Browse content similar to 11/03/2016. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Moshiri. with Sally Bundock and Maryam | :00:07. | :00:14. | |
Five years after the Fukushima disaster, Japan is struggling | :00:15. | :00:16. | |
to restart its nuclear industry despite costly fossil fuel imports. | :00:17. | :00:19. | |
Live from London, that's our focus on Friday 11th March. | :00:20. | :00:37. | |
The fallout from Fukushima went global with some key economies | :00:38. | :00:51. | |
turning their backs on nuclear energy altogether. | :00:52. | :00:53. | |
We assess the outlook for Japan five years on and get an expert view | :00:54. | :00:57. | |
Also in the programme, the boss of Samsung warns investors | :00:58. | :01:00. | |
Shareholders will also vote on a new system of governance | :01:01. | :01:03. | |
It's headed higher for equity markets. We will explain why. | :01:04. | :01:18. | |
Also in the programme, we will be joined by our economics | :01:19. | :01:20. | |
editor Kamal Ahmed who will talk us through the latest moves | :01:21. | :01:23. | |
The billionaire founder of Ikea reveals he's frugal when it comes | :01:24. | :01:28. | |
is embracing frugality the way forward? | :01:29. | :02:28. | |
Earlier this week a court ordered a reactor be shut down | :02:29. | :02:30. | |
According to a tally by Reuters, only 2 reactors out of more than 40 | :02:31. | :02:40. | |
But Prime Minister Shinzo Abe says as a resource poor country Japan | :02:41. | :02:48. | |
"cannot do without nuclear" power - and is pushing to have plants | :02:49. | :02:51. | |
Let's go live to Japan and our correspondent. Nice to see you. You | :02:52. | :03:00. | |
have been covering this for the last five years and it really has | :03:01. | :03:01. | |
been a massive journey for Japan. In terms of the economy it's still | :03:02. | :03:11. | |
in a difficult place and this is one of | :03:12. | :03:13. | |
the key reasons why, isn't it? Yes, it is. After the 2011 disaster all | :03:14. | :03:21. | |
of Japan's nuclear reactors were shut down and all but | :03:22. | :03:24. | |
two remain shut down to this day. It's been a | :03:25. | :03:29. | |
dramatic change in the economy because of that in terms of its | :03:30. | :03:34. | |
energy. Where this energy has come from. Japan has had to start | :03:35. | :03:38. | |
importing much greater amounts of natural gas and coal, in particular, | :03:39. | :03:44. | |
and reopening decommissioned coal fired power stations. There | :03:45. | :03:45. | |
is an economic cost in terms of paying | :03:46. | :03:49. | |
for that imported fossil fuel, Japan running trade deficits for the last | :03:50. | :03:53. | |
two years because of large record deficits because of | :03:54. | :03:55. | |
that. decommissioning the Fukushima | :03:56. | :04:07. | |
nuclear plant, as well and the costs incurred with that. Japan is a - the | :04:08. | :04:12. | |
Japanese Government would like to get the | :04:13. | :04:13. | |
power stations back on, it doesn't have gas, oil, so it's always | :04:14. | :04:17. | |
been seen as nuclear power as a solution to Japan's problems. Of | :04:18. | :04:23. | |
course the oil price has come down now so it's less of a problem this | :04:24. | :04:28. | |
year. Long-term, Japan still needs some alternative source of power. | :04:29. | :04:39. | |
Thank you very much. Lady Barbara Judge is deputy chair of Tepco. You | :04:40. | :04:51. | |
were drafted in a couple of years after the Fukushima disaster to try | :04:52. | :04:56. | |
to sort out what many have described as a mess. How difficult was that, | :04:57. | :05:00. | |
what were you faced with when you started working on the problem? | :05:01. | :05:02. | |
Well, when you arrive in Japan you know | :05:03. | :05:08. | |
that first of all it had been two years before a dreadful problem, | :05:09. | :05:20. | |
natural disaster, tsunami, crisis from tsunami, crisis from | :05:21. | :05:29. | |
earthquake. Tepco brought in outside experts in order to form this - to | :05:30. | :05:32. | |
form this nuclear monitoring committee and to watch their | :05:33. | :05:37. | |
progress and to hold them to the line, to improve safety standards, | :05:38. | :05:42. | |
to improve communication, to talk to the people and to improve | :05:43. | :05:45. | |
transparency. We were there to watch what they were doing, to monitor it, | :05:46. | :05:50. | |
to push them harder and harder, to raise the standards so that the | :05:51. | :05:55. | |
public would feel more comfortable that they were - that Tepco was | :05:56. | :05:58. | |
working hard and things were progressing. As you say extremely | :05:59. | :06:02. | |
unusual and difficult circumstances and you pointed out in a | :06:03. | :06:05. | |
conversation we had earlier the fact they asked you, a woman, to come in | :06:06. | :06:10. | |
and oversee is extraordinary in itself, but even now there is still | :06:11. | :06:15. | |
a lot of opposition in Japan as far as nuclear is concerned. Tepco is | :06:16. | :06:22. | |
heavily criticised. And the Prime Minister wants to crack on with the | :06:23. | :06:27. | |
nuclear policy there. Exactly. Tepco has accepted responsibility. They've | :06:28. | :06:30. | |
apologised to the public and they're trying to do what they can. You are | :06:31. | :06:36. | |
exactly right, putting in a foreign woman to be in a scrutinising reform | :06:37. | :06:42. | |
monitoring position was courageous, but they need to do that, public | :06:43. | :06:46. | |
opinion is driven in lots of countries against nuclear by women, | :06:47. | :06:55. | |
they're known to be the most critical. I have been to Fukushima a | :06:56. | :07:00. | |
number of times and talked to the workers and community, we have to | :07:01. | :07:05. | |
talk about the benefits of nuclear and about how Tepco is trying to | :07:06. | :07:09. | |
clean up the situation so Japan can go on with its energy programme to | :07:10. | :07:13. | |
fuel its industrial complex. It is finding it difficult, radiation is a | :07:14. | :07:16. | |
big problem. Decommissioning is big business right now around the world. | :07:17. | :07:19. | |
There are many countries where you are seeing a lot of that going on. | :07:20. | :07:23. | |
Decommissioning is big business. We are doing it here, they're doing it | :07:24. | :07:27. | |
in Germany. Many reactors are reaching the end of their useful | :07:28. | :07:31. | |
life, whether or not there was an accident they still had to be | :07:32. | :07:34. | |
decommissioned. What's happened in Japan will benefit the rest of the | :07:35. | :07:40. | |
world because so many organisations, so many different companies, the | :07:41. | :07:44. | |
country, Japan is a technical country, they're building robots | :07:45. | :07:48. | |
going in and out, finding debris in order to raise the standard of | :07:49. | :07:51. | |
decommissioning so that indeed safety standards all around the | :07:52. | :07:55. | |
world have been improved because of Fukushima. I have been told more | :07:56. | :07:59. | |
than one billion have been put into nuclear plants around the world | :08:00. | :08:03. | |
improving safety standards and looking at how we can decommission | :08:04. | :08:09. | |
safely and for a better outcome. Thank you very much. | :08:10. | :08:14. | |
There is so much more on our website about this story. A lot more from | :08:15. | :08:19. | |
Rupert, as well, on his experiences there covering the story from the | :08:20. | :08:23. | |
beginning to now. Some other business news making the | :08:24. | :08:27. | |
headlines. Justice Department of running | :08:28. | :08:31. | |
a "desperate smear campaign" in it's The comments were made just hours | :08:32. | :08:35. | |
after the Justice Department submitted a legal brief accusing | :08:36. | :08:38. | |
Apple of trying to usurp power Cyber thieves who targeted | :08:39. | :08:41. | |
Bangladesh's central bank tried to get away with $1 billion, | :08:42. | :08:45. | |
according to Reuters. Banking officials say the gang | :08:46. | :08:47. | |
who was behind the raid used stolen credentials to make | :08:48. | :08:50. | |
the transfer requests. It's believed the hackers behind | :08:51. | :08:55. | |
the attempt were able to get away with $80 million - one | :08:56. | :08:58. | |
of the largest robberies in history. Plenty of other business stories out | :08:59. | :09:14. | |
there. It's an extremely busy day. This is an interesting story. The | :09:15. | :09:19. | |
British Chambers of Commerce is talking about significant number of | :09:20. | :09:25. | |
factors hitting the UK economy noting it's slowing down markedly, | :09:26. | :09:28. | |
could have big implications for public finances. Absolutely, yes the | :09:29. | :09:34. | |
British Chambers of Commerce has downgraded its UK economic growth | :09:35. | :09:40. | |
forecast. Lots more on that on the BBC live page including other | :09:41. | :09:43. | |
stories. We will try and tackle more of that later. Let's move on to | :09:44. | :09:53. | |
what's happening with Samsung. Sglp | :09:54. | :09:54. | |
competition, as investors have been voting on board changes | :09:55. | :09:58. | |
Leisha Chi is across that for us in Singapore. | :09:59. | :10:02. | |
Samsung used to post record profits year after year, but maybe their | :10:03. | :10:11. | |
heydey is over, the CEO in a letter to shareholders said they were in | :10:12. | :10:16. | |
for a tough time. Phones and televisions, they're going to be | :10:17. | :10:22. | |
facing oversupply issues as well as competition from rivals like Apple. | :10:23. | :10:25. | |
We have seen this happen with profit numbers falling this year. They're | :10:26. | :10:30. | |
really looking to come up with new phones buyers will go for. One goes | :10:31. | :10:33. | |
on sale today. With a weak economy are people going to be spending | :10:34. | :10:39. | |
$1,000? Another big change at the board meeting is changing corporate | :10:40. | :10:42. | |
governance where the chairman is not necessarily going to be the CEO at | :10:43. | :10:52. | |
each of the companies. Thank you. So, financial markets and Japan | :10:53. | :10:58. | |
ended the week up half a percent. We are hoping to show you some figures. | :10:59. | :11:03. | |
Hong Kong, China, having a positive day. These markets in Asia shaking | :11:04. | :11:08. | |
off the negative sentiment that followed the European Central Bank | :11:09. | :11:11. | |
meeting on midday Thursday for Europe. The markets in Europe ended | :11:12. | :11:17. | |
poorly. Now the European markets jumping today. Shares in Europe | :11:18. | :11:22. | |
jumping higher. The main markets up one or 2% across the board in | :11:23. | :11:29. | |
Europe. We will explain why soon. First of all, here is Michelle | :11:30. | :11:36. | |
Fleurry in New York. Investors will be casting around for | :11:37. | :11:40. | |
news to trade on this Friday. The Labour department releases data | :11:41. | :11:44. | |
about the price of imports in the United States, they are likely to | :11:45. | :11:48. | |
show prices of foreign goods fell more than half a percent in | :11:49. | :11:52. | |
February. Maybe traders will mull over the latest exchange in the row | :11:53. | :11:58. | |
with the Government and January well the FBI accusing Apple of using | :11:59. | :12:02. | |
false rhetoric. More likely Wall Street just wants to get away for | :12:03. | :12:07. | |
the weekend. One destination will be south by south-west starting in | :12:08. | :12:15. | |
Austin, Texas, a music Festival and social media conference has been | :12:16. | :12:18. | |
influential in the development of big brands in the past, not least, | :12:19. | :12:25. | |
Twitter. Joining us is Sue Noffke, UK He can | :12:26. | :12:34. | |
wits Fund manager at Schroders? Why are we seeing a jump? We are seeing | :12:35. | :12:43. | |
a reversal of falls. We are going back to the initial reaction which | :12:44. | :12:49. | |
was pretty positive in terms of assessing the unprecedented scale of | :12:50. | :12:55. | |
stimulus package they put together. What unsettled markets yesterday | :12:56. | :12:57. | |
afternoon was really the fact that the cupboard could be bare so if | :12:58. | :13:03. | |
this doesn't work and they've thrown a lot at it, but if it doesn't work | :13:04. | :13:08. | |
Mario was signalling there isn't scope for significant further move | :13:09. | :13:11. | |
into further negative interest rates. It's interesting that we see | :13:12. | :13:17. | |
a shift in Asia in that sentiment today because Wall Street was pretty | :13:18. | :13:23. | |
flat. It recovered from its low. It weakened as it opened alongside | :13:24. | :13:27. | |
European markets. But actually recovered quite well. But still, we | :13:28. | :13:32. | |
might see in Asia, for example, the week ending with a weekly gain for | :13:33. | :13:36. | |
markets in Asia which is quite unusual this year, isn't it, so far? | :13:37. | :13:41. | |
It's been quite a year for volatility. Volatility is going to | :13:42. | :13:47. | |
remain a feature of markets and a challenge for investors. Certainly | :13:48. | :13:50. | |
short-term choppy markets is something that we are seeing a lot | :13:51. | :13:54. | |
of. We will have you back shortly to talk through some of the paper | :13:55. | :13:59. | |
stories that we have here. Thank you very much. | :14:00. | :14:09. | |
As the European Central Bank cuts interest race, we are asking do | :14:10. | :14:14. | |
sub-zero rates really work? You are with Business Live from BBC News. | :14:15. | :14:21. | |
Let's talk about the story that business groups representing | :14:22. | :14:23. | |
thousands of firms have issued warnings about the state | :14:24. | :14:26. | |
The British Chambers of Commerce and the ICAEW - | :14:27. | :14:33. | |
who represent the accountancy industry - have downgraded | :14:34. | :14:35. | |
They follow the Bank of England and the International Monetary Fund | :14:36. | :14:40. | |
in their concerns about growth rates and come a week before the budget - | :14:41. | :14:43. | |
Phil is in. The storm clouds seem to be gathering, and suddenly, | :14:44. | :14:58. | |
consensus is growing about the future of the UK economy. It seems | :14:59. | :15:02. | |
that the UK economy is slowing down, or at least that is the verdict from | :15:03. | :15:06. | |
a number of different bodies right across the world and here in the UK. | :15:07. | :15:11. | |
It is not going to be music to the ears of the Chancellor. He is going | :15:12. | :15:15. | |
to tell us his budget and how he is going to spell that spend his | :15:16. | :15:20. | |
finances on Wednesday of next week. I was talking to the acting director | :15:21. | :15:25. | |
general of the BCC, and Marshall, and he says that he thinks that fit | :15:26. | :15:32. | |
the trade deficit is still too high. He is not sure if the Chancellor | :15:33. | :15:36. | |
will meet his own deadline for meeting the budget. -- meeting the | :15:37. | :15:39. | |
deficit. We do have some concerns over the deaths it target, and | :15:40. | :15:45. | |
whether the Chancellor will be able to get the deficit into a surplus. | :15:46. | :15:51. | |
There are some real storm clouds ahead for the UK economy. Most of | :15:52. | :15:54. | |
those come from around the world, rather than here at home, but they | :15:55. | :15:59. | |
do have a knock-on impact, both on businesses and the wider economy as | :16:00. | :16:05. | |
well. Adam Marshall has only been acting in the job for a week, after | :16:06. | :16:14. | |
his old boss gave his views about whether the UK should stay in the | :16:15. | :16:19. | |
European Union. The BCC remains neutral, but a survey of its own | :16:20. | :16:23. | |
members suggest that two thirds would like to remain in the EU. That | :16:24. | :16:27. | |
means it leaves the new man in charge with a difficult message to | :16:28. | :16:29. | |
convey. Something to highlight. Mutual | :16:30. | :16:39. | |
shares doing well. The financial services firm saying that it is | :16:40. | :16:51. | |
splitting the business into four main units. | :16:52. | :16:56. | |
You're watching Business Live - our top story - Five years | :16:57. | :17:04. | |
after the Fukushima disaster, Japan is struggling to restart | :17:05. | :17:06. | |
its nuclear industry - | :17:07. | :17:08. | |
And now let's get the inside track on what's proved to be a big week | :17:09. | :17:16. | |
Yesterday, the European Central Bank took | :17:17. | :17:18. | |
further measures to stimulate the Eurozone economy. | :17:19. | :17:24. | |
The ECB cut all three of its interest rates and announced | :17:25. | :17:27. | |
an expansion of its asset purchasing programme. | :17:28. | :17:28. | |
We're joined by Kamal Ahmed, our economics editor. | :17:29. | :17:34. | |
What does that mean for the likes of you and me? Do they work? To | :17:35. | :17:49. | |
negative interest rates were? The central bank has a target a fitting | :17:50. | :17:54. | |
2% inflation across the euro zone. It is nowhere near hitting that | :17:55. | :17:58. | |
target. The Eurozone economy is slowing in growth. So far, negative | :17:59. | :18:03. | |
incorrect -- interest rate has not had the effect that was expected. | :18:04. | :18:08. | |
This is an odd economic world we live in. What has happened, rather | :18:09. | :18:13. | |
than banks passing on the negative interest rates to businesses and | :18:14. | :18:17. | |
consumers, so they can borrow cheaply, they have Apache started | :18:18. | :18:21. | |
charging borrowers more, because they are losing money, because the | :18:22. | :18:25. | |
money paid deposit with the central bank did -- costs them money. We are | :18:26. | :18:29. | |
getting all of these perverse effects that these decisions. You | :18:30. | :18:39. | |
are seeing that in the market response. Mario Gotze, he brings out | :18:40. | :18:47. | |
his moderate bazooka, markets go up, and then the currency goes down, | :18:48. | :18:52. | |
then it goes up, because markets are not used to take messages from | :18:53. | :18:57. | |
central banks and the way they have done. Can you explain how that works | :18:58. | :19:07. | |
central banks act, but as Worcester druggie said yesterday, as bus back | :19:08. | :19:15. | |
unless governments act, -- Mariano they cannot do it all on their own. | :19:16. | :19:34. | |
The central bank is doing X, but unless there is actual reform, they | :19:35. | :19:38. | |
will not seek inflation comeback. In Japan and across the Eurozone, | :19:39. | :19:41. | |
inflation is stubbornly low because of lack of reform and the commodity | :19:42. | :19:47. | |
price cycle. Low inflation has a knock-on effect on the economy. | :19:48. | :19:52. | |
Absolutely, because businesses don't invest because consumers do not buy, | :19:53. | :19:55. | |
because they put off purchases until the future, and also, of course, for | :19:56. | :19:59. | |
governments, though inflation is means that the debt pile, the cost | :20:00. | :20:06. | |
of their debt increases. Mario Draghi in focus, so is Mark Carney, | :20:07. | :20:11. | |
the central bank governor of the UK? Mark Connolly has made it clear that | :20:12. | :20:16. | |
negative interest rates are a route for the UK, but he is in the | :20:17. | :20:19. | |
headlines in Britain. He gave a three hour appearance, I sat through | :20:20. | :20:26. | |
every word of it. The broad takeout from it, Britain's... Short-term | :20:27. | :20:41. | |
risks to Britain to leaving, but the Bank of England is ready to replace | :20:42. | :20:45. | |
the mitigating tools it has to protect Britain, if we were to leave | :20:46. | :20:49. | |
the European Union. Certainly, the promised Britain has taken that is | :20:50. | :20:55. | |
Mark Connolly backing his position. If it had to take it like that? The | :20:56. | :21:03. | |
broad message was certainly more pro-EU. He did put some of the | :21:04. | :21:09. | |
risks, and he made obvious point that in the long-term, no one can | :21:10. | :21:15. | |
tell whether it will be better for the British economy. Something you | :21:16. | :21:20. | |
said to our viewers a few weeks go... | :21:21. | :21:29. | |
Seward join us in a minute. We have some incredible stories, but just | :21:30. | :21:37. | |
about the hacking efforts on the part of criminals who caused | :21:38. | :21:40. | |
billions of dollars who moved billions of dollars from Bangladesh | :21:41. | :21:41. | |
to the US. We have insight and analysis from | :21:42. | :21:59. | |
the BBC team of editors around the world. We want to hear from you, | :22:00. | :22:07. | |
too. Get involved on the BBC business live web page. You can get | :22:08. | :22:15. | |
in touch on Twitter or Facebook. Business News on TV and online | :22:16. | :22:22. | |
whenever you need to know. We have to talk about this story, it is in | :22:23. | :22:30. | |
the FT, how a cyber attack that cost -- caused a real flurry of activity. | :22:31. | :22:38. | |
They transferred $80 billion, but they wait -- made a typo! We all get | :22:39. | :22:48. | |
fishing e-mails. This is serious for a number of | :22:49. | :22:56. | |
companies. This has been acting to a central bank to try and transfer | :22:57. | :23:02. | |
funds pretending that it is going to the New York Federal reserve, but | :23:03. | :23:09. | |
actually, siphoning off into account in the Philippines and Sri Lanka. | :23:10. | :23:13. | |
They caught it by a spelling mistake, bothering them foundation, | :23:14. | :23:21. | |
it was fanned -- they put in an A. You have to look and hover over the | :23:22. | :23:28. | |
sender to see whether they are legitimate or not. This is another | :23:29. | :23:41. | |
story in the papers. Apple, the ongoing dispute between them and the | :23:42. | :23:45. | |
US government. This is getting nasty. There are a lot of spats. | :23:46. | :23:53. | |
There are insults flying in both directions. We have the tech firms | :23:54. | :24:00. | |
on one side, and on the other, we have the US authorities saying they | :24:01. | :24:04. | |
need access. They are drawing parallels with access that Apple has | :24:05. | :24:09. | |
given to the Chinese authorities. It is getting a bit nasty, and the | :24:10. | :24:16. | |
gloves are off. More on our website. In the meantime, let's move on to | :24:17. | :24:22. | |
the founder of IKEA. He is a billionaire come at you will not be | :24:23. | :24:30. | |
surprised to hear that. Nice hat! Excuse the tablet today! It is | :24:31. | :24:38. | |
letting us down miserably. He buys all of his close from a plea market. | :24:39. | :24:45. | |
He is very frugal spec flea market. He broke his own rules with a $22 | :24:46. | :24:55. | |
hair cut. It comes down to individual personalities. He is a | :24:56. | :25:03. | |
frugal man, he is no -- he is known from an area that is known from a | :25:04. | :25:10. | |
frugality. He set up a business based on breaking the mould. House, | :25:11. | :25:19. | |
building your own shelves. He has been very successful from it, but he | :25:20. | :25:21. | |
has not changed his fundamental has not changed his fundamental | :25:22. | :25:24. | |
nature, despite the fact he is very wealthy. One of our viewers says | :25:25. | :25:35. | |
that you can save and enjoy the small things. The dominant narrative | :25:36. | :25:42. | |
that more money, more spent, it is little logic. It defies a | :25:43. | :25:47. | |
sustainable lifestyle. If you have billions, it is very sustainable! | :25:48. | :25:51. | |
You can spend a little, save a little. Investment! Thank you for | :25:52. | :25:57. | |
joining us. Sue's top tips, there. Thank you for joining us. We hope | :25:58. | :26:01. | |
you have a great weekend. Goodbye, thank you for watching. | :26:02. | :26:11. | |
A quiet spell of weather to come over the next few days. Not as wet | :26:12. | :26:20. | |
as it has been. It is shaping up quite | :26:21. | :26:21. |