Browse content similar to 23/09/2014. Check below for episodes and series from the same categories and more!
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BBC World News. Now for the latest financial news with and World | :00:00. | 3:59:59 | |
Business Report. China reports a surprise pick`up in | :00:00. | :00:18. | |
production at its manufacturers but is this enough to calm nerves about | :00:19. | :00:24. | |
future growth. Preparing for the winter months. | :00:25. | :00:27. | |
Europe works out its energy strategy as the Russia`Ukraine crisis | :00:28. | :00:29. | |
continues. Welcome to World Business Report. | :00:30. | :00:41. | |
I'm Sally Bundock. Also in the programme, the second part in our | :00:42. | :00:44. | |
series on climate change takes us to New York. | :00:45. | :00:47. | |
But first, activity in China's manufacturing sector unexpectedly | :00:48. | :00:49. | |
picked up in September even as factory employment slumped to a | :00:50. | :01:07. | |
5.5`year low. At a conference in Singapore delegates are at concerned | :01:08. | :01:12. | |
about any change in supply and the impact it may have. Russia has | :01:13. | :01:19. | |
pipelines that radiate across the continent. Which countries are | :01:20. | :01:24. | |
likely to be hit hardest if relations between the countries get | :01:25. | :01:31. | |
worse? If you any, Latvia and Belarus are almost completely | :01:32. | :01:41. | |
reliant on Russia for natural gas. Normally Ukraine would also get 100% | :01:42. | :01:45. | |
of its gas supply from Russia but currently it has restricted supplies | :01:46. | :01:47. | |
to the Ukraine and so the exact amount Ukraine is receiving is | :01:48. | :01:50. | |
unclear. Either way, Ukraine still offers an important pipeline to the | :01:51. | :01:54. | |
rest of Europe. For example, 83% of Slovakia's gas originates in Russia | :01:55. | :01:57. | |
while 59% of Polish gas used comes from Russia. Moving further afield, | :01:58. | :02:00. | |
37% of Germany's gas, 29% of Italy's gas and 16% of France's gas comes | :02:01. | :02:08. | |
from Russian energy companies. Italy is particularly at risk. The | :02:09. | :02:11. | |
majority of its gas comes via the Ukrainian pipeline, the one that is | :02:12. | :02:15. | |
likely to be switched off first if relations between Kiev and Moscow | :02:16. | :02:23. | |
sour further. The rest of Europe including UK and Spain do not | :02:24. | :02:26. | |
receive any but they will be affected if there is a rise in | :02:27. | :02:32. | |
global prices if Russia decides to limit its supplier. | :02:33. | :02:35. | |
With me is Cornelia Meyer, chief executive of Meyer Resources, an | :02:36. | :02:37. | |
international economist and independent energy expert. If you | :02:38. | :02:43. | |
watch us all the time you will know she's a regular. Nice to you again. | :02:44. | :02:47. | |
It is that time of year when we head into the winter months in Europe. | :02:48. | :02:52. | |
There is always that thought that there could be energy issues but | :02:53. | :02:57. | |
this year it is much more critical. Where are we as we head into winter? | :02:58. | :03:05. | |
We are in a better place than we could potentially be because last | :03:06. | :03:10. | |
winter was quite mild and gas stocks are high. That said, all in all | :03:11. | :03:18. | |
Europe gets about 30% of its gas from Russia and about half of that, | :03:19. | :03:24. | |
15% comes through that Ukrainian pipelines. Germany will be OK | :03:25. | :03:29. | |
because they receive their gas directly through a pipeline that | :03:30. | :03:35. | |
goes directly to, recently built, to Germany. The people who are really | :03:36. | :03:47. | |
going to be affected are the the southern European region like Bosnia | :03:48. | :03:50. | |
that get all their gas from the European pipelaying. Sarajevo is | :03:51. | :03:56. | |
heated in the winter by a gas central heating system so they would | :03:57. | :04:01. | |
literally freeze to death. Europe, it is their own faults because one | :04:02. | :04:07. | |
has tried to diversify away from Russia with pipelines from | :04:08. | :04:14. | |
Azerbaijan, through Turkey. What happened is the Germans said, oh | :04:15. | :04:24. | |
no, book arrest could potentially be Errani and gas... `` it could be | :04:25. | :04:36. | |
book arrest, Iran. It shows there is no quick answer to this. This has | :04:37. | :04:41. | |
been going on for years. Each winter we have the discussion about | :04:42. | :04:47. | |
Europe's reliance on gas from Russia through Ukraine. They constantly | :04:48. | :04:52. | |
argue about unpaid bills, how big, how small the bills are. This year | :04:53. | :04:57. | |
we have the political and military crisis in eastern Ukraine, Russia, | :04:58. | :05:04. | |
sanctions. It is so much more complicated this year and so much | :05:05. | :05:11. | |
more is at stake this year. Certainly with the Ukrainian | :05:12. | :05:14. | |
pipelines there is a lot at stake. When you look at the other | :05:15. | :05:17. | |
pipelines, I think less so because if you look at what Russia needs as | :05:18. | :05:31. | |
well. 70% of its exploits `` it's exports are oil and ass. 20% of | :05:32. | :05:43. | |
GDP, 16% is oil and gas. They are heavily reliant on the budget. Thank | :05:44. | :05:45. | |
you very much. That is ongoing in you very much. That is ongoing in | :05:46. | :05:51. | |
Singapore and we will keep across any arrangements that come across. | :05:52. | :06:01. | |
Let's talk about China. Activity in manufacturing unexpectedly picked up | :06:02. | :06:05. | |
in September even as factory employment slumped to a 5.5 year | :06:06. | :06:15. | |
low. It adds to previously lacklustre news out of China that | :06:16. | :06:20. | |
paints a picture of slow growth. What now? How excited can we get | :06:21. | :06:26. | |
about this news? We go to Rico Hizon. You are always smiling. It is | :06:27. | :06:37. | |
a big relief short`term for investors after the string of weak | :06:38. | :06:42. | |
economic numbers pointing to a slowdown in the second largest | :06:43. | :06:49. | |
economy in the world. Domestic and export orders registering | :06:50. | :06:51. | |
improvement. Factory employment slumping to its lowest level since | :06:52. | :06:57. | |
2009 when a collapse in exports through tens of millions of Chinese | :06:58. | :07:00. | |
out of work. We are starting to see the impact of the string of | :07:01. | :07:07. | |
measures, stimulus measures implemented by Chinese authorities | :07:08. | :07:10. | |
to boost growth and they are having an impact on the economy. When you | :07:11. | :07:14. | |
talk to analysts they warn a slowdown in property is an ongoing | :07:15. | :07:21. | |
risk. The property market makes up 15% of GDP and according to industry | :07:22. | :07:28. | |
numbers there is 1.4 billion square metres of property outstanding and | :07:29. | :07:33. | |
that translates to 12 months of inventory that needs to be sold. | :07:34. | :07:38. | |
There is an oversupply of inventory in China's uppity market. There are | :07:39. | :07:44. | |
risks in the Chinese economy but many say GDP growth can be | :07:45. | :07:52. | |
maintained at 7.5% this year. OK, super, thank you. | :07:53. | :08:04. | |
It `` It's a high profile event attended by the world's political | :08:05. | :08:08. | |
and business leaders. This Tuesday the United Nations summit on climate | :08:09. | :08:13. | |
change gets under way in New York. But leaders from two of the world's | :08:14. | :08:16. | |
biggest polluters, China and India, are skipping the event. So will the | :08:17. | :08:20. | |
calls from who took to the street to demand change go unheeded? | :08:21. | :08:22. | |
In our week`long series on climate change, Michelle Fleury reports from | :08:23. | :08:25. | |
New York. The Big Apple knows how to put on a big show. UN | :08:26. | :08:27. | |
Secretary`General Ban Ki`moon, in the blue cap, and Al Gore joined | :08:28. | :08:40. | |
hundreds of thousands of `` of thousands on the streets. It is a | :08:41. | :08:46. | |
very powerful message that people should take climate change | :08:47. | :08:50. | |
seriously. It is very important and the governments are not doing | :08:51. | :08:54. | |
anything at an international level to put pressure. The march brought | :08:55. | :09:02. | |
people together. This economist is less confident of consensus among | :09:03. | :09:05. | |
politicians. It was wonderful to see that kind of show of profound | :09:06. | :09:13. | |
concern all over the world. I don't think political leaders are there. | :09:14. | :09:20. | |
This is still a world dominated by the geopolitics of fossil fuels. | :09:21. | :09:27. | |
Once America's richest man, John D Rockefeller made his fortune from | :09:28. | :09:30. | |
oil. His descendants say it is time to move away from fossil fuels and | :09:31. | :09:36. | |
invest in clean energy. It is a view shared by a growing number of | :09:37. | :09:41. | |
companies including this supermarket chain. The company helped build the | :09:42. | :09:49. | |
solar roof and wind turbines dotted around this car park of the | :09:50. | :09:56. | |
supermarket. This project, it is a great demonstration of different | :09:57. | :09:58. | |
technologies that are cost`effective. When businesses | :09:59. | :10:01. | |
trade out, show their neighbours what they are doing, a lot of other | :10:02. | :10:06. | |
companies will catch on. The success of businesses like this one reflects | :10:07. | :10:12. | |
a change in the way companies think about climate change. More and more | :10:13. | :10:19. | |
firms are taking into account the financial cost of doing nothing. | :10:20. | :10:24. | |
Some corporations are still putting profits before the planet and on | :10:25. | :10:28. | |
Monday Wall Street was filled with protesters. | :10:29. | :10:36. | |
A quick look at the markets. They were higher in Asia because of the | :10:37. | :10:41. | |
news about China. They have been hit by the situation in Syria with the | :10:42. | :10:47. | |
US airstrike beginning. Hong Kong is up just slightly. Much higher | :10:48. | :10:52. | |
earlier. Japan is closed for a public holiday. The US yesterday, | :10:53. | :10:57. | |
ended lower across the board. I will see you soon as we talk through the | :10:58. | :10:58. | |
papers. The Labour leader Ed Miliband will | :10:59. | :11:14. | |
today promise more spending on the NHS, more apprenticeships and to | :11:15. | :11:17. | |
double the number of first`time homebuyers. In his speech to his | :11:18. | :11:21. | |
party's conference in Manchester, the Labour leader is expected to say | :11:22. | :11:24. | |
that the money for the NHS will come from a new mansion tax on properties | :11:25. | :11:28. | |
worth more than ?2 million. Our political correspondent Carole | :11:29. | :11:28. | |
Walker | :11:29. | :11:30. |