:00:00. > :00:00.Now for the latest financial news with Aaron Heslehurst and
:00:00. > :00:21.The price of oil has hit it's lowest level since the financial
:00:22. > :00:26.While the price of iron ore has slipped to a 10-year low.
:00:27. > :00:34.We'll be explaining why in just a moment.
:00:35. > :00:37.And a possible end to Geo blocking ...well in Europe at least.
:00:38. > :00:40.If the EU commission gets its way you could be watching your favourite
:00:41. > :00:48.shows on sites like Netflix and Hulu - anywhere in those 28 countries.
:00:49. > :01:01.I'm Aaron Heslehurst and this is a snapshot of the world of business.
:01:02. > :01:11.I am not wearing a tie today. Please don't write in and complained. --
:01:12. > :01:17.complain. We will get to iron ore in
:01:18. > :01:22.a moment but lets start with oil. One of the main global prices
:01:23. > :01:26.of the black stuff has dropped to below 40 dollars a barrel for
:01:27. > :01:28.the first time in nearly 7 years. The cost of Brent Crude has
:01:29. > :01:32.now fallen by more than 60 per It is falling
:01:33. > :01:35.because there is too much supply as producing countries like Saudi
:01:36. > :01:38.Arabia, America and Russia battle to At the same time global economic
:01:39. > :01:43.growth is slowing - reducing demand. The falling oil price
:01:44. > :01:56.does create winners. The price at the pump is now
:01:57. > :01:59.falling around the world. In the UK it's approaching ?1
:02:00. > :02:02.a litre, And for major oil
:02:03. > :02:13.importers around the world including the likes of China and India,
:02:14. > :02:21.a low price offers a major boost to Majore oil producing countries
:02:22. > :02:25.like Saudi Arabia, Russia and Nigeria are all seeing their income
:02:26. > :02:29.drop as a result of the low price. Nada Tawfik is in New York
:02:30. > :02:46.and has the details on how the price Tuesday were certainly a volatile
:02:47. > :02:49.day on the oil market. We saw prices swing between positive and negative
:02:50. > :02:56.territory weighing on stocks before eventually steadying. It really
:02:57. > :03:00.shows the continued concern about a supply glut that has weakened prices
:03:01. > :03:14.for more than a year now. On Friday the OPEC meeting saw leaders failing
:03:15. > :03:18.to meet an acceptance of terms. It could also depress prices because of
:03:19. > :03:23.11th straight week of this. It does not bode well for the energy
:03:24. > :03:28.industry in the US. The number of oil rigs working is at its lowest
:03:29. > :03:30.level since 1999. US government addicts even greater decline
:03:31. > :03:32.previously thought the next year. The price
:03:33. > :03:35.of iron ore has also been hit hard by the commodity rout, falling to
:03:36. > :03:37.$39.60 a tonne on Tuesday, That's fairly amazing
:03:38. > :03:41.when you considerer that It peaked Rico Hizon joins me now
:03:42. > :04:10.from Singapore, Bring up to speed From $200 in the last four years
:04:11. > :04:16.down to around $39, and I continued one thing, it has to be hurting the
:04:17. > :04:23.Australian. Absolutely, the prophets and the bottom line of many mining
:04:24. > :04:27.companies are in the downturn in. Over the past year mining companies
:04:28. > :04:32.are having a tough time, and one example is this company which is
:04:33. > :04:38.expecting to make staggering cuts up to 85,000 jobs. That is too certain
:04:39. > :04:49.of its staff in 2017. Investors did not see this coming. This mining
:04:50. > :04:55.giant is announcing fresh cuts to its spending plan to reduce costs in
:04:56. > :05:02.the face of the sinking commodity prices. Overall, with the continuing
:05:03. > :05:07.slide of iron ore prices, mining shares are deep in the whole. China
:05:08. > :05:13.is to be blamed as a slow economy has hurt demand for their resources.
:05:14. > :05:19.This is what happened when I spoke to them earlier and they said that
:05:20. > :05:22.if rises continue to fall, below $40, some companies will struggle to
:05:23. > :05:27.break even and this could shutdown some medium and small sized mining
:05:28. > :05:36.companies in the near to medium term. By the way, I have an extra
:05:37. > :05:43.tie and it is in the mail. You will have it very soon.
:05:44. > :05:49.Here's what the oil price and mining relates stocks are currently doing.
:05:50. > :05:58.Slightly up a little bit. There are some in the mining giants cutting
:05:59. > :06:00.85,000 jobs. It's being widely reported that
:06:01. > :06:04.Dow Chemical Co and DuPont are The combined company would have
:06:05. > :06:11.an estimated stock market value of $120 billion and employ over one
:06:12. > :06:14.hundred thousand people world wide. It's understood that
:06:15. > :06:16.if the deal goes ahead, the two companies would merge
:06:17. > :06:19.as equals and both chief executives One of
:06:20. > :06:30.the world's most famous gun-makers, Smith Wesson, has nearly tripled
:06:31. > :06:33.its profits in three months to The firm said
:06:34. > :06:36.its net income was $14.2m, for the period compared to $5.2m,
:06:37. > :06:39.for the same quarter last year. Some analysts have said the surge
:06:40. > :06:41.in gun sales across the US is due to worries over
:06:42. > :06:45.restrictions on gun ownership - particularly in the wake of mass
:06:46. > :06:47.shooting incidents in the country. Shares in Yahoo have jumped more
:06:48. > :06:51.than 2% after reports it will not sell off its $32bn stake in Chinese
:06:52. > :06:58.e-commerce group Alibaba. It follows pressure from investors
:06:59. > :07:01.worried about a potentially huge Yahoo is now looking at spinning
:07:02. > :07:22.off its core business instead. Now have you ever noticed how you
:07:23. > :07:25.can watch something really great on the internet via your tablet,
:07:26. > :07:28.smartphone or PC at home but then you travel with work or
:07:29. > :07:31.for a holiday to another county and find that you can't get access
:07:32. > :07:34.to see it anymore? It's all down to
:07:35. > :07:37.copyright and something known That's the technology
:07:38. > :07:53.that media firms, including the likes of Netflix, Hulu
:07:54. > :07:56.and YouTube use ensure their content is only broadcast in specific,
:07:57. > :07:58.territories where the content has Now the European
:07:59. > :08:02.Commission wants to stop this If the proposal gets approval
:08:03. > :08:04.anything available in one member country would also be
:08:05. > :08:07.available in all others. As you might expect,
:08:08. > :08:10.the media content industry is dead against the proposals fearing that
:08:11. > :08:12.it could cost them a fortune The other major
:08:13. > :08:15.change for copyright in the proposal is to ensure that
:08:16. > :08:18.the rights to parody, quotation, and private copying are exactly the
:08:19. > :08:29.same throughout all Member States. The European Commission is
:08:30. > :08:31.expected to reveal its proposals later today and we can
:08:32. > :08:38.get a little more on this now. Phil Sherrell, a technology Lawyer
:08:39. > :08:51.at, Bird Bird. Good to see you. Thank you for
:08:52. > :08:58.getting up at this terrible hour. I can only imagine that the media
:08:59. > :09:03.companies are very upset about this. So the entire media and sport
:09:04. > :09:07.industries have traditionally structured around putting their
:09:08. > :09:11.right country by country. So the Premier League for example sells
:09:12. > :09:15.rights to separate broadcasters across the EU and that is how they
:09:16. > :09:23.can maximise their rights, and they would say maximise their investment
:09:24. > :09:40.in the next lot of content. All of the content that we get online and
:09:41. > :09:44.on our tablet, even the BBC iPlayer. Even one of our colleagues could not
:09:45. > :09:52.explain to her children why she could not watch those shows while
:09:53. > :09:56.she was on holiday. For the businesses, this is very big news
:09:57. > :10:01.and potentially dilutes a lot of their revenue stream. That is
:10:02. > :10:10.interesting. Because you have the likes of net flicks, the BBC because
:10:11. > :10:19.they mostly by the content inside. What about the original owner of
:10:20. > :10:28.that content -- Netflix. Had you reconcile the fact that the right
:10:29. > :10:37.exists on multiple countries? It is likely to get through? It is a major
:10:38. > :10:42.hurdle. It will be a big fight. It has to go through the legislative
:10:43. > :10:46.process, but we are definitely keen to do something about this. It is a
:10:47. > :10:51.barrier in Europe so we are keen to get rid of it. Thank you for that.
:10:52. > :10:54.Don't forget you can get in touch with me and some of the
:10:55. > :11:07.Head teachers in England claim schools are in a
:11:08. > :11:10."recruitment crisis" because so many teachers are leaving the profession
:11:11. > :11:14.The National Association of Head Teachers says almost eight out
:11:15. > :11:15.of ten schools are struggling with shortages.
:11:16. > :11:19.It will present it's findings to the House of