18/12/2015 BBC Business Live

This is Business Live from BBC News with Maryam Moshiri and Aaron

As migration tops the agenda of today's EU summit,

we look at how much of the money that's been promised to deal

with the crisis has actually been delivered.

Live from London, that's our top story on friday 18th December.

As EU leaders meet to thrash out an agreement on how to solve

the ongoing migrant crisis, questions are being asked about how

much money is really getting to those who need it and if enough

of the EU's 28 members are really pulling their weight financially.

FTSE 100 bosses earned 183 times the average salary

A report out today says that's starting to cause friction

We're taking a look at CEO pay and the question of how much

Stocks in the US fell sharply on Thursday,

as traders turned their attention away from the Federal Reserve

Shares in Asia followed, and this is how the markets

in Europe are doing right now.

And we'll be getting the inside track from this bloke -

our business editor Kamal Ahmed who's going to take us

through the top stories over the past week -

we'll be talking oil prices, the Fed rate rise and making money

Today - we want to know what you think about that story

about workers being demotivated by executives high pay.

Should the big boss of a company get something like 183 times higher

salary than the lowest paid that company?

As the European Union holds its final summit for 2015,

there's one topic that will be driving the agenda:

While the EU has promised to find homes for 160,000 refugees,

it's also thrown a huge amount of financial aid behind the issue.

The European Commission has pledged that member states will contribute

But so far, not enough member states have responded to that call.

There's a massive shortfall

and what individual stats have agreed to contribute.

During a humanitarian crisis or natural disaster,

politicians and world leaders tend to rally around and pledge billions

But often, not all the money makes it to those who need it most.

For example, after the 2010

politicians worldwide pledged $4.5 billion for reconstruction projects

But according to the United Nations, only 53% of that money was actually

delivered, and only a handful of donors fully met their pledges

Eloise Todd is the Global Policy Director of ONE,

Thank you for joining us. Marion was just highlighting some of the

numbers. It is easy to pledge something, it is another thing to

cough up the money, a shortfall of nearly $2.5 billion, who coughs that

up? Who's shoulders does that for one eventually? Kellie it is

important that that is shared amongst the people that can pay.

There are two particular priorities right now, firstly that those in

need get the money and the support that they need on our shores, but

secondly and crucially we must make sure that money for the refugees in

the crisis does not come at the expense of the poorest in the world

because right now what we are seeing is development budgets being dipped

into by countries like Sweden in order to respond to the crisis on

our shores. We don't want to let this to send into a 0-sum game at

the expense of the poorest in the world. You use the phrase, who can

pay? If we talk about Europe, there are some poorer economies than

others, but at the moment not all of them are doing that well. Should the

wealthy economies in Europe pay more, do you think, than the others

all should be shared out equally? I am trying to get a sense. Everybody

needs to pay up and contribute to this Dunne these needs. What we have

seen is some countries and entities doing better than others in this.

The European Union for example managed to find extra money in the

2016 budget to support both the refugees and increase development

aid, so those programmes could be ongoing, and what we need to see is

more of that kind of flexibility from countries across the world so

they have contingency plans, so when these kind of crises occur, we are

not raiding long-term programmes that ultimately save lives. Where

does the money actually go? What is the area of most need right now?

Right now, there are several needs. We need to talk about the long-term

stability in these countries. We need to provide for the people in

refugee camps that don't have enough money, and we need to make sure that

we sustain the long-term development programmes across the Middle East

and also in sub Saharan Africa to make sure that we have the long-term

development that brings stability to these people. We have been tracking,

for example, last year in the Ebola crisis, we undertook a big programme

to look at how many were spent, and dispersed and pledged, and it is

crucial that governments, when they sign up today at the European

council, when they say the money they are going to pledge they need

to be absolutely crystal clear that the budget lines it is coming from,

where they intend it to go to and how they will be spending that

money, so that groups like ours at the One campaign can help them to

account those actions. We appreciate your time, good luck with anything,

thank you per joining us. IMF chief Christine Lagarde

is to stand trial in France for alleged negligence over a 400

million euro payment to businessman She was finance minister

in President Sarkozy's government at the time Mr Tapie received

the payout for losses he had blamed on state controlled

bank Credit Agricole. Mr Tapie had supported Mr Sarkozy

in the 2007 presidential election. Ms Lagarde's lawyer described

the court's decision as "incomprehensible",

and said the IMF boss would appeal. Research from the Chartered

Institute for Personnel and Development has found that three

in five workers in the UK are demotivated by the amount

the chief executive It found that FTSE 100 bosses earned

183 times the average salary China's - and so the world's -

demand for coal could be peaking - according to a report

by the International Energy Agency. A slowing economy and a move

towards less energy intensive industries is reducing

coal consumption - as well as the state's attempts

to clear up the choking smog that The IEA says India will take over

from China as the world's biggest Coal use there will rise but not

enough to offset declines elsewhere I am glad you did that story. Put

those glasses back on, you look hot. I am glad you do that story about

coal. It is called a Segway. It is Ashley quite a sad story, the last

UK deep coal mine to close, interesting we have just have that

report about Peak coal, or call speaking, -- or coal Peking, the

very last coal mine, deep coal mine, is closing but the UK will style

after -- will still have to import 30 million tonnes. The likes of

India saying we have to use more coal. But IS find out what else is

making the news around the world. Mariko Oi is in Singapore with news

that the Bank of Japan has launched a plan for firms to boost

wages and investment. They have done it again. Another

form of stimulus. But what ever they did, I do know, the markets were not

happy. The McKay was down nearly 2% today. Indeed, Aaron. It came as a

huge surprise -- the Nikkei. The bank of Japan announced further

stimulus measures mainly for companies that are actively

investing and hiring more people and that is because even though a lot of

companies have been reporting very strong profits, they have not been

employing more people, which of course the government and the

central bank want them to do in order to boost the economy activity.

So at least there are some incentive there. But investors did not seem to

think that would be enough to encourage companies to start hiring

more people instead of racking up their own cash. So, as a result,

after the announcement, Japan's Japanese shares soared as much as 3%

but shortly after they started to fall, ending down almost 2%. Thank

you very much. Let's take a look at what the figures have been telling

us. Asian stock markets were lower

Friday as a persistent drop in the price of oil weighed

on investor sentiment, eroding gains sparked the day before

by the Fed's first rate hike Wall Street dropped

as oil prices stayed low. In Europe, stocks shares fell

on Friday to retreat from a one-week high reached in the previous

session, with supermarket group Casino losing more ground

in the wake of a negative research And now Nada Tawfik can tell us us

what will be making the headlines in the business world

in the United States today. US stocks on Thursday snapped a

three-day rally. The market of the day of the Fed's first rate rise in

nearly a decade and down the day after, so how will they end the

week, especially with oil still weighing on energy stocks? It will

be a quiet day on Wall Street without any major event in the

calendar, but there right few earning reports out. Carnival

Corporation will post fourth-quarter results. Analysts will be interested

to see how the company is coping with the negative effects of a

strong dollar and weak global demand. There will also look to see

how the Paris attacks in November affected its booking on cruises.

Blackberry and restaurant chain Olive Garden also report quarterly

sales and profit. Joining us is Jeremy Stretch,

head of currency strategy at CIBC You will get a staff pass soon,

Jeremy. Can I stop with the stop -- top story, the cost of the EU

summit, migration, a big shortfall, do the markets focus on that?

Everyone is focused at the moment on what it is costing say Europe, but

there is a benefit Europe as well. Indeed, if you take the very

long-term macroeconomic environment and consider the way the term of

reference is working in Europe, ageing populations, low levels of

birth rate, if you look at the German population it is forecast to

be going down over time, so they actually require workers. So you

could argue from a long-term economic perspective, the net

migration into the mainland of Europe is a necessary constituent

and will help to generate growth diameters. Politically it is very

challenging, particularly for Angela Merkel for her re-election in 2017

but over the longer term, you can argue aggression in the northern

Europe, even into the UK, as we have seen in the last ten to 15 years,

provide a benefit to economic performance. Let's talk about oil

prices. We talked about the Fed reserve but oil prices are really

staying quite low and we are seeing the possibility of the US lifting

its 40 year ban on oil exports. We continue to see an industry

overhang, so there are too much being pumped and not enough demand.

We saw a couple of weeks ago Opec saying we're not going to reduce the

amount we are pumping, and the Saudi Arabian said not reducing our

output, so there is still this overhang. Global demand is still too

low, you are talking about China and the impact on coal, it is the same

impact in terms of oil where they are not using as much as they have

done previously, partly due to growth dynamics, but also due to

changing growth in the domestic market. Oil prices continue to be

dragged lower but also as the US dollar appreciates, that also

depresses the dollar .com and dated oil price, which is bad news for --

dollar-denominated oil price. It is good news for the procedures. Thank

you much. Still to come, we'll be

getting the inside track from this bloke - our business

editor Kamal Ahmed who's going to take us through the top

stories over the past week. You're with Business

Live from BBC News. Energy firm NPower has been fined

a record ?26 million Let's go live to Joe Lynam. He has

the details. There is one thing that gets people's backs up. It is how

they are treated by their energy company because next year's shopping

bills annual rent or mortgage, the next biggest cost in your monthly

outgoings is your energy bills and this particular company, Npower, has

been fined ?26 million, the biggest ever fine for a domestic energy

company. They have been done so for billing late, billing in accurately

and not dealing with the complaints when you phone up to complain about

those bills. I am showing a chart for RWE, the German giant, that owns

Npower. Their parent company have had a really nasty year, shares down

60%, simply because oil prices are so radically down which means the

amount of money they can make is also going to be down, Npower have

to face this bill. If they do not meet a new set of targets for

standards by June this year they won't be allowed to sell energy in

the UK from now on. A pretty Draconian change.

It was almost like he blew a kiss them!

That was for me! A pathway to a deal on new terms

for Britain's membership within the EU has been found

by European leaders, The Prime Minister said good

progress was made at the EU summit in Brussels, but it would be tough

to finalise terms by the proposed Mr Cameron is demanding

change on four issues, including curbing in-work benefits

for EU migrants in the UK. We heard about the resignation of

Heathrow's chairman, the front page of the Daily Telegraph... I am

sorry, am I disturbing your peace? The front page of the Daily

Telegraph has more on the story, he has quit the group after delays over

the running of Heathrow. The government delay, that is.

Sorry, we could not bring that for you!

EU leaders will wrap up a major summit in Brussels today.

Top of the agenda is the growing migrant crisis across the region,

with hundreds of thousands of refugees coming into Europe over

Billions of dollars in aid has been pledged by governments to help deal

And now let's get the inside track on Fed rate rise, oil hitting $35

I am not making any money on it! It is great to see you. Can we start

with oil? A lot of people did not realise that the US had a ban on

exporting crude oil, they will lift it. Nvidia year, we could see

American oil, Iranian oil, Libyan oil, a lot of oil, when we already

have a lot. The global economy is relatively slow in growth, you have

a demand problem and oversupply, just as your previous guest said.

You are right to pick up on those points. Iran, with the sanctions

being lifted, there will be an implementation date next year when

they can start properly servicing and exporting oil again. Saudi

Arabia is not going to start cutting its oil output because it knows it

will lose market share. Iran and Saudi Arabia are not the best of

friends. You cannot see that this supply issue is going to be tackled

in any way. At the same time, countries like Russia are still

trying to pump as much oil as they can to support their economies,

which have been hugely affected by the low oil price. This problem of

oversupply and flat demand will continue through next year, and you

cannot really imagine that there will be much upward pressure in the

price at all. We are predicting more rate rises from the Fed, how will

that impact the rest of the world, in particular European rates?

Psychologically it increases pressure on the big central banks in

Europe, the Bank of England and the European Central Bank. They are in a

negative interest rate environment. The growth is still patchy in

Europe, although getting slightly better. Growth is better in the UK,

the Bank of England governor has said that although the British

economy is often seen as a assist to the American economy, it is not time

yet in the UK for rate rises, the UK may be first through 2016, even that

UK growth is stronger. It is important to look further towards

Asia and Japan. Japan is also in a very low interest rate environment,

growth is sluggish. You are getting the great divergences, America will

go in run -- one Direction, the rest of the world will go in another.

China is devaluing. That will lead to capital flows, which was going

towards America and away from the lower returns in Asia and Europe,

which could be a tension, and a big theme. All that money continues

flowing into North America, what does that mean's if you are thinking

about global funds and they are making big investment into

infrastructure and rebuilding economies and corporate in different

countries, they are thinking, where am I going to get the best returns

from? America becomes much more attractive than Asia, particularly

where there is still a low interest rate environment. America becomes

more attractive as an investment home for these big global funds.

Let's talk about Star Wars. The geek in me is desperate to see the film.

You are a huge fan. I remember queueing with my father at the age

of eight at the local cinema to see the first one.

You were 20 then! I am a massive fan. I am taking my son and daughter

this weekend. I am more excited than they are. What is amazing about it

is how Disney has made it not just into a film but into a business

franchise, merchandising, licensing. Disney leveraging the fact that it

owns ESPN, ABC, news channels, and it uses the power in the market to

ensure that it is not just the ticket prices they get the money

from, it is all the things we buy, the merchandising, making it into a

multi-billion pound business, what a great success. Thank you.

Let's see what other stories are being talked

Let's have a look at some of the stories that are making news

around the world before we discuss them in more detail.

Mark Carney may want to stay on for eight years.

This is the Guardian story, disgruntled employees. Apparently

executives are earning 183 times more than their input use, which is

causing employees to be upset and disgruntled. Does that upset you

that I earn that much more than you? It is disgusting!

Mark Carney says he has more to do, but some may think, maybe it is

something to do with what happened in Canada, the politics. It has been

assumed that Mark Carney had political ambitions, we had the

election in Canada, the Liberals came through to win well. That has

perhaps closed the door from a political standpoint for Mark Carney

going back to Canada and running for office. When he arrived, he took

over from Mervyn King, he had responsible at the four UK interest

rates, about the role has broadened, we have talked about the Bank of

England looking at powers to rein in the buy to let market, so there is a

broader remit that he has, and he is looking to embrace it theoretically

and look for a full eight year term, rather than five years. Let's talk

about the story in the Guardian. Workers are demotivated by

executives' high-paid. We have had a couple of tweets. Ben says, is the

executive contribution 183 times that of the employees? I doubt it.

The article shows that executives, Chief Executive 's, are paid 183

times more than employees. The pay gap is getting wider. Yes, it was

even getting wider in the crisis. Another by-product of this, there

were some numbers over the weekend, looking at the nationality of Chief

Executive 's, we have seen an increasing use of foreign nationals

in terms of leadership roles. It is like the Premier League, imported

foreign talent helping to bid up wages. Is that like you? Have paid

more than anybody else? I cannot see it going backwards or

narrowing. We will not see legislation or anything of that

nature to address the problem. She did that a bit too early!

You did not see me doing this! There will be more business news

throughout the day on the BBC Live webpage and on World

Business Report.