0:00:12 > 0:00:15This is Business Briefing.
0:00:15 > 0:00:16I'm Sally Bundock.
0:00:16 > 0:00:18Big enough to compete - 21st Century Fox boss
0:00:18 > 0:00:21Lachlan Murdoch tells investors the media giant is stronger
0:00:21 > 0:00:23than ever, despite reports it has discussed a massive
0:00:23 > 0:00:25sell-off to Disney.
0:00:25 > 0:00:27Plus, green revolution - Cuba sets its sights on renewables
0:00:28 > 0:00:29as cheap Venezuelan oil dries up.
0:00:29 > 0:00:33And on the markets its buy buy buy in Asia with stocks in Japan headed
0:00:33 > 0:00:38for a record high.
0:00:38 > 0:00:56We'll talk you through the key movers.
0:01:03 > 0:01:05We start in the US, where the Chairman of 21st
0:01:05 > 0:01:08Century Fox, Lachlan Murdoch has been telling investors the media
0:01:08 > 0:01:10giant is in good shape despite tough conditions.
0:01:10 > 0:01:13Lachlan shares the job with his father Rupert Murdoch,
0:01:13 > 0:01:14who founded the business.
0:01:14 > 0:01:16Fox has reported better than expected figures for the three
0:01:16 > 0:01:18months to September.
0:01:18 > 0:01:21But the results have been overshadowed by reports it has held
0:01:21 > 0:01:24talks to sell off a huge swathe of its business,
0:01:24 > 0:01:26most of its TV and film business, to Disney.
0:01:26 > 0:01:28Let's show you some of the details.
0:01:28 > 0:01:31The likes of Netflix, Google and Amazon are now huge
0:01:31 > 0:01:35players in the media business as more of us stream movies and TV
0:01:35 > 0:01:36rather than watching cable channels.
0:01:36 > 0:01:40That's led millions of people to cut the cord with their cable providers.
0:01:40 > 0:01:435 million Americans are expected to axe cable this year.
0:01:43 > 0:01:45Well over twice as many as last year.
0:01:45 > 0:01:52Disney is launching its own streaming service in 2019
0:01:52 > 0:02:01and pulling its first-run movies off Netflix.
0:02:01 > 0:02:04Buying Fox's studios would give it access to much more content.
0:02:04 > 0:02:28All this comes at a turbulent time for Fox, as Samira Hussain explains.
0:02:28 > 0:02:3421st century Fox is under a microscope these days. Sexual
0:02:34 > 0:02:39harassment scandals at its flagship network, Fox News, means they are
0:02:39 > 0:02:42Ian watched closely by regulators and investors. -- being watched. And
0:02:42 > 0:02:47there is Rupert Murdoch was Mac takeover bid the Sky. He already
0:02:47 > 0:02:55owns 31% of the company. Sky has threatened to shut down Sky News of
0:02:55 > 0:02:59the channel as an obstacle to that bid. In the US, there were reports
0:02:59 > 0:03:03Fox was looking to shed most of its TV and film business to rival
0:03:03 > 0:03:09Disney. How much of all of this was discussed in the earnings column?
0:03:09 > 0:03:15Not much. Lachlan Murdoch, Rupert Murdoch's son, and the executive
0:03:15 > 0:03:18chairman of Fox, was at pains to emphasise the company's strength in
0:03:18 > 0:03:25its current form.Along with our 22,000 colleagues around the world,
0:03:25 > 0:03:27we are singularly and intensely focused on delivering on our
0:03:27 > 0:03:33strategic plan. Our businesses and brands are stronger than ever, and
0:03:33 > 0:03:35with the right management and strategies to achieve market leading
0:03:35 > 0:03:43Derby. -- and have the right management.The talks between Fox
0:03:43 > 0:03:46and Disney have reportedly broken off, but if a deal did emerge, it
0:03:46 > 0:03:49would be a seismic shift in the media industry.
0:03:49 > 0:03:51With me is Georg Szalai, international business editor,
0:03:52 > 0:04:01the Hollywood Reporter.
0:04:01 > 0:04:05What are you make of all this discussion of Fox doing a massive
0:04:05 > 0:04:09deal with Disney?I think it is a reflection of the changes in
0:04:09 > 0:04:13Hollywood. He mentioned the cord cutting in the US. Lots of
0:04:13 > 0:04:15entertainment companies are wondering how they will deliver
0:04:15 > 0:04:19content to consumers in the future, online, directly to viewers, you can
0:04:19 > 0:04:23cut out the cable companies. Everybody is strained to beef up and
0:04:23 > 0:04:27get bigger, adding more content to their creation is one approach. Some
0:04:27 > 0:04:30companies are thinking about combining Telecom to get a
0:04:30 > 0:04:33distribution platform as part of the company. Everybody is talking in the
0:04:33 > 0:04:38industry these days, and all the bankers that I talk to say they are
0:04:38 > 0:04:42pitching a lot of ideas these days. Who will emerge as the winners and
0:04:42 > 0:04:47losers in this? You can see the benefit for Disney in terms of
0:04:47 > 0:04:53content, as you say, but in terms of Fox?Fox would focus on its sports
0:04:53 > 0:04:57and news operations in the United States, on television. In use, with
0:04:57 > 0:05:02Fox News and Fox Is this, they are very strong. They have lots of
0:05:02 > 0:05:07sports platforms, the Fox TV network has a lot of sports. They would
0:05:07 > 0:05:10think those are things that are really interesting to people, very
0:05:10 > 0:05:14popular, and if we focus on that and put more money into those we can
0:05:14 > 0:05:18ramp up our investment.And that the same time there is all this
0:05:18 > 0:05:23discussion about power and who holds power in terms of news output, for
0:05:23 > 0:05:30example. As Samira mention, Rupert Murdoch is trying to buy up the
0:05:30 > 0:05:34entirety of Sky in the UK. One of the rumours is that he might have to
0:05:34 > 0:05:38forego Sky News, the 24 hour news channel, as a consequence of that,
0:05:38 > 0:05:41if he was to get approval for that move forward. Similarly, in the
0:05:41 > 0:05:46United States, we have At&T buying Time Warner, and there are
0:05:46 > 0:05:50discussions that they might have to give up things like CNN if that gets
0:05:50 > 0:05:53the all clear. It is interesting, the shifting sands, with regulators
0:05:53 > 0:05:57assessing whether power lies and whether it is too much or not.Yes,
0:05:57 > 0:06:00traditionally companies try a lot of deals early in the new
0:06:00 > 0:06:04administration. In the US, lots of people fought with Donald Trump
0:06:04 > 0:06:08taking over the White House, let's try a few deals, a Republican
0:06:08 > 0:06:12president might be more favourable to these deals.When it comes to he
0:06:12 > 0:06:19has a few.Especially when it comes to CNN. I think we will see a lot of
0:06:19 > 0:06:21politicising around the globe with these deals, lots of executives
0:06:21 > 0:06:25trying to get more careful with what has been suggested.Maybe more
0:06:25 > 0:06:28frustrated, as well. Thank you for your time. We appreciate your
0:06:28 > 0:06:29analysis.
0:06:29 > 0:06:32We are also in Cuba, which has been reliant on Venezuelan
0:06:33 > 0:06:34oil for almost two decades now.
0:06:34 > 0:06:37However, the South American nation is in deep economic trouble
0:06:37 > 0:06:40and its oil production has fallen sharply, forcing its Caribbean ally
0:06:40 > 0:06:53to find alternative sources of energy, as Will Grant reports.
0:06:53 > 0:06:57It took a long time and a big injection of Chinese capital to
0:06:57 > 0:07:01reach this point. Earlier this year, the ground was woken on a major
0:07:01 > 0:07:08renewable energy project in Cuba. -- broken. A multimillion dollar plant
0:07:08 > 0:07:14at the sight of this sugar mill, to convert the fibber Swede maribu into
0:07:14 > 0:07:22biofuel. -- fibrous weed. This billionaire was able to get the
0:07:22 > 0:07:26project off the ground with financing from China. Renewables
0:07:26 > 0:07:30have taken on new importance to Cuba. Its long-time socialist ally,
0:07:30 > 0:07:34Venezuela, is in economic and political crisis. During the worst
0:07:34 > 0:07:37months, Venezuela cut its subsidised oil shipments to Cuba, which
0:07:37 > 0:07:44serviced a joint refinery. This is part of Cuba's attempt to break its
0:07:44 > 0:07:48dependence on Venezuelan crude oil. Solar panels which they want to see
0:07:48 > 0:07:53installed across the islands, and a new push towards renewable by major
0:07:53 > 0:08:00sources. -- renewable energy sources. Cuban officials deny they
0:08:00 > 0:08:02have embraced green technology simply because of Venezuelan
0:08:02 > 0:08:08economic woes.Independent of the problems experienced by our brother
0:08:08 > 0:08:11nature Venezuela, in Cuba we need to reconsider production for our own
0:08:11 > 0:08:16economy. We need to read -- reconsider consumption of fossil
0:08:16 > 0:08:18fuels, because they are not infinite. You must find viable
0:08:18 > 0:08:23alternatives.With some 22,000 homes in Cuba still not on the electricity
0:08:23 > 0:08:27grid, these root annals could be a vital resource for many families. --
0:08:27 > 0:08:31roof panels. The state knows that greater investment in the sector is
0:08:31 > 0:08:36key. China remains the most likely source, if Cuba's green revolution
0:08:36 > 0:08:39is to thrive.
0:08:39 > 0:08:41Now let's brief you some other business stories.
0:08:41 > 0:08:44The CEO of AT&T has said he never offered to sell CNN,
0:08:44 > 0:08:46and has no intention of doing so.
0:08:46 > 0:08:49US regulators are reviewing a planned $85 billion merger
0:08:49 > 0:08:51between media giant Time Warner and telecoms firm AT&T.
0:08:51 > 0:08:54Reports have suggested they are demanding a sale of assets
0:08:54 > 0:09:11such as CNN as a condition for approval.
0:09:11 > 0:09:13Talks over the possible sale of the film production company
0:09:14 > 0:09:15co-founded by Harvey Weinstein have fallen through,
0:09:15 > 0:09:16the BBC has learned.
0:09:17 > 0:09:20The Weinstein Company had entered into a preliminary deal with US
0:09:20 > 0:09:23private equity firm Colony Capital.
0:09:23 > 0:09:25Former top executives at Yahoo and Equifax have apologised
0:09:25 > 0:09:28at a Senate hearing for security breaches that exposed billions
0:09:28 > 0:09:28of customer accounts.
0:09:28 > 0:09:30Politicians are threatening greater intervention
0:09:30 > 0:09:41in tech firms' business.
0:09:41 > 0:09:47And now, what's trending in the business news this morning.
0:09:47 > 0:09:50Widely read from the Financial Times, a report that "nearly half
0:09:50 > 0:09:54the benefit" of President Trump's US tax shake-up will go to richest 1%.
0:09:54 > 0:09:55That's according to the Tax Policy Center.
0:09:55 > 0:09:58In the Wall Street Journal, the clamor for tech IPOs reaches
0:09:58 > 0:10:05a fever pitch in Asia.
0:10:05 > 0:10:09Online book site China Literature soared on its Hong Kong stock market
0:10:09 > 0:10:11debut, valuing the 4-year old firm at $12 billion.
0:10:11 > 0:10:14And most read on Bloomberg, what could replace the smartphone?
0:10:14 > 0:10:17It says Apple is "ramping up work" on an Augmented Reality headset
0:10:17 > 0:10:18to succeed the iPhone.
0:10:18 > 0:10:21Bloomberg says the new device will be ready in 2019.
0:10:21 > 0:10:24And don't forget, let us know what you are spotting online.
0:10:24 > 0:10:25Use the hashtag #BBCTheBriefing.
0:10:25 > 0:10:31That's it for Business Briefing this hour.
0:10:31 > 0:10:37But before we go, here are the markets.
0:10:37 > 0:10:41Up next, News Briefing.
0:10:41 > 0:10:46We'll take you through the stories making headlines in the global media
0:10:50 > 0:10:55A stellar day for the market in Japan. At one point they were up
0:10:55 > 0:11:02around 2%. The Nikkei is trading around 23,368 at last look. That is
0:11:02 > 0:11:11a 2% climb. Lots going on. A very weak yen. The yen at its weakest
0:11:11 > 0:11:16since March versus the US dollar. Shares in Tokyo at the highest about
0:11:16 > 0:11:2035 years. A real rally following a good session on Wall Street the
0:11:20 > 0:11:23night before. We have the News Briefing coming up soon.
0:11:23 > 0:11:27We'll take you through the stories making headlines in the global media
0:11:27 > 0:11:30today, including that visit to Asia by President Trump.
0:11:47 > 0:11:52Police forces in England and Wales are struggling to meet demand due
0:11:52 > 0:11:56to a surge in the number of calls from members of the public.
0:11:56 > 0:11:59A survey by the policing watchdog says the service is under
0:11:59 > 0:12:01significant stress because of budget cuts and the increasing complexity
0:12:01 > 0:12:03of crimes officers which are dealing with.
0:12:03 > 0:12:13Our Home Affairs correspondent Danny Shaw has this report.
0:12:13 > 0:12:18If you report a crime this is where your call is dealt with. The control
0:12:18 > 0:12:22room. It is the nerve centre of police operations. There are more
0:12:22 > 0:12:27than 8 million 999 calls every year, with millions of others on the
0:12:27 > 0:12:32nonemergency number, 101. The constabulary say that police are
0:12:32 > 0:12:37struggling to cope. They say that problems retaining control room
0:12:37 > 0:12:40staff and an overreliance on outdated technology are to blame.
0:12:40 > 0:12:43Some requests for police to deal with crimes, including criminal
0:12:43 > 0:12:47damage and assault, go unanswered. In Devon and Cornwall, many callers
0:12:47 > 0:12:53hang up it is they have to wait so long.The control rooms are right at
0:12:53 > 0:12:57the heart of what our police forces do. The focus on getting that right
0:12:57 > 0:13:00is really important for Chief constables, and we encourage them to
0:13:00 > 0:13:05continue with this.The reporting into police efficiency says the
0:13:05 > 0:13:11service is under CIGNA vegan stress. It says forces will spend 6% less on
0:13:11 > 0:13:14policing in the next three years and will lose more than 4000 officers
0:13:14 > 0:13:19and staff from the police workforce. That is why many Chief constables
0:13:19 > 0:13:23say they need extra resources to deal with the increased demand. Mike
0:13:23 > 0:13:27Cunningham says it would be a good thing for police to have more money,
0:13:27 > 0:13:31but he says the service needs to show the benefits extra funding will
0:13:31 > 0:13:35bring, and he says there is scope for forces to use their existing
0:13:35 > 0:13:39resources more efficiently.
0:13:39 > 0:13:44There will be more on that story on First. Charlie Stayt and Naga
0:13:44 > 0:13:51Munchetty will have all of the other day's news and business, including a
0:13:51 > 0:13:55the Brexit talks, which get under way again today. -- all of the
0:13:55 > 0:13:57Brexit talks.
0:13:58 > 0:13:59This is The Briefing from BBC News.
0:13:59 > 0:14:02The latest headlines: President Trump said he discussed
0:14:02 > 0:14:05North Korea with his Chinese counterpart Xi Jinping and that both
0:14:05 > 0:14:06men believe a solution is possible.
0:14:06 > 0:14:10Mr Trump called on President Xi to cut off all trade ties with North
0:14:10 > 0:14:21Korea.
0:14:21 > 0:14:23The British Prime Minister is under pressure to restore stability
0:14:23 > 0:14:26to the government after the second resignation from her Cabinet
0:14:26 > 0:14:27in a week.
0:14:27 > 0:14:29The UN Security Council tells the Saudi-led military coalition
0:14:29 > 0:14:32in Yemen to end its blockade of the country and allow
0:14:32 > 0:14:38in humanitarian aid, or risk a famine.
0:14:38 > 0:14:44In Business, 21st Century Fox boss Lachlan Murdoch tells investors
0:14:44 > 0:14:47the media giant is stronger than ever, despite reports it's
0:14:47 > 0:15:00discussed a massive sell-off to Disney.
0:15:00 > 0:15:04On BBC News, we are looking at the most popular stories, one of them is
0:15:04 > 0:15:06the self driving shuttle bus in
0:15:06 > 0:15:06most popular stories, one of them is the self driving shuttle bus in a
0:15:06 > 0:15:14crash on day one. So this is a story by Dave Lee looking at the first
0:15:14 > 0:15:20test that took place in Vegas. And of course this self driving shuttle
0:15:20 > 0:15:25bus came to a halt. It was involved in a crash on its first day. It had
0:15:25 > 0:15:29several passengers on board. It collided with a lorry driving at a
0:15:29 > 0:15:33very slow speed. We asked whether you would be getting on a self
0:15:33 > 0:15:37driving bus or in a self driving taxi. So many of you have been in
0:15:37 > 0:15:42touch and most of you are saying no. Some of you are saying, like Muhamed
0:15:42 > 0:15:49in Nigeria, why not? And we've got Charles as well who says keep the
0:15:49 > 0:15:53drivers at work otherwise how many more jobs will