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Live from London, that's our top story on Friday 2nd June.
President Trump's decision to withdraw the United States
from the Paris climate change agreement has been condemned
Cities across America and nations across the world
say the fight against global warming will continue.
Russia signs a deal to build two new reactors at a nuclear
power station in India - oh, and it's going to loan
Plus, we'll bring you all the latest market reaction
to President Trump's decision - and, in short,
Wall Street stocks powered to fresh records on Thursday,
sending Asia higher, and the upward trend looks set
Later in the programme, we'll be hearing about the reaction
of technology companies to President Trump's
decision to quit the Paris climate agreement.
Plus, we'll talk about Snapchat and Amazon -
that's all with our techology guru Rory Cellan-Jones.
And today we want to know what you think about America leaving
Paris climate agreement - is the deal now in tatters,
or can the rest of the world manage without America?
President Trump has said he will pull the United States out
of the Paris climate change accord, calling it an unfair agreement that
would hamstring the American economy while empowering
In a few hours, Chinese and EU leaders will issue
their joint statement on the Paris climate agreement.
China has already said it will honour its commitments
So, how much common ground is there between the EU and China
In 2016 almost 90% of NEW power in Europe came
from renewable sources - that covers wind, solar,
In particular, wind energy has now overtaken coal as the EU's second
The EU plans to source 20% of its energy from
So far 11 member states have met this goal -
But Germany, France and the UK have yet to meet their targets.
It still uses half the world's coal -
but use of the black stuff is falling.
In 2016 it dropped for the third year in a row.
China is now investing heavily in renewables -
it hopes to put more than $780 billion into
China has already got the world's largest installations of hydro,
But many Chinese grid operators are still set up to use coal -
so renewable energy is getting wasted.
Greenpeace estimate 19% of Chinese wind power didn't get used
in the first three quarters of last year.
Trevor Sikorski is the Head of Natural Gas Carbon
He joins us in the studio. Thanks very much for coming in. Donald
Trump says America is out. We are expecting to hear from Chinese and
EU leaders in a few hours. What do you expect them to say? I think they
will reaffirm their commitment to the Paris agreement. The Paris
agreement was very much countries coming to the table saying, "This is
what we are going to do, these other domestic policies we have in place
for reducing emissions". The idea was that the world at that and put
on pressure for people to do more so I think both the EU and China will
come out and say they are still on track of it, still good with the
Paris agreement. The Paris agreement is still going to be a strong
agreement. Is problematic that the US is out but they will say they
will provide leadership globally. How problematic is it that the US is
at? It is not about reducing emissions. The US was also pledged
to provide finance and innovations to help other countries reduce their
emissions. I think the biggest impact is on those financial
commitments. There are some big commitments whether developed world
is supposed to help the developing and emerging markets to adapt and to
finance mitigation efforts in those countries. It is about 100 billion a
year from 2020 to 2025 with an expectation that number would go up
and those numbers are going to be very, very hard without, I would
say, a big strong US presence because it is such a big country.
That is very good at mobilising capital without them.... Without
is the reaction within the USA? is the reaction within the USA?
Hours and President Obama signed the agreement, green energy boom that
the US. What will happen to that? That is one of the big losers in a
way from this. When you look at renewables, it is pretty patchy in
the states. Some states are very good and active in the renewable
space, others aren't. I think what will happen now is that those states
which are still active will have to step up, maybe do a bit more because
some of the federal support for renewables may start to come away
from this, particularly tax credits, which are really important. I think
those can be taken away. The states are going to have to step up and I
think a lot of them will step up but those states that are doing nothing,
there is going to be no pressure to really get into renewables, which is
what Paris probably would have done if the US was going to be complying
with what they said they would do. We have a ready heard from the
coastal states, saying they will still forge ahead with their plans,
despite his agreement. Absolutely and so I think you have some states
which are very good on renewables and will continue to be good on
renewables. A lot of people in the USA will see that coming out of
Paris as a terrible thing for the USA and they will do things locally
to ensure that emissions reductions are continuing to be made in the US
and that US companies are on the forefront of technology development.
This is a really important space to be in globally. I think we are going
to see a revolution in energy, particularly in power and power
generation and I think that will affect transport. You have to be in
that space and if you're not, it will be problematic. Trevor, thank
you very much for your time. Let's take a look at some of
the other stories making the news. President Trump has asked the US
Supreme Court to allow his revised travel ban which targets visitors
from six mainly-Muslim countries. It follows an earlier decision
by several lower courts that ruled that the ban violated
constitutional rights. The Attorney General said
the verdict thwarted Mr Trump's effort to protect
US national security. Airbnb has appointed a dedicated
boss for China as it tries to make The appointment of this local head
has been a top priority for the home sharing giant because it faces stiff
competition from local rivals Russia says it's ready to build
a dozen nuclear reactors in India over the next 20 years to back
Prime Minister Narendra Modi's growth strategy for Asia's
third-largest economy, which continues to
suffer power shortages. Mariko Oi in Singapore has
more details for us. What more can you tell us? I guess
it is somewhat related to your top story, climate change on the Paris
agreement, but as you mentioned the two leaders of India and Russia met
and Russia has agreed to build two new nuclear reactors at a site in
India. India is looking to expand its green energy capacity. Those
will be the first of 12 that will be designed and built by Russia, and
Moscow has also agreed to lend over $4 billion for the construction and
the two leaders really emphasised the importance of natural gas as
well as a more economically efficient and environmentally
friendly feel, in order to meet the Paris agreement. So despite the fact
of the US pulling out of the agreement, the two leaders are
really recommitting to the agreement. Thanks.
So, what's been the markets reaction to Donald Trump's
controversial decision to withdraw the US room the Paris
Staying in Asia, Japan's benchmark index, the Nikkei,
led shares higher right across they region -
as it closed above 20,000 on Friday, chalking up its best finish
We also saw the yen also retreated against the dollar.
It's all thanks to some strong corporate profits and a record
All three major New York indexes enjoyed a record close
thanks to some forecast-busting jobs numbers.
We'll have more on that in just a moment.
Meanwhile, here in Europe, stocks look to be
Well, let's hop across the pond and check in with Michelle Fleury,
who has all the details about what's ahead on Wall Street Today.
It is a jobs Friday in America. The closely watched monthly government
report is likely to show US employers added 185,000 jobs in May,
signalling that the trend of slow but steady economic growth
continues. The unemployment rate is forecast to remain unchanged at 4.4%
and it will be interesting to see how Wall Street reacts. All of the
major US indexes closed higher on Thursday and Donald Trump touted
this market's strong performance while announcing his decision to
withdraw the US from the Paris climate accord. But analysts said
the rise in the market was not actually due to that. Instead,
investors had already factored that in. It was, in fact, data pointing
to strengthening the economy that drove prices higher and set
expectations high for this Friday's jobs report. That was Michelle
Fleury on Wall Street. Joining us is Jeremy Cook,
chief economist, World First. There wasn't a huge amount of
reaction on the stock markets to this announcement that President
Trump is going to Paul US out of the Paris climate accord. There was a
bit of reaction with the oil price? Yes, moving a bit lower. That has
been in a funk since the Opec meeting a week or so ago and this
has just continued a bit of the negative trend on the belief that if
we are at a stage where the US, one of the largest producers of energy
globally, is moving away from renewables or in any way ceding
responsibility for green energy and moving back towards something, for
example oil, and more supply coming into the market it one reason we
haven't seen too much movement of the stock markets is that it takes
former careers to get out of the Paris Accord Audi has just signalled
the intention to do it. The benefits will be felt over decades and stock
markets aren't clever enough to price that in yet. There has been a
huge reaction on Twitter. Business leaders, Goldman Sachs tweeting for
the first time ever. He is on Twitter and bail following him and I
hope you are because he's probably going to cry with most of the first
week was, "Today's decision is a setback for the environment and the
US's position in the world". You don't get more condemning than that
and we've seen other members of the business community, Hewlett-Packard,
Microsoft, Apple... Morgan Chase, Walmart, PepsiCo. Yes, BP Shell,
Conoco, Exxon Mobil. Rex Tillerson was cancelling Donald Trump to stay
part of this deal and people who have been supporting him also saying
that this is a bad idea. Very briefly, as I did tease it, we had
some very good news which is making people encouraged about the main
sector. The official figures were out at 1:30pm UK town today to talk
anything above 200,000, you would expect the dollar to rally and
continue the record highs we have seen. The key dynamic is not how
many jobs have been added but how they are paid. If hourly earnings
are around 2.5 present, beating inflation, good news for rate rises
later in the year. Jeremy, you will be back to do the papers.
How have tech firms been reacting to the news that America is quitting
We'll have all that and more with our techology guru
You're with Business Live from BBC News.
Only one week to the UK's election, and the markets seem very uncertain
about the mixed messages they are getting from the polls.
The pound is on a roller-coaster ride, rising in recent weeks
while the FTSE keeps making new highs.
But are any of these moves significant?
Let's find out with our business correspondent Andrew Walker.
Andrew, just tell us, what has the pound been doing over the last we?
It has been up and down, and what has caused the fluctuations?
We had a striking move on Tuesday when we got advanced indications of
what would be in voting surveys in the next morning's papers. If you
look at the graphs, it looks a sharp decline in fact it was half a cent
of the dollar. That is because the survey indicated the vote was likely
to be closer than people assumed and that the markets then took the view
perhaps the Prime Minister is not going to have such a free hand, if
it is Theresa May, she might otherwise have expected and it might
create more uncertainty about what will come out of the Brexit
negotiations. Since then, background has been regained. Certainly the
general picture has been a continuing one of the pound is being
significantly sensitive towards development on the political front.
It has been a roller-coaster. Is this uncertainty set to continue.
I guess in ten days, two weeks, one uncertainty will be over, we will
know the result of the election. Then about to launch into the Brexit
negotiations themselves. It is fair to say one way or another, we can
expect to see episodes of significant uncertainty about what
kind of post-Brexit arrangement the UK will have and I think that is
likely to be reflected in the markets in the months ahead. Great
to talk to you, Andrew Walker. Much more on this story on the website.
Indeed all the stories we are covering on the business news
website. And we are wrong Twitter. We have had some tweets already
which we will read at the end of the programme. What you think of
President Trump pulling out of the Paris Accord?
President Trump has walked away from the Paris climate agreement.
But in the next few hours, Europe and China are expected
to reaffirm their comittments and expand their collaborations.
We can see how the markets are reacting. They have not been
reacting much. You can see the FTSE 100. Fairly flat. Only really
starting to get going. Following strong finishes in Asia and the US
overnight with all three major indices
overnight with all three major indices in New York enjoying record
closures on Thursday. The tech industry in particular has
supported the Paris Agreement, and many of the big tech companies
are currently transitioning their energy-guzzling
data centres to using After Trump announced
his decision yesterday, reaction from the tech
industry was swift. Let's find out what they said
with our technology correspondent, Fantastic to have you. We have heard
about what the corporate world has been saying. What has the tech world
been saying? The tech world, largely based in California, pretty liberal,
generally, were not receptive to Donald Trump when he arrived but
some got together and joined his various advisory councils. The big
announcement last night, Elon Musk, the charismatic standout figure in
Silicon Valley, he resigned, departing presidential councils,
climate change is real, leaving Paris is not good for America all
the world. Elon Musk, not surprising, he came under pressure
for staying on the presidential Council. Tim Cook of Apple, not a
guy out there much politically. A company that very much wants to get
on with what it is doing and its vision of the world says, decision
to withdraw was wrong for the planet. Apple is committed to fight
climate change and we will never waver. Mark Zuckerberg went to his
Facebook page and said it was bad for the environment and he said it
puts our children's future at risk and in a plug, we've committed every
new data centre will be powered by 100% renewable energy. A lot of
these companies have big investments in green energy. That is one of the
big frontiers in Silicon Valley. Not surprising they are not happy. What
a reaction. And from IBM, as well. We want to talk about Amazon.
Their share price reached a pretty penny this week. $18 when it was
first on sale? It went through $1000. A lot of the
acceleration over the last couple of years. What is interesting President
Trump started his speech talking how fantastic the stock market had been
performing under him. Of course, just about all of that was the big
tech company stocks which continued to accelerate. I have a chart
spotted in the Financial Times. The biggest stocks in the world by
market capitalisation, Apple, Alphabet, that is Google, Microsoft
and Facebook. Extraordinary transformation in the way tech
companies were valued. We would have expected a fuel years ago Exxon
Mobil to be top of the heap will stop technology is key to the
American economy. It used to be like Exxon Mobil and now it is the tech
companies and President Trump seems to be on the wrong side. It will be
interesting to see how the relationship develops over the next
few years. I am just going to turn my phone. Very bad practice in the
studio. You protect guy, you have do stay plugged in! -- you are the tech
guy. I think somebody was ringing about this. These are Snapchat
spectacles. They have arrived in Europe will stop they have been out
in the States for a while. I press the button. They record ten seconds
of video. I am the guy who wore Google Glass for three months and
eventually got sick of being mocked by my friends and family and
colleagues. I am not sure. My issue is, they look old. They are not
fashionable. You say that... Snapchat claims it is a camera
company, not just a social network. I am not convinced. It is a great
gimmick. Popular amongst a certain crowd. People who used to buy you go
pro and strap it to their head and go down a mountain, these will be
cheaper. I cannot talk to you. Are you not taking me seriously? It is
knowing we are being filmed while talking to you.
Disconcerting. We will leave it there. Have a nice weekend. In a
moment we will take you through the business pages.
Here's a quick reminder of how to get in touch with us.
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web page. On Twitter and you can find us on Facebook.
What other business stories has the media been
Jeremy Cook is joining us again to discuss.
We asked you at the beginning of the show to let us know what you think
about President Trump taking the US out of the Paris climate agreement.
One said by leaving the Paris agreement, America has proved it is
not to be relied upon in any agreement of international light.
Lulu said, why should USA keep EU happy country to USA agreements.
Good for Trump. Corbyn will wreck the economy so we won't need fuel.
That is reference to Jeremy Corbyn here in the UK.
Also Melvin Munro says, the Americans pulling out of the
agreement is catastrophic for our world and should be repealed.
Jeremy you were talking earlier about reaction on the markets and
also from businesses. It feels like there has been a huge and immediate
response. It was channelled, I do not know if you saw Emmanuel
Macron's speech, he finished in English saying, make our world great
again. A direct challenge to Donald Trump to say if you are going to
take that position, I will take this position and I have more people
behind me ready to fight back. This could be the defining, certainly
characteristic of politics. We have economic some productivity and jobs
and tech to talk about, but it could be channelled through this
environmental concern. Interesting you said a lot of the oil company
bosses tweeted to say they do not agree with the decision. They have
huge investment tied up in green energy because the Obama plan made
them do it. They want to be good corporate citizens. They know as
people become aware they do not want to buy from a dirty company,
so-called. With corporate and social responsibility they want bank for
their buck. Facebook shareholders rejecting proposals on fake news app
and Mark Zuckerberg control. When the headline says Facebook
shareholders, it is Mark Zuckerberg, he has majority shares. 14% of the
share capital. One of the richest men in the world. Most of the voting
rights are in his back pocket and a couple of activist investors,
including the Baldwin brothers, Juno capital, trying to push to agree to
change terms around the promotion of fake news and around the gender pay
gap within the company. This has been rejected. We have seen more
activist investors taking on big business. You just have to look at
pensions companies and the remuneration of CEOs to see this is
a trend. Thanks for your insights. For now, thanks for watching. Have a