. > :07:37.background, the plant started operations around ten years ago
:07:38. > :07:44.after almost three billions of dollars investment, including a
:07:45. > :07:49.building block for plastics company. It is BP's single biggest investment
:07:50. > :07:54.in China, and a successful deal with Mark BP's first significant exit
:07:55. > :08:00.from a business in the mainland, which is expected to fetch around 2-
:08:01. > :08:03.3 billion US dollars. If we take a look at this deal, BP is the latest
:08:04. > :08:08.Western oil company to curtail activity in China as energy groups
:08:09. > :08:15.are basically impacted from low crude prices and Bob petrochemical
:08:16. > :08:20.prices. -- low. The energy sector has disappointed investors. Overall,
:08:21. > :08:27.they say the group's moved to exit this joint-venture made sense at a
:08:28. > :08:31.time when Asia is currently awash because of oversupply of
:08:32. > :08:36.petrochemical supplies. Nice to see you. Thank you for filling us in.
:08:37. > :08:38.More stories to squeeze in this morning.
:08:39. > :08:40.The World Bank's staff association says the organisation is facing
:08:41. > :08:43.a crisis of leadership and has called for the replacement
:08:44. > :08:46.this according to the Financial Times.
:08:47. > :08:48.Since his appointment in 2012, Mr Kim has overseen a restructuring
:08:49. > :08:52.of the World Bank which led to the departure of many senior
:08:53. > :08:54.The organisation provides advice and loans to developing countries.
:08:55. > :08:58.The FT reports that Mr Kim still has the backing of the World Bank's
:08:59. > :09:04.largest shareholder, the United States.
:09:05. > :09:07.The social networking giant Facebook has announced changes that
:09:08. > :09:12.The company said it will alter the way content is loaded
:09:13. > :09:14.onto its website to make adverts considerably more
:09:15. > :09:18.About 200 million people worldwide currently use ad-blocking software
:09:19. > :09:33.I was going to tell you about Finding Dory.
:09:34. > :09:34.Walt Disney has reported better-than-expected quarterly
:09:35. > :09:37.results following the popularity of films such as Finding Dory
:09:38. > :09:46.That is all I can tell you because we are out of time. There is a mixed
:09:47. > :09:51.picture emerging with a stronger dollar, sorry, a weakening dollar,
:09:52. > :09:54.because markets are predicting the Federal Reserve may take time before
:09:55. > :09:59.they raise interest rates again in the United States was up you can see
:10:00. > :10:02.a flat and to Wall Street. Markets taking a pause on the rally they are
:10:03. > :10:05.as been experiencing over the last four days. I will see you soon. --
:10:06. > :10:19.they have been. Sally will be joining me again
:10:20. > :10:20.shortly to look at the international newspapers.
:10:21. > :10:24.Labour's Andy Burnham has been selected to be the party's candidate