:00:00. > :00:00.Now for the latest financial news with Sally Bundock
:00:00. > :00:27.Could the biggest free trade deal in history be about to collapse?
:00:28. > :00:29.Plus, Legal Logging - after decades of destruction can
:00:30. > :00:37.Indonesia rebuild trust in its timber business?
:00:38. > :00:56.Wii have the latest on Hanjin, the global shipping giant which is in
:00:57. > :00:57.dire straits. We will talk about that in a moment.
:00:58. > :01:00.We start in Brussels, where US Trade Representative Michael Froman
:01:01. > :01:03.is headed to meet the EU's Trade Commissioner -
:01:04. > :01:05.Cecilia Malmstrom - in a last ditch attempt
:01:06. > :01:08.to save the biggest trade deal in history.
:01:09. > :01:10.It's the Transatlantic Trade and Investment Partnership -
:01:11. > :01:14.or TTIP for short that aims to break down trade barriers between Europe
:01:15. > :01:16.and the United states - and boost both economies
:01:17. > :01:21.But despite 3 years of talks the prospects of a deal look shakier
:01:22. > :01:25.French president Francois Hollande has said the talks are "unbalanced"
:01:26. > :01:28.with the US demanding too much and warns he can't support any deal
:01:29. > :01:34.reached before the end of the Obama presidency.
:01:35. > :01:37.His trade minister Matthias Fekl is going even further calling
:01:38. > :01:40.for the EU to formally abandon the negotiations at its summit
:01:41. > :01:46.Germay's Vice Chancellor Sigmar Gabriel has said negotiations
:01:47. > :01:50.are essentially dead but that no one is admitting it.
:01:51. > :01:53.Over in the US, things aren't looking much better for TTIP -
:01:54. > :01:59.Donald Trump has been very vocal about the dangers of free trade.
:02:00. > :02:04.And Hilary Clinton has hinted she could scrap the deal.
:02:05. > :02:08.I'll be speaking to a trade expert in a moment about what might happen
:02:09. > :02:17.next - first here are some facts and figures about TTIP.
:02:18. > :02:29.Plans to create a zone between Europe and the US were always
:02:30. > :02:34.controversial. 150 million consumers packed into one market. Those in
:02:35. > :02:40.favour says it would offer tend of billions of dollars to both
:02:41. > :02:47.economies. But sceptics is agreed saying it would favour big business
:02:48. > :02:51.and lower product safety standards. Recently, they have been voicing
:02:52. > :02:58.their opposition when President Obama visited Germany - thousands of
:02:59. > :03:04.protesters rallied against TTIP. Many in France, including the trade
:03:05. > :03:09.Minister have criticised a lack of concessions from the US side now
:03:10. > :03:12.there is a possibility that the talks could stall altogether.
:03:13. > :03:15.Aline Doussin, senior associate at law firm Squire Patton Boggs,
:03:16. > :03:26.I am sure you are extremely busy right now with this and Brexit. We
:03:27. > :03:43.have underlined the It is difficult to answer that
:03:44. > :03:51.question now. We will have to see what Cecilia Malmstrom and Matthias
:03:52. > :03:58.Fekl will discuss. We need to look at what the key issues by both the
:03:59. > :04:03.US and the EU and the likelihood of moving ahead in those areas.
:04:04. > :04:08.Agriculture is one of the sticking points. If the US were to
:04:09. > :04:15.compromise, that could trigger a deal? We have seen a number of
:04:16. > :04:20.chapters in which agreements have been made. Subcommittees have said
:04:21. > :04:27.we could come up with a mini deal were those chapters are finalised
:04:28. > :04:38.before the end of the Obama Administration. Key issues remained
:04:39. > :04:45.access to public procurement - that is a key issue for the French and
:04:46. > :04:52.the Germans in particular. A number of over sensitive areas also
:04:53. > :05:01.remained. We have seen a number of progressions. Including safety
:05:02. > :05:06.tests. Even if we wait to see some middle ground reached in the next
:05:07. > :05:11.few weeks, the Obama administration still has to sell it in Washington
:05:12. > :05:17.and that could take a very, very long time? Yes. The short answer is
:05:18. > :05:23.yes. It is always difficult to go through Congress in the US. Also in
:05:24. > :05:31.the EU with a number of political deadlines in 2017 not to mention the
:05:32. > :05:36.impact of the Brexit decision. The UK has always been an important
:05:37. > :05:43.voice in free trade decisions and that will cause a number of
:05:44. > :05:47.disruptions at the table. We will keep across those discussions in
:05:48. > :05:48.Brussels and we will keep you up dated.
:05:49. > :05:52.We are also in Indonesia, home to some of the world's oldest
:05:53. > :05:55.rainforests - millions of hectares of which have been lost over
:05:56. > :05:59.Now Indonesia is set to become the first country to export legally
:06:00. > :06:01.verified timber products to the European Union -
:06:02. > :06:03.its biggest export market for timber.
:06:04. > :06:10.But will the new system be too open to abuse to do any good?
:06:11. > :06:13.We have a special report from Indonesia and all
:06:14. > :06:27.Indonesia has some of the world 's oldest forest home to native
:06:28. > :06:34.animals. It also has a very fast deforestation industry. New
:06:35. > :06:40.companies will only be able to import timber certifiable from legal
:06:41. > :06:47.and sustainable sources under the agreement. TRANSLATION: We wanted a
:06:48. > :06:51.system that would stop the timber to get into the hands of the buyers.
:06:52. > :06:59.When they are not on the market for illegal timber, they will not have
:07:00. > :07:04.any benefit. Recent products are proven legal while other countries
:07:05. > :07:12.have not so we have an advantage. For us, it will drive the domestic
:07:13. > :07:16.industry to be more legal. Indonesia has set up a verification system
:07:17. > :07:23.where it claims to chase the timber source back through the supply
:07:24. > :07:27.chain. The fact the EU endorsed the system as credible is good news for
:07:28. > :07:39.exporters but environmentalists are warning that the verification system
:07:40. > :07:48.has problems. TRANSLATION: I do not think we can say it. The legal
:07:49. > :07:53.deforestation. A system that makes consumers feel safe about buying
:07:54. > :07:58.will increase in demand and that will be a catalyst for
:07:59. > :08:05.deforestation. We know that this system is not 100% perfect. But it
:08:06. > :08:13.is the best we can have at the moment. Any loopholes or problems
:08:14. > :08:19.that will be found, concrete cases, corrections have to be made in the
:08:20. > :08:24.system and these will be done regularly. 13 other countries are in
:08:25. > :08:37.negotiation to reach a similar deal. They will be watching closely what
:08:38. > :08:46.happens in Indonesia. The bankruptcy of Hanjin is continuing to cause
:08:47. > :08:51.havoc. Many of the cruise are stuck without supplies. We have been
:08:52. > :09:00.following this story. Nice to see it. What is the latest? -- nice to
:09:01. > :09:09.see you. They decided to unload some of the ships of Hanjin. There have
:09:10. > :09:19.been three bulk carriers used to carry I am, coal and grain, sold for
:09:20. > :09:24.about $40 million. At least 700 vessels have been arrested at ports
:09:25. > :09:31.in China, India and elsewhere will here in Singapore, one Hanjin ship
:09:32. > :09:38.seized by creditors is stuck off the coast. Ports are refusing entry to
:09:39. > :09:44.dozens of ships for fear they would not be able to pay docking fees
:09:45. > :09:50.leaving an estimated 250,000 containers stuck around the world.
:09:51. > :09:55.Many products supposing to make their way to retailers are stuck in
:09:56. > :10:02.these ships and it is becoming a nightmare. An estimated $40 billion
:10:03. > :10:05.in goods remain standards in the high seas. It is not working out at
:10:06. > :10:18.all. The UK government could announce an
:10:19. > :10:26.approval to build the first nuclear reactor in decades.
:10:27. > :10:28.at Hinkley in the West of England.
:10:29. > :10:31.Prime Minister Theresa May put the deal with French energy firm EDF
:10:32. > :10:33.and a Chinese firm on hold back in July.
:10:34. > :10:37.Sources say the project could now go ahead with certain conditions
:10:38. > :10:54.Looking at the market... You can see Japan is down. Markets in China
:10:55. > :11:01.closed today for a public holiday. I will see you soon.
:11:02. > :11:03.Thousands of post office workers across the country are expected
:11:04. > :11:06.to go on strike today, in a protest over closures,
:11:07. > :11:15.job losses and cuts to their pensions.