But huge differences remain as the us, canada and mexico try to hold together one of the worlds biggest free trade zones. And russias Biggest Oil Company is leading a 13 billion deal which will secure it thousands of petrol stations across india. Hello and a very warm while on to World Business report, wherever you are watching. I am ben bland. The us, canada and mexico have finished their first round of talks to overhaul north Americas Free trade deal, nafta. It follows president trumps threats to scrap the pact, saying its been a disaster for us workers. The countries have pledged to reach an agreement by early next year, but some trade experts have warned the timetable is just too tight. There are huge challenges ahead. The us says it wants new measures to make sure a substantial proportion of vehicles covered by the deal are made in america. At the momentjust over 62 of each vehicle must come from one of the three countries but reports suggest the us hasnt yet revealed how it wants this changed in an effort to boost its own automotive sector. With me is professor Rajneesh Narula from henley business school. Good to see you. Thank you for joining us on World Business report. What do you make of this potential Sticking Point over the car sector . How big an issue is that to resolve . I think it will be quite difficult, because they are all connected, seamlessly, now. Over the last 2025 yea rs, seamlessly, now. Over the last 2025 years, they have integrated so much that would be quite difficult to change things without a lot of work on all sides. What about the other challenges and Sticking Point is they have to Reach Agreement on . What do you think those will be . |j think what do you think those will be . think there is Government Procurement. The United States was canada, mexico, to allow american us companies to bid for Government Procurement projects. This of course isa no procurement projects. This of course is a no no. Theyd wanted to be reciprocal. They want the markets to open up, without opening their own. That is one issue that will come up. The second thing that will come up, which i think is large, is how to result disputes. This is how we talk about anti dumping, counter drilling measures, and so on. The United States say they dont want an external court to decide decisions that affect america. So here we are after round one of the talks, having finished at the weekend. I was happy to be sitting here, saying to you, lets discuss the breakthrough they have made. Instead, we are focusing on the challenges they have yet to overcome. What you think the focus will be in the second and third round of talks in mexico and canada, respectively . I think that the canadians are focused on the issue procurement as well as Climate Change issues, which will come up. As you know, donald trump does not believe in Climate Change. The canadians, on the other hand, have a strong feeling about it. So they would want to introduce rules about carbon taxes and so forth. And the focus for mexico . Mexico is not losing face, that is the main issue. Donald trump has spent so much time embarrassing the mexican president about all sorts of things, and i think the second thing that will bother mexico is the issue is about trying to decide wages and Money Laundering, and the movement of people, which will come up. Especially for mexico, it is about not losing face. They have been so embarrassed so often by donald trump, that this is an issue where they have to look good. Well, to be a fly on the wall for those discussions. We shall continue to watch them with interest. They you for joining watch them with interest. They you forjoining us with your thoughts, professor. Lets round up some other business stories from around the world for you now. A Consortium Led by Russian Oil Giant Rosneft is expected to announce a 13 billion deal to buy the Indian Private refiner essar oil. The deal will strengthen ties between the Worlds Biggest Oil producer and the worlds Fastest Growing fuel consumer. Essar oil has 3,000 petrol stations in india. The median pay packet for ftse100 chief executives here in the uk has fallen by almost 20 over the past year. Deloitte says the figure dropped to 4. 5 million from 5. 5 million. The Accountancy Firm says it appears that policies which were introduced to limit bosses pay appear to be working. Limited access to the Freeport Mcmoran copper mine in indonesia is expected resume today after hundreds of former workers clashed with police. The us mining giant has been dealing with a labour dispute since may when roughly 5,000 workers walked off the job to protest mass layoffs. Shares in the shanghai listed unit of Telecoms Group china unicom have soared after it announced plans to raise more than 11 billion from a dozen major investors including alibaba and baidu. Rico hizon is in singapore. Tell us more about this plan to raise the capital, then. Finally, then, there is some clarity about this Fundraising Initiative from the worlds fourth largest mobile Service Provider by subscriber base. There was confusion last week about how much was going to be raised, through the investors were, and if it was a legal deal. Tonys media speculated that china unicom had violated deals in terms of deal size and pricing mechanism after the rules were revised in february. But the regulators said that the deals that will tap into more than a dozen major investors such as alibaba and baidu, do not violate rules. Values surged 10 in chinese trade. And China Unicom Hong Kong also climbed 10 to their highest level in more than two years on the hong kong stock exchange. This is good news for china unicom, able to raise 12 billion for their fundraising efforts. Ben . Thank you forjoining us, rico hizon. Right, now it is time for the first in our new series on the business of death. We start in new york, where it costs big bucks not only to live, but also to die, in the big apple. Burial plots in cemeteries are often some of the priciest pieces of real estate anywhere in the city as Samira Hussain finds out. Deals worth dying for . Not in brooklyn. In a city where land is at a premium, it may come as a surprise that even cemeteries are pricing people out. This particular cemetery still has room to grow but they are also trying to maximise the space they already have. We wanted to provide the people of brooklyn, especially, an option where they can have affordable burial, and in their own neighbourhood. But at 2400 per square metre, this is some of the priciest land anywhere in the city. Its just like buying real estate, location, location. A grave which will entomb, or bury three people, and we bury one on top of the other, can start as low as 4500 and can go as high as 18,000, depending upon the location. One way people are avoiding the hefty pricetag associated with a 7. 5 metre plot is by cremation. Something which is on the rise here in new york. It still leaves the question of what to do with the ashes. This is a little closer to the new york border. Joseph sources granite from around the world to make tombstones, mausoleums and grave markers for pets. It is very expensive to bring something in from south africa. Correct, it is very heavy and very laborious. Sure, people may be cremated more, but according to joseph, ashes are often left in the closet and forgotten. We are working with a cemeteries to create programmes very close to fishing, to have peoples cremated remains buried in the cemetery, a place where families can gather and there is a name on the wall. If that name is not inscribed on the stone, youre never here. The cost of burial is going up as land is being used for other things but in a place like new york it is hard to put a price on being remembered. Something to think about at the start of the week. Lets take a look at how the markets are looking. Asian shares, i think it is fair to say, were a little fragile on monday, as investors remained unconvinced about Donald Trumps ability to fulfil his economic agenda, with the turmoil in the white house. Japans nikkei moved lower to hit a three and a half month low, shrugging off a reuters poll which showed confidence at japanese manufacturers rose to its highest level in a decade in august. Heres how the us markets closed on friday all of them lower. The dollar was also hampered by Political Uncertainty in washington. Just one more thing to mention. The central bankers are meeting at jackson hole wyoming. A lot of interest in what is going to happen 110w. interest in what is going to happen now. Hole. But we are about to go through the papers with chris. See you there. Yes, before benjoyously, time to tell you that online hate crime should be treated as seriously as offences in person, according to new guidance for prosecutors in england and wales. The pledge to toughen the response to online abuse is part of revised Crown Prosecution Service rules for hate crimes. Its hoped the crackdown aimed at social media platforms will help tackle online extremism as Dominic Casciani reports. This man was jailed last month for racially aggravated threats on facebook againstjean miller, the businesswoman behind the brexit legal challenge. She said she felt violated by his shocking comments, just one of many online attacks she suffered. Now the Crown Prosecution Service says these kind of crimes must be dealt with as robustly as offences on the street. It is promising a tougher response to build public confidence. There were more than 15,000 hate crime prosecutions in 2015 2016, the highest number ever. A third of those convicted saw their sentence increased. The number of cases referred to police by persecutors fell by almost 10 , eight drop the cps says it is investigating. The people who think that might be an increase in hate crime throughout oui increase in hate crime throughout our society, i think increased reporting, and an increased awareness that victims need not suffer in silence, means that there will be a rise in these figures. That is a good thing, because people are coming forward and having the courage to speak to the authorities about it. Some critics say the police and prosecutors moved too slowly to apprehend online abusers. And that means hitler reluctant to come forward. But the cps hopes its new guidance will create the best possible chance of achieving justice for all victims. Dominic casciani, bbc news. Coming up at 6am on breakfast dan walker and Steph Mcgovern will have all the days news, business and sport. Going to have a look at the latest headlines air and bbc news. Us navy says ten of its sailors are missing and five have been injured after one of its ships collided with an oil tanker off the coast of singapore. Boats and helicopters are involved ina boats and helicopters are involved in a search and rescue operation. Spanish police say 12 terror suspects spent six months planning thursdays barcelona van attack that claimed many lives. The driver has now been identified but Security Officers say he may have fled to france. American and south korean troops have begun their annual military exercises as tensions remain high on the korean peninsula. North korea has objected to the drills, and has issued a warning to the us that it should prepare for a mosul as strike. For a mosul is merciless strike. One of the greats of american comedy, jerry lewis, has died in las vegas aged ninety one. He came to fame during the 1950s, in a partnership with dean martin before a successful solo career as a singer, actor and director. Now it is time for our news review. 0n front of the guardian is a picture of seven year old briton julian cadman, who was killed in last weeks barcelona attack. His family paid tribute to the energetic and funny school boy who brought a smile to ourfaces. And the New York Times also focusses on the terror attacks in spain asking how such a co ordinated attack could take place in light of the Spanish Security services foiling most attacks over the past decade. The ft says concern is growing at the fbi that wall street traders are using encrypted apps to hide illicit dealings from compliance regulators. Its feared Message Services such as whatsapp could be used for Money Laundering and insider trading. The japan times reports on the exciting discovery of one of americas most infamous naval vessels. The uss indianapolis has been located at the bottom of the Pacific Ocean at a depth of over five kilometers 72 years after it was sunk by a japanese torpedo in world war ii
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