Transcripts For BBCNEWS BBC Business Live 20240714 : vimarsa

BBCNEWS BBC Business Live July 14, 2024

Address to the governors of the worlds Central Banks. And trading in shares of eddie stobart, the uk logistics and haulage group, has been suspended and the company said its boss would be leaving as it investigates a number of issues with its half year results. News from the tech sector has come fast and furious this week including moves to stop facebook tracking your online movements, and apple planning a new credit card. Just dont keep it near denim or leather. Our Technology Correspondent rory cellanjones will bring us the lowdown. Dogged by old age pets injapan are being put into care. Demand for canine Nursing Homes is rising despite fees of 26,000 a year. Yeah, they exist most owners are elderly and unable to care for their pets themselves. What do you make of this trend . How do you cope with your pets getting older . Let us know just use the hashtag bbcbizlive. Let us know just use the bbcbizlive. Hello and welcome to business live. We start in the south of france pourquoi non . Where the seaside city of biarritz is hosting leaders of the g7 group this weekend. The United States, canada, france, germany, italy, japan and the uk. I need the other hand theyll all be there. 0n the agenda, inequality. Climate change. And trade. Remember, this is borisjohnsons first g7 as british Prime Minister. He comes fresh from the elysee palace under discussion there was the uks exit deal with the eu. The Sticking Point is still the backstop a condition to keep britain in a Customs Union with the eu if a trade deal cant be done. This week the german chancellor Angela Merkel raised hopes of a compromise inviting the uk to come up with an alternative solution for the irish border. But frances president macron warned any agreement will not be far from the existing deal. Dont forget, donald trump is in town. The president has held out the the prospect of a very substantial trade deal for the uk with the us post brexit but its not clear how that fits in with his America First policy. Joining us from cambridge is iain begg, a Professorial Research fellow at the european institute, London School of economics. Good to have you with us. Do you think brexit will overshadow Everything Else at this g7 . In a word, no, they will be much more concerned about the other things you mentioned in your package and that you are going to see much more focus on the concerns about the collapse of International Trading order, may be some attempts to look at International Security problems. Brexit will be a sideshow. That said, it is going to be an opportunity for boris to interact with his fellow leaders and maybe try to build on what looked like the beginnings of some sort of engagement with them earlier this week. So, for investors and analysts who may be watching are looking for something positive from the g7 in terms of global trade, what do you think the best they can hope for might be . The best they can hope for is that new directions are taken by the American Administration on de escalating the trade war, particularly with china. But lets not forget as well that very soon germany is going to be in from thes sites because of the very large surplus germany runs vis a vis not just the United States but the rest of the world. Bmw car makers have reason to be worried about this. Who do you think are the key characters who could perhaps put a bit of influence, a bit of pressure, on donald trump to try and rein in his touchiness with china in particular over trade . The one person he clearly respects is a manual macron, the president of france. As you know, biarritz is famous for its waves, they will be hoping to diminish some of the waves that occui diminish some of the waves that occur at the summit. Also, the japanese Prime Minister shinzo abe is someone who seems to get on reasonably well with trump so i would regard the two of them the most likely interlocutors in trying to moderate the trumpism that seems to moderate the trumpism that seems to worry so many people. 0k, iain begg, thank you very much indeed. Thank you. Lets take a look at some of the other stories making the news. One of germanys biggest lenders, Deutsche Bank has agreed to pay 16 million to settle civil allegations that for years it hired the relatives of government officials in order to win business in china and russia. The settlement with the us securities and Exchange Commission makes deutsche the latest bank to settle claims arising from an investigation into wall street hiring practices. Ryanair has come bottom in an annual survey by the consumer magazine which . Rating the Customer Services of 100 popular uk brands. It is the sixth year in a row that ryanair has come last. Telephone and online bank first direct came top, with retailers Marks Spencer and waitrose also performing well. She imitates peppa pig theme tune. Hasbro is buying entertainment 0ne the owner of peppa pig for around 4 billion in cash. Its the biggest purchase ever by the us toy giant and its latest move into media content following tie ups with disney and paramount. The deal gives hasbro access to the lucrative infant and pre school market. I was worried about you for a second. I wasnt quite sure what was happening. Youre welcome to join peppa pig. Maybe later. Hong kong is bracing itself for another weekend of protests including a march by accountants and more disruption for the citys main airport. Monica miller is in singapore. Mass demonstrations and a trade war, financial observers say the citys slowdown could deepen. Lots of people are concerned about the impact of all of this on hong kong and it looks like its not going away anytime soon. It shows no signs of letting up and as you mention the protesters are expected to hit the hong kong airport again. Last week, if you can remember, officials were forced to shut it down and hundreds of flights we re shut it down and hundreds of flights were either cancelled or rescheduled when protesters clashed with police. The Port Authority published a half page advertisement in local newspapers asking the protesters to love hong kong and to stay away and that this is not going to interfere with their operations. Hong kongs high court extended in order restricting protest at the airport but internationally the pressure is on as well. The canadian consulate said it had suspended travel to Mainland China for its local staff. This comesjust Mainland China for its local staff. This comes just days after an employee of the citys british consulate was confirmed to have been detained on the mainland, and as you mentioned the accountants will be taking to the streets later today and will create what they call a baltic chain in which protesters willjoin across the whole city. This is reminiscent of the 1989 peaceful protests across the three baltic countries in protest over soviet rule. 0k, monica miller, thanks very much. Lets check on the markets to tell you what you need to know. There seems to be a modicum of brexit optimism, everyones waiting for powell and peppa pig has been acquired. In a week when weve had minutes from the latest Federal Reserve and European Central bank meetings, it speaks volumes that a speech by the fed chairman Jerome Powell later today is the Monetary Policy event of the week. He is expected to signal another rate cut but hell be speaking after three regional fed president s pushed back against the idea that the us needs more policy easing. So, while a cut in september is probably on the cards, traders, or indeed president s, expecting more than that may ultimately be disappointed. Currency traders this week seemed to take Prime Minister Boris Johnsons visits with germanys Angela Merkel and Frances Emmanuel macron well, seeing some light at the end of a very dark tunnel towards getting a deal done and avoiding hard brexit. Yet, there seemed to be precious little in what merkel or macron said that makes anything about the negotiations any clearer. And michelle has the details of whats ahead on wall street today. No surprise wall street will be focused on a certain ski resort in jackson hole where investors are hoping the chairman of the us fed Jerome Powell will confirm expectations of a rate cut at his next meeting in september. Now, while that is the big economic event of the day, there is still some data due out on the housing market. Americans bought more newly constructed homes in june. But did that trend continue . The Us Commerce Department is expected to show sales of new homes rose injuly. Also, keep an eye out for boeing shares which were up sharply on thursday. Thats after one analyst said the federal Aviation Administration certification for its grounded 737 max planes could be just weeks away. That would be a key milestone in the aircraft makers efforts to get its fleet back in the air. Michelle fleury there. Joining us is sue noffke, uk Equities Fund manager at schroders. Good to see you. Interest rates very much the focus this week and still that attention is on the central bankers as they gather at jackson hole. Yes, there is quite a lot of pressure on powell to articulate what hes doing with rates. There is quite a lot of split within the Federal Reserve itself. Not everyone is unanimous that cutting rates last month was the right thing to be doing. There is a lot of market expectation that, given the turmoil in bond and equity markets in august more is being priced into markets in terms of future Interest Rate cuts. But its not certain that he will bend to that and of course trump is tweeting almost daily that he expects powell to do more. Lets talk about deals, big deals. 0bviously Boris Johnson talk about deals, big deals. 0bviously borisjohnson is looking for a deal in terms of the eu and brexit. There was a big deal that went on this week, peppa pig. The second big deal this week as well. Why do you think that is . Do assets look cheap in terms of sterling based assets . Look cheap in terms of sterling based assets . Brexit has weighed on uk asset prices in terms of the stock market value and in terms of the value of sterling. And that combination has made uk assets pretty attractive to overseas buyers. We had already seen quite a bit of mergers and acquisitions happen in the uk market over the last three years. Mergers and acquisitions . Thats right, companies and a private equity buyers looking to make acquisitions and deals happen. We have seen an acceleration in the number of deals really since Boris Johnson acceleration in the number of deals really since borisjohnson took over from theresa may. And we have seen a further slide in the value of sterling. So this is quite an interesting development. 0k, sue, we will talk later about the papers but for now, thank you. There is nothing sacred, first it was greene king and the beer and now they have come for our cartoons. What next . we will tell you whats happening next. Apples planning a fancy new credit card and facebooks in hot water again. Its been a very busy week for technology news. 0ur tech correspondent rory cellanjones is waiting in the wings to give us the details. Youre with business live from bbc news. With the global population growing and more and more of us moving into cities there are Big Questions about how we feed ourselves in the future. New high tech farms are now emerging all over the uk where crops are grown indoors using the latest hydroponic systems and led lighting. Ben thompson is 33 metres underground in a future farm in clapham, south london welcome to clapham in south london. Were 100 feet below the pavement right next to the tube line in this disused air raid shelter and it looks a bit different because, well, theyve turned it into a farm. Its a vertical farm, using all sorts of new technology to bring together some pretty age old techniques of agriculture with some pretty new technology. Stephen is one of the co founders, stephen, good morning to you. Good morning. Give us a sense of what youre doing here, because its a pretty efficient operation and pretty high tech also. Talk me through it. And so we are just addressing some of the challenges we face in the world, a couple of extra billion people on the planet by 2050, we are going to need to produce more food and we have a finite amount of agricultural land. So what we are doing here is taking some technology and applying that to an old un optimised agriculture. What we are doing is, if you take the example of pea shoots, we will grow in a field three crops in a field. Under glass you get about 25 crops a year. We get about 60 crops a year by at a really granular level controlling the environment. Yeah, so it means no pesticides and all that kind of thing as well and fewer air miles because you are not shipping it miles, you can grow it in city centres. Luke is with us as well and you work with a university, dont you, to Bring Technology and agriculture together . This is great because its growing all sorts of salad and things and we are not having to transport it and fewer pesticides. But you cant grow everything in an environment like this, can you . Well, i never say never, but no, at the moment the current thing is salad greens, leafy crops, may be softer roots, things like that. But your potatoes and your root vegetables and your cereals, thats still going to be done by traditional agriculture. And innovation will be happening on the land to help that solve some of the problems. So you still need both . They will coexist . You need both to complement each other because there is a growing population and environmental issues. But they Work Together to solve them. Really nice to see you both. Thank you so much, good luck with it, because i know you have a lot of expansion plans as well. This place goes on. The air raid shelter, big tunnels down here. The firm is going to expand into those a little later. So im not going to go too far amd get lost in this rabbit warren. But it really does show what can be done when you Bring Technology and agriculture together and it could solve some of the problems as far as Food Security is concerned. 0n the bbc news website there is a whole series focused on farming, including this page, beehive live. Youre watching business live. Our top story World Leaders are heading to france for a meeting of the g7 group of industrialised nations. It comes at a time of real uncertainty for the world economy. Its the first Big International meeting for britains new Prime Minister borisjohnson and comes as he tries to renegotiate the terms of the uk leaving the eu. A quick look at how the markets are faring. We have actually had some pretty thin trading volumes in the last 2a hours. All eyes on the fed chair Jerome Powell and what he will say about effectively getting the Global Economy out of a hole. From apples new credit card warning to facebooks move to reveal how it tracks you its been another busy week in the tech world. Our Technology Correspondent Rory Cellan Jones is here to look at some of big stories making waves. Rory, good morning. How are you . Good morning, iam rory, good morning. How are you . Good morning, i am well. Lets start with this story about youtube and the taking down of this, these channels, 200 plus channels have come down. We have seen similar moves from facebook and twitter over the hong kong protesters, interesting how this story is playing in china as well. This has been rolling all week and we were waiting to see whether google, which owns youtube, followed facebook and twitters lead. Earlier this week they shut down a whole bunch of accou nts they shut down a whole bunch of accounts which they basically accused china of running in a kind of disinformation campaign. Google has done the same, 210 channels on youtube, saying they are part of a coordinated attempt to post material about the protests in hong kong. Interestingly google has been more cautious than facebook and twitter, not actually naming china as being involved. But that is the presumption. It is interesting how this is playing on chinese social media. 0ne this is playing on chinese social media. One of our bbc monitoring collea g u es media. One of our bbc monitoring colleagues was telling me yesterday that it colleagues was telling me yesterday thatitis colleagues was telling me yesterday that it is all over chinese social media from sort of the other viewpoint, lots of people deriding western companies, saying they are being hypocritical, they claim to be about free speech but they are shutting down free speech. But then again, the suspicion being that those very messages that are being pumped into chinese social media are themselves possibly coming from government sources. What is interesting about the hong kong situation is often the big social Media Companies have been accused of being too slow to act on misinformation and particularly when there is political controversy. T

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