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Combating climate change: 20 more countries are set
Live from London, that's our top story on Monday the 19th
Will enough nations sign up to the Paris climate change accord?
It's one of the big topics under discussion this week
at the United Nations' 71st General Assembly.
Also in the programme: The risks of a Chinese banking crisis
are mounting according to the banking industry's
It estimates that $1.3 trillion in loans are at risk of default.
The European markets have started one percentage point higher. A
technical snag meant that the afternoon trading session was cut
short by about an hour and a half. And this week at the BBC
we are asking whether the UK can compete in the global technology
industry and why we haven't produced a tech giant yet
on the scale of Google or Apple. We'll be joined by technology
entrepeneur Rohan Silva So why not get involved
in the conversation - do you think the tech talent
in Britain has what it takes to create the next Facebook -
and if not why not? We start with one of the biggest
issues facing businesses and individuals around
the world - climate change. It seems as if we're about to see
a major change in the way The United Nations says at least 20
more countries have indicated they will join the Paris climate
change agreement later this week. In the past month the United States,
China and Brazil have all ratified their participation
in the Paris agreement and promised to cut back
on greenhouse gas emissions. So far 27 countries have already
joined the climate deal. But this agreement will only come
into force when countries representing at least 55% of global
emissions have formally joined it. The reason for the threshold
is because countries set their own targets
for reducing emissions. Yet questions still remain
about ending fossil fuel subsidies So far there has been little
commitment to phase them out. I'm joined by Ben Caldecott,
Director of sustainable finance programme at University
of Oxford Smith School. Thank you for being on the
programme. It is encouraging that 20 more countries are poised to sign
the Paris accord. How much for the do we need to go? It is encouraging,
but the key thing is to get this done before the US presidential
elections in November. That is what elections in November. That is what
is generating impetus for countries to ratify, in case Donald Trump
becomes president. That aside, just tell us about the business
community. While governments have been signing up, or not as the case
may be, businesses have had to get on-board quickly. Tell us which
industries are further ahead others. Business is leading the charge when
it comes down to clean energy and technology. In Europe, we are seeing
80 to 90% investment. Many others are only just starting to look at
these issues. I am thinking about international companies, mining
companies, companies with a lot of coal-fired power stations in their
portfolios. Those companies face very significant challenges. And
huge costs if they have two is change their ways, as it were. -- if
they have to change their ways. Paris is providing an international
accord on this, isn't it? Yes it provides an international framework
that will ratchet up the targets and that will ratchet up the targets and
help provide that signalled the business. It is not just about an
international agreement. A lot of the motivation for regulatory change
is not to do with climate change but to do with air pollution of water
pollution. Even if climate change once an issue, policies would likely
come into force that would force them to change their business
practices. You mentioned the November deadline of the US election
- are you confident we might hit the target before then the number of
countries signing up? I am. The easiest way of getting to the number
of 55 countries and 55% of emissions is if European member states agreed
to ratify. That would be the quickest way of achieving it. The
signals seem positive. We appreciate your time. Thank you for joining us.
Cancel your charter agreement and return your ship to the ship owner.
That's what a judge in Seoul has ordered of all Hanjin
Shipping vessels that have unloaded their cargo.
Delays are already costing more than 2 million
Samsung has offloaded its stake in four technology companies -
including Japan's Sharp - in order to free up money to focus
The South Korean tech giant is mired in a major recall of Galaxy Note 7s
It's being reported the value of the stakes sold totals around
Global private equity groups are joining forces with car parts
makers to invest in the scandal-hit airbag maker Takata,
as the industry tries to help the Japanese group bear $9.8 billion
Takata, one of the world's largest maker of vehicle airbags,
was forced into a massive recall after its airbags were linked
to at least 14 deaths and more than 100 injuries worldwide.
More than 100 million vehicles may be affected.
There are a lot more stories on the Business Live page. The port of
Melbourne was sold. An investment firm from Australia bought it. We
immediately thought a Chinese company, but that is not the case.
China is a big investor in end to structure. -- in infrastructure.
British business confidence has fallen to a four-year low
Its survey says confidence has been dented by economic uncertainty
and a slowdown in demand following the EU referendum.
The services sector was the worst affected.
More than a quarter of all companies surveyed said that uncertainty
was the main threat to growth over the next six months.
Could China be facing a full blown banking crisis?
According to the Bank of International Settlements,
the central bank for central bankers, if you will,
Mariko Oi in Singapore has been following this story for us.
The health of China's banking sector has been a cause of concern, but
according to this latest daddy, vulnerability in China is three
times the danger threshold. It means that credit growth is excessive and
a potential financial bust is looming. It was also warned that
loans worth over $1 trillion are at risk of default. Most banks are
state-owned and state-controlled, and the Government says that they
will be able to withstand any shocks, but this report comes as a
stark warning. Let's have a quick look at the markets.
Asian shares advancing as markets bet the US
Federal Reserve will skip a chance to raise rates this week.
Oil has bounced on talk of a deal on output and reports of fighting
around Libyan oil ports which would constrict supply.
This is how the European session has opened.
As expected, we have seen a little bit of a balance today. Some
volatility in equities, as people get back to their trading desks.
Samira Hussain has the details about what's ahead on Wall Street Today.
The big economic event this week is the Federal Reserve's meeting on
not expecting a rise to, this not expecting a rise to, this
meeting, but many are expecting debate among members of the Federal
Reserve committee with regard to the timing of the next rate increase. We
will hear about the health of the US housing market. On Tuesday, housing
numbers are expected to show that starts slowed in August. On
Thursday, data from the National Association of Realtors is expected
to show that existing home sales went up for the month of August,
painting a mixed picture of America's housing market. You see,
already, the stage is set for the week. We are joint by Tom from
Fidelity International. It is about the Japanese central bank. We will
have announcements from the bank of Japan and the US Federal Reserve on
Wednesday. The bank of Japan will be more interesting in some ways
because they have promised a review of the effectiveness of quantitative
easing. It is a big question and many people say it is good at
pumping up asset prices but less good at stimulating the economy. The
Japanese are common in me is pretty -- the Japanese economy is pretty
moribund. Measures designed to stimulate the economy through tax
easing and monetary stimulus and changes to the competitiveness of
the Japanese economy are having struggle -- are having a struggle to
get any traction. As time goes on, people are raising questions around
the efficacy of monetary policy and banks are putting more emphasis on
governments... They have probably been doing it more than most other
countries, but there is a groundswell of opinion that the
burden needs to be balanced more equally between central banks,
monetary policy, and governments and fiscal policy. The austerity
programme is being questioned in the UK, and the same thing in Europe.
That is why there is a big focus on the Autumn Statement. We have a
relatively new Chancellor of the Exchequer in the UK, and people are
wondering what he will do along with Mark Carney, the governor of the
Bank of England. Exactly right. It is clear that with only 0.25% to go
until we get to see rope interest-rate in the UK, Mark Carney
has been calling for the Chancellor to do his bit. One more question,
one might think that the bank of International settlement turning
round and saying we might have a full-blown crisis in China might put
a wobble in the markets, but not so much as a ripple. Why not? This is a
common theme. It is true that the Chinese economy is heavily indebted.
It is something like 250% of GDP, a very high figure for a developing
country. The banks are all owned by the Government, effectively, so
there is no risk that the banks. Lending if the Government wants them
to keep doing so. The Government is in a financial stake that is
different from Italian, for -- Italy, for example. The Chinese can
keep stimulating, but they are trying to transition the economy
more towards a consumption driven economy and away from investment and
exports. Every time there is a slowdown, they revert to type and
they just stimulate again. Thank you, Tom. We will see you in about
five minutes. Still to come - If I asked
you to think of a global technology company, the odds are the name you'd
come up with would be American. We're starting a special
look at tech talent. You're with Business
Live from BBC News. Innovation, improved customer
service, new offers that would bundle different
household services together. Those are some of the potential
benefits that the regulator Ofwat says could be in the pipeline
if there was more competition Rob Young is in our
Business Newsroom. Rob, at present, people have no
choice over who supplies them water, It could be. At the moment, you get
water from the regional monopoly in your area, but that the Government's
request, Ofwat has been looking at the pros and cons of opening up the
water market in the way that the market for gas and electricity was
opened at 20 odd years ago. The regulatory saying it could lead to
innovation in customer service, and also perhaps to lower bills as well.
That's -- perhaps not huge, the saving, around ?8 per year. A lot of
people would not find it worth the bother of switching. This is not
definitely going to go ahead, because the final decision will rest
with the Government. This was something that the regulator has
been tasked with looking at by the previous Chancellor, George Osborne.
Several of his ideas seem to have run into the long grass, so it may
well be that the current Government decides it doesn't want to go ahead
with this. The water industry this morning have said that this is a
serious undertaking and they say it deserves what they say is very
careful consideration before it is embarked upon, because competition
could, of course, drive down bills and improve innovation, but the
regulator is also warning that in any competitive market, there are
losers as well as winners. I had a question, but I've been told I'm not
allowed. Thank you for your input. We are so bad at switching,
apparently. Also if you are only going to get ?8 back a year on your
bills, do people think it is worth it?
When I get my water bill going up every year, and I think there is
nothing I can do about this. Microsoft is too close Skype London
office. We will look at that in more detail in a short while.
You're watching Business Live, our top story...
Combating climate change - 20 more countries are set
It seems as if we're about to see a major change in the way
A quick look at how markets are faring.
Japan are closed for a public holiday but London are up over 1%.
The price of oil bouncing over 1% higher today after hitting a
one-month low on Friday. What does it take to transform a
city into a thriving technology hub? That's a question that many cities
around the world are grappling with. Rohan Silva spent three years
as a senior policy advisor to Britain's former prime minister,
David Cameron, focusing on boosting The Tech City project aims
to place London firmly It's a space for entrepreneurs
and start-ups in London. But there are plans to expand
overseas, with a launch We have Rohan with us in the studio.
Good morning. We often talk about this issue that we don't have
Google, Facebook or the like. We don't necessarily have the big boys,
but we're not doing too badly? I totally agree, there was a recent
study which looked at the number of unicorns in Europe. Unicorn being a
funny term describing a billion-dollar tech company. It is
very hard to build a billion-dollar company. There is about 40 of these
unicorns in Europe, half of them in the UK. We are punching well above
our weight at European level, but something is going riot across
Europe. Nobody has produced a tech company on the scale of Google,
Amazon or Facebook. You need to be starting lots of companies for one
or two of those to break out on that scale. But in America, and China,
who has also produced use companies, you have massive, domestic single
markets and we still don't have that in Europe. It will be more fractured
with Britain leaving the EU, but more work needs to be done to create
a digital single market, so companies can scale across Europe
before taking on the world. British tech company could, and there are
many that have done very well, got to a certain size, and it recently
sold to Japan. There was an uproar at the time, but it seems to happen
a lot were a company gets to a certain size and to get to the next
level, they go across to other waters? I think that is right. There
used to be a challenge in the UK five years ago, with even start-up
funding. So the money that comes from friends, family and fools,
risky capital. We introduced in the UK, the most generous tax breaks in
the world to unlock that funding. If you're trying to raise ?50,000,
?100,000, it has never been easier. I won't pretend it is a walk in the
park, but it has never been easier. The hard part is trying to raise
billions of pounds to grow into a world beater. The good news is,
capital is global and you can raise, I have raised money just recently
for my business, from Asia, America as well as the UK. It is more of a
headache than say, silicon valley, then the investors on Sand Hill Road
can write you a cheque. And they are queueing? Yes, but they are
increasingly coming over to the UK. We have created a digital map so
investors in New York in silicon valley could see what was exciting
in London and start to engage and invest and we are seeing a lot of
that now. We are getting some tweets from viewers. Chris, this is a story
in the newspapers. Ultra high-speed broadband. Tubbs, would help
question where the infrastructure in this country, compared to South
Korea, you can download something in 25 seconds. Singapore and South
Korea are way ahead of us. BT still has the monopoly on too much fibre
broadband. We have got to break that up and get it going. Do you think
Europe has the wrong attitude towards entrepreneurial success. In
The States, if you set up ten businesses, it doesn't matter if
they work, people still call you an entrepreneur. Here, it seems to be
about scale and something coming. And if it doesn't happen, it is seen
as a bit odd. One of the companies I run and founded, we have 150
entrepreneurs based at Second Home. The culture is changing. There are
various ways in which the establishment sneers at
entrepreneurship. Look at the honour system. In the last ten years, less
than 1% of honours have gone to people who have risked it all and
started a business. The Queen's honours, the knighthoods. It is a
shame because the system does encourage people to do certain
things, philanthropy and public service, which is great. It should
be in courage Inc entrepreneurship as well. Rohan, thank you very much.
You have been contacting us. Cambridge is a hub for technology.
In a moment we'll take a look through the Business Pages but first
here's a quick reminder of how to get in touch with us.
We will keep you up-to-date with the latest details with insight and
analysis from the BBC's team of editors around the world. We want to
hear from you, Get Involved on the BBC live web page, and on Twitter,
at BBC business and on Facebook at BBC business news.
The outgoing O2 chief is urging the Prime Minister to look at broadband
regulation? Yes, what he is talking about is planning laws and how they
can slow down the process of really essential investment. It is hard to
disagree with what he said when you go to other parts of the world where
there are fewer constraints on planning. It is the straightening
when you see the speed at which these things can happen and then you
look at HS2, or the Heathrow expansion. All these things. The
planning process has a purpose. You wouldn't want a free role. We are
talking 500,000 mini masts just the G and that will be a blot on the
landscape. If we drive out of cities, we lose any signal for quite
some time. Let's stay with technology. This is in the Guardian,
it is naming Facebook but is not necessarily Facebook at false. It
says Facebook in the cart will call road deaths. There are these TV
screens screens in these cars, your GPS is on there, you can watch the
TV, look at cookery memories and it is a massive destruction? Only a
couple of weeks ago I was driving near home and a car was coming at me
on my side of the road, saw me at the last minute and swerve. It's
because he was on his phone. We are saying the fines for being on your
phone would double, six points on your licence. But if we are building
this technology into the cars, it will be a problem. How do you police
it? And this is the manufactures, Fiat, Toyota and Honda releasing
models this year so you can check Facebook and Twitter on the go. The
answer is, driverless cars then you can look as much as you like? I
suppose so, but it one manufacturer is doing it, it becomes the norm.
Thank you for your input today. That is it, we will see you tomorrow.