10/08/2016 World Business Report

A leading think tank says the UK should remain part of the European

single market - but is this a step too far for its new Prime Minister?

Heading for the exit - could Uber be forced out of Taiwan?

Tens of thousands of drivers who rely on the work await

Rico Hizon will join us from Singapore to fill us in on how

the trading day is shaping up in Asia.

A new report is suggesting the UK could achieve significantly stronger

economic growth if it found a way to stay

Although Britain has taken the decision to leave the 28-country

political union, some experts believe it may be possible

for the UK to remain part of the EU's tarriff-free trading bloc.

Research by the Institute for Fiscal Studies

says that over the medium to longer term, Britain's GDP could be 4%

higher if it stayed within the single market.

The IFS believes there's a huge difference

between "full membership" and bilateral access to the club.

It argues "membership" reduces non-tariff barriers like customs

checks - in a way that narrower free trade deals cannot.

But remaining in the trading bloc is looking increasingly difficult.

Last month, British Prime Minister Theresa May pledged to deliver

'some' control on the free movement of people.

But of course this could risk breaching one of the key pillars

Peter Bishop is Deputy Chiefs Executive

Good morning. What do you make of this report? My first sight of it is

it is a realistic take on what is facing us over the next few years. I

can't argue with the fact we are next door to a market of 435 million

people. It is a customs union. There is a level of harmonisation in goods

we sell and indeed services we sell into the market. It has massive

spending power. The businesses I speak to, when you ask them what you

want to replace the single market with, your biggest market next door,

the answer is something similar to that is possible. I know for many

businesses in the UK, this is their biggest concern right now. What will

it be like, the Brexit story, once we have started to negotiate Article

50 and all that still to come? One of the key issues is the movement of

people, which is one of the most controversial, but from the point of

view of the European Union, and to the medical and the like, it is one

of the most important pillars to preserve -- Angela Merkel. How to

negotiate that? It is challenging. The input I would make, which I'm

sure the government is thinking of now, when the Treaty of Rome was

signed in 1957, those four pillars with the movement of goods,

services, capital and people. But that was likely an adjunct to that,

and the world has changed massively since then. The freedom of movement

of goods, services and capital was given a boost by the UK. That single

market completion. But the people element was not the driving force.

The world has evolved and moved on. It has changed massively since then.

We have to get back argument over. If we don't succeed getting that

argument over, we could be in a scenario where we don't have some

kind of special deal of relationship is aware. What would that mean for

many of your members at the chamber of commerce? This is about access to

that market. I'm not saying we can't live with that, it is not the

favourite approach. There is a world outside the EU, and we are taking a

delegation to add -- Abu Dhabi. It is the biggest trade negotiation we

have taken, and it is a pen European one led by the UK. Interesting.

Thank you for coming in. If you want to read more about what the

Institute of Fiscal Studies as to say, take a look at our website. It

is on the business page. Let's talk about "movement

of people" in a different sense now. Following the company's decision

to sell its operations in China, Uber could now face ejection

from neighbouring Taiwan. A local regulator has

accused the car-hailing app of misusing its business licence,

with the national government set It has been a long and bumpy road in

a sharp for Uber, which connects travellers to passengers through

their smartphones. Taiwan has said Uber's licence could be revoked or

was it was registered as a software company, not as a taxi service. A

business that is not open to foreign enterprises.

TRANSLATION: Our ministry of transportation and the fair Trade

Commission have already find Uber Taiwan, but they often claim they

have no relationship with the international Uber company. But the

acting Taiwan Uber General manager has been deducting illegal

activities and illegal operations. The Taiwanese government says it

will discuss options with the US company, but this spat is just the

latest problem to afflict the car selling out. The car has long

encountered opposition from taxi companies around the region --

hailing app. It triggered anger from domestic taxi drivers, who have

staged protests as recently as July. Uber's has faced similar legal

scrutiny in China, where it lost billions of dollars a year. After

years of fees because the condition with a local Chinese rival, Uber

finally surrendered. Last week and announced an agreement to merge the

China operation into the existing operation, giving investors a 20%

stake in the Chinese company. UK oil giant BP is planning to sell

one of its biggest Chinese Let's cross over to Rico

Hizon with the details. Lovely to see you. What is going on?

This is a joint venture between BP and the mainland state-owned

company. BP is reportedly seeking buyers for its 50% stake in this

Chinese petrochemicals joint venture. Just to give the

background, the plant started operations around ten years ago

after almost three billions of dollars investment, including a

building block for plastics company. It is BP's single biggest investment

in China, and a successful deal with Mark BP's first significant exit

from a business in the mainland, which is expected to fetch around 2-

3 billion US dollars. If we take a look at this deal, BP is the latest

Western oil company to curtail activity in China as energy groups

are basically impacted from low crude prices and Bob petrochemical

prices. -- low. The energy sector has disappointed investors. Overall,

they say the group's moved to exit this joint-venture made sense at a

time when Asia is currently awash because of oversupply of

petrochemical supplies. Nice to see you. Thank you for filling us in.

More stories to squeeze in this morning.

The World Bank's staff association says the organisation is facing

a crisis of leadership and has called for the replacement

this according to the Financial Times.

Since his appointment in 2012, Mr Kim has overseen a restructuring

of the World Bank which led to the departure of many senior

The organisation provides advice and loans to developing countries.

The FT reports that Mr Kim still has the backing of the World Bank's

largest shareholder, the United States.

The social networking giant Facebook has announced changes that

The company said it will alter the way content is loaded

onto its website to make adverts considerably more

About 200 million people worldwide currently use ad-blocking software

I was going to tell you about Finding Dory.

Walt Disney has reported better-than-expected quarterly

results following the popularity of films such as Finding Dory

That is all I can tell you because we are out of time. There is a mixed

picture emerging with a stronger dollar, sorry, a weakening dollar,

because markets are predicting the Federal Reserve may take time before

they raise interest rates again in the United States was up you can see

a flat and to Wall Street. Markets taking a pause on the rally they are

as been experiencing over the last four days. I will see you soon. --

they have been. Sally will be joining me again

shortly to look at the international newspapers.

Labour's Andy Burnham has been selected to be the party's candidate