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Moshiri. with Sally Bundock and Maryam
Five years after the Fukushima disaster, Japan is struggling
to restart its nuclear industry despite costly fossil fuel imports.
Live from London, that's our focus on Friday 11th March.
The fallout from Fukushima went global with some key economies
turning their backs on nuclear energy altogether.
We assess the outlook for Japan five years on and get an expert view
Also in the programme, the boss of Samsung warns investors
Shareholders will also vote on a new system of governance
It's headed higher for equity markets. We will explain why.
Also in the programme, we will be joined by our economics
editor Kamal Ahmed who will talk us through the latest moves
The billionaire founder of Ikea reveals he's frugal when it comes
is embracing frugality the way forward?
Earlier this week a court ordered a reactor be shut down
According to a tally by Reuters, only 2 reactors out of more than 40
But Prime Minister Shinzo Abe says as a resource poor country Japan
"cannot do without nuclear" power - and is pushing to have plants
Let's go live to Japan and our correspondent. Nice to see you. You
have been covering this for the last five years and it really has
been a massive journey for Japan. In terms of the economy it's still
in a difficult place and this is one of
the key reasons why, isn't it? Yes, it is. After the 2011 disaster all
of Japan's nuclear reactors were shut down and all but
two remain shut down to this day. It's been a
dramatic change in the economy because of that in terms of its
energy. Where this energy has come from. Japan has had to start
importing much greater amounts of natural gas and coal, in particular,
and reopening decommissioned coal fired power stations. There
is an economic cost in terms of paying
for that imported fossil fuel, Japan running trade deficits for the last
two years because of large record deficits because of
that. decommissioning the Fukushima
nuclear plant, as well and the costs incurred with that. Japan is a - the
Japanese Government would like to get the
power stations back on, it doesn't have gas, oil, so it's always
been seen as nuclear power as a solution to Japan's problems. Of
course the oil price has come down now so it's less of a problem this
year. Long-term, Japan still needs some alternative source of power.
Thank you very much. Lady Barbara Judge is deputy chair of Tepco. You
were drafted in a couple of years after the Fukushima disaster to try
to sort out what many have described as a mess. How difficult was that,
what were you faced with when you started working on the problem?
Well, when you arrive in Japan you know
that first of all it had been two years before a dreadful problem,
natural disaster, tsunami, crisis from tsunami, crisis from
earthquake. Tepco brought in outside experts in order to form this - to
form this nuclear monitoring committee and to watch their
progress and to hold them to the line, to improve safety standards,
to improve communication, to talk to the people and to improve
transparency. We were there to watch what they were doing, to monitor it,
to push them harder and harder, to raise the standards so that the
public would feel more comfortable that they were - that Tepco was
working hard and things were progressing. As you say extremely
unusual and difficult circumstances and you pointed out in a
conversation we had earlier the fact they asked you, a woman, to come in
and oversee is extraordinary in itself, but even now there is still
a lot of opposition in Japan as far as nuclear is concerned. Tepco is
heavily criticised. And the Prime Minister wants to crack on with the
nuclear policy there. Exactly. Tepco has accepted responsibility. They've
apologised to the public and they're trying to do what they can. You are
exactly right, putting in a foreign woman to be in a scrutinising reform
monitoring position was courageous, but they need to do that, public
opinion is driven in lots of countries against nuclear by women,
they're known to be the most critical. I have been to Fukushima a
number of times and talked to the workers and community, we have to
talk about the benefits of nuclear and about how Tepco is trying to
clean up the situation so Japan can go on with its energy programme to
fuel its industrial complex. It is finding it difficult, radiation is a
big problem. Decommissioning is big business right now around the world.
There are many countries where you are seeing a lot of that going on.
Decommissioning is big business. We are doing it here, they're doing it
in Germany. Many reactors are reaching the end of their useful
life, whether or not there was an accident they still had to be
decommissioned. What's happened in Japan will benefit the rest of the
world because so many organisations, so many different companies, the
country, Japan is a technical country, they're building robots
going in and out, finding debris in order to raise the standard of
decommissioning so that indeed safety standards all around the
world have been improved because of Fukushima. I have been told more
than one billion have been put into nuclear plants around the world
improving safety standards and looking at how we can decommission
safely and for a better outcome. Thank you very much.
There is so much more on our website about this story. A lot more from
Rupert, as well, on his experiences there covering the story from the
beginning to now. Some other business news making the
headlines. Justice Department of running
a "desperate smear campaign" in it's The comments were made just hours
after the Justice Department submitted a legal brief accusing
Apple of trying to usurp power Cyber thieves who targeted
Bangladesh's central bank tried to get away with $1 billion,
according to Reuters. Banking officials say the gang
who was behind the raid used stolen credentials to make
the transfer requests. It's believed the hackers behind
the attempt were able to get away with $80 million - one
of the largest robberies in history. Plenty of other business stories out
there. It's an extremely busy day. This is an interesting story. The
British Chambers of Commerce is talking about significant number of
factors hitting the UK economy noting it's slowing down markedly,
could have big implications for public finances. Absolutely, yes the
British Chambers of Commerce has downgraded its UK economic growth
forecast. Lots more on that on the BBC live page including other
stories. We will try and tackle more of that later. Let's move on to
what's happening with Samsung. Sglp
competition, as investors have been voting on board changes
Leisha Chi is across that for us in Singapore.
Samsung used to post record profits year after year, but maybe their
heydey is over, the CEO in a letter to shareholders said they were in
for a tough time. Phones and televisions, they're going to be
facing oversupply issues as well as competition from rivals like Apple.
We have seen this happen with profit numbers falling this year. They're
really looking to come up with new phones buyers will go for. One goes
on sale today. With a weak economy are people going to be spending
$1,000? Another big change at the board meeting is changing corporate
governance where the chairman is not necessarily going to be the CEO at
each of the companies. Thank you. So, financial markets and Japan
ended the week up half a percent. We are hoping to show you some figures.
Hong Kong, China, having a positive day. These markets in Asia shaking
off the negative sentiment that followed the European Central Bank
meeting on midday Thursday for Europe. The markets in Europe ended
poorly. Now the European markets jumping today. Shares in Europe
jumping higher. The main markets up one or 2% across the board in
Europe. We will explain why soon. First of all, here is Michelle
Fleurry in New York. Investors will be casting around for
news to trade on this Friday. The Labour department releases data
about the price of imports in the United States, they are likely to
show prices of foreign goods fell more than half a percent in
February. Maybe traders will mull over the latest exchange in the row
with the Government and January well the FBI accusing Apple of using
false rhetoric. More likely Wall Street just wants to get away for
the weekend. One destination will be south by south-west starting in
Austin, Texas, a music Festival and social media conference has been
influential in the development of big brands in the past, not least,
Twitter. Joining us is Sue Noffke, UK He can
wits Fund manager at Schroders? Why are we seeing a jump? We are seeing
a reversal of falls. We are going back to the initial reaction which
was pretty positive in terms of assessing the unprecedented scale of
stimulus package they put together. What unsettled markets yesterday
afternoon was really the fact that the cupboard could be bare so if
this doesn't work and they've thrown a lot at it, but if it doesn't work
Mario was signalling there isn't scope for significant further move
into further negative interest rates. It's interesting that we see
a shift in Asia in that sentiment today because Wall Street was pretty
flat. It recovered from its low. It weakened as it opened alongside
European markets. But actually recovered quite well. But still, we
might see in Asia, for example, the week ending with a weekly gain for
markets in Asia which is quite unusual this year, isn't it, so far?
It's been quite a year for volatility. Volatility is going to
remain a feature of markets and a challenge for investors. Certainly
short-term choppy markets is something that we are seeing a lot
of. We will have you back shortly to talk through some of the paper
stories that we have here. Thank you very much.
As the European Central Bank cuts interest race, we are asking do
sub-zero rates really work? You are with Business Live from BBC News.
Let's talk about the story that business groups representing
thousands of firms have issued warnings about the state
The British Chambers of Commerce and the ICAEW -
who represent the accountancy industry - have downgraded
They follow the Bank of England and the International Monetary Fund
in their concerns about growth rates and come a week before the budget -
Phil is in. The storm clouds seem to be gathering, and suddenly,
consensus is growing about the future of the UK economy. It seems
that the UK economy is slowing down, or at least that is the verdict from
a number of different bodies right across the world and here in the UK.
It is not going to be music to the ears of the Chancellor. He is going
to tell us his budget and how he is going to spell that spend his
finances on Wednesday of next week. I was talking to the acting director
general of the BCC, and Marshall, and he says that he thinks that fit
the trade deficit is still too high. He is not sure if the Chancellor
will meet his own deadline for meeting the budget. -- meeting the
deficit. We do have some concerns over the deaths it target, and
whether the Chancellor will be able to get the deficit into a surplus.
There are some real storm clouds ahead for the UK economy. Most of
those come from around the world, rather than here at home, but they
do have a knock-on impact, both on businesses and the wider economy as
well. Adam Marshall has only been acting in the job for a week, after
his old boss gave his views about whether the UK should stay in the
European Union. The BCC remains neutral, but a survey of its own
members suggest that two thirds would like to remain in the EU. That
means it leaves the new man in charge with a difficult message to
convey. Something to highlight. Mutual
shares doing well. The financial services firm saying that it is
splitting the business into four main units.
You're watching Business Live - our top story - Five years
after the Fukushima disaster, Japan is struggling to restart
its nuclear industry -
And now let's get the inside track on what's proved to be a big week
Yesterday, the European Central Bank took
further measures to stimulate the Eurozone economy.
The ECB cut all three of its interest rates and announced
an expansion of its asset purchasing programme.
We're joined by Kamal Ahmed, our economics editor.
What does that mean for the likes of you and me? Do they work? To
negative interest rates were? The central bank has a target a fitting
2% inflation across the euro zone. It is nowhere near hitting that
target. The Eurozone economy is slowing in growth. So far, negative
incorrect -- interest rate has not had the effect that was expected.
This is an odd economic world we live in. What has happened, rather
than banks passing on the negative interest rates to businesses and
consumers, so they can borrow cheaply, they have Apache started
charging borrowers more, because they are losing money, because the
money paid deposit with the central bank did -- costs them money. We are
getting all of these perverse effects that these decisions. You
are seeing that in the market response. Mario Gotze, he brings out
his moderate bazooka, markets go up, and then the currency goes down,
then it goes up, because markets are not used to take messages from
central banks and the way they have done. Can you explain how that works
central banks act, but as Worcester druggie said yesterday, as bus back
unless governments act, -- Mariano they cannot do it all on their own.
The central bank is doing X, but unless there is actual reform, they
will not seek inflation comeback. In Japan and across the Eurozone,
inflation is stubbornly low because of lack of reform and the commodity
price cycle. Low inflation has a knock-on effect on the economy.
Absolutely, because businesses don't invest because consumers do not buy,
because they put off purchases until the future, and also, of course, for
governments, though inflation is means that the debt pile, the cost
of their debt increases. Mario Draghi in focus, so is Mark Carney,
the central bank governor of the UK? Mark Connolly has made it clear that
negative interest rates are a route for the UK, but he is in the
headlines in Britain. He gave a three hour appearance, I sat through
every word of it. The broad takeout from it, Britain's... Short-term
risks to Britain to leaving, but the Bank of England is ready to replace
the mitigating tools it has to protect Britain, if we were to leave
the European Union. Certainly, the promised Britain has taken that is
Mark Connolly backing his position. If it had to take it like that? The
broad message was certainly more pro-EU. He did put some of the
risks, and he made obvious point that in the long-term, no one can
tell whether it will be better for the British economy. Something you
said to our viewers a few weeks go...
Seward join us in a minute. We have some incredible stories, but just
about the hacking efforts on the part of criminals who caused
billions of dollars who moved billions of dollars from Bangladesh
to the US. We have insight and analysis from
the BBC team of editors around the world. We want to hear from you,
too. Get involved on the BBC business live web page. You can get
in touch on Twitter or Facebook. Business News on TV and online
whenever you need to know. We have to talk about this story, it is in
the FT, how a cyber attack that cost -- caused a real flurry of activity.
They transferred $80 billion, but they wait -- made a typo! We all get
fishing e-mails. This is serious for a number of
companies. This has been acting to a central bank to try and transfer
funds pretending that it is going to the New York Federal reserve, but
actually, siphoning off into account in the Philippines and Sri Lanka.
They caught it by a spelling mistake, bothering them foundation,
it was fanned -- they put in an A. You have to look and hover over the
sender to see whether they are legitimate or not. This is another
story in the papers. Apple, the ongoing dispute between them and the
US government. This is getting nasty. There are a lot of spats.
There are insults flying in both directions. We have the tech firms
on one side, and on the other, we have the US authorities saying they
need access. They are drawing parallels with access that Apple has
given to the Chinese authorities. It is getting a bit nasty, and the
gloves are off. More on our website. In the meantime, let's move on to
the founder of IKEA. He is a billionaire come at you will not be
surprised to hear that. Nice hat! Excuse the tablet today! It is
letting us down miserably. He buys all of his close from a plea market.
He is very frugal spec flea market. He broke his own rules with a $22
hair cut. It comes down to individual personalities. He is a
frugal man, he is no -- he is known from an area that is known from a
frugality. He set up a business based on breaking the mould. House,
building your own shelves. He has been very successful from it, but he
has not changed his fundamental has not changed his fundamental
nature, despite the fact he is very wealthy. One of our viewers says
that you can save and enjoy the small things. The dominant narrative
that more money, more spent, it is little logic. It defies a
sustainable lifestyle. If you have billions, it is very sustainable!
You can spend a little, save a little. Investment! Thank you for
joining us. Sue's top tips, there. Thank you for joining us. We hope
you have a great weekend. Goodbye, thank you for watching.
A quiet spell of weather to come over the next few days. Not as wet
as it has been. It is shaping up quite