Territory. We will look at what the week might have in store for the markets. Man has always relied on the oceans for fishing and trade, but what threat do over fishing, Climate Change and plastics pose . Well speak to the woman behind a new charity trying to flag up those dangers to generation z. Are your streaming habits impacting your sleep . Today we want to know, are your streaming viewing habits getting in the way of your sleep . Let us know. Just use the hashtag bbcbizlive. Its all too easy, you start watching one episode, you think, one more, and the hoursjust go. Hello and welcome to Business Live. Oil is once again in the spotlight. As one of the worlds most important commodities, its price can influence the cost of everything from filling up our cars to shipping goods around the world. For the top Oil Producing nations, it also underpins government finances. So perhaps what everyone at the World Petroleum congress in turkey wants most is the stability to plan ahead. As you can see, while a global deal between major producers, but not the us, to limit supply has somewhat stabilised the price of the black stuff, oversupply now means the price is falling again. In fact, the oil price is down more than 12 this year, with an uptick in Global Demand insufficient to absorb rising output, a lot of it from the united states. The latest data shows that Us Oil Production driven by Shale Oil Output rose 1 last week to 9. 31; Million Barrels per day. It used to be the case that us Shale Production wouldnt be Cost Effective with a price below 50 a barrel. However, increased efficiency and technological advances have changed that. Since 2013, the average price at which it becomes profitable has dropped from 80 per barrel to 35. Trevor sikorski is the head of natural gas and carbon at energy aspects. Ben was talking a lot about oil and Rex Tillerson is an oilman, so it was expected that he might talk at length about in turkey. He actually didnt. The focus was more on gas. Yes, that is one of the interesting things about this. Thematically, when you look at the conference, it is as much about gas and sustainability as it is about oil. It is almost like yes, there is a lot of supply out there and rain in the supply in has been a challenge. The longer term challenges are more on the demand side. What will happen with Energy Transition . What role does gas play in that . What role do renewa bles does gas play in that . What role do renewables play . All of that will probably squeeze oil. Why do you think Rex Tillerson took that tack . I think that now, hes not speaking as the head of the Worlds Largest oil company, he is speaking as Secretary Of State the us. And a big pa rt Secretary Of State the us. And a big part of us Policy Under Trump has been pushing ahead in trying to progress us natural gas exports. Last year, the us became a natural gas export of the first time, investing a lot in export capacity. This is a big thing for trump. It creates jobs domestically, and this is a big thing for trump. It createsjobs domestically, and it also makes gas more expensive in the us, which is good for coal, which is another big part of trump. We talk a lot about Shale Production in the us and how that contributes to the glut around the world of oil and gas and keeps prices suppressed. It is a dramatic level to which prices have dropped. That will surely just encourage the Shale Producers to keep pumping the stuff out. Absolutely. Shale production is a new technology. We have seen huge increases in the advancement of those techniques. That creates more supply. With the latest down and pick in crude prices, we are starting to see a slowing in Drilling Activity in the us, but it is still healthy. The demand for oil is still healthy. The demand for oil is not going to be helped by big Car Companies like volvo and vw saying they are going to do try and get rid of their internal combustion engines and go electric. Tesla today were unveiling their mass market model. This is the big threat for oil. The electrification of transport. It is exciting because it is new technology and it is very good for the climate. But within that, you need to have low carbon fuels generating a lot of electricity. Gas plays into that because it is a lot less carbon intensive than oil or coal. So when you look ahead as a transition fuel, gas has a big role to play. That is why it is so high on the agenda. Trevor, good to talk to you. Lets take a look at some of the other stories making the news. Tobacco giant Philip Morris has been ordered to pay millions of dollars in legal fees after unsuccessfully suing the Australian Government over its plain packaging law. In 2012, Australia Legislated that cigarettes must be sold in unappealing packets with Graphic Health warnings. The International Permanent court of arbitration hasnt published the amount Philip Morris must pay, but Australian Media is reporting a figure of us 38m. Kuwait airways and royaljordanian have become the latest middle Eastern Airlines to remove restrictions on passengers taking laptops in the cabin on us bound flights. Both carriers said they had worked with us officials to tighten security checks. The us imposed the ban in march on direct flights from eight mainly muslim countries to address fears that bombs could be concealed in the devices. The former boss of one of the uks leading supermarket chains, sainsburys, has told the bbc that brexit will mean higherfood prices, lower quality and less choice. Justin king says the uk food system has been shaped by the European Union for a0 years and leaving will be tough for supermarkets and shoppers. The chinese Shipping Giant Cosco Look Set to buy its hong kong rival 00ilfor 6. 3bn. And would make cosco the worlds third biggest shipping company. Monica miller is in our Asia Business hub in singapore. What more do you have on this . Cost those stocks are gaining traction after the news broke of the weekend that the shipping Company Offered to buy its rival, 0rient 0verseas International Out Of Hong Kong for 6. 3 billion. That will make it the third biggest Container Ship Company in the world. This comes at a crucial time for the Chinese Government that wants to raise its Global Shipping profile, which was a big part in its initiative aimed at increasing a supply chain to the west. They will now have 400 vessels to achieve that goal. But analysts say that the sooner shares often fall say that the sooner shares often fa ll after say that the sooner shares often fall after an announcement like this. But coscos stock rose to its highest in almost two years today. Monica, thanks. Asian stocks rallied on monday. Tokyo stocks closed higher as chinese data kept investors upbeat on the Global Economy while a weak yen boosted exporters. They were also lifted by wall streets Strong Performance on friday, while the us dollar extended gains made after much stronger than expected june employment data. Lets show you how the european markets begin the trading week. All of them are in positive territory. We will see what janet yellen as to say when she makes her speech later this week. What the us fed does will have an impact on other markets around the world. We will get into that in a moment. Samira hussain has the details about whats ahead on wall street today. Its a busy week here in the us. On monday, a trial is set to begin against general motors. The claim is that a faulty Ignition Switch caused a Power Failure that led to an accident. General motors has conceded that an earlier version of the switch was defective, but denies any such problem with the newer version at issue in this upcoming trial. The other big event happening this week is of course the Federal Reserve chair Janet Yellens testimony to lawmakers on wednesday. This is her semi annual appearance, where she will be asked questions about the economy and fed policy. No doubt she will certainly be asked about the feds plan to reduce some of its asset holdings. Finally, the week ends with a bit of a bang as some of americas biggest banks will report Second Quarter earnings. Joining us isjeremy stretch, head of Currency Strategy at cibc world markets. Lets start with talking about the us dollar. It has been given a boost by better than expected jobs numbers. Indeed. The us Labour Market continues to generate a large number ofjobs. Market continues to generate a large number of jobs. The Labour Market continues to generate a large number ofjobs. The Labour Market is tight in the us. That implies that economies are growing at a reasonable clip and by virtue of that, that suggests that the feds policy of raising rates gradually still has further to run. So that sets the template for yellens testimony on wednesday and thursday this week. Talking of that, what are your main expectations to come out of that . As i say, the markets are looking for the backdrop of the Interest Rate story. Not only what they will do about Interest Rates, but also what they will do about Balance Sheets. They have bought huge numbers of us treasuries. They need to gradually release those back into the market. Markets will be looking for signs on both Interest Rates and the Balance Sheets, and that will have implications for the dollar and other global banks. 0ther Central Banks are considering raising rates as well. They will also be looking for hints about the fed started paper its Balance Sheet and selling the bonds it holds. Indeed. We have seen Interest Rates in terms of bonds are moving significantly, so that does create uncertainty in relation to things like Mortgage Rates, because if bond yields were to rise too quickly, that would push up Mortgage Rates or would risk pushing them up. So there isa would risk pushing them up. So there is a Difficult Balancing Act here, and markets are watching to see how janet yellen will pursue that over the next few weeks. Another major economy we all look too is china. They had some Inflation Data out. They had some Inflation Data out. They did. They had both consumer and Producer Price inflation, and those numbers were in line with where the market would like things to be. We we re market would like things to be. We were not seeing prices moving too slowly so we were not seeing a defect risk. But we are not seeing prices are increasing too quickly, which would imply that the Central Banks would need to move faster. So it isa banks would need to move faster. So it is a Goldilocks Scenario as far as the chinese Inflation Story is concerned. Inflation is going up, but not too quickly. 0ne concerned. Inflation is going up, but not too quickly. One of the by products of that is what is happening in the oil markets, going to your previous discussion. It is important that we dont see Oil Prices Moving up to dramatically, because that would have implications for inflation. We have that major meeting of 0pec members later in the week. Jeremy, you will take us through the papers later. Still to come. Fishing for the future. Well get the inside track on a new charity trying to keep our oceans alive for generation z. Youre with Business Live from bbc news. The Takeaway Industry is said to be worth £4. 5 billion, but a new trade Group Representing the sector says its struggling. The British Takeaway Campaign a new umbrella Group Representing the sector has commissioned a report from the centre for economics and Business Research and it shows despite the Record Number ofjobs in the sector, businesses are struggling with Recruiting Staff and inflation is denting their profits. Graham corfield is the managing director atjust eat, which co founded the campaign. Hejoins us now. What changes do you want to see . What changes do you want to seam is important to celebrate the success is important to celebrate the su ccess we is important to celebrate the success we have had and to keep things running. British businesses contribute to the economy. Right now, the challenges are around Skill Shortages and the impact of the recent rates evaluation. What practical steps can be done to improve the situation for businesses . At British Takeaway Campaign we are keen to talk to the government on the Skills Shortages side around vocational training, british people see takeaway as a Career Opportunity and huge opportunities within it, were working with the government to make sure that vocational qualifications include a Takeaway Module within it so that it addresses the Skills Shortages across many cuisines. There is certainty as we head to the brexit discussions and the immigration system, making sure both eu and non eu workers working in the sector today are assured of their roles but equally understanding that the new rules as they go forward understand there are specialist skills sets that underpin the sector. Do you feel the government is listening to you . It is great to see some certainty is being issued. When i talk to Restaurant Owners they are concerned it could have a serious impact on the sector, it is a 9. 5 billion sector and we need to sustain it to make it continue. We are going to have to leave it there, thank you, you are watching Business Live. As the oil industry gathers in turkey, prices are up slightly. Lets have a look at the markets are faring. The main indices across europe, this is how they look at the start of the trading week. All in positive territory. And now lets get the inside track on a social enterprise which is hoping to raise awareness of environmental issues. We are the 0ceans aims to tackle the issue of Plastic Waste in the worlds oceans, and its taking aim squarely at young people. The not for Profit Organisation focuses on getting its message out via millennial friendly mobile games, and collaborations with the music and fashion industries. We are the 0ceans has already generated support from Gaming Giant Rovio the creator of angry birds Fashion House h m, and Global Sports brand vans. Were joined by daisy kendrick, the founder of we are the 0ceans. Thank you forjoining us here in the studio. We began by saying that your organisation is aimed at raising awareness amongst young people, so called generation z. Your generation, if you like . Exactly, ouraim is to generation, if you like . Exactly, our aim is to bring the oceans to the most connected generation using technology, gaming and platforms we engage with every single day. How easy or difficult was it to get onto, for example, the makers of angry birds and say, we want to do something with you, because their brand is so strong, they have a well established business, how receptive were they . They were very receptive, they have a huge existing audience and we, as a charity, could tap into that and reach people on their terms and engage them in experiences that they are already engaging with, and rovio were open to supporting the cause and pursuing their social responsibility angle with us as well. It is impressive stuff, because, if you dont mind me saying, you are only 23 said to get onto a platform like angry birds is hugely impressive, but it is not just gaming apps and things, it is things like Music Festivals and more . We are appealing to millennials with music as well, we have a collective and will be releasing a song later in the year called we are the 0ceans but we have multiple versions of the song using mainly youtube influences to do their version and spread their version of the song to their audiences. I wonder what your aim is with the organisation because it has been going for eight months now so still fairly early days, what is your ambition for a . Our ambition is to educate as a primary cause, but we also want to support small island developing states and those communities that are completely dependent on their oceans for their livelihood, their food and their income. Overfishing is a major concern, isnt it, and as i understand you began with an on project in march this year in haiti, where it is a huge problem . We started with the community on the Western Point of the island that is infamine, ten Western Point of the island that is in famine, ten years ago the community was driving with fish to eat and sell at market but today because of overfishing, pollution and Climate Change this community is dependent on food packages. How do you fund the campaign . We are fortu nately you fund the campaign . We are fortunately supported by the United Nations office of projects and services who are a division of the un, who are great supporters of this start up campaign, which is quite unique. Do you have any ambitions to source more private funding . Jess, private funding and collaborations with brands in particular because we are the 0ceans is striving to bring innovation into Supply Chains and fund and develop alternative products, and until sustainability becomes the norm in the Supply Chains, big change for the environment will not be able to succeed. I was going to say, that is where the challenge comes because you can get individual consumers to change their habits but until you get the big brands to buy into it and the big retailers, it almost feels part like a drop in the ocean whatever we do. By 2020, generation z will be 40 of the consumer market, and they are seeking and wanting to buy sustainable products but there is not enough in the market right now. Daisy, thank you for coming on, we wish you the best of luck with everything. Daisy kendrick there, founder and ceo of we are the 0ceans. Lets bring you the latest in our ceo secrets series where we ask the bosses of the worlds biggest organisation for their tips for success. Today its the turn of alex beard, chief executive of londons royal opera house. Its got to be all about the people. Im alex beard, chief executive of the royal opera house, and i have the royal opera house, and i have the very bestjob in the world every single night, round about 300 people come together to make something pretty well impossible happen on our stages, and that is to present lyric theatre, ballet and opera at the very highest level and that means individual passion but also organisational brilliance. The machine has got to work like a lot work towards that 7 15pm moment when the lights go down, the curtain goes up, and you, the audience, are transported into a different world and a different sense of yourself. So each individual needs to feel passionate sense of commitment about what goes on stage. Simply, hire an Amazing Group of people, give them the space to thrive and keep questioning. What other Business Stories has the media been taking an interest in . Jeremy stretch is joining us again to discuss. Good to see you. Lets begin with the story that we saw in the ft, it is an interview by the ceo of netflix, the movie and tv streaming app platform. What did you make of the interview . It was quite telling insight into the man behind what has become a phenomenon. It really is a phenomenon because if you consider the humble origins of the company in terms of going back to how we use to watch films on Television Via external recording systems to now having an Industry Heavyweight creating its own content, that is a fascinating things because of course the company is very much driving the market, creating its own content and demanding that others follow through and ina demanding that others follow through and in a sense it creates a changing Business Landscape because of course it is one of the driving forces behind the sky 20th Century Fox deal so it is a driver in the market. He gave an interesting insight into the culture of the organisation, saying that adequate performance wasnt enough, that result in some sort of severance package, he also touched on the fact that netflix is a highly competitive arena competing with pretty much everyone and everything, including our sleep, and we put that out to view was this morning, whether our streaming viewing habits, because it is so mobile now that we can do it on our phone that night, is it getting in the way of our speed . That appears to be the case and psychologists would argue if you are looking at streaming devices late at night it will create blue light which disturbs your sleep patterns, creating a raft of other issues, psychological issues, so in a sense there is this mass of content a sense there is this mass of co nte nt we a sense there is this mass of content we can see on all different platforms, not just a content we can see on all different platforms, Notjust A Case of sitting in front of the television. As anybody on the underground knows, you will see people watching things they have downloaded, so there is this inexorable process of almost 24 hours which is creating a compete with our sleep in certain cases. And the ceo, reed hastings, says it has been a dizzying ride but it is just at the beginning. Jeremy, do you have a unicorn in your basement . Not as far as i am aware this is extraordinary, it is on the bbc news website, and man who built a £1 billion computerfirm in his basement, one of those entrepreneurial stories that people aspire to. And it is, it has taken a prolonged period and was clearly an enormous risk for this individual to decide to set up his own Computer Company in his basement, in a small city outside of toronto which i have visited on a number of occasions and had no idea of this company so it is a story that is fascinating to me as well, but it underlines the fact that if you have an idea, in fact he did not have the idea until he started the process, but if you have an idea, you can create a business. Good to talk to you. We will see you soon, goodbye. Good morning, it has been muggy night across the south east, fresher further north, over the coming days the weather is looking pretty mixed, we can look forward to sunshine but also the risk of a few showers and long spells of rain and it will start to feel much cooler and less you made as we go through the week as well. This morning we have low pressure sitting comfortably across the british isles, a Weatherfront Bringing Rain to rest in part and another one following on through tonight bring it more rain with it of the brightness this morning across the south east where we have some sunshine but also the potential for a few showers, east anglia and the south east they could be happy and thundery with the potential for surface water flooding. We can look forward to brightness across Northern Ireland and scotland but also the risk of a few showers. Between the showers, some sunny spells, temperature is pleasant enough when the tongue gets out across eastern parts of england, a few heavy, thundery showers. For wales, the Rain Clearing this afternoon, sunny spells but also showers lurking around. Devon and cornwall should be largely dry, brightness coming through but as we head into london the Potentialfor Thundery downpours later on this afternoon, so if you are going to wimbledon, take your umbrella with you, take your sunscreen as well, we do have some sunshine with the risk ofa do have some sunshine with the risk of a few showers as well. Through tonight we will lose much of the showers but it is all eyes to the west, we will see the next Weather Front making its way in. The rain intensifying overnight, further south and east staying dry and mcgee, showers across scotland, temperatures tonight ranging between eight to 13 celsius further north, further south pretty muddy, i3 eight to 13 celsius further north, further south pretty muddy, 13 to 16 celsius. Tomorrow a north south split, in the north and mixture of sunshine and showers, further south this Weather Front gradually making its rate used woods. Temperatures around average or just its rate used woods. Temperatures around average orjust below tomorrow, ranging between 13 to about 2 celsius. Looking much better as we head into wednesday, once we lose this Weather Front across the south east we will start to brighten up for most of us, High Pressure is in charge of the weather, plenty of sunshine on offer and it will feel pleasant, temperatures between 14 to 22 celsius. Hello. Its monday, its 9am, im Victoria Derbyshire welcome to the programme. Its a matter of time before a serving Prison Officer is killed on duty thats the warning from officers working in the britains jails right now. Theyve risked theirjobs to speak anonymously to us. Its only a matter of time before something massive goes off. It will get to the stage where a Prison Officer will be killed on duty. Our exclusive report in a few minutes. The high court is to hear new evidence about charlie gard, the terminally ill baby whose parents have taken on Great 0rmond Street Hospital in an effort to secure experimental treatment for him abroad. Judges will examine claims that the proposed treatment could improve his condition. Theresa may tries to hit the reboot button. One year on from moving into number 10, the Prime Minister is attempting to regain political momentum by appealing to other parties
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