In poland more than thirty years ago, following a bitter and divisive campaign. Donald tusk said polands bad days were over. Translation yesterday people approached me and asked, will you be able to do it . It wasnt possible for so many years. This is the end of this bad time. Of the rule of law and justice. Donald tusk, who did work in brussels as the European Council chief, has pledged to reposition warsaw on a firm pro european path which could unlock billions of euros in eu funding withheld by the European Commission in a spat with the current government over judicial reforms. To talk us through whats at stake im joined by bert colijn senior Eurozone Economist at ing bank. A warm welcome to the programme. Do you think brussels is Breathing A Sigh of relief as it looks at how this General Election has unfolded . Well, i think that if we look at these first pulse and indeed if this is how a coalition is ultimately going to be formed, i think it will make things slightly easierfor i think it will make things slightly easier for brussels from a political perspective. Poland is the fifth largest country in the eu and it has been are very important economy for the bloc. Talk us through why poland is key for brussels currently. It why poland is key for brussels currentl. , why poland is key for brussels currently currently. It is very important from a political currently. It is very important from a political perspective. I from a political perspective. We have seen that politically central and Eastern Europe has been slightly challenging for brussels for quite some time but also economically speaking. Poland is a huge market and has become more and more important all the time. From an economic perspective, poland is very important part of the eu. It important part of the eu. It has been very fractious recently because of, particular, farmers in parliament, when the comet has tried to protect them against very, very low priced ukrainian food imports, particularly grain, which has led to a ban on the part of poland and hungary and other countries. This could lead to better relations, the outcome of this General Election, especially if donald tusk is leading a coalition do you think . Better relations is coalition do you think . Better relations is something coalition do you think . Better relations is something that i coalition do you think . Betterl relations is something that has come up a lot in their campaign soi come up a lot in their campaign so i think that if indeed that is how it plays out then that is how it plays out then that is something we can expect. The euro ean is something we can expect. The European Finance ministers are meeting today. I am sure they will talk about this during their meeting. But what is top of their agenda, their meeting in brussels today . Of their agenda, their meeting in brussels today . Quite a few thins in brussels today . Quite a few things are in brussels today . Quite a few things are on in brussels today . Quite a few things are on the in brussels today . Quite a few things are on the agenda. Things are on the agenda. Interesting is that they will be taking stock of how the big Eu Recovery Fund that was set p Eu Recovery Fund that was set up during corona is currently playing out. It is a very ambitious fund that sees a lot of billions of euros unlocked to especially the countries in need of it most that have pledged a lot of reforms for that and they are currently going to be taking stock of how thatis going to be taking stock of how that is progressing. Qm. Going to be taking stock of how that is progressing. That is progressing. 0k, thank ou for that is progressing. Ok, thank you fervour that is progressing. 0k, thank you for your analysis that is progressing. 0k, thank you for your analysis on that is progressing. 0k, thank| you for your analysis on poland and what European Finance ministers are up to today. We appreciate that. Lets ta ke lets take a look at what is happening in china. China this week is hosting its third belt and road forum. It marks the 10th Anniversary of the initiative, which aimed to Connect Asia With Africa and europe through a series of land and sea networks via huge investments in local infrastructure basically rebuilding the old silk road trade route. Suranja tewari is following happenings from our Asia Business hub in singapore. Took us through what is happening this week. Representative from 130 countries are expected to take part in the event. It is safe to say leaders from Western Powers will not be in attendance. Rather, this will be a gathering of friendly countries to china and a pitch for a Broader Vision of how china wants to impact the world going forward. They shrink said this week, it has now inked more than 2 trillion in contracts around the world, starting as you said from here in asia and oceania, all the way through africa and as far as europe. They will certainly reflect on the achievements of the belt and road. There have been some successful projects but some unsuccessful projects, as well. The future path of the belt and road is the big question. China is expected to pitch itself as a leader of the global south, a champion of economic development. But the world is a very different place since the last time the forum took place. In attendance, leaders of hungary, chile, kenya. Ethiopia. They will want to continue Economic Investment and from this region, indonesia for example, plans to seek chinas help Renewable Energy and infrastructure. It already has a big deal with the us but is not too happy at how fast that deal is coming together and may want to do more business with china, which is seen to do business more easily. Russias president said he will attend the event in what will be his first visit to china, beijing and moscows relationship, there are a lot of eyes on them, especially with the conflict in the middle east, as well. The partnership is economic as well as military and so everyone is waiting to see what the two leaders might discuss and what they will come up discuss and what they will come up with in the event. Up with in the event. Surana, thank you fl up with in the event. Surana, thank you for d up with in the event. Surana, thank you for setting i up with in the event. Surana, thank you for setting the h thank you for setting the scene. This initiative has been in place for some ten years. Has it been successful . What do the critics say . Under the initiative, china provides funding for major Infrastructure Projects around the world in a bid to speed chinese goods to markets further afield. Critics see it as a tool for china to spread influence and a debt trap for some developing economies. Certainly in africa, that can be quite debilitating. Live now to dr rebecca harding, independent economist. Lovely to see you. I cannot believe ten years has gone by. I remember this all being launched, and everybody was concerned in the west about china trying to spread its influence across so many key parts of the world. Your thoughts . Parts of the world. Your thou~hts . ,. , thoughts . This is a hugely important thoughts . This is a hugely important project thoughts . This is a hugely important project and, thoughts . This is a hugely important project and, Goodness Gracious me, ten years since it started. The whole basis of this was Cultural Exchange and regional collaboration. It was quite explicit on the part of the chinese to export some of the chinese to export some of the successes of its economic trade based model but obviously that represents a threat, if not a threat, a threat of competition strategically between chinas ambitions across the whole of central asia and into europe, whereas for the us and europe it represents a threat because of their interest there, as well. So it has had this usually political and economic angle to it. In political and economic angle to it. ,. ,. It. In terms of the impact it has had, it. In terms of the impact it has had, i it. In terms of the impact it has had, i presume it. In terms of the impact it has had, i presume it it. In terms of the impact it has had, i presume it has l it. In terms of the impact it has had, i presume it has been goodin has had, i presume it has been good in some cases but also a massive hindrance. Looking at some countries in africa where China Hasjust some countries in africa where china has just ploughed some countries in africa where China Hasjust ploughed in. It is very difficult to assess what is going on because there has been a huge amount of investment in asia, africa, central asia and so on, and railways, pipelines, highways, and so on. A lot of overrun in terms of cost and have created this issue of debt diplomacy. 0ne this issue of debt diplomacy. One of the phrases that has come out of this, that china has actually hooked these countries into Long Term Debt contracts meaning that they have had to service debts, it has created difficulties. But if you look at the other side of the equation it has been difficult for china because 60 of its debt is now in terms of Loan Repayments being tied into this so it has not had an entirely positive effect on china, either. China is beginning to rain the thing in, work with Western Framework including the paris club and started to be a bit more circumspect about what it is trying to do. Circumspect about what it is trying to do trying to do. Briefly, your thoughts trying to do. Briefly, your thoughts on trying to do. Briefly, your thoughts on president trying to do. Briefly, your i thoughts on President Putin being involved in all this and his expected attendance at this event. His expected attendance at this event. ,. , ,. , his expected attendance at this event. ,. ,. ,. , event. China and russia is a marriage event. China and russia is a marriage of event. China and russia is a marriage of convenience. I event. China and russia is a i marriage of convenience. They love each other when they need to, and they are cool on each other when they are not. But i think it is very significant that President Putin is again putting this economic angle and political angle with china in order to shore up his position in the middle east and in ukraine, as well. I think it is strategically important, presentational important, but we have to be wary of the things that are sad because china is actually quite silent on the subject of whether or not it will directly support russia militarily it. Not it will directly support russia militarily it. Ok. Dr rebecca russia militarily it. Ok. Dr rebecca harding, russia militarily it. Ok. Dr rebecca harding, thank i russia militarily it. Ok. Dr. Rebecca harding, thank you, russia militarily it. Ok. Dr rebecca harding, thank you, we appreciate your thoughts this morning. As author of liar� s poker, The Big Short and moneyball, Michael Lewis is possibly one of the worlds most celebrated business journalists. Now, in his latest book, hes turned his attention to ftx, the failed crypto platform and spent months with company boss sam bankman fried in the bahamas before the company collapsed. Mr bankman fried is now in court in new york on trialforfraud. Michael lewis spoke to our reporter vivienne nunis. It was. It wasnt just crypto. It was. This thing had happened with crypto. I mean, they had gone from being a hobbyist kind of pursuit to have a Global Capital markets with a value of 3 trillion. So all of a sudden there was all this new wealth. And he was a good example of the new wealth he went from having basically no money to having 22 billion in about 18 months. And what interested me was how the world configured itself around him, and the effects he was having. Like he was pulling strings in American Politics and global media. Philanthropy. It was like one thing after another. And i thought. I thought that. This is. Its a modern phenomenon like, this could happen in no other time in history. When you made that kind of money in the past and few did you had to, like, Build Railroads or dig oil wells or. And theres something about the way capitalism is working now, coupled with the way that governments and institutions seem to be kind of failing us, that thrusts this kind of character into a socially Important Role thats just preposterous. And thats what interested me was following that through the world. Financial regulators seem very much on the periphery of this story. In some parts of the world, there doesnt seem to be much regulation at all when it comes to trading crypto. Do you think that will change after this very high profile trial . The regulators, i think, have avoided regulating because theyre scared of whats going to happen if theyre in charge of it. Theyve been very good at sort of. The way theyve been regulating in the states is not telling people very clearly whats allowed and whats not allowed, and then fining people when they dont like what they do. Theyve not created an infrastructure. And the result is that you have this Huge Exchange in the bahamas rather than in the United States. I mean, one way to look at this story is it doesnt happen if the us regulators are into this, because he would have moved the business to the United States. So theyre scared of it, right . Theyre all scared of it. I think they could continue to be scared of it. Theres less pressure now to regulate it than there was back when bitcoin was at 60,000. I think theyre hoping. I think theyre still sort of secretly hoping it goes away. Whats next for you, then . Whats Michael Lewis thinking about now . Well, ijust finished this two months ago, so ive been thinking about this. But right before the hollywood Writers Strike, i sold a Tv Drama Idea to apple, and i gave them the script the day before the strike, and they seemed to be very interested in making it. Theres a fair chance im going to go run a tv show. Whats it about . It would take some time to explain but its about a guy who created the market for he brought the first cuban Baseball Players into the United States. Its an immigration story disguised as a sports story. And its about these people, these martians showing up in the United States in the early � 90s and not thinking they could play, not thinking they would fit in, and this person who assimilates them. So its a story about how the United States treats people from the outside, and how people from the outside approach this culture. The trial of sam byram and fried is ongoing and we are keeping you across details as it emerges. Lets get some of the days other news now. Tiktok says it has removed content and accounts which violate rules following the attack by hamas on israel. The Social Media Platform was responding to a warning from the european union, which called on tiktok to urgently step up efforts to counter misinformation and explain how the platform was complying with european law. Social media firms have seen a surge of misinformation about the conflict, such as fake images and mislabelled videos. Switching gears, mg motors says it is in a very strong position to take advantage of the shift to electric cars. The brand, which is owned by chinas saic motors, says it sold vehicles totalling more than £1 billion in the uk last year thats 1. 2 billion. Mg says Sales Volumes more than doubled thanks to demand for its electric and hybrid vehicles. Still to come in the programme. From a hollywood garage to an entire cultural kingdom that spans the globe and it all began with a mouse we look at the Walt Disney Company as it celebrates 100 years. Around the world and across the uk, this is bbc news. Today were in the Clinical Skills lab, where we learn how to take blood and deliver basic life support for our patients. So, as you can see here, weve got a couple of the mannequins that we use to learn basic life support. So here illjust quickly demonstrate some cpr. Weve got two different mannequins of two different skin tones. This kind of emulates and encapsulates what weve been trying to do as part of our project which is to really improve visual representation of different skin tones within our curriculum. Well, the website shows an array of different Skin Conditions on different skin types. Im nabu and im a third Year Medical Student at the university of exeter. Its really important to be represented, and for people you know to be represented in health care, as it means you have an equal level of competence when being treated, and you feel like youre being respected. More than 40 of our students on the Medicine Programme are ethnic minority students, so its important for them to feel represented and see. And on the bigger picture, we need to make sure that our students are competent and confident to treat a diverse population in the uk. Youre live with bbc news. While most us banks are planning some of the biggest job cuts since the financial crisis, Spanish Bank Santander has allegedly set aside 250 million to put a booster to its corporate and Investment Bank over the next two years. The bank, which is not big in Investment Banking, has hired more than 100 us based bankers this year. Lets talk about this with dan kemp, global chief Investment Officer at morningstar investment management. Good morning to you, dan. This is very interesting on part of santander and it is all to do with who is working for them. They have someone who used to work for Credit Suisse who is scooping a lot of people who used to work for that bank that was rescued. Was rescued. Hello. That is absolutely was rescued. Hello. That is absolutely right. Was rescued. Hello. That is absolutely right. Hectic was rescued. Hello. That is i absolutely right. Hectic Breezy Jointed 2015, became Chief Executive Officer earlier this year so has a background in Investment Banking and is trying to build that business in the us. This is part of the far broader santander story that has fitted from diversification. The way the bank tends to operate as they cross sell a lot of Financial Products to their clients across europe and Latin America. That creates a network that means that the santander earnings have been lower in terms of volatility than other banks. It has been more stable in terms of its earnings and that has been a good thing. It seems santander wants to expand that network and introduce more Investment Banking products but of course this is a really tough market to get involved in. We have seen lots of european banks struggle in this market in the past. This european banks struggle in this market in the past. Market in the past. As you mentioned, market in the past. As you mentioned, Hector Market in the past. As you mentioned, hector grisi i market in the past. As you mentioned, hector grisi knows just who to recruit from Credit Suisse. There was restructuring going on and people losing positions. It is interesting to see how these banks are manoeuvring. Santander, the manoeuvring. Sa ntander, the spanish manoeuvring. Santander, the spanish Lending Giant really trying to make its mark in the us. , � , trying to make its mark in the us. Thats right. They already have a business us. Thats right. They already have a business in us. Thats right. They already have a business in the us. Thats right. They already have a business in the us us. Thats right. They alreadyj have a business in the us and hector grisi has done a good job of turning that around over the recent past and mexican businesses, as well. It is different from the business it had in Latin America where they are part of a small number of dominant banks there and obviously in europe, as well. This is a very different adventure for them. He is a background in this area and it must be so tempting for banks to pick over the bones of Credit Suisse, especially at a time when some of the other banks are not hiring. It is optimistic, it is in line with the previous strategy, but it is such a tough thing to do that it might be better for them just to return that capital to shareholders. Before i let ou capital to shareholders. Before i let you go capital to shareholders. Before i let you go i capital to shareholders. Before i let you go i want capital to shareholders. Before i let you go i want your capital to shareholders. Before i let you go i want your take i i let you go i want your take on this week on the financial markets. A huge amount of concern about what is happening in israel and gaza, and israel may begin its ground offensive, markets are watching nervously. It is such a horrendous situation for all of the innocent people involved. That is gripping the attention of investors. But what is likely to move markets is much more the earnings of companies that they develop in the third quarter. We havejust got they develop in the third quarter. We have just got into any season, when Companies Report what happens over the last three months and that is likely to bring some surprises, are likely to move share prices, but of course everyone is watching what is happening with energy prices, what is happening in the middle east at the moment. From an investment perspective, it is really important to remember that it is an easy time to make mistakes, people can react to geopolitical concerns, people can react to news flow, but as an investor, some want to take the long term view and take the focus away from the news. Thank ou so focus away from the news. Thank you so much. Focus away from the news. Thank you so much, dan focus away from the news. Thank you so much, dan kemp focus away from the news. Thank you so much, dan kemp from i you so much, dan kemp from morningstar investment management. Disney one of the most significant Entertainment Companies in the world turns 100 today. From Disney On Ice events to limited edition disney100 merchandise, disneys centenary celebration is big business. But how did this creative powerhouse recently become one the most polarizing companies in the us . Live now to paul verna, principal analyst, Insider Intelligence who joins me from new york. Good to have you on the programme. There is so much written about the history of disney to mark this 100 year anniversary. Walt disney himself probably one of the most famous people in america, wouldnt you say . For most famous people in america, wouldnt you say . Wouldnt you say . For sure. I mean, wouldnt you say . For sure. I mean. His wouldnt you say . For sure. I mean, his creative wouldnt you say . For sure. I mean, his Creative Genius i wouldnt you say . For sure. I mean, his Creative Genius is| mean, his Creative Genius is the reason we are talking about a 100th Anniversary. It was the spark that sets everything in motion and really that defined the company for most of its history. It has become Something Different and bigger in some ways, but it really all started with a mouse. It absolutely did, which is quite incredible, really. It is an enormous cultural kingdom that spans the world. Its tentacles are vast. Talk us through its dominance. Dominance. Well, it has enormous dominance. Well, it has enormous cultural i dominance. Well, it has i enormous cultural influence. I mean, we talk about disney as a competitor to other studios, other animation companies, other animation companies, other Entertainment Companies, theme parks. But really disney started all of that and every company that is in this business. In some ways they owe a debt to disney as the innovator and pioneer. But today disney is really trying today disney is really trying to transform its business, trying to pivot to a streaming model, which is not really does smack of the Business Model is not really quite solid yet. I think it is really strong in its theme park business, it has had rocky times recently in the theatrical business and it is trying to get out of the traditional tv business. It is at a crossroads on many fronts and that is not even talking about all of the stuff that surrounds those businesses, which we can get into, but there is a lot going on at disney. I think the 100th Anniversary is probably not topmost on the minds of executives for all the reasons, because of everything else. Bob iger had to return as chief executive, he had a stent where he was not a boss for a while, but he was brought into try to take charge again. Talk us through the difficulties disease has had recently. They are facing disease has had recently. They are facing disease has had recently. They are facing disney disease has had recently. They are facing disney has i disease has had recently. They are facing disney has had. I are facing disney has had. Global conflicts. It was enough with ukraine war and now there is another war. They were basically exiting the tv business, there are existential questions about the streaming model. There is the act to strike going on, the Writers Strike going on, the Writers Strike that went on for a long time. A sagging stock price. 0n ease about succession. Then there is these political minefields that disney has found itself mired in in the past. Maybe year, year and a half. I dont know if i missed anything there is a lot. This anything there is a lot. As ou anything there is a lot. As you say. Anything there is a lot. As you say, there is an awful lot going on. And yet we all grew up going on. And yet we all grew up with disney as children, we all watched those movies, didnt we . We all loved, i would say, mickey mouse. You have to celebrate 100 years despite all the difficulties it is currently in. Is currently in. Yeah. The company is currently in. Yeah. The company could is currently in. Yeah. The company could easily i is currently in. Yeah. The company could easily be| is currently in. Yeah. The i company could easily be around for another hundred years if they can navigate some of these tricky times. Some of this is cyclical, it will pass and a lot of this is stuff that disney and all of its competitors face so it is not just disney being singled out. Thank you, good to talk to you. Good to get your take on that. And thank you, i will see you soon. Hello, big changes happening weather wise again this week, but at the moment, still feeling very much like autumn. Temperatures below the seasonal average, lots of dry weather, blue sky and sunshine, pretty Autumn Colours over the weekend, and High Pressure still dominates as we head through monday. It will push ever so slowly further eastwards, eventually allowing low Pressure Systems to push in from the south west. Its another chilly start to the day on monday, bit of patchy frost again possible across england and wales in particular. Temperatures a little milder across Northern Ireland and scotland with more in the way of cloud. But that cloud will tend to break up, i think, as the day wears on. So some brightness and sunshine emerging, especially through the afternoon. Maybe a few isolated showers. Well see some showers towards north sea facing coasts. For england and wales, its a sunnier start to the day, but more cloud will build through the afternoon. Temperatures likely to peak again a little below the seasonal average, 11 to 1a degrees celsius. Its still windy across the Northern Isles on monday and it will turn windier towards these Channel Coasts too, as we head towards the end of the day. Why . Well, this area of low pressure pulls in from the south west. Its going to turn pretty unsettled for much of the rest of the week. But on tuesday, again, it is largely dry, quite blustery, with a brisk easterly wind, especially towards the south, therell be outbreaks of rain edging into parts of cornwall, western wales, i think by the time we get to the end of the day. Further north, largely dry, top temperatures peaking between 11 and 15 degrees celsius, starting to draw some milder air in along with these weather fronts. And theyre due to push further northwards and eastwards as we head throughout the night on tuesday and into wednesday. So turning much more unsettled across the border, brisk easterly to south easterly wind blowing. Therell be outbreaks of rain. Some of that rain likely to be heavy at times, especially across the south west of england, wales, those showers pushing up through to parts of scotland as well. But in the milderfeeling air, temperatures will rise as high as perhaps 18 or 19 degrees celsius across the south west and the channel islands. But then the focus of that rain will change as we head through thursday and friday. And its quite likely that well see some of the heaviest downpours across central and eastern areas of scotland. And there are already met Office Weather warnings in force. There could be some exceptionally heavy rain in these areas. Severe gales, too, towards the east coast. Heres the outlook for our capital cities, turning milder but much more unsettled. Bye bye. Good morning. Welcome to breakfast with sally nugent and jon kay. 0ur headlines today. The United Nations warns that Fuel Reserves at hospitals in gaza are expected to run out within 2a hours putting the lives of thousands of patients at risk. Bombardments have continued in gaza overnight us President Joe Biden reiterates his support for israels campaign to eliminate hamas. Prime minister rishi sunak will address mps today, to say what the uk is doing to support israel and to address the growing humanitarian crisis in gaza. In other news. More foreign inmates to be sent home under government reforms to ease prison overcrowding, but labour calls the plans half baked. As winter looms, Charities Warn that People Living with disabilities are burdened with up to £1,000 extra energy debt compared with a year ago
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