:00:00. > :00:08.This is Business Live from BBC News with Maryam Moshiri and Aaron
:00:09. > :00:16.As migration tops the agenda of today's EU summit,
:00:17. > :00:19.we look at how much of the money that's been promised to deal
:00:20. > :00:21.with the crisis has actually been delivered.
:00:22. > :00:39.Live from London, that's our top story on friday 18th December.
:00:40. > :00:42.As EU leaders meet to thrash out an agreement on how to solve
:00:43. > :00:45.the ongoing migrant crisis, questions are being asked about how
:00:46. > :00:48.much money is really getting to those who need it and if enough
:00:49. > :00:55.of the EU's 28 members are really pulling their weight financially.
:00:56. > :00:59.FTSE 100 bosses earned 183 times the average salary
:01:00. > :01:04.A report out today says that's starting to cause friction
:01:05. > :01:12.We're taking a look at CEO pay and the question of how much
:01:13. > :01:15.Stocks in the US fell sharply on Thursday,
:01:16. > :01:18.as traders turned their attention away from the Federal Reserve
:01:19. > :01:30.Shares in Asia followed, and this is how the markets
:01:31. > :01:34.in Europe are doing right now.
:01:35. > :01:38.And we'll be getting the inside track from this bloke -
:01:39. > :01:41.our business editor Kamal Ahmed who's going to take us
:01:42. > :01:43.through the top stories over the past week -
:01:44. > :01:46.we'll be talking oil prices, the Fed rate rise and making money
:01:47. > :01:50.Today - we want to know what you think about that story
:01:51. > :01:51.about workers being demotivated by executives high pay.
:01:52. > :01:55.Should the big boss of a company get something like 183 times higher
:01:56. > :01:57.salary than the lowest paid that company?
:01:58. > :02:15.As the European Union holds its final summit for 2015,
:02:16. > :02:18.there's one topic that will be driving the agenda:
:02:19. > :02:21.While the EU has promised to find homes for 160,000 refugees,
:02:22. > :02:27.it's also thrown a huge amount of financial aid behind the issue.
:02:28. > :02:29.The European Commission has pledged that member states will contribute
:02:30. > :02:40.But so far, not enough member states have responded to that call.
:02:41. > :02:41.There's a massive shortfall
:02:42. > :02:45.and what individual stats have agreed to contribute.
:02:46. > :02:49.During a humanitarian crisis or natural disaster,
:02:50. > :02:51.politicians and world leaders tend to rally around and pledge billions
:02:52. > :03:01.But often, not all the money makes it to those who need it most.
:03:02. > :03:02.For example, after the 2010
:03:03. > :03:07.politicians worldwide pledged $4.5 billion for reconstruction projects
:03:08. > :03:14.But according to the United Nations, only 53% of that money was actually
:03:15. > :03:17.delivered, and only a handful of donors fully met their pledges
:03:18. > :03:22.Eloise Todd is the Global Policy Director of ONE,
:03:23. > :03:36.Thank you for joining us. Marion was just highlighting some of the
:03:37. > :03:41.numbers. It is easy to pledge something, it is another thing to
:03:42. > :03:45.cough up the money, a shortfall of nearly $2.5 billion, who coughs that
:03:46. > :03:50.up? Who's shoulders does that for one eventually? Kellie it is
:03:51. > :03:55.important that that is shared amongst the people that can pay.
:03:56. > :04:00.There are two particular priorities right now, firstly that those in
:04:01. > :04:04.need get the money and the support that they need on our shores, but
:04:05. > :04:08.secondly and crucially we must make sure that money for the refugees in
:04:09. > :04:12.the crisis does not come at the expense of the poorest in the world
:04:13. > :04:17.because right now what we are seeing is development budgets being dipped
:04:18. > :04:23.into by countries like Sweden in order to respond to the crisis on
:04:24. > :04:28.our shores. We don't want to let this to send into a 0-sum game at
:04:29. > :04:36.the expense of the poorest in the world. You use the phrase, who can
:04:37. > :04:40.pay? If we talk about Europe, there are some poorer economies than
:04:41. > :04:47.others, but at the moment not all of them are doing that well. Should the
:04:48. > :04:50.wealthy economies in Europe pay more, do you think, than the others
:04:51. > :04:58.all should be shared out equally? I am trying to get a sense. Everybody
:04:59. > :05:01.needs to pay up and contribute to this Dunne these needs. What we have
:05:02. > :05:06.seen is some countries and entities doing better than others in this.
:05:07. > :05:12.The European Union for example managed to find extra money in the
:05:13. > :05:14.2016 budget to support both the refugees and increase development
:05:15. > :05:17.aid, so those programmes could be ongoing, and what we need to see is
:05:18. > :05:22.more of that kind of flexibility from countries across the world so
:05:23. > :05:26.they have contingency plans, so when these kind of crises occur, we are
:05:27. > :05:32.not raiding long-term programmes that ultimately save lives. Where
:05:33. > :05:38.does the money actually go? What is the area of most need right now?
:05:39. > :05:42.Right now, there are several needs. We need to talk about the long-term
:05:43. > :05:45.stability in these countries. We need to provide for the people in
:05:46. > :05:49.refugee camps that don't have enough money, and we need to make sure that
:05:50. > :05:53.we sustain the long-term development programmes across the Middle East
:05:54. > :05:57.and also in sub Saharan Africa to make sure that we have the long-term
:05:58. > :06:04.development that brings stability to these people. We have been tracking,
:06:05. > :06:09.for example, last year in the Ebola crisis, we undertook a big programme
:06:10. > :06:11.to look at how many were spent, and dispersed and pledged, and it is
:06:12. > :06:15.crucial that governments, when they sign up today at the European
:06:16. > :06:18.council, when they say the money they are going to pledge they need
:06:19. > :06:22.to be absolutely crystal clear that the budget lines it is coming from,
:06:23. > :06:25.where they intend it to go to and how they will be spending that
:06:26. > :06:30.money, so that groups like ours at the One campaign can help them to
:06:31. > :06:31.account those actions. We appreciate your time, good luck with anything,
:06:32. > :06:34.thank you per joining us. IMF chief Christine Lagarde
:06:35. > :06:38.is to stand trial in France for alleged negligence over a 400
:06:39. > :06:41.million euro payment to businessman She was finance minister
:06:42. > :06:48.in President Sarkozy's government at the time Mr Tapie received
:06:49. > :06:51.the payout for losses he had blamed on state controlled
:06:52. > :06:54.bank Credit Agricole. Mr Tapie had supported Mr Sarkozy
:06:55. > :06:58.in the 2007 presidential election. Ms Lagarde's lawyer described
:06:59. > :06:59.the court's decision as "incomprehensible",
:07:00. > :07:05.and said the IMF boss would appeal. Research from the Chartered
:07:06. > :07:07.Institute for Personnel and Development has found that three
:07:08. > :07:10.in five workers in the UK are demotivated by the amount
:07:11. > :07:12.the chief executive It found that FTSE 100 bosses earned
:07:13. > :07:22.183 times the average salary China's - and so the world's -
:07:23. > :07:37.demand for coal could be peaking - according to a report
:07:38. > :07:42.by the International Energy Agency. A slowing economy and a move
:07:43. > :07:45.towards less energy intensive industries is reducing
:07:46. > :07:46.coal consumption - as well as the state's attempts
:07:47. > :07:49.to clear up the choking smog that The IEA says India will take over
:07:50. > :07:55.from China as the world's biggest Coal use there will rise but not
:07:56. > :08:20.enough to offset declines elsewhere I am glad you did that story. Put
:08:21. > :08:29.those glasses back on, you look hot. I am glad you do that story about
:08:30. > :08:36.coal. It is called a Segway. It is Ashley quite a sad story, the last
:08:37. > :08:42.UK deep coal mine to close, interesting we have just have that
:08:43. > :08:51.report about Peak coal, or call speaking, -- or coal Peking, the
:08:52. > :09:00.very last coal mine, deep coal mine, is closing but the UK will style
:09:01. > :09:03.after -- will still have to import 30 million tonnes. The likes of
:09:04. > :09:06.India saying we have to use more coal. But IS find out what else is
:09:07. > :09:12.making the news around the world. Mariko Oi is in Singapore with news
:09:13. > :09:15.that the Bank of Japan has launched a plan for firms to boost
:09:16. > :09:20.wages and investment. They have done it again. Another
:09:21. > :09:25.form of stimulus. But what ever they did, I do know, the markets were not
:09:26. > :09:35.happy. The McKay was down nearly 2% today. Indeed, Aaron. It came as a
:09:36. > :09:39.huge surprise -- the Nikkei. The bank of Japan announced further
:09:40. > :09:41.stimulus measures mainly for companies that are actively
:09:42. > :09:45.investing and hiring more people and that is because even though a lot of
:09:46. > :09:50.companies have been reporting very strong profits, they have not been
:09:51. > :09:53.employing more people, which of course the government and the
:09:54. > :09:57.central bank want them to do in order to boost the economy activity.
:09:58. > :10:01.So at least there are some incentive there. But investors did not seem to
:10:02. > :10:05.think that would be enough to encourage companies to start hiring
:10:06. > :10:11.more people instead of racking up their own cash. So, as a result,
:10:12. > :10:16.after the announcement, Japan's Japanese shares soared as much as 3%
:10:17. > :10:23.but shortly after they started to fall, ending down almost 2%. Thank
:10:24. > :10:24.you very much. Let's take a look at what the figures have been telling
:10:25. > :10:26.us. Asian stock markets were lower
:10:27. > :10:28.Friday as a persistent drop in the price of oil weighed
:10:29. > :10:30.on investor sentiment, eroding gains sparked the day before
:10:31. > :10:33.by the Fed's first rate hike Wall Street dropped
:10:34. > :10:47.as oil prices stayed low. In Europe, stocks shares fell
:10:48. > :10:50.on Friday to retreat from a one-week high reached in the previous
:10:51. > :10:52.session, with supermarket group Casino losing more ground
:10:53. > :10:54.in the wake of a negative research And now Nada Tawfik can tell us us
:10:55. > :11:04.what will be making the headlines in the business world
:11:05. > :11:16.in the United States today. US stocks on Thursday snapped a
:11:17. > :11:20.three-day rally. The market of the day of the Fed's first rate rise in
:11:21. > :11:24.nearly a decade and down the day after, so how will they end the
:11:25. > :11:27.week, especially with oil still weighing on energy stocks? It will
:11:28. > :11:30.be a quiet day on Wall Street without any major event in the
:11:31. > :11:36.calendar, but there right few earning reports out. Carnival
:11:37. > :11:39.Corporation will post fourth-quarter results. Analysts will be interested
:11:40. > :11:42.to see how the company is coping with the negative effects of a
:11:43. > :11:46.strong dollar and weak global demand. There will also look to see
:11:47. > :11:51.how the Paris attacks in November affected its booking on cruises.
:11:52. > :11:53.Blackberry and restaurant chain Olive Garden also report quarterly
:11:54. > :11:54.sales and profit. Joining us is Jeremy Stretch,
:11:55. > :12:09.head of currency strategy at CIBC You will get a staff pass soon,
:12:10. > :12:16.Jeremy. Can I stop with the stop -- top story, the cost of the EU
:12:17. > :12:20.summit, migration, a big shortfall, do the markets focus on that?
:12:21. > :12:26.Everyone is focused at the moment on what it is costing say Europe, but
:12:27. > :12:29.there is a benefit Europe as well. Indeed, if you take the very
:12:30. > :12:34.long-term macroeconomic environment and consider the way the term of
:12:35. > :12:37.reference is working in Europe, ageing populations, low levels of
:12:38. > :12:41.birth rate, if you look at the German population it is forecast to
:12:42. > :12:46.be going down over time, so they actually require workers. So you
:12:47. > :12:49.could argue from a long-term economic perspective, the net
:12:50. > :12:55.migration into the mainland of Europe is a necessary constituent
:12:56. > :13:00.and will help to generate growth diameters. Politically it is very
:13:01. > :13:05.challenging, particularly for Angela Merkel for her re-election in 2017
:13:06. > :13:09.but over the longer term, you can argue aggression in the northern
:13:10. > :13:12.Europe, even into the UK, as we have seen in the last ten to 15 years,
:13:13. > :13:18.provide a benefit to economic performance. Let's talk about oil
:13:19. > :13:21.prices. We talked about the Fed reserve but oil prices are really
:13:22. > :13:26.staying quite low and we are seeing the possibility of the US lifting
:13:27. > :13:30.its 40 year ban on oil exports. We continue to see an industry
:13:31. > :13:34.overhang, so there are too much being pumped and not enough demand.
:13:35. > :13:37.We saw a couple of weeks ago Opec saying we're not going to reduce the
:13:38. > :13:42.amount we are pumping, and the Saudi Arabian said not reducing our
:13:43. > :13:46.output, so there is still this overhang. Global demand is still too
:13:47. > :13:50.low, you are talking about China and the impact on coal, it is the same
:13:51. > :13:54.impact in terms of oil where they are not using as much as they have
:13:55. > :13:59.done previously, partly due to growth dynamics, but also due to
:14:00. > :14:02.changing growth in the domestic market. Oil prices continue to be
:14:03. > :14:07.dragged lower but also as the US dollar appreciates, that also
:14:08. > :14:15.depresses the dollar .com and dated oil price, which is bad news for --
:14:16. > :14:17.dollar-denominated oil price. It is good news for the procedures. Thank
:14:18. > :14:24.you much. Still to come, we'll be
:14:25. > :14:26.getting the inside track from this bloke - our business
:14:27. > :14:28.editor Kamal Ahmed who's going to take us through the top
:14:29. > :14:31.stories over the past week. You're with Business
:14:32. > :14:43.Live from BBC News. Energy firm NPower has been fined
:14:44. > :14:54.a record ?26 million Let's go live to Joe Lynam. He has
:14:55. > :14:58.the details. There is one thing that gets people's backs up. It is how
:14:59. > :15:03.they are treated by their energy company because next year's shopping
:15:04. > :15:05.bills annual rent or mortgage, the next biggest cost in your monthly
:15:06. > :15:12.outgoings is your energy bills and this particular company, Npower, has
:15:13. > :15:17.been fined ?26 million, the biggest ever fine for a domestic energy
:15:18. > :15:21.company. They have been done so for billing late, billing in accurately
:15:22. > :15:29.and not dealing with the complaints when you phone up to complain about
:15:30. > :15:34.those bills. I am showing a chart for RWE, the German giant, that owns
:15:35. > :15:40.Npower. Their parent company have had a really nasty year, shares down
:15:41. > :15:42.60%, simply because oil prices are so radically down which means the
:15:43. > :15:48.amount of money they can make is also going to be down, Npower have
:15:49. > :15:52.to face this bill. If they do not meet a new set of targets for
:15:53. > :15:54.standards by June this year they won't be allowed to sell energy in
:15:55. > :16:04.the UK from now on. A pretty Draconian change.
:16:05. > :16:06.It was almost like he blew a kiss them!
:16:07. > :16:08.That was for me! A pathway to a deal on new terms
:16:09. > :16:11.for Britain's membership within the EU has been found
:16:12. > :16:13.by European leaders, The Prime Minister said good
:16:14. > :16:18.progress was made at the EU summit in Brussels, but it would be tough
:16:19. > :16:24.to finalise terms by the proposed Mr Cameron is demanding
:16:25. > :16:28.change on four issues, including curbing in-work benefits
:16:29. > :16:44.for EU migrants in the UK. We heard about the resignation of
:16:45. > :16:51.Heathrow's chairman, the front page of the Daily Telegraph... I am
:16:52. > :16:54.sorry, am I disturbing your peace? The front page of the Daily
:16:55. > :17:02.Telegraph has more on the story, he has quit the group after delays over
:17:03. > :17:07.the running of Heathrow. The government delay, that is.
:17:08. > :17:11.Sorry, we could not bring that for you!
:17:12. > :17:16.EU leaders will wrap up a major summit in Brussels today.
:17:17. > :17:19.Top of the agenda is the growing migrant crisis across the region,
:17:20. > :17:21.with hundreds of thousands of refugees coming into Europe over
:17:22. > :17:26.Billions of dollars in aid has been pledged by governments to help deal
:17:27. > :17:41.And now let's get the inside track on Fed rate rise, oil hitting $35
:17:42. > :18:00.I am not making any money on it! It is great to see you. Can we start
:18:01. > :18:05.with oil? A lot of people did not realise that the US had a ban on
:18:06. > :18:14.exporting crude oil, they will lift it. Nvidia year, we could see
:18:15. > :18:22.American oil, Iranian oil, Libyan oil, a lot of oil, when we already
:18:23. > :18:28.have a lot. The global economy is relatively slow in growth, you have
:18:29. > :18:33.a demand problem and oversupply, just as your previous guest said.
:18:34. > :18:38.You are right to pick up on those points. Iran, with the sanctions
:18:39. > :18:45.being lifted, there will be an implementation date next year when
:18:46. > :18:53.they can start properly servicing and exporting oil again. Saudi
:18:54. > :18:57.Arabia is not going to start cutting its oil output because it knows it
:18:58. > :19:03.will lose market share. Iran and Saudi Arabia are not the best of
:19:04. > :19:08.friends. You cannot see that this supply issue is going to be tackled
:19:09. > :19:13.in any way. At the same time, countries like Russia are still
:19:14. > :19:16.trying to pump as much oil as they can to support their economies,
:19:17. > :19:22.which have been hugely affected by the low oil price. This problem of
:19:23. > :19:27.oversupply and flat demand will continue through next year, and you
:19:28. > :19:32.cannot really imagine that there will be much upward pressure in the
:19:33. > :19:35.price at all. We are predicting more rate rises from the Fed, how will
:19:36. > :19:40.that impact the rest of the world, in particular European rates?
:19:41. > :19:45.Psychologically it increases pressure on the big central banks in
:19:46. > :19:50.Europe, the Bank of England and the European Central Bank. They are in a
:19:51. > :19:54.negative interest rate environment. The growth is still patchy in
:19:55. > :19:58.Europe, although getting slightly better. Growth is better in the UK,
:19:59. > :20:03.the Bank of England governor has said that although the British
:20:04. > :20:09.economy is often seen as a assist to the American economy, it is not time
:20:10. > :20:16.yet in the UK for rate rises, the UK may be first through 2016, even that
:20:17. > :20:22.UK growth is stronger. It is important to look further towards
:20:23. > :20:27.Asia and Japan. Japan is also in a very low interest rate environment,
:20:28. > :20:33.growth is sluggish. You are getting the great divergences, America will
:20:34. > :20:38.go in run -- one Direction, the rest of the world will go in another.
:20:39. > :20:42.China is devaluing. That will lead to capital flows, which was going
:20:43. > :20:46.towards America and away from the lower returns in Asia and Europe,
:20:47. > :20:50.which could be a tension, and a big theme. All that money continues
:20:51. > :20:58.flowing into North America, what does that mean's if you are thinking
:20:59. > :21:00.about global funds and they are making big investment into
:21:01. > :21:05.infrastructure and rebuilding economies and corporate in different
:21:06. > :21:09.countries, they are thinking, where am I going to get the best returns
:21:10. > :21:14.from? America becomes much more attractive than Asia, particularly
:21:15. > :21:20.where there is still a low interest rate environment. America becomes
:21:21. > :21:27.more attractive as an investment home for these big global funds.
:21:28. > :21:32.Let's talk about Star Wars. The geek in me is desperate to see the film.
:21:33. > :21:36.You are a huge fan. I remember queueing with my father at the age
:21:37. > :21:44.of eight at the local cinema to see the first one.
:21:45. > :21:49.You were 20 then! I am a massive fan. I am taking my son and daughter
:21:50. > :21:56.this weekend. I am more excited than they are. What is amazing about it
:21:57. > :22:01.is how Disney has made it not just into a film but into a business
:22:02. > :22:08.franchise, merchandising, licensing. Disney leveraging the fact that it
:22:09. > :22:12.owns ESPN, ABC, news channels, and it uses the power in the market to
:22:13. > :22:16.ensure that it is not just the ticket prices they get the money
:22:17. > :22:20.from, it is all the things we buy, the merchandising, making it into a
:22:21. > :22:24.multi-billion pound business, what a great success. Thank you.
:22:25. > :22:26.Let's see what other stories are being talked
:22:27. > :22:34.Let's have a look at some of the stories that are making news
:22:35. > :22:46.around the world before we discuss them in more detail.
:22:47. > :22:56.Mark Carney may want to stay on for eight years.
:22:57. > :23:07.This is the Guardian story, disgruntled employees. Apparently
:23:08. > :23:11.executives are earning 183 times more than their input use, which is
:23:12. > :23:17.causing employees to be upset and disgruntled. Does that upset you
:23:18. > :23:24.that I earn that much more than you? It is disgusting!
:23:25. > :23:32.Mark Carney says he has more to do, but some may think, maybe it is
:23:33. > :23:38.something to do with what happened in Canada, the politics. It has been
:23:39. > :23:41.assumed that Mark Carney had political ambitions, we had the
:23:42. > :23:49.election in Canada, the Liberals came through to win well. That has
:23:50. > :23:52.perhaps closed the door from a political standpoint for Mark Carney
:23:53. > :24:02.going back to Canada and running for office. When he arrived, he took
:24:03. > :24:05.over from Mervyn King, he had responsible at the four UK interest
:24:06. > :24:10.rates, about the role has broadened, we have talked about the Bank of
:24:11. > :24:15.England looking at powers to rein in the buy to let market, so there is a
:24:16. > :24:19.broader remit that he has, and he is looking to embrace it theoretically
:24:20. > :24:28.and look for a full eight year term, rather than five years. Let's talk
:24:29. > :24:31.about the story in the Guardian. Workers are demotivated by
:24:32. > :24:38.executives' high-paid. We have had a couple of tweets. Ben says, is the
:24:39. > :24:45.executive contribution 183 times that of the employees? I doubt it.
:24:46. > :24:50.The article shows that executives, Chief Executive 's, are paid 183
:24:51. > :24:59.times more than employees. The pay gap is getting wider. Yes, it was
:25:00. > :25:05.even getting wider in the crisis. Another by-product of this, there
:25:06. > :25:11.were some numbers over the weekend, looking at the nationality of Chief
:25:12. > :25:16.Executive 's, we have seen an increasing use of foreign nationals
:25:17. > :25:18.in terms of leadership roles. It is like the Premier League, imported
:25:19. > :25:28.foreign talent helping to bid up wages. Is that like you? Have paid
:25:29. > :25:34.more than anybody else? I cannot see it going backwards or
:25:35. > :25:41.narrowing. We will not see legislation or anything of that
:25:42. > :25:45.nature to address the problem. She did that a bit too early!
:25:46. > :25:49.You did not see me doing this! There will be more business news
:25:50. > :25:53.throughout the day on the BBC Live webpage and on World
:25:54. > :25:56.Business Report.