Browse content similar to 29/10/2015. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with Sally | :00:00. | :00:00. | |
It's a growth versus reform debate for China's new five year plan, | :00:00. | :00:21. | |
will leaders concluding an economic strategy meeting embrace | :00:22. | :00:24. | |
And making money from the black stuff is that much | :00:25. | :00:34. | |
harder, today it's the turn of Shell to reveal | :00:35. | :00:37. | |
results, big write-downs are expected | :00:38. | :00:38. | |
as it mothballs drilling operations off Alaska and Canada. | :00:39. | :00:47. | |
Also in the programme, cash is king in Myanmar but is there space | :00:48. | :00:53. | |
Karishma Vaswani is there for us as voters prepare | :00:54. | :00:56. | |
A top-level Communist party meeting in China where the nation's economic | :00:57. | :01:00. | |
and social policies for the next five years are being hammered out | :01:01. | :01:03. | |
wraps up today; then the state media is due to start revealing what | :01:04. | :01:06. | |
elements will be included in the final plan, to be ratified in March. | :01:07. | :01:09. | |
One of the measures rumoured to be included is the end | :01:10. | :01:12. | |
Some commentators suggest the government could now formally allow | :01:13. | :01:24. | |
John Sudworth is in the town of Rudong in Jiangsu province, | :01:25. | :01:28. | |
once held up as a model of enforcement for the one child | :01:29. | :01:31. | |
policy, but now weighed down by an ageing population. | :01:32. | :01:41. | |
John, tell us more about how it has worked out there, this policy? How | :01:42. | :01:53. | |
might it change if the Chinese Communist Party takes on that idea? | :01:54. | :01:59. | |
It is extraordinary. There is no area in China that has enforced the | :02:00. | :02:04. | |
one child policy as much as this county. There are about a million | :02:05. | :02:09. | |
people, the results are everywhere. Half of all schools have closed over | :02:10. | :02:14. | |
the last decade, everywhere you look there are old people. We spoke to | :02:15. | :02:22. | |
one man who said he bitterly regretted the compliance with the | :02:23. | :02:26. | |
one child policy. His wife had two abortions against her will after | :02:27. | :02:30. | |
their first son was born. There son lives a long away and the man said | :02:31. | :02:34. | |
that if they had been allowed to have the two extra children, they | :02:35. | :02:38. | |
would not now be growing old alone. It gives you a sense of the cost of | :02:39. | :02:45. | |
the policy, this ticking demographic timebomb which is coming to fruition | :02:46. | :02:50. | |
here. The huge social cost, the burden, the declining workforce. | :02:51. | :02:54. | |
Many analysts suggest that faced with this reality, that the | :02:55. | :02:59. | |
Communist Party will now be forced to act. We may well get the formal | :03:00. | :03:07. | |
end of the one child policy and have it replaced with a two child policy. | :03:08. | :03:11. | |
Details will begin to emerge over the next few days. As you said, a | :03:12. | :03:17. | |
massive social cost. Also an economic cost. The Chinese | :03:18. | :03:21. | |
leadership cannot afford to carry on with the policy when they are | :03:22. | :03:34. | |
economy is slowing down? -- there. Yes, the policy is acting as a huge | :03:35. | :03:37. | |
drag on the economy. Whatever they do will be too little too late, the | :03:38. | :03:42. | |
demographic effect will be seen for years to come. Even if the birth | :03:43. | :03:46. | |
rate jumps overnight, it will take decades for the new berths to work | :03:47. | :03:51. | |
their way through. The big thing to watch will be the growth rate, a lot | :03:52. | :03:58. | |
of speculation that it will be lowered to 6.5%. Admission, things | :03:59. | :04:04. | |
are also slowing -- births. That is the absolute limit with the Chinese | :04:05. | :04:08. | |
economy, their limit they need to reach if they need to fulfil the | :04:09. | :04:14. | |
promise of doubling Z GDP from 2010 to 2020. It is a huge task -- the | :04:15. | :04:33. | |
GDP. They give us a very good clues about the future direction of | :04:34. | :04:38. | |
policy, and how the party leaders are grappling with some of these | :04:39. | :04:47. | |
huge challenges. It is fascinating to look back on the effects of the | :04:48. | :04:53. | |
policy, we will update you with changes from the Communist Party as | :04:54. | :04:54. | |
we receive them. Earlier this year, Shell famously | :04:55. | :04:56. | |
pulled out of a massive expedition to explore for oil in the Arctic | :04:57. | :04:59. | |
after drilling only one well. It's likely to include | :05:00. | :05:02. | |
a big write-down You'd expect investors | :05:03. | :05:05. | |
to be furious, but Shell is exciting them with | :05:06. | :05:17. | |
another plan - a buy-out of rival energy company BG | :05:18. | :05:20. | |
as Jeremy Howell reports. Shell pored over $6 billion into | :05:21. | :05:32. | |
their expedition to find oil of Alaska, once they were there they | :05:33. | :05:36. | |
drilled one well which they found dry and abandoned the project. They | :05:37. | :05:42. | |
know it is money must be written off against profits. Investors are now | :05:43. | :05:50. | |
interested in another big scheme that Shell has under Wacol in an $85 | :05:51. | :05:54. | |
million bid to buy out rival energy company BG. They have working | :05:55. | :05:59. | |
oilfields off the coast of Brazil and produce a great amount of | :06:00. | :06:11. | |
liquefied natural. Shell is good at deep water, which is one of the main | :06:12. | :06:19. | |
products of BG. Shell could see them grow, it could become the biggest | :06:20. | :06:24. | |
energy portfolio in the world after the deal closes. Shell has the same | :06:25. | :06:29. | |
problem as every other oil company. The price of crude has slumped over | :06:30. | :06:32. | |
the past year, because of the rise of hydraulic fracking in the US | :06:33. | :06:39. | |
which has pumped millions of extra barrels of oil onto the world | :06:40. | :06:44. | |
markets. The oil majors are now struggling to make revenues meet | :06:45. | :06:51. | |
costs. It is relatively easy to cut spending, moving back from the | :06:52. | :06:54. | |
frontiers. A few years people were talking about the Arctic as an | :06:55. | :06:58. | |
exciting place to explore, now they are retreating and calling for the | :06:59. | :07:02. | |
safer options which are less expensive. Oil companies are under | :07:03. | :07:07. | |
constant pressure to find new fields to replenish their reserves. Rather | :07:08. | :07:13. | |
than explore for crude in the Arctic or deep underwater, Shell has | :07:14. | :07:17. | |
decided it is cheaper to purchase a rival which has already found it. | :07:18. | :07:19. | |
Other majors may follow its lead. The other oil majors will be | :07:20. | :07:28. | |
reporting tomorrow. In other news: South Korea's Samsung | :07:29. | :07:32. | |
reported its latest results and It's thanks to | :07:33. | :07:35. | |
a revamped smartphone lineup. Its performance had lately been | :07:36. | :07:39. | |
affected by increasing competition with Apple as well | :07:40. | :07:41. | |
as cheaper Chinese products. In just over a week, Myanmar, | :07:42. | :07:51. | |
one of the poorest countries in South East Asia, heads to | :07:52. | :07:53. | |
the polls in an historic election. After 50 years of isolation, | :07:54. | :07:56. | |
Myanmar's economy is slowly opening But as our | :07:57. | :07:59. | |
Asia Business Correspondent Karishma Vaswani found out from Yangon, some | :08:00. | :08:09. | |
things in the largely cash-based Early-morning in the street market | :08:10. | :08:22. | |
in downtown Myanmar. You can smell the products in the air, people are | :08:23. | :08:27. | |
haggling over prices. Like in most of Myanmar, all of the transactions | :08:28. | :08:33. | |
are taking place in cash. In this society, cash is still king. At | :08:34. | :08:40. | |
banks across the country, money sits piled up on the floor. Debit and | :08:41. | :08:44. | |
credit cards are quite rare here. Most people pay for even the ticket | :08:45. | :08:49. | |
items, such as houses and cars, in cash. Myanmar is trying to introduce | :08:50. | :08:56. | |
more modern forms of banking that most of us in Asia are already used | :08:57. | :09:01. | |
to, such as ATM cards. As you can see, if a hard sell. Most people | :09:02. | :09:05. | |
still do not trust those kinds of services. Making a deposit into your | :09:06. | :09:12. | |
account means simply log the cash into the bank -- lugging. What would | :09:13. | :09:22. | |
you do if you had to move a million? In Myanmar, it's as easy as throwing | :09:23. | :09:31. | |
it on the back of a pickup truck - in Sachs, of course. The armed | :09:32. | :09:37. | |
guards, no fuss, just a lot of cash on the move -- sacks. Let's have a | :09:38. | :09:45. | |
look at the financial markets in Asia reacting to the news from the | :09:46. | :09:54. | |
Federal Reserve in the US. It has implied that perhaps in December at | :09:55. | :10:03. | |
the cost of oil will go up -- that. | :10:04. | :10:05. |