17/10/2012 World Business Report

look like beef. Those are than the latest headlines and Millets time

for the latest financial news with World Business Report. The

headlines. After years of troubled relations with Russian partners

will Russia pull the plug on its Russian based venture. Mitt Romney

says he will grant China should he won the US presidential elections.

China the state media accuse term of the Barker sees says much of his

wealth was achieved doing business with Chinese companies. The new

world assess how much of food crops can be turned into fuel. The future

of BP's operations in Russia is in focus today is the deadline looms

for its Russian partners in the tea and cake business to submit an

offer to buy 50% of the venture BP owns. The British energy giant is

selling its stake as relations with the Russian investment group have

soured. The deal has overshadowed by politics and the interests of

another Russian oil company. Earlier this year, BP reached an

agreement with the company to search for oil below the icy waters

of Arctic. That deal was to row by Russian partners in the venture. As

relations soured with the group of Russian investors which includes a

billionaire who would control half of the company, the British will

put its 50% stake in the venture up for sale. With its huge oil

reserves of gas and Siberia, the company is a significant business.

And 2010, that accounted for a quarter of BP's worldwide

production. It operates 1,400 fuel stations and Russia and Ukraine.

Since 2003, the company has generated net profits of $48

billion. It is not the investors who control could offer as much as

$25 billion to buy the other half. The Russian oil giant is waiting in

the wings with was expected to be a better offer. Insiders believe the

Kremlin favours a deal favouring the Russian company. Analysts think

the government is seeking tighter control of the oil and gas industry,

a key driver of the Russian economy. Oil and gas account for half of

government revenue. Half of all Russian exports. The government has

signalled its intention to take a much firmer grip of the sector

going forward. That means the government will play a much bigger

role in partnerships and Investments in the natural

resources sector. On selling half of a profitable business it does

look as if BP will take the exit door out of Russia. What is going

behind the scenes is a high-stakes game. We know the Russian company

has tacked banks to get loans to buy its way into the game. It could

end up owning half of the business. Given a green light from the

Kremlin, it could resurrect another deal with the Russian business. As

you have been hearing, Barack Obama and Mitt Romney clashed sharply in

the second presidential debate. They tangled over how to get the

American economy into better shape and focused on foreign policy. When

asked by delicate on how to keep jobs in the United States, Mitt

Romney attacked China. Day one, I will label time a currency

manipulator which will allow me as President to be able to put in

place tariffs where I believe they will take unfair advantage of a

manufacturer's. We will insure people we trade with around the

world play by the rules. How did that go down in Beijing? It has go

to our Asian Business Harb. China was expecting strong words from the

US in the run-up to the election, but this is taking it to another

level? Absolutely. They are not taking it sitting down. The state

media has been critical of Mitt Romney, accusing him of hypocrisy

saying much of his wealth was found doing this is of Chinese companies

and warned that the mud slinging policies would spark a trade war.

Some foreign policy experts doubt he would carry out the threat. Sang

other presidential candidates may promises but once elected they

softened the approach. Designating a Chinese currency see manipulate

it is a step no administration has taken against China. It could lead

to a trade war with the main man the fastest growing market for US

exports. The Chinese currency is that a 19-year high against the US

currency. The currencies undervaluation has been reduced as

it spreads an account surplus. shock resignation with immediate

effect of the boss of America's third-largest bank is still being

felt on Wall Street and at the city of London. He has been chief

executive since December 2007, steering the company through the

financial crisis and government rescue. He will be replaced by the

chief for Europe and Africa. We got reaction from the New York Stock

Exchange? Typically when companies make management changes, there is a

sense they will make announcements. They have been making earnings

announcements. They have cut a lot of people. They caught me by

surprise and a lot of traders. A lot more on his exit when we review

the papers and ten minutes. City grew's rival has reported a return

to profit. Goldman Sachs earnings were boosted by higher income from

new shares and gold offerings to investors. A proposed cap on the

proportion of food crops that can be turned into fuel. Will be

announced today. Wheat and similar crops could be made use bio Fuels.

Bio Fuels are due this could decimate the existing industry in

caused thousands of jobs to be lost. For farmers already hit by low

yields and bad weather, it was the last straw. Crops they were

encouraged to grow to make your now blamed for pushing up food prices.

The EU Commission has already to make suppliers accountable for the

carbon and packed of replacement land being dug up elsewhere to

make no secret of its desire to discourage the use of by a diesel

made from oil seeds from the farm. One reason why this company Correct

cooking oil from businesses and recycles it as by a diesel. The

idea of the UK it is to encourage the next generation of by a diesel

made from things like waste and our guide. This farmer welcomes reports

that the UK it may not be binding. He says what has not understood

that fuel crops feed animals at the same time. You have to let market

forces operate to be more sustainable. The EU is short of

animal protein. One of the very important products of the bio Fuels

project is the animal protein. By growing a crop for buyer feel we

get fuel and animal proteins and we reduce reliance on imported soya.

This fuel supply says producers must take responsibility for the

carbon impact of every drop of oil in the billions. I can prove how

sustainable our fuel is and where it comes from. Unlike other bio

fuel companies who import the feed stocks from all over the world.

There s to be a question mark over the sustainability, we did that

feed stocks come from, at what cost, at what price, was at using fossil

fuels? Mena olive does look as if European buyer if you'll producers

may be able to stick to their existing planes. Plot to keep an

eye on today. That could move the markets in Europe. We have to keep

on the Russian oil company in the is very strong. It is shying that

the US production numbers are better than expected. Exporters and