Browse content similar to 15/09/2016. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with Sally Bundock | :00:00. | :00:00. | |
Could the biggest free trade deal in history be about to collapse? | :00:00. | :00:27. | |
Plus, Legal Logging - after decades of destruction can | :00:28. | :00:29. | |
Indonesia rebuild trust in its timber business? | :00:30. | :00:37. | |
Wii have the latest on Hanjin, the global shipping giant which is in | :00:38. | :00:56. | |
dire straits. We will talk about that in a moment. | :00:57. | :00:57. | |
We start in Brussels, where US Trade Representative Michael Froman | :00:58. | :01:00. | |
is headed to meet the EU's Trade Commissioner - | :01:01. | :01:03. | |
Cecilia Malmstrom - in a last ditch attempt | :01:04. | :01:05. | |
to save the biggest trade deal in history. | :01:06. | :01:08. | |
It's the Transatlantic Trade and Investment Partnership - | :01:09. | :01:10. | |
or TTIP for short that aims to break down trade barriers between Europe | :01:11. | :01:14. | |
and the United states - and boost both economies | :01:15. | :01:16. | |
But despite 3 years of talks the prospects of a deal look shakier | :01:17. | :01:21. | |
French president Francois Hollande has said the talks are "unbalanced" | :01:22. | :01:25. | |
with the US demanding too much and warns he can't support any deal | :01:26. | :01:28. | |
reached before the end of the Obama presidency. | :01:29. | :01:34. | |
His trade minister Matthias Fekl is going even further calling | :01:35. | :01:37. | |
for the EU to formally abandon the negotiations at its summit | :01:38. | :01:40. | |
Germay's Vice Chancellor Sigmar Gabriel has said negotiations | :01:41. | :01:46. | |
are essentially dead but that no one is admitting it. | :01:47. | :01:50. | |
Over in the US, things aren't looking much better for TTIP - | :01:51. | :01:53. | |
Donald Trump has been very vocal about the dangers of free trade. | :01:54. | :01:59. | |
And Hilary Clinton has hinted she could scrap the deal. | :02:00. | :02:04. | |
I'll be speaking to a trade expert in a moment about what might happen | :02:05. | :02:08. | |
next - first here are some facts and figures about TTIP. | :02:09. | :02:17. | |
Plans to create a zone between Europe and the US were always | :02:18. | :02:29. | |
controversial. 150 million consumers packed into one market. Those in | :02:30. | :02:34. | |
favour says it would offer tend of billions of dollars to both | :02:35. | :02:40. | |
economies. But sceptics is agreed saying it would favour big business | :02:41. | :02:47. | |
and lower product safety standards. Recently, they have been voicing | :02:48. | :02:51. | |
their opposition when President Obama visited Germany - thousands of | :02:52. | :02:58. | |
protesters rallied against TTIP. Many in France, including the trade | :02:59. | :03:04. | |
Minister have criticised a lack of concessions from the US side now | :03:05. | :03:09. | |
there is a possibility that the talks could stall altogether. | :03:10. | :03:12. | |
Aline Doussin, senior associate at law firm Squire Patton Boggs, | :03:13. | :03:15. | |
I am sure you are extremely busy right now with this and Brexit. We | :03:16. | :03:26. | |
have underlined the It is difficult to answer that | :03:27. | :03:43. | |
question now. We will have to see what Cecilia Malmstrom and Matthias | :03:44. | :03:51. | |
Fekl will discuss. We need to look at what the key issues by both the | :03:52. | :03:58. | |
US and the EU and the likelihood of moving ahead in those areas. | :03:59. | :04:03. | |
Agriculture is one of the sticking points. If the US were to | :04:04. | :04:08. | |
compromise, that could trigger a deal? We have seen a number of | :04:09. | :04:15. | |
chapters in which agreements have been made. Subcommittees have said | :04:16. | :04:20. | |
we could come up with a mini deal were those chapters are finalised | :04:21. | :04:27. | |
before the end of the Obama Administration. Key issues remained | :04:28. | :04:38. | |
access to public procurement - that is a key issue for the French and | :04:39. | :04:45. | |
the Germans in particular. A number of over sensitive areas also | :04:46. | :04:52. | |
remained. We have seen a number of progressions. Including safety | :04:53. | :05:01. | |
tests. Even if we wait to see some middle ground reached in the next | :05:02. | :05:06. | |
few weeks, the Obama administration still has to sell it in Washington | :05:07. | :05:11. | |
and that could take a very, very long time? Yes. The short answer is | :05:12. | :05:17. | |
yes. It is always difficult to go through Congress in the US. Also in | :05:18. | :05:23. | |
the EU with a number of political deadlines in 2017 not to mention the | :05:24. | :05:31. | |
impact of the Brexit decision. The UK has always been an important | :05:32. | :05:36. | |
voice in free trade decisions and that will cause a number of | :05:37. | :05:43. | |
disruptions at the table. We will keep across those discussions in | :05:44. | :05:47. | |
Brussels and we will keep you up dated. | :05:48. | :05:48. | |
We are also in Indonesia, home to some of the world's oldest | :05:49. | :05:52. | |
rainforests - millions of hectares of which have been lost over | :05:53. | :05:55. | |
Now Indonesia is set to become the first country to export legally | :05:56. | :05:59. | |
verified timber products to the European Union - | :06:00. | :06:01. | |
its biggest export market for timber. | :06:02. | :06:03. | |
But will the new system be too open to abuse to do any good? | :06:04. | :06:10. | |
We have a special report from Indonesia and all | :06:11. | :06:13. | |
Indonesia has some of the world 's oldest forest home to native | :06:14. | :06:27. | |
animals. It also has a very fast deforestation industry. New | :06:28. | :06:34. | |
companies will only be able to import timber certifiable from legal | :06:35. | :06:40. | |
and sustainable sources under the agreement. TRANSLATION: We wanted a | :06:41. | :06:47. | |
system that would stop the timber to get into the hands of the buyers. | :06:48. | :06:51. | |
When they are not on the market for illegal timber, they will not have | :06:52. | :06:59. | |
any benefit. Recent products are proven legal while other countries | :07:00. | :07:04. | |
have not so we have an advantage. For us, it will drive the domestic | :07:05. | :07:12. | |
industry to be more legal. Indonesia has set up a verification system | :07:13. | :07:16. | |
where it claims to chase the timber source back through the supply | :07:17. | :07:23. | |
chain. The fact the EU endorsed the system as credible is good news for | :07:24. | :07:27. | |
exporters but environmentalists are warning that the verification system | :07:28. | :07:39. | |
has problems. TRANSLATION: I do not think we can say it. The legal | :07:40. | :07:48. | |
deforestation. A system that makes consumers feel safe about buying | :07:49. | :07:53. | |
will increase in demand and that will be a catalyst for | :07:54. | :07:58. | |
deforestation. We know that this system is not 100% perfect. But it | :07:59. | :08:05. | |
is the best we can have at the moment. Any loopholes or problems | :08:06. | :08:13. | |
that will be found, concrete cases, corrections have to be made in the | :08:14. | :08:19. | |
system and these will be done regularly. 13 other countries are in | :08:20. | :08:24. | |
negotiation to reach a similar deal. They will be watching closely what | :08:25. | :08:37. | |
happens in Indonesia. The bankruptcy of Hanjin is continuing to cause | :08:38. | :08:46. | |
havoc. Many of the cruise are stuck without supplies. We have been | :08:47. | :08:51. | |
following this story. Nice to see it. What is the latest? -- nice to | :08:52. | :09:00. | |
see you. They decided to unload some of the ships of Hanjin. There have | :09:01. | :09:09. | |
been three bulk carriers used to carry I am, coal and grain, sold for | :09:10. | :09:19. | |
about $40 million. At least 700 vessels have been arrested at ports | :09:20. | :09:24. | |
in China, India and elsewhere will here in Singapore, one Hanjin ship | :09:25. | :09:31. | |
seized by creditors is stuck off the coast. Ports are refusing entry to | :09:32. | :09:38. | |
dozens of ships for fear they would not be able to pay docking fees | :09:39. | :09:44. | |
leaving an estimated 250,000 containers stuck around the world. | :09:45. | :09:50. | |
Many products supposing to make their way to retailers are stuck in | :09:51. | :09:55. | |
these ships and it is becoming a nightmare. An estimated $40 billion | :09:56. | :10:02. | |
in goods remain standards in the high seas. It is not working out at | :10:03. | :10:05. | |
all. The UK government could announce an | :10:06. | :10:18. | |
approval to build the first nuclear reactor in decades. | :10:19. | :10:26. | |
at Hinkley in the West of England. | :10:27. | :10:28. | |
Prime Minister Theresa May put the deal with French energy firm EDF | :10:29. | :10:31. | |
and a Chinese firm on hold back in July. | :10:32. | :10:33. | |
Sources say the project could now go ahead with certain conditions | :10:34. | :10:37. | |
Looking at the market... You can see Japan is down. Markets in China | :10:38. | :10:54. | |
closed today for a public holiday. I will see you soon. | :10:55. | :11:01. | |
Thousands of post office workers across the country are expected | :11:02. | :11:03. | |
to go on strike today, in a protest over closures, | :11:04. | :11:06. | |
job losses and cuts to their pensions. | :11:07. | :11:15. |