Browse content similar to 21/10/2016. Check below for episodes and series from the same categories and more!
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being born with the neurological disorder microcephaly. Time now for | :00:00. | :00:07. | |
the latest business news with Victoria and World Business Report. | :00:08. | :00:22. | |
Rough trade. Europe's megadeal with Canada runs into trouble, casting | :00:23. | :00:34. | |
doubt on bigger talks with the US and post Brexit Britain. And the | :00:35. | :00:38. | |
toughest job in business. We met the man trying to salvage Brazil's state | :00:39. | :00:40. | |
oil giant, Petrobras. European leaders are battling | :00:41. | :00:42. | |
to save the trade agreement with Ceta, the comprehensive economic | :00:43. | :00:46. | |
and trade agreement, has caused a backlash, | :00:47. | :00:51. | |
a public backlash, and has now been blocked by a Belgian | :00:52. | :00:54. | |
regional parliament. This row has really called | :00:55. | :01:02. | |
into question the entire credibility of the EU, when it comes | :01:03. | :01:04. | |
to agreeing major trade deals. The far bigger deal, of course, | :01:05. | :01:09. | |
is the transatlantic trade and investment partnership, | :01:10. | :01:12. | |
with the United States, And of course there is the issue | :01:13. | :01:14. | |
about any future with the UK, On Thursday the European Council | :01:15. | :01:32. | |
president, Donald Tusk, warned about these deals. The problem goes beyond | :01:33. | :01:37. | |
Ceta. If you are not able to convince people that trade | :01:38. | :01:42. | |
agreements are in their interests, if you are not able to convince them | :01:43. | :01:51. | |
that our representatives negotiate the free-trade agreements to protect | :01:52. | :01:56. | |
people's interest, we will have no chance to build public support for | :01:57. | :02:02. | |
free trade. And I am afraid that means that Ceta could be our last | :02:03. | :02:06. | |
free-trade agreement. The head of Europe and trade policy | :02:07. | :02:19. | |
in the UK is with me. Thank you for coming in. The EU has spent years | :02:20. | :02:25. | |
negotiating this trade deal. But the tide of popular opinion is going | :02:26. | :02:29. | |
against trade deals, so is the real danger here that precedent that this | :02:30. | :02:33. | |
set is? It is interesting, from Trump, to TTIP, it seems global free | :02:34. | :02:39. | |
trade is under threat like never before. It is really important to | :02:40. | :02:44. | |
stress that whether it is TTIP or Ceta we are in uncharted waters. We | :02:45. | :02:48. | |
have an unprecedented situation where a small regional parliament is | :02:49. | :02:51. | |
not only threatening to block the Canada EU trade deal, it is now | :02:52. | :02:56. | |
actually directly negotiating today, Friday, with the Canadian government | :02:57. | :02:59. | |
directly. So it really sets in jeopardy what is the actual EU's | :03:00. | :03:04. | |
competence in trade policy going forward. In this particular area, | :03:05. | :03:09. | |
Wallonia, most people will not have heard of it before, cows apparently | :03:10. | :03:15. | |
outnumber people three to one. This is a situation where a regional | :03:16. | :03:18. | |
court could be deciding EU policy. Do you think it is economic suicide? | :03:19. | :03:24. | |
I think the EU hasn't helped itself by setting a slightly artificial | :03:25. | :03:27. | |
deadline. This could be solved if there was a bit more time going | :03:28. | :03:32. | |
forward. Having said that, the EU is putting its entire credibility on | :03:33. | :03:35. | |
the line at this moment. We also have a situation where there was a | :03:36. | :03:38. | |
referendum in the Netherlands about rejecting a trade deal in the | :03:39. | :03:41. | |
Ukraine and so even if it were signed at the moment that is only a | :03:42. | :03:45. | |
provisional application to go forward with the trade deal next | :03:46. | :03:48. | |
year. Bolivar 28 countries and their sub federal regions decide they | :03:49. | :03:51. | |
don't want to ratify it, where does EU trade policy go from here? As a | :03:52. | :03:56. | |
very big lobby group in the UK, the Institute of Directors, are you | :03:57. | :04:00. | |
concerned about where this leaves Britain in a post Brexit world when | :04:01. | :04:05. | |
it comes to trade? I think it shows the difficulty of getting a | :04:06. | :04:08. | |
multiplicity of players at the Federal and sub federal level, there | :04:09. | :04:12. | |
are so many players who will have an interesting view about TTIP. But it | :04:13. | :04:19. | |
is too early to say that will have a problem for TTIP. These tend to be | :04:20. | :04:22. | |
trade liberalisation agreements which always have a bit of | :04:23. | :04:25. | |
opposition. Some countries will be quite happy to see the UK go and | :04:26. | :04:29. | |
won't necessarily block it on those grounds. | :04:30. | :04:30. | |
In Brazil, for two years the state oil giant, | :04:31. | :04:33. | |
Petrobras, has been at the centre of a scandal. | :04:34. | :04:35. | |
The effect brought down the President, and left the company | :04:36. | :04:38. | |
The new boss, Pedro Parente, is the man in charge now, | :04:39. | :04:44. | |
and he is tasked with salvaging the company. | :04:45. | :04:48. | |
He is trying to sell off assets and bring in vital investment, as Brazil | :04:49. | :04:57. | |
has some of the world's largest offshore oil reserves. He told the | :04:58. | :05:01. | |
BBC's business correspondent that in five years' time his company could | :05:02. | :05:06. | |
be back to its former glory. We have just announced a new strategic plan. | :05:07. | :05:11. | |
This is a plan for 2017 up until 2021. However, it was the easiest | :05:12. | :05:17. | |
part, because the most important one is to deliver the plan. I think | :05:18. | :05:23. | |
that, after this period, we will see the company back to its best days. | :05:24. | :05:30. | |
Do you think foreign companies are willing to partner up with | :05:31. | :05:34. | |
Petrobras? The company still has that image of corruption it is | :05:35. | :05:37. | |
trying to shake off. There is also the question of very high levels of | :05:38. | :05:42. | |
debt, and also there is nothing to guarantee that you will be here | :05:43. | :05:45. | |
after two years, because a new president will be elected in 2018. I | :05:46. | :05:50. | |
don't think it is a good idea to be depending on one person although I | :05:51. | :05:54. | |
don't think it is work done by just one person. It is work done by a | :05:55. | :05:58. | |
team, a team that is working very hard in order to place the company | :05:59. | :06:05. | |
at the levels I mentioned before. So what we are working to do is to | :06:06. | :06:09. | |
improve the institutional organisation of the company. Can you | :06:10. | :06:13. | |
give us a bit of an example? Two years from now, if a new political | :06:14. | :06:18. | |
group comes into power in Petrobras in the company still runs with a | :06:19. | :06:22. | |
state mindset that appoints political people to bury the | :06:23. | :06:28. | |
positions, wouldn't that happen again in 2018? What is important to | :06:29. | :06:32. | |
know is that we have changed a lot of internal rules related to the | :06:33. | :06:36. | |
decision-making process. For instance, in the past, during the | :06:37. | :06:42. | |
days in which the problems happened, you could take a very important | :06:43. | :06:47. | |
decision to buy or to hire you sign a contract by just one person. It is | :06:48. | :06:52. | |
not possible any more. You need at least two executive directors | :06:53. | :06:57. | |
signing this contract, you need at least five different committees | :06:58. | :07:02. | |
assessing this operation. We do believe that these scenarios will | :07:03. | :07:07. | |
make it very, very difficult for anyone that would come in the future | :07:08. | :07:12. | |
to try to break up and do whatever they want, as it was in the past. | :07:13. | :07:19. | |
What a job. Moving on, the Filipino President, Duterte, is in Beijing | :07:20. | :07:27. | |
for talks with China. Yesterday he announced the separation from the | :07:28. | :07:32. | |
United States. It is a huge concern in Washington and in the last few | :07:33. | :07:36. | |
hours the Philippine Trade Minister has been trying to minimise the | :07:37. | :07:39. | |
damage, saying the country will maintain its trade and economic ties | :07:40. | :07:43. | |
with the US. Our correspondent has been talking to him. What has he | :07:44. | :07:48. | |
been saying to you? That's right, as you said, the Philippine trade | :07:49. | :07:53. | |
Secretary is trying to minimise the damage, despite what President | :07:54. | :07:58. | |
Rodrigo Duterte said. He seemed to have made his feelings pretty clear | :07:59. | :08:02. | |
about separating from the US, but I was speaking to the trade Secretary, | :08:03. | :08:09. | |
Ramon Lopez, it sounded like his president actually didn't say it. He | :08:10. | :08:12. | |
said they would not be stopping investments with the US, that they | :08:13. | :08:15. | |
are maintaining the relationship with the West but they are trying to | :08:16. | :08:20. | |
reduce or do away with too much dependence. He maintained that there | :08:21. | :08:25. | |
was no economic separation and that the Philippines will continue to | :08:26. | :08:28. | |
accept investments in exports from the US as well as import to there as | :08:29. | :08:34. | |
well. He said his president was keen to renew the relationship, as well | :08:35. | :08:38. | |
as what he called the historical friendship with China, despite the | :08:39. | :08:43. | |
ongoing territorial tensions at the two have endured. And in fact the | :08:44. | :08:48. | |
two sides have very much decided to focus on closer economic ties during | :08:49. | :08:54. | |
Rodrigo Duterte's visit to China. They have signed deals worth $13.5 | :08:55. | :09:01. | |
billion. Some very mixed messaging coming out of the Philippines. Let's | :09:02. | :09:05. | |
have a quick look at some other news for you, and the US | :09:06. | :09:10. | |
telecommunications giant ATT and Time Warner have announced a | :09:11. | :09:14. | |
possible merger. They have been buying up media businesses to get a | :09:15. | :09:18. | |
hold of possible content. They bought Direct TV last year for $48.5 | :09:19. | :09:25. | |
billion. Time Warner rejected a takeover offer from 20th Century Fox | :09:26. | :09:31. | |
in 2014 and it has a market value of $65 billion. Microsoft shares have | :09:32. | :09:35. | |
surged more than 6% to an all-time high after it reported much better | :09:36. | :09:41. | |
than earnings. It has boosted its soaring sales from cloud competing | :09:42. | :09:44. | |
as well as more companies shifting away from their own hardware to | :09:45. | :09:48. | |
storing data in the cloud. It has been an industry heavily dominated | :09:49. | :09:50. | |
by Microsoft by Microsoft in the Amazon story as | :09:51. | :09:56. | |
well. Looking at the markets, Asian stocks mainly lower today. The | :09:57. | :10:00. | |
dollar climbed against a basket of currencies to a seven-month high. | :10:01. | :10:04. | |
The dollar boosted by a fall in the euro because the ECB shot down some | :10:05. | :10:09. | |
talk about contemplating tapering its monetary policy, using position. | :10:10. | :10:14. | |
Get me on Twitter, I will speak to you very soon. | :10:15. | :10:26. | |
Now, universities and student unions should work together to tackle | :10:27. | :10:32. | |
violence against women, harassment and hate crime | :10:33. | :10:33. |