Browse content similar to 02/02/2016. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with World Business Report. | :00:00. | :00:15. | |
Oil giant BP will tell us how much its profits have been battered | :00:16. | :00:18. | |
Google's Alphabet trumps Apple, becoming | :00:19. | :00:21. | |
In a minute we'll take a look at the economic impact | :00:22. | :00:43. | |
of the Presidential Campaign as Iowa caucuses kick of in the US. | :00:44. | :00:51. | |
In the next two hours the oil giant BP will unveil just | :00:52. | :00:54. | |
how its bottom line has been hurt by the collapse in oil prices. | :00:55. | :00:57. | |
Taking a look at the firm's share price, you can see it has had | :00:58. | :01:01. | |
While dealing with the plummeting oil prices and company has also been | :01:02. | :01:06. | |
hit with billions of dollars if fines relating to the | :01:07. | :01:08. | |
Last month the company said it would cut 4,000 jobs globally | :01:09. | :01:12. | |
while slashing billions of dollars from spending on new projects. | :01:13. | :01:14. | |
Veteran financial journalist, Mickey Clarke takes a look back to see how | :01:15. | :01:17. | |
the recent price plunge compares to the falls he saw 30 years ago. | :01:18. | :01:39. | |
Sea oil has plummeted to a record low. Prices could fall to just $5 a | :01:40. | :01:47. | |
barrel. The once thriving North Sea oil sector was hit hard. Dormant oil | :01:48. | :01:54. | |
rigs across the coast of Scotland are a visible sign of the slump in | :01:55. | :02:03. | |
production. Remember him? The estimation was we need something | :02:04. | :02:06. | |
like 80 new developments. Unfortunately the vast majority are | :02:07. | :02:18. | |
falling by the wayside. This depression has hit the southern | :02:19. | :02:21. | |
states faster than ever before. As the prices dropped even the Texan | :02:22. | :02:25. | |
oil barons suffered. This is the most frightening time I have seen in | :02:26. | :02:30. | |
all my years in the business. Unless the pressure goes away as suddenly | :02:31. | :02:34. | |
as it appeared, it is going to be a bad spring. That is what is | :02:35. | :02:40. | |
frightening investors and producers today. China is no longer consuming | :02:41. | :02:44. | |
oil at the pace it was happy the boom in shale means the US is less | :02:45. | :02:48. | |
reliant on imports. Saudi Arabia refuses to cut back on production. | :02:49. | :02:52. | |
So the unanswered question is whether there will be a recovery. | :02:53. | :02:57. | |
Will it be quick or will it take 20 years like it did last time? In | :02:58. | :03:03. | |
terms of her price recovery 20 thing like $100 a barrel, if ever that | :03:04. | :03:08. | |
occurs, it will be a long way into the future because one of the key | :03:09. | :03:11. | |
parallels with the situation we have at the moment is that technology in | :03:12. | :03:15. | |
the form of US shale has once again proved able to commercialize a lot | :03:16. | :03:20. | |
of hydrocarbon and that genie is not going back in the bottle. And when | :03:21. | :03:32. | |
we hear from BP we will make sure we update you with the numbers. | :03:33. | :03:34. | |
Over to Asia now, and South Korea where we're | :03:35. | :03:36. | |
expecting economic news in the next day or two, Rico tell us more. | :03:37. | :03:49. | |
How has the South Korean economy been faring? Over the past year it | :03:50. | :04:00. | |
has been quite sluggish, and it could get the boost that it needs as | :04:01. | :04:04. | |
early as Wednesday because the South Korean government is set to unleash | :04:05. | :04:09. | |
a series of stimulus initiatives to jumpstart the country's economy | :04:10. | :04:12. | |
because over the past two days we have had a collapse in its export | :04:13. | :04:17. | |
numbers and then today, cooling inflation which is threatening the | :04:18. | :04:22. | |
fragile recovery. The slowdown in China continues to be a major | :04:23. | :04:25. | |
headache for South Korea, being a key trading partner. Of going | :04:26. | :04:31. | |
shipments to the mainland tumbled more than 20% in January, exports to | :04:32. | :04:35. | |
the US also fell and the Finance Minister also stressed that external | :04:36. | :04:39. | |
uncertainties have indeed increased since the start of the year because | :04:40. | :04:44. | |
of volatile Chinese stocks, falling oil prices and negative interest | :04:45. | :04:47. | |
rates that were adopted by the Bank of Japan last week. The minister | :04:48. | :04:52. | |
didn't specify exactly what measures would be implement it to support the | :04:53. | :04:57. | |
economy but analysts are speculating that the stimulus will probably be | :04:58. | :05:00. | |
aimed at job growth and not involve additional public spending. The | :05:01. | :05:08. | |
ministers also concerned about the inflation rate which cooled to its | :05:09. | :05:13. | |
lowest level since January last year. The Bank of Korea has a new | :05:14. | :05:21. | |
AGM on the 16th of February and they will be looking to cut interest | :05:22. | :05:22. | |
rates. Thank you. Alphabet, | :05:23. | :05:25. | |
the company which owns the search engine Google, has seen its share | :05:26. | :05:27. | |
price surge in after hours trading It has now overtake Apple to become | :05:28. | :05:30. | |
the most valuable company in the The group's revenue jumped from $18 | :05:31. | :05:34. | |
billion to over $21 billion. Google's Chrome, YouTube, | :05:35. | :05:38. | |
Android business is keeping Wall street happy | :05:39. | :05:40. | |
as more people are clicking on ads. Alphabet is about $568 billion, so | :05:41. | :06:13. | |
surpassing Apple. The total revenue was up about 17% which is in line | :06:14. | :06:17. | |
with what analysts had expected. That is off the back of its core | :06:18. | :06:21. | |
Google business and the strength with mobile ads and YouTube adds. | :06:22. | :06:26. | |
That was to be expected. What we're looking for in this report is how | :06:27. | :06:32. | |
the other part of Alphabet, there other ventures that are a bit more | :06:33. | :06:36. | |
ambitious, how they were affecting the overall company's revenue in | :06:37. | :06:37. | |
Outlook. -- and Outlook. The race for the White House starts | :06:38. | :06:44. | |
here, it's the beginning of election season in the US and | :06:45. | :06:47. | |
on Monday night the people of Iowa gathered at caucus sites to be the | :06:48. | :06:50. | |
first people in the United States to So what are the results likely | :06:51. | :06:54. | |
to be and what are the economic Jacob Parakilas is Assistant Head, | :06:55. | :06:58. | |
of US and the Americas Programme It has been quite a night. Very | :06:59. | :07:14. | |
surprising. American politics is always interesting. Phyllis in on | :07:15. | :07:29. | |
your reaction -- fill us in. Donald Trump came in second and not a | :07:30. | :07:33. | |
particularly strong second, he was only a few points ahead of Marco | :07:34. | :07:37. | |
Rubio who exceeded expectations. Ted Cruz, the senator from Texas, was | :07:38. | :07:41. | |
the winner on the Republican side. On the Democratic side, Bernie | :07:42. | :07:47. | |
Sanders and Hillary Clinton were nearly tied with Hillary Clinton a | :07:48. | :07:51. | |
fraction of a percentage point ahead but essentially that means they will | :07:52. | :07:54. | |
go into New Hampshire with the same amount of delegates. What do we know | :07:55. | :07:59. | |
about what the different candidates are saying regarding the economy? On | :08:00. | :08:02. | |
the Republican side, the major difference between Donald Trump and | :08:03. | :08:07. | |
the rest of the field, the rest of them are quite uniform in terms of | :08:08. | :08:12. | |
their economic policies, they are all in Cairo cutting taxes and | :08:13. | :08:18. | |
government reform and replacing ObamaCare -- in favour. Donald Trump | :08:19. | :08:25. | |
has said he would put a tariff on Chinese imports which is a major | :08:26. | :08:35. | |
difference. Talking about the TPP on the Democratic side, do they want to | :08:36. | :08:42. | |
unravel that? Bernie Sanders is authentically opposed to it. He is | :08:43. | :08:47. | |
opposed to free trade deals generally on the grounds that, in | :08:48. | :08:51. | |
his view, they hurt American workers. Hillary Clinton has also | :08:52. | :08:57. | |
come out against it but she has previously spoken in favour of it. | :08:58. | :09:00. | |
Her change of heart happened relatively late in the process. It | :09:01. | :09:05. | |
seems as though that is probably a matter of political positioning and | :09:06. | :09:08. | |
she is counting on a being passed by the time she gets into office. To | :09:09. | :09:13. | |
what extent is the economy and issue for voters this time? It is pretty | :09:14. | :09:18. | |
significant although there is a split between the Republicans and | :09:19. | :09:22. | |
Democrats. Republican rhetoric is much more about national security. | :09:23. | :09:29. | |
Thank you. It is all very interesting. We will keep you across | :09:30. | :09:30. | |
every twist and turn. In other news: It's reported Yahoo's | :09:31. | :09:32. | |
boss Marissa Mayer is set to reveal cost-cutting plans that include | :09:33. | :09:36. | |
slashing 15% of its workforce, that's roughly 1,600 jobs, | :09:37. | :09:38. | |
and closing some business units. Plans could be announced | :09:39. | :09:40. | |
after Yahoo's fourth-quarter results Executives have been under pressure | :09:41. | :09:42. | |
from investors, as Yahoo struggles to win bigger | :09:43. | :09:44. | |
share of US web searches. That is all from the, Whittlesea is | :09:45. | :09:58. | |
in. -- we will see you soon. It's emerged that the head of the | :09:59. | :10:06. | |
National Crime Agency was appointed amid concerns about her performance | :10:07. | :10:09. | |
as Chief Constable of Surrey Police. BBC News has learned that Surrey's | :10:10. | :10:12. | |
Police and Crime Commissioner was | :10:13. | :10:16. |