tv Business Briefing BBC News November 14, 2017 5:30am-5:46am GMT
this is business briefing, i'm sally bundock. the art of the deal. trump's team says the us has struck $300 billion worth of trade and investment deals during his asian trip. we investigate. and president trump's determination to slash regulations for us business is alarming many who worry about pollution and public health. and on the markets in asia today, shares fluctuate, a day afterjapan‘s main market saw its biggest drop since april. five countries, nearly two weeks, and billions of dollars in deal—making. well, that is the line from the white house and host nations, as president trump's mammoth tour of asia draws to a close. after all, the president
is known to be a deal—maker. so much so, in fact, that he has promised a major statement on trade before he arrives back in washington. that means the clock is ticking. the white house is touting the rather whopping figure of $300 billion in deals during the president's swing through the region. the lion's share of that came during his trip to china. south korea, japan, and vietnam make up the remaining $50 billion—odd. mr trump is still in the philippines, so we will hold off on that figure. but this is business, and you have to pay attention to the fine print. so dig a little deeper, and you will see that some of these are memoranda of understanding, mous, so more promises of agreements to come, or they are deals that had already been in the works for months or even years. all will need official approval. with me is professor rajneesh narula, thejohn h dunning chair of international business at henley business school. what is your interpretation of the
deals done? well, i think it is public relations, really. these deals were going to happen anyway, and trump's trip is just a bit of icing on the cake, just to show that he has done something. about $50 billion of the chinese deal comes from aircraft, from boeing aircraft. another $40 billion is helicopters, and that sort of thing. so these things were going to go on anyway, and there are short—term victories, which is what trump seems to specialise in. there isn't anything thatis specialise in. there isn't anything that is really long—term. there is a big investment byjd, i think, that is really long—term. there is a big investment byjd, ithink, in that is really long—term. there is a big investment byjd, i think, in a beef factory in montana, but apart from that, i don't think there is much that wouldn't have happened anyway. in terms of trade between the us and countries in that part of the us and countries in that part of the world, what was achieved from
that point of view? of course, the united states removed itself from the transpacific partnership. talk us the transpacific partnership. talk us through the trade deals from that point of view. that is the big news from the trip. trump's thunder was stolen, as it were, by trudeau, who announced that they were going to more or less edge on with the transpacific partnership, rebranded asa transpacific partnership, rebranded as a copper offensive and progressive... it is in the title, actually, those words —— comprehensive and progressive. they will sign it by the new year. so the us is missing out on that. during his speeches, i remember his speech in beijing, he was talking about the fa ct in beijing, he was talking about the fact that we will look after ourselves, we expect you to look after yourselves, but we want to talk bilateral trade. and he has talked a lot about the indo pacific. he is pivoting towards india, trying to reduce china's influence. yes,
the thing is, bilateral agreements area the thing is, bilateral agreements are a relic from the 1970s and 19805. are a relic from the 1970s and 1980s. ever since we have had the wto, the big focus has been on making trade similar for large groups of trade simpler for large groups of trade simpler for large groups of trade simpler for large groups of countries. trump is trying to destroy nafta. he seems to have something against multilateral agreements, but that is the way it of the future. even china has its own 0ne belt, 0ne road programme, saying we are the ones who are the sta ple saying we are the ones who are the staple superpower and want to play with everyone. and they make trump look bad. the chinese economy is starting to cool, and a slew of economic data out earlier today confirms it. sharanjit leyl has been crunching the numbers. quite a few numbers to crunch,
actually, because industrial output growing slower than expected, 6.2% in october according to the national bureau of statistics. retail sales was also out and claimed a slower than expected 10% in october from last year. i hear you say that is a fairly decent number, but what is interesting is, of course, in industrial output the slowdown is prompted by slowing property and construction activity, and that is two of the main growth drivers hit by borrowing costs as well as government measures to try and cool a heated housing market and curb industrial pollution, a massive problem in china's major cities. after this data we saw chinese stocks which had been at the two year high, they actually retreated from that two year high, following the date. we saw a broader measure money supply unveiled yesterday after closed —— following that data.
all of this is starting to suggest that china's economy is slowing because of these measures the government have put in place, though nonetheless they are still targeting annual economic growth of around 6.5% this year. thank you for that summary, in singapore. president trump's pick for head of chemical safety, dr michael dourson, has spent much of his career helping businesses fight red tape on the use of potentially toxic compounds in everyday goods. the town of hoosick falls in upstate new york has seen its water supply contaminated with chemicals, and people living there are concerned at the prospect of dr dourson taking up the role. michelle fleury has the story. this water looks safe to drink. but, until recently, it wasn't. emily and her daughter gwen have an incredibly high level of total of the no loc acid, —— perfluoro acid.
high level of total of the no loc acid, -- perfluoro acid. there were no words for how i felt as a mother and a person, ifelt no words for how i felt as a mother and a person, i felt violated. emily moved herfamily and a person, i felt violated. emily moved her family away from a chemical plant near her old home that cause the contamination.” chemical plant near her old home that cause the contamination. i get that cause the contamination. i get that worse things happen around the world, but never in a million years didi world, but never in a million years did i think that living in the united states of america i would have to go to a dark, cold, dingy basement to pick up water for my family. hoosick falls is a small town on the border of new york and vermont. for decades the region was home to plastic factories that used perfluorononanoic acid. it wasn't until 2016 that the local water supplies received filtration systems. and the fight for clean water continues all the way to washington, where some hoosick falls residents travelled to make clear their objection to the nomination of michael dourson, donald trump's pick to become the country's top chemical
regulator. michael hickey began the fight to test hoosick falls's water for chemicals after his father died of kidney cancer. he made the trip to washington recently to speak out against michael dourson's nomination. the is the guy that big companies will bring in to defend them. he is not working for people. he is working for big business. them. he is not working for people. he is working for big businessm the past, michael dourson has advocated for chemical safety levels much higher than is now considered acceptable, at his nomination shows acceptable, at his nomination shows a pattern emerging under the trump administration. what we are broadly seeing happen across the federal government is that the formerly regulated parties are becoming the regulators themselves. the agency where dourson will serve as prioritising reducing what the president colesjob prioritising reducing what the president coles job killing regulations. in hoosick falls, emily is considering the cost of that as
she looks for assurances that the water in her home is safe for her family. now let's brief you some other business stories: ajudge in brazil has ordered a homicide lawsuit against the executives of mining company samarco to resume. 21 people who worked for the company are accused of being responsible for the collapse of a dam, in 2015, that led to the deaths of 19 people. shares of barbie toymaker mattel havejumped by 20% on reports rival toy giant hasbro is considering a takeover. hasbro, whose brands include play—doh and my little pony, are also higher. last month shares in both companies fell, after a warning that the bankruptcy of retailer toys"r"us could hurt sales. goldman sachs has written down to zero the value of its stake in the weinstein company. the move comes as the weinstein company looks for fresh financing, after more than 50 women claimed that ex—chairman harvey weinstein sexually harassed or assaulted them over the past three decades.
weinstein has denied having non—consensual sex with anyone. and now, what is trending in the business news this morning? the markets ending with us shares... we haven't got it here, but the dow up we haven't got it here, but the dow up slightly at the close on monday. the news briefing is here in a moment. up next: news briefing.
we will take you through the stories making headlines in the global media today. one of the country's leading debt charities says it is deeply troubled by the increasing use of bailiffs by councils in england and wales to recover money which is owed. the money advice trust says the number of debts referred to bailiffs by councils has jumped 14% over two years, to £2.3 million. simon gompertz reports. it is upsetting, sometimes frightening. bailiffs have the power to seize certain professions if you let them into your home, or if they find a way in. and who are the top users? not banks or credit card companies, but councils, up 10%, giving bailiffs to enforce council tax debts, 27% giving them parking fines to deal with, and bailiffs retrieving overpaid housing, that is up retrieving overpaid housing, that is up as well. you can imagine a knock on the doorfrom up as well. you can imagine a knock on the door from the bailiff,
especially few have children, is distressing, we hear about sleepless nights, and is adding to the cost of debts, because the bailiffs' fees are added on. we think councils should be trying more progressive ways of appealing that, as other organisations are doing. elderly ca re organisations are doing. elderly care has to be paid for, as well as fixing roads and collecting rubbish. they say they have a duty to collect the money where they can. motorists should face compulsory sight tests every ten years to stay on the road, according to leading eye experts. more than a third of optometrists say they have seen patients in the last month who continue to drive despite being told their vision is below the legal standard. seven people were killed and 63 were seriously injured in accidents on britain's roads last year when uncorrected, defective eyesight was a factor. more on those stories on breakfast
at six a.m.. this is the briefing from bbc news. the latest headlines: thousands of iranians have spent a second night without shelter — after sunday's devastating earthquake. at least four 100 people are dead and thousands more injured. —— 400100 people. tehran has declared a national day of mourning. anti—trump protestors have marched on the presidential palace in the philippine capital manila — on the last day of the us president's tour of asia. the close of the asean summit is likely to be dominated by disputes over parts of the south china sea. the british prime minister, theresa may, has delivered her strongest attack yet on russia, accusing it of threatening the international order. in a speech in london she said president putin's government was seeking to weaponise information and mounting a sustained campaign of cyber espionage. and the at of the deal. in business we are looking at some's team saying
that the us has struck billions of dollars worth of trade deals during this visit. now it is time look at the stories that are making the headlines in media across the world. we have the latest on what is going on in iran and iraq who recently suffered a devastating earthquake. that it is on the bbc news app. we begin with the new york times. it has many images from various parts of iraq and iran affected by the earthquake. pictured here is sarpol—e zahab, a city in western iran. it's reported that at least 236 people have died in the city. the south china morning post also has a story from the asean summit, reporting that chinese officials are watching meetings between the united states, india, australia and japan,
with a wary eye. turning to europe and le figaro, reports that 23 of the 28 eu countries have declared they will participate in a new eu defence pact, as part of a broader push to advance european integration. italian sports paper la gazzetta dello sport has tragic news for italian football fans, after italy failed to qualify for the world cup after a goalless second—leg draw against sweden. national geographic takes a close look at rising co2 emissions.