Browse content similar to 02/02/2016. Check below for episodes and series from the same categories and more!
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It's been a big day in the politics of the European Union. | :00:10. | :00:18. | |
David Cameron says a referendum on EU membership could be held | :00:19. | :00:21. | |
Earlier, the EU unveiled draft reforms designed to persuade Britain | :00:22. | :00:26. | |
We will also speak about US politics. Hillary Clinton beat | :00:27. | :00:36. | |
Bernie Sanders into second place and Ted Cruz beat Donald Trump into | :00:37. | :00:40. | |
second place. Any questions on that story, feel free to get in touch. We | :00:41. | :00:45. | |
will be live in Washington and New Hampshire. We will have more on the | :00:46. | :00:52. | |
link between pregnant women who contract Zika virus and a brain | :00:53. | :00:56. | |
abnormality called microcephaly. We will hear the story of a Brazilian | :00:57. | :00:59. | |
journalist who suffers from the condition. I guess it was not long | :01:00. | :01:05. | |
before this came along-high end drawn racing, being watched by | :01:06. | :01:09. | |
millions online. We got in touch with someone to find out how it | :01:10. | :01:15. | |
works at this race circuit. As I mentioned, if you have questions on | :01:16. | :01:20. | |
any of the two big stories, these EU reforms and also on the race for the | :01:21. | :01:23. | |
White House, you can use the hashtag and I will do my | :01:24. | :01:25. | |
Let's begin with the negotiations between Donald Tusk, the European | :01:26. | :01:50. | |
Council president, and David Cameron. Mr Cameron is committed to | :01:51. | :01:56. | |
renegotiating the UK's relationship with Europe and then holding an | :01:57. | :02:06. | |
in-out referendum. This letter sets out the proposed deal that has been | :02:07. | :02:10. | |
agreed. We will hear from Brussels and London to get two different | :02:11. | :02:15. | |
perspectives on this in a minute. Before that, to understand what is | :02:16. | :02:20. | |
being agreed, let's look at the foundations of the European Union. | :02:21. | :02:23. | |
It has 28 member countries and they have all signed a range of treaties | :02:24. | :02:27. | |
which are essentially agreement assuring various things, like free | :02:28. | :02:33. | |
movement of people, goods, services and capital, and also closer | :02:34. | :02:35. | |
political integration between members and, just as importantly, | :02:36. | :02:41. | |
common policies on trade, agriculture, fisheries and regional | :02:42. | :02:44. | |
development. He did Cameron wants to put checks on several of these. | :02:45. | :02:49. | |
Firstly let's get the assessment of the document I just showed you from | :02:50. | :02:53. | |
the BBC's Norman Smith in Downing Street. | :02:54. | :02:57. | |
Well, he has got some of what he wanted, but not | :02:58. | :02:59. | |
all of what he wanted, so he has secured an | :03:00. | :03:02. | |
agreement to introduce a ban on EU migrants being able to claim | :03:03. | :03:05. | |
benefits in Britain for four years, but there is no detail on how long | :03:06. | :03:08. | |
this particular ban will stay in place, who will decide when it | :03:09. | :03:11. | |
should come into force, and he has also agreed to a very | :03:12. | :03:18. | |
complex and unexplained scheme to allow EU | :03:19. | :03:20. | |
migrants to gradually receive more and more in benefits, | :03:21. | :03:22. | |
Similarly, he has secured what is called a red | :03:23. | :03:26. | |
card scheme, whereby national parliaments can lobby together | :03:27. | :03:28. | |
to block bits of EU legislation which | :03:29. | :03:29. | |
they don't like, but it transpires they will only be able to block very | :03:30. | :03:33. | |
limited areas of legislation, and lastly he has, yes, | :03:34. | :03:35. | |
sought some sort of safeguards to protect countries | :03:36. | :03:37. | |
like Britain outside the single currency from being pushed around | :03:38. | :03:39. | |
by members of the euro, but it is not | :03:40. | :03:41. | |
at all clear how much power he will actually have, | :03:42. | :03:44. | |
because it seems the only thing Britain would be able to do | :03:45. | :03:47. | |
So Mr Cameron is trumpeting this as a | :03:48. | :04:13. | |
His critics are saying, no, it is much ado about | :04:14. | :04:16. | |
Just before I let you go, Norman, is this the basis | :04:17. | :04:20. | |
of what David Cameron will turn to the | :04:21. | :04:22. | |
country and offer, or is there still negotiation to happen? | :04:23. | :04:27. | |
There is still critical negotiation ahead, | :04:28. | :04:29. | |
because this document has to be approved by all 27 other members | :04:30. | :04:31. | |
of the European Union, so a huge amount | :04:32. | :04:33. | |
of intensive diplomacy will have to to take place over the next | :04:34. | :04:36. | |
fortnight, head of that EU summit, but I think it is worth suggesting | :04:37. | :04:39. | |
that when voters in Britain go to the polls, I doubt very much | :04:40. | :04:43. | |
whether it will be this document that will | :04:44. | :04:45. | |
Much more likely, I would suggest, is there a gut instinct, | :04:46. | :05:07. | |
how they feel in their bones - do they think that Britain | :05:08. | :05:10. | |
is better off in the European Union, or better off getting out? | :05:11. | :05:13. | |
The Eu has a total population of about 740 million. | :05:14. | :05:19. | |
64 million in the UK, so less than 10%. | :05:20. | :05:27. | |
Let's look at economy - the Eu's total economic output | :05:28. | :05:33. | |
is thought to be about 15 and a half trillion dollars. | :05:34. | :05:36. | |
The UK's contribution to that is SWIPE 2.7 trillion, | :05:37. | :05:39. | |
So it's punching above its weight in terms of output per person. | :05:40. | :05:44. | |
I was saying right at the Central of these negotiations is the European | :05:45. | :05:53. | |
president. To quote a little bit of Shakespeare, here. But it is not | :05:54. | :06:04. | |
just a question of persuading David Cameron that this is a good idea. He | :06:05. | :06:09. | |
represents all of the leaders within the European Union and he has two | :06:10. | :06:13. | |
persuade all of them as well. Here is Ben Wright talking us through | :06:14. | :06:17. | |
that side of the story. One is the in work | :06:18. | :06:19. | |
welfare payments that EU David Cameron wants | :06:20. | :06:22. | |
to stop them getting those There is agreement in | :06:23. | :06:25. | |
principle that that can happen, but a great deal | :06:26. | :06:32. | |
of uncertainty about exactly how that mechanism will | :06:33. | :06:35. | |
work, for how long There are big gaps in this draft | :06:36. | :06:36. | |
document that need to be filled in over the next couple of weeks, | :06:37. | :06:41. | |
and he is going to face, we think, resistance from Central | :06:42. | :06:44. | |
and eastern European countries in particular, countries which see | :06:45. | :06:46. | |
a lot of their population go to the UK to work, | :06:47. | :06:49. | |
and I think any sense that this is discriminatory, | :06:50. | :06:52. | |
that it is unfair, So I think on that | :06:53. | :06:53. | |
front, lots of work to do, and as Norman was saying, | :06:54. | :07:11. | |
this issue are protecting the rights of countries like Britain that don't | :07:12. | :07:14. | |
have the Euro within an EU that is seeing the | :07:15. | :07:17. | |
Eurozone pulled closer together in terms of economic | :07:18. | :07:18. | |
governance, that relationship remains quite unclear | :07:19. | :07:20. | |
and there is work to do on that front too, and I think France | :07:21. | :07:23. | |
is one of the countries who are very worried that Britain | :07:24. | :07:26. | |
is trying to exercise special powers or special protections | :07:27. | :07:29. | |
for the City of London, and I think that is one | :07:30. | :07:30. | |
of the reasons why they were still working on this draft document | :07:31. | :07:34. | |
at two o'clock this morning. There are big areas still the iron | :07:35. | :07:36. | |
out, as Donald said just then. This is the other big story in the | :07:37. | :07:46. | |
BBC newsroom. We have the first two victories | :07:47. | :07:52. | |
in the battle for the two Ted Cruz on the Republican side - | :07:53. | :07:55. | |
Hillary Clinton on But she only won by a whisker, | :07:56. | :07:59. | |
and in some precincts it came down to this between her | :08:00. | :08:03. | |
and Bernie Sanders. That's right - a coin toss plays | :08:04. | :08:13. | |
a role in deciding who gets a shot at becoming the most powerful | :08:14. | :08:17. | |
person in the world. If you didn't follow | :08:18. | :08:19. | |
the coverage as it unfolded, God bless the great state of Iowa! | :08:20. | :08:46. | |
APPLAUSE We finished second, and I want to | :08:47. | :08:51. | |
tell you something. I am just honoured... Tonight is a victory for | :08:52. | :08:55. | |
courageous conservatives across Iowa. We will be back many, many | :08:56. | :09:01. | |
times. In fact, I think I might come back here and buy a farm! That is | :09:02. | :09:07. | |
the most votes ever cast for any Republican primary winner! They told | :09:08. | :09:16. | |
me we have no chance because my hero wasn't great enough and my boots | :09:17. | :09:27. | |
were too high! -- hair wasn't grey enough. As I stand here tonight, | :09:28. | :09:35. | |
breathing a big sigh of relief - thank you, Iowa! A profound message | :09:36. | :09:43. | |
to the political establishment and, by the way, the media establishment! | :09:44. | :09:49. | |
That message we hold out for our children and grandchildren never | :09:50. | :09:53. | |
fades but inspires generations to come. Join me. God bless you! | :09:54. | :09:59. | |
Hillary Clinton giving her speech, after saying she had won. Look at | :10:00. | :10:03. | |
the numbers here for the Republicans. What did I jest. You | :10:04. | :10:08. | |
can pick out Jeb Bush, only 2.8%, which will be a huge disappointment | :10:09. | :10:14. | |
to him and his donors. Marco Rubio appalled really well, just narrowly | :10:15. | :10:18. | |
beaten by Donald Trump on 24% but right at the top of the pile and no | :10:19. | :10:22. | |
serious contender in this race, Ted Cruz. He had been pulling close to | :10:23. | :10:28. | |
Donald Trump but this will be big friend -- now a serious contender. | :10:29. | :10:36. | |
Here is the analysis from Washington for Outside Source a little earlier. | :10:37. | :10:41. | |
It was a big night for Ted Cruz. He was trailing Donald Trump in the | :10:42. | :10:47. | |
polls but he had a ground game here in Iowa and it ended up overcoming | :10:48. | :10:52. | |
any enthusiasm Trump voters showed leading up to this. He was working | :10:53. | :10:59. | |
Iowa for a year, going to churches, talking to evangelical voters and | :11:00. | :11:04. | |
keeping tabs on them. Next, let's look at the Democrat numbers. | :11:05. | :11:09. | |
Hillary Clinton close to 50%. Bernie Sanders on 49.6% and I am afraid the | :11:10. | :11:13. | |
other contenders did not make any sort of a mark. Going back to here, | :11:14. | :11:17. | |
I guess the story is how close Bernie Sanders got? Yes, six months | :11:18. | :11:23. | |
ago he was on single digits here in Iowa so the fact he claimed all the | :11:24. | :11:32. | |
way a virtual tie with a former Secretary of State with the name | :11:33. | :11:34. | |
recognition of Hillary Clinton is pretty remarkable. He will now go to | :11:35. | :11:37. | |
New Hampshire where he has a good shot of winning and at that point it | :11:38. | :11:40. | |
will be interesting to see whether Hillary Clinton's organisation | :11:41. | :11:44. | |
throughout the nation is able to overcome the momentum Bernie Sanders | :11:45. | :11:49. | |
has. The Fox News opinion site here. After Iowa, keep your eye on Marco | :11:50. | :11:55. | |
Rubio, not Trump or Ted Cruz. A lot of commentators would see what -- | :11:56. | :12:01. | |
say he was the biggest winner of the night? In third place but his speech | :12:02. | :12:05. | |
sounded like a victory speech, and for good reason. He was able to | :12:06. | :12:10. | |
outpace expectations. He almost caught Donald Trump for second place | :12:11. | :12:14. | |
and no of all the establishment candidates he has the wind at his | :12:15. | :12:17. | |
back and we'll be going to New Hampshire where the others have been | :12:18. | :12:22. | |
camping out, but he will go back with the perception as someone on | :12:23. | :12:29. | |
the rise. That is Iowa Don and this is what is coming next. New | :12:30. | :12:34. | |
Hampshire, next Tuesday, and from there we go on to Nevada and South | :12:35. | :12:39. | |
Carolina -- Iowa done. They hold various polls between the 20th and | :12:40. | :12:46. | |
27th of debris and then a day which could, not definitely, but could | :12:47. | :12:51. | |
decide this whole process. The 1st of March, Alabama, Arkansas, | :12:52. | :12:55. | |
Georgia, Massachusetts, Tennessee... Here is a more detailed breakdown. | :12:56. | :12:59. | |
These all hold primaries for both parties and on top of that we also | :13:00. | :13:04. | |
have while roaming and Alaska looking at issues for the | :13:05. | :13:08. | |
Republicans in Colorado -- and Colorado for the Democrats. The | :13:09. | :13:15. | |
focus will be on New Hampshire. Our BBC correspondent is there. She has | :13:16. | :13:19. | |
just been at a Bernie Sanders rally. How is it going? I just stepped out. | :13:20. | :13:24. | |
It is still going on but what I really got from that rally is that, | :13:25. | :13:29. | |
firstly, he has a huge support base amongst younger voters. It is not | :13:30. | :13:36. | |
just here but in Iowa if you number crunch the figures of who actually | :13:37. | :13:40. | |
voted in those coppers as yesterday, 84% of those went for Bernie | :13:41. | :13:49. | |
Sanders, as opposed to Hillary Clinton -- caucuses yesterday. That | :13:50. | :13:53. | |
shows his reach in that young democratic. -- demographic. New | :13:54. | :13:58. | |
Hampshire has a young demographic as well and if Bernie Sanders can tap | :13:59. | :14:02. | |
into that it will play to his advantage. He is actually a head in | :14:03. | :14:07. | |
the polls year by about 20 percentage points or has a big | :14:08. | :14:10. | |
advantage over Hillary Clinton although they have not been polls | :14:11. | :14:15. | |
taken since last night's result. The other thing in his favour is that | :14:16. | :14:20. | |
this is home territory for him as he is the senator for Vermont, and | :14:21. | :14:26. | |
neighbouring state. He spoke about the three Rs, a political | :14:27. | :14:30. | |
regulation, spoke at about a red economy and says he wants radical | :14:31. | :14:37. | |
change -- rig economy. How does his funding compare with Hillary | :14:38. | :14:41. | |
Clinton? He has managed to raise money, not on the scale Hillary | :14:42. | :14:46. | |
Clinton has, from smaller donations. That might sound familiar because it | :14:47. | :14:50. | |
was the model Barack Obama used when he was running for president, | :14:51. | :14:55. | |
getting smaller donations, and also in the same vein actually energising | :14:56. | :14:59. | |
this is time for two base, people who do not always turn out to the | :15:00. | :15:04. | |
polls, by getting them to register -- first time voter base. I should | :15:05. | :15:12. | |
just say that of course we also have a Republican race here in New | :15:13. | :15:17. | |
Hampshire that will be hotly contested. The polls, nonsense last | :15:18. | :15:23. | |
night's result, but they say Donald Trump is still way ahead in the | :15:24. | :15:28. | |
Republican field. He is here tonight, he has a rally in New | :15:29. | :15:31. | |
Hampshire and will be working up to the wire to show he can be a winner, | :15:32. | :15:40. | |
unlike the result in Iowa. Anthony Stokes about Marco Rubio as an | :15:41. | :15:43. | |
interesting third placed candidate and there are a lot of people in the | :15:44. | :15:48. | |
Republican party who do not want a Donald Trump or Ted Cruz, they want | :15:49. | :15:52. | |
someone more moderate and centrist in their policies so he is trying to | :15:53. | :15:56. | |
step into those shoes but there are other names campaigning heavily here | :15:57. | :16:00. | |
in New Hampshire. The former Florida Governor Jeb Bush and the governor | :16:01. | :16:05. | |
of Jersey, Chris Christie, and they are all hoping if they can make a | :16:06. | :16:09. | |
mark here in New Hampshire that will set the tone for the campaign ahead. | :16:10. | :16:14. | |
Plenty to play for here on both sides. It will be an interesting | :16:15. | :16:18. | |
week. Thank you very much indeed. I will let you get back into Bernie | :16:19. | :16:22. | |
Sanders. That was life from New Hampshire. Every day for the last | :16:23. | :16:27. | |
two or three weeks we have been covering the Zika virus, first in | :16:28. | :16:29. | |
Brazil and then in the Americas and in a little while on Outside Source | :16:30. | :16:33. | |
we will play you the account of one woman who has been living with the | :16:34. | :16:39. | |
condition which the Zika virus can cause, and it is believed can be | :16:40. | :16:44. | |
passed on to mothers having babies who have the virus. We will hear | :16:45. | :16:51. | |
about her experience. Three bodies have been found at a house in the | :16:52. | :16:55. | |
North of England. Police were called to a property near Leeds just before | :16:56. | :17:00. | |
noon after concerns were raised about the occupants. Officers are | :17:01. | :17:04. | |
also liaising with police in North Wales following the discovery of a | :17:05. | :17:08. | |
body in Anglesey. Danny Savage reports. Police have confirmed they | :17:09. | :17:12. | |
are now treating this as a murder inquiry. When became into the house | :17:13. | :17:16. | |
by the late this morning they found three bodies in the house. The body | :17:17. | :17:21. | |
of a woman downstairs, and of two children upstairs. We understand | :17:22. | :17:25. | |
from neighbours those two children are a girl aged about 11 and also a | :17:26. | :17:30. | |
boy aged about six years old. How long they have been there is unclear | :17:31. | :17:36. | |
and so police are no investigating in great detail what actually | :17:37. | :17:39. | |
happened here and what the circumstances are -- now | :17:40. | :17:42. | |
investigating full stop in the words of West Yorkshire Police they are | :17:43. | :17:47. | |
treating this as domestic related incident although they are not | :17:48. | :17:49. | |
speculative about who was responsible or exactly what | :17:50. | :18:00. | |
happened. This is Outside Source and were alive from the BBC newsroom. | :18:01. | :18:04. | |
Our lead story is David Cameron is saying at referendum on the EU | :18:05. | :18:08. | |
membership could be held within a few months. Earlier the EU unveiled | :18:09. | :18:13. | |
draft reforms designed to persuade the UK to stay. Let's turn to some | :18:14. | :18:18. | |
of the main stories from the BBC World Service at the moment. 50,000 | :18:19. | :18:22. | |
people have been stranded outside a train station in Guangzhou in China. | :18:23. | :18:31. | |
They are trying to get home for the Chinese New Year holiday and that is | :18:32. | :18:35. | |
clearly not going to happen. Snow in central China is causing delays and | :18:36. | :18:39. | |
let's hope they get homes. The Supreme Court in India has agreed to | :18:40. | :18:42. | |
look again at the Colonial era law that allows for ten jail sentences | :18:43. | :18:52. | |
for anyone engaging in gay six. The law is really applied and | :18:53. | :18:55. | |
campaigners say it is often used to threaten them. -- six. And this | :18:56. | :19:02. | |
waterfall on the Isle of Mull in Scotland is being blown back on | :19:03. | :19:06. | |
itself by the storm. You will find the video in the most watched list | :19:07. | :19:15. | |
on the BBC news app. The last couple of weeks has seen extensive coverage | :19:16. | :19:19. | |
of the Zika virus, primarily because when a pregnant woman has the virus | :19:20. | :19:24. | |
it is believed likely it can cause brain abnormalities in her baby. The | :19:25. | :19:29. | |
condition is called microcephaly. BBC Brasil has been speaking to | :19:30. | :19:33. | |
journalists living with it. My skull is smaller than average. I suffer | :19:34. | :19:38. | |
from microcephaly. The doctor gave his diagnosis. She will not walk or | :19:39. | :19:42. | |
talk and will enter into a vegetative state until she dies. | :19:43. | :19:46. | |
Like many others, he was wrong. I grew up, I went to school, went to | :19:47. | :19:51. | |
university and today I am a journalist. I chose journalism to | :19:52. | :19:55. | |
give a voice to people like me who do not feel represented. With the | :19:56. | :19:59. | |
spike of microcephaly cases in Brazil the need for information is | :20:00. | :20:03. | |
more important than ever and people need to leave their prejudices | :20:04. | :20:07. | |
aside. The Minister for health, for example, he said Brazil will have a | :20:08. | :20:12. | |
damaged generation because of microcephaly. If I had the chance to | :20:13. | :20:16. | |
speak to him I would tell him, what is damaged is your statement, sir. | :20:17. | :20:22. | |
Microcephaly is a box of surprises. You may suffer from serious problems | :20:23. | :20:27. | |
or you may not. I believe those who want to have abortions do not give | :20:28. | :20:31. | |
their children a chance to succeed and survive, as happened with me. I | :20:32. | :20:36. | |
survived and lived, as so many others with microcephaly do. There | :20:37. | :20:39. | |
are mothers did not choose abortion and that is why we exist. -- there | :20:40. | :20:45. | |
are mothers. There is also background information on the Zika | :20:46. | :20:49. | |
virus as well on the BBC News website. We have been speaking about | :20:50. | :20:53. | |
the falling price of oil for months now and inevitably it is starting to | :20:54. | :20:57. | |
hit the numbers of major oil companies. BP's share price today | :20:58. | :21:03. | |
did this. It dropped 26 points, knocking around 7% of the company's | :21:04. | :21:11. | |
value off. There was also a 50% drop in profits for Exxon Mobil. Let's | :21:12. | :21:15. | |
bring in a correspondent live from New York. With regards to BP, oil | :21:16. | :21:19. | |
prices have been down low for a while so why is it suffering today? | :21:20. | :21:25. | |
The company is obviously suffering badly as a result of the price drop. | :21:26. | :21:28. | |
It has had a huge impact on the company has been forced to lay off | :21:29. | :21:33. | |
staff and all of this bit in to prop it will eat my profits and had | :21:34. | :21:36. | |
investors scurrying for the doors. The company has been struggling for | :21:37. | :21:43. | |
12 -- it bit into profits and had investors. Presumably there is only | :21:44. | :21:48. | |
so much the business can do about this. It is not in control of the | :21:49. | :21:53. | |
oil price? If you speak to anyone who has any experience in that | :21:54. | :21:56. | |
industry and they will tell you it is a boom and bust industry, a | :21:57. | :22:01. | |
cyclical one, and we are very much in a downturn. The question is how | :22:02. | :22:05. | |
do you navigate the downturn is? I guess you could argue the price has | :22:06. | :22:10. | |
fallen more sharply than many people anticipated -- downturns. If you | :22:11. | :22:14. | |
look at the forecasts from Wall Street each week on the direction | :22:15. | :22:17. | |
and price of oil, there does not seem an end in sight but if you look | :22:18. | :22:22. | |
at Exxon Mobile, for example, executives they were trying to save | :22:23. | :22:25. | |
cash and they say they will cut to much they invest back into the | :22:26. | :22:28. | |
business because it takes a lot of money to try to get the black stuff | :22:29. | :22:32. | |
out of the ground. They are cutting their spending by 25% this year and | :22:33. | :22:37. | |
they have also cut back how much, how many shares they are buying | :22:38. | :22:41. | |
back, which helps boost their share price so that gives you a sense of | :22:42. | :22:46. | |
the steps companies are taking, the measures, in the case of BP, whether | :22:47. | :22:50. | |
that is laying off staff, what they are doing to batten down the hatches | :22:51. | :22:57. | |
until they start to see prices recover. Thank you, live from New | :22:58. | :23:03. | |
York. Let's get some historical perspective on the crisis Michelle | :23:04. | :23:07. | |
was analysing for us. This report features Mickey Clark looking back | :23:08. | :23:14. | |
over the last 30 years. Oil has become the most volatile commodity | :23:15. | :23:22. | |
of 1986... Hovering at $9 75... 30 years ago the price of oil dropped | :23:23. | :23:29. | |
almost 70% from the year before. The price of North Sea oil has plummeted | :23:30. | :23:33. | |
to a record low and prices could fall to just $5 a barrel. A once | :23:34. | :23:39. | |
thriving North Sea oil sector was hit hard. Ormond oil rigs around the | :23:40. | :23:45. | |
coast of Scotland show an invisible sign of the fall in production. This | :23:46. | :23:50. | |
depression has hit the southern states faster than any they have | :23:51. | :23:55. | |
known before. As the price dropped, even the Texan oil barons suffered. | :23:56. | :24:00. | |
This is the most frightening time I have seen in my 29 years in the oil | :24:01. | :24:05. | |
business. It is going to be a bad spring for borrowers. That is what | :24:06. | :24:10. | |
is frightening investors and producers today. China is no longer | :24:11. | :24:14. | |
consuming oil at the price it was and this means the US is less | :24:15. | :24:18. | |
reliant on imports and Saudi Arabia refuses to cut back, so the | :24:19. | :24:25. | |
unanswered question is how long will the recovery take? Will it be quick | :24:26. | :24:31. | |
or take 20 years like last time? I think in terms of price recovery, to | :24:32. | :24:35. | |
anything like $100 a barrel, that is a very long way into the future, | :24:36. | :24:39. | |
because one of the other key parallels with the situation at the | :24:40. | :24:44. | |
moment is that technology, in the form of US shale, has once again | :24:45. | :24:47. | |
proved able to commercialise a lot of hydrocarbon that was otherwise | :24:48. | :24:51. | |
uncommercial and that genie is not going back in the bottle. One thing | :24:52. | :24:56. | |
for sure is that all the time oil is becoming more expensive to get out | :24:57. | :25:00. | |
of the ground and the producers must continue to invest in the future. | :25:01. | :25:03. | |
Not much chance of that if they start racking up losses. Just a few | :25:04. | :25:13. | |
minutes ago I had a report on the Zika virus. We have won almost every | :25:14. | :25:16. | |
day at the moment. That story has left the Indian car-maker with a | :25:17. | :25:23. | |
predicament. Look at this advert it has recently posted for their newer | :25:24. | :25:27. | |
models, and you can see that while there may be a difference, it still | :25:28. | :25:39. | |
sounds the same. The car is called Zica, and they even have an Lionel | :25:40. | :25:43. | |
Messi photo shopped in there, but they have announced they will change | :25:44. | :25:46. | |
their name. What they have not told us is what they will change it to. | :25:47. | :25:50. | |
This was Outside Source. Thank you very much for watching, keep your | :25:51. | :25:54. | |
comments coming in and I will speak to you in two or three minutes' | :25:55. | :25:57. | |
time. | :25:58. | :25:58. |