:00:00. > :00:00.second round. Those are the latest headlines from
:00:00. > :00:00.BBC World News.Now for the latest financial news with Alice Baxter,
:00:00. > :00:20.and World Business Report. Oil hits a nine month high as the
:00:21. > :00:34.battle continues for Iraq's largest refinery.
:00:35. > :00:36.Plus: Cracking the code for success. The young Americans who hope to
:00:37. > :00:42.become tomorrow's technology billionaires.
:00:43. > :00:45.Welcome to World Business Report. I'm Alice Baxter.
:00:46. > :00:49.In a moment: Troubled waters, tensions rise as another Chinese oil
:00:50. > :00:55.rig is set to arrive in the South China Sea. But first, we start with
:00:56. > :00:59.the top story here on BBC World News ` the crisis in Iraq.
:01:00. > :01:02.Oil prices continued to rise on Thursday amid the escalating
:01:03. > :01:05.violence in the country, which is the number two producer in the 12
:01:06. > :01:11.Nation Organisation of Oil Producing Countries ` or OPEC. The battle for
:01:12. > :01:14.control the largest oil refinery in the country, at Baiji, 200
:01:15. > :01:20.kilometres north of Baghdad, is now in its fourth day. Iraqi government
:01:21. > :01:25.forces claim they are in full control despite the facility being
:01:26. > :01:28.under siege. Islamist extremists have captured large areas of
:01:29. > :01:42.northern Iraq but they have yet to threaten the main oil producing
:01:43. > :01:45.areas in the South. However, the conflict is causing increasing
:01:46. > :01:48.tension on oil markets. In London, Brent Crude for August delivery
:01:49. > :02:02.jumped 80 cents on Thursday to $115.06, the highest in nine months.
:02:03. > :02:04.According to an Iraqi oil executive speaking to Reuters, ExxonMobil has
:02:05. > :02:08.carried out "a major evacuation of staff", and rival BP has evacuated
:02:09. > :02:12.20% of staff. In a statement, BP told the BBC it had no comment on
:02:13. > :02:15.staff levels and movements in Iraq. It said some non`essential staff had
:02:16. > :02:23.been moved but operations had not been affected.
:02:24. > :02:26.Jonathan Perry is a Middle East analyst at risk consultants
:02:27. > :02:33.Maplecroft. He's in our studio in Bristol in the West of England.
:02:34. > :02:37.How serious is the situation for these major foreign energy companies
:02:38. > :02:44.working inside of Iraq? Clearly, it is a major concern to those
:02:45. > :02:47.operating in the North. Many viewers are probably aware that most
:02:48. > :02:53.production in Iraq takes place in the south of the country. That is a
:02:54. > :02:58.cold comfort to the companies operating in northern Iraq, staying
:02:59. > :03:02.away from the events of Isis, the main militant group, they are
:03:03. > :03:14.pushing towards Baghdad. We have seen that Isis have taken fields in
:03:15. > :03:19.their own area, they have also taken control of Mosul. It is a good
:03:20. > :03:25.position to move eastwards, and take oilfields which, a number of foreign
:03:26. > :03:31.gas and oil companies are operating in. It is clearly a concern. Many
:03:32. > :03:37.companies will be concerned about further Isis gains for sure. The
:03:38. > :03:41.real danger will come, as you say, if and when Isis moves to the south,
:03:42. > :03:46.where the major oilfields are. We have seen a spike in oil prices,
:03:47. > :03:53.they are at a nine`month high. But the key is that the internal supply
:03:54. > :03:58.is disrupted, we haven't seen a major disruption to foreign output.
:03:59. > :04:07.What will happen to oil prices if that happens? Clearly, there will be
:04:08. > :04:12.further gains to the price, as a report indicated moments ago, we
:04:13. > :04:19.were seeing $115 a barrel. There is speculation about what extent the
:04:20. > :04:25.oil price will increase by. There is speculation that, we are talking up
:04:26. > :04:31.to $30, or even more, going up in price, if output is disrupted. Isis
:04:32. > :04:37.are still very far away from the golf, if there was going to be a
:04:38. > :04:44.major push towards the south, I think you would like to see some
:04:45. > :04:52.sort of intervention. `` Gulf. Greater intervention from Iran and
:04:53. > :04:54.the USA to stop that from happening. It could spook international
:04:55. > :05:02.markets, and affect the government 's ability to rule.
:05:03. > :05:06.Thank you very much for joining us. Now ` from Iraq to the South China
:05:07. > :05:17.Sea where another Chinese oil rig is set to arrive today. It marks
:05:18. > :05:19.another escalation in the territorial dispute between China
:05:20. > :05:22.and its neighbours, particularly Vietnam. Talks between China and
:05:23. > :05:31.Vietnam in Hanoi ended in deadlock on Wednesday. Why is this issue so
:05:32. > :05:36.contentious? Not only with Vietnam, but many other neighbours of China,
:05:37. > :05:41.because China is trying to exert its right over these contested areas in
:05:42. > :05:45.the South China Sea. Many of them are rich in resources, it is an
:05:46. > :05:50.attempt to try and get those incredibly rich resources. There are
:05:51. > :05:53.is no progress in those talks between Vietnam and China over the
:05:54. > :05:59.deployment of the oil rig in the South China Sea. The Chinese
:06:00. > :06:03.scented, it doesn't help as well. But the Chinese are planning to send
:06:04. > :06:20.another break to the waters close to Vietnam they announced it on their
:06:21. > :06:27.website `` Vietnam killed `` rig. `` rig. They are trying to send their
:06:28. > :06:31.oil rig to claim islands owned by Vietnam and China. That led to
:06:32. > :06:37.protests in Vietnam against Chinese owned firms. That was in May.
:06:38. > :06:41.Besides plummeted to their lowest in decades. Riots took place in several
:06:42. > :06:44.cities. A number of factories, thought by the writers to be owned
:06:45. > :06:49.by the Chinese, but they were Taiwanese, and for Chinese people
:06:50. > :07:01.were killed, and China evacuated several thousand workers `` rioters.
:07:02. > :07:05.Thank you for that update. Over the coming weeks, every Friday,
:07:06. > :07:08.we'll be taking a look at the next generation of billionaires around
:07:09. > :07:11.the world. Who they're likely to be ` where they might come from ` and
:07:12. > :07:18.why many could be from the least expected backgrounds.
:07:19. > :07:22.Samira Hussain has been meeting some young New Yorkers who are hoping to
:07:23. > :07:25.make it big, not on Wall Street, but in the world of technology.
:07:26. > :07:28.It is a hot Sunday afternoon in New York, and instead of enjoying the
:07:29. > :07:37.sun, these girls are spending their entire weekend by the glare of their
:07:38. > :07:42.computer screens. This is a competition where students use code
:07:43. > :07:49.to build a computer programme. We really thought of an application.
:07:50. > :07:53.This 12`year`old, Mia Johnson, and her team wrote the computer language
:07:54. > :07:58.that makes this programme work. Coding is very interesting, some
:07:59. > :08:04.people have a love the different languages. Coding is my different
:08:05. > :08:08.language. `` love for different languages. Some people love French,
:08:09. > :08:13.some love Spanish, but I love coding. And I am English. Not many
:08:14. > :08:19.people get to learn about it, but I do. Often, people come here to Wall
:08:20. > :08:24.Street to make their fortune. Increasingly, many are making it big
:08:25. > :08:29.with this. Through applications and other digital tools. Now, some
:08:30. > :08:36.believe that technology is the best new path to prosperity in America.
:08:37. > :08:40.This country is about opportunity, not equal outcomes, but so long as
:08:41. > :08:47.everyone has a chance. Technology is not a code, if you master the art of
:08:48. > :09:00.programming, you could make a fortune. It is probably your fastest
:09:01. > :09:04.bridge to wealth. And, . Nurturing her passion isn't easy, it is more
:09:05. > :09:11.than one hour 's drive to get to any coding events, but it is a sacrifice
:09:12. > :09:15.her mother is willing to make. At this stage, there were no other
:09:16. > :09:19.programmes that gave her the opportunity to even learn, unless
:09:20. > :09:23.she did it alone. It is best, she is in a classroom setting with people
:09:24. > :09:28.who do this every day. It is their profession and they have a passion
:09:29. > :09:35.for it. It gives her an advantage, and shortens the gap a bit. It is
:09:36. > :09:40.that inequality gap that has many worrying about the future of
:09:41. > :09:44.America. But, not mere. She has a possible billion`dollar ticket in
:09:45. > :09:50.her back pocket, because she can code. `` Mia.
:09:51. > :09:53.In other news: The French government will meet with the bosses of General
:09:54. > :09:55.Electric, Siemens and Mitsubishi later today about their rival
:09:56. > :10:06.multi`billion dollar bids for Alstom. On Thursday GE revised the
:10:07. > :10:09.terms of its bid for the power business of the French engineering
:10:10. > :10:10.giant, after France said it would veto any deal that did not protect
:10:11. > :10:13.local jobs and interests . Let's have a quick look at how the
:10:14. > :10:53.markets are going. The Chief Inspector of Schools in
:10:54. > :10:58.England says too many elite sportsmen and women are educated in
:10:59. > :11:00.private schools. Sir Michael Wilshaw says there are "unacceptable
:11:01. > :11:03.discrepancies" between the number of pupils attending state schools and
:11:04. > :11:04.their representation in competitive sports, like rugby and