this is your business on the office in 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 us 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 unless there's an 11th hour breakthrough the face of the world trade organization is top of course has been sealed the u.s. ambassador to the w t o denis che 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 for 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 or 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 of course the $164.00 member w t o would no longer have a binding dispute settlement system in a global trade environment that is already highly volatile that prospect has many

feeling highly alarmed let's check in with our tonics both cliff coonan who is in hong kong at the moment clifford 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 trunk doesn't like multilateralism doesn't like dealing with a lot of people that once you go 1st 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 the cio and i think the focus of this. 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 the rules of the w t o have been set up when china still was an emerging power an emerging economy and

now it's a 2nd biggest economy in the world do the u.s. have a point here. i think there is a sense that that china has been having it all its own way for too long and certainly that's 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 we have sued 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 drug use you know structure so as you have a point the approach is again something that some people would 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 drowning 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 if the club bankruptcy. kim 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 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 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 it exports around $400000000.00 euros worth of its

year 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 rate in the year is $1.00 of the key reasons is the country's outbreak of african swine fever the country's picked herd has been hogged by the then 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 chinese 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 lou 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 attract 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 petrol driven variety in the coming decades. it looks like germany's biggest lender 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 see 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 operations. the turns of december is the anniversary of alfred nobel's death and the day when each year's nobel prize winners are on it 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 lifelong recognition and a medal made its way. the 2019 nobel prize medals this year there are 14 of them because there's more than one winner fit each award . each medal is engraved with its winners 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 because of. that 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. his readers crowns i think it's around 70007000 euros. and the coins value increases once the head of the prize is found alfred nobel is imprinted on it then fine 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. wal-mart's canadian branch. company has apologized for allowing a number of christmas sweaters to be sold on his website. marketed as ugly

christmas fashion and featured santa claus appearing to engage in drug use various sexually suggestive poses or. been removed from that websites. our website.

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. this is the w.'s live from berlin a historic day on capitol hill u.s. house democrats unveil impeachment charges against president donald trump democrats accuse the presidents of abuse of power and obstruction they say president trump used his office to put pressure on ukraine to investigate a political rival and then try to obstruct a congressional investigation where in washington for you also coming up questions mount after new zealand's a volcanic eruption with the death toll now rising to $68.00 missing and dozens so .