:00:00. > :00:18.Brexit fears put pressure on Mark Carney to clarify how long
:00:19. > :00:22.he plans to stay in the job as Governor of the Bank of England.
:00:23. > :00:25.Signed and sealed - a deal is done at last
:00:26. > :00:31.between the European Union and Canada but free trade isn't
:00:32. > :00:37.a win-win for everyone - we have a special report.
:00:38. > :00:44.Also in the programme, we'll cross over to Asia to hear
:00:45. > :00:47.the latest developments in the global shipping crisis.
:00:48. > :00:49.We start in the UK where the uncertainty caused
:00:50. > :00:55.Reports out today suggest the UK economy will come under renewed
:00:56. > :01:01.pressure in the coming months as the financial press grapples
:01:02. > :01:04.with the possibility of the Governor of the Bank of England
:01:05. > :01:08.Mark Carney not staying in the job for an 8 year term.
:01:09. > :01:10.The Canadian took over as Governor in June 2013 until 2021
:01:11. > :01:14.but with an option to leave after five years.
:01:15. > :01:20.It's being widely reported he may choose to quit in 2018.
:01:21. > :01:26.Mr Carney has faced criticism he overstepped the mark
:01:27. > :01:28.as the non-partisan head of the UK's central bank -
:01:29. > :01:31.in particular ahead of Britain's referendum on EU membership,
:01:32. > :01:34.when he warned a vote to leave could have a harmful effect
:01:35. > :01:38.Despite this, the government's Business Secretary Greg Clark
:01:39. > :01:41.has come out in support of Mr Carney, saying that he's been
:01:42. > :01:46.In the meantime a report out from Grant Thornton says there's
:01:47. > :01:54.been a significant drop in business confidence in the UK.
:01:55. > :01:57.In a bid boost it the Business Secretary revealed
:01:58. > :02:00.the UK government told the Japanese carmaker Nissan it would seek
:02:01. > :02:03.tariff-free access to European Union markets for the motor industry
:02:04. > :02:06.as part of its negotiations with the EU.
:02:07. > :02:09.Speaking on the BBC's Andrew Marr Show, Mr Clark said
:02:10. > :02:11.the guarantee helped persuade the Japanese company
:02:12. > :02:28.If there were tariffs in a market which is a very international, there
:02:29. > :02:35.is a lot of trade from the continent of Europe to the UK and vice-versa.
:02:36. > :02:42.The supply chain is integrated so one of the assurances I was able to
:02:43. > :02:47.get is now in tensions, our negotiating reps when it comes to
:02:48. > :02:49.our European partners is to have a constructive and civilised and
:02:50. > :02:52.dialogue to look for the common interest here.
:02:53. > :02:59.With me is Ben Kumar from Seven Investment Management.
:03:00. > :03:09.So much out there on the impact Brexit will have on the UK economy.
:03:10. > :03:16.Talking about Mark Carney to begin with, lots of speculation he will
:03:17. > :03:21.quit after five years? It is coming from nowhere. Everyone has known for
:03:22. > :03:26.a long, long time there would be at time he may decide to step down.
:03:27. > :03:31.There has been speculation he may not do nothing for his term but then
:03:32. > :03:36.he had to cut rates because of Brexit. I do not think he should be
:03:37. > :03:43.addressing it in the coming weeks but as suspected the pressure may
:03:44. > :03:47.mean he will have to say something. Our economic editor has been talking
:03:48. > :03:51.to various people and the implication is he was originally
:03:52. > :03:55.going to make comments at the end of this year but maybe he is under
:03:56. > :03:59.pressure to talk about it on Thursday when they have the
:04:00. > :04:05.inflation report press conference? He possibly wanted to remind people
:04:06. > :04:11.there was this option. Another head could be found. I not sure why he
:04:12. > :04:18.would want to step down. It does not get much more exciting than this.
:04:19. > :04:22.--I am stop they had to promise almost in the same but they would
:04:23. > :04:27.get tariff free arrangements with the European Union and yet we do not
:04:28. > :04:34.have any idea what arrangement we have with the EU. It seems bizarre
:04:35. > :04:40.we are not going to give a running commentary. It comes out in fits and
:04:41. > :04:46.starts. If every manufacturer that comes to the table, every ink this
:04:47. > :04:51.is, it gets a special insurance, people will start to say this is
:04:52. > :04:55.ideal for the big business and not for the rest of Britain and that
:04:56. > :05:01.will cause the government some problems. A report that business
:05:02. > :05:11.confidence is falling significantly. Also the companies that have decided
:05:12. > :05:17.not to come to the meeting. Will they build new factories, take on
:05:18. > :05:28.all staff - that has been in Pak did on the lack of clarity. The market
:05:29. > :05:41.is flagging. Business is not going public. O2 has decided to pull. No
:05:42. > :05:46.one is confident enough. Lots of mixed messages as usual. Thank you
:05:47. > :05:48.for coming in. At the end of the programme we will look at the market
:05:49. > :05:51.and see how the pound is travelling. It doesn't get any more American
:05:52. > :05:54.than a good pair of denim jeans, but cheap imports have
:05:55. > :05:57.ravaged what was once Following the signing of a landmark
:05:58. > :06:00.agreement between Canada and the European Union,
:06:01. > :06:03.the thorny issue of trade is one again in the spotlight ahead of next
:06:04. > :06:06.week's US Presidential election. Samira Hussain has been
:06:07. > :06:08.to Columbus Georgia to see how the election is playing out
:06:09. > :06:25.in a city that has seen the impact In its day, Columbus, Georgia was
:06:26. > :06:31.known as the Excel capital of the south this is what is left of one of
:06:32. > :06:37.the mills. -- the textile capital. Kimberley started working when she
:06:38. > :06:42.was just 16 years old. Everybody loved their jobs. Everybody was
:06:43. > :06:50.proud to do their job. We were happy. We worked hard and we made
:06:51. > :06:57.sure it was done right. We produced quality stuff. Enter the free tree
:06:58. > :07:04.agreement and the jobs disappeared. The reason why Donald Trump
:07:05. > :07:09.initially grabbed so many people's attention, particularly mind, was
:07:10. > :07:14.his stance on trade and he singled out and after an after transformed
:07:15. > :07:22.business. It did. He had me right there. Donald Trump's message of
:07:23. > :07:26.jobs moving overseas resonate in a community that used to employ 20,000
:07:27. > :07:32.people in textiles. Now it employs a few hundred and they all work here.
:07:33. > :07:41.Columbus has a charming smalltown feel today. Downtown pays tributes
:07:42. > :07:47.to it textile history. Even the chatter Houthi River, the reason why
:07:48. > :07:53.it so many came here in the first place, has become a place for play.
:07:54. > :07:58.The city's resilient is due to people like this man, he was
:07:59. > :08:05.attracting industries outside of textile to Columbus long before any
:08:06. > :08:08.trade deals. When it was all concentrated in one industry, it
:08:09. > :08:15.could become an unhealthy situation none of us anticipated we would lose
:08:16. > :08:18.all our textile jobs but when it did happen, we were down the road
:08:19. > :08:23.towards the investigation we were seeking. It has large been able to
:08:24. > :08:29.survive the decline of the manufacturing history in textiles
:08:30. > :08:36.but many cities have not. The challenge for the next president is
:08:37. > :08:38.to confront the reality of this country's increasingly global
:08:39. > :08:41.economy. Let's cross over to Asia where news
:08:42. > :09:01.of a merger in the Japanese shipping Japan's top three shipping companies
:09:02. > :09:08.are merging their container operations. Essentially they are
:09:09. > :09:14.forming a joint venture by next July. It is to fortify themselves
:09:15. > :09:19.against the challenges that many shipping firms have faced as global
:09:20. > :09:24.trade shrinks. They will become the sixth largest with about 7% of
:09:25. > :09:30.global container trade. Those shares have been surging as a result, all
:09:31. > :09:33.in the double digits and the news overshadowing the underlying fact
:09:34. > :09:41.that all three firms are forecasting operating losses for this fiscal
:09:42. > :09:54.year. The global container industry has been in turmoil since the global
:09:55. > :09:58.financial crisis. Thank you so much. The OPEC meeting that ended in a
:09:59. > :10:04.Vienna failed, it would seem, to come up with an agreement on the
:10:05. > :10:08.supply cuts of oil so basically we have the price of oil under quite a
:10:09. > :10:12.bit of pressure because of that. A mixed picture in Beijing in Asia.
:10:13. > :10:15.More on the meeting on our website.