Browse content similar to 17/12/2015. Check below for episodes and series from the same categories and more!
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Hello everybody, this is business live, good to have you with us. | :00:11. | :00:18. | |
Markets around the world are heading higher following the most expected | :00:19. | :00:22. | |
move from the Federal reserve. If you did not know, they did go up. We | :00:23. | :00:26. | |
will pump out what that means for the global economy. This is live | :00:27. | :00:36. | |
from London. Thursday the 17th of December. Yes, we have liftoff, the | :00:37. | :00:49. | |
US has raised interest rates for the first time in almost a decade, a | :00:50. | :00:54. | |
move that is likely to cause ripples around the world and could increase | :00:55. | :00:57. | |
pressure on other countries to raise their rates. Also in the programme. | :00:58. | :01:04. | |
As if Facebook was not already a big part of our lives, the tech giant is | :01:05. | :01:10. | |
now teamed up with Bluebird to enter the transport business. As always we | :01:11. | :01:13. | |
will show you the markets in Asia and all around the world, that is | :01:14. | :01:20. | |
following the news, that the Fed has raised rates for the first time in a | :01:21. | :01:25. | |
very long time, since 2006. And we will be getting the inside track on | :01:26. | :01:30. | |
what it takes to make money in the music business that is increasingly | :01:31. | :01:33. | |
based around streaming platforms. We will be speaking with the head of | :01:34. | :01:39. | |
PRS music. And we want to know whether you back that US Fed rate | :01:40. | :01:44. | |
rise or not? Is it too early? Should they have done it a long time ago, | :01:45. | :01:48. | |
should they have waited until next year? Get us know. -- let us know. | :01:49. | :02:02. | |
OK welcome to the programme, lots going on, we start of course with | :02:03. | :02:06. | |
the big news affecting the markets and businesses and people, all of us | :02:07. | :02:11. | |
around the world, the American central bank, the US Federal reserve | :02:12. | :02:15. | |
has raised the cost of borrowing for the first time in almost a decade. | :02:16. | :02:19. | |
The Fed increased its benchmark interest rate by a quarter of 1%. It | :02:20. | :02:27. | |
is a small step but is it the first of many rises? Our US interest rates | :02:28. | :02:35. | |
about to skyrocket? What has really should investors is the tone of the | :02:36. | :02:39. | |
big boss, Janet Yellen who has said that the progress is likely to | :02:40. | :02:45. | |
proceed gradually. They say that the cost of borrowing is likely to be | :02:46. | :02:49. | |
about just under 1.4% by the end of next year. That implies for more | :02:50. | :02:55. | |
rate rises next year. Traders are betting that the next move will be | :02:56. | :02:59. | |
in April but that is assuming, that the US economy remains in good | :03:00. | :03:06. | |
health. I am joined by Stephanie Flanders, the chief market | :03:07. | :03:12. | |
strategist, for Europe JP Morgan. It has happened, it is the morning | :03:13. | :03:17. | |
after, give us your thoughts? I think it is funny because there has | :03:18. | :03:18. | |
been this feeling that we would have this | :03:19. | :03:26. | |
great moment certainty. One of the arguments for this rate rise would | :03:27. | :03:30. | |
be that it gave a sense that we were on this path to normality, of course | :03:31. | :03:35. | |
we have just got more things to be uncertain about. Now a lots of the | :03:36. | :03:39. | |
focus will be on what the pace of those further rate rises will be, | :03:40. | :03:43. | |
how the US responds to them, what inflation looks like in the US, does | :03:44. | :03:47. | |
it do what the Federal reserve is expecting? The further path is one | :03:48. | :03:52. | |
thing, but also we are testing the water on how the rest of the world | :03:53. | :03:56. | |
reacts, addictive illegal emerging market economies. We know that the | :03:57. | :04:02. | |
end of super cheap money, has caused a lot of adjustment problems for | :04:03. | :04:08. | |
them because they had a lot of benefits from money flowing into | :04:09. | :04:11. | |
their economies, this could be the high watermark for their problems | :04:12. | :04:14. | |
because people know what they are doing now they could say. That is | :04:15. | :04:18. | |
what a lot of people in the central banks will thing, or it could be the | :04:19. | :04:26. | |
start their trouble. The big focus where we are is on Mark Carney, the | :04:27. | :04:30. | |
big boss of the Bank of England, but how much pressure is put on other | :04:31. | :04:34. | |
central banks in developed economies because they watch very closely? The | :04:35. | :04:41. | |
UK is widely considered to be next in line, probably the only country | :04:42. | :04:45. | |
that you put in the same category of the US, quite far wrong with even a | :04:46. | :04:50. | |
little bit of upward wage pressure. Inflation is far below the target. | :04:51. | :04:54. | |
You have seen Mark Carney acts like he's completely oblivious to what | :04:55. | :05:00. | |
goes on in Washington, of course, they are affected by the fact that | :05:01. | :05:05. | |
the US now has made this rate rise, if that could stick and it looks | :05:06. | :05:09. | |
like it will stick, that is an environment in which it is a bit | :05:10. | :05:13. | |
easier for the Bank of England to go second. But with all of the question | :05:14. | :05:18. | |
marks over Brexit and the EU referendum, we are not sure. It | :05:19. | :05:26. | |
could be later in the year. In terms of the effect on the global economy, | :05:27. | :05:30. | |
we have talked a lot about looking at various countries and the impact | :05:31. | :05:34. | |
of various individuals, because the dollar is changing in value, give us | :05:35. | :05:41. | |
your take on that response because many watching us in Asia, or in | :05:42. | :05:46. | |
Latin America, are thinking OK this will have a real impact on me, when | :05:47. | :05:52. | |
I am painful things in US dollars? The thing about markets is that they | :05:53. | :05:55. | |
should be forward-looking so we should have had most of the response | :05:56. | :06:00. | |
to high rates, this is the most anticipated, if there was anybody in | :06:01. | :06:04. | |
the financial markets, thinking, I am going to buy dollars, you would | :06:05. | :06:09. | |
think they were a bit behind the curve, so the hope would be, most of | :06:10. | :06:16. | |
the adjustment of higher rates at least on a slow path, has already | :06:17. | :06:20. | |
happened because it is so were anticipated, does that mean we will | :06:21. | :06:23. | |
get a view more months of dollar strength? As we factor in a higher | :06:24. | :06:30. | |
and faster rate rises, possibly, but I think the hope would be, that | :06:31. | :06:36. | |
there wouldn't be another big leg up in the dollar and that would be good | :06:37. | :06:43. | |
news for the rest of the world. Time to squeeze in some other stories. | :06:44. | :06:48. | |
Facebook has entered the transportation business. | :06:49. | :06:53. | |
The firm has agreed to work with Uber to allow users to hail | :06:54. | :06:56. | |
Uber cabs directly from the Messenger app. | :06:57. | :06:57. | |
The new service means Messenger users will be able to ask | :06:58. | :07:00. | |
for an Uber vehicle without leaving the Facebook software. | :07:01. | :07:02. | |
"Uber on Messenger" began in parts of the US this week, | :07:03. | :07:05. | |
Argentina is to scrap foreign exchange restrictions, | :07:06. | :07:11. | |
allowing individuals and companies to buy dollars freely | :07:12. | :07:13. | |
The move comes six days after pro-business President | :07:14. | :07:19. | |
Mauricio Macri took office promising deep economic reforms. | :07:20. | :07:23. | |
The controls were set up by former president Cristina Kirchner to stop | :07:24. | :07:26. | |
capital leaving the country - but critics say they have hurt | :07:27. | :07:28. | |
The value of the peso is now expected to slump from less | :07:29. | :07:35. | |
than 10 to the dollar - the official exchange rate - | :07:36. | :07:38. | |
to as low as 15 in line with the black market. | :07:39. | :07:46. | |
Hong Kong's central bank has also raised the base rate it charges | :07:47. | :07:49. | |
to a seven-year high of 0.75%, tracking the decision by the US | :07:50. | :07:52. | |
The Hong Kong dollar's peg to the US Dollar means the city's monetary | :07:53. | :08:03. | |
Let's take a look round the world at what's business stories | :08:04. | :08:14. | |
Heathrow is making headlines again. The chairman is | :08:15. | :08:22. | |
stepping down. We have got some tablet problem so this is controlled | :08:23. | :08:29. | |
elsewhere, he throws hugely in the spotlight in the UK, it is the | :08:30. | :08:35. | |
busiest airport, the second busiest airport in the world. In terms of | :08:36. | :08:40. | |
passenger numbers. A huge debate just continues over the third | :08:41. | :08:50. | |
runway. I am still talking. Third runway, or will it go to Gatwick? | :08:51. | :08:55. | |
Yes fine, now little talk about Ted Baker. Ted Baker is to buy property | :08:56. | :09:07. | |
for ?55 million, many will say that it is not the nicest looking | :09:08. | :09:11. | |
building. They have agreed to purchase the freehold for that | :09:12. | :09:17. | |
amount, plus costs ?3 million. The acquisition will be financed by ?60 | :09:18. | :09:23. | |
million secured term loans. Costing quite a bit of money in the process, | :09:24. | :09:29. | |
new headquarters for that company. Are you finished? I am. Let us look | :09:30. | :09:34. | |
at some of the other business stories. We are going straight over | :09:35. | :09:40. | |
to the offices, we are going to talk to the reaction, the big Fed | :09:41. | :09:45. | |
decision. Winners and losers in Asia, those that export to the | :09:46. | :09:48. | |
United States could benefit because it will be cheaper to export to the | :09:49. | :09:52. | |
US with a higher dollar, but those sitting on dollar debt, that is more | :09:53. | :09:58. | |
expensive for them? Absolutely although across Asia we saw markets | :09:59. | :10:02. | |
finishing broadly higher this Thursday, despite the fact when you | :10:03. | :10:05. | |
break down what the US Fed move is going to mean for them as you just | :10:06. | :10:10. | |
referred to it going forward, the future rate rises is what many in | :10:11. | :10:13. | |
the region will still be vulnerable to. Asia was the first to respond | :10:14. | :10:15. | |
from the news. Any rate rises will be | :10:16. | :10:25. | |
gradual but higher interest rates will cause problems for economies | :10:26. | :10:30. | |
that are far too exposed to US dollar-denominated debt, and Asian | :10:31. | :10:33. | |
central bankers are caught between a rock and a hard place. They need to | :10:34. | :10:38. | |
cut rates to boost growth, many of the countries in the region of | :10:39. | :10:42. | |
Basingstoke growth but if they do that, they risk sending more money | :10:43. | :10:46. | |
out of their financial systems which will weaken their currencies | :10:47. | :10:50. | |
further. It is a tough position to beat him. With slower growth | :10:51. | :10:54. | |
expected to hit the region even further in 2016, it is becoming a | :10:55. | :10:59. | |
real dilemma for policymakers. Thank you very much. | :11:00. | :11:03. | |
Staying with markets - not much more to add really. | :11:04. | :11:05. | |
As you can see the markets around the world embracing that FED | :11:06. | :11:08. | |
decision to lift rates for the first time in donkeys years... | :11:09. | :11:12. | |
The uncertainty over will they or won't they - | :11:13. | :11:21. | |
now obviously gone and the markets have certainty... | :11:22. | :11:29. | |
This was seen as a mark of confidence. It is also piling on the | :11:30. | :11:33. | |
painful oil prices. Oil prices have fallen again - | :11:34. | :11:37. | |
more supplies into the already In fact keep your eye on US | :11:38. | :11:41. | |
lawmakers who could be voting tomorrow to lift a four decade US | :11:42. | :11:52. | |
ban on crude oil exports. Joining us is Tom Stevenson, | :11:53. | :11:55. | |
Investment Director Nice to see you. Looking at those | :11:56. | :12:09. | |
numbers, France and Germany, 2%, I mean, I wouldn't expect a bounce to | :12:10. | :12:14. | |
that degree given the fact that on Tuesday night they all closed up 3%, | :12:15. | :12:22. | |
it has been quite a week? Markets tend to move on things they don't | :12:23. | :12:27. | |
expect. Surely this was the most overran a light, over speculated | :12:28. | :12:34. | |
rate ever. No surprise. But it has cleared the uncertainty, that is why | :12:35. | :12:37. | |
the markets are buoyant this morning. Something we didn't get | :12:38. | :12:42. | |
time to ask Steph, many are betting that April is the next move up. Your | :12:43. | :12:50. | |
thoughts? That is the interesting gap between what the Fed is saying | :12:51. | :12:54. | |
and what the markets are saying. The Fed is clearly saying that they | :12:55. | :12:58. | |
expect full quarter point races next year, and the same in 2017, the | :12:59. | :13:04. | |
market is more cautious. It is expecting a couple of quarter point | :13:05. | :13:07. | |
rise is. I think that if we do get signs that the Fed is pushing for | :13:08. | :13:13. | |
four rises next year, that actually will be taken badly. That is clearly | :13:14. | :13:19. | |
not priced in at the moment. Briefly, I want to talk about oil, | :13:20. | :13:24. | |
the Fed made the move, the oil price drops further but it is interesting | :13:25. | :13:29. | |
about this move, possibly by lawmakers tomorrow? Yes, if the US | :13:30. | :13:34. | |
does exporting, that is another source of oil, we have got Iran | :13:35. | :13:39. | |
coming on stream. Things may be clearing up in Libya, oil coming | :13:40. | :13:42. | |
from there, if the US starts exporting oil, | :13:43. | :13:47. | |
the oversupply will get worse and it will keep the price is low for the | :13:48. | :13:55. | |
considerable future. More stories to discuss, but we have more to do | :13:56. | :13:57. | |
right now. We're going to be talking music | :13:58. | :13:58. | |
and in particular how people make Later in the show we will be | :13:59. | :14:01. | |
speaking to the man behind the group which makes sure songwriters, | :14:02. | :14:05. | |
composers publishers all get what they are owed | :14:06. | :14:06. | |
in an increasingly digital world. You're with Business | :14:07. | :14:09. | |
Live from BBC News. How will the UK be affected | :14:10. | :14:15. | |
by the US interest rates decision? Ben's in central London | :14:16. | :14:18. | |
to tell us more. We've heard about the impact of that | :14:19. | :14:36. | |
rate rise in America, around the world, but what does it mean in the | :14:37. | :14:40. | |
UK and will the Bank of England follow suit in raising the cost of | :14:41. | :14:47. | |
borrowing? Monica is with me, and Jeremy. Monica, what does it tell us | :14:48. | :14:52. | |
here in the UK about America thinking America is on the mend? | :14:53. | :14:58. | |
Will the UK follow suit? I think so. Both economies are seeming to be | :14:59. | :15:02. | |
back on track, in terms of lower unemployment numbers, steeper GDP | :15:03. | :15:06. | |
growth, so I think we are expecting the Bank of England to follow suit | :15:07. | :15:10. | |
with an interest rate rise later next year, but I think both are | :15:11. | :15:13. | |
going to be quite cautious, in the pace of the rises to make sure we | :15:14. | :15:25. | |
are on firm footing. Away from these emergency measures, arranged to | :15:26. | :15:30. | |
kickstart the economy, getting back to something like normality? I don't | :15:31. | :15:34. | |
think anyone knows what normality still is. This was the 1st rays in | :15:35. | :15:40. | |
10 years. We are starting to see... The word they use last night was | :15:41. | :15:45. | |
gradual, the emphasis is on how slow these rises will be. The 1st step on | :15:46. | :15:49. | |
a very long road. The last thing the federal bank or the central bank of | :15:50. | :15:52. | |
England want to do is scare the horses. We are looking at the | :15:53. | :15:57. | |
International picture, what does it mean for investors and business? It | :15:58. | :16:03. | |
is the start of a long process of rates rising, how would you start to | :16:04. | :16:09. | |
prepare? So far we have seen a positive reaction from markets. | :16:10. | :16:14. | |
Tokyo and Hong Kong opened up. Investors should be feeling pretty | :16:15. | :16:21. | |
positive. Different effects on other assets, but overall anything that is | :16:22. | :16:26. | |
positive overall for the economy is positive for investors. Thank you | :16:27. | :16:31. | |
very much. That is the view from here in London. The big question is | :16:32. | :16:35. | |
if the bank of England will follow suit, what will it look at when it | :16:36. | :16:39. | |
looks at the cost of borrowing in the UK? America has fired that | :16:40. | :16:44. | |
starting gun. Will UK follow suit is the question? | :16:45. | :16:54. | |
This is business to live. Our top story: the American central bank | :16:55. | :17:04. | |
announced that rise in the interest rate. Seen as a powerful statement | :17:05. | :17:08. | |
about the improving health of the US economy. Markets in Europe and Asia | :17:09. | :17:14. | |
are bouncing on that news, as we have been discussing. | :17:15. | :17:22. | |
The music industry hasn't exactly had the easiest time | :17:23. | :17:30. | |
Illegal downloading and low cost streaming services have led | :17:31. | :17:33. | |
to a steady decline in music sales, forcing artists to look at more | :17:34. | :17:36. | |
One of the companies at the vanguard of that effort is 'PRS for Music'. | :17:37. | :17:44. | |
Formed in 1997, they look after the usage rights of over 10 | :17:45. | :17:47. | |
million songs - representing everyone from blockbuster | :17:48. | :17:50. | |
songwriters like Adele, to classical composers. | :17:51. | :17:53. | |
Their role is to ensure songwriters, composers and music publishers | :17:54. | :17:56. | |
are paid whenever their content is played, performed or reproduced. | :17:57. | :18:05. | |
In total the firm collected almost a billion dollars in music rights | :18:06. | :18:08. | |
in 2014, a 1% increase on the year before. | :18:09. | :18:10. | |
If we break that down though we can see that only 12% of that amount | :18:11. | :18:16. | |
came from online sources with half of their collected revenues coming | :18:17. | :18:20. | |
from live performances and the broadcasting of music. | :18:21. | :18:22. | |
Robert Ashcroft, is the firms Chief Executive and is with us | :18:23. | :18:25. | |
Great to have you with us. I was just going to say, it all sounds so | :18:26. | :18:39. | |
complicated to me. I am a Luddite, I still use CDs. I have to look to my | :18:40. | :18:44. | |
kids to download things for me if I cannot get it on a CD. But it is | :18:45. | :18:49. | |
huge business, and it is something developing over a very long time for | :18:50. | :18:54. | |
both artists and users of the songs you are representing the lot? | :18:55. | :18:58. | |
Absolutely. We have been in business for 101 years now. It has changed | :18:59. | :19:06. | |
enormously since the advent of the Internet. We had seen recorded media | :19:07. | :19:09. | |
sales going down. We've seen downloads replacing sales of CDs. | :19:10. | :19:12. | |
Now we are into the streaming era. Last year our streaming revenues | :19:13. | :19:17. | |
were higher than our download revenues. For the first time? Yes, | :19:18. | :19:25. | |
we cross the threshold in 2014. That makes sense because it seems to be | :19:26. | :19:30. | |
the way... People don't want to own that necessarily, but just to stream | :19:31. | :19:34. | |
it. I wonder, I guess it is easy to keeps track of streamers and | :19:35. | :19:42. | |
downloads, but how do you do it in all quarters of the world of people | :19:43. | :19:47. | |
using one of the songs and somebody not realising they have to pay for | :19:48. | :19:51. | |
it. There is a network of societies around the world. We have reciprocal | :19:52. | :19:56. | |
arrangements with 150 countries. We represent their musicians in the UK. | :19:57. | :20:00. | |
If you are running a pub and you get a license, you automatically have | :20:01. | :20:04. | |
that license with us to play Argentinian music, Filipino music, | :20:05. | :20:08. | |
music from all around the world. We have the same arrangements. Funnily | :20:09. | :20:14. | |
enough, in parts of our business we are monopoly in the UK. I thought | :20:15. | :20:18. | |
when I joined it was the end of my travel. I used to work for Sony and | :20:19. | :20:22. | |
travelled all around the world, suddenly I found myself travelling | :20:23. | :20:26. | |
to Argentina, Japan, Hong Kong, China, all around the world, | :20:27. | :20:29. | |
developing relationships and understanding how they work, to | :20:30. | :20:33. | |
track that usage. For the artist, how does it work, in terms of what | :20:34. | :20:38. | |
he or she actually gets paid? If you find somebody is using a Dell's new | :20:39. | :20:46. | |
hit single Hello in the backwaters of Shanghai and they have not had | :20:47. | :20:51. | |
proper authority or paid, talk us through the logistics? There is the | :20:52. | :20:57. | |
music copyright Society of China and they copyright all the hotels and | :20:58. | :21:01. | |
businesses. They are not as well penetrated in their market as we | :21:02. | :21:05. | |
are. It is a developing market for copyright, so we cannot be sure | :21:06. | :21:08. | |
everything is captured, but we are in dialogue with them. We see who | :21:09. | :21:13. | |
they have licensed, how they license them and check how they collect the | :21:14. | :21:16. | |
money. We are going through business dialogue to make sure we are being | :21:17. | :21:21. | |
paid for our members. And then you pay Adele? Yes. We have spoken on | :21:22. | :21:28. | |
other programmes, you and I, about the difference in what the artist | :21:29. | :21:33. | |
would receive from a download, to streaming. There were a lot of | :21:34. | :21:36. | |
artist two were not happy about what they were receiving, what they were | :21:37. | :21:41. | |
getting back? Absolutely so. In the old days you could say I have a song | :21:42. | :21:46. | |
and a CD, CD sales are ?10 and I get my share. But it doesn't really | :21:47. | :21:51. | |
matter if your song is really popular song... If somebody bought | :21:52. | :21:55. | |
the CD for a particular song, then you get into the download era, you | :21:56. | :22:03. | |
are getting about 5p per download. Then you get into the streaming era, | :22:04. | :22:06. | |
where it gets very compensated because you have the free streaming | :22:07. | :22:11. | |
services, advert supported ones, you Tube, sound cloud, Facebook, all | :22:12. | :22:15. | |
these places where you can listen to music. We can take the example of | :22:16. | :22:22. | |
Spotify. The leading subscription service, it works out on premium | :22:23. | :22:27. | |
about 50 streams, the equivalent of a download. As we talked about last | :22:28. | :22:30. | |
time, you can see that working over the long-term. The challenge now is | :22:31. | :22:35. | |
that most people are listening to their music on the YouTube and sound | :22:36. | :22:44. | |
cloud. We are trying to get it onto a level playing field, to make sure | :22:45. | :22:48. | |
songwriters can make their money, regardless of where their music is | :22:49. | :22:51. | |
played on the Internet. We have to leave it there. It is fascinating to | :22:52. | :22:56. | |
stop Robert Ashcroft, thank you for coming in. Chief Executive of PRS | :22:57. | :22:57. | |
for Music. Let's now take a quick look at some | :22:58. | :22:59. | |
of the best business news out A story is dominating... Do we have | :23:00. | :23:09. | |
to do it again? The front page of the Financial Times, about the Fed | :23:10. | :23:15. | |
impact, what it means, the of cheap money, by raising the cost of | :23:16. | :23:22. | |
borrowing by 0.25%. The Japan Times is reporting in | :23:23. | :23:27. | |
spite of that big deal on climate struck in Paris last weekend, Japan | :23:28. | :23:31. | |
and South Korea are both still planning an opening 60 new coal | :23:32. | :23:35. | |
fired plants in the next ten years. And if you like using Uber | :23:36. | :23:41. | |
and Facebook this story in the UK Apparently the two companies | :23:42. | :23:44. | |
are teaming up to allow you to book taxi's via the social networks | :23:45. | :23:48. | |
messaging app. Tom Stephenson is with us again in | :23:49. | :23:59. | |
the studio. Let's start with Facebook and Uber. What does it | :24:00. | :24:03. | |
mean, then teaming up together? Others out there will be thinking | :24:04. | :24:09. | |
two big disrupters. You could see why Uber would want to get into | :24:10. | :24:12. | |
Facebook messenger, it has 700 million monthly users. Uber gets | :24:13. | :24:19. | |
access to them. If you live in that I environment you want to be able to | :24:20. | :24:23. | |
order your taxi whilst you are in that environment. The Facebook it is | :24:24. | :24:27. | |
good news as well. They will get the payment details from Uber, which | :24:28. | :24:30. | |
they will be able to use for other things. Is quite a scary thought. | :24:31. | :24:36. | |
It is scary, I have no more to add on that. LAUGHTER | :24:37. | :24:41. | |
OK! Can we move on... We talked about | :24:42. | :24:47. | |
and talked about it, that two week Hague climate summit, finally got a | :24:48. | :24:50. | |
deal after many, many years. The world got this deal and now we hear | :24:51. | :24:54. | |
Japan and South Korea are going to build these coal powered plants. We | :24:55. | :25:00. | |
didn't focus on Japan and South Korea, there was a lot of pressure | :25:01. | :25:07. | |
on China. Japan? That is where the attention was on, the big emerging | :25:08. | :25:10. | |
markets and how to get them into the fold so we could get this landmark | :25:11. | :25:13. | |
deal announced. But there was or is going to be a gap between the | :25:14. | :25:16. | |
aspiration and the reality of pushing it through. This story | :25:17. | :25:22. | |
really underlines that. That between them, Japan and South Korea are | :25:23. | :25:26. | |
going to build 60 new coal fire plants in the next ten years. | :25:27. | :25:34. | |
Japan's aspirations for cutting CO2 emissions over the next 40 years, | :25:35. | :25:39. | |
very modest. The reality is we may be looking at a 2% degree cap but | :25:40. | :25:44. | |
the reality is the measures already signed up to not going to deliver | :25:45. | :25:48. | |
it. Thank you for coming in. You got it in! That is it from us | :25:49. | :25:54. | |
today, see you soon. See you tomorrow. The by. -- goodbye. | :25:55. | :26:05. | |
Hello. It has been a fairly cloudy and breezy start the day for most | :26:06. | :26:11. | |
places. A bit of sunshine on the cards, but equally some rain. This | :26:12. | :26:15. | |
was the view yesterday across Inverness. You can see some blue | :26:16. | :26:18. | |
sky. There will be more in | :26:19. | :26:19. |