Browse content similar to 11/05/2016. Check below for episodes and series from the same categories and more!
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Saudi Arabia says it's increasing production. | :00:00. | :00:18. | |
So, with prices already half of what they were two years ago, | :00:19. | :00:21. | |
could this move, criple some of their main rivals? | :00:22. | :00:29. | |
Another twist in the in the Facebook bias row. | :00:30. | :00:32. | |
Now, the US government wants to know how the tech giant picks | :00:33. | :00:35. | |
The Chief Executive of Aramco, Saudi Arabia's massive state-run oil | :00:36. | :00:47. | |
giant, says that production will increase this year ahead of a govt | :00:48. | :00:50. | |
Last month, the Saudi Royal family announced a plan to radically | :00:51. | :00:55. | |
Called Vision 2030, the plan aims to move | :00:56. | :00:58. | |
the country away from its dependence on oil and gas which account | :00:59. | :01:09. | |
However, oil prices are currently down by 60% from their peak of $115 | :01:10. | :01:23. | |
a barrel in June 2014, forcing the government to dip into their | :01:24. | :01:26. | |
One part of the plan to end this reliance | :01:27. | :01:33. | |
on oil, is to sell part of Aramco, effictively the family silverware. | :01:34. | :01:36. | |
The company is thought to be worth over $2.5 trillion. | :01:37. | :01:45. | |
The kingdom wants to sell 5% of it to help pay | :01:46. | :01:48. | |
for other projects providing economic certainty for the country. | :01:49. | :01:50. | |
However, it's worth noting the Saudi's are not pulling away | :01:51. | :01:53. | |
from pumping the black stuff, in fact they're going to pump even | :01:54. | :01:56. | |
more that could spell big trouble for other oil producers like | :01:57. | :01:58. | |
As part of the process, the normally secretive company | :01:59. | :02:12. | |
invited a select group of journalists for a rare visit to its | :02:13. | :02:15. | |
HQ in Dhahran, eastern Saudi Arabia, to meet senior chief executives and | :02:16. | :02:18. | |
Our business editor, Simon Jack, went along. | :02:19. | :02:56. | |
This is the south-eastern outpost of the energy empire. An empire that | :02:57. | :03:06. | |
controversially wants to sell a slice to foreign investors. Why now? | :03:07. | :03:11. | |
We have seen volatility before in 1998. They were below $10 a barrel. | :03:12. | :03:18. | |
It is a volatile being. What makes this different? They want to put the | :03:19. | :03:25. | |
Americans out of business. Do they want to hamstring Iran as it | :03:26. | :03:31. | |
re-emerges in the industry? Are they worried as we go towards a low | :03:32. | :03:36. | |
carbon future that by the time they get it out it won't be worth much so | :03:37. | :03:42. | |
they want to get out as much as they can. These are the questions for | :03:43. | :03:49. | |
Aramco, the most valuable company once the IPO comes along. Three | :03:50. | :03:56. | |
times Apple! They want to diversify their economy and they have many | :03:57. | :03:58. | |
young people who need something to do. This industry cannot sustain | :03:59. | :04:06. | |
them. Whatever the reason, there are some pretty epic things happening in | :04:07. | :04:09. | |
the oil industry in this epic landscape. Good on you, Simon. | :04:10. | :04:13. | |
Hopefully he will be back soon. A US Senate committee has launched | :04:14. | :04:16. | |
an inquiry into how social media giant Facebook picks the stories | :04:17. | :04:19. | |
for it's trending news list. The announcement comes only hours | :04:20. | :04:21. | |
after Facebook was forced to defended itself over claims | :04:22. | :04:24. | |
its Trending Topics, they're the stories that appear on the left-hand | :04:25. | :04:26. | |
side of your computer screen. suppressed stories supporting | :04:27. | :04:29. | |
conservative political viewpoints. A report | :04:30. | :04:30. | |
by technology news site Gizmodo said staff responsible for what was shown | :04:31. | :04:32. | |
to Facebook's 1.6 billion users frequently chose to bury articles | :04:33. | :04:35. | |
they did not agree with. Our tech correspondent Dave Lee has | :04:36. | :04:38. | |
been at Facebook's HQ in Silicon Valley | :04:39. | :04:40. | |
from where he sent us this update. The political views of | :04:41. | :05:00. | |
Mark Zuckerberg have always been fairly public, he recently used | :05:01. | :05:03. | |
a Facebook developers conference to announce policies that have been | :05:04. | :05:05. | |
suggested by Donald Trump. But the site has always insisted | :05:06. | :05:07. | |
that his views have not filtered down to Facebook itself, | :05:08. | :05:10. | |
and that stories are shared At these allegations put that | :05:11. | :05:13. | |
into doubt and the idea that staff were artificially adding | :05:14. | :05:21. | |
and subtracting trending topics would put the website's reputation | :05:22. | :05:23. | |
for impartiality at risk. The head of Facebook Search has come | :05:24. | :05:25. | |
out and said the allegations are untrue and pointed to the fact that | :05:26. | :05:29. | |
Facebook was sponsoring a It says users will demand | :05:30. | :05:31. | |
more transparency. Now, you may not have heard of TUI, | :05:32. | :05:55. | |
but you will know their main They're Europe's biggest tour | :05:56. | :05:59. | |
operator and today will reveal While terrorist attacks and security | :06:00. | :06:02. | |
concerns have hit traffic to places like Turkey we're still expecting | :06:03. | :06:06. | |
some good numbers with a rise in people holidaying in Spain | :06:07. | :06:08. | |
the Canary Islands and Mexico. Stuart Gordon, | :06:09. | :06:23. | |
Senior Analyst at Berenberg Bank. A familiar face. Thank you for | :06:24. | :06:38. | |
coming in. For companies in this business like TUI it is one thing | :06:39. | :06:43. | |
after another. Last year the terrorist attacks in the Niger cost | :06:44. | :06:48. | |
quite a bit, getting all those people back. -- Tunisia. And now | :06:49. | :06:55. | |
Turkey, which accounts for 40% of their business. It has been hit. | :06:56. | :07:02. | |
That is what they are telling us. That was after the last quarter. 40% | :07:03. | :07:10. | |
down. The key for them is that Turkey has happened before people | :07:11. | :07:21. | |
booked, where last year people were already there. It was a big issue | :07:22. | :07:24. | |
repatriated and people back. It is about whether they can manage that | :07:25. | :07:30. | |
capacity elsewhere in the world. And for airlines, easyJet, it is a | :07:31. | :07:37. | |
similar story. If people are staying away from the likes of Turkey and | :07:38. | :07:43. | |
North Africa, for TUI, is it offering safer other destinations? | :07:44. | :07:50. | |
Hopefully they will all be safer. That is for sure. As you said, Spain | :07:51. | :07:56. | |
will be a major destination. It is going to have a record year. | :07:57. | :08:01. | |
Definitely. The information coming out of hotels is that revenue is up | :08:02. | :08:06. | |
significantly year-on-year. Not only Spain. We are also reading that | :08:07. | :08:12. | |
holidaymakers are going further than usual. Are people just saying they | :08:13. | :08:19. | |
want to get away from Islamic State and the like and go to a safer | :08:20. | :08:26. | |
destination? That is part of it. If we look at the cycle just now people | :08:27. | :08:30. | |
are feeling relatively good about the world, employment is getting | :08:31. | :08:34. | |
better, wage inflation is starting to come back, people are spending | :08:35. | :08:39. | |
more on their holidays, the attraction of going further afield | :08:40. | :08:43. | |
is there any way. But some of the tragic events around the world has | :08:44. | :08:48. | |
perhaps played a part in their decision. For somebody like you, and | :08:49. | :08:52. | |
experts, you will be looking at these numbers coming out of TUI. -- | :08:53. | :09:01. | |
an expert. You will also be looking at the bookings. The book that holds | :09:02. | :09:07. | |
the bookings. That way you can see if people... My view is that people | :09:08. | :09:12. | |
will still go on holiday. But whether people will make the booking | :09:13. | :09:20. | |
already. Whether they will rely on the late booking cycle. Brussels | :09:21. | :09:27. | |
wasn't that long ago. The major focus today will be about what they | :09:28. | :09:35. | |
have to say about looking back -- looking patterns and whether people | :09:36. | :09:41. | |
have started looking at them yet. Short and sweet. Thank you. | :09:42. | :09:45. | |
Disney may be the company that claims to make dreams a reality | :09:46. | :09:48. | |
but they haven't been able to match Wall Street expectations with | :09:49. | :09:51. | |
Despite a string of box office hits the entertainment | :09:52. | :09:55. | |
group saw shares fall by 6% after posting a net profit | :09:56. | :09:57. | |
That's a big rise on the same period last year but | :09:58. | :10:02. | |
Budweiser beer plans to rebrand its cans for the summer | :10:03. | :10:25. | |
in a bid to capture the patriotism of US consumers. | :10:26. | :10:28. | |
The beer will have its name changed to "America" from May to September. | :10:29. | :10:31. | |
Budweiser is hoping to capture the patriotic spirit of Americans | :10:32. | :10:34. | |
focused on events like the US election, summer Olympics, | :10:35. | :10:36. | |
What on Earth is that? The Queen. Is this mine? While it isn't. Well put | :10:37. | :10:56. | |
it into the programme. Follow me on Twitter. I will be back shortly to | :10:57. | :11:03. | |
take a look at all those papers. See you later. | :11:04. | :11:11. | |
The Queen has been filmed making critical comments about the Chinese | :11:12. | :11:14. | |
during a state visit to the UK last year. | :11:15. | :11:16. | |
While speaking to the officer in charge of policing the event, | :11:17. | :11:19. | |
she said the delegation had been rude to the British ambassador. | :11:20. | :11:22. | |
The recording came just hours after the Prime Minister was | :11:23. | :11:24. | |
recorded calling Afghanistan and Nigeria "fantastically | :11:25. | :11:27. |