:00:00. > :00:21.The price of crude oil slumps to its lowest in
:00:22. > :00:25.more than 11 years - despite growing tensions in the Middle East.
:00:26. > :00:31.Plus - Netflix goes truly global - the video streaming service
:00:32. > :00:43.launches in 130 new countries - we hear from the boss.
:00:44. > :00:59.I hear I have nearly ten minutes. Nine minutes apparently, now. I will
:01:00. > :01:00.give you an exciting snapshot of the world of business. And we will talk
:01:01. > :01:03.about the Chinese shares slide. We start with oil,
:01:04. > :01:07.and the slump in crude prices that Brent crude - the European benchmark
:01:08. > :01:12.- plunged 6% on Wednesday to hit Brent crude
:01:13. > :01:23.for February delivery closed in In Asian trade, it's continued
:01:24. > :01:33.to fall closer to $33. It's
:01:34. > :01:35.the first time that Brent has closed Just 18 months, ago oil was
:01:36. > :01:46.well over $100 a barrel. It has now lost more than two-thirds
:01:47. > :01:49.of its value in the past year The big reason - you don't need
:01:50. > :01:56.reminding - the global supply glut. There's just too much oil
:01:57. > :01:59.and not enough demand. Normally tensions in the Middle East
:02:00. > :02:05.would push up prices. But traders say
:02:06. > :02:08.the current row between Saudi and Iran - the two biggest players
:02:09. > :02:12.in OPEC - means they won't be able And remember - more Iranian oil will
:02:13. > :02:18.soon be hitting the market Our correspondent in New York Nada
:02:19. > :02:34.Tawfik has been following the story. When I speak to traders, the real
:02:35. > :02:41.question is how low can you go? People are already questioning how
:02:42. > :02:45.much more lower it can go. It was predicted oil could he $20 a barrel
:02:46. > :02:51.before this kind of oversupply gets cleared out and prices can start to
:02:52. > :02:55.recuperate. Before the New Year, there was already concern about in
:02:56. > :03:00.reining in oil entering the market when sanctions are lifted adding
:03:01. > :03:06.about 600,000 more barrels per day, possibly, and other concerns. But
:03:07. > :03:12.now we have had this to a political row with Iran and Saudi Arabia
:03:13. > :03:16.weighing on concerns here. Traders think those two through OPEC will
:03:17. > :03:17.not be able to come to an agreement to cut output in order to boost
:03:18. > :03:19.prices. Miswin Mahesh is an Oil Analyst at
:03:20. > :03:28.Barclays. Thank you for coming in at this time
:03:29. > :03:37.of the morning. Let's start with the tension in the middle East. In the
:03:38. > :03:41.past, we have seen prices rise. But four years ago, when those sanctions
:03:42. > :03:46.were placed on Iran, stopping it from exporting oil, the Saudis came
:03:47. > :03:51.in and stand up the market share. The Saudis will not give that back
:03:52. > :03:56.freely? Know, and recent statements have been of the view they will step
:03:57. > :04:01.in more when Iran comes back into the market, giving steeper discounts
:04:02. > :04:07.to push their oil into an oversupplied market. Which will keep
:04:08. > :04:13.pushing prices down. It has been an astonishing 18 months. Not too long
:04:14. > :04:18.ago, many in the world were crying, we are running out of...! Now we are
:04:19. > :04:25.running out of storage space for oil. People are planning on buying
:04:26. > :04:36.tankers just to store oil? We are increasingly getting to that point.
:04:37. > :04:44.We have more than enough should every oil plant the off-line. And
:04:45. > :04:49.that plays a part in the price? Because if they can't store it, they
:04:50. > :04:54.have to sell it? Demand is putting soft now because the Chinese story
:04:55. > :04:59.is getting a bit of attention. That is having an effect as well. You
:05:00. > :05:05.were talking to me before and mention the weather. In mild winter
:05:06. > :05:11.is not helping the price? No, because that is one of the few
:05:12. > :05:21.sources of support. Given how well the winter is, the heating oil use
:05:22. > :05:26.has been weak. That is another factor when is much supply around.
:05:27. > :05:28.Everybody loves you, but I have to wrap this up. I only get ten
:05:29. > :05:32.minutes. Thank you. As you have been hearing,
:05:33. > :05:35.shares in China have been suspended for the second time this week
:05:36. > :05:39.after more steep losses. Let's go straight to Rico Hizon
:05:40. > :05:52.in Singapore, Happy New Year. Happy New Year to
:05:53. > :05:57.you as well. One of the big worries for investors is did we not see B
:05:58. > :06:03.Central bank in China step in and bring the value of its currency
:06:04. > :06:08.again? It does not bode well to suggest China's economy is not doing
:06:09. > :06:13.well. That is one of the reasons why we sought the Chinese stock market
:06:14. > :06:16.tank again this Thursday, and it has been a rollercoaster ride for
:06:17. > :06:23.Chinese equities to start the new trading year. More gloomy economic
:06:24. > :06:29.news affecting things. And confusion over initiatives put in place at the
:06:30. > :06:32.government to stem stigmata bosses. This circuit breaker went into force
:06:33. > :06:39.at the beginning of the year. -- stock market losses. I spoke to a
:06:40. > :06:44.market analyst earlier and asked her whether the measure has stabilised
:06:45. > :06:50.or created more panic among investors. There are a lot of
:06:51. > :06:55.sceptical voices in the market. We also believe this circuit breaker is
:06:56. > :07:02.doing more harm than good. What was expected for Tuesday was more panic
:07:03. > :07:06.as we saw today, comes when people are not allowed to sell, tomorrow,
:07:07. > :07:20.when the market opens, everyone will rush to self start that is a panic
:07:21. > :07:23.reaction. -- cell because that is. The dropping of the currency by
:07:24. > :07:27.another percentage point across the US dollar, is this impacting the
:07:28. > :07:34.fall in equities? It creates a perfect storm. There is a fear of
:07:35. > :07:41.further devaluation of the Chinese currency. It keeps outflow from
:07:42. > :07:46.China, but the sellers in the equity market are creating more fear on the
:07:47. > :07:52.currency side as well. On top of that, you do have great concerns.
:07:53. > :07:56.The devaluation of the currency today, other currencies are also
:07:57. > :08:02.falling. Domestic stock markets are tumbling as investors fear the Asian
:08:03. > :08:03.giant was kicking off a giant trade war against its competitors. Thank
:08:04. > :08:05.you. We are also
:08:06. > :08:08.in Las Vegas, where we continue our coverage of CES - the world's
:08:09. > :08:11.biggest Consumer Electronics Show - Record numbers of people are
:08:12. > :08:20.expected to turn up to check out the latest technology.
:08:21. > :08:22.Video streaming giant Netflix has been one of the tech world's huge
:08:23. > :08:25.success stories in recent years. It used the event to announce
:08:26. > :08:28.a massive global expansion - launching in 130 new countries
:08:29. > :08:30.around the world. The news sent the company's
:08:31. > :08:33.shares surging late on Wednesday. One very important country won't be
:08:34. > :08:34.getting Netflix The BBC's Spencer Kelly spoke to
:08:35. > :08:46.Netflix boss Reed Hastings We are so excited today to be
:08:47. > :08:51.launching everywhere except China, though we hope to be able to have
:08:52. > :08:56.Chinese consumers the able to watch Netflix. What do you have to do to
:08:57. > :09:01.get into China? To go role models for us are Disney and bull Apple,
:09:02. > :09:09.and they have been patient in developing their Chinese business.
:09:10. > :09:16.They have woken -- worked on relationships first and business
:09:17. > :09:21.second. We are taking our time. Whereas the Philippines will be
:09:22. > :09:25.great for us, Korea, Singapore, India, Russia, Poland, Turkey, we
:09:26. > :09:33.have a lot to work on. What are the main challengers? Is it broadband
:09:34. > :09:37.speeds, relationships? It is producing more programmes. We have
:09:38. > :09:44.them being produced around the world and expanding well beyond Hollywood.
:09:45. > :09:50.We have a new movie in Korea. We have a crime thriller in Italy.
:09:51. > :09:53.Another in France. It is connecting people with these amazing shows. Do
:09:54. > :09:59.you think innovation in streaming services is done now? Or do you
:10:00. > :10:03.think there is more work to be done on the technology and innovation?
:10:04. > :10:08.There is so much work ahead. Think about it now, when you click and
:10:09. > :10:13.heat the buffering. That is awful. It has to go away. Think about how
:10:14. > :10:18.sometimes there is a suggestion that is not right for you. We have to fix
:10:19. > :10:23.that. We have so much work to do we're now is spending $1 billion a
:10:24. > :10:30.year to make the technology of Netflix better. You can see the
:10:31. > :10:39.whole interview on Click. I will be back later.
:10:40. > :10:42.Researchers are testing a new vaccine against the devastating
:10:43. > :10:48.Although it's only in the trial stage, it's hoped the vaccine will