Transcripts For BBCNEWS World Business Report 20240711 : vim

BBCNEWS World Business Report July 11, 2024

The uk government is being urged today to address Border Delays by the manufacturers association, make uk. Customs paperwork and checks introduced since brexit are leading to some disruption of imports and exports, according to their research out today, with produce going to waste because of delays. Make uk found 61 of businesses are facing supply Chain Disruption either importing or exporting to and from the eu, and nearly a third are having their Supply Chains impacted in both directions. Companies are also struggling to prove the uk origin of their goods in order to qualify for zero tariff access. Ben fletcher is director of policy and engagement at make uk. We were warned there would be weeks of difficulty, Teething Troubles, et cetera, is this not what it is . I troubles, et cetera, is this not what it is . Troubles, et cetera, is this not what it is . I think one of the critical not what it is . I think one of the Critical Issues not what it is . I think one of the Critical Issues when not what it is . I think one of the Critical Issues when we | the Critical Issues when we talk about Teething Troubles is to say that these things that will go away of their own accord and quite quickly and what we were worried about for quite a long time was that this was a real change in the way that we did business, arguably one of the biggest changes in the way that british firms did business with its largest market in over 100 years, and i think the time that it is taking for them to Adjuster Thatis Taking for them to adjuster that is quite significant, the scale of the problems they are facing as they adjust are absolutely huge and what is quite clear now and becoming increasingly clear over the first month of this is it will take a bit more than just a bit of time some of these to be managed. Of time some of these to be managed managed. There are a lot of difficulties, managed. There are a lot of difficulties, we managed. There are a lot of difficulties, we talk managed. There are a lot of difficulties, we talk to difficulties, we talk to businesses here at the bbc a lot to tell us about the problems that they are finding, also individuals who are buying things coming from europe, finding they are given huge bills they were not expecting, forgetting for getting it across the border. What help are uk manufacturers getting from the government, given that they are grappling with the pandemic . They are grappling with the andemic . ~. , pandemic . Talking to companies over the past pandemic . Talking to companies over the past month, pandemic . Talking to companies over the past month, there pandemic . Talking to companies over the past month, there has i over the past month, there has been a real sense of frustration at the help is not there, and sometimes the answers they get when they do get help are inconsistent. I think the scale of this is absolutely huge, bridge Exports Hundreds of billions of pounds every year, over half of that goes to the eu, we have a similarly important relationship with goods coming into the country because we have a complex supply chain, thatis have a complex supply chain, that is where firms work on parts, sell them to companies in europe to go into finished products, its a huge part of our world, so moving things in and out is really complicated and out is really complicated and i think the view is that Government Advice has not been consistent, some of these things are really very critical but very complex, things like rules of origin, being able to show on your Customs Paperwork in order to move stuff into the eu now, but the majority of the good was made or fashioned eu now, but the majority of the good was made orfashioned in the uk but for export, and proving that if you have 50 different people supply Component Parts or ingredients into a product before you supply it is a really complex thing, and that advice and support from the government has not been there, or at least it has not always been there consistently, and the government were also very keen to work with industry to ensure that there were enough customs agents, and these are usually private employees, people who are very experienced in customs processes who can be hired by firms to help them and there is actually an enormous shortage of those customs agents, and if they were able to Work Together to increase the flow of delivery of new Customs Agencies to the market, or retired Border Officials who might be encouraged to help, get skilled up and do some of this work, a kind of practical advice would be like gold dust at the moment. Ben advice would be like gold dust at the moment. At the moment. Ben fletcher, thank you at the moment. Ben fletcher, thank you for at the moment. Ben fletcher, thank you for being at the moment. Ben fletcher, thank you for being on at the moment. Ben fletcher, thank you for being on the thank you for being on the programme, we will keep an eye on how things go. Who is getting vaccines and when . That question has led to a very public row between the European Union and drug giant astra zeneca as the eu vents its frustration that britain was getting its uk made contracted supplies from astrazeneca while it suffered a shortfall. The dispute then developed to a potential political disaster at the Northern Ireland border with talk of legal action and hijacking of supplies. So where are we now . And what are the logistics of supplying hundreds of millions of vaccines to the world . Joining me now is simon geale, Senior Vice President at proxima which is a procurement and logistics consultancy. Thank you for being on the programme. Im sure you have been following this saga pretty closely, when it comes to astrazeneca and the eu. It would seem that the eu has been placated for now, because astrazeneca has come up with more vaccines for the 27 member block, but give us your take on what has been going on. Firstly, good morning. I dont think we ever actually expected the eu to stop vaccines crossing the border, that felt like words rather than action, but like any good contract manager, any good supply manager, any good supply manager, the eu is seeing billions of doses being produced in the area, and wants to ensure it gets what it pays for. This sort of dispute is not unusual. We see this dispute every day in commercial cycles Around The World, and that has come to the fore, reasonable endeavours, it really does sometimes come down to that, and reasonable endeavours usually ends in compromise, and the eu will want to ensure it is not losing out or losing face. 0n the ground, ithink out or losing face. 0n the ground, i think the Vaccine Teams and manufacturers, distributors, supply chain professionals, they will have rolled their eyes, noted it and carried on. There will be used to working with these sorts of statements surrounding the work they do and probably had planned for it. Complex Supply Chains have complex resilience models, and this could be one of the things that derail the process. Of the things that derail the rocess. , ~ ,. , process. For astrazeneca, pfizer biontech, process. For astrazeneca, pfizer biontech, they process. For astrazeneca, | pfizer biontech, they have process. For astrazeneca, pfizer biontech, they have both had problems in terms of meeting the huge Global Demand for their vaccines, and of course you havejohnson johnson and modnerna in the free now. How much Cross Border Movement is in making these things . Movement is in making these thins . ,. , movement is in making these thins . ,. ,. , things . This is all about complex things . This is all about complex global things . This is all about complex Global Supply l things . This is all about complex Global Supply chain, these are the sorts of Global Supply chains that we have had lots of over the past 12 months throughout the covid crisis. They balance the quality, cost, flexibility and risk, altogether which is why they take such a management. Todays world is highly unlikely that a Global Challenge like this does not get solved without some form of global collaboration. If you walk into a pharmaceutical company, they feel international. The Raw Materials come from all over the world, so does the production material, they get shipped all across the world, the nation that a vaccine is national is nonsense the notion that it vaccine is national. Notion that it vaccine is national. , a. National. Did astrazeneca overpromise, national. Did astrazeneca overpromise, do national. Did astrazeneca overpromise, do you national. Did astrazeneca i overpromise, do you think . National. Did astrazeneca overpromise, do you think . It overpromise, do you think . It comes down to that comment around reasonable endeavours. Could be reasonably have done more to reach the 100 million doses . What people perhaps dont realise is its not like making a cake. Raw materials can behave in very different ways are. With her that the yield coming out of the european factories are far below those coming out of the uk factories. We have had three months to get used to this in the uk, so we are three months further down the line. Lets get some of the days other news. Chinese smartphone maker xiaomi says it has filed a Lawsuit Seeking to overturn the former trump administrations last minute blacklisting of the electronics giant. The company said it filed the appeal with a Washington Federal Court after the Outgoing Administration barred investment in the firm, saying it was a part of the chinese military. The uk will apply to join a Free Trade Area with 11 asia and pacific nations on today, a year after it officially left the eu. Joining the group of Fast Growing Nations Will Boost Uk exports, the government says. The comprehensive and progressive agreement for Trans Pacific partnership, or cptpp, covers a market of around 500 Million People. In australia, a Parliamentary Committee is holding a hearing into planned laws to make google and facebook pay domestic Media Companies for content that appears on their platforms. Lets go to Sharanjit Leyl in our Asia Business hub. Whats going on . Thats right, ou have whats going on . Thats right, you have been whats going on . Thats right, you have been reporting whats going on . Thats right, j you have been reporting about googles threatened to withdraw engine from australia due to new laws that would forced the social media going to pay domestic media for content. Australias Prime Minister piped in today, saying the country can do without google and can count on microsofts being Search Engine. This is despite the fact that we know google dominates about 94 of the countrys submarket. A google executive basically told a Senate Hearing that it would likely make its Search Engine unavailable in australia if the government went ahead with these plans to make tax giants pay for news content, and it would mean the Internet Giant as well as social media heavyweights like facebook, we need to negotiate payments to domestic Media Outlets whose content links drive traffic to their platforms. Microsoft ceo has since spoken to the australian Prime Minister about the new rules and was reportedly ready to expand the search tool bing, which is a distance number two player. And microsoft spokeswoman confirmed that the discussion took place, and declined to comment because the company was not directly involved in those laws. A google representative also not immediately available for comment, but we know that a day earlier we heard from the australian treasurer, saying that he had talked to the facebook ceo after he requested a meeting of the law but that australia would not back down on that stance. Australia would not back down on that stance. Thank you very much for on that stance. Thank you very much for filling on that stance. Thank you very much for filling us on that stance. Thank you very much for filling us in on that stance. Thank you very much for filling us in on on that stance. Thank you very much for filling us in on that. I the price of silver has jumped to its highest in five months, and shares in some Mining Companies have soared in australia today. The reason seems to be messages on social media urging investors to buy the metal and shares in mining firms. It looks like a repeat of the online frenzy that drove shares in gamestop up 15,000 in the last two weeks. So what is going on . Have people gone mad . We have got russ mould with us, Investment Director to make sense of it all. What the social Media Players are arguing is that the selfhood market, a bit like gamestops share price is being unfairly suppressed by perhaps Major International markets, and you can see why, big banks like barclays, jpmorgan, have in the past some time ago, all been fined for attempting to manipulate the gold or silver price, so maybe they are trying to get their own back again. What you make of this . These new phenomena of people are calling it david and goliath, the small investor fighting back . ,. ,. , back . Democratised Financial Markets are markets are good, everybody deserves a chance to put their money to work and get a fair return, and you just hope that the people who are now getting involved i doing it and are aware of the risks as well is the potential rewards because there is a big difference between investment, earning an asset for the long term, trying to pick a fair value for a well run company, and plunging around and speculating in trying to tie the movement of money and its generally where we have seen accidents happen because this is not the first time it has happened in by any means. , � , time it has happened in by any means. � ,. , time it has happened in by any means. H. ,. Means. Thats the real concern, the people means. Thats the real concern, the people might means. Thats the real concern, the people might get means. Thats the real concern, the people might get swept the people might get swept along in this way, thinking this is a good way of making money and they could get seriously burned. Is money and they could get seriously burned. Seriously burned. Is not impossible. Seriously burned. Is not impossible. If seriously burned. Is not impossible. If you seriously burned. Is not impossible. If you look| seriously burned. Is not i impossible. If you look at gamestop, i know the price is 225 now but it didnt already touch 500, but there is already somebody sitting at a loss. There is always an element of Pyramid Scheme because people who get in early want to get out at the top so they eat more money, fresh money, coming at the bottom to help them get out so unfortunately at some stage there is a chance someone will get her to. The ultimate cure for high prices is a high prices. For high prices is a high rices. , , for high prices is a high rices. , ,. ,. , for high prices is a high rices. , prices. To see you, hope you have really prices. To see you, hope you have really good prices. To see you, hope you have really good week. Stay with us on bbc news. Still to come racing through the waves or a leasurly canal trip. Boats of all kinds are selling like never before. Leisurely. This is the moment that millions in iran had 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. The ban on the African National congress is lifted immediately, and the anc leader, nelson mandela, is to be set free unconditionally. Four, 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, l slashing the cost of a launch, l 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 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 military in myanmar has confirmed it carried out a coup, and declared a State Of Emergency for at least one year. The countrys de facto leader Aung San Sui Kyi has been detained. This move follows weeks of complaint

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