:00:00. > :00:00.When Sally picks up what she dropped during the headlines, she will bring
:00:00. > :00:15.you the World Business Report. Transatlantic mega deals
:00:16. > :00:20.face a growing backlash Plus Apple leaves a sour taste
:00:21. > :00:28.as the multi-billion dollar tax row I'm Sally Bundock -
:00:29. > :00:42.also in the programme Rico Hizon will have the market reaction
:00:43. > :00:57.in Asia to the latest Fed meeting. I dropped the clicker that does my
:00:58. > :00:59.boards, so that is probably why they do not work sometimes. I am quite
:01:00. > :01:00.clumsy. We start in the Slovak capital
:01:01. > :01:03.Bratislava where European Union trade ministers are gathering today
:01:04. > :01:06.to discuss a massive free trade deal We are talking of course
:01:07. > :01:14.about the Transatlantic Trade and Investment Partnership
:01:15. > :01:17.or TTIP for short. It is facing a growing public
:01:18. > :01:20.backlash against free trade and globalisation -
:01:21. > :01:23.and rising political opposition trade tariffs and regulations
:01:24. > :01:32.would bring vast economic benefits. They claim it's worth 95 billion
:01:33. > :01:40.euros a year to the US economy - That's more than 500 euros
:01:41. > :01:47.for each person in Europe. But opponents say it gives too much
:01:48. > :01:50.power to multinational companies. They fear it will lower
:01:51. > :01:54.European standards on food It could push down wages and see
:01:55. > :02:00.more jobs lost to outsourcing. A similar deal between
:02:01. > :02:03.the EU and Canada - known as CETA - has
:02:04. > :02:06.already been signed. It will come intro force next year
:02:07. > :02:08.if Europe's national But there is opposition
:02:09. > :02:15.in several countries. Thousands protested on the streets
:02:16. > :02:19.of Brussels this week against both TTIP and CETA - demanding
:02:20. > :02:21.that the EU abandon the deals. Campaigners are warning
:02:22. > :02:24.they will limit governments' ability And they are worried too much
:02:25. > :02:30.of the negotiation is going TRANSLATION: These trade
:02:31. > :02:39.agreements must first And that's the big problem now,
:02:40. > :02:44.that we don't know the whole content But we see that a number
:02:45. > :02:47.of fundamental achievements that have been realised in Europe,
:02:48. > :02:50.such as environmental protection, social protection, are being put
:02:51. > :02:52.on the line. And that's why it is so important
:02:53. > :02:55.that these deals are not concluded behind closed doors but that
:02:56. > :03:00.a public debate is held. I think there's already
:03:01. > :03:03.enough corporate power, and if we start making
:03:04. > :03:06.all transactions and all trade free between the US and Europe,
:03:07. > :03:10.all low quality products can go both ways and that's not good
:03:11. > :03:13.and multinationals will get even Tom Packer is Fellow
:03:14. > :03:31.of the Rothermere American Institute Good morning. We heard there from
:03:32. > :03:35.some of the protesters in Europe and that was a protest or in Brussels
:03:36. > :03:41.but there have been protests in other cities across Europe. There is
:03:42. > :03:45.concern that this deal could lead to the dire of areas within Europe they
:03:46. > :03:50.fought so hard for. Give us your take on this. Much of it has been
:03:51. > :03:54.done in a private forum and there has not been much transparency. That
:03:55. > :04:00.has led to a great deal of uncertainty. You look at polls on
:04:01. > :04:04.both side of the Atlantic. It polls badly. There is a great deal of
:04:05. > :04:08.opposition in Congress. Both candidates say they are against it.
:04:09. > :04:14.That does not necessarily mean they will be against it when they are
:04:15. > :04:18.elected president. How do you think this will play out? It is not just
:04:19. > :04:21.the likes of Donald Trump and Hillary Clinton against this but
:04:22. > :04:24.also people like the French president and other key leaders
:04:25. > :04:29.within Europe saying this is not going to happen. Any hope of seeing
:04:30. > :04:37.a result? If we want this, there is hope. I think what is particularly
:04:38. > :04:47.plausible is that there will be some kind of new TTIP. A TTIP different.
:04:48. > :04:50.Donald Trump has made a lot of protectionist noise and Mrs Clinton
:04:51. > :05:00.has a long history of being protectionist. In protection --
:05:01. > :05:05.election years at least. President Obama will find it difficult to get
:05:06. > :05:09.this past for he leaves office. If he doesn't will will be impressive.
:05:10. > :05:13.The United Kingdom has been a positive supportive force within
:05:14. > :05:19.this process and the UK will no longer be a part of TTIP. Is that
:05:20. > :05:30.play a part for the US, is it a problem for them? I think the UK is
:05:31. > :05:35.the popular part of Europe in the US, at the same time, it would be a
:05:36. > :05:39.lot easier to do a similar deal between the United Kingdom and the
:05:40. > :05:43.United States and there would be far less opposition in Congress to that
:05:44. > :05:51.kind of deal. Thank you so much for coming in. If we do get any news out
:05:52. > :05:56.of the Sloper we will update you. Talking about trade relations
:05:57. > :05:57.between the US and Europe have not been helped
:05:58. > :06:00.by the huge row over Apple's tax avoidance.
:06:01. > :06:03.The US Treasury Secretary Jack Lew has told the BBC it is unacceptable
:06:04. > :06:06.to America to have its tax base eroded by a foreign power.
:06:07. > :06:13.last month the world 's biggest company was hit with the European
:06:14. > :06:19.Union's biggest ever tax ruling. After the EU concluded that Apple's
:06:20. > :06:25.Siu Kai Tak still with Ireland amounted to illegal state aid. The
:06:26. > :06:29.order for Apple to pay $14 billion in taxes has sparked anger in the
:06:30. > :06:37.United States. A row over tax is not dying down. The US Treasury
:06:38. > :06:42.Secretary remains aggrieved at what he sees as Europe taking American
:06:43. > :06:49.tax dollars. The problem with the decision is that it is out of
:06:50. > :06:54.boundaries of tax policy to retro actively impose a tax burden that
:06:55. > :06:59.taxes company and reduces the tax base of another jurisdiction, in
:07:00. > :07:03.this case the United States. Our registration do their job and
:07:04. > :07:08.protect their own interests? Looking at the global tax system it depends
:07:09. > :07:12.on cooperation. Most tax authorities, we do not consider it
:07:13. > :07:17.acceptable to reach in and tax income from another jurisdiction.
:07:18. > :07:22.Europe sees it differently. The commission sees it as promoting fair
:07:23. > :07:33.competition. To us it is very much a competition case. Because we have
:07:34. > :07:38.this third competition instrument. Anti-trust, for example, that we
:07:39. > :07:44.share with the US. But we have a third tool to secure an even playing
:07:45. > :07:49.field and that is state control. They do not have that concept in the
:07:50. > :07:53.United States. That is why it is one of the reasons it is so foreign for
:07:54. > :07:59.them and that is why we get this pushback. It does not sound like it
:08:00. > :08:05.is foreign to the US government. It says the solution is local and
:08:06. > :08:11.global tax reform. They find it unacceptable for companies to avoid
:08:12. > :08:15.tax by shopping for tax avoidance strategies. The answer is we need
:08:16. > :08:19.tax reform and in other countries we need to see an end to the rest of
:08:20. > :08:23.the bottom of low tax rates because one pushes on the other pools. That
:08:24. > :08:27.is a global conversation where we have had a lot of progress in the
:08:28. > :08:30.last few years. After meeting in Washington this week it does not
:08:31. > :08:36.sound like the two sides are ever going to see eye to eye on who gets
:08:37. > :08:39.the money. Music to the years of those but they need to reach an
:08:40. > :08:41.all-encompassing agreement on trade. Staying with news out of the US -
:08:42. > :08:45.the big event for financial markets this week was the Federal Reserve
:08:46. > :08:49.meeting and as most predicted Janet Yellen and her team decided
:08:50. > :08:53.to hold off raising interest rates. Stocks surged on Wall Street
:08:54. > :09:01.as the central bank chief explained US economic growth is on track
:09:02. > :09:04.but they are waiting for evidence Rico Hizon has been tracking
:09:05. > :09:21.the market reaction in Asia for us. Nice to see you. Markets in Asia
:09:22. > :09:26.also cheering what has been said. That is right. You have Asian
:09:27. > :09:33.investors smiling from year to year. Very happy. Janet and company have
:09:34. > :09:38.decided on the monetary policy. Very parlours so far today is the
:09:39. > :09:42.regional market. With the exception of Japan which is closed for a
:09:43. > :09:47.public holiday. No reaction from the Japanese financial markets. Asian
:09:48. > :09:51.shares are surging. Taking their cue from the United States. The move to
:09:52. > :09:55.sit on interest rates is pressuring right now. The US dollar, is
:09:56. > :10:00.pressured and lifting commodity prices and stocks. In many Asian
:10:01. > :10:08.countries, all in positive territories. Ma Tei to say that the
:10:09. > :10:16.market got what it wanted and what is expected. The Federal Reserve
:10:17. > :10:22.keeping interest rates low. After the Fed reserve and the Bank of
:10:23. > :10:25.Japan, the Philippines and the bank of Indonesia will be meeting
:10:26. > :10:27.shortly. We will wait to see how they decide on policies and a couple
:10:28. > :10:42.of weak's time. It is rumoured that Apple could be
:10:43. > :10:43.teaming up with the supercar maker 's McLaren. We will discuss that
:10:44. > :10:51.later. A BBC News investigation has found
:10:52. > :10:54.that tens of thousands of operations were cancelled at short notice
:10:55. > :10:58.by English hospitals last year -