Browse content similar to 02/12/2015. Check below for episodes and series from the same categories and more!
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Now for the latest business news in World Business Report. | :00:00. | :00:15. | |
Choking off the biggest source of money. | :00:16. | :00:17. | |
An estimated $40 million a month for the militant group IS. | :00:18. | :00:25. | |
The question is, can you increase strikes like these here on oil the | :00:26. | :00:28. | |
fields without doing permanent long lasting damage to those fields? | :00:29. | :00:32. | |
And talk about being generous, Facebook founder | :00:33. | :00:34. | |
and his wife pledge to their new baby daughter to give away 99% | :00:35. | :00:37. | |
We have lots going on. Give me eight minutes and I will give you | :00:38. | :00:59. | |
fascinating stuff. Pressure is mounting to choke | :01:00. | :01:03. | |
off the biggest source of revenue for the militant IS group | :01:04. | :01:05. | |
- that is of course oil. The US says it's the best | :01:06. | :01:09. | |
funded terrorist organisation Today, the British Parliament | :01:10. | :01:12. | |
is due to vote on whether it too The US estimates oil revenue | :01:13. | :01:20. | |
generates about $40 million Jihadists control swaths | :01:21. | :01:24. | |
of territory in Syria and Iraq It is estimated one third of ISIS' | :01:25. | :01:34. | |
oil revenue comes from fields But so far security forces have | :01:35. | :01:42. | |
taken care not to do irreversible damage to the oil sites so that they | :01:43. | :01:55. | |
can be used again in the future. So, now, the new goal | :01:56. | :01:59. | |
of the coalition forces is to knock out specific installations | :02:00. | :02:02. | |
for six months to a year. Neil Atkinson, head of analysis | :02:03. | :02:04. | |
at Lloyd's List Intelligence. Great to have you. Thank you for | :02:05. | :02:21. | |
coming in. Let's start with that - can you knock out part of an oil | :02:22. | :02:26. | |
field for six months to a year? It is difficult to do it from the air. | :02:27. | :02:31. | |
In your headlines, you are referring to special forces of some kind. They | :02:32. | :02:37. | |
may achieve it. By doing it by bombing it is hard to see how to be | :02:38. | :02:43. | |
so specific and targeted. Talking about keeping the facilities | :02:44. | :02:48. | |
available and ready for some time when IS forces have been removed | :02:49. | :02:55. | |
from those areas, and what normality can be returned is important, | :02:56. | :02:59. | |
because without those facilities providing fuel, normal life cannot | :03:00. | :03:03. | |
function. It is a difficult dilemma. They can do it if they use special | :03:04. | :03:08. | |
forces as opposed to bombing. Boots on the ground kind of situation. Can | :03:09. | :03:14. | |
I ask you, we are looking at bombing pictures, I am just a layman, but we | :03:15. | :03:20. | |
have seen images of miles of trucks carrying oil. Would you not target | :03:21. | :03:26. | |
distribution or even those who are buying stuff? One of the mysteries, | :03:27. | :03:32. | |
it is no secret that hundreds of trucks literally sit in a line | :03:33. | :03:38. | |
waiting to be loaded with fuel, moving off to around the Middle | :03:39. | :03:42. | |
East, not just Syria and Iraq. It does seem strange that even more | :03:43. | :03:47. | |
action has not been taken against those convoys because ultimately the | :03:48. | :03:55. | |
refineries, the oil producing fields, where crude oil is turned | :03:56. | :03:59. | |
into products, into something usable, that is OK. The fuel is no | :04:00. | :04:06. | |
use if it is sitting in a refinery. It has to move around. If you can | :04:07. | :04:11. | |
see it being moved around in trucks, because there are no pipelines, they | :04:12. | :04:15. | |
not near the coast, so it is not moving on ships, if you can see the | :04:16. | :04:21. | |
trucks from the air, sometimes they are almost literally miles long, | :04:22. | :04:25. | |
waiting to be loaded, and once loaded they move along, then they | :04:26. | :04:30. | |
are sitting ducks. Unfortunately, time is short, but we appreciate | :04:31. | :04:34. | |
your time and we will keep across it, as I know you will. | :04:35. | :04:38. | |
Facebook founder Mark Zuckerberg and his wife Priscilla Chan have | :04:39. | :04:41. | |
pledged to give away the vast majority of their shares | :04:42. | :04:44. | |
They made the announcement in a letter to their new daughter | :04:45. | :04:52. | |
Max - posted on Facebook - saying they wanted to make the world a | :04:53. | :04:55. | |
The couple say they will give away 99% of their shares to causes | :04:56. | :05:00. | |
which advance human potential and promote equality. | :05:01. | :05:04. | |
At the moment that share value equates to about $45 billion. | :05:05. | :05:06. | |
The couple say they'll give more details on the donation when they | :05:07. | :05:09. | |
The BBC's Dave Lee is in San Francisco. | :05:10. | :05:25. | |
Our very own. Good to see you. We are waiting for more information. | :05:26. | :05:33. | |
What do we know so far in terms of how they plan to give it away. It is | :05:34. | :05:38. | |
under some trust, I think. And what sort of period are we talking about? | :05:39. | :05:44. | |
While, they say they're going to put money into this initiative, the | :05:45. | :05:52. | |
initiative for the rest of their lifetime -- well. They will get | :05:53. | :05:57. | |
around $1 billion a year. What they plan to do is put money into | :05:58. | :06:03. | |
education, into human advancement - like you have mentioned - and | :06:04. | :06:08. | |
crucially in the press release they want to invest in taking part in | :06:09. | :06:12. | |
policy debate. That sounds like lobbying. A close I will be on what | :06:13. | :06:18. | |
this charitable organisation - it is not a charity but a company - what | :06:19. | :06:21. | |
they're supposed organisation will do in the real world -- eye. | :06:22. | :06:27. | |
Everyone can agree that $45 billion as it stands right now is surely an | :06:28. | :06:31. | |
extremely big gesture. So, the ambition from them to give this | :06:32. | :06:39. | |
money is admirable, at least. You mentioned, it is a big number. How | :06:40. | :06:43. | |
does it stack up against others, what comes to mind is of course Bill | :06:44. | :06:47. | |
Gates of Microsoft. I wonder if it pressures others to do something | :06:48. | :06:53. | |
similar? I think that is not bad if it is the case. We are seeing an | :06:54. | :07:00. | |
interesting trend of tech millionaires and billionaires not | :07:01. | :07:05. | |
waiting until they are retired. Warren buffet, when congratulating | :07:06. | :07:11. | |
Mark Zuckerberg on his daughter's birth and this initiative, he said | :07:12. | :07:16. | |
he thinks 30 is the new 70 when it comes to giving away money. Don't | :07:17. | :07:19. | |
wait until you are dead and retired but donate your money when you are | :07:20. | :07:22. | |
young enough to see it put to good use. Indeed. I have two things to | :07:23. | :07:28. | |
state - I wonder if they have heard of my foundation, we could always | :07:29. | :07:33. | |
use a little bit. And if I was the kid, Max, when I was older, I would | :07:34. | :07:37. | |
be a little bit angry at them. Great stuff, speak to you soon. Nice palm | :07:38. | :07:39. | |
tree! In other news: New data | :07:40. | :07:40. | |
from Australia shows the economy grew 0.9% | :07:41. | :07:42. | |
in the three months to September. That's more than expected and | :07:43. | :07:47. | |
it's all down to rising exports. Despite a slowdown in its biggest | :07:48. | :07:49. | |
trading partner, China, and falling commodity prices, exports rose | :07:50. | :07:52. | |
by 4.6% in the quarter. A US court has ordered that the Bank | :07:53. | :07:54. | |
of China pay a fine $50,000 each day for refusing | :07:55. | :08:02. | |
to turn over information on Chinese customers accused | :08:03. | :08:05. | |
of selling fake luxury goods. Five corporate sponsors of Fifa have | :08:06. | :08:19. | |
called for oversight. They have been involved in allegations of | :08:20. | :08:22. | |
corruption since authorities indicted officials over summer. The | :08:23. | :08:27. | |
letter was sent from Adidas, McDonald's, Coca-Cola and | :08:28. | :08:28. | |
Budweiser. A US court has ordered that the Bank | :08:29. | :08:33. | |
of China pay a fine $50,000 each day for refusing | :08:34. | :08:35. | |
to turn over information on Chinese customers accused | :08:36. | :08:39. | |
of selling fake luxury goods. The bank has been held | :08:40. | :08:42. | |
in contempt of court and will have to start paying | :08:43. | :08:44. | |
the daily penalty from next week. The Bank of China is planning to | :08:45. | :08:47. | |
appeal the order and the fine. As part of the BBC's 100 Women | :08:48. | :08:58. | |
series, we've been meeting young businesswomen, profiling 30 | :08:59. | :09:01. | |
women from around the world. Melanie Goldsmith's alcoholic sweets | :09:02. | :09:03. | |
are now sold in high end London stores after she made them | :09:04. | :09:05. | |
for a dating event. Her advice for would-be | :09:06. | :09:08. | |
entrepreneurs is to make sure people are willing to buy into your idea | :09:09. | :09:10. | |
and that consumers are willing to My biggest moment of joy was higher | :09:11. | :09:29. | |
in our first full-time employee. When someone gets it, and they've | :09:30. | :09:35. | |
come out of nowhere, you know, they're not a family member of | :09:36. | :09:39. | |
anything, it is a really, really NICE. We make deconstructed edible | :09:40. | :09:43. | |
cocktails, which we call cocktail pastilles. There is no success is so | :09:44. | :09:50. | |
encompassing on who's behind it. My name's Melanie Goldsmith, I'm 26 | :09:51. | :09:53. | |
years old and I'm at the director of Smith and Sinclair. -- and I'm the | :09:54. | :09:56. | |
direct. I will be back to look at some of | :09:57. | :10:06. | |
the papers from around the world -- director. Ta | :10:07. | :10:07. |