09/12/2015 World Business Report

Now for the latest financial news with Aaron Heslehurst and

The price of oil has hit it's lowest level since the financial

While the price of iron ore has slipped to a 10-year low.

We'll be explaining why in just a moment.

And a possible end to Geo blocking ...well in Europe at least.

If the EU commission gets its way you could be watching your favourite

shows on sites like Netflix and Hulu - anywhere in those 28 countries.

I'm Aaron Heslehurst and this is a snapshot of the world of business.

I am not wearing a tie today. Please don't write in and complained. --

complain. We will get to iron ore in

a moment but lets start with oil. One of the main global prices

of the black stuff has dropped to below 40 dollars a barrel for

the first time in nearly 7 years. The cost of Brent Crude has

now fallen by more than 60 per It is falling

because there is too much supply as producing countries like Saudi

Arabia, America and Russia battle to At the same time global economic

growth is slowing - reducing demand. The falling oil price

does create winners. The price at the pump is now

falling around the world. In the UK it's approaching ?1

a litre, And for major oil

importers around the world including the likes of China and India,

a low price offers a major boost to Majore oil producing countries

like Saudi Arabia, Russia and Nigeria are all seeing their income

drop as a result of the low price. Nada Tawfik is in New York

and has the details on how the price Tuesday were certainly a volatile

day on the oil market. We saw prices swing between positive and negative

territory weighing on stocks before eventually steadying. It really

shows the continued concern about a supply glut that has weakened prices

for more than a year now. On Friday the OPEC meeting saw leaders failing

to meet an acceptance of terms. It could also depress prices because of

11th straight week of this. It does not bode well for the energy

industry in the US. The number of oil rigs working is at its lowest

level since 1999. US government addicts even greater decline

previously thought the next year. The price

of iron ore has also been hit hard by the commodity rout, falling to

$39.60 a tonne on Tuesday, That's fairly amazing

when you considerer that It peaked Rico Hizon joins me now

from Singapore, Bring up to speed From $200 in the last four years

down to around $39, and I continued one thing, it has to be hurting the

Australian. Absolutely, the prophets and the bottom line of many mining

companies are in the downturn in. Over the past year mining companies

are having a tough time, and one example is this company which is

expecting to make staggering cuts up to 85,000 jobs. That is too certain

of its staff in 2017. Investors did not see this coming. This mining

giant is announcing fresh cuts to its spending plan to reduce costs in

the face of the sinking commodity prices. Overall, with the continuing

slide of iron ore prices, mining shares are deep in the whole. China

is to be blamed as a slow economy has hurt demand for their resources.

This is what happened when I spoke to them earlier and they said that

if rises continue to fall, below $40, some companies will struggle to

break even and this could shutdown some medium and small sized mining

companies in the near to medium term. By the way, I have an extra

tie and it is in the mail. You will have it very soon.

Here's what the oil price and mining relates stocks are currently doing.

Slightly up a little bit. There are some in the mining giants cutting

85,000 jobs. It's being widely reported that

Dow Chemical Co and DuPont are The combined company would have

an estimated stock market value of $120 billion and employ over one

hundred thousand people world wide. It's understood that

if the deal goes ahead, the two companies would merge

as equals and both chief executives One of

the world's most famous gun-makers, Smith Wesson, has nearly tripled

its profits in three months to The firm said

its net income was $14.2m, for the period compared to $5.2m,

for the same quarter last year. Some analysts have said the surge

in gun sales across the US is due to worries over

restrictions on gun ownership - particularly in the wake of mass

shooting incidents in the country. Shares in Yahoo have jumped more

than 2% after reports it will not sell off its $32bn stake in Chinese

e-commerce group Alibaba. It follows pressure from investors

worried about a potentially huge Yahoo is now looking at spinning

off its core business instead. Now have you ever noticed how you

can watch something really great on the internet via your tablet,

smartphone or PC at home but then you travel with work or

for a holiday to another county and find that you can't get access

to see it anymore? It's all down to

copyright and something known That's the technology

that media firms, including the likes of Netflix, Hulu

and YouTube use ensure their content is only broadcast in specific,

territories where the content has Now the European

Commission wants to stop this If the proposal gets approval

anything available in one member country would also be

available in all others. As you might expect,

the media content industry is dead against the proposals fearing that

it could cost them a fortune The other major

change for copyright in the proposal is to ensure that

the rights to parody, quotation, and private copying are exactly the

same throughout all Member States. The European Commission is

expected to reveal its proposals later today and we can

get a little more on this now. Phil Sherrell, a technology Lawyer

at, Bird Bird. Good to see you. Thank you for

getting up at this terrible hour. I can only imagine that the media

companies are very upset about this. So the entire media and sport

industries have traditionally structured around putting their

right country by country. So the Premier League for example sells

rights to separate broadcasters across the EU and that is how they

can maximise their rights, and they would say maximise their investment

in the next lot of content. All of the content that we get online and

on our tablet, even the BBC iPlayer. Even one of our colleagues could not

explain to her children why she could not watch those shows while

she was on holiday. For the businesses, this is very big news

and potentially dilutes a lot of their revenue stream. That is

interesting. Because you have the likes of net flicks, the BBC because

they mostly by the content inside. What about the original owner of

that content -- Netflix. Had you reconcile the fact that the right

exists on multiple countries? It is likely to get through? It is a major

hurdle. It will be a big fight. It has to go through the legislative

process, but we are definitely keen to do something about this. It is a

barrier in Europe so we are keen to get rid of it. Thank you for that.

Don't forget you can get in touch with me and some of the

Head teachers in England claim schools are in a

"recruitment crisis" because so many teachers are leaving the profession

The National Association of Head Teachers says almost eight out

of ten schools are struggling with shortages.

It will present it's findings to the House of