Transcripts For BBCNEWS Business Today 20241009 : vimarsana.

BBCNEWS Business Today October 9, 2024

Live from london, this is business today. We start with uber, the us Tech Firm that has become a global transport giant. Around The World some 6 Million people work as drivers and couriers through the uber app, and their services are used by 150 Million people at least once a month. Well, the boss of uber, dara khosrowshahi, has been talking to our business editor simonjack, about their plans to make the firm greener and get more of their drivers using Electric Cars. But hes worried that trade tensions with china are getting in the way. The us and europe are hitting chinese Electric Cars with hefty Import Taxes or tariffs to protect their own auto makers, making them more expensive. I think cheap chinese vehicles are a good thing for the environment. And i would tell you that china is transitioning from notjust being cheap but also being high quality and for us, we want to electrify our fleet and make sure it is affordable for our drivers to switch over to evs. The political considerations of tariffs etc are not something we can comment on, but our focus is on the environment and we think chinese vehicles that are low cost and high quality could be a very important part of the switch over to evs. D0 of the switch over to evs. Do ou of the switch over to evs. Do you have of the switch over to evs. Do you have a of the switch over to evs. Do you have a view on tariffs . I do not. They make these cheap and high quality cars more expensive in some of your markets. Given what youve said, you would think it is a bad thing. By what youve said so far, it would follow you think thats a bad thing . I think if im taking a pure climate view, it would be a negative, just being honest. Are we just at a moment of Revolution And Disruption and that in all of these cases where you have disruption, you have some people, some legacy players who dont make it . And are we at that moment right now . Listen, thats the definition of disruption, right . Every revolution, changeover in platform usually starts with a huge amount of momentum, and then youve got to keep pushing. Itll go through a period of difficulty, which i do think we are in evs, and youve got to keep pushing through. And the fact is that change can affect some players negatively, but this is a change In The Name Of climate and emissions, and i believe we have to keep pushing forward. What do you say to the consumer, the Uber Consumer youre saying that you should be able to have a preference for an ev vehicle, are you telling consumers just be a bit more patient and wait for an ev . Well, were setting actually a new product that we are offering for riders for them to set an ev preference, but we will only dispatch an ev if the difference between the dispatch is only a couple of minutes. So were not saying, hey, wait 15 minutes, but if you have to wait another two or three minutes to help the environment, why not make that investment in terms of your own time . So be more patient to help the environment . A couple of minutes isnt going to kill anyone. Do you not think that there is a danger that were becoming more sedentary and lazier as a result of things like uber . I think that technology generally screens, etc do come at a societal cost, right . And you and i are sitting here having. Including uber . Listen, uber is part of it, although uber, within the scope of the time that people spend on uber is actually pretty low. But i think its ultimately up to the individual, right, to balance out their lives, to make sure that they have real life interactions. Can you out Amazon Amazon . Is that the goal . Well, its not going to be us. Its going to be us Teaming Up with merchants all around town. If you think about how we started in terms of where we started with transportation, we moved to food, moving food around, and now were expanding beyond food to Pet Food, groceries, anything that you would want. Those products are available through the uber marketplace, but increasingly were allowing merchants to offer on their own sites the ability to offer on Demand Delivery for whatever theyre selling. So you can get Pet Food from your local shop to be delivered with an uber eats courier in the next hour or two. Ultimately, we think that convenience can be even better than amazon and it can support your local business, which i think everyone wants to support their local businesses in their town. The boss of uber there. To china now, where stocks soared to their highest level in two years as markets reopened after the golden week public holiday. But that rally has lost steam, as investors hoping for new Stimulus Measures from the government were left disappointed. In the last hour or so, chinas chief economic planning official, Zheng Shanjie has told a Press Conference hes fully confident the country can hit its 5 Growth Target for the year. But there was no news of additional policies to boost chinas struggling Economy. Mariko oi is following this for us in singapore. I notice the hang is saying is having a torrid session. Talk us through what is going on. The Hong Kong Market was opened during that holiday, so the mainland chinese market is Playing Catch Up, but it is hard to nail down exactly what caused that incredible rally to fizzle out, but it does feel like that Press Conference did not help because if you remember, before that week long holiday, it was quite a bit of a party, Chinas Stock Market sharing a raft of Stimulus Measures from the government and Central Bank and last monday the Stock Market enjoyed its best daily performance in nearly 16 years and this morning as you mentioned shares opened 10 higher but then we saw that rally losing steam as chinas top economic planner spoke and judging what from from what analysts said, further stimulus is what anis wanted to hear but did not get. It was also said the second biggest Economy in The World is facing increasing challenges or downward pressure so that probably did not help. He did and he was fully confident the country would hit its economic Growth Target of 5 for the year, so we will continue to see if there are any further announcements on Stimulus Measures. I should emphasise the Stock Market is not doing too badly either, still trading about 5 higher, but still losing steam compared to that surge we saw at the open. Thank ou ve surge we saw at the open. Thank you very much surge we saw at the open. Thank you very much a surge we saw at the open. Thank you very much. A really you very much. A really volatile time. Markets in asia. If we look at what oil has been doing, it is continuing to rise on continued fears of an escalating conflict in the Middle East. Brent crude, one of the main benchmarks, jumped 3 during trade, over 80 a barrel. Just at The End of last month it was trading below 70, with investors more focused on a weak chinese Economy hitting global demand. Emily harding is a former cia analyst. She told the Bbc Oil markets are right to be nervous. 0il Oil prices always an issue in an election and around has been known to lash across the region, going all the way back to the attack, the cyberattack on Saudi Aramco that threw them off or something like two weeks. They have lots of tools in their toolkit to disrupt Oil Production and that could have a real impact on the Economy. Lets just check how oil is trading. It has been a fairly volatile session. This is where Brent Crude was trading in the last 15 minutes holding above 80. That is Brent Crude, one of the key measures of what crude is costing on global markets but earlier today during the session it was above 80 a barrel, so it is constantly on the move and we will be keeping you up to date, hoping to get Expert Analysis on that shortly, but now lets move on to what is happening in the us. A usjudge has ordered Google Owner alphabet to overhaul its mobile App Business to let users of android phones download a wider range of apps and pay for transactions on them. It comes after a jury found in favour of Epic Games, the maker of fortnite, last year. Epic sued google in 2020 accusing it of Stifling Competition by controlling What Apps can be downloaded via Google Play. The bbc� s Tech Reporter in San Francisco lilyjamali has the story. This ruling is four pages long but packs a lot of punch, taking a hard line against google. It requires the Tech Giant to make a slew of changes to its Google Play Application Marketplace over the next three years. Here are a couple of highlights. First, it requires google to allow App Stores from rivals on to the lucrative marketplace and prohibits google from paying other companies not to compete with its app store. This is a very big win for Epic Games which sued google in 2020 and was able to convince a jury in december that google was in fact Stifling Competition on the Market Place and this is the Market Place and this is the latest Hit Google has taken on the anti Trust Front in recent months. In august a different us differential strictjudge ruled, siding with the us Government Google was operating on a legal monopoly in its online search business, also fighting separate charges it operates a monopoly with its advert technology, so a lot happening with google but this is a big win for Epic Games will stop they are celebrating this morning. This morning. Interesting to kee a this morning. Interesting to keep a close this morning. Interesting to keep a close eye this morning. Interesting to keep a close eye on this morning. Interesting to keep a close eye on that. This morning. Interesting to i keep a close eye on that story. Lets return to the price of oil. We are able to connect with an Oil Analyst based in london. Give us your take on the Oil Markets. What are you hearing about how people feel about what will happen in the next few days and weeks . Good to seak next few days and weeks . Good to speak to next few days and weeks . Good to speak to. The next few days and weeks . Good to speak to. The oil next few days and weeks . Good to speak to. The Oil Price next few days and weeks . Good to speak to. The Oil Price as to speak to. The Oil Price as you have said recently had 80 per barrel in the last 2a hours, although it has eased back ever so slightly. Essentially since the Missile Attack on israel on the first of october, Oil Price has gone up of october, Oil Price has gone up tojust about of october, Oil Price has gone up to just about 80 odd out of fear, all down to worry. There has not been any fundamental change to supply and demand. It is all a worry as to how israel might respond and whether that might respond and whether that might damage the Oil Infrastructure of iran. How about you infrastructure of iran. How about you combined infrastructure of iran. How about you combined with i infrastructure of iran. How about you combined with that a Surgeon Growth in china where authorities in the last few weeks have announced all sorts of measures to try and boost economic growth . Of course, some News Today on that is downbeat in terms of how quickly the chinese Economy may respond to those measures, but that would boost demand for oil, wouldnt it . Oil, wouldnt it . Yes, it would. Oil, wouldnt it . Yes, it would, and oil, wouldnt it . Yes, it would, and you oil, wouldnt it . Yes, it would, and you are oil, wouldnt it . Yes, it| would, and you are right oil, wouldnt it . Yes, it i would, and you are right would, and you are right there could be a small element of that in the recent price rise. There has been a considerable concern about china in the Oil Market because we have seen almost no Oil Growth over the last 12 months. A lot of sales of electric vehicles, so there could be some stimulus coming from the chinese Economy. Just some stimulus coming from the chinese Economy. Chinese Economy. Just quickly, what is your chinese Economy. Just quickly, what is your projection chinese Economy. Just quickly, what is your projection for chinese Economy. Just quickly, what is your projection for the l what is your projection for the price of oilfor the what is your projection for the price of oil for the rest of this year . 0bviously, price of oil for the rest of this year . Obviously, it is difficult to predict because we do not know what will happen nextin do not know what will happen next in the Middle East. Offer . Next in the Middle East. Very difficult to next in the Middle East. Very difficult to predict. Next in the Middle East. Very difficult to predict. I next in the Middle East. Very difficult to predict. I dont difficult to predict. I dont think it is possible for the Oil Price to go up much more until something actually happens, until an actual response from israel happens, so without any physical change in Irans Infrastructure or any other supply and demand, i dont think the price can go up much morejust from dont think the price can go up much more just from a fear factor. It is very difficult to predict because of the uncertainty in the Middle East. Fundamentally, we would expect the Oil Price to be more like 70 and to finish at that point at The End of 202a. 70 and to finish at that point at The End of 2024. At The End of 2024. That is aood to at The End of 2024. That is good to know. At The End of 2024. That is good to know. Thank at The End of 2024. That is good to know. Thank you | at The End of 2024. That is | good to know. Thank you for your time and analysis. There is a lot to get your head around with people watching markets what is going on with china recently, more stimulus, markets are acting on Mainland China in a positive way and yet a big sell off in Hong Kong, the price of oil on the move. Your thoughts . The price of oil on the move. Your thoughts . The reason for the positive your thoughts . The reason for the positive movement your thoughts . The reason for the positive movement in the positive movement in the main market versus the Share Market in Hong Kong is the Mainland Market has been closed because of the golden Week Celebration so Playing Catch Up here. I think the pure indicator of where sentiment is can be seen in the Share Market which has remained open which is down since the Announcement Ijy is down since the announcement by the economic Planning Agency of china. There were some expectations and the bar was quite high in terms of them possibly announcing a wide ranging fiscal stimulus plan and clearly the announcement fell well short of expectations, hence the very muted and negative reaction in the Morning Session out of the hang seng index. I think in our view generally the moves we have seen in china over the last three weeks are just the government is very serious about reigniting growth, but the path of policy will not necessarily be linear and that we may need to wait longer to see more clear fiscal measures being targeted and announced. Thank you so much for sharing your thoughts. Lets get some of the days other news now. South korean Tech Giant samsung has apologised to investors after warning its profits will come in lower than expected. Samsung is facing competition from lower cost chinese rivals in mass market chips, but it has also been criticised for responding late to the booming market for advanced ai semiconductors. A senior executive admitted the company faces testing times. Coming up customers of the failed Crypto Exchange Ftx will be getting their Money Back, but not all are happy. More in a moment. Around The World and across the uk, this is Bbc News. Hello again. The Prime Minister of italy is due to testify today in a court in sardinia. Ina Landmark Today in a court in sardinia. In a Landmark Civil Case Over so called deepfakes. She is suing two men who allegedly made a deepfake pornographic video using her image, which was distributed online. Deepfake videos first emerged in 2017, as well as pornography they are now used for political misinformation, or as i found out myself last year, investment scams. British residents no longer need to work. That is the announcement made by our Guest Today is on My School will unveil a new investment project. While the connection is going on, i will tell you more. This project opens new opportunities for british people to receive a Return On Investment more than 3 Billion were invested in a new project and is already up and running at the moment. It is weird, really weird. It puts the hairs on the back of my neck on edge. How damaging our deepfakes to female politicians . We how damaging our deepfakes to female politicians . Female politicians . We face this deployed female politicians . We face this deployed in female politicians . We face this deployed in politics i female politicians . We face| this deployed in politics in this deployed in politics in the context of gender does invasion disinformation campaign. Genderas invasion disinformation campaign. Gender as well as Mr Progeny with the aim of discrediting women in politics, humiliate taping militating them, playing into stereotypes, putting into doubt the Character Morality and leadership qualities. The consequences of deepfakes have been at many levels and acquire dire. 0f been at many levels and acquire dire. Of course the women targeted themselves face incredible challenges, losing credibility and political standing or even having to spend a significant amount of time and resources by going after perpetrators or trying to have those images and videos taken off the internet. Very often the women who are targeted also face incredible amounts of Hate And Violence that are unleashed as a consequence of those deepfakes and come along with them. I would say, however, the broader impact that goes way beyond the women targeted themselves. We have seen over and over a chilling effect on young women that might pronounce a political Career Or Leadership role even before trying to pursue them as a result of what they see happening to women who are in the first line. In a brief answer are in the first line. In a brief answer because i i are in the first line. In a i brief answer because i am sorry to say we are short for time, but this is such an important issue, for giorgia meloni, if she wins the civil case today, what difference will that make, do you think, in terms of this happening again in the future . I think we must look much closer the Incentive Structure and the infrastructure making those deepfakes so harmful. Im talking in particular Social Media Platforms that disseminate those deepfakes and whose algorithmic design is such that incentivises the creation of the most outrageous content. I think while individual cases and lawsuits might be important, again, we must look at the broader infrastructure and particularly try to hold digital platforms accountable for the harms their products because on society. This is much bigger than any one lawsuit. One lawsuit. Thank you very much for one lawsuit. Thank you very much for talking one lawsuit. Thank you very much for talking to one lawsuit. Thank you very much for talking to us one lawsuit. Thank you very much for talking to us on i one lawsuit. Thank you very i much for talking to us on Bbc News. To cryptocurrencies now, because a us judge has authorised a plan for fallen Crypto Exchange Ftx to return money to customers using 16 Billion in recovered assets. Once one of The Worlds top crypto exchanges, Ftxs Downfall left customers and investors facing billions of dollars in losses. From new york, heres the our North America Business correspondent michelle fleury. Nearly two years after it collapsed the us court has approved ftxs plan. Customers will mostly get their Money Back ahead of other such of the govan. Creditors are expected to receive Cash Repayments with an average of 119 of what they had in their accounts at the time ftx filed for bankruptcy. The agreement and is a saga that started when the phone went bankrupt in november of 2022, leaving millions of customers around The World without access to

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