Browse content similar to 19/05/2017. Check below for episodes and series from the same categories and more!
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France gets ready for Macronomics, but does the new president have the | :00:19. | :00:27. | |
right formula to bring back jobs and growth? | :00:28. | :00:30. | |
Tense times for Mexico as its two-decade old trade deal | :00:31. | :00:34. | |
Welcome to World Business Report, I'm Aaron Heslehurst. | :00:35. | :00:49. | |
We have got about nine minutes, my very last early-morning programme | :00:50. | :00:59. | |
for you all before I moved to a new show. -- move. | :01:00. | :01:07. | |
Asia Pacific trade ministers hope to salvage the Trans Pacific | :01:08. | :01:11. | |
Partnership after President Trump pulled the plug. | :01:12. | :01:16. | |
We start in France, where the new President, | :01:17. | :01:19. | |
Emmanuel Macron, says he expects no honeymoon from the public | :01:20. | :01:22. | |
He now has try and to win a majority in next month's parliamentary | :01:23. | :01:27. | |
elections, and implement the economic policy he says can turn | :01:28. | :01:30. | |
So what is Macron Economics, and can it solve France's problems? | :01:31. | :01:38. | |
Macron calls himself neither right nor left - | :01:39. | :01:40. | |
and sure enough, the team he announced on Wednesday | :01:41. | :01:43. | |
is a diverse mix of figures from parties on the left, | :01:44. | :01:46. | |
He says his economic policy is based on the 'Nordic' model. | :01:47. | :01:57. | |
Basically it mixes spending cuts on the one hand | :01:58. | :02:02. | |
He plans to cut spending by 60 billion euros over | :02:03. | :02:06. | |
The civil service will be hit hard - 120,000 jobs will go. | :02:07. | :02:21. | |
But over the same period, he has pledged 50 billion euros | :02:22. | :02:24. | |
That includes cutting the corporate tax rate from 33% to 25% - | :02:25. | :02:29. | |
and lowering the tax burden on households. | :02:30. | :02:30. | |
It's a similar story with free trade. | :02:31. | :02:32. | |
As a former banker, he's broadly for it. | :02:33. | :02:34. | |
But he's also talked about creating a protective Europe. | :02:35. | :02:37. | |
He wants EU governments to agree to 'buy European' - | :02:38. | :02:52. | |
and stop non-EU companies taking over key industries. | :02:53. | :02:55. | |
Finally, the awkward question of labour reform. | :02:56. | :03:11. | |
France's jobless rate is almost double that of Germany's at 9.6%. | :03:12. | :03:14. | |
Many employers blame strict labour laws, like the 35-hour working week. | :03:15. | :03:17. | |
But they are fiercely defended by unions. | :03:18. | :03:19. | |
You've guessed it, somewhere in-between. | :03:20. | :03:24. | |
He wants to keep the 35-hour work week - but change the way the law | :03:25. | :03:28. | |
is applied to make it easier to hire and fire. | :03:29. | :03:52. | |
Hopefully we are going to speak to our guest, maybe today or tomorrow? | :03:53. | :04:00. | |
I am looking at the screens here, next tower. -- next hour. We will go | :04:01. | :04:08. | |
to Paris next tower. -- hour. We are also in Mexico, | :04:09. | :04:19. | |
after the Trump administration notified Congress on Thursday | :04:20. | :04:22. | |
that it will start talks to renegotiate the North America | :04:23. | :04:24. | |
Free Trade Agreement "as soon President Trump has called the 1990s | :04:25. | :04:27. | |
Nafta deal with Canada and Mexico a killer of US jobs, | :04:28. | :04:31. | |
and made shaking it up It's a big worry for Mexico's | :04:32. | :04:34. | |
huge auto industry, and the global carmakers that have | :04:35. | :04:37. | |
invested heavily there as Michelle This port in central Mexico. The | :04:38. | :04:59. | |
auto industry has been booming for years, they are one of the largest | :05:00. | :05:05. | |
exporters in the world. We import a lot of cars, we export a lot as | :05:06. | :05:09. | |
well. Or disprove under threat? It was meant to be a shining example of | :05:10. | :05:17. | |
free trade, but today it is a monument to protectionism. This is | :05:18. | :05:27. | |
all that is left of an attempt to make a plenty of -- could this boom | :05:28. | :05:40. | |
be under threat? This man made a deal with forward, for a while, life | :05:41. | :05:47. | |
was good. But it didn't last. Some people came to the planned and said | :05:48. | :05:51. | |
there was no entry. Trucks couldn't go in, it had all collapsed. Not | :05:52. | :05:56. | |
just for the trucks, but for everyone. During his campaign, | :05:57. | :06:00. | |
Donald Trump complained of bad trade, making the issue his own. We | :06:01. | :06:05. | |
are living through the greatest jobs left in the world. His attempt to | :06:06. | :06:13. | |
move production to the US seemed to yield results. Forward is keen to | :06:14. | :06:19. | |
emphasise the market forces which have helped scrap plants in Mexico. | :06:20. | :06:29. | |
-- Ford. At the end of the day, we have to do what is right for our | :06:30. | :06:33. | |
business. We have to look at tax policy, trade policy and the trot. | :06:34. | :06:37. | |
That is the business environment we we're too. -- tax policy, et cetera. | :06:38. | :06:49. | |
The car industry has every reason to be worried. People are more | :06:50. | :06:54. | |
pessimistic about the future of the economy than they were in the great | :06:55. | :06:59. | |
recession. Everyone is scared. The economic advantages which created | :07:00. | :07:06. | |
the car boom have not disappeared. A more protectionist US administration | :07:07. | :07:12. | |
would undoubtedly do great harm to many livelihoods in this part of | :07:13. | :07:13. | |
Mexico. Staying with trade concerns around | :07:14. | :07:27. | |
Donald Trump's policy, the leaders of APEC gathered at a summit in | :07:28. | :07:31. | |
Vietnam. They are pushing to save the transpacific partnership trade | :07:32. | :07:38. | |
deal. Pulling out of that was one of the first actions by President | :07:39. | :07:42. | |
Trump. Heading over to my favourite man on television. Great to see you, | :07:43. | :07:53. | |
my friend! We are not going to talk that much. I have been hearing bad | :07:54. | :07:57. | |
news that you are leaving the mornings! I will be doing my own | :07:58. | :08:06. | |
show later in the day. You will be asleep. I need to ask you this, what | :08:07. | :08:13. | |
is going on? Is this the leaders of a pack trying to reignite the deal | :08:14. | :08:18. | |
between themselves, or are they trying to get America back on board? | :08:19. | :08:25. | |
So far, America is out of the equation. You have the transpacific | :08:26. | :08:33. | |
11, they are trying to resurrect the Trans-Pacific Partnership. The | :08:34. | :08:43. | |
members will be meeting on the sidelines of the APEC trade | :08:44. | :08:48. | |
ministers meeting in discussing how to revive this arrangement which was | :08:49. | :08:51. | |
ditched by Donald Trump. They are reluctant to move ahead without the | :08:52. | :08:56. | |
Unite dates, Japan is that the forefront of this push along with | :08:57. | :09:09. | |
New Zealand -- united states. This could help the position of the | :09:10. | :09:13. | |
members in bilateral talks with the United States. Hopefully we will | :09:14. | :09:17. | |
have more information by Monday if indeed Japan and New Zealand will | :09:18. | :09:21. | |
push ahead with the other nine member countries. Once this gets | :09:22. | :09:31. | |
started, maybe we can do some trading with our programmes! Let me | :09:32. | :09:36. | |
just leave you with this. In other news: Greece's parliament | :09:37. | :09:39. | |
has approved a new package of austerity measures needed | :09:40. | :09:41. | |
to release the next instalment Protesters clashed with police | :09:42. | :09:44. | |
in central Athens as MPs voted on the tax rises and | :09:45. | :09:48. | |
further cuts to pensions. Eurozone finance ministers meet | :09:49. | :09:50. | |
on Monday to decide if Greece has done enough to receive a e7.5 | :09:51. | :10:01. | |
billion loan plus debt relief. Trading was briefly halted earlier | :10:02. | :10:19. | |
today after circuit rakers kicked in. The president was forced to deny | :10:20. | :10:25. | |
a report that he had paid off a witness in a huge corruption | :10:26. | :10:35. | |
scandal. An investigation has been of a ride into those allegations. -- | :10:36. | :10:36. |