Browse content similar to 15/03/2017. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Now for the latest financial news with Sally Bundock | :00:00. | :00:00. | |
Federal Reserve Chief Janet Yellen is expected to announce another rise | :00:00. | :00:22. | |
Watching the black stuff - oil prices are back in focus | :00:23. | :00:34. | |
with the price falling despite the efforts of OPEC. | :00:35. | :00:39. | |
Also in the programme, we have the latest numbers from Cathay Pacific. | :00:40. | :00:51. | |
They are back in the red. We will explain the details in a moment. | :00:52. | :00:53. | |
It's the day global markets have been waiting for - | :00:54. | :00:56. | |
on Tuesday, the US Federal Reserve started its two-day meeting | :00:57. | :00:59. | |
and is widely expected to raise interest rates when the meeting | :01:00. | :01:08. | |
Fed policymakers are tipped to raise interest rates by a quarter point, | :01:09. | :01:14. | |
and it won't surprise markets, they've already priced this in. | :01:15. | :01:17. | |
It's what Janet Yellen says after the meeting analysts | :01:18. | :01:22. | |
will scrutinise for clues about how fast rate rises | :01:23. | :01:25. | |
And the Fed may talk about reversing a key part of its financial crisis | :01:26. | :01:34. | |
recovery plan, to reduce its $1.76 trillion holding of mortgage-backed | :01:35. | :01:37. | |
securities - these assets were bought at the height | :01:38. | :01:42. | |
an improving US economy and the Trump Administration's | :01:43. | :01:57. | |
policy agenda of infrastructure spending and tax cuts, | :01:58. | :02:01. | |
We'll start our reports on a factory floor in New York | :02:02. | :02:08. | |
from where Michelle Fleury sent this report. | :02:09. | :02:20. | |
An increasingly common sight in America today. Machines making | :02:21. | :02:26. | |
everything from factory robots to aircraft landing gear. After a | :02:27. | :02:32. | |
painfully slow recovery, the sights and sounds of economic activity. | :02:33. | :02:37. | |
Nearly everyone who wants a job in the US has one. It has been getting | :02:38. | :02:43. | |
better for us since 2008 and 2009. It is the worst I have seen in my | :02:44. | :02:47. | |
working life. I am seeing more jobs coming back to the US. At this | :02:48. | :02:52. | |
factory in Brooklyn they make metal parts, mainly for the aviation | :02:53. | :02:56. | |
industry. Like many factories across the United States, there is lots | :02:57. | :03:00. | |
going on, and room to grow. We are fortunate we have a steady flow of | :03:01. | :03:06. | |
business now, and for the foreseeable future, we will have a | :03:07. | :03:10. | |
steady flow of business. Activity that has not gone unnoticed by this | :03:11. | :03:14. | |
woman. Federal Reserve chair Janet Yellen is among those making the | :03:15. | :03:18. | |
case that the world's largest economy is strong enough to | :03:19. | :03:21. | |
withstand higher interest rates, making the prospect of a rate hike | :03:22. | :03:26. | |
in March a near certainty. The economy is clearly ready for another | :03:27. | :03:30. | |
rate hike. Inflation is moving towards the Federal Reserve's target | :03:31. | :03:35. | |
of 2%, the job market is in very good shape, and financial market | :03:36. | :03:38. | |
conditions have eased. Back in Brooklyn, Mike D Marino sees the | :03:39. | :03:43. | |
prospects of higher rates as a vote of confidence in the economy. -- | :03:44. | :03:50. | |
DiMarino. It is probably a good time to raise interest rates, although I | :03:51. | :03:55. | |
do not want to pay more interest. On Wall Street, investors are prepared, | :03:56. | :03:58. | |
even looking ahead and wondering about the pace of future hikes. If | :03:59. | :04:02. | |
the Federal Reserve does raise interest rates, this will be only | :04:03. | :04:06. | |
the third time it has done so since the global financial crisis. Almost | :04:07. | :04:12. | |
a decade later, it would send a signal that the US economy is | :04:13. | :04:14. | |
returning to some kind of normality. With me is Stephanie Hare, | :04:15. | :04:19. | |
independent political risk analyst. So, hearing from Michelle, gauging | :04:20. | :04:31. | |
how the economy is doing, those who are seeing it churn on the factory | :04:32. | :04:35. | |
floor, as it were, but today the rate rises seen as a given and so | :04:36. | :04:39. | |
the question is what is going to happen next? As you said, it is an | :04:40. | :04:43. | |
expected rate rise. We think there will be several more this year. And | :04:44. | :04:46. | |
there was one in December. It is important to take a longer view on | :04:47. | :04:50. | |
this. These rises are the result of the fact that we have not had many | :04:51. | :04:54. | |
rate rises since the financial crisis of 2008. So in one sense it | :04:55. | :04:58. | |
is a sign and a confirmation of the growth of the US economy, and if we | :04:59. | :05:02. | |
raise interest rates, it is because we are worried about things like | :05:03. | :05:05. | |
inflation, for instance. But there are all sorts of other problems | :05:06. | :05:09. | |
here, many things that can go in the mix. We are looking at how expensive | :05:10. | :05:13. | |
the US dollar is, how that is going to affect US exports. What will this | :05:14. | :05:16. | |
do for things like employment, productivity? And of course there is | :05:17. | :05:20. | |
a very big question about the independence of the Federal Reserve, | :05:21. | :05:23. | |
which President Trump has really question. The Federal Reserve chair, | :05:24. | :05:27. | |
Janet Yellen, will be under a lot of the sheer to decide her pace, what | :05:28. | :05:32. | |
she wants to do in trying to control this rate rise cadences. So she has | :05:33. | :05:37. | |
all but to consider, but also, her and her team at the Federal Reserve | :05:38. | :05:42. | |
have to figure out the impact of Trump's plans, infrastructure | :05:43. | :05:45. | |
spending and tax cuts, of which we still know very little about, so it | :05:46. | :05:50. | |
is hard to gauge? Exactly. We do not have the details you to understand | :05:51. | :05:53. | |
how to square that circle, and say that we are going to cut taxes and | :05:54. | :05:57. | |
have deregulation but we're not going to a rise in inflation. We are | :05:58. | :06:01. | |
also looking to see how that will trickle through India job market. | :06:02. | :06:04. | |
Who will benefit from this rate rise? Will it be banks, or workers? | :06:05. | :06:08. | |
Stephanie, thank you very much indeed. We will speak to her again | :06:09. | :06:13. | |
later on, but for now we are going to interrupt the business agenda. We | :06:14. | :06:17. | |
can take you live to South Korea, Busan. I am sure you recognise | :06:18. | :06:22. | |
Professor Robert Kelly with his beautiful wife and two children. | :06:23. | :06:28. | |
Let's listen in. ... She is frantically trying to salvage the | :06:29. | :06:40. | |
professionalism of the interview. Our children were not hurt. | :06:41. | :06:47. | |
TRANSLATOR TRANSLATES INTO KOREAN. When Maryanne speaks in the clip, | :06:48. | :06:53. | |
she says in Korean, "Why, ma'am?" Because she is responding in | :06:54. | :06:57. | |
surprise, because we normally do not treat our children the way that you | :06:58. | :07:00. | |
see in the clip. TRANSLATOR TRANSLATES INTO KOREAN. In the same | :07:01. | :07:18. | |
vein, no, I was not shoving Maryanne out of the way when I tried to move | :07:19. | :07:21. | |
her behind the chair. TRANSLATOR TRANSLATES INTO KOREAN. I was trying | :07:22. | :07:31. | |
to slide Maryanne behind the chair, because we have toys and looks in | :07:32. | :07:41. | |
the room. -- books. TRANSLATOR TRANSLATES INTO KOREAN. My hope was | :07:42. | :07:49. | |
that she would play with the looks for a few moments until the | :07:50. | :07:51. | |
interview ended. Books. TRANSLATOR TRANSLATES INTO | :07:52. | :08:09. | |
KOREAN. Yes, I was wearing pants. Somebody asked me today at lunch if | :08:10. | :08:13. | |
I was wearing pants. Strangers have asked me if I was wearing pants. | :08:14. | :08:25. | |
TRANSLATOR TRANSLATES INTO KOREAN. I chose not to stand. This is why | :08:26. | :08:29. | |
people think I was not wearing pants, because I chose not to stand. | :08:30. | :08:35. | |
I chose not to stand because I was trying to save the interview. | :08:36. | :08:42. | |
TRANSLATOR TRANSLATES INTO KOREAN. No, this was not staged. Any people | :08:43. | :08:47. | |
have asked me if we organised this, if we faked this. -- many people. | :08:48. | :08:52. | |
No, it was authentic. TRANSLATOR TRANSLATES INTO KOREAN. No, my wife | :08:53. | :09:03. | |
and I did not fight, we did not fight after the blooper. We did not | :09:04. | :09:12. | |
punish our children. In fact, actually, we thought that no | :09:13. | :09:15. | |
television network would ever call us again. TRANSLATOR TRANSLATES INTO | :09:16. | :09:25. | |
KOREAN. Finally, we have no serious comment about the many social | :09:26. | :09:31. | |
analyses about the video. TRANSLATOR TRANSLATES INTO KOREAN. We see this | :09:32. | :09:39. | |
simply is a very public family blooper. We do not see this in some | :09:40. | :09:43. | |
political or social way, or as a metaphor for anything. We have no | :09:44. | :09:47. | |
comment on that sort of stuff. Thank you. TRANSLATOR TRANSLATES INTO | :09:48. | :10:03. | |
KOREAN. OK. How should we do this? That is a press conference coming | :10:04. | :10:09. | |
live from Busan in South Korea. That was Professor Robert Kelly, | :10:10. | :10:12. | |
answering questions from the media about his interview, which I am sure | :10:13. | :10:16. | |
you have seen. If you have not seen it here on BBC World News you will | :10:17. | :10:20. | |
have seen it on social media, and he was being interviewed by my | :10:21. | :10:23. | |
colleague James Menendez about the impeachment of President Park in | :10:24. | :10:27. | |
South Korea last week. And of course his children, who you can see there, | :10:28. | :10:31. | |
his two children barged in on the interview and it went viral because | :10:32. | :10:36. | |
it was quite an unusual scenario. That is his lovely wife. They have | :10:37. | :10:42. | |
all spoken exclusively to our sins, here at the BBC, to tell us about | :10:43. | :10:49. | |
the experience. -- to us since. There was lots of comment and | :10:50. | :10:52. | |
discussion on social media about the children and their welfare and what | :10:53. | :10:56. | |
happened. As you can see, with the questions he is receiving now at the | :10:57. | :10:59. | |
press conference, there are questions about how it was staged or | :11:00. | :11:03. | |
so on. Let's listen in some more. I am not sure if we were actually say | :11:04. | :11:09. | |
much. Our thoughts are fairly prosaic, I guess. You have to be | :11:10. | :11:15. | |
flexible. This is my home office space. Normally I hope that my | :11:16. | :11:20. | |
children do not come in, I can get more work done. But we want our | :11:21. | :11:24. | |
children to feel more comfortable coming into the room and being able | :11:25. | :11:27. | |
to approach a father, so that means you cannot keep that strict boundary | :11:28. | :11:31. | |
where some rooms are off-limits. I suppose I could be more efficient if | :11:32. | :11:34. | |
my children never felt comfortable coming into the room. But I don't | :11:35. | :11:40. | |
want that has a father. So I guess that is one thing in our life, we do | :11:41. | :11:44. | |
not have these strict rules, right? I cannot lock my kids out of certain | :11:45. | :11:48. | |
rooms. My wife cannot be forced to do some things in our marriage and I | :11:49. | :11:52. | |
do other things. We have to mix and match. I am sorry, terribly prosaic, | :11:53. | :11:58. | |
but I am not sure I would have much more to add than that. TRANSLATOR | :11:59. | :12:38. | |
TRANSLATES INTO KOREAN. ABC news. Could you explain to us the exact | :12:39. | :12:45. | |
moment when you realise, this is going viral? When was it? TRANSLATOR | :12:46. | :12:55. | |
TRANSLATES INTO KOREAN. Two hours afterwards? Maybe? An hour? That is | :12:56. | :13:04. | |
it? Well, we didn't... We thought it was a disaster. I immediately called | :13:05. | :13:11. | |
or texted or emailed the BBC, I communicated with the BBC | :13:12. | :13:13. | |
immediately afterwards and I apologise to them. I said that if | :13:14. | :13:16. | |
they never called us back never asked to be to be on television | :13:17. | :13:20. | |
again, I would understand. I had assumes that this would end any | :13:21. | :13:23. | |
television appearances, that people would see this and assume that it | :13:24. | :13:26. | |
was just wildly unprofessional and nobody would ever call me again. You | :13:27. | :13:30. | |
know, that I would never speak on television again. I guess people | :13:31. | :13:35. | |
started cutting and pasting it from there DVR two or something like that | :13:36. | :13:39. | |
and it started taking off. I got the Twitter notifications. The BBC | :13:40. | :13:43. | |
called us and asked us if they could cut it and print it. We are very | :13:44. | :13:50. | |
grateful to them that they did so in a way that was gentle towards our | :13:51. | :13:55. | |
children and treated it, it was framed as kids being kids and the | :13:56. | :14:01. | |
parents doing the best that they can. We are very pleased that the | :14:02. | :14:08. | |
BBC framed it that way. So, this is my family. So, yes, within an hour, | :14:09. | :14:15. | |
I suppose. The BBC called us back to quit. They called us within 15 or 20 | :14:16. | :14:18. | |
minutes. They realise pretty rapidly. We didn't know. It was just | :14:19. | :14:24. | |
a Skype interview in my home office, we had no idea about it. TRANSLATOR | :14:25. | :14:26. | |
TRANSLATES INTO KOREAN. Do you worry about your credibility | :14:27. | :15:02. | |
and have you considered to capitalise on this financially or in | :15:03. | :15:09. | |
other ways? I am a little bit wary of the fallout for my academic | :15:10. | :15:14. | |
credentials. We didn't want this. I mean, I guess is -- is the first | :15:15. | :15:22. | |
line of my obituary for a while. I hope people would read my work. | :15:23. | :15:28. | |
Yeah, I guess I'm a little bit concerned, what I think there is a | :15:29. | :15:32. | |
general sense that this sort of happened, so I guess not. If we are | :15:33. | :15:36. | |
still talking about this in six months I guess I would be genuinely | :15:37. | :15:40. | |
uncomfortable. I am surprised this is still rolling along. Day five and | :15:41. | :15:45. | |
we can't answer the phone. By the way, my apologies if some of you | :15:46. | :15:49. | |
have phoned us. We have been very under phone calls and messages and | :15:50. | :15:53. | |
Twitter and everything else, so if any of you have called us and we | :15:54. | :15:57. | |
haven't answered the phone it is because we couldn't and it is crazy | :15:58. | :16:00. | |
and it still is pretty hard. What was the second one? Maybe we should | :16:01. | :16:02. | |
stop for her. TRANSLATION IN KOREAN. It would feel a little unseemly to | :16:03. | :16:55. | |
try to monetise something that really was something that began with | :16:56. | :16:59. | |
my children. I'm a little uncomfortable with that. I haven't | :17:00. | :17:02. | |
really been approached seriously by anything. There have been a couple | :17:03. | :17:06. | |
of minor business opportunities. People saw me and said, this guy | :17:07. | :17:10. | |
knows something about Korea, let's give him a call. Really minor stuff. | :17:11. | :17:16. | |
We've really not been approached in any kind of meaningful way and I | :17:17. | :17:20. | |
don't know how we would use it in that way. I just see this as a | :17:21. | :17:24. | |
fluke. I really don't know. I hadn't thought that far ahead. TRANSLATION | :17:25. | :17:27. | |
IN KOREAN. I am trying to make sure that | :17:28. | :17:56. | |
everyone gets heard. QUESTION IN KOREAN. | :17:57. | :18:05. | |
You have become so famous and people want to see you. What is the reason | :18:06. | :18:16. | |
you are becoming such an interesting person? Me or my family? I'm not | :18:17. | :18:27. | |
that interesting! My guess is as I said in a statement this is the sort | :18:28. | :18:33. | |
of thing that a lot of working parents can relate to. Your children | :18:34. | :18:38. | |
interrupted in the middle of some sort of project. There is... The | :18:39. | :18:43. | |
question was asked at the beginning about the work- life balance. People | :18:44. | :18:48. | |
increasingly work from home. I Skype all the time from home for news | :18:49. | :18:53. | |
agencies. Earlier in the day I did CNN. I do this a lot. I sort of | :18:54. | :18:58. | |
create this veneer of professionalism inside my house, | :18:59. | :19:03. | |
right? I straighten up my house and whatever and I wear a jacket in | :19:04. | :19:08. | |
front of the camera. But the rest of my house looks like anyone else's. I | :19:09. | :19:12. | |
think the reason why this went viral is because my real life sort of | :19:13. | :19:18. | |
punched through the fake cover I had created for television. There I am | :19:19. | :19:23. | |
in my suit delivering my talking points or whatever, and then | :19:24. | :19:27. | |
suddenly reality burst in. That's my sense of why this is so resonant. | :19:28. | :19:30. | |
TRANSLATION IN KOREAN. QUESTION IN KOREAN. She wants to | :19:31. | :20:37. | |
ask, do you have any concerns about problems or issues as a foreign | :20:38. | :20:42. | |
Korean couple? ANSWERS IN KOREAN. This is BBC News. As you can see we | :20:43. | :21:04. | |
are lies in South Korea at the moment. This is Robert Kelly's wife. | :21:05. | :21:16. | |
They have their little son on her lap and there are little girl, | :21:17. | :21:21. | |
Marion. This is the family that has gone famous after a BBC interview | :21:22. | :21:27. | |
last week when Professor Kelly was talking about problems in South | :21:28. | :21:32. | |
Korea when the president was removed from office. My colleague James | :21:33. | :21:38. | |
Menendez was interviewing Professor Kelly when Marion and James decided | :21:39. | :21:41. | |
to make their debut on global television and barged into his home | :21:42. | :21:47. | |
office. And I am sure you know the rest, either from seeing it on BBC | :21:48. | :21:52. | |
or on social media. They are now responding to lots of questions they | :21:53. | :21:59. | |
are receiving. As they have been saying, they've been bombarded with | :22:00. | :22:01. | |
calls and enquiries since the interview last week and it really | :22:02. | :22:05. | |
has been quite a whirlwind for them all as a family. They have done an | :22:06. | :22:10. | |
exclusive interview with us that you can see on our website and you can | :22:11. | :22:14. | |
read on internet, but Professor Kelly talking about the whirlwind | :22:15. | :22:18. | |
that is occurred since the interview and how he is having to respond to | :22:19. | :22:23. | |
all sorts of questions, not about politics, he is a political analyst, | :22:24. | :22:28. | |
but questions about parenting, about working from home, about all sorts | :22:29. | :22:31. | |
of things. Let's have a listen to what he has to say. Which is the | :22:32. | :22:39. | |
best microphone? Where should I speak? My children will soon be | :22:40. | :22:47. | |
jumping out of these chairs, so why do we pose any questions about the | :22:48. | :22:52. | |
interview and details about our family or what happened now while | :22:53. | :22:56. | |
they can stay in the room, because they really will not be able to sit | :22:57. | :23:00. | |
still much longer. And then if anyone wants to ask me work-related | :23:01. | :23:04. | |
questions, the writing, North Korea and South Korea and the impeachment, | :23:05. | :23:09. | |
I can do that, but that will be easier after they've exited. Can we | :23:10. | :23:12. | |
segment of the interview that weeklies? Family stuff first and | :23:13. | :23:15. | |
then lifestyle first and politics second? | :23:16. | :23:24. | |
This is BBC World News. More at the top of the hour, from me and Sally. | :23:25. | :23:34. | |
If you are with BBC One you will join Breakfast. | :23:35. | :23:40. | |
Things are going to turn more unsettled as we head towards the end | :23:41. | :23:46. | |
on across the pond at the moment. | :23:47. | :23:48. | |
A potent winter storm, which has already dumped half | :23:49. | :23:50. | |
a metre of snow across parts of the north-east USA, | :23:51. | :23:54. |