07/09/2017 BBC Business Live


07/09/2017

A look at the global business stories.


Similar Content

Browse content similar to 07/09/2017. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

This is Business Live from BBC News with Sally Bundock

:00:00.:00:00.

The European Central Bank has everyone's attention today as it

:00:00.:00:13.

grapples with the soaring euro and the future

:00:14.:00:15.

Live from London, that's our top story today,

:00:16.:00:18.

A big headache for the ECB boss, Mario Draghi. When to wind down the

:00:19.:00:46.

massive stimulus programme? There are fears the $2.4 trillion package

:00:47.:00:50.

which propped up the eurozone could be creating a bubble. And tempering

:00:51.:00:56.

Trump's rhetoric against North Korea. Are they watering down trade

:00:57.:01:03.

sanctions against Pyongyang? We will get the view from Asia and this is

:01:04.:01:08.

the situation in the markets in Europe as they open on the up. A lot

:01:09.:01:12.

of investors waiting for that key decision from the ECB.

:01:13.:01:15.

from a South African entrepreneur known for his passion for democratic

:01:16.:01:20.

technology and a spell on the International Space Station.

:01:21.:01:24.

So today we are asking what are your astro ambitions?

:01:25.:01:28.

If you were given the chance to go to the International Space Station,

:01:29.:01:31.

We start in Frankfurt where in a few hours' time

:01:32.:01:50.

the European Central Bank holds its latest policy meeting.

:01:51.:01:52.

The big question - when will it begin to raise interest

:01:53.:01:55.

rates from their historic lows and start unwinding the massive

:01:56.:01:57.

economic stimulus programme that's been in place

:01:58.:01:59.

The eurozone economy is in much better shape,

:02:00.:02:10.

growing at just over 2 percent a year.

:02:11.:02:12.

And the recovery is broad, including weaker nations such

:02:13.:02:15.

So called core inflation - which strips out volatile elements

:02:16.:02:21.

like fuel and food - hit 1.2 percent last month.

:02:22.:02:25.

The overall rate was 1.5 but that's still below

:02:26.:02:27.

And the recovery's partly down to this -

:02:28.:02:33.

pumped into the economy through quantitative easing.

:02:34.:02:38.

In other words, creating new money and using it to buy up bonds.

:02:39.:02:41.

Critics argue this flood of money is creating a bubble on stock

:02:42.:02:44.

Others warn scaling it back too quickly could plunge

:02:45.:02:49.

Europe's recovery has also caused this.

:02:50.:02:51.

A surge in the Euro, which is up almost 13 percent

:02:52.:02:54.

Tightening monetary policy could boost the currency even further.

:02:55.:03:05.

Philippe Legrain is a former economic adviser to the President

:03:06.:03:07.

of the European Commission, from the London School of Economics.

:03:08.:03:10.

So that is Mario Draghi's dilemma. What are you expecting from today,

:03:11.:03:21.

if anything? As she rightly said, the big question is when and how the

:03:22.:03:26.

ECB winds down its bond purchases. I think it is unlikely to start doing

:03:27.:03:31.

so today. First of all because, as she pointed out, the economic

:03:32.:03:35.

situation has improved, but inflation is still low, way of the

:03:36.:03:40.

target. And secondly because the ECB has not prepared markets for this

:03:41.:03:44.

move, and if it acted without preparing markets, you would see a

:03:45.:03:49.

big sell-off which could cause it to reverse. Will he give some heavy

:03:50.:03:57.

hints in the press conference about when tapering or scaling back of

:03:58.:04:02.

quantitative easing will begin? I imagine Mario Draghi will be hinting

:04:03.:04:07.

at the way forward. He has already spoken about the fears of deflation

:04:08.:04:11.

being over and out that being a question about reflation. The next

:04:12.:04:16.

ECB meeting is on the 26th of October and that is probably the

:04:17.:04:20.

time we will see an announcement about what the plans for bond buying

:04:21.:04:24.

our next year, when they might be wound down, and at what pace.

:04:25.:04:30.

Although as I pointed out, the economy across the eurozone is

:04:31.:04:35.

growing again, much more positive numbers, and there is growth in

:04:36.:04:44.

Greece, still be economies are very vastly different. Germany could

:04:45.:04:47.

withstand this rollback of quantitative easing. Of course. It

:04:48.:04:52.

is different across the eurozone and there is a lot of slack in economy.

:04:53.:04:55.

The growth figures for the first half of this year are good, but if

:04:56.:05:01.

you look at the context over past decade, actually eurozone living

:05:02.:05:05.

standards are no higher than they were a decade ago, and therefore

:05:06.:05:09.

there is plenty of scope for the economy to carry on growing without

:05:10.:05:13.

wages taking off, and therefore without inflation taking off, so

:05:14.:05:18.

people will say we need to stay our hand on that. There is also the fear

:05:19.:05:22.

that if we act pre-emptively, firstly we could see the Euro

:05:23.:05:27.

strengthening, which would depress inflation, and secondly we could see

:05:28.:05:30.

a sell-off of government bonds, notably in Italy, which has a huge

:05:31.:05:36.

public debt, which has elections due before next May, where that could

:05:37.:05:40.

have disastrous financial and political consequences. We are

:05:41.:05:43.

running out of time, but you mentioned the elections and events

:05:44.:05:47.

in Italy. We have also got the German election coming up in a few

:05:48.:05:51.

weeks and we have got Brexit. All of that context in which Mario Draghi

:05:52.:05:56.

has got to walk the tightrope. Very difficult. Sure. German elections

:05:57.:06:02.

and there has always been pressure in Germany, where they don't like

:06:03.:06:05.

quantitative easing, and there economy is doing well and there is

:06:06.:06:08.

pressure from them and their allies to wind down sooner rather than

:06:09.:06:13.

later. Thank you for your time. We are going to be all over this, so

:06:14.:06:18.

when we get any newsman ECB and that press conference that follows after

:06:19.:06:22.

them on a trip to the announcement, we will let you know what is going

:06:23.:06:28.

on. -- the monetary CNN announcements.

:06:29.:06:32.

Let's take a look at some of the other stories making the news.

:06:33.:06:35.

President Trump has agreed to a Democratic plan to lift the US

:06:36.:06:38.

debt limit for three months, to fund the government and rush aid

:06:39.:06:41.

The president went against Republican leaders who wanted

:06:42.:06:44.

to extend a debt-limit increase for longer until after the 2018

:06:45.:06:46.

mid-term elections to avoid giving Democrats leverage.

:06:47.:06:48.

The US has asked the UN to place an oil embargo on North Korea

:06:49.:06:52.

and freeze the assets of leader Kim Jong-Un over its

:06:53.:06:54.

The draft Security Council resolution seen by news agencies

:06:55.:06:59.

demands not only a ban on oil and gas supplies, but also

:07:00.:07:02.

Facebook says it has discovered a Russian-funded campaign to promote

:07:03.:07:10.

divisive social and political messages on its network.

:07:11.:07:16.

The company said $100,000 was spent on about 3000 ads

:07:17.:07:19.

over a two-year period, ending in May 2017.

:07:20.:07:23.

The ads did not back any political figures specifically,

:07:24.:07:26.

but instead posted on topics including immigration,

:07:27.:07:27.

We promised you coverage throughout the day and it is already on the

:07:28.:07:41.

Business Live page. All eyes on ECB of course at the Euro will be very

:07:42.:07:45.

sensitive today. If it is important to you, keep an eye on the pound

:07:46.:07:49.

sterling as well as the day progresses. Other stories out there

:07:50.:07:53.

for the UK economy, including this one about Bovis's performance being

:07:54.:08:06.

expected, it is on track. And also the UK financial watchdog has closed

:08:07.:08:12.

its investigation into the insurance firm Police Mutual. Lots of stories

:08:13.:08:16.

on the Business Live page which we can't squeeze into this programme.

:08:17.:08:18.

You can see them there. Despite the tough talk,

:08:19.:08:21.

the White House could be quietly shelving its plans to cancel a free

:08:22.:08:23.

trade deal with South Korea. It comes as tensions heighten

:08:24.:08:26.

with North Korea as the UN Our Asia business editor Karishma

:08:27.:08:29.

Vaswani is in Singapore. Nice to see you. What more can you

:08:30.:08:41.

tell us? Sally, reports suggest that US President Trump has decided for

:08:42.:08:43.

now at least to put off the cancellation of the trade deal

:08:44.:08:50.

between Washington and Seoul. There were tweets coming out early in the

:08:51.:08:53.

week and comments from the White House that the trade deficit between

:08:54.:08:57.

South Korea and the United States was at a level which was not

:08:58.:09:03.

acceptable to Washington. These are unconfirmed reports coming out now.

:09:04.:09:07.

Only one media outlets reporting so far so we cannot categorically say

:09:08.:09:12.

this is true. It would make sense, Sally, given the timing of what has

:09:13.:09:17.

been going on between the United States and North Korea. President

:09:18.:09:20.

Trump really need the help of South Korea to help resolve the North

:09:21.:09:23.

Korean crisis so it would make sense if this ends up becoming true. Thank

:09:24.:09:25.

you. Let's check in with

:09:26.:09:30.

the financial markets now. stocks moved higher,

:09:31.:09:32.

pulling away from the previous session's lows after news

:09:33.:09:35.

of an agreement in Washington to raise the US debt limit helped

:09:36.:09:38.

restore investors' appetite That deal between Republicans

:09:39.:09:40.

and Democrats also pushed a look at how European

:09:41.:09:46.

stocks have opened. On the up. Traders will be eyeing

:09:47.:10:05.

the results of that key ECB policy meeting later. Now what is ahead on

:10:06.:10:09.

Wall Street today? Stanley Fischer, the Vice Chair

:10:10.:10:11.

of the Federal Reserve, A veteran central banker

:10:12.:10:14.

who helped set the course of modern monetary policy,

:10:15.:10:17.

Mr Fischer plans to leave The US Central Bank confirmed that

:10:18.:10:20.

his last day would be October 13th, eight months before his term

:10:21.:10:24.

was due to expire. Now, it leaves the seven-person

:10:25.:10:28.

board of governors with as few The Senate Banking Committee

:10:29.:10:31.

is scheduled to vote later this Thursday on the White House's

:10:32.:10:37.

nominee, Randal Quarles, to the role Also, watch out for more market

:10:38.:10:40.

reaction as investors track Meanwhile, traders believe the risk

:10:41.:10:45.

of a US default have decreased, but they haven't disappeared

:10:46.:10:50.

entirely. This, of course, after Donald Trump

:10:51.:10:52.

and top Democrats backed a plan to raise the government's borrowing

:10:53.:10:56.

limit for just three months. This was part of a broader package

:10:57.:11:01.

to provide aid for Hurricane Harvey Michelle highlighting the big

:11:02.:11:04.

stories in the United States. Jane Foley is senior currency

:11:05.:11:16.

strategist at Rabobank. Talking there about the news of

:11:17.:11:24.

Stanley Fischer resigning, going sooner than expected. He was

:11:25.:11:30.

expected to finish his term last year -- next year. He said in his

:11:31.:11:35.

personal letter that it was personal reasons but we have no more clues.

:11:36.:11:39.

We do know that there is a difference of opinion between him

:11:40.:11:43.

and Donald Trump on regulation. After the financial crisis there was

:11:44.:11:50.

a big move to stop the crisis happening again. The Trump

:11:51.:11:52.

administration is about getting back some of that regulation. Many

:11:53.:11:57.

bankers including Stanley Fischer are quite vocal and have been

:11:58.:12:05.

opposed to this. That is interesting because of the head of the Fed

:12:06.:12:10.

saying we should not wind back that regulation and her term is coming up

:12:11.:12:18.

in February. Yes, his own -- hers is ending early next year. She has

:12:19.:12:22.

other common ground with Donald Trump, meaning she likes interest

:12:23.:12:26.

rates to be lower for longer. Donald Trump likes the dollar to be weak,

:12:27.:12:31.

which it is right now, and that might impact on things with Donald

:12:32.:12:39.

Trump. We have got to fill Stanley Fischer's seat and there are three

:12:40.:12:42.

other vacancies as well. So there could be a lot going on. Seven

:12:43.:12:46.

seats. Yes, and he could get control. Your thoughts on the ECB.

:12:47.:12:54.

Will you be across the Euro and the pound this lunchtime? Yes, the

:12:55.:12:58.

markets are really watching this event. The ECB does not talk about

:12:59.:13:03.

the currency specifically. How will he talk it down without talking

:13:04.:13:07.

about it specifically? It's very clever Andy is a market man and he

:13:08.:13:10.

knows how to manipulate markets and he might indicate not necessarily

:13:11.:13:17.

the level but the pace, to try and keep a lid on things. If he doesn't

:13:18.:13:23.

say anything, it is a green light for it to go up. Thank you. And he

:13:24.:13:28.

will be coming back with this great story about disrupters in the tech

:13:29.:13:30.

sector going into traditional banking. And from software to space,

:13:31.:13:36.

we are also going to be talking about another disrupter, but that is

:13:37.:13:38.

to do with IT. Mark Shuttleworth will talk

:13:39.:13:46.

about being a tech disruptor You're with Business

:13:47.:13:48.

Live from BBC News. Let's talk music. We have it all in

:13:49.:14:01.

the show today. Space, music, money, everything!

:14:02.:14:06.

Britain's music industry continues its strong performance

:14:07.:14:08.

Trade body the BPI says exports were up 11% and 1 in 8 albums bought

:14:09.:14:15.

Thank you very much for coming on the programme. Which artists in

:14:16.:14:28.

particular are boosting sales? In 2016, it will not surprise you to

:14:29.:14:34.

hear, Coldplay, the Rolling Stones, Adele and for very sad reasons David

:14:35.:14:40.

Bowie. Because of his death, his catalogue around the world prompted

:14:41.:14:43.

massive demand and interest. This year we are seeing Sam Smith has a

:14:44.:14:47.

new album out and Ed Sheeran's album has been selling massively globally.

:14:48.:14:51.

That will be reflected in the figures that we announce at the end

:14:52.:14:55.

of this year. It is just looking very strong for music exports from

:14:56.:14:59.

the UK. Is it really looking strong or is it a one off? We had the

:15:00.:15:03.

tragic death of David Bowie and when it comes to Adele, she relaunched

:15:04.:15:06.

itself with the first album for quite some years.

:15:07.:15:11.

We have been seeing constant and steady growth. Since 2000, four .4

:15:12.:15:18.

billion in exports generated in the world around record labels. The

:15:19.:15:23.

growth was as a Levenson. This is part of a regular pattern that has

:15:24.:15:26.

been developing over a number of years. Streaming has been growing.

:15:27.:15:30.

That has been helping us promote our artists around the world. About a

:15:31.:15:36.

quarter of their revenues are reinvested. Government has been

:15:37.:15:42.

helping us as well. They had agreed scheme which has made ?2.2 million

:15:43.:15:47.

available to support 150 artists, to market themselves all around the

:15:48.:15:51.

world. This is part of a concerted effort to grow our profile

:15:52.:15:54.

worldwide, to market ourselves and has helped to make the British music

:15:55.:15:58.

industry incredibly successful. Apart from the US, we are the

:15:59.:16:02.

largest exporter of music all around the world. It certainly sounds

:16:03.:16:06.

exciting for the music industry in the UK. Gennaro Castaldo, thank you

:16:07.:16:11.

very much indeed. Another story to tell you about. The fund manager

:16:12.:16:18.

Neil Woodford has posted a video apologising for the really poor

:16:19.:16:21.

results of his fund apologising to his investors, an interesting way to

:16:22.:16:24.

make apology. Indeed, watch with interest!

:16:25.:16:33.

You're watching Business Live - our top story:

:16:34.:16:36.

The European Central Bank has everyone's attention today as it

:16:37.:16:38.

grapples with the soaring euro and the future of

:16:39.:16:42.

What is ECB boss Mario Draghi going to say

:16:43.:16:50.

We will tell you all about it. Tune in, listen to our radio or look at

:16:51.:16:59.

our website. Our next guest is considered

:17:00.:17:02.

one of the world's most He's an outspoken advocate

:17:03.:17:04.

of open source software, which means that all operating

:17:05.:17:07.

systems should be free to everyone. By any measure,

:17:08.:17:10.

Mark Shuttleworth has had He's a proud South African,

:17:11.:17:12.

and made his first serious foray into entrepreneurship as a student

:17:13.:17:18.

in Cape Town in 1996, when he founded a cutting edge

:17:19.:17:22.

internet security firm. That proved such a success

:17:23.:17:25.

that it was bought by US The proceeds of that

:17:26.:17:27.

enabled him to set up the Ubuntu operating system,

:17:28.:17:35.

which is free to all softwar. But his ambitions reaches

:17:36.:17:38.

further than tech - he's the first African in space,

:17:39.:17:40.

after joining the International Mark Shuttleworth is with us now.

:17:41.:17:51.

Good morning, welcome to the programme. Let's start with the

:17:52.:17:56.

space element. Actually, that came first, 27 years old. Incredible,

:17:57.:18:01.

going to the International Space Station, tell us all about it. I've

:18:02.:18:06.

always been fascinated by exploration of all kinds. The

:18:07.:18:10.

universe out there represents extraordinary opportunity and in

:18:11.:18:14.

many senses the future for all of us. I had a sense that the space

:18:15.:18:18.

programmes in the US and Russia were opening up. I had the great

:18:19.:18:22.

privilege of spending almost a year in Russia, living in Russia,

:18:23.:18:26.

surrounded by space professionals from all over the world, training

:18:27.:18:32.

with them and then flying to the International Space Station. And you

:18:33.:18:36.

funded it by selling that first tech company that you founded in your

:18:37.:18:40.

garage. I was in a privileged position where I could choose what I

:18:41.:18:43.

wanted to do. That was a nice way to make a break from what I had done

:18:44.:18:47.

before and create space to think about the future. So you did that

:18:48.:18:52.

for a year. We went to space, on the International Space Station and it

:18:53.:18:54.

was there you formalised you're thinking about what you would do

:18:55.:19:05.

next? I think everyone who has that experience, who goes away from Earth

:19:06.:19:08.

and looks back at it, has the realisation that the world is small

:19:09.:19:10.

and fragile. After that you observe, many astronauts want to be part of

:19:11.:19:15.

things that have an impact. Being a lover of technology and

:19:16.:19:17.

entrepreneurship, since open source had been essential to my making

:19:18.:19:24.

something global, I wanted to make other -- enable other people around

:19:25.:19:26.

the world to build interesting things. So I created Ubuntu as a way

:19:27.:19:33.

of making open source easy to consume for businesses, and

:19:34.:19:37.

scientists. Explain how Ubuntu works and how you as a South African

:19:38.:19:41.

outside of the sort of closed club of Silicon Valley have provided for

:19:42.:19:46.

many big names in silicon valley this service? Most people are

:19:47.:19:52.

familiar with Windows and Ubuntu is like that but it is used in a wide

:19:53.:19:58.

range of other environments, like the Cloud and intelligent devices,

:19:59.:20:03.

self driving cars, Smart meters, home routers. The magic of Ubuntu is

:20:04.:20:09.

it doesn't come from one organisation, it represents the

:20:10.:20:11.

innovation from thousands of different companies and individuals.

:20:12.:20:14.

Our job is to pull that together and make it easy to consume. So because

:20:15.:20:19.

have become a platform... You are making easy to consume and is free

:20:20.:20:24.

which means you are providing to, something to everyone for free which

:20:25.:20:28.

other people want to charge for. I assume you made some enemies? Yes,

:20:29.:20:32.

along the way. We changed people's expectations about how they should

:20:33.:20:35.

engage with infrastructure. How did you come up with the name? Ubuntu is

:20:36.:20:41.

an African word, not just South African, it is how people treat each

:20:42.:20:48.

other really well and that reflects open source really well. We have

:20:49.:20:52.

some tweets. One says, if I was in space I would help as much as I

:20:53.:20:57.

could with cancer beating treatments. Astronauts are unsung

:20:58.:21:00.

heroes and people are not or is aware of their efforts. Do you have

:21:01.:21:04.

this same view? What was it like in space quest might did you conduct

:21:05.:21:10.

any experiments? I took four experiments to space. Stem cells, we

:21:11.:21:14.

took them to space to see what would happen. We found they developed in a

:21:15.:21:18.

way that was much better for medical treatments. So that inspired a bunch

:21:19.:21:24.

of research. We had to mother experiments, not all of them

:21:25.:21:27.

successful. I was a happy guinea pig. White is space such a good

:21:28.:21:32.

environment? You are a brave man! Why is it such a good environment to

:21:33.:21:37.

carry out those experiments? It is different, so it challenges your

:21:38.:21:45.

understanding in interesting ways. Scientists like to find oddities and

:21:46.:21:49.

curiosities which challenged them to dig deeper. You take things to space

:21:50.:21:53.

to see if they will behave in unexpected ways. Two viewers have

:21:54.:21:57.

tweeted saying, I'd probably get sick a lot. Another one has said, I

:21:58.:22:01.

would probably vomit the entire time up there. What impact did it have

:22:02.:22:06.

physically? Most people who go to space get motion sickness, it is

:22:07.:22:11.

like seasickness. But it is a small price to pay. I imagine is not

:22:12.:22:16.

pleasant being sick in space? No, but you are well trained for the

:22:17.:22:23.

consequences. So nice to have you on the programme, fascinating. Thank

:22:24.:22:25.

you for coming in. People must mention the fact... Shuttleworth? It

:22:26.:22:33.

can't be a coincidence! Thank you very much indeed. Good to have you

:22:34.:22:36.

on the programme. Let's move onto electric vehicles.

:22:37.:22:40.

Car maker Jaguar Land Rover is announcing that from 2020 every

:22:41.:22:42.

new model will be available as an electric vehicle.

:22:43.:22:44.

JLR boss Ralf Speth explains his electric car strategy.

:22:45.:22:47.

At the end of the day, Jaguar Land Rover is offering

:22:48.:22:49.

From 2020 onwards, all of our vehicles will be electrified,

:22:50.:22:55.

and we're offering a portfolio, a portfolio of products.

:22:56.:22:59.

Mild hybrid battery electric vehicles,

:23:00.:23:03.

But I would also like to emphasise that is not the end

:23:04.:23:09.

Diesel and petrol engines are important and they are state

:23:10.:23:12.

of the art and contribute to the mobility today.

:23:13.:23:21.

That was the bass of -- boss of Jaguar Land Rover. We have Jane

:23:22.:23:32.

back, as it promised. Let's delve into some of the stories. The

:23:33.:23:37.

founder of Twitter going traditional on us, what is he up to? Another

:23:38.:23:44.

disruptor. If he traditional or not? He wants a bank licence. He isn't

:23:45.:23:49.

the first tech company to go for a bank licence. You could say this is

:23:50.:23:52.

great, the banking industry needs more competition but there is

:23:53.:23:55.

another element to this. This is about regulation and control of the

:23:56.:23:59.

regulators. What he wants is not a traditional banking licence but what

:24:00.:24:03.

they are calling in Utah and industrial loan company. This is a

:24:04.:24:07.

special banking licence that would allow his company to do other things

:24:08.:24:09.

as well. This is when regulators begin to get a bit worried, because

:24:10.:24:15.

they may have less control over all the components. In the financial

:24:16.:24:20.

arena, technology is massively... It's called Fin Tech. They are

:24:21.:24:28.

really going for it. Traditional high street banks, anyone in

:24:29.:24:32.

financial services, they cannot rest on their laurels? This is exactly

:24:33.:24:35.

the case. The biggest potential disruption could be bit coin.

:24:36.:24:38.

Regulators becoming very concerned about this. Again, it's about

:24:39.:24:43.

control. Regulators could lose control of certain parts of the

:24:44.:24:46.

financial industry. In the worst-case scenario, the money

:24:47.:24:50.

supply... The central bank's job would be watered down. This story

:24:51.:24:54.

about Facebook, we mentioned earlier about what was happening during the

:24:55.:24:57.

election, regarding Facebook. Apparently the advertisers are

:24:58.:25:02.

saying, Facebook said the advertisers can reach many more

:25:03.:25:05.

people than it actually can because they don't exist on the US census.

:25:06.:25:10.

That is right, 25 million more young people. Young people is important

:25:11.:25:13.

because this is the area that marketers want to get to grips with.

:25:14.:25:18.

25 million more people in that category, and the 34th, exist on the

:25:19.:25:24.

census showing. This comes at a time when Facebook is facing a lot of

:25:25.:25:29.

challenges, Snapchat for example. Young people see as much more

:25:30.:25:35.

appealing. My teenage children are using Facebook press, may be

:25:36.:25:38.

Instagram and Snapchat a bit more. There are certain challenges out

:25:39.:25:42.

there. Just quickly, losing track of time so I might get into trouble.

:25:43.:25:47.

Saudi Arabia redrafting their transformation plan, launched a year

:25:48.:25:52.

ago, no surprise they have to curtail it? Oil prices are really

:25:53.:25:57.

low but they want to bring new forms in for long-term growth. Thank you

:25:58.:25:58.

very much. Good morning. The frightened about

:25:59.:26:16.

the weather in the UK, let's look at the Atlantic. All eyes on the

:26:17.:26:18.

Caribbean as hurricane

:26:19.:26:20.