Browse content similar to 18/06/2014. Check below for episodes and series from the same categories and more!
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behind to defeat Algeria 2`1. South Korea and Russia ended 1`1. | :00:00. | :00:00. | |
Now this time for the latest financial news. | :00:00. | :00:18. | |
Watching the oil price as the turmoil in Iraq intensifies. Experts | :00:19. | :00:26. | |
warned the crisis could destabilise energy markets. | :00:27. | :00:31. | |
And the boss of General Motors faces a grilling in Congress just days | :00:32. | :00:34. | |
after the car giant announces another damaging recall. | :00:35. | :00:45. | |
Welcome. You are with World Business Report. We will also find out if | :00:46. | :00:52. | |
casinos are a solution to Japan's economic woes. Financial markets are | :00:53. | :00:59. | |
watching events in Iraq, where the biggest oil refinery has been shot | :01:00. | :01:08. | |
down and foreign staff evacuated. The uprising by Sunni insurgents | :01:09. | :01:15. | |
threatens Iraq. This is a one`month chart of an illustration of the | :01:16. | :01:19. | |
swift reaction to the events in Iraq. About 4% rise last week. It | :01:20. | :01:30. | |
was a similar story for Brent crude. The prices have stabilised a | :01:31. | :01:37. | |
little. Iraq's oil refineries in the south have so far escaped the | :01:38. | :01:44. | |
fighting. But many are wondering, how long will that last? I am joined | :01:45. | :01:52. | |
by an energy analyst. . Good morning. It is difficult to predict | :01:53. | :01:57. | |
what will happen next in Iraq and how bad the situation will become. | :01:58. | :02:02. | |
Naturally, markets are very sensitive. What will happen next? We | :02:03. | :02:11. | |
have seen risk premium return to the oil markets, just as we did when the | :02:12. | :02:15. | |
searing crisis was at its peak. `` Syrian. If Iraq stabilises, we will | :02:16. | :02:23. | |
see the risk premium full`back. If supply is disrupted and Iraq is a | :02:24. | :02:29. | |
significant producer there is a potential for a spike. That is key. | :02:30. | :02:39. | |
Iraq is an exporter, unlike Syria, Libya, other areas that have been | :02:40. | :02:46. | |
through serious unrest. This is the biggest disruption for the market. | :02:47. | :02:52. | |
Iraq is the second`largest OPEC producer. It is a significant player | :02:53. | :02:58. | |
and the fastest`growing producer. Production is forecast to double by | :02:59. | :03:03. | |
the end of the decade. That supply is needed to meet growing demand | :03:04. | :03:08. | |
from the Asian economies. Both in terms of the near`term and the | :03:09. | :03:16. | |
medium`term in terms of where the country can meet the prevention | :03:17. | :03:23. | |
target. One of BP's top economists has been warning that this | :03:24. | :03:27. | |
particular event could be destabilising. To what extent do you | :03:28. | :03:31. | |
believe, given the fact that in the United States they are managing to | :03:32. | :03:36. | |
produce a lot of their own oil because of the shale gas fracking, | :03:37. | :03:42. | |
how difficult things become? We have seen the effect of the Arab spring | :03:43. | :03:50. | |
offset by rising oil production. Libya was previously a significant | :03:51. | :03:56. | |
exporter. But Iraq would shift the balance. If Iraq's production came | :03:57. | :04:02. | |
flying, that would be a significant gains. There is no way countries | :04:03. | :04:15. | |
like the US can fill the gap. How high could the price go potentially? | :04:16. | :04:23. | |
Certainly we would expect prices to go above $120. It depends how | :04:24. | :04:30. | |
significant the impact is. There is the potential for a meaningful price | :04:31. | :04:33. | |
spike beyond that. Possibly over $140. | :04:34. | :04:40. | |
Thank you for your perspective. We are keeping a close eye on that. Let | :04:41. | :04:45. | |
us talk about the chief executive of General Motors. He will be in | :04:46. | :04:49. | |
Washington today, facing tough questions from US lawmakers. She | :04:50. | :04:56. | |
will be appearing before a congressional subcommittee, looking | :04:57. | :05:02. | |
into GM's recall of 6.5 million cars for an ignition switch defect. A | :05:03. | :05:07. | |
malfunction that has been linked to at least 12 deaths. While the number | :05:08. | :05:12. | |
of recalls loan this year is close to 20 million, it is not the only | :05:13. | :05:18. | |
automaker that has been recalling colours. Ford and listen have also | :05:19. | :05:28. | |
recalled millions. How big is the problem for the industry? | :05:29. | :05:39. | |
Michael normally drives a cobalt. The car he is driving here was a | :05:40. | :05:43. | |
letter from General Motors. His car was one of 5 million that have been | :05:44. | :05:50. | |
recalled this year. All because of ignition switch malfunctions. I was | :05:51. | :05:56. | |
angry. This is something that she knew about four a number of years. I | :05:57. | :06:02. | |
have two young daughters. `` they knew about four. Although General | :06:03. | :06:11. | |
Motors has recalled more cars than it sold last year, it is not the | :06:12. | :06:18. | |
only automaker sending customers recall notices. Recalls up. | :06:19. | :06:23. | |
Surprisingly, that has not hurt sales. Americans are buying cars | :06:24. | :06:30. | |
again. And in record numbers. For many car makers in the US, May was | :06:31. | :06:36. | |
their best month in years. So much buying is tied to the economy as a | :06:37. | :06:43. | |
whole. That is why a lot of time is buying is not going to react closely | :06:44. | :06:49. | |
to these recalls. If there is momentum, people want to buy a car, | :06:50. | :06:57. | |
people want to buy a car. When General Motors's CEO faces US | :06:58. | :07:01. | |
lawmakers on Wednesday, this recent set of recalls is raising some | :07:02. | :07:08. | |
serious questions for America's biggest car maker. How widespread | :07:09. | :07:18. | |
are these safety issues? Japan's lawmakers are starting | :07:19. | :07:20. | |
long`awaited talks today on a bill to lift a ban on casino gambling. | :07:21. | :07:27. | |
Some say Japan has the potential to become one of the largest gambling | :07:28. | :07:30. | |
market in the world. Shinzo Abe says it will be the highlight of his | :07:31. | :07:39. | |
growth strategy. Is this a bit of a gamble? Will it pay off? | :07:40. | :07:44. | |
A big gamble that could result in major returns for the slowing | :07:45. | :07:49. | |
Japanese economy. A research paper says that Japan's potential revenue | :07:50. | :07:52. | |
from gambling could reach $40 billion. If you compare that to Las | :07:53. | :08:00. | |
Vegas, that is six times the strip's $6.5 billion total. It could | :08:01. | :08:06. | |
become Asia's second`largest gaming market after Macau. Currently it | :08:07. | :08:13. | |
allows betting on horse, bicycle and addresses as well as pension go. But | :08:14. | :08:19. | |
it is not enough to boost the economy. Another industry that would | :08:20. | :08:25. | |
be impacted is the reason. The Prime Minister is hoping on casino resorts | :08:26. | :08:30. | |
to attract travellers from overseas. `` tourism. 2020 is the year that | :08:31. | :08:37. | |
Tokyo is hosting the Summer Olympics. They are hoping that | :08:38. | :08:42. | |
gaming will be a positive catalyst for the economy. | :08:43. | :08:49. | |
The Canadian government has approved controversial plans for a new | :08:50. | :08:53. | |
pipeline linking Alberta to the Pacific Coast that will allow it to | :08:54. | :08:57. | |
ship oil to Asia. The northern gateway pipeline will transport more | :08:58. | :08:59. | |
than half a million barrels of oil per day from the oilfields. It is | :09:00. | :09:06. | |
expected to cost over $7 billion to build and is strongly opposed by a | :09:07. | :09:09. | |
large number of environmental groups and Canadian aboriginal peoples. | :09:10. | :09:18. | |
A bill that would make California the first state in the United States | :09:19. | :09:22. | |
to require warning labels on sugary drinks has been defeated. It was | :09:23. | :09:30. | |
rejected on a 7`8 vote on Tuesday as Democratic lawmakers doubted whether | :09:31. | :09:32. | |
a label would change consumer behaviour. It needed ten votes to | :09:33. | :09:38. | |
pass. The oil price has gone up again | :09:39. | :09:43. | |
today. We have talked about that. The Federal reserve will end its | :09:44. | :09:48. | |
meeting looking at the world economy and the US economy and the decisions | :09:49. | :09:52. | |
on interest rates and also whether it will pull back on stimulus | :09:53. | :09:56. | |
further. That is all from me for the time being. | :09:57. | :10:11. | |
The number of young people being admitted to hospital with Crohn's | :10:12. | :10:18. | |
disease has soared by | :10:19. | :10:19. |