Browse content similar to 05/09/2014. Check below for episodes and series from the same categories and more!
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"Grossly negligent" ` BP is found largely to blame for the worst oil | :00:19. | :00:23. | |
spill in US history in a judgement that could mean $18 billion in | :00:24. | :00:31. | |
fines. Tightening the screws. Europe prepares to deepen sanctions against | :00:32. | :00:34. | |
Russia over its role in the Ukraine crisis. | :00:35. | :00:39. | |
Welcome to World Business Report. I'm Alice Baxter. In a moment, the | :00:40. | :00:47. | |
curse of the flat battery and what the gadget industry is doing about | :00:48. | :00:54. | |
it. We start with BP. It lost billions of dollars in stock market | :00:55. | :00:57. | |
value on Thursday after a US judge found it "grossly negligent" and | :00:58. | :01:00. | |
"reckless" in the Gulf of Mexico oil spill four years ago. The explosion | :01:01. | :01:06. | |
on the Deepwater Horizon rig in April, 2010, killed 11 workers and | :01:07. | :01:09. | |
pumped oil into the sea for three months, causing the worst | :01:10. | :01:11. | |
environmental disaster in US history. BP has already had to pay | :01:12. | :01:20. | |
some $42 billion in charges and compensation. Thursday's ruling | :01:21. | :01:27. | |
means it's liable for up to $18 billion in new fines. The BBC's | :01:28. | :01:37. | |
Michelle Fleury explains. The district Judge rules BP was | :01:38. | :01:40. | |
reckless in the run`up to the catastrophe which saw millions of | :01:41. | :01:43. | |
barrels of oil spill into the Gulf of Mexico in what is called the | :01:44. | :01:48. | |
worst marine disaster in US history. He says that because of that it was | :01:49. | :01:53. | |
the gross negligence and wilful misconduct that led to the scale and | :01:54. | :01:57. | |
size of this damage, which not only cost the lives of some of those | :01:58. | :02:01. | |
working there but also cost billions of dollars in losses in terms of | :02:02. | :02:05. | |
tourism and also to the fishing industry in the area. BP says it | :02:06. | :02:12. | |
plans to appeal this decision. Everyone has been looking to see | :02:13. | :02:15. | |
what size penalties would BP have to pay in terms of the clean water act | :02:16. | :02:21. | |
and the ruling today goes a long way towards playing into that. How it | :02:22. | :02:27. | |
works is that under the act, if a company like BP was found grossly | :02:28. | :02:31. | |
negligent, as it has been today, then the fine it would have to pay | :02:32. | :02:35. | |
would be substantially higher and the penalty is worked out based on | :02:36. | :02:38. | |
the amount, the barrels of oil, but also the degree of negligence. It | :02:39. | :02:43. | |
could pay per barrel of oil spilt into the Gulf of Mexico $4300 per | :02:44. | :02:51. | |
barrel. That puts the fine potentially into the $18 billion | :02:52. | :02:55. | |
region. A lot at stake, given it has so far only set aside 3.5 million | :02:56. | :02:59. | |
dollars to cover the potential penalties. | :03:00. | :03:02. | |
As the Ukrainian government and Russian separatists prepare for | :03:03. | :03:05. | |
peace talks later this Friday, the European Union is set to unveil new | :03:06. | :03:08. | |
sanctions against Russia over its role in the conflict. On Thursday, | :03:09. | :03:12. | |
British Prime Minister David Cameron told the BBC the sanctions are | :03:13. | :03:18. | |
working. But how much more can Europe do, given its reliance on | :03:19. | :03:22. | |
Russian oil and gas? Let's take a look. Russia's biggest state owned | :03:23. | :03:25. | |
banks already face restricted access to EU capital markets, effectively | :03:26. | :03:27. | |
cutting them off from Western funding. 30% of assets held by | :03:28. | :03:34. | |
Russian banks have already been constrained, according to a US | :03:35. | :03:40. | |
estimate. It's thought the EU could widen those restrictions to smaller | :03:41. | :03:43. | |
banks and other types of company, like energy and defence. It may also | :03:44. | :03:48. | |
ban sales of so called dual use technology to Russia, technology | :03:49. | :03:55. | |
that could have a military use. It's also been discussing isolating | :03:56. | :04:06. | |
Russia in other ways, like sport. A boycott of the 2018 World Cup in | :04:07. | :04:09. | |
Russia is thought to be under discussion, though won't be on the | :04:10. | :04:13. | |
agenda today. Joining me is Otilia Dhand, an Eastern Europe analyst at | :04:14. | :04:18. | |
Teneo Intelligence. What sort of further sanctions could we see | :04:19. | :04:22. | |
unveiled today? We are likely to see a tightening of the already existing | :04:23. | :04:28. | |
regime of sanctions in the EU. Level three sanctions? Yes. We call them | :04:29. | :04:37. | |
level three light. They target individual sectors but leave bits | :04:38. | :04:40. | |
and pieces out. Right now we have a sort of level three sanctions on | :04:41. | :04:45. | |
four different areas. That's the financial sector, the energy sector, | :04:46. | :04:53. | |
technology and military equipment. So probably the most important | :04:54. | :04:56. | |
changes will happen in the financials are regulation. That | :04:57. | :05:02. | |
would be a tightening of a ban on access to capital markets, the | :05:03. | :05:06. | |
tightening of the window from 90 days down to 30 days. Very likely | :05:07. | :05:11. | |
the inclusion of syndicate loans, which really matters to Russian | :05:12. | :05:17. | |
companies. They use them for borrowing international markets. And | :05:18. | :05:20. | |
also perhaps looking at various banks that don't necessarily have | :05:21. | :05:26. | |
50% state capital participation, but do matter in the context of Russian | :05:27. | :05:29. | |
economy. In terms of the energy sector, we will probably see a | :05:30. | :05:38. | |
tightening of a ban on various services and technological | :05:39. | :05:41. | |
solutions, especially to offshore and Arctic drilling. In terms of | :05:42. | :05:51. | |
jewel use technology, `` dual use technology, this probably won't | :05:52. | :05:57. | |
change. But perhaps the list of users that are impacted by the ban | :05:58. | :06:02. | |
right be expanded. Finally, the arms sector is likely going to include | :06:03. | :06:09. | |
the deals that are current because right now only the future deals are | :06:10. | :06:13. | |
impacted. But the current deals could be included, as the French | :06:14. | :06:24. | |
indicated they. One of the largest deal that has been happening. `` | :06:25. | :06:36. | |
they will no longer go ahead with. Whatever the EU is willing to do, it | :06:37. | :06:40. | |
won't change Russia's policy in Ukraine. The stuff that would change | :06:41. | :06:50. | |
the policy in Ukraine is probably beyond the red line that the EU | :06:51. | :06:54. | |
would be willing to implement. The current changes considered are going | :06:55. | :07:00. | |
to be an expression of solidarity of the EU but not something that would | :07:01. | :07:07. | |
stop Russia. Very fascinating. Thank you for coming in and talking to us. | :07:08. | :07:11. | |
To the world of technology now. As devices get ever smaller and more | :07:12. | :07:14. | |
powerful, there's one drawback. Batteries aren't getting any better. | :07:15. | :07:19. | |
Their life seems to get shorter and shorter between recharges and it's | :07:20. | :07:23. | |
driving consumers mad. The BBC's Dave Lee reports now from the IFA | :07:24. | :07:26. | |
technology show in Berlin on what the industry is doing about it. | :07:27. | :07:32. | |
This conference in Berlin is the best chance for the biggest | :07:33. | :07:35. | |
technology names to roll out their hopes ahead of the holiday season. | :07:36. | :07:39. | |
As ever, the new technology is all about doing more with less. More | :07:40. | :07:44. | |
features, smaller gadgets come up which poses something of a problem. | :07:45. | :07:50. | |
The biggest problem, something I hear universally for phone users, is | :07:51. | :07:54. | |
what is the point of these brilliant innovations and features if they | :07:55. | :07:57. | |
drain your device so quickly that you can't use it? Batteries are the | :07:58. | :08:01. | |
biggest headache right now. The technology is moving at `` moving at | :08:02. | :08:07. | |
glacial pace and everyone is engineering around it. An entire | :08:08. | :08:10. | |
industry has grown around the fact we are so desperate to keep our | :08:11. | :08:15. | |
devices charged. I generally have a bagful of micro` USB chargers and a | :08:16. | :08:20. | |
time of charges in a different bag. When I travel overseas, I have a bag | :08:21. | :08:24. | |
of adapters. You can't talk to anyone, you can't take pictures. If | :08:25. | :08:31. | |
you have 1% you get nervous. The most important one is if you get the | :08:32. | :08:36. | |
charger and try to get it before you go below 1%. Realising the | :08:37. | :08:42. | |
frustration, technology makers are trying to convince tech fans that | :08:43. | :08:45. | |
they have some solutions. First of all, we put in batteries in the | :08:46. | :08:50. | |
phones. As we announced in our recent models, we have quite a large | :08:51. | :08:57. | |
battery that allows users to put the phone through its paces. We put in a | :08:58. | :09:01. | |
memory onto the display module, so you can catch the images you see and | :09:02. | :09:08. | |
it won't need to refresh over and over again. It's radically reduces | :09:09. | :09:13. | |
the power needed. They want more power efficient screens, the | :09:14. | :09:19. | |
components. It is quite striking. Some people are making progress. The | :09:20. | :09:23. | |
other thing is battery modes, so you can save stuff when you are in an | :09:24. | :09:26. | |
emergency. Dim the screen, turn certain functions. `` certain | :09:27. | :09:38. | |
functions of. `` off. The feature everyone really wants is for the | :09:39. | :09:44. | |
device to stay on. The euro had its biggest daily fall | :09:45. | :09:47. | |
in three years on Thursday after the European Central Bank slashed | :09:48. | :09:50. | |
interest rates again and began a trillion euro asset buying | :09:51. | :09:53. | |
programme. The new stimulus measures for Europe's stagnant economy took | :09:54. | :09:55. | |
markets by surprise, sending the region's stock markets surging. | :09:56. | :10:06. | |
Let's have a quick look to see how stocks are getting on in Asia. Many | :10:07. | :10:10. | |
of them have fallen across the region. Investors are staying on the | :10:11. | :10:16. | |
sidelines because the key report from the US will be out later today. | :10:17. | :10:34. | |
Let's focus on another story. Experts in tobacco addiction claim | :10:35. | :10:39. | |
thousands of lives could be saved every year if smokers switched to | :10:40. | :10:42. | |
electronic cigarettes. They say government policy should not be | :10:43. | :10:45. | |
influenced by what they described as alarmist misinterpretations of | :10:46. | :10:50. | |
evidence. Last month, the World Health Organization recommended | :10:51. | :10:53. | |
banning the use of e`cigarettes indoors. Here's Jane | :10:54. | :10:55. |