Browse content similar to 11/12/2015. Check below for episodes and series from the same categories and more!
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This is business live from BBC News. Reaching a deal, as the climate | :00:11. | :00:19. | |
change summit comes to a close. The questions live from London. | :00:20. | :00:43. | |
Poor nations says their wealthier counterparts are not doing enough to | :00:44. | :00:49. | |
combat climate change. As a deal nears, the devil is in the detail. | :00:50. | :00:55. | |
Also, China's answer to Warren Buffett goes missing. Also we will | :00:56. | :01:10. | |
take a quick look at the markets. And we will be speaking to the one | :01:11. | :01:17. | |
and only Rory Cellan-Jones as he unravels what exactly is going on at | :01:18. | :01:26. | |
Yahoo. Also he explains why the tech behind bitcoin could change the | :01:27. | :01:30. | |
world of banking for ever. Plus, should it be Heathrow or Gatwick | :01:31. | :01:36. | |
which gets that extra runway? The debate which has been raging for 25 | :01:37. | :01:41. | |
years here in Britain. And now the decision has been delayed for | :01:42. | :01:44. | |
another six months. What do you think? Does London need an extra | :01:45. | :01:47. | |
runway? If so, where should it go? Let us know. | :01:48. | :01:58. | |
A warm welcome to the programme. Over the last two weeks, Paris has | :01:59. | :02:07. | |
played host to a Who's Who of politicians, industry experts and | :02:08. | :02:10. | |
senior figures from every conceivable industry. As the climate | :02:11. | :02:15. | |
change summit draws to a close, has anything been achieved? Will we hear | :02:16. | :02:19. | |
word of the first new deal in 18 years? It was never going to be | :02:20. | :02:24. | |
easy. But in an attempt to break the stalemate, the Obama administration | :02:25. | :02:29. | |
has pledged 860 million US dollars to help poor countries deal with | :02:30. | :02:33. | |
heat waves and storms which experts believe are the result of rising | :02:34. | :02:36. | |
global temperatures. Even that might not be enough according to Laurent | :02:37. | :02:42. | |
Fabius, the French Foreign Minister. He says there are still free big | :02:43. | :02:45. | |
stumbling blocks to any deal. First, we still do not have any sense of | :02:46. | :02:50. | |
how much or what exactly the rich nations will commit to. Poorer | :02:51. | :02:56. | |
cousins are after public grants of about $100 billion by 2020. The | :02:57. | :03:01. | |
response from the rich? The private sector could pick up the tab. | :03:02. | :03:05. | |
Second, where do we set the goalposts? The developed nations say | :03:06. | :03:10. | |
the target of 2 degrees should be made tougher. Experts question | :03:11. | :03:15. | |
weather this is possible at all. And lastly, who should take the lead, | :03:16. | :03:19. | |
the polluters of today all the polluters of tomorrow? Roger | :03:20. | :03:25. | |
Harrabin, the BBC environmental analyst, joins us now. Can we start | :03:26. | :03:30. | |
with some of this money which has been pledged by the Obama | :03:31. | :03:36. | |
administration and others, which they have coughed up for the poorer | :03:37. | :03:39. | |
nations, which is to pay for the damage which has already been | :03:40. | :03:43. | |
caused. But I want to talk about the money which is needed, and who pays | :03:44. | :03:50. | |
for it, to get the developing nations not to use so much | :03:51. | :03:53. | |
traditional energy at to use sustainable energy? I have to say we | :03:54. | :03:59. | |
are closing in on a deal here. We do not have a deal yet and a lot of | :04:00. | :04:03. | |
things could still go wrong. The conference has been pushed into an | :04:04. | :04:07. | |
extra day, which is knows the price. These conferences are really tough. | :04:08. | :04:11. | |
It is on a knife edge. We have a text but we do not know which way | :04:12. | :04:16. | |
that text will go. In answer to your question, one breakthrough has been | :04:17. | :04:21. | |
made on cash. The developing nations are saying, you rich nations got | :04:22. | :04:25. | |
rich by polluting. If you want us to get rich by not polluting you have | :04:26. | :04:30. | |
got to help us get that clean energy and adapt to climate changes which | :04:31. | :04:33. | |
are already happening. The vulnerable nations in this current | :04:34. | :04:38. | |
text have won the day in the sense that there is now a clear funding | :04:39. | :04:43. | |
stream post-2020 one a minimum of $100 billion per year. Not quite | :04:44. | :04:47. | |
clear where it is going to come from. The developing countries say | :04:48. | :04:50. | |
it is still not enough, but there is movement. It may seem like a bit of | :04:51. | :04:58. | |
a silly question but I know people are thinking about it at around the | :04:59. | :05:02. | |
world - how does the group here determine the poorer nations or the | :05:03. | :05:07. | |
developing nations which should get some of this money? Are we talking | :05:08. | :05:12. | |
India and Pakistan for example? They have nuclear weapons programmes, | :05:13. | :05:17. | |
India has a space agency... This is a really difficult question. And not | :05:18. | :05:21. | |
a stupid question at all. The Saudis the other day, who are generally | :05:22. | :05:28. | |
seen as being blockers in these talks, employ some very, very smart | :05:29. | :05:32. | |
lawyers. One of these lawyers said exactly that. Who is going to decide | :05:33. | :05:37. | |
who is rich or poor? It is a really interesting question which is not | :05:38. | :05:40. | |
yet resolved. They are trying to reshape the world order. We are | :05:41. | :05:46. | |
trying to get big developing countries, big emerging economies | :05:47. | :05:51. | |
who are becoming major polluters themselves. The USA is trying to get | :05:52. | :05:55. | |
those countries to take more responsibility for curbing emissions | :05:56. | :05:58. | |
and also for helping other developing countries. This reshaping | :05:59. | :06:03. | |
of the world order is creaking and tugging at the moment. We are not | :06:04. | :06:06. | |
there yet but your question is a very good one. Roger, I hope I have | :06:07. | :06:12. | |
a good question for you as well! Sorry about that, Victoria! I wonder | :06:13. | :06:19. | |
about this kind of binary assumption of the poor and the rich - we also | :06:20. | :06:27. | |
have this discussion about the 2 degrees target as well. It is not as | :06:28. | :06:31. | |
though we are going to see planetary do if we fall off one edge of that | :06:32. | :06:35. | |
and everything is fine if we are the other, so how realistic is this 2 | :06:36. | :06:42. | |
degrees target? Firstly, all these numbers are best estimates by | :06:43. | :06:46. | |
scientists. We cannot say if we hit a certain amount of emissions, we | :06:47. | :06:50. | |
get a certain amount of temperature rise. It is far too complicated for | :06:51. | :06:54. | |
that. So they are best estimates. But there has been another win in | :06:55. | :06:58. | |
this text for the most honourable countries, who say that two Celsius | :06:59. | :07:02. | |
is too much for them. We have already had a rise of one Celsius on | :07:03. | :07:06. | |
preindustrial levels and they are experiencing extreme weather | :07:07. | :07:11. | |
already. They are not willing for the temperature to rise more than | :07:12. | :07:16. | |
1.5 Celsius. The new text, which has not yet been signed off, says, at | :07:17. | :07:23. | |
least to Celsius, heading towards 1.5 Celsius. That is something of a | :07:24. | :07:29. | |
ground-breaking moment for the developing countries and it has | :07:30. | :07:36. | |
implications for people, countries, businesses everywhere. If we go on | :07:37. | :07:41. | |
the path of decarbonising by the end of the century, then it forces | :07:42. | :07:45. | |
businesses to look in the future away from coal and oil and gas and | :07:46. | :07:49. | |
towards renewables. It is momentous stuff which is happening here, if | :07:50. | :07:57. | |
indeed it does happen. Good on you, Roger. Tell them to | :07:58. | :08:03. | |
hurry up! Let's touch on some of the other stories making headlines | :08:04. | :08:06. | |
around the world. Of officials have shutdown a Mexican Grill restaurant | :08:07. | :08:15. | |
in Seattle. Why are we doing this?! After finding repeated food safety | :08:16. | :08:19. | |
violations. This is according to a statement from the Seattle public | :08:20. | :08:26. | |
health department. The restaurant is one of 17 in the county which | :08:27. | :08:29. | |
reopened last month just after passing inspections following an E. | :08:30. | :08:35. | |
Coli outbreak. Ford's plans to invest an additional $4 billion in | :08:36. | :08:42. | |
programmes to broaden its offerings of hybrids and electric vehicles... | :08:43. | :08:49. | |
It's CEO said the new version would be available next year. It would | :08:50. | :08:53. | |
have a 100 mile range and will be able to recharge in just 30 minutes. | :08:54. | :08:58. | |
The company says about 40% of its lines will be electrified by 2020. | :08:59. | :09:04. | |
The Indian Premier League is to Japanese counterpart will be meeting | :09:05. | :09:07. | |
for the fourth time in just over a month. -- the Indian Prime Minister. | :09:08. | :09:16. | |
They are going to agreed deals for Japan to build India's first High | :09:17. | :09:21. | |
Speed Rail network. We are talking a Bullet train. When you think of | :09:22. | :09:31. | |
trains and you think of India, you see the people hanging onto the | :09:32. | :09:35. | |
site. You don't want to do that on a Bullet train! Let's have a quick | :09:36. | :09:39. | |
look at what is breaking and trending on our page on the website. | :09:40. | :09:43. | |
You have got the tablet! I think we are going to be looking at South | :09:44. | :09:47. | |
Africa and what is going on with the politics. Jacob Zuma, the big boss, | :09:48. | :09:54. | |
ousted the finance minister yesterday. No explanation. He | :09:55. | :09:59. | |
installed somebody else. A relatively unknown former mayor. It | :10:00. | :10:04. | |
is quite interesting. The impact has been felt on the Rand. For a long | :10:05. | :10:12. | |
time, South Africa has managed to extricate itself from the problems | :10:13. | :10:17. | |
facing the rest of Africa, with the politics and economics being tightly | :10:18. | :10:20. | |
entwined. Normally in South Africa we get the Treasury and the South | :10:21. | :10:24. | |
African reserve bank being quite separate. But this move means that | :10:25. | :10:31. | |
that is now under threat. We will see next week if the US-led raises | :10:32. | :10:37. | |
interest rates, and what that might have as an impact on some of these | :10:38. | :10:45. | |
emergency economies. Over in Asia there is one big story hitting the | :10:46. | :11:00. | |
press. China's richest man... Sorry! Is this China's Warren Buffett. It | :11:01. | :11:05. | |
is a mysterious story. Tell the world what is going on. Well, it is | :11:06. | :11:11. | |
very mysterious, Aaron, and it is surrounding the uncertainty over the | :11:12. | :11:14. | |
whereabouts of one of China's richest men, the billionaire founder | :11:15. | :11:22. | |
of a massive group. Reports emerged on Thursday that he could not be | :11:23. | :11:27. | |
reached. And then on Friday, his company, Fosun international, asked | :11:28. | :11:31. | |
the Hong Kong stock exchange to suspend training in the shares of | :11:32. | :11:42. | |
the company. We have to be clear, we do not know weather or not he has | :11:43. | :11:47. | |
actually disappeared. But other high-profile executives in the | :11:48. | :11:52. | |
financial sector in China have gone missing in recent weeks. There has | :11:53. | :11:56. | |
been some speculation that this is part of the wider anti-corruption | :11:57. | :12:00. | |
campaign launched by Beijing, which has seen dozens of business | :12:01. | :12:03. | |
executives detained and questioned. Some of them actually come out of | :12:04. | :12:09. | |
that questioning having aided the authorities and they do emerge from | :12:10. | :12:16. | |
their mysterious disappearances. If this is confirmed it would be very | :12:17. | :12:20. | |
big news indeed. And you can see it being reflected on the markets, with | :12:21. | :12:26. | |
investors looking at this news with some caution. Back in on the markets | :12:27. | :12:33. | |
to see what is going on. In Asia, shares are set for sizeable weekly | :12:34. | :12:37. | |
losses. The plunging crude oil price and the tumble in China's currency | :12:38. | :12:46. | |
are having their effect. It is adding to concerns about receding | :12:47. | :12:51. | |
global growth. Europe has opened for business. This is how things are | :12:52. | :12:55. | |
looking. Not a huge amount of movement at the moment. Over to the | :12:56. | :13:01. | |
US to find out what is going to be making the headlines in Business | :13:02. | :13:06. | |
World Today. US retail sales figures on Friday are expected to show a | :13:07. | :13:10. | |
pick-up in November. It looks like car sales in particular were strong. | :13:11. | :13:15. | |
Economists predict that a report from the university of a jig will | :13:16. | :13:18. | |
show consumers are feeling better about the economy in December, | :13:19. | :13:23. | |
helped in part by cheap gasoline prices. The producer Price index | :13:24. | :13:29. | |
will likely show a 1.4% drop in prices charged by manufacturers in | :13:30. | :13:34. | |
November. That would be the 10th straight decrease in prices reported | :13:35. | :13:39. | |
by the index, pointing to lower inflation. With lower oil prices, we | :13:40. | :13:46. | |
will get a look on the latest figures on the number of drilling | :13:47. | :13:49. | |
rigs actively exploring for oil or gas in the United States. Richard, | :13:50. | :13:57. | |
great to have you with us. The FTSE in particular, six days of... Yes, | :13:58. | :14:07. | |
six days of that! The much mooted rally which we were talking about at | :14:08. | :14:10. | |
the start of the month has not appeared. It has been a pretty | :14:11. | :14:15. | |
miserable week. Is this a moderate ease? It is mainly commodities. | :14:16. | :14:20. | |
Anglo-American down 17% on the week. BHP Billiton down 6%. But the | :14:21. | :14:26. | |
FTSE-100 is down almost 4% on the month. That is a big fall. It is | :14:27. | :14:30. | |
pretty miserable. And it looks like it will be another miserable | :14:31. | :14:35. | |
day-to-day. And we have got the Russian central back decision coming | :14:36. | :14:40. | |
up in just under two hours. It is very difficult there to separate the | :14:41. | :14:48. | |
politics and the can mix question mark -- and economics? Yes, and we | :14:49. | :14:55. | |
have also seen food inflation, the sanctions taken against Turkey, and | :14:56. | :15:00. | |
we have also seen the rouble falling ahead of the possible Fed rate cut | :15:01. | :15:04. | |
next week. That is also driving inflation. So it looks like we may | :15:05. | :15:13. | |
not see a rate cut now. Yes, Russia have banned foodstuffs from certain | :15:14. | :15:17. | |
parts of Europe and from Turkey which is having an impact, so | :15:18. | :15:21. | |
experts tell us. The big problem is that Russia needs to balance its | :15:22. | :15:27. | |
books around ?120 a barrel of oil at the moment, which is less than 40 at | :15:28. | :15:33. | |
the moment. Absolutely and some economies do win from low oil prices | :15:34. | :15:37. | |
and others really lose and Russia is one of those that really loses. You | :15:38. | :15:42. | |
will come back to take us to the papers, some good stories. | :15:43. | :15:47. | |
Our technology editor Rory Cellan Jones is | :15:48. | :15:50. | |
waiting in the wings - ready to run through | :15:51. | :15:52. | |
Whether Marissa Mayer will be able to hold onto the top slot at Yahoo. | :15:53. | :16:05. | |
You're with Business Live from BBC News. | :16:06. | :16:13. | |
OK - let's take a look at some of the stories from around the UK. | :16:14. | :16:20. | |
The government's been criticised for delaying a decision on airport | :16:21. | :16:23. | |
expansion in the south-east of England until next summer. | :16:24. | :16:26. | |
Ministers said they wanted a further review of the environmental impacts | :16:27. | :16:30. | |
of the rival schemes at Heathrow and Gatwick. | :16:31. | :16:37. | |
Business groups and airlines have reacted angrily, | :16:38. | :16:39. | |
warning that the uncertainty over Britain's aviation future could cost | :16:40. | :16:43. | |
Labour claimed the postponement is for political reasons rather | :16:44. | :16:48. | |
Lets leave the politics of the decision aside for a few | :16:49. | :16:54. | |
minutes and talk a little about the actual building | :16:55. | :16:57. | |
of the runway whenever, and whenever, a decision is made. | :16:58. | :17:01. | |
Joining us is Robbie Owen, Planning and Infrastructure partner | :17:02. | :17:04. | |
Welcome to the programme, in terms of infrastructure and in terms of | :17:05. | :17:17. | |
the easiest place to build and put another runway is it Heathrow or | :17:18. | :17:22. | |
Gatwick? I think it is Heathrow because it is not just what is | :17:23. | :17:26. | |
obvious, it is what is the best solution for Britain, what brings | :17:27. | :17:29. | |
the most benefit and makes the most sense strategically. That is | :17:30. | :17:33. | |
definitely the scheme by Heathrow Airport for a north-west runway. Is | :17:34. | :17:41. | |
the argument here, I like habit of aviation, I follow it closely, some | :17:42. | :17:48. | |
people will say that it's the second busiest airport in the number of | :17:49. | :17:52. | |
passengers, there are mid-sized German airports with and four | :17:53. | :18:01. | |
runways. We are a small island. This has been looked at by the airport | :18:02. | :18:06. | |
commission. And this is the government interim response. It has | :18:07. | :18:09. | |
been looked at carefully over three years with a lot of consultation and | :18:10. | :18:14. | |
consideration by experts and this was the considered view that | :18:15. | :18:18. | |
Heathrow is a clear winner of the three short listed schemes. We | :18:19. | :18:22. | |
appreciate, short and sweet, but we have your answer, Heathrow it is for | :18:23. | :18:28. | |
you. Lipstick quick look at this story, a downgrade for the UK | :18:29. | :18:32. | |
economy coming from the Institute of chartered accountants. This is all | :18:33. | :18:40. | |
to do with slowdown in China, weak growth in Europe and it is hitting | :18:41. | :18:41. | |
business confidence. I did not realise we were back! | :18:42. | :19:00. | |
Let's talk technology. Rory is here. Can we get stuck into it? There we | :19:01. | :19:06. | |
go. I'm amazed by the performance this morning. Yahoo, a massive | :19:07. | :19:14. | |
U-turn, no direction for the Internet part of it, what's going | :19:15. | :19:20. | |
on? One of the biggest names on the Internet, one of the great companies | :19:21. | :19:28. | |
that rose in the 1990s. In 1995, Surrey, 2005, it bought a stake in a | :19:29. | :19:34. | |
Chinese company for $1 billion and now that state is huge, it is worth | :19:35. | :19:42. | |
30 times more. You have an Internet company, a tiny Internet business | :19:43. | :19:44. | |
with a giant stake in the Chinese retail company that is dominating | :19:45. | :19:51. | |
the business. It was going to spin it off but now it has looked at that | :19:52. | :19:58. | |
and the boss has said it's too complicated. All sorts of tax | :19:59. | :20:03. | |
implications would make it too difficult. Instead we will spin of | :20:04. | :20:08. | |
the Internet business which brings the focus back to what an effigy has | :20:09. | :20:12. | |
been doing during her time in charge? She became as the great | :20:13. | :20:16. | |
saviour, one of the most powerful women in silicon valley on a huge | :20:17. | :20:19. | |
salary and people are asking what her strategy is. That being said, | :20:20. | :20:25. | |
let's look at her, three years ago she took over as boss. If you bought | :20:26. | :20:30. | |
shares the day she came inside back and help them your shears would have | :20:31. | :20:34. | |
more than doubled in value. She's made a lot of people very rich. If | :20:35. | :20:39. | |
you look at most companies, and said that would be the performance, most | :20:40. | :20:43. | |
people would be happy, so why is she having such a tough time with | :20:44. | :20:50. | |
investors? They see that story as played out and what is coming next? | :20:51. | :20:57. | |
What is the strategy? She does not appear yet to have found a recipe | :20:58. | :21:01. | |
for turning round the court Internet business. Interesting commentary | :21:02. | :21:05. | |
this week to say it is crazy that you think you can just bring in a | :21:06. | :21:08. | |
Steve jobs type figure and have that type of turnaround, it would be | :21:09. | :21:13. | |
better having someone quietly managing the thing and ticking over. | :21:14. | :21:30. | |
We want to talk about that Bitcoin. Digital currency, incredibly | :21:31. | :21:33. | |
fashionable but people think it could be dangerous and it is very | :21:34. | :21:37. | |
volatile, price going up and down. What people are focusing on is the | :21:38. | :21:49. | |
technology behind it. Blockchain. It's like an old journal that you | :21:50. | :21:53. | |
would keep everything in writing, put that in the 21st century and put | :21:54. | :21:57. | |
it online and make it available and visible around the world and have no | :21:58. | :22:01. | |
centralised authority and what the big banks have done this week, | :22:02. | :22:04. | |
Goldman Sachs and a number of other major banks, is invest in a | :22:05. | :22:09. | |
technology firm which will look at ways of using that blockchain more | :22:10. | :22:15. | |
widely across the banking industry. I have heard people describe this as | :22:16. | :22:19. | |
more important than the Internet itself, the blockchain. I am still | :22:20. | :22:24. | |
getting my head around exactly why it will transform everything but | :22:25. | :22:26. | |
there are a lot of people very excited about it. Fascinating, | :22:27. | :22:33. | |
Goldman Sachs think it is a winner. They could be disrupted so they want | :22:34. | :22:38. | |
to do the disrupting first. Happy Friday, have a great weekend. In a | :22:39. | :22:47. | |
moment we will take a look through the business pages but first a | :22:48. | :22:49. | |
reminder of how to get in touch. What are the business stories the | :22:50. | :23:31. | |
media have been interested in? Richard Fletcher is back, let's | :23:32. | :23:36. | |
start with a story on your front page, British Airways threat to | :23:37. | :23:41. | |
abandon Heathrow, tell us more? Businesses are angry about the | :23:42. | :23:45. | |
indecision by the government but they are also angry, this is a | :23:46. | :23:49. | |
complicated issue, will he Walsh is angry about the fact he will have | :23:50. | :23:55. | |
two paper the expansion upfront -- will he Walsh is angry about the | :23:56. | :23:58. | |
fact he will have to pay for the expansion upfront. It's another | :23:59. | :24:02. | |
example of what a complex issue this is, although business is very angry | :24:03. | :24:09. | |
about the lack of action by the government they do desperately want | :24:10. | :24:14. | |
a new runway, a lot of disputes about where it should be, who should | :24:15. | :24:20. | |
pay for it, it's a compensated issue. It's a combo give it issue, | :24:21. | :24:25. | |
we are making it complicated. It is not, located in China or the gulf | :24:26. | :24:29. | |
states or other part of Europe that we are trying to compete with, | :24:30. | :24:33. | |
Britain is losing out economic life. Absolutely which is why we sought | :24:34. | :24:38. | |
such anger yesterday, the CBI describing the primaries as gutless | :24:39. | :24:44. | |
-- the Prime Minister as gutless and that we need to just get on and | :24:45. | :24:48. | |
build the runway. There are fears we could run out of capacity by 2025. | :24:49. | :25:08. | |
Can we talk about to? Some serious initiatives, they are trying to | :25:09. | :25:11. | |
encourage water companies to use the waste product, let's put it that | :25:12. | :25:17. | |
way, they are left with once they have cleaned up the sewage. The idea | :25:18. | :25:22. | |
is you can generate energy which you then sell back to the National Grid. | :25:23. | :25:27. | |
And there is a further waste products you would give to farmers | :25:28. | :25:32. | |
to scatter on the fields. It's a cracking idea really. They do it in | :25:33. | :25:36. | |
Africa. The burn it. Great stuff, I don't agree have time | :25:37. | :25:58. | |
for the next one. That's it from business alive, plenty more business | :25:59. | :26:02. | |
news throughout the day on the website and world business report -- | :26:03. | :26:03. | |
business live. Quite a contrast from north to south | :26:04. | :26:14. | |
across the UK today, | :26:15. | :26:15. |