Hello, im sally bundock. It all sounds a bit fishy, we will get to that a little later stop. Lets get down to business, and we begin with the rising price of oil which is pushing up the cost of living globally. With tensions on the Ukraine Russia border not easing, markets are betting demand for oil could go up, and, recently, we saw the price of the black stuff hitting its highest level for 7 years, and this impacts everything from fuel to food bills. Today, the members of the Oil Cartel Opec and other oil producers, will meet. So will they change their Decision Making on Oil Production . And what pressure are they under as well. As you can see from this graph, though, oil has been on a steep upward trajectory over the past year with some analysts now predicting it wont be long before it hits 100 a barrel. Well, there are three main reasons. Firstly, theres now growing optimism about the speed at which the Global Economic will recover from the coronavirus pandemic. Secondly, geopolitical concerns. As well as the ongoing tensions between russia and ukraine, a suspected drone attack by Yemeni Houthi rebels in the United Arab Emirates blew up three fuel tankers last week. Thirdly, restricted supply. According to research by 0ilprice. Com, opec countries collectively produced 674,000 fewer Barrels Per Day last month than they had previously agreed to. Lets see how oil is doing right now. It has eked up a little bit, for a barrel of brent, 35. 05 for a barrel of brent, 35. 05 for that. For a barrel of brent, 35. 05 forthat. Hong for a barrel of brent, 35. 05 for that. Hong kong is closed for that. Hong kong is closed for the lunar years celebrations. That numbers were closed on monday. The japanese nikkei is trading today up i. 7 . This nikkei is trading today up 1. 7 . This with a regular. Cornelia meyer is on hand to give us her predictions, economist and energy analyst. Good morning to you, cornelia. Do tell. What do you think opec, do tell. What do you think 0pec, thus, may decide today . They will certainly go up 400,000 barrels a day, a day for the next month, from march. They have agreed to do that from august last year to december this year. But they may go higher, this, at the moment as steady as they come. 400,000 barrels a day. Thats that, there is only so much they can go up because their scope is limited and last month as you said in your entry they didnt go up quite as far as they have promised to go up because there were problems in libya and nigeria. Yes, saudi and uae made up that, but its getting really tight when you look at sustainable spare capacity, throughout this year. Things are getting as tight as you say, we looking at 100 a barrel in the near future . Might well do. It is getting tight in terms of spare capacity, howeverthere tight in terms of spare capacity, however there is still the us that can come back, the shallow oil that can come back, and these prices will probably come back at some stage. They will have the Iran Nuclear Talks which could add another ten barrels or so, there have been very positive noises from vienna of late to do with that. Yes, there are some surprises, result that could come in, at this point it looks kind, the market trajectory, we are in a very high backward station, the price for a boil a day is higher than a barrel in a months time. Always a sign of a tight market. Months time. Always a sign of a tight market tight market. Talk to us through tight market. Talk to us through how tight market. Talk to us through how things tight market. Talk to us through how things are | tight market. Talk to us through how things are within opec, through how things are within 0pec, and there are other Oil Producing friends, 0pec plus as they are known. Is there dissension in the ranks, there is always a problem with compliance of they go ahead with new ideas on production levels. ,. ,. , levels. This time around the dissension levels. This time around the dissension is levels. This time around the dissension is different. Levels. This time around the i dissension is different. Always difficult when they have to cut production to make sure it body, because budgets of so many countries are affected by this. This time around you had Russia Producing less then they agreed to produce. Nigeria, libya, countries producing less. This time around the job of the deputy Prime Minister of russia and the Energy Minister of saudi arabia, is less saying less but encouraging people to produce all that they said they would produce. So, things have changed quite a bit since half a year ago. Changed quite a bit since half a year age a year ago. They certainly have. Cornelia a year ago. They certainly have. Cornelia lovely a year ago. They certainly have. Cornelia lovely to l a year ago. They certainly l have. Cornelia lovely to see you. Cornelia myerjoining us live from bern and switzerland. Shares in alphabet, googles parent company, soared some 9 in late trade on wall street, lifting its value to almost 2 trillion. This after the tech giant revealed its latest earnings, and it didnt disappoint. In fact, when it comes to advertising revenues, it saw an unexpectedly strong surge in the final three months of last year. The companys revenues jumped 32 in the 4th quarter to just over 75 billion thats a slowdown from the previous quarter. But wall street analysts were predicting a sharp decrease in growth at google. So how has it managed to buck the trend . To discuss this, im joined by liam patterson, Chief Executive of bidnamic, a Marketing Technology platform that helps retailers utilise Google Shopping. A warm welcome to the programme. First of all, it would seem, actually, google is doing better all expected, certainly when it comes to the money its making some advertising around our Search Requests . Advertising around our Search Reuuests . ~ , requests . Absolutely, you said Market Results requests . Absolutely, you said Market Results represent requests . Absolutely, you said Market Results represent that, | Market Results represent that, surge, 32 year on year in their Core Business which is their Core Business which is the google ads revenue. I think also an interesting take on it has been a huge surge with retail investment, schindler the google chief Business Officer mentioned retail was the larger contribute to this year result which is interesting in think restrictions have been easing, certainly to this time a year ago, online retailers still marching forward, driving the ad revenue for alphabet as a company. Ad revenue for alphabet as a company ad revenue for alphabet as a com an. � , company. Its quite interesting there was company. Its quite interesting there was real company. Its quite interesting there was real concern company. Its quite interesting there was real concern about l there was real concern about google and how much money it can make in the future when apple changed its privacy settings. Apple users are more protected terms of targeted advertising, and google last week actually bowed to some Privacy Complaints elsewhere as well, these are becoming more and apparent arent they. Privacy complaints, how we are being bombarded by the advertising space. Its interesting to see how google will weather that Going Forward . Will weather that Going Forward . ~ ,. , forward . Absolutely, almost ironically some forward . Absolutely, almost ironically some of forward . Absolutely, almost ironically some of these forward . Absolutely, almost i ironically some of these moves around protectionism and cookies and how users are traced online such as the apple ios update, which help to give customers back to privacy on devices, take away some of the targeting used by Companies Like social media companies, like social media companies, like facebook with targeting of ads has almost played into googles advantage, its become harder to target and to granulate individuals and the interest on platforms like facebook and instagram, playing to the advantage of google where shoppers and retail are typing in what they are interested in. Its less reliant about what you have done around your web which you might want to keep private and more reacting to the demand you are searching for, for example for a product online and in the Google Shopping had switches the google Core Retail Adverts coming up and reacting to that. When it comes to google services, we saw group growth in the cloud as well, are nowhere near my soft and others in that space but they are gaining ground. Also other services they provide. Its hard to get away isnt it . Gmail, google maps, searching, when you ask people could they give up google, its quite tough, couldnt it . Absolutely, the amount tough, couldnt it . Absolutely, the amount of tough, couldnt it . Absolutely, the amount of different the amount of Different Services we all love to use with no direct cost, whether its google documents for writing and publishing, e mail, google meet for calls which has grown a lot in the pandemic, as you mentioned there are Server Business still trails long way behind, amazon is the Market Leader with Amazon Web Services and microsoft as well so the cloud battle is still an area Thatis Cloud Battle is still an area that is of fierce competition and we are seeing still growth from google but still way behind in that market as well. Liam patterson, thanks for your time. Good to talk to. Lets get some of the days other news. General motors said it expects a 2022 Operating Profit of 13 billion to 15 billion, in line with a record 2021 Operating Profit of 14. 3 billion, citing an improving outlook for Semiconductor Chips used in its vehicles. Gm also said it will spend more than the 35 billion previously planned into 2025 to speed up launches of new electric vehicles. It said that investments in technology will take priority over increased profits next year. In the us, the three largest Drugs Distributors and the drugmaker Johnson Johnson have agreed to pay 590 million to resolve claims by hundreds of native american tribes that the companies fueled an Opioid Epidemic in their communities. More than 400 tribes sued the companies, saying they were inundated with highly addictive painkillers. The companies have not admitted wrongdoing, but the settlement will speed up the distribution of funds. Marks spencer and aldi have reached a settlement in a Copyright Row over Caterpillar Cakes yes, you heard that right. M s had accused the german discounter of of copying copying of copying its colin the caterpillar cake. The supermarkets confirmed they had finally reached a settlement after a long protracted row, but declined to give details. Aldi stopped selling its cuthbert the Caterpillar Cake A year ago. You cant keep your cake and eat it, it would seem. In the lawyers are the winners, as ever. As youve been Hearing Plans to fulfil Prime Minister Boris Johnsons vow to level up neglected parts of the uk have been announced by the government. The strategy was unveiled by levelling up secretary michael gove. It will take until 2030 to complete and involve all government departments. David madden from Equiti Capitaljoins Me now. Good morning to you, david. Levelling up was a massive promise in the general election. Now we are seeing whether money is many looking some saying its not the money, a lot of it has already been committed . A lot of it has already been committed . ~. ,. , committed . Indeed, michael gove talked about committed . Indeed, michael gove talked about how committed . Indeed, michael gove talked about how essentially talked about how essentially money is being turfed away from existing departments including his own, of course. Its got to be more about innovation and, i suppose you could argue that using the money more sensibly and getting more value for money then bringing you cash to the table. The overall plan includes initiatives such as ramping up 5g around several parts of the uk, there is also the aim to ramp up First Time Buyers, incentive for First Time Buyers really coming back on the number of not fit for purpose rental accommodation. There are plans to in improve infrastructure, productivity and the idea is to really essentially offer the devolution style plan to different regions of the uk, including, say, several more mayors and cities dotted around the uk. Ultimately its going to be a difficult task, with a lot of additionalfunds to be a difficult task, with a lot of additional funds and money coming that hasnt been deployed. Its worth noting since the review reunification of germany in the late 1980s, the more affluent former west germany has been essentially transforming it twice the equivalent of £70 billion a year to the former east germany. Some point out that all those decades of transfer later there is still economic inequality between the two regions which is probably why we are seeing some significant differences between the two sections of modern day germany. If germany cant do it on those fiscal transfers which equate to half £1 trillion in the last 30 odd years, its going to be very difficult going to be very difficult going to be very difficult going to take very canny initiatives to try and get a similar reaction here in the uk. Just to say, it is the lead story on bbc online, that story today, with lots of analysis from our Economics Editor in terms of impact on the uk economy and how effective it will be, money going into refocusing education and spending in disadvantaged parts of england. Please do have a look. There is a lot more detail. More to come on the programme, including when is a fish not a fish . When its a plant, of course well take a look at the growing demand for edible fake fish. This is the moment that millions in iran have been waiting for. After his long years in exile, the first hesitant steps of Ayatollah Khomeini on iranian soil. South africas white government has offered its black opponents concessions unparalleled in the history of apartheid, and the anc leader Nelson Mandela is to be set free unconditionally. Mission control three, two, one. A countdown to a critical moment the worlds most powerful rocket ignited all 27 of its engines at once. And apart from its power, its this recycling of the rocket, slashing the cost of a launch, that makes this a breakthrough in the business of space travel. Two americans have become the first humans to walk in space without any lifeline to their spaceship. One of them called it a piece of cake. Thousands of people have given l the yachtswoman Ellen Macarthur a spectacular homecoming in the cornish port of falmouth after she smashed the world record. For sailing solo Around The World, non stop. This is bbc world news, the latest headlines the Winter Olympics torch relay gets under way in beijing in a scaled down event with very few spectators because of coronavirus restrictions. The white house has condemned a spate of bomb threats made to several historically black us colleges and universities as america begins to mark black history month. More on the top story which is energy. Lets stay with the Energy Sector because there has been a worldwide squeeze on gas supplies over the past year and many of the same factors that are pushing up the price of oil are also impacting the broader Energy Sector. For more, heres our Economics Editor faisal islam. At the mouth of the river medway, the Isle Of Grain in kent. 0nce nicknamed energy island, one of the best places to explain why we have an Energy Price Shock and what can be done about it. You can get a sense of all the factors pushing up Energy Prices from this point, whether its the tankers full of natural gas from Around The World that enter the uk here and off load into our gas system, whether its the lack of storage for that gas because it was shut down a few hundred miles up the coast here. Also, we have some of the Wind Turbines that are working quite well now, a good source of clean, green energy when the wind is blowing but cant always be relied on, or the electricity coming from the continent entering at this point. All of these factors combined are heading straight to the energy bills of households and businesses, pushing them to records within weeks. These days, North Sea Gas does not meet our energy needs. In two decades, the uk has gone from Being A Gas Exporter to importing about half of its gas requirements. Over the last month, weve seen a Record Number of ships full of liquid natural gas come to the uk 35, with most of them coming from the usa at record prices. 0ne tanker even u turned in the middle of the pacific and came back through the panama canal after prices paid here vastly exceeded those in east asia. All of this feeds into energy bills, of course, and we can show how much on a typical dual fuel bill, at the energy cap just under £1300, youll see that over £500 of that is the rising price of energy, as it was before the autumn. Because its gone up so much since then, the energy cap is heading closer to £2,000, with a near doubling in that cost of energy, and that informs what are the options for the government in the next week before the energy cap is announced. They could reduce vat. Thats one option you can see thats a relatively modest amount, under £100. They could take away the levies that Have Helped Subsidise Green Energy thats between £100 and £200 and would have to be funded elsewhere. So what were seeing is the government trying to help the energy companies, potentially, with billions of pounds of loans, affect that cost of energy, effectively. Temporary and targeted help for rising prices is coming, but for how many exactly depends on decisions made by the chancellor and pm in the coming days. Faisal islam, bbc news, on the Isle Of Grain. Having just enjoyed a month of vegan food . It is certainly growing in popularity in the uk with analysts saying nearly 11 million households in the Country Purchasing at least one dairy free or meat free alternative during the week. It is notjust burgers or milk that have plant based alternatives as well. There is developments in seafood, set to become the next big thing . As in fake . Even the likes of nestle is getting involved after day launched shrimp made from seaweed and peas. Joining me now from london is lily stuart, whos responsible for the aquaculture and biodiversity at Farm Animal Investment Risk return, theyre an Investor Network that looks to address Factory Farming on the environmental issues. Good morning to you both. Is good morning to you both. I3 faux fish the way forward . It seems as though we have seen explosive growth in the sector over the last five years and as he said consumers that were turning away from traditional meat because it may be climate or Animal Welfare concerns have seen the same issues within farmed fish and also within wild caught fish, the issues of biodiversity loss, disease, overuse of antibiotics and Animal Welfare. We are seeing the sector Reach A Real Maturation Point at the moment, a lot of acquisition and corporate coming into play with people like nestle being engaged on the issue because we do see it as an opportunity for larger culprits to diversify their Product Offering and to make their Supply Chains while meeting their climate and biodiversity rules larger corporate companies. And biodiversity rules larger corporate companies. And this is bein corporate companies. And this is being pushed corporate companies. And this is being pushed by corporate companies. And this is being pushed by larger is being pushed by larger demand for alternatives to meat and fish. When it comes to fish or the Seafood Sector in particular, what is happening in that space . Particular, what is happening in that space . Absolutely. We are seeing in that space . Absolutely. We are seeing a in that space . Absolutely. We are seeing a real in that space . Absolutely. We are seeing a real progressionl are seeing a real progression around largely Cell Culture Fish are the belle of the ball in the sector and they are quite literally real fish and their selves being grown in a lab and that is circumventing a lot of the issues that plant based products have had, such as texture and aroma, which had been tricky to get a handle on. Those companies we are seeing receiving investment from papal like aqua spark and Corporate Partners such as nomads of foods. Quickly, i must admiti have not tried fake fish myself. I have not tried fake fish myself have not tried fake fish m self. ,. ,. , myself. I have tried a lot of [ant myself. I have tried a lot of plant based myself. I have tried a lot of plant based meat. Myself. I have tried a lot of plant based meat. What i myself. I have tried a lot of. Plant based meat. What does myself. I have tried a lot of plant based meat. What does it plant based meat. What does it taste like . The real thing . Some of the products are quite close but things that are quite processed things like fish fingers and fishcakes but i be honest, very thin on the ground in the uk high street. If you do find a good one, let me know. I do find a good one, let me know. ,. , ~ know. I will go hunting thank ou, know. I will go hunting thank you, interesting know. I will go hunting thank you, interesting to know. I will go hunting thank you, interesting to hear know. I will go hunting thank you, interesting to hear that. L you, interesting to hear that. There is very now, smoked zalman, and limp as in shrimp and am interested to hear what you think about it and if you have tried it, get on twitter and let me know have a lovely day see you soon. Hello there. It was another windy day for many on tuesday, but the winds will be a notch down for the day ahead, as will the amounts of sunshine actually, its been the sunniest january on record for england. And we did have a fair deal of sunshine during tuesday. But through the overnight period, weve introduced a Weather Front and that Weather Front will mean a cloudier day for many and, in fact, its giving us some patchy rain and drizzle as well. Now, its this Weather Front that im talking about the rain most significant in the north, but i think its just because its introduced that milder air, well notice that difference. Still a cold start in the far north east of scotland and the northern isles. But, as i say, its the change in Wind Direction weve lost the north westerly, were picking up this south westerly air, coming in off the atlantic. It will be with us for a couple of days now and so therefore, there will be more cloud around and some patchy rain and drizzle. The cloud sitting on the hills and the coasts in northern and western areas, giving some hill fog. But inland, theres a good chance of some Brightness Developing for parts of wales, the midlands, southern england, perhaps east of the pennines. It wont be as windy, but therell still be a fair breeze blowing through the day. As you can see, a steady brisk breeze but its milder temperatures of 11 12 celsius above where they should be for this time of year except in the north of scotland, where we stay in the chilly air. And we continue to feed in that rain and that drizzle, and then, as we go through the night, something perhaps a little bit more significant across scotland, as you can see. And temperatures also held up because of all that cloud, and still that breeze at 7s and 8s. Now, as we go through thursday, we do have that more significant Weather Front moving in. So, again, ahead of it, still quite unsettled, showery outbreaks of rain, some brightness, but this is looking more significant, isnt it . And behind it, it could turn to snow, some cold air digging back in. But for many, the day bringing stronger winds in the north, but a lot of drier weather, cloudier weather, milder weather further south. Theres that mild air. But its transient because, as i say, its with us through today and tomorrow, and then, behind it on friday, we sweep in with that north westerly wind once again coming up from the arctic. So, perhaps some snow on the Trailing Edge of this Weather Front, particularly over the hills, and then, plenty of wintry showers, rain, hail, sleet, yes, snow mostly over the hills following, but a much colder feeling day by the time we get to friday. As ever, theres more on the website. Good morning, welcome to breakfast with dan walker and sally nugent. 0ur headlines today. A pledge to close the gap between between rich and poor communities the government sets out its levelling up plan. It includes improvements to transport, education and Life Expectancy but labour says it lacks funding and new ideas. Wolverhampton is one of the towns that could benefit ill be finding out what people here make of the new proposals. The Police Questioning Manchester United footballer Mason Greenwood over allegations of rape and assault, have until later today to charge him. An extra hour in school for some
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