:00:11. > :00:19.This is business live from BBC News. Reaching a deal, as the climate
:00:20. > :00:43.change summit comes to a close. The questions live from London.
:00:44. > :00:49.Poor nations says their wealthier counterparts are not doing enough to
:00:50. > :00:55.combat climate change. As a deal nears, the devil is in the detail.
:00:56. > :01:10.Also, China's answer to Warren Buffett goes missing. Also we will
:01:11. > :01:17.take a quick look at the markets. And we will be speaking to the one
:01:18. > :01:26.and only Rory Cellan-Jones as he unravels what exactly is going on at
:01:27. > :01:30.Yahoo. Also he explains why the tech behind bitcoin could change the
:01:31. > :01:36.world of banking for ever. Plus, should it be Heathrow or Gatwick
:01:37. > :01:41.which gets that extra runway? The debate which has been raging for 25
:01:42. > :01:44.years here in Britain. And now the decision has been delayed for
:01:45. > :01:47.another six months. What do you think? Does London need an extra
:01:48. > :01:58.runway? If so, where should it go? Let us know.
:01:59. > :02:07.A warm welcome to the programme. Over the last two weeks, Paris has
:02:08. > :02:10.played host to a Who's Who of politicians, industry experts and
:02:11. > :02:15.senior figures from every conceivable industry. As the climate
:02:16. > :02:19.change summit draws to a close, has anything been achieved? Will we hear
:02:20. > :02:24.word of the first new deal in 18 years? It was never going to be
:02:25. > :02:29.easy. But in an attempt to break the stalemate, the Obama administration
:02:30. > :02:33.has pledged 860 million US dollars to help poor countries deal with
:02:34. > :02:36.heat waves and storms which experts believe are the result of rising
:02:37. > :02:42.global temperatures. Even that might not be enough according to Laurent
:02:43. > :02:45.Fabius, the French Foreign Minister. He says there are still free big
:02:46. > :02:50.stumbling blocks to any deal. First, we still do not have any sense of
:02:51. > :02:56.how much or what exactly the rich nations will commit to. Poorer
:02:57. > :03:01.cousins are after public grants of about $100 billion by 2020. The
:03:02. > :03:05.response from the rich? The private sector could pick up the tab.
:03:06. > :03:10.Second, where do we set the goalposts? The developed nations say
:03:11. > :03:15.the target of 2 degrees should be made tougher. Experts question
:03:16. > :03:19.weather this is possible at all. And lastly, who should take the lead,
:03:20. > :03:25.the polluters of today all the polluters of tomorrow? Roger
:03:26. > :03:30.Harrabin, the BBC environmental analyst, joins us now. Can we start
:03:31. > :03:36.with some of this money which has been pledged by the Obama
:03:37. > :03:39.administration and others, which they have coughed up for the poorer
:03:40. > :03:43.nations, which is to pay for the damage which has already been
:03:44. > :03:50.caused. But I want to talk about the money which is needed, and who pays
:03:51. > :03:53.for it, to get the developing nations not to use so much
:03:54. > :03:59.traditional energy at to use sustainable energy? I have to say we
:04:00. > :04:03.are closing in on a deal here. We do not have a deal yet and a lot of
:04:04. > :04:07.things could still go wrong. The conference has been pushed into an
:04:08. > :04:11.extra day, which is knows the price. These conferences are really tough.
:04:12. > :04:16.It is on a knife edge. We have a text but we do not know which way
:04:17. > :04:21.that text will go. In answer to your question, one breakthrough has been
:04:22. > :04:25.made on cash. The developing nations are saying, you rich nations got
:04:26. > :04:30.rich by polluting. If you want us to get rich by not polluting you have
:04:31. > :04:33.got to help us get that clean energy and adapt to climate changes which
:04:34. > :04:38.are already happening. The vulnerable nations in this current
:04:39. > :04:43.text have won the day in the sense that there is now a clear funding
:04:44. > :04:47.stream post-2020 one a minimum of $100 billion per year. Not quite
:04:48. > :04:50.clear where it is going to come from. The developing countries say
:04:51. > :04:58.it is still not enough, but there is movement. It may seem like a bit of
:04:59. > :05:02.a silly question but I know people are thinking about it at around the
:05:03. > :05:07.world - how does the group here determine the poorer nations or the
:05:08. > :05:12.developing nations which should get some of this money? Are we talking
:05:13. > :05:17.India and Pakistan for example? They have nuclear weapons programmes,
:05:18. > :05:21.India has a space agency... This is a really difficult question. And not
:05:22. > :05:28.a stupid question at all. The Saudis the other day, who are generally
:05:29. > :05:32.seen as being blockers in these talks, employ some very, very smart
:05:33. > :05:37.lawyers. One of these lawyers said exactly that. Who is going to decide
:05:38. > :05:40.who is rich or poor? It is a really interesting question which is not
:05:41. > :05:46.yet resolved. They are trying to reshape the world order. We are
:05:47. > :05:51.trying to get big developing countries, big emerging economies
:05:52. > :05:55.who are becoming major polluters themselves. The USA is trying to get
:05:56. > :05:58.those countries to take more responsibility for curbing emissions
:05:59. > :06:03.and also for helping other developing countries. This reshaping
:06:04. > :06:06.of the world order is creaking and tugging at the moment. We are not
:06:07. > :06:12.there yet but your question is a very good one. Roger, I hope I have
:06:13. > :06:19.a good question for you as well! Sorry about that, Victoria! I wonder
:06:20. > :06:27.about this kind of binary assumption of the poor and the rich - we also
:06:28. > :06:31.have this discussion about the 2 degrees target as well. It is not as
:06:32. > :06:35.though we are going to see planetary do if we fall off one edge of that
:06:36. > :06:42.and everything is fine if we are the other, so how realistic is this 2
:06:43. > :06:46.degrees target? Firstly, all these numbers are best estimates by
:06:47. > :06:50.scientists. We cannot say if we hit a certain amount of emissions, we
:06:51. > :06:54.get a certain amount of temperature rise. It is far too complicated for
:06:55. > :06:58.that. So they are best estimates. But there has been another win in
:06:59. > :07:02.this text for the most honourable countries, who say that two Celsius
:07:03. > :07:06.is too much for them. We have already had a rise of one Celsius on
:07:07. > :07:11.preindustrial levels and they are experiencing extreme weather
:07:12. > :07:16.already. They are not willing for the temperature to rise more than
:07:17. > :07:23.1.5 Celsius. The new text, which has not yet been signed off, says, at
:07:24. > :07:29.least to Celsius, heading towards 1.5 Celsius. That is something of a
:07:30. > :07:36.ground-breaking moment for the developing countries and it has
:07:37. > :07:41.implications for people, countries, businesses everywhere. If we go on
:07:42. > :07:45.the path of decarbonising by the end of the century, then it forces
:07:46. > :07:49.businesses to look in the future away from coal and oil and gas and
:07:50. > :07:57.towards renewables. It is momentous stuff which is happening here, if
:07:58. > :08:03.indeed it does happen. Good on you, Roger. Tell them to
:08:04. > :08:06.hurry up! Let's touch on some of the other stories making headlines
:08:07. > :08:15.around the world. Of officials have shutdown a Mexican Grill restaurant
:08:16. > :08:19.in Seattle. Why are we doing this?! After finding repeated food safety
:08:20. > :08:26.violations. This is according to a statement from the Seattle public
:08:27. > :08:29.health department. The restaurant is one of 17 in the county which
:08:30. > :08:35.reopened last month just after passing inspections following an E.
:08:36. > :08:42.Coli outbreak. Ford's plans to invest an additional $4 billion in
:08:43. > :08:49.programmes to broaden its offerings of hybrids and electric vehicles...
:08:50. > :08:53.It's CEO said the new version would be available next year. It would
:08:54. > :08:58.have a 100 mile range and will be able to recharge in just 30 minutes.
:08:59. > :09:04.The company says about 40% of its lines will be electrified by 2020.
:09:05. > :09:07.The Indian Premier League is to Japanese counterpart will be meeting
:09:08. > :09:16.for the fourth time in just over a month. -- the Indian Prime Minister.
:09:17. > :09:21.They are going to agreed deals for Japan to build India's first High
:09:22. > :09:31.Speed Rail network. We are talking a Bullet train. When you think of
:09:32. > :09:35.trains and you think of India, you see the people hanging onto the
:09:36. > :09:39.site. You don't want to do that on a Bullet train! Let's have a quick
:09:40. > :09:43.look at what is breaking and trending on our page on the website.
:09:44. > :09:47.You have got the tablet! I think we are going to be looking at South
:09:48. > :09:54.Africa and what is going on with the politics. Jacob Zuma, the big boss,
:09:55. > :09:59.ousted the finance minister yesterday. No explanation. He
:10:00. > :10:04.installed somebody else. A relatively unknown former mayor. It
:10:05. > :10:12.is quite interesting. The impact has been felt on the Rand. For a long
:10:13. > :10:17.time, South Africa has managed to extricate itself from the problems
:10:18. > :10:20.facing the rest of Africa, with the politics and economics being tightly
:10:21. > :10:24.entwined. Normally in South Africa we get the Treasury and the South
:10:25. > :10:31.African reserve bank being quite separate. But this move means that
:10:32. > :10:37.that is now under threat. We will see next week if the US-led raises
:10:38. > :10:45.interest rates, and what that might have as an impact on some of these
:10:46. > :11:00.emergency economies. Over in Asia there is one big story hitting the
:11:01. > :11:05.press. China's richest man... Sorry! Is this China's Warren Buffett. It
:11:06. > :11:11.is a mysterious story. Tell the world what is going on. Well, it is
:11:12. > :11:14.very mysterious, Aaron, and it is surrounding the uncertainty over the
:11:15. > :11:22.whereabouts of one of China's richest men, the billionaire founder
:11:23. > :11:27.of a massive group. Reports emerged on Thursday that he could not be
:11:28. > :11:31.reached. And then on Friday, his company, Fosun international, asked
:11:32. > :11:42.the Hong Kong stock exchange to suspend training in the shares of
:11:43. > :11:47.the company. We have to be clear, we do not know weather or not he has
:11:48. > :11:52.actually disappeared. But other high-profile executives in the
:11:53. > :11:56.financial sector in China have gone missing in recent weeks. There has
:11:57. > :12:00.been some speculation that this is part of the wider anti-corruption
:12:01. > :12:03.campaign launched by Beijing, which has seen dozens of business
:12:04. > :12:09.executives detained and questioned. Some of them actually come out of
:12:10. > :12:16.that questioning having aided the authorities and they do emerge from
:12:17. > :12:20.their mysterious disappearances. If this is confirmed it would be very
:12:21. > :12:26.big news indeed. And you can see it being reflected on the markets, with
:12:27. > :12:33.investors looking at this news with some caution. Back in on the markets
:12:34. > :12:37.to see what is going on. In Asia, shares are set for sizeable weekly
:12:38. > :12:46.losses. The plunging crude oil price and the tumble in China's currency
:12:47. > :12:51.are having their effect. It is adding to concerns about receding
:12:52. > :12:55.global growth. Europe has opened for business. This is how things are
:12:56. > :13:01.looking. Not a huge amount of movement at the moment. Over to the
:13:02. > :13:06.US to find out what is going to be making the headlines in Business
:13:07. > :13:10.World Today. US retail sales figures on Friday are expected to show a
:13:11. > :13:15.pick-up in November. It looks like car sales in particular were strong.
:13:16. > :13:18.Economists predict that a report from the university of a jig will
:13:19. > :13:23.show consumers are feeling better about the economy in December,
:13:24. > :13:29.helped in part by cheap gasoline prices. The producer Price index
:13:30. > :13:34.will likely show a 1.4% drop in prices charged by manufacturers in
:13:35. > :13:39.November. That would be the 10th straight decrease in prices reported
:13:40. > :13:46.by the index, pointing to lower inflation. With lower oil prices, we
:13:47. > :13:49.will get a look on the latest figures on the number of drilling
:13:50. > :13:57.rigs actively exploring for oil or gas in the United States. Richard,
:13:58. > :14:07.great to have you with us. The FTSE in particular, six days of... Yes,
:14:08. > :14:10.six days of that! The much mooted rally which we were talking about at
:14:11. > :14:15.the start of the month has not appeared. It has been a pretty
:14:16. > :14:20.miserable week. Is this a moderate ease? It is mainly commodities.
:14:21. > :14:26.Anglo-American down 17% on the week. BHP Billiton down 6%. But the
:14:27. > :14:30.FTSE-100 is down almost 4% on the month. That is a big fall. It is
:14:31. > :14:35.pretty miserable. And it looks like it will be another miserable
:14:36. > :14:40.day-to-day. And we have got the Russian central back decision coming
:14:41. > :14:48.up in just under two hours. It is very difficult there to separate the
:14:49. > :14:55.politics and the can mix question mark -- and economics? Yes, and we
:14:56. > :15:00.have also seen food inflation, the sanctions taken against Turkey, and
:15:01. > :15:04.we have also seen the rouble falling ahead of the possible Fed rate cut
:15:05. > :15:13.next week. That is also driving inflation. So it looks like we may
:15:14. > :15:17.not see a rate cut now. Yes, Russia have banned foodstuffs from certain
:15:18. > :15:21.parts of Europe and from Turkey which is having an impact, so
:15:22. > :15:27.experts tell us. The big problem is that Russia needs to balance its
:15:28. > :15:33.books around ?120 a barrel of oil at the moment, which is less than 40 at
:15:34. > :15:37.the moment. Absolutely and some economies do win from low oil prices
:15:38. > :15:42.and others really lose and Russia is one of those that really loses. You
:15:43. > :15:47.will come back to take us to the papers, some good stories.
:15:48. > :15:50.Our technology editor Rory Cellan Jones is
:15:51. > :15:52.waiting in the wings - ready to run through
:15:53. > :16:05.Whether Marissa Mayer will be able to hold onto the top slot at Yahoo.
:16:06. > :16:13.You're with Business Live from BBC News.
:16:14. > :16:20.OK - let's take a look at some of the stories from around the UK.
:16:21. > :16:23.The government's been criticised for delaying a decision on airport
:16:24. > :16:26.expansion in the south-east of England until next summer.
:16:27. > :16:30.Ministers said they wanted a further review of the environmental impacts
:16:31. > :16:37.of the rival schemes at Heathrow and Gatwick.
:16:38. > :16:39.Business groups and airlines have reacted angrily,
:16:40. > :16:43.warning that the uncertainty over Britain's aviation future could cost
:16:44. > :16:48.Labour claimed the postponement is for political reasons rather
:16:49. > :16:54.Lets leave the politics of the decision aside for a few
:16:55. > :16:57.minutes and talk a little about the actual building
:16:58. > :17:01.of the runway whenever, and whenever, a decision is made.
:17:02. > :17:04.Joining us is Robbie Owen, Planning and Infrastructure partner
:17:05. > :17:17.Welcome to the programme, in terms of infrastructure and in terms of
:17:18. > :17:22.the easiest place to build and put another runway is it Heathrow or
:17:23. > :17:26.Gatwick? I think it is Heathrow because it is not just what is
:17:27. > :17:29.obvious, it is what is the best solution for Britain, what brings
:17:30. > :17:33.the most benefit and makes the most sense strategically. That is
:17:34. > :17:41.definitely the scheme by Heathrow Airport for a north-west runway. Is
:17:42. > :17:48.the argument here, I like habit of aviation, I follow it closely, some
:17:49. > :17:52.people will say that it's the second busiest airport in the number of
:17:53. > :18:01.passengers, there are mid-sized German airports with and four
:18:02. > :18:06.runways. We are a small island. This has been looked at by the airport
:18:07. > :18:09.commission. And this is the government interim response. It has
:18:10. > :18:14.been looked at carefully over three years with a lot of consultation and
:18:15. > :18:18.consideration by experts and this was the considered view that
:18:19. > :18:22.Heathrow is a clear winner of the three short listed schemes. We
:18:23. > :18:28.appreciate, short and sweet, but we have your answer, Heathrow it is for
:18:29. > :18:32.you. Lipstick quick look at this story, a downgrade for the UK
:18:33. > :18:40.economy coming from the Institute of chartered accountants. This is all
:18:41. > :18:41.to do with slowdown in China, weak growth in Europe and it is hitting
:18:42. > :19:00.business confidence. I did not realise we were back!
:19:01. > :19:06.Let's talk technology. Rory is here. Can we get stuck into it? There we
:19:07. > :19:14.go. I'm amazed by the performance this morning. Yahoo, a massive
:19:15. > :19:20.U-turn, no direction for the Internet part of it, what's going
:19:21. > :19:28.on? One of the biggest names on the Internet, one of the great companies
:19:29. > :19:34.that rose in the 1990s. In 1995, Surrey, 2005, it bought a stake in a
:19:35. > :19:42.Chinese company for $1 billion and now that state is huge, it is worth
:19:43. > :19:44.30 times more. You have an Internet company, a tiny Internet business
:19:45. > :19:51.with a giant stake in the Chinese retail company that is dominating
:19:52. > :19:58.the business. It was going to spin it off but now it has looked at that
:19:59. > :20:03.and the boss has said it's too complicated. All sorts of tax
:20:04. > :20:08.implications would make it too difficult. Instead we will spin of
:20:09. > :20:12.the Internet business which brings the focus back to what an effigy has
:20:13. > :20:16.been doing during her time in charge? She became as the great
:20:17. > :20:19.saviour, one of the most powerful women in silicon valley on a huge
:20:20. > :20:25.salary and people are asking what her strategy is. That being said,
:20:26. > :20:30.let's look at her, three years ago she took over as boss. If you bought
:20:31. > :20:34.shares the day she came inside back and help them your shears would have
:20:35. > :20:39.more than doubled in value. She's made a lot of people very rich. If
:20:40. > :20:43.you look at most companies, and said that would be the performance, most
:20:44. > :20:50.people would be happy, so why is she having such a tough time with
:20:51. > :20:57.investors? They see that story as played out and what is coming next?
:20:58. > :21:01.What is the strategy? She does not appear yet to have found a recipe
:21:02. > :21:05.for turning round the court Internet business. Interesting commentary
:21:06. > :21:08.this week to say it is crazy that you think you can just bring in a
:21:09. > :21:13.Steve jobs type figure and have that type of turnaround, it would be
:21:14. > :21:30.better having someone quietly managing the thing and ticking over.
:21:31. > :21:33.We want to talk about that Bitcoin. Digital currency, incredibly
:21:34. > :21:37.fashionable but people think it could be dangerous and it is very
:21:38. > :21:49.volatile, price going up and down. What people are focusing on is the
:21:50. > :21:53.technology behind it. Blockchain. It's like an old journal that you
:21:54. > :21:57.would keep everything in writing, put that in the 21st century and put
:21:58. > :22:01.it online and make it available and visible around the world and have no
:22:02. > :22:04.centralised authority and what the big banks have done this week,
:22:05. > :22:09.Goldman Sachs and a number of other major banks, is invest in a
:22:10. > :22:15.technology firm which will look at ways of using that blockchain more
:22:16. > :22:19.widely across the banking industry. I have heard people describe this as
:22:20. > :22:24.more important than the Internet itself, the blockchain. I am still
:22:25. > :22:26.getting my head around exactly why it will transform everything but
:22:27. > :22:33.there are a lot of people very excited about it. Fascinating,
:22:34. > :22:38.Goldman Sachs think it is a winner. They could be disrupted so they want
:22:39. > :22:47.to do the disrupting first. Happy Friday, have a great weekend. In a
:22:48. > :22:49.moment we will take a look through the business pages but first a
:22:50. > :23:31.reminder of how to get in touch. What are the business stories the
:23:32. > :23:36.media have been interested in? Richard Fletcher is back, let's
:23:37. > :23:41.start with a story on your front page, British Airways threat to
:23:42. > :23:45.abandon Heathrow, tell us more? Businesses are angry about the
:23:46. > :23:49.indecision by the government but they are also angry, this is a
:23:50. > :23:55.complicated issue, will he Walsh is angry about the fact he will have
:23:56. > :23:58.two paper the expansion upfront -- will he Walsh is angry about the
:23:59. > :24:02.fact he will have to pay for the expansion upfront. It's another
:24:03. > :24:09.example of what a complex issue this is, although business is very angry
:24:10. > :24:14.about the lack of action by the government they do desperately want
:24:15. > :24:20.a new runway, a lot of disputes about where it should be, who should
:24:21. > :24:25.pay for it, it's a compensated issue. It's a combo give it issue,
:24:26. > :24:29.we are making it complicated. It is not, located in China or the gulf
:24:30. > :24:33.states or other part of Europe that we are trying to compete with,
:24:34. > :24:38.Britain is losing out economic life. Absolutely which is why we sought
:24:39. > :24:44.such anger yesterday, the CBI describing the primaries as gutless
:24:45. > :24:48.-- the Prime Minister as gutless and that we need to just get on and
:24:49. > :25:08.build the runway. There are fears we could run out of capacity by 2025.
:25:09. > :25:11.Can we talk about to? Some serious initiatives, they are trying to
:25:12. > :25:17.encourage water companies to use the waste product, let's put it that
:25:18. > :25:22.way, they are left with once they have cleaned up the sewage. The idea
:25:23. > :25:27.is you can generate energy which you then sell back to the National Grid.
:25:28. > :25:32.And there is a further waste products you would give to farmers
:25:33. > :25:36.to scatter on the fields. It's a cracking idea really. They do it in
:25:37. > :25:58.Africa. The burn it. Great stuff, I don't agree have time
:25:59. > :26:02.for the next one. That's it from business alive, plenty more business
:26:03. > :26:03.news throughout the day on the website and world business report --
:26:04. > :26:14.business live. Quite a contrast from north to south
:26:15. > :26:15.across the UK today,