Browse content similar to 22/09/2016. Check below for episodes and series from the same categories and more!
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When Sally picks up what she dropped during the headlines, she will bring | :00:00. | :00:00. | |
you the World Business Report. Transatlantic mega deals | :00:00. | :00:15. | |
face a growing backlash Plus Apple leaves a sour taste | :00:16. | :00:20. | |
as the multi-billion dollar tax row I'm Sally Bundock - | :00:21. | :00:28. | |
also in the programme Rico Hizon will have the market reaction | :00:29. | :00:42. | |
in Asia to the latest Fed meeting. I dropped the clicker that does my | :00:43. | :00:57. | |
boards, so that is probably why they do not work sometimes. I am quite | :00:58. | :00:59. | |
clumsy. We start in the Slovak capital | :01:00. | :01:00. | |
Bratislava where European Union trade ministers are gathering today | :01:01. | :01:03. | |
to discuss a massive free trade deal We are talking of course | :01:04. | :01:06. | |
about the Transatlantic Trade and Investment Partnership | :01:07. | :01:14. | |
or TTIP for short. It is facing a growing public | :01:15. | :01:17. | |
backlash against free trade and globalisation - | :01:18. | :01:20. | |
and rising political opposition trade tariffs and regulations | :01:21. | :01:23. | |
would bring vast economic benefits. They claim it's worth 95 billion | :01:24. | :01:32. | |
euros a year to the US economy - That's more than 500 euros | :01:33. | :01:40. | |
for each person in Europe. But opponents say it gives too much | :01:41. | :01:47. | |
power to multinational companies. They fear it will lower | :01:48. | :01:50. | |
European standards on food It could push down wages and see | :01:51. | :01:54. | |
more jobs lost to outsourcing. A similar deal between | :01:55. | :02:00. | |
the EU and Canada - known as CETA - has | :02:01. | :02:03. | |
already been signed. It will come intro force next year | :02:04. | :02:06. | |
if Europe's national But there is opposition | :02:07. | :02:08. | |
in several countries. Thousands protested on the streets | :02:09. | :02:15. | |
of Brussels this week against both TTIP and CETA - demanding | :02:16. | :02:19. | |
that the EU abandon the deals. Campaigners are warning | :02:20. | :02:21. | |
they will limit governments' ability And they are worried too much | :02:22. | :02:24. | |
of the negotiation is going TRANSLATION: These trade | :02:25. | :02:30. | |
agreements must first And that's the big problem now, | :02:31. | :02:39. | |
that we don't know the whole content But we see that a number | :02:40. | :02:44. | |
of fundamental achievements that have been realised in Europe, | :02:45. | :02:47. | |
such as environmental protection, social protection, are being put | :02:48. | :02:50. | |
on the line. And that's why it is so important | :02:51. | :02:52. | |
that these deals are not concluded behind closed doors but that | :02:53. | :02:55. | |
a public debate is held. I think there's already | :02:56. | :03:00. | |
enough corporate power, and if we start making | :03:01. | :03:03. | |
all transactions and all trade free between the US and Europe, | :03:04. | :03:06. | |
all low quality products can go both ways and that's not good | :03:07. | :03:10. | |
and multinationals will get even Tom Packer is Fellow | :03:11. | :03:13. | |
of the Rothermere American Institute Good morning. We heard there from | :03:14. | :03:31. | |
some of the protesters in Europe and that was a protest or in Brussels | :03:32. | :03:35. | |
but there have been protests in other cities across Europe. There is | :03:36. | :03:41. | |
concern that this deal could lead to the dire of areas within Europe they | :03:42. | :03:45. | |
fought so hard for. Give us your take on this. Much of it has been | :03:46. | :03:50. | |
done in a private forum and there has not been much transparency. That | :03:51. | :03:54. | |
has led to a great deal of uncertainty. You look at polls on | :03:55. | :04:00. | |
both side of the Atlantic. It polls badly. There is a great deal of | :04:01. | :04:04. | |
opposition in Congress. Both candidates say they are against it. | :04:05. | :04:08. | |
That does not necessarily mean they will be against it when they are | :04:09. | :04:14. | |
elected president. How do you think this will play out? It is not just | :04:15. | :04:18. | |
the likes of Donald Trump and Hillary Clinton against this but | :04:19. | :04:21. | |
also people like the French president and other key leaders | :04:22. | :04:24. | |
within Europe saying this is not going to happen. Any hope of seeing | :04:25. | :04:29. | |
a result? If we want this, there is hope. I think what is particularly | :04:30. | :04:37. | |
plausible is that there will be some kind of new TTIP. A TTIP different. | :04:38. | :04:47. | |
Donald Trump has made a lot of protectionist noise and Mrs Clinton | :04:48. | :04:50. | |
has a long history of being protectionist. In protection -- | :04:51. | :05:00. | |
election years at least. President Obama will find it difficult to get | :05:01. | :05:05. | |
this past for he leaves office. If he doesn't will will be impressive. | :05:06. | :05:09. | |
The United Kingdom has been a positive supportive force within | :05:10. | :05:13. | |
this process and the UK will no longer be a part of TTIP. Is that | :05:14. | :05:19. | |
play a part for the US, is it a problem for them? I think the UK is | :05:20. | :05:30. | |
the popular part of Europe in the US, at the same time, it would be a | :05:31. | :05:35. | |
lot easier to do a similar deal between the United Kingdom and the | :05:36. | :05:39. | |
United States and there would be far less opposition in Congress to that | :05:40. | :05:43. | |
kind of deal. Thank you so much for coming in. If we do get any news out | :05:44. | :05:51. | |
of the Sloper we will update you. Talking about trade relations | :05:52. | :05:56. | |
between the US and Europe have not been helped | :05:57. | :05:57. | |
by the huge row over Apple's tax avoidance. | :05:58. | :06:00. | |
The US Treasury Secretary Jack Lew has told the BBC it is unacceptable | :06:01. | :06:03. | |
to America to have its tax base eroded by a foreign power. | :06:04. | :06:06. | |
last month the world 's biggest company was hit with the European | :06:07. | :06:13. | |
Union's biggest ever tax ruling. After the EU concluded that Apple's | :06:14. | :06:19. | |
Siu Kai Tak still with Ireland amounted to illegal state aid. The | :06:20. | :06:25. | |
order for Apple to pay $14 billion in taxes has sparked anger in the | :06:26. | :06:29. | |
United States. A row over tax is not dying down. The US Treasury | :06:30. | :06:37. | |
Secretary remains aggrieved at what he sees as Europe taking American | :06:38. | :06:42. | |
tax dollars. The problem with the decision is that it is out of | :06:43. | :06:49. | |
boundaries of tax policy to retro actively impose a tax burden that | :06:50. | :06:54. | |
taxes company and reduces the tax base of another jurisdiction, in | :06:55. | :06:59. | |
this case the United States. Our registration do their job and | :07:00. | :07:03. | |
protect their own interests? Looking at the global tax system it depends | :07:04. | :07:08. | |
on cooperation. Most tax authorities, we do not consider it | :07:09. | :07:12. | |
acceptable to reach in and tax income from another jurisdiction. | :07:13. | :07:17. | |
Europe sees it differently. The commission sees it as promoting fair | :07:18. | :07:22. | |
competition. To us it is very much a competition case. Because we have | :07:23. | :07:33. | |
this third competition instrument. Anti-trust, for example, that we | :07:34. | :07:38. | |
share with the US. But we have a third tool to secure an even playing | :07:39. | :07:44. | |
field and that is state control. They do not have that concept in the | :07:45. | :07:49. | |
United States. That is why it is one of the reasons it is so foreign for | :07:50. | :07:53. | |
them and that is why we get this pushback. It does not sound like it | :07:54. | :07:59. | |
is foreign to the US government. It says the solution is local and | :08:00. | :08:05. | |
global tax reform. They find it unacceptable for companies to avoid | :08:06. | :08:11. | |
tax by shopping for tax avoidance strategies. The answer is we need | :08:12. | :08:15. | |
tax reform and in other countries we need to see an end to the rest of | :08:16. | :08:19. | |
the bottom of low tax rates because one pushes on the other pools. That | :08:20. | :08:23. | |
is a global conversation where we have had a lot of progress in the | :08:24. | :08:27. | |
last few years. After meeting in Washington this week it does not | :08:28. | :08:30. | |
sound like the two sides are ever going to see eye to eye on who gets | :08:31. | :08:36. | |
the money. Music to the years of those but they need to reach an | :08:37. | :08:39. | |
all-encompassing agreement on trade. Staying with news out of the US - | :08:40. | :08:41. | |
the big event for financial markets this week was the Federal Reserve | :08:42. | :08:45. | |
meeting and as most predicted Janet Yellen and her team decided | :08:46. | :08:49. | |
to hold off raising interest rates. Stocks surged on Wall Street | :08:50. | :08:53. | |
as the central bank chief explained US economic growth is on track | :08:54. | :09:01. | |
but they are waiting for evidence Rico Hizon has been tracking | :09:02. | :09:04. | |
the market reaction in Asia for us. Nice to see you. Markets in Asia | :09:05. | :09:21. | |
also cheering what has been said. That is right. You have Asian | :09:22. | :09:26. | |
investors smiling from year to year. Very happy. Janet and company have | :09:27. | :09:33. | |
decided on the monetary policy. Very parlours so far today is the | :09:34. | :09:38. | |
regional market. With the exception of Japan which is closed for a | :09:39. | :09:42. | |
public holiday. No reaction from the Japanese financial markets. Asian | :09:43. | :09:47. | |
shares are surging. Taking their cue from the United States. The move to | :09:48. | :09:51. | |
sit on interest rates is pressuring right now. The US dollar, is | :09:52. | :09:55. | |
pressured and lifting commodity prices and stocks. In many Asian | :09:56. | :10:00. | |
countries, all in positive territories. Ma Tei to say that the | :10:01. | :10:08. | |
market got what it wanted and what is expected. The Federal Reserve | :10:09. | :10:16. | |
keeping interest rates low. After the Fed reserve and the Bank of | :10:17. | :10:22. | |
Japan, the Philippines and the bank of Indonesia will be meeting | :10:23. | :10:25. | |
shortly. We will wait to see how they decide on policies and a couple | :10:26. | :10:27. | |
of weak's time. It is rumoured that Apple could be | :10:28. | :10:42. | |
teaming up with the supercar maker 's McLaren. We will discuss that | :10:43. | :10:43. | |
later. A BBC News investigation has found | :10:44. | :10:51. | |
that tens of thousands of operations were cancelled at short notice | :10:52. | :10:54. | |
by English hospitals last year - | :10:55. | :10:58. |