:00:04. > :00:14.look like beef. Those are than the latest headlines and Millets time
:00:14. > :00:17.
:00:17. > :00:24.for the latest financial news with World Business Report. The
:00:24. > :00:31.headlines. After years of troubled relations with Russian partners
:00:31. > :00:39.will Russia pull the plug on its Russian based venture. Mitt Romney
:00:39. > :00:45.says he will grant China should he won the US presidential elections.
:00:45. > :00:51.China the state media accuse term of the Barker sees says much of his
:00:51. > :01:01.wealth was achieved doing business with Chinese companies. The new
:01:01. > :01:06.world assess how much of food crops can be turned into fuel. The future
:01:06. > :01:10.of BP's operations in Russia is in focus today is the deadline looms
:01:10. > :01:16.for its Russian partners in the tea and cake business to submit an
:01:16. > :01:20.offer to buy 50% of the venture BP owns. The British energy giant is
:01:20. > :01:26.selling its stake as relations with the Russian investment group have
:01:26. > :01:31.soured. The deal has overshadowed by politics and the interests of
:01:31. > :01:34.another Russian oil company. Earlier this year, BP reached an
:01:34. > :01:42.agreement with the company to search for oil below the icy waters
:01:42. > :01:47.of Arctic. That deal was to row by Russian partners in the venture. As
:01:47. > :01:51.relations soured with the group of Russian investors which includes a
:01:51. > :01:56.billionaire who would control half of the company, the British will
:01:56. > :02:01.put its 50% stake in the venture up for sale. With its huge oil
:02:01. > :02:05.reserves of gas and Siberia, the company is a significant business.
:02:05. > :02:13.And 2010, that accounted for a quarter of BP's worldwide
:02:13. > :02:18.production. It operates 1,400 fuel stations and Russia and Ukraine.
:02:18. > :02:24.Since 2003, the company has generated net profits of $48
:02:24. > :02:30.billion. It is not the investors who control could offer as much as
:02:30. > :02:34.$25 billion to buy the other half. The Russian oil giant is waiting in
:02:34. > :02:41.the wings with was expected to be a better offer. Insiders believe the
:02:41. > :02:45.Kremlin favours a deal favouring the Russian company. Analysts think
:02:45. > :02:51.the government is seeking tighter control of the oil and gas industry,
:02:51. > :02:56.a key driver of the Russian economy. Oil and gas account for half of
:02:56. > :03:00.government revenue. Half of all Russian exports. The government has
:03:00. > :03:06.signalled its intention to take a much firmer grip of the sector
:03:06. > :03:10.going forward. That means the government will play a much bigger
:03:10. > :03:16.role in partnerships and Investments in the natural
:03:16. > :03:21.resources sector. On selling half of a profitable business it does
:03:21. > :03:25.look as if BP will take the exit door out of Russia. What is going
:03:25. > :03:30.behind the scenes is a high-stakes game. We know the Russian company
:03:30. > :03:35.has tacked banks to get loans to buy its way into the game. It could
:03:35. > :03:44.end up owning half of the business. Given a green light from the
:03:44. > :03:51.Kremlin, it could resurrect another deal with the Russian business. As
:03:51. > :03:55.you have been hearing, Barack Obama and Mitt Romney clashed sharply in
:03:55. > :03:59.the second presidential debate. They tangled over how to get the
:03:59. > :04:03.American economy into better shape and focused on foreign policy. When
:04:03. > :04:09.asked by delicate on how to keep jobs in the United States, Mitt
:04:09. > :04:14.Romney attacked China. Day one, I will label time a currency
:04:14. > :04:19.manipulator which will allow me as President to be able to put in
:04:19. > :04:22.place tariffs where I believe they will take unfair advantage of a
:04:22. > :04:29.manufacturer's. We will insure people we trade with around the
:04:29. > :04:35.world play by the rules. How did that go down in Beijing? It has go
:04:35. > :04:38.to our Asian Business Harb. China was expecting strong words from the
:04:39. > :04:45.US in the run-up to the election, but this is taking it to another
:04:45. > :04:50.level? Absolutely. They are not taking it sitting down. The state
:04:50. > :04:54.media has been critical of Mitt Romney, accusing him of hypocrisy
:04:54. > :04:59.saying much of his wealth was found doing this is of Chinese companies
:04:59. > :05:05.and warned that the mud slinging policies would spark a trade war.
:05:05. > :05:09.Some foreign policy experts doubt he would carry out the threat. Sang
:05:09. > :05:15.other presidential candidates may promises but once elected they
:05:15. > :05:25.softened the approach. Designating a Chinese currency see manipulate
:05:25. > :05:29.
:05:29. > :05:34.it is a step no administration has taken against China. It could lead
:05:34. > :05:42.to a trade war with the main man the fastest growing market for US
:05:42. > :05:47.exports. The Chinese currency is that a 19-year high against the US
:05:47. > :05:56.currency. The currencies undervaluation has been reduced as
:05:56. > :05:59.it spreads an account surplus. shock resignation with immediate
:05:59. > :06:05.effect of the boss of America's third-largest bank is still being
:06:05. > :06:09.felt on Wall Street and at the city of London. He has been chief
:06:09. > :06:15.executive since December 2007, steering the company through the
:06:15. > :06:19.financial crisis and government rescue. He will be replaced by the
:06:19. > :06:24.chief for Europe and Africa. We got reaction from the New York Stock
:06:24. > :06:28.Exchange? Typically when companies make management changes, there is a
:06:28. > :06:32.sense they will make announcements. They have been making earnings
:06:32. > :06:39.announcements. They have cut a lot of people. They caught me by
:06:39. > :06:45.surprise and a lot of traders. A lot more on his exit when we review
:06:45. > :06:52.the papers and ten minutes. City grew's rival has reported a return
:06:52. > :06:57.to profit. Goldman Sachs earnings were boosted by higher income from
:06:57. > :07:04.new shares and gold offerings to investors. A proposed cap on the
:07:04. > :07:12.proportion of food crops that can be turned into fuel. Will be
:07:12. > :07:16.announced today. Wheat and similar crops could be made use bio Fuels.
:07:16. > :07:22.Bio Fuels are due this could decimate the existing industry in
:07:22. > :07:26.caused thousands of jobs to be lost. For farmers already hit by low
:07:26. > :07:31.yields and bad weather, it was the last straw. Crops they were
:07:31. > :07:35.encouraged to grow to make your now blamed for pushing up food prices.
:07:35. > :07:39.The EU Commission has already to make suppliers accountable for the
:07:40. > :07:49.carbon and packed of replacement land being dug up elsewhere to
:07:49. > :07:53.make no secret of its desire to discourage the use of by a diesel
:07:53. > :08:00.made from oil seeds from the farm. One reason why this company Correct
:08:00. > :08:05.cooking oil from businesses and recycles it as by a diesel. The
:08:05. > :08:12.idea of the UK it is to encourage the next generation of by a diesel
:08:12. > :08:16.made from things like waste and our guide. This farmer welcomes reports
:08:16. > :08:22.that the UK it may not be binding. He says what has not understood
:08:22. > :08:26.that fuel crops feed animals at the same time. You have to let market
:08:26. > :08:33.forces operate to be more sustainable. The EU is short of
:08:33. > :08:37.animal protein. One of the very important products of the bio Fuels
:08:37. > :08:44.project is the animal protein. By growing a crop for buyer feel we
:08:44. > :08:47.get fuel and animal proteins and we reduce reliance on imported soya.
:08:47. > :08:54.This fuel supply says producers must take responsibility for the
:08:54. > :09:00.carbon impact of every drop of oil in the billions. I can prove how
:09:00. > :09:06.sustainable our fuel is and where it comes from. Unlike other bio
:09:06. > :09:10.fuel companies who import the feed stocks from all over the world.
:09:10. > :09:18.There s to be a question mark over the sustainability, we did that
:09:18. > :09:25.feed stocks come from, at what cost, at what price, was at using fossil
:09:25. > :09:32.fuels? Mena olive does look as if European buyer if you'll producers
:09:32. > :09:37.may be able to stick to their existing planes. Plot to keep an
:09:37. > :09:47.eye on today. That could move the markets in Europe. We have to keep
:09:47. > :09:49.
:09:49. > :09:53.on the Russian oil company in the is very strong. It is shying that
:09:53. > :09:58.the US production numbers are better than expected. Exporters and