31/10/2016 World Business Report

Brexit fears put pressure on Mark Carney to clarify how long

he plans to stay in the job as Governor of the Bank of England.

Signed and sealed - a deal is done at last

between the European Union and Canada but free trade isn't

a win-win for everyone - we have a special report.

Also in the programme, we'll cross over to Asia to hear

the latest developments in the global shipping crisis.

We start in the UK where the uncertainty caused

Reports out today suggest the UK economy will come under renewed

pressure in the coming months as the financial press grapples

with the possibility of the Governor of the Bank of England

Mark Carney not staying in the job for an 8 year term.

The Canadian took over as Governor in June 2013 until 2021

but with an option to leave after five years.

It's being widely reported he may choose to quit in 2018.

Mr Carney has faced criticism he overstepped the mark

as the non-partisan head of the UK's central bank -

in particular ahead of Britain's referendum on EU membership,

when he warned a vote to leave could have a harmful effect

Despite this, the government's Business Secretary Greg Clark

has come out in support of Mr Carney, saying that he's been

In the meantime a report out from Grant Thornton says there's

been a significant drop in business confidence in the UK.

In a bid boost it the Business Secretary revealed

the UK government told the Japanese carmaker Nissan it would seek

tariff-free access to European Union markets for the motor industry

as part of its negotiations with the EU.

Speaking on the BBC's Andrew Marr Show, Mr Clark said

the guarantee helped persuade the Japanese company

If there were tariffs in a market which is a very international, there

is a lot of trade from the continent of Europe to the UK and vice-versa.

The supply chain is integrated so one of the assurances I was able to

get is now in tensions, our negotiating reps when it comes to

our European partners is to have a constructive and civilised and

dialogue to look for the common interest here.

With me is Ben Kumar from Seven Investment Management.

So much out there on the impact Brexit will have on the UK economy.

Talking about Mark Carney to begin with, lots of speculation he will

quit after five years? It is coming from nowhere. Everyone has known for

a long, long time there would be at time he may decide to step down.

There has been speculation he may not do nothing for his term but then

he had to cut rates because of Brexit. I do not think he should be

addressing it in the coming weeks but as suspected the pressure may

mean he will have to say something. Our economic editor has been talking

to various people and the implication is he was originally

going to make comments at the end of this year but maybe he is under

pressure to talk about it on Thursday when they have the

inflation report press conference? He possibly wanted to remind people

there was this option. Another head could be found. I not sure why he

would want to step down. It does not get much more exciting than this.

--I am stop they had to promise almost in the same but they would

get tariff free arrangements with the European Union and yet we do not

have any idea what arrangement we have with the EU. It seems bizarre

we are not going to give a running commentary. It comes out in fits and

starts. If every manufacturer that comes to the table, every ink this

is, it gets a special insurance, people will start to say this is

ideal for the big business and not for the rest of Britain and that

will cause the government some problems. A report that business

confidence is falling significantly. Also the companies that have decided

not to come to the meeting. Will they build new factories, take on

all staff - that has been in Pak did on the lack of clarity. The market

is flagging. Business is not going public. O2 has decided to pull. No

one is confident enough. Lots of mixed messages as usual. Thank you

for coming in. At the end of the programme we will look at the market

and see how the pound is travelling. It doesn't get any more American

than a good pair of denim jeans, but cheap imports have

ravaged what was once Following the signing of a landmark

agreement between Canada and the European Union,

the thorny issue of trade is one again in the spotlight ahead of next

week's US Presidential election. Samira Hussain has been

to Columbus Georgia to see how the election is playing out

in a city that has seen the impact In its day, Columbus, Georgia was

known as the Excel capital of the south this is what is left of one of

the mills. -- the textile capital. Kimberley started working when she

was just 16 years old. Everybody loved their jobs. Everybody was

proud to do their job. We were happy. We worked hard and we made

sure it was done right. We produced quality stuff. Enter the free tree

agreement and the jobs disappeared. The reason why Donald Trump

initially grabbed so many people's attention, particularly mind, was

his stance on trade and he singled out and after an after transformed

business. It did. He had me right there. Donald Trump's message of

jobs moving overseas resonate in a community that used to employ 20,000

people in textiles. Now it employs a few hundred and they all work here.

Columbus has a charming smalltown feel today. Downtown pays tributes

to it textile history. Even the chatter Houthi River, the reason why

it so many came here in the first place, has become a place for play.

The city's resilient is due to people like this man, he was

attracting industries outside of textile to Columbus long before any

trade deals. When it was all concentrated in one industry, it

could become an unhealthy situation none of us anticipated we would lose

all our textile jobs but when it did happen, we were down the road

towards the investigation we were seeking. It has large been able to

survive the decline of the manufacturing history in textiles

but many cities have not. The challenge for the next president is

to confront the reality of this country's increasingly global

economy. Let's cross over to Asia where news

of a merger in the Japanese shipping Japan's top three shipping companies

are merging their container operations. Essentially they are

forming a joint venture by next July. It is to fortify themselves

against the challenges that many shipping firms have faced as global

trade shrinks. They will become the sixth largest with about 7% of

global container trade. Those shares have been surging as a result, all

in the double digits and the news overshadowing the underlying fact

that all three firms are forecasting operating losses for this fiscal

year. The global container industry has been in turmoil since the global

financial crisis. Thank you so much. The OPEC meeting that ended in a

Vienna failed, it would seem, to come up with an agreement on the

supply cuts of oil so basically we have the price of oil under quite a

bit of pressure because of that. A mixed picture in Beijing in Asia.

More on the meeting on our website.