15/11/2017 Business Briefing


15/11/2017

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LineFromTo

This is Business Briefing.

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Fixing the planet -

World leader's gather in Bonn

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to try to stitch together

the climate accord after

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Donald Trump's pledge to pull the US

out of the Paris agreement.

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Japan's economy growing

faster than expected.

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A third quarter points to strong

exports as the country posts

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the longest period of uninterrupted

growth in more than a decade.

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And on the markets, a bit

of slippage on the Hang Seng

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as Hong Kong follows Wall Street

with a bit of a sell-off.

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That's a picture across Asia,

as investors just cash

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in on the recent rallies.

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All ordinaries down 0.3%

And completing our red sea -

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the Dow dropping a little -

that's partly on continuing

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uncertainties over the tax reform

proposals of President Trump.

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Will they get through the Senate?

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World leaders meet in Bonn today

for the first big international

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environmental meeting

since Donald Trump pledged to pull

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the US out of the Paris

climate agreement.

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Projections for 2017 suggest levels

of carbon dioxide will actually rise

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for the first time in four years,

with the big global economies having

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a major impact.

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The main cause for the

rise in CO2 emissions

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is the increased use of coal

in China as its economy grows.

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In the US increased use

of renewables means emissions

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are on the way down but not

as quickly as hoped.

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Europe is also seeing

a reduction in carbon dioxide

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but again only by around 0.2%.

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In Bonn, Patricia Espinosa,

Executive Secretary

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of the United Nations Framework

Convention on Climate Change,

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expanded on China's role.

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China is one of the most important

partners in this process and the

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world really recognises the role

that China is playing in finding

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innovative solution to the problem.

China itself is facing problems

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common to so many countries.

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With me is Tom Burke,

Chairman of E3G, Third Generation

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Environmentalism

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It does feel as though we have got

into a sort of a period of lull in

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terms of momentum.

How did turn that

around? What matters in terms of

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omission is whether it is a bleak or

a change in the trajectory. It was

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heading in the right path because it

has levelled now... Peaking now

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rather than 2020.

The waning is at

the moment from organisations are

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pointing the other way. Are we at a

point where political wheel is the

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most important thing all business

will? There is a clear shift in

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terms of renewables.

That is

absolutely right. What we saw when

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it Trump pulled out of the climate

agreement, the very same day,

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whistle Blackrock publicly vote

against Exxon board for not having

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done enough on climate. The

investment community is really

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beginning to get a sense about the

risk of the kind of events we are

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seeing and what it will do the

business and on the other side we

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are seeing a massive increase in

renewables by opportunity seekers.

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People simply saying, the world has

made its mind up, they want the

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peace of the action.

Certainly,

within Europe, established economies

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working out the best thing to do but

if we reflect back on China, on

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India, where there is still so much

growth still to come and they need

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power now, they will carry on using

coal and not necessarily the

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cleanest coal.

What we have seen,

very interestingly, in China, it

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started to cut back on coal power

station programmes. It is cutting

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emissions. There has been a bit of

an increase in this year because of

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a lost Hydro Power but it is by far

and away the most in investing in

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renewables and looking to see that

as a massive opportunity for exports

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going forward. In India, a similar

thing. Growth in coal usage slowed

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down more than expected. Big

interest in renewables, and that is

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the fastest way to get electricity

to the poorest.

That is the view of

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an optimist. Thank you very much.

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How do you run the stunning flying

displays at one of the world's

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top air shows?

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It all depends on tracking

the manoeuvres of every plant

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and thing their flights

to the split second.

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The BBC gained exclusive

access behind the scenes

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at the Dubai air show.

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Here's Jeremy Howell

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We have the clearance to tax.

Two

hours before the display starts, the

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pilots are briefed on rules and

emergency procedures and the

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weather. Strong winds are expected

from the desert. Inside, the control

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tower, officers from Dubai and

aviation services. The Emirates air

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force display team is first. Every

manoeuvre is tracked by I and on

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paper. There are 19 displays in this

three-hour session. The airshow's

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reputation relies on displays being

seamless. It is time down to the

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last second.

But every so we have an

agreement between the pilot and

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control tower about how they will

fly, what they will do, what speed,

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the complete flight plan and what we

do in the control tower is mark

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their discipline. If they are not

doing what they said they would they

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are stopped.

The last plan is

completing its flight. It is the end

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of the day for a traffic controllers

until tomorrow at another 20

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flights.

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Japan's economy continues its slow

march to stability,

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if not outright strength.

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Data out this morning shows

the world's third-largest economy

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posting yet another

quarter of gains.

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Let's go to Professor Seijiro

Takeshita at the University

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of Shizuoka in Japan..

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Good to see you and thanks for

joining you. We should not be too

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surprised, it is quite a trend now?

Very much so but unfortunate, in

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spite of a sparkling performance,

especially by the Japanese

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companies, it really has not

trickled down to individuals and

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that is why it were feeling it is a

recovery but no one is feeling it.

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There has to be a point where they

do start to benefit and it is seven

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quarters in a row.

70% year on year

growth and record profits but during

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this rally, the actual income has

only risen by 3% which basically

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means of the Japanese consumer will

remain very conservative due to the

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fact that operation are conservative

about their risk-taking

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capabilities.

Still nothing

happening dramatically nonetheless

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would you expect this trend to

continue? If global growth is good,

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presumably this is where this growth

is coming from?

Absolutely. I think

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it will continue as long as the

prerequisite are stable which is the

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US economy. We will have special

demand kicking in for the Olympics.

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Until then, we will be fairly fine.

Good point about the Olympics. That

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will spark them into life.

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Now let's brief you some other

business stories...

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The Venezuelan government says it

has begun repaying interest

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on its foreign debt after two major

credit ratings agencies said

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the country had partially defaulted.

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In a televised address,

the communications minister

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Jorge Rodriguez also said

the government is renegotiating

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all of its foreign debt.

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Airbus is selling to indigo partners

saying the deal could be unveiled at

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the Dubai airshow later on Wednesday

in what would be a huge comeback for

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the European.

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And now what's trending

in the business news this morning...

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Wall Street Journal: US

Exchanges are calling

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for a last-minute delay to a vast

database of trading information that

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regulators have touted as a defense

against episodes like the May

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2010 "Flash Crash."

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Financial Times looks at oil

as prices drop in Asia trade

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after bullish IEA

comments on US output.

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And Bloomberg reports that

Peter Thiel, the venture capitalist

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who backed Donald Trump's

presidential run, gave $300,000

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to a political campaign

of Josh Hawley, the Missouri

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attorney general who opened

an antitrust investigation

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into Google this week.

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You have seen all the figures. It is

down everywhere, largely a

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reflection of Asia following the

United States as there is a lot of

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cashing in after the amount of games

we have seen. Just to finish on the

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Dow,... That's it for now.

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Much more should be done to reduce

the quantity of food

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wasted every year.

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Campaigners say it's a problem that

costs up to £17 billion

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a year and many say consumers

as well as farmers have a major

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role to play.

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Our correspondent

Jeremy Cooke explains.

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Kate is a self-confessed foodie and

took part in a scheme to reduce

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waste and now puts 20% less food in

the bin. But how? Well, she measures

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ingredient so there is no waste

keeps the fridge at optimum

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temperature, users DIY vacuum

packages for long-term storage in

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the freezer. And keeps leftovers.

But what happens if you store food

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heads for the bin? How about a

community fridge? It is a simple

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idea, food that is still good is

donated and given the free to anyone

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who wants it. This one is one of two

operating but the plan is to have 50

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up and running by the end of the

year. Good news of the people like

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Lisi.

If all this is going in the

Beams, it is a wastage is Beersheva

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those that do not have enough money.

Producing food is a major investment

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and reducing waste will take a huge

shift in attitude in our throwaway

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society.

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A letter has been delivered

to Downing Street calling for more

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"adequate" funding

for schools in England.

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It's been signed by headteachers

from more than five thousand schools

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who say they're increasingly having

to rely on donations from parents.

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Coming up at six o'clock

on Breakfast, will have

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all the day's news,

business and sport.

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And more on the Supreme Court's

ruling on a challenge

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against plans to use minimum pricing

for alcohol to improve public health

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in Scotland.

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This is The Briefing from BBC News.

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The latest headlines:

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Loud explosions and gunfire have

been heard in the Zimbabwean

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capital.

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Military officers deny they're

staging a coup and say president

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Mugabe and his family are safe.

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The UN has warned that

the catastrophic humanitarian crisis

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in Yemen is worsening -

and that unless aid is let in -

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millions more lives will be at risk.

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Extreme hunger and disease

are already killing an estimated 130

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children a day.

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World leaders are meeting in Bonn

to try to stitch together

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the climate accord after

Donald Trump's pledge to pull the US

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out of the Paris agreement.

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Now it is time look at the stories

that are making the headlines

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in media across the world.

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We begin with Australia's public

broadcaster, the ABC website

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and the news that over 60%

of Australians voted

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in favour of same-sex marriage.

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Prime Minister Malcolm Turnbull sad

the government will aim to change

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the existing law

before Christmas.

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Next we turn to the Guardian

which leads with UK

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Prime Minister Theresa May

who in a speech claimed Moscow had

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meddled in UK elections and had

carried out cyber espionage.

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The Independent looks

at comments made

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by billionaire businessman

and former New York City Mayor,

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Michael Bloomberg who says the UK's

departure from the EU would likely

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slow down London's economic growth

but said the capital would "be

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the financial centre of Europe

for the foreseeable future".

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Meanwhile the Guardian has a more

ominous take on Brexit's

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impact on London reporting european

cities Paris are hoping

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to cash in on Brexit,

by attracting up to ten thousands

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jobs to the french capital.

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And finally Buzzfeed covers

the uproar among young people

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online reacting to comments by a UK

estate agent who said millennial

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couples priced off the housing

ladder could save enough

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for a deposit in five years

by giving up "luxuries" such

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as buying sandwiches,

upgrading their phones

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or going on overseas mini-breaks.

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With me is Lawrence Gosling who's

editor-in-chief of Investment Week.

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We are straight onto the story that

really only

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We are straight onto the story that

really only happened a few hours

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ago, same-sex marriage is coming to

Australia.

This seems to be part of

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a general global trend. Experience

of Australia, the vote was very

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strong. Also, the participation, 79%

of Australians, as you've seen, this

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is not a marginal issue, a big chunk

of the population agrees with it.

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It's quite -- it quite is nice when

there is a voluntary vote figure

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like that. They have compulsory

elections.

There is a statistician

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at the website quotes. This was

talked about as being a key issue.

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In general referendum, getting

people out to vote is a challenge.

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This is clearly hit a real wave in

Australia. Interestingly, the

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Northern Territory, only 58% of

people responded.

And the RAS still

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going to be lots of issues, aren't

there? This is not absolutely cut

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and dry, black and white. It's the

modern world, let's get on with it.

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It's got to get through the

Australian Parliament. While the

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people are in favour, the

politicians will bog this down in

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legislation although the Prime

Minister said he will get it into

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law before Christmas, six weeks.

That will be interesting. Clearly,

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that is what the people now expect.

Let's move on. We've got a bit of a

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double or triple whammy. I dare not

say this to the audience. We do get

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a lot of Brexit. The Guardian is

reporting on the extent and how they

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did it. The Guardian has dug into

it. Part of a wider Commons

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investigation.

They have found the

University of Edinburgh, it found

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not a huge number but quite

significant fake tweets. Around the

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terrorism which is a London this

year, stirring up anti-Muslim

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feeling on websites that pop up with

newspapers where people would

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suggest part of the audience would

believe that kind of thing. It shows

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you quite how simple it is to create

fake news. These are things that are

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often repeated.

And simple enough

about reporting things like a US

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Navy veteran, Tennessee Republican,

is that easy. That quoted supposed

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eyewitnesses to one of those

terrorism outrages, suggesting was

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that women ignored some of the

victims. There is not the level of

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credibility and backup that the BBC

are other news organisations would

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use. These are posted. They then get

repeated and suddenly, they are

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facts. Theresa May being quoted here

from what she said on Monday Russia

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threatening the international order

on which we all depend. The last few

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minutes, the Russian Foreign

Ministry basically saving this is

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nonsense. It is coming because there

is so much tension and pressure

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about Brexit, looking for escape

valves almost and this can only

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cause regrets. This is coming from

something called the Internet

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research agency, a Russian

organisation.

Sounds like a credible

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body.

It does raise the pressure on

the tech companies to tell us more,

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what you really know.

You're going

to see the pressure build-up again.

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Equally, some of the new sites. They

will probably have some questions to

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answer. This issue is going to be

with us well beyond that Brexit

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moment.

Quoting Michael Bloomberg,

the former Mayor of New York, a very

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rich man, is also opened a big

office here in London which seems

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like a vote of confidence. I suppose

you can decide which way you want to

0:20:330:20:38

take. There are two things that make

me smile.

London will remain the

0:20:380:20:46

financial capital. There are many

would argue that London is the

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global financial capital. He does

have a very large of this year. This

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is quite clear. Mr Bloomberg makes

the point well. It is the

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English-speaking nature of London.

English is the global business

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language. That hasn't changed. It

won't change -- is one change. You

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are beginning to see one of two

companies moving out. We will talk

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about Paris in a minute.

He says

English obviously, they are

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friendly, cosmopolitan, but when it

comes down to the nuts and bolts of

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money, but its Frankfurt, fine. Is

Paris, fine. It doesn't seem to be a

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brilliant argument.

There is lots to

be said for the quality of life in

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London and that's not to denigrate

Paris or any other city but a lot of

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people who work in the city would

say, I'd rather work in London and

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Frankfurt, for example. Actually

looking at it from the perspective

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of the frog.

Are we allowed to say

that? They say that, come over and

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join the frogs. Up to 10,000 jobs by

2019. Basically, by the time we get

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to Brexit, they think they can pull

over 10,000 city jobs?

0:22:070:22:13

Interestingly, only around 2500 have

moved over and as this article

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points out, the French are also

targeting Asian businesses looking

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to set up in Europe. Whichever

stoically come to London. We are

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seeing a bit more of some of the

Asian, including the Chinese

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institutions, looking at Paris and

potentially Frankfurt as well. This

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may not be all London jobs moving

over but actually, in the scheme of

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things, 10,000 is significant but

not that significant, I would

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suggest, if you are a big investment

bank. You have a lot of people

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working. Also, you've mentioned

Frankfurt. The head of Goldman sacks

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was saying, coming here a lot more.

That is the big competitor, isn't

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it? It potentially is.

Geographically, where frankfurters,

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the infrastructure as a financial

centre is probably stronger in

0:23:060:23:09

Frankfurt and has been stronger than

Paris has. The last story the day.

0:23:090:23:18

It is the question of the day.

Something that Buzzfeed has picked

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up. Millennial 's goodbye a house if

they stopped buying sandwiches and

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people are mad. They are supposedly

sure is. According to the

0:23:300:23:39

calculations, millennial people are

spending thousands of dollars a day

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on sandwiches. They go out too

often. And they go on too many mini

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breaks. They upgrade their phones.

It's interesting, the deposit for a

0:23:470:23:55

house in London and £94,000.

As

parents, we are going to contribute

0:23:550:24:05

that.

We are meant to be coughing

up, we should also be disgruntled.

0:24:050:24:12

We have had quite a good response.

Here is one. My wife and I, along

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with our daughter managed to go from

homeless accommodation to a mess of

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a house with no hot water and we

eventually bought a semi-detached at

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the age of 26, we just made small

cutbacks to save up and work hard.

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It's a good point. If you actually

want a house and you have a

0:24:330:24:36

reasonable job, if you work hard

enough, you can say for it.

People

0:24:360:24:41

have become used to belittle

fripperies life. We don't get out

0:24:410:24:47

enough, no, we don't.

0:24:470:24:55

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