Transcripts For BBCNEWS World Business Report 20170816

The uk government says therell be no return to a hard border with ireland. A trillion dollar problem. Later today, the us, canada and mexico will sit down to renegotiate the nafta free trade agreement. Welcome to World Business report. Im ben bland. The British Government has unveiled its second brexit position paper, ahead of the third round of negotiations planned in brussels at the end of this month. This time, its about minimising disruption at the irish border. Under one option the government has proposed, thered be no Customs Border at all between the uk and ireland. This would enable goods to flow freely between Northern Ireland and ireland. mix screen 2 the paper also highlights protecting the paper also highlights protecting the Common Travel Area and associated rights for uk and irish citizens. Thanks to the current arrangement, people can move freely between Northern Ireland, the republic and the rest of the uk without passport checks. The centre for cross border studies estimates that up to 30,000 people cross the border every day for work. And according to the Central Statistics office, the value of irelands exports to britain has grown by 14 to 8. 5 billion so far this year. Joining us now is professor lee mcgowan from Queens University belfast. Good to see you. So who is set to benefit most from the maintaining of this Current Border you like. Everyone is going to benefit from the Current Situation if it is allowed to continue but this is really a very contentious issue. What happens with the border. The government has set out its position. It has been welcomed by the Irish Government in Northern Ireland. It gives that certainty. The problem is, were as Northern Ireland two or three years down the line . The government is seeking, it knows it is so contentious, it needs to find some sort of compromise consensus that reaches some sort of compromise consensus that reaches out to the two main communities in Northern Ireland in economic and political terms. Who gets the final say. Is it in the domestic governance sphere or is it up domestic governance sphere or is it up to the European Union officials . Everyone is going to be involved in this one. The Irish Government will be there as part of the eu 27 and the other members will be sitting alongside ireland. What we do know is there is goodwill for this situation in terms of what is the border between Northern Ireland and the republic of ireland. We saw that in the publications by the european council, the commission and the parliament. The goodwill is actually there. Can it be secured . Economically, how important is it to have a border without friction . Everyone wanted that frictionless border. Weve seen since the good friday agreement, it will be next year. There is more trade between Northern Ireland and the republic of ireland. Also to the Irish Government, the issue of the east west relationship. Mostly the trade goes through gb and to the continent. The Northern Ireland and the republic of ireland, many of these sectors are actually based in ireland. If we look at agriculture, a lot of milk produced in Northern Ireland is then sent south on the border to be protest in most of that comes north again. It will be sold in Northern Ireland or sent to the uk. So this issue of the border in the real tricky thing is where will the real tricky thing is where will the government be when it gets the special customs agreement. What is certainly clear is, there has to be some form of checks. There will be some form of checks. There will be some sort of check of the border and thats when it becomes costly or more costly to businesses but also politically divisive and problematic. Thank you very much indeed. Today, representatives from canada, the United States and mexico will begin to renegotiate the north American Free trade agreement also known as nafta. For us timber workers, the trade pact has long been a source of tension. The bbcs Samira Hussain reports. There is a lot of uncertainty. Nobody knows how will go. A lot of talk about free trade and fair trade. We need fair trade. Money may not grow on trees but Softwood Lumber isa not grow on trees but Softwood Lumber is a billion dollar business. Canada and the United States have been arguing over the industry for decades. So what is Softwood Lumber . Its a kind of wood that comes from softwood trees, obviously. Trees like cedar, pine and spruce. It is primarily used to build houses. Why is this important . Softwood lumber is this important . Softwood lumber is big business. In 2014, the Softwood Lumber industry contributed 21. 2 billion to the canadian economy. And more than 350,000 people work in the industry in the us. They are good paying jobs. We are not investing elsewhere. Its all money being put back into the community and it helps make a community and it helps Make A Community Lived and to be vibrant and survive. What is the problem . Because it is subsidised and because they have advantages we dont have and we are competing, we cant compete against a government and against subsidies. We need fair trade. For years the us has said the canadian government is unfairly subsidising its Lumber Industry and canada denies this so both sides took their arguments to a nafta panel created to hear these kinds of complaints and repeatedly the americans lost. So now the us wants to get rid of the panels all together and find another way to resolve conflicts. Not so fast. The canadians said they will quit the nafta talks if these panels go. So what now . Renegotiations will be testy a nd ta ke what now . Renegotiations will be testy and take time and these panels will be a sticking point. Mexico says it wants them to stay and even if the americans get their way, they will still need to find a way to settle arguments that make up in the future. If one thing is clear, friends disagree. The International Monetary fund has warned that chinas Credit Growth is on a dangerous trajectory. The imf says that without the boom in lending, chinas recent rate of Economic Growth would have been significantly slower. Lets get more on this with rico hizon in singapore. It isa it is a double edged sword with beijing on the step path. It tolerated a rapid increase in debt get in order to increase targets between 2010 and 2020 and since the Global Financial crisis, chinas Economic Growth has slowed from 10 a year in the previous three decades toa a year in the previous three decades to a rate of 6. 7 in 2016 but china has also been trying to manage this transition to Slower Growth with a different pattern, one that is less dependent on industry and exports and has a greater role for Consumer Spending at home and service industries. This imf report says the slowdown would have been more pronounced were it not for a boom in credit. It suggests over the years, 2012 2016, a credit. It suggests over the years, 2012 2016, a more sustainable pattern of debt and credit would have led Economic Growth that was lower by at least two Percentage Points and the biggest single group of debtors are the state owned enterprises, although there have been large increases in deaths by the government. Some economists say this problem has to be fixed very soon. This problem has to be fixed very soon. If not, this could lead to a serious debt crisis for the mainland economy. Water warning. Donald trump has hit out at the Business Leaders who have stood down from his Manufacturing Council in the last couple of days. So far six high profile figures, including the bosses of intel, merck and under armour, have left mr trumps panel in protest of the president s response to the rally held by far right wing groups in charlottesville, virginia. At a press Conference Mr trump said the ceos in question were not taking theirjob seriously. Tokyo stocks were flat on wednesday following gains the previous day with strong us data propping up Investor Confidence in the Worlds Largest economy. Also an easing of the Us North Korea tensions. Investors have cashed out of safe haven assets, like gold and the japanese yen, and ploughed back into riskier assets like equities, with the us dollar also gaining ground. A Hospital Trust at the centre of an inquiry into the avoidable deaths of several new born babies, has been criticised for failing to learn the lessons of past mistakes. A report by the care quality commission, found safety still needs to improve in Maternity Services at the shrewsbury and Telford Hospital nhs trust. 0ur Health Correspondent Dominic Hughes reports. Come on, then. I am coming to get you. Come on. For years, richard sta nton you. Come on. For years, Richard Stanton and Rhiannon Davies have been campaigning to save Maternity Services following the avoidable death of their first daughter, kate, just hours after birth. A review of their case found the trust had failed to investigate kates death properly and now a new report finds eight years on, the shrewsbury and Telford Trust is failing to learn from past mistakes. It is still failing on the basics to this day. From our point of view, it makes you wa nt to from our point of view, it makes you want to bang your head against the wall. An inspection by the hospital regulator found safety in Maternity Services needs improvement in patients are still not receiving the proper standard of care. We have seen some proper standard of care. We have seen some improvements in some proper standard of care. We have seen some improvements in some areas but some ongoing areas such as maternity, which is not what we would expect, and weve made it very clear to the trust that we need to see these improvements made in a much more robust manner and in a timely way. The trust says serious incidents are being reported and investigated and a new management tea m investigated and a new Management Team is working hard to bring about improvements but a wider nhs investigation into a cluster of deaths among newborn babies at the trust is under way and those parents who lost children are asking why questions are still being raised about safety at the trust. Dominic hughes, bbc news, telford. More on that story and breakfast. Also, the ride the the arrival of the navys new Aircraft Carrier, the hms Queen Elizabeth. That is in 15 minutes. This is bbc news. President trump has again said that both sides were to blame for the deadly violence at a protest in charlottesville on saturday. In off the cuff remarks, he accused what he described as alt left groups of deliberately attacking White Supremacists and neo nazis protesting at the removal of a statue of a confederate general. A spokesman for the Sierra Leonean president has told the bbc that at least 600 people are still missing following the mudslide that swamped hundreds of homes on the outskirts of the capital freetown on monday. The Authorities Say Rescue Workers have recovered nearly 400 bodies. Three female Suicide Bombers have killed at least 27 people in North Eastern nigeria. Nearly 150 people have been killed in attacks blamed on the Islamic Militant Group Boko Haram since june. The biggest warship ever built for the royal navy, the Aircraft Carrier hms Queen Elizabeth is entering her home port of portsmouth for the first time. Now its time for our Newspaper Review where we look at whats making headlines around the world. President trumps comments on Tuesday In Manhattan features heavily across the American News agenda. The headlines all read similarly to that of the Washington Post trump again blames both sides for violence at white supremacist rally in charlottesville. In the financial times, the central article is on the leading Central Banks which now own a fifth of their governments total debt, which is more than 15 trillion in assets. The scale is more than four times pre financial crisis levels. It comes after an unprecedented level of stimulus measures over the past decade. Indias 70th Anniversary since independence is celebrated with a picture of the countrys prime minister, narendra modi, on the front of the business standard. The article highlights modis calls for a new india which is free of terrorism and corruption by 2022. In the gulf news, a Border Crossing closed for 27 years between iraq and saudi arabia is reopened. Its seen an a significant move after the neighbouring nations cut