this is the end of your business on the office and the program welcome it's a watershed moment for the global trading system the world trade organizations appeals court is about to collapse the successive u.s. administrations block to the appointment of new judges global trade looks set to lose its ultimate pile without it it will be impossible to reach final resolutions of trade disputes between countries the world trade organization without having to worry about possible sanctions countries could use tariffs or be tempted to implement protectionist measures critics fear world trade is facing the law of the jungle. the man is not for budging and on left says my left and our breakthrough the face of the world trade organization top of course has been sealed the u.s. ambassador to the w t o dennis chase says he'll continue to block the appointment of new judges whose job it is to rule on trade disputes here is what that means the applet body is made up

of 7 judges 4 whose terms have expired have not been replaced because the united states has blocked the naming of their replacements 2 of the remaining 3 are due to leave on wednesday with only one member remaining the court would no longer be able to function and the director general said that he will be now holding intensive consultations of a political nature i'll get to his statement in a minute but what he said was that he thinks we need to dig deeper and we need to have a broader look at what we might be able to do in order to get a permanent solution to this problem involving the appellate body many of washington's objections center on rulings related to trade with china. without a court the 164 member w t o would no longer have a binding dispute settlement system in a global trade environment that is a ready highly volatile that prospect has many feeling highly alarmed.

let's check in with our china expert cliff coonan who is in hong kong at the moment . are they really that difficult the us that is. this is it just because of china i think it's largely about china i think one of the things we're learning is that the truth doesn't like multilateralism doesn't like dealing with a lot of people that wants you prefers dealing one on one. with you know he's been just shocked at the nation he's been destructive with the climate climate change summers and now he's taking aim at it don't you cio and i think the focus of this anger which is our of his approach is basically on china and he's looking for a trade deal with china that will suit the us and he doesn't want the job he owes any kind of destruction to the us but also their rules of the w t o have been set up when china still was an emerging power an emerging economy now

it's a 2nd biggest economy in the world do the u.s. have a point. i think there is a sense that that china has been having it all its own way for too long and certainly the us what the u.s. would argue and they've been saying to us and china has been able to take advantage of jockey cio rules it's been able to get any kind of complaints bogged down and there's all kinds of issues with the jockey cio structurally that the u.s. doesn't like and it's not just drunk but this is successive u.s. presidents of be complaining about this and which suited china so i think it is possible that the u.s. does have a point the problem with the u.s. approach is of course is it blowing everything up so you're ruling out any kind of possibility for debate or discussion about trade issues and by getting rid of these senior judges within the top u.s. you know structure so well you do have a point the approach is again something that some people would have issues with but if they do have a point other try knees ready to compromise what's what's their point of view i

don't think the chinese are ready to compromise i think and the chinese are focusing very much on the developing world whereas the u.s. is sort of looking for make america great focusing on putting america 1st. and so it's difficult to see where to compromise and i think what's more likely is that we're going to focus now on the deals aspect of this and if you look also the u.s. has been talking to mexico it's going to find it one on one deal with mexico about trade and i think that could be the model as well for what happens with china so i think that for now and the chinese whether or not they're ready to compromise i think the focus is going to shift more to the bilateral talks between the u.s. and china and i think that's the direction we're going to be going now clifford cohen and that joining us from hong kong thank you very much for this analysis. the former chairman of the group kim chong has died of pneumonia following

a long illness he was 82 years old the group was once south korea's 2nd largest in 999 under kim's leadership it's a club bankruptcy. him fled the country and lived in hiding for years to avoid criminal investigations into fraud allegations back in south korea he was sentenced to 10 years in prison in 2006 but health issues led to him being released after just a few months. the european commission is imposing temporary tariffs on bio diesel from indonesia it says heavy subsidies gave indonesian produces an unfair advantage tariffs are between 8 and 18 percent and aim to restore a level playing field for european produces indonesia mainly produces its bio diesel from palm oil currently the exports around 400000000 euros worth of it. the

total european bio diesel market is worth an estimated $9000000000.00 euros. the cost of living rising in china as the national bureau of statistics clocks inflation rising at the fosters rates in years one of the key reasons is the country's outbreak of african swine fever the country's pick herd has been harmed by the epidemic higher prices for pork in china are driving up the costs of other food as well as consumers search for other sources of protein the price of pork has jumped by 110 percent compared to a year ago increasing the overall cost of food by nearly 20 percent. this means china's already high inflation rate of 3.8 percent in october shot up to 4.5 percent in november compared to the year before that's more than analysts were

expecting and the highest jump in china's consumer price index in almost 8 years china now says it will begin releasing frozen pork from its state reserves this week to boost flagging stocks as people prepare for lunar new year holidays next month. and now to some of the other global business stories making headlines today grace has introduced incentives for the world's richest in an effort to track foreign investment wealthy foreigners who move the tax registry to the country will be given special treatment critics say that would help the rich avoid paying taxes priests finished in the e.u. bailout program last year and is still recovering from the financial crisis. the e.u. has approved a 3200000000 euros in subsidies for the battery industry in a challenge to asian dominance of the sector funds will come from 7 member

countries and will be matched with investments by 17 companies that's comes as europe gears up for electric cars to replace the natural drive variety in the coming decades. look like germany's biggest lender door to bag is planning to bring its separate german retail banking unit back into its main corporate structure it could save up to $100000000.00 euros per year c xavi is expected to announce details of the streamlining to investors later on tuesday it's part of a why the plan by the bank to downsize significantly reduce its dependence on the struggling investment banking operation. the chance of that december is the anniversary of alfred nobel's death the day when each year's nobel prize winners. it happens in a lavish event in stockholm with lectures fine food other presentation by the king

of sweden the winners receive money a diploma a lifelong recognition and a medal made its way. the $2900.00 nobel prize medals this year there are 14 of them because there's more than one win ethic each award. each medal is engraved with its winner's name it's the highlight of nicholas crunch to see year. yes i am i am the only one who was doing this job. and why i think it's it's week or so. and i have been doing it for 7 years and i know exactly how how to do it it all begins with a thick 18 karat gold plate which has to cut so that it can go through the punch press. the punch goes through the metal as if it were chocolates.

the gold coin alone even without the engraving is worth more than most swedes and in a month's. i don't know exactly what it cost. in swedish crowns i think it's around 70007000 euros. and the coins value increases once the head of the prize is found our friend nobel is imprinted on it then found packs it in a fine jewelry box that will be ceremoniously handed over by the swedish king is the most famous medal in the world. company has apologized for allowing a number of christmas sweaters to be sold on his website this was marketed as an

ugly christmas fashion and featured santa claus appearing to engage in drug use or . sexually suggestive poses or. been removed from that website's. merry christmas. if you want. our website.

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this is due to the news live from berlin questions mount afternoon zealand's volcanic eruption. with the death toll rising to 6 days missing and dozens severely injured people are asking why tourists were allowed to visit the site in the 1st place. also coming out welcome to sydney australia biggest city is shrouded in smoke.