0:00:13 > 0:00:21This is Business Briefing.
0:00:21 > 0:00:23Fixing the planet - World leader's gather in Bonn
0:00:23 > 0:00:26to try to stitch together the climate accord after
0:00:26 > 0:00:29Donald Trump's pledge to pull the US out of the Paris agreement.
0:00:29 > 0:00:30Japan's economy growing faster than expected.
0:00:30 > 0:00:34A third quarter points to strong exports as the country posts
0:00:34 > 0:00:41the longest period of uninterrupted growth in more than a decade.
0:00:41 > 0:00:44And on the markets, a bit of slippage on the Hang Seng
0:00:44 > 0:00:47as Hong Kong follows Wall Street with a bit of a sell-off.
0:00:48 > 0:00:50That's a picture across Asia, as investors just cash
0:00:50 > 0:00:55in on the recent rallies.
0:00:55 > 0:00:58All ordinaries down 0.3% And completing our red sea -
0:00:58 > 0:01:01the Dow dropping a little - that's partly on continuing
0:01:01 > 0:01:04uncertainties over the tax reform proposals of President Trump.
0:01:04 > 0:01:09Will they get through the Senate?
0:01:23 > 0:01:26World leaders meet in Bonn today for the first big international
0:01:26 > 0:01:29environmental meeting since Donald Trump pledged to pull
0:01:29 > 0:01:34the US out of the Paris climate agreement.
0:01:34 > 0:01:37Projections for 2017 suggest levels of carbon dioxide will actually rise
0:01:38 > 0:01:41for the first time in four years, with the big global economies having
0:01:41 > 0:01:44a major impact.
0:01:44 > 0:01:46The main cause for the rise in CO2 emissions
0:01:46 > 0:01:51is the increased use of coal in China as its economy grows.
0:01:51 > 0:01:54In the US increased use of renewables means emissions
0:01:54 > 0:02:00are on the way down but not as quickly as hoped.
0:02:00 > 0:02:05Europe is also seeing a reduction in carbon dioxide
0:02:05 > 0:02:07but again only by around 0.2%.
0:02:07 > 0:02:08In Bonn, Patricia Espinosa, Executive Secretary
0:02:08 > 0:02:11of the United Nations Framework Convention on Climate Change,
0:02:11 > 0:02:17expanded on China's role.
0:02:17 > 0:02:24China is one of the most important partners in this process and the
0:02:24 > 0:02:33world really recognises the role that China is playing in finding
0:02:33 > 0:02:39innovative solution to the problem. China itself is facing problems
0:02:39 > 0:02:40common to so many countries.
0:02:40 > 0:02:43With me is Tom Burke, Chairman of E3G, Third Generation
0:02:43 > 0:02:45Environmentalism
0:02:45 > 0:02:53It does feel as though we have got into a sort of a period of lull in
0:02:53 > 0:03:03terms of momentum.How did turn that around? What matters in terms of
0:03:03 > 0:03:09omission is whether it is a bleak or a change in the trajectory. It was
0:03:09 > 0:03:17heading in the right path because it has levelled now... Peaking now
0:03:17 > 0:03:23rather than 2020.The waning is at the moment from organisations are
0:03:23 > 0:03:29pointing the other way. Are we at a point where political wheel is the
0:03:29 > 0:03:36most important thing all business will? There is a clear shift in
0:03:36 > 0:03:40terms of renewables.That is absolutely right. What we saw when
0:03:40 > 0:03:45it Trump pulled out of the climate agreement, the very same day,
0:03:45 > 0:03:50whistle Blackrock publicly vote against Exxon board for not having
0:03:50 > 0:03:56done enough on climate. The investment community is really
0:03:56 > 0:04:01beginning to get a sense about the risk of the kind of events we are
0:04:01 > 0:04:05seeing and what it will do the business and on the other side we
0:04:05 > 0:04:09are seeing a massive increase in renewables by opportunity seekers.
0:04:09 > 0:04:14People simply saying, the world has made its mind up, they want the
0:04:14 > 0:04:19peace of the action.Certainly, within Europe, established economies
0:04:19 > 0:04:26working out the best thing to do but if we reflect back on China, on
0:04:26 > 0:04:31India, where there is still so much growth still to come and they need
0:04:31 > 0:04:36power now, they will carry on using coal and not necessarily the
0:04:36 > 0:04:42cleanest coal.What we have seen, very interestingly, in China, it
0:04:42 > 0:04:49started to cut back on coal power station programmes. It is cutting
0:04:49 > 0:04:55emissions. There has been a bit of an increase in this year because of
0:04:55 > 0:05:02a lost Hydro Power but it is by far and away the most in investing in
0:05:02 > 0:05:05renewables and looking to see that as a massive opportunity for exports
0:05:05 > 0:05:14going forward. In India, a similar thing. Growth in coal usage slowed
0:05:14 > 0:05:19down more than expected. Big interest in renewables, and that is
0:05:19 > 0:05:27the fastest way to get electricity to the poorest.That is the view of
0:05:27 > 0:05:29an optimist. Thank you very much.
0:05:29 > 0:05:32How do you run the stunning flying displays at one of the world's
0:05:32 > 0:05:33top air shows?
0:05:33 > 0:05:36It all depends on tracking the manoeuvres of every plant
0:05:36 > 0:05:38and thing their flights to the split second.
0:05:38 > 0:05:40The BBC gained exclusive access behind the scenes
0:05:40 > 0:05:42at the Dubai air show.
0:05:42 > 0:05:43Here's Jeremy Howell
0:05:48 > 0:05:56We have the clearance to tax.Two hours before the display starts, the
0:05:56 > 0:06:01pilots are briefed on rules and emergency procedures and the
0:06:01 > 0:06:06weather. Strong winds are expected from the desert. Inside, the control
0:06:06 > 0:06:13tower, officers from Dubai and aviation services. The Emirates air
0:06:13 > 0:06:18force display team is first. Every manoeuvre is tracked by I and on
0:06:18 > 0:06:26paper. There are 19 displays in this three-hour session. The airshow's
0:06:26 > 0:06:32reputation relies on displays being seamless. It is time down to the
0:06:32 > 0:06:38last second.But every so we have an agreement between the pilot and
0:06:38 > 0:06:44control tower about how they will fly, what they will do, what speed,
0:06:44 > 0:06:49the complete flight plan and what we do in the control tower is mark
0:06:49 > 0:06:57their discipline. If they are not doing what they said they would they
0:06:57 > 0:07:03are stopped.The last plan is completing its flight. It is the end
0:07:03 > 0:07:06of the day for a traffic controllers until tomorrow at another 20
0:07:06 > 0:07:08flights.
0:07:08 > 0:07:10Japan's economy continues its slow march to stability,
0:07:10 > 0:07:13if not outright strength.
0:07:14 > 0:07:16Data out this morning shows the world's third-largest economy
0:07:16 > 0:07:20posting yet another quarter of gains.
0:07:20 > 0:07:22Let's go to Professor Seijiro Takeshita at the University
0:07:22 > 0:07:28of Shizuoka in Japan..
0:07:28 > 0:07:33Good to see you and thanks for joining you. We should not be too
0:07:33 > 0:07:39surprised, it is quite a trend now? Very much so but unfortunate, in
0:07:39 > 0:07:44spite of a sparkling performance, especially by the Japanese
0:07:44 > 0:07:51companies, it really has not trickled down to individuals and
0:07:51 > 0:07:55that is why it were feeling it is a recovery but no one is feeling it.
0:07:55 > 0:08:01There has to be a point where they do start to benefit and it is seven
0:08:01 > 0:08:09quarters in a row.70% year on year growth and record profits but during
0:08:09 > 0:08:15this rally, the actual income has only risen by 3% which basically
0:08:15 > 0:08:19means of the Japanese consumer will remain very conservative due to the
0:08:19 > 0:08:23fact that operation are conservative about their risk-taking
0:08:23 > 0:08:27capabilities.Still nothing happening dramatically nonetheless
0:08:27 > 0:08:33would you expect this trend to continue? If global growth is good,
0:08:33 > 0:08:40presumably this is where this growth is coming from?Absolutely. I think
0:08:40 > 0:08:45it will continue as long as the prerequisite are stable which is the
0:08:45 > 0:08:51US economy. We will have special demand kicking in for the Olympics.
0:08:51 > 0:08:59Until then, we will be fairly fine. Good point about the Olympics. That
0:08:59 > 0:09:02will spark them into life.
0:09:02 > 0:09:04Now let's brief you some other business stories...
0:09:05 > 0:09:07The Venezuelan government says it has begun repaying interest
0:09:07 > 0:09:10on its foreign debt after two major credit ratings agencies said
0:09:10 > 0:09:11the country had partially defaulted.
0:09:11 > 0:09:14In a televised address, the communications minister
0:09:14 > 0:09:19Jorge Rodriguez also said the government is renegotiating
0:09:19 > 0:09:29all of its foreign debt.
0:09:29 > 0:09:37Airbus is selling to indigo partners saying the deal could be unveiled at
0:09:37 > 0:09:41the Dubai airshow later on Wednesday in what would be a huge comeback for
0:09:41 > 0:09:45the European.
0:09:45 > 0:09:49And now what's trending in the business news this morning...
0:09:50 > 0:09:51Wall Street Journal: US Exchanges are calling
0:09:51 > 0:09:55for a last-minute delay to a vast database of trading information that
0:09:55 > 0:09:58regulators have touted as a defense against episodes like the May
0:09:58 > 0:10:012010 "Flash Crash."
0:10:01 > 0:10:05Financial Times looks at oil as prices drop in Asia trade
0:10:05 > 0:10:14after bullish IEA comments on US output.
0:10:14 > 0:10:16And Bloomberg reports that Peter Thiel, the venture capitalist
0:10:16 > 0:10:19who backed Donald Trump's presidential run, gave $300,000
0:10:20 > 0:10:22to a political campaign of Josh Hawley, the Missouri
0:10:22 > 0:10:24attorney general who opened an antitrust investigation
0:10:24 > 0:10:33into Google this week.
0:10:33 > 0:10:40You have seen all the figures. It is down everywhere, largely a
0:10:40 > 0:10:46reflection of Asia following the United States as there is a lot of
0:10:46 > 0:10:57cashing in after the amount of games we have seen. Just to finish on the
0:10:57 > 0:11:02Dow,... That's it for now.
0:11:15 > 0:11:18Much more should be done to reduce the quantity of food
0:11:18 > 0:11:20wasted every year.
0:11:20 > 0:11:23Campaigners say it's a problem that costs up to £17 billion
0:11:23 > 0:11:27a year and many say consumers as well as farmers have a major
0:11:27 > 0:11:28role to play.
0:11:28 > 0:11:35Our correspondent Jeremy Cooke explains.
0:11:35 > 0:11:39Kate is a self-confessed foodie and took part in a scheme to reduce
0:11:39 > 0:11:46waste and now puts 20% less food in the bin. But how? Well, she measures
0:11:46 > 0:11:50ingredient so there is no waste keeps the fridge at optimum
0:11:50 > 0:11:57temperature, users DIY vacuum packages for long-term storage in
0:11:57 > 0:12:05the freezer. And keeps leftovers. But what happens if you store food
0:12:05 > 0:12:10heads for the bin? How about a community fridge? It is a simple
0:12:10 > 0:12:15idea, food that is still good is donated and given the free to anyone
0:12:15 > 0:12:23who wants it. This one is one of two operating but the plan is to have 50
0:12:23 > 0:12:27up and running by the end of the year. Good news of the people like
0:12:27 > 0:12:32Lisi.If all this is going in the Beams, it is a wastage is Beersheva
0:12:32 > 0:12:40those that do not have enough money. Producing food is a major investment
0:12:40 > 0:12:46and reducing waste will take a huge shift in attitude in our throwaway
0:12:46 > 0:12:48society.
0:12:48 > 0:12:51A letter has been delivered to Downing Street calling for more
0:12:51 > 0:12:52"adequate" funding for schools in England.
0:12:52 > 0:12:55It's been signed by headteachers from more than five thousand schools
0:12:56 > 0:12:59who say they're increasingly having to rely on donations from parents.
0:12:59 > 0:13:02Coming up at six o'clock on Breakfast, will have
0:13:02 > 0:13:03all the day's news, business and sport.
0:13:04 > 0:13:06And more on the Supreme Court's ruling on a challenge
0:13:06 > 0:13:09against plans to use minimum pricing for alcohol to improve public health
0:13:10 > 0:13:18in Scotland.
0:13:24 > 0:13:27This is The Briefing from BBC News.
0:13:27 > 0:13:28The latest headlines:
0:13:28 > 0:13:31Loud explosions and gunfire have been heard in the Zimbabwean
0:13:31 > 0:13:32capital.
0:13:32 > 0:13:42Military officers deny they're staging a coup and say president
0:13:42 > 0:13:46Mugabe and his family are safe.
0:13:46 > 0:13:50The UN has warned that the catastrophic humanitarian crisis
0:13:50 > 0:13:54in Yemen is worsening - and that unless aid is let in -
0:13:54 > 0:13:56millions more lives will be at risk.
0:13:56 > 0:13:58Extreme hunger and disease are already killing an estimated 130
0:13:58 > 0:13:59children a day.
0:13:59 > 0:14:02World leaders are meeting in Bonn to try to stitch together
0:14:02 > 0:14:05the climate accord after Donald Trump's pledge to pull the US
0:14:05 > 0:14:11out of the Paris agreement.
0:14:11 > 0:14:15Now it is time look at the stories that are making the headlines
0:14:15 > 0:14:16in media across the world.
0:14:16 > 0:14:19We begin with Australia's public broadcaster, the ABC website
0:14:19 > 0:14:24and the news that over 60% of Australians voted
0:14:24 > 0:14:26in favour of same-sex marriage.
0:14:26 > 0:14:28Prime Minister Malcolm Turnbull sad the government will aim to change
0:14:29 > 0:14:39the existing law before Christmas.
0:14:39 > 0:14:41Next we turn to the Guardian which leads with UK
0:14:41 > 0:14:44Prime Minister Theresa May who in a speech claimed Moscow had
0:14:44 > 0:14:59meddled in UK elections and had carried out cyber espionage.
0:14:59 > 0:15:00The Independent looks at comments made
0:15:00 > 0:15:03by billionaire businessman and former New York City Mayor,
0:15:03 > 0:15:06Michael Bloomberg who says the UK's departure from the EU would likely
0:15:06 > 0:15:09slow down London's economic growth but said the capital would "be
0:15:09 > 0:15:11the financial centre of Europe for the foreseeable future".
0:15:12 > 0:15:14Meanwhile the Guardian has a more ominous take on Brexit's
0:15:14 > 0:15:19impact on London reporting european cities Paris are hoping
0:15:19 > 0:15:22to cash in on Brexit, by attracting up to ten thousands
0:15:22 > 0:15:25jobs to the french capital.
0:15:25 > 0:15:32And finally Buzzfeed covers the uproar among young people
0:15:32 > 0:15:36online reacting to comments by a UK estate agent who said millennial
0:15:36 > 0:15:38couples priced off the housing ladder could save enough
0:15:38 > 0:15:41for a deposit in five years by giving up "luxuries" such
0:15:41 > 0:15:43as buying sandwiches, upgrading their phones
0:15:43 > 0:15:46or going on overseas mini-breaks.
0:15:46 > 0:15:58With me is Lawrence Gosling who's editor-in-chief of Investment Week.
0:15:58 > 0:16:00We are straight onto the story that really only
0:16:00 > 0:16:02We are straight onto the story that really only happened a few hours
0:16:02 > 0:16:08ago, same-sex marriage is coming to Australia.This seems to be part of
0:16:08 > 0:16:16a general global trend. Experience of Australia, the vote was very
0:16:16 > 0:16:26strong. Also, the participation, 79% of Australians, as you've seen, this
0:16:26 > 0:16:31is not a marginal issue, a big chunk of the population agrees with it.
0:16:31 > 0:16:36It's quite -- it quite is nice when there is a voluntary vote figure
0:16:36 > 0:16:41like that. They have compulsory elections.There is a statistician
0:16:41 > 0:16:46at the website quotes. This was talked about as being a key issue.
0:16:46 > 0:16:49In general referendum, getting people out to vote is a challenge.
0:16:49 > 0:16:54This is clearly hit a real wave in Australia. Interestingly, the
0:16:54 > 0:17:00Northern Territory, only 58% of people responded.And the RAS still
0:17:00 > 0:17:04going to be lots of issues, aren't there? This is not absolutely cut
0:17:04 > 0:17:10and dry, black and white. It's the modern world, let's get on with it.
0:17:10 > 0:17:15It's got to get through the Australian Parliament. While the
0:17:15 > 0:17:18people are in favour, the politicians will bog this down in
0:17:18 > 0:17:22legislation although the Prime Minister said he will get it into
0:17:22 > 0:17:26law before Christmas, six weeks. That will be interesting. Clearly,
0:17:26 > 0:17:33that is what the people now expect. Let's move on. We've got a bit of a
0:17:33 > 0:17:38double or triple whammy. I dare not say this to the audience. We do get
0:17:38 > 0:17:47a lot of Brexit. The Guardian is reporting on the extent and how they
0:17:47 > 0:18:02did it. The Guardian has dug into it. Part of a wider Commons
0:18:02 > 0:18:14investigation.They have found the University of Edinburgh, it found
0:18:14 > 0:18:21not a huge number but quite significant fake tweets. Around the
0:18:21 > 0:18:25terrorism which is a London this year, stirring up anti-Muslim
0:18:25 > 0:18:30feeling on websites that pop up with newspapers where people would
0:18:30 > 0:18:34suggest part of the audience would believe that kind of thing. It shows
0:18:34 > 0:18:39you quite how simple it is to create fake news. These are things that are
0:18:39 > 0:18:47often repeated.And simple enough about reporting things like a US
0:18:47 > 0:18:52Navy veteran, Tennessee Republican, is that easy. That quoted supposed
0:18:52 > 0:18:56eyewitnesses to one of those terrorism outrages, suggesting was
0:18:56 > 0:19:01that women ignored some of the victims. There is not the level of
0:19:01 > 0:19:07credibility and backup that the BBC are other news organisations would
0:19:07 > 0:19:13use. These are posted. They then get repeated and suddenly, they are
0:19:13 > 0:19:20facts. Theresa May being quoted here from what she said on Monday Russia
0:19:20 > 0:19:23threatening the international order on which we all depend. The last few
0:19:23 > 0:19:28minutes, the Russian Foreign Ministry basically saving this is
0:19:28 > 0:19:31nonsense. It is coming because there is so much tension and pressure
0:19:31 > 0:19:37about Brexit, looking for escape valves almost and this can only
0:19:37 > 0:19:43cause regrets. This is coming from something called the Internet
0:19:43 > 0:19:49research agency, a Russian organisation.Sounds like a credible
0:19:49 > 0:19:55body.It does raise the pressure on the tech companies to tell us more,
0:19:55 > 0:20:02what you really know.You're going to see the pressure build-up again.
0:20:02 > 0:20:09Equally, some of the new sites. They will probably have some questions to
0:20:09 > 0:20:21answer. This issue is going to be with us well beyond that Brexit
0:20:21 > 0:20:29moment.Quoting Michael Bloomberg, the former Mayor of New York, a very
0:20:29 > 0:20:33rich man, is also opened a big office here in London which seems
0:20:33 > 0:20:38like a vote of confidence. I suppose you can decide which way you want to
0:20:38 > 0:20:46take. There are two things that make me smile.London will remain the
0:20:46 > 0:20:50financial capital. There are many would argue that London is the
0:20:50 > 0:20:54global financial capital. He does have a very large of this year. This
0:20:54 > 0:21:00is quite clear. Mr Bloomberg makes the point well. It is the
0:21:00 > 0:21:03English-speaking nature of London. English is the global business
0:21:03 > 0:21:09language. That hasn't changed. It won't change -- is one change. You
0:21:09 > 0:21:15are beginning to see one of two companies moving out. We will talk
0:21:15 > 0:21:20about Paris in a minute.He says English obviously, they are
0:21:20 > 0:21:27friendly, cosmopolitan, but when it comes down to the nuts and bolts of
0:21:27 > 0:21:32money, but its Frankfurt, fine. Is Paris, fine. It doesn't seem to be a
0:21:32 > 0:21:38brilliant argument.There is lots to be said for the quality of life in
0:21:38 > 0:21:43London and that's not to denigrate Paris or any other city but a lot of
0:21:43 > 0:21:47people who work in the city would say, I'd rather work in London and
0:21:47 > 0:21:55Frankfurt, for example. Actually looking at it from the perspective
0:21:55 > 0:22:00of the frog.Are we allowed to say that? They say that, come over and
0:22:00 > 0:22:07join the frogs. Up to 10,000 jobs by 2019. Basically, by the time we get
0:22:07 > 0:22:13to Brexit, they think they can pull over 10,000 city jobs?
0:22:13 > 0:22:16Interestingly, only around 2500 have moved over and as this article
0:22:16 > 0:22:23points out, the French are also targeting Asian businesses looking
0:22:23 > 0:22:26to set up in Europe. Whichever stoically come to London. We are
0:22:26 > 0:22:32seeing a bit more of some of the Asian, including the Chinese
0:22:32 > 0:22:36institutions, looking at Paris and potentially Frankfurt as well. This
0:22:36 > 0:22:41may not be all London jobs moving over but actually, in the scheme of
0:22:41 > 0:22:44things, 10,000 is significant but not that significant, I would
0:22:44 > 0:22:48suggest, if you are a big investment bank. You have a lot of people
0:22:48 > 0:22:54working. Also, you've mentioned Frankfurt. The head of Goldman sacks
0:22:54 > 0:22:59was saying, coming here a lot more. That is the big competitor, isn't
0:22:59 > 0:23:06it? It potentially is. Geographically, where frankfurters,
0:23:06 > 0:23:09the infrastructure as a financial centre is probably stronger in
0:23:09 > 0:23:18Frankfurt and has been stronger than Paris has. The last story the day.
0:23:18 > 0:23:26It is the question of the day. Something that Buzzfeed has picked
0:23:26 > 0:23:30up. Millennial 's goodbye a house if they stopped buying sandwiches and
0:23:30 > 0:23:39people are mad. They are supposedly sure is. According to the
0:23:39 > 0:23:42calculations, millennial people are spending thousands of dollars a day
0:23:42 > 0:23:47on sandwiches. They go out too often. And they go on too many mini
0:23:47 > 0:23:55breaks. They upgrade their phones. It's interesting, the deposit for a
0:23:55 > 0:24:05house in London and £94,000.As parents, we are going to contribute
0:24:05 > 0:24:12that.We are meant to be coughing up, we should also be disgruntled.
0:24:12 > 0:24:19We have had quite a good response. Here is one. My wife and I, along
0:24:19 > 0:24:23with our daughter managed to go from homeless accommodation to a mess of
0:24:23 > 0:24:26a house with no hot water and we eventually bought a semi-detached at
0:24:26 > 0:24:33the age of 26, we just made small cutbacks to save up and work hard.
0:24:33 > 0:24:36It's a good point. If you actually want a house and you have a
0:24:36 > 0:24:41reasonable job, if you work hard enough, you can say for it.People
0:24:41 > 0:24:47have become used to belittle fripperies life. We don't get out
0:24:47 > 0:24:55enough, no, we don't.