:00:00. > :00:16."Mastering the fourth industrial revolution".
:00:17. > :00:19.That's this years theme for the World Economic Forum in Davos.
:00:20. > :00:22.We're there grilling the world's rich and powerful to find out how
:00:23. > :00:29.And the oil market could be drowning in oversupply.
:00:30. > :00:31.That's the warning from the International Energy Agency
:00:32. > :00:43.sending the price of the black stuff below $28 a barrel.
:00:44. > :00:47.Also in the programme share markets across
:00:48. > :00:51.At one point the hang seng was down nearly 4%.
:00:52. > :00:53.Rico will have the latest from the region.
:00:54. > :01:00.Its that time of year when business leaders, politicians,
:01:01. > :01:03.hollywood stars and the worlds top NGOs gather in Davos, Switzerland
:01:04. > :01:07.Top of the agenda will be the big issues: financial
:01:08. > :01:09.instability, China, the price of oil, monetary policy, terror
:01:10. > :01:12.But delegates also be asked to consider "The
:01:13. > :01:14.Fourth Industrial Revolution" and the impact artificial intelligence
:01:15. > :01:19.Tanya Beckett is in Davos for us and reports on those companies who are
:01:20. > :01:48.Robots have arrived in Davos. This is from South Korea, embodying the
:01:49. > :01:53.title of the forum, before the Industrial Revolution. This robot is
:01:54. > :01:57.being told what to do but there are many big thinkers who see in age
:01:58. > :02:01.already dawning in which machines will make their own decisions. Some
:02:02. > :02:06.strange things are beginning to happen. Think about it. Cars are
:02:07. > :02:09.beginning to drive themselves. You walk down the street and see
:02:10. > :02:14.somebody talking to their phone, there talking to the machine, not
:02:15. > :02:18.talking to another human and that is something that never happened in
:02:19. > :02:23.human history before, our ability to talk to machines that way. Machines
:02:24. > :02:27.are beginning to recognise objects and images, they are diagnosing
:02:28. > :02:30.diseases like cancer. That is in the quiet room our bubble that is
:02:31. > :02:36.transforming the world. So what will this mean for how things will get
:02:37. > :02:40.done in the future? And how will companies change how they manage
:02:41. > :02:43.their biggest asset, their workforce? I'm excited about the
:02:44. > :02:48.future but at the same time I have never been more scared about the
:02:49. > :02:53.future. Cannibalizing your existing business to be able to change fast
:02:54. > :02:59.enough and being able to skilled people are having a workforce ready
:03:00. > :03:03.which can take advantage of these opportunities. I think that is where
:03:04. > :03:08.my challenge is. The task of the next few days in Davos is to hammer
:03:09. > :03:14.out what skills workers will need to stand the test of time. Bearing in
:03:15. > :03:21.mind that computers can learn some things much faster than humans. We
:03:22. > :03:25.are not just talking about robots are placing people in the factory
:03:26. > :03:27.line, we're talking about the incursion of artificial
:03:28. > :03:34.intelligence, for the first time in a way, in all those professional
:03:35. > :03:39.skills and qualifications. In the professions, so-called, whether it
:03:40. > :03:42.is health, legal, accountancy and finance... So don't be fooled into
:03:43. > :03:48.thinking that something needs to look like a robot in order to take
:03:49. > :03:51.your job. Robots do appear to be increasingly able to handle tasks
:03:52. > :03:55.which involve collecting information and then responding to it. But there
:03:56. > :04:00.are some things that still requires that human touch, like how you like
:04:01. > :04:17.to be served your cocktail, for example. Thank you.
:04:18. > :04:20.Who better to talk to right now, than a former Chief Economist
:04:21. > :04:23.at the International Monetary Fund, Ken Rogoff who is now Professor
:04:24. > :04:34.Let's start with your response to that big question being posed that
:04:35. > :04:39.Davos this year. In the issues regarding getting to grips with the
:04:40. > :04:44.future. Your thoughts on that? It the big question for mankind. There
:04:45. > :04:48.is debate among economists as to whether the inventions are less
:04:49. > :05:00.useful that we're making today than they were in the and 1900s. -- in
:05:01. > :05:09.the 1800s-1900s. How fast it comes might be an issue. -- is a big
:05:10. > :05:12.discussion this year. -- that is a big discussion this year. As we
:05:13. > :05:18.speak markets in Asia are tumbling again, Hong Kong down nearly 2%, the
:05:19. > :05:24.oil price thinking. It has been an appalling start to the year for
:05:25. > :05:29.financial markets and commodity markets. I understand you are quite
:05:30. > :05:35.optimistic, however? I am optimistic about the United States and Europe.
:05:36. > :05:39.Having oil prices fall is good for Europe and counterbalances the
:05:40. > :05:44.slowdown in Asia. The US is more mixed. It is good for Japan. Will
:05:45. > :05:51.prices falling puts a lot of stress on emerging markets. Commodity
:05:52. > :05:55.prices falling means Russia and Brazil are in recession. The big
:05:56. > :05:58.question is China. Clearly they have slowed down and some of it is
:05:59. > :06:04.deliberate, some of it may be not so much. I am concerned about China
:06:05. > :06:09.that the slowdown might prove much faster than they think, but
:06:10. > :06:15.information is scarce. There is a lot more action in the markets then
:06:16. > :06:19.the economic data reflects. Many questions about China, we had the
:06:20. > :06:23.growth figures out yesterday but there are many unknowns. What are
:06:24. > :06:28.their debt levels like? Is hanging over everybody in the global economy
:06:29. > :06:32.and as you say, the oil prices are good for Europe, the US and Japan
:06:33. > :06:39.but last year it did not boost global growth is much as we hoped.
:06:40. > :06:47.It didn't. Seriously, because now emerging markets are much bigger
:06:48. > :06:51.consumers of oil -- curiously. In the Middle East, consumption is
:06:52. > :06:58.subsidized heavily and as prices fell, they just took it in lower
:06:59. > :07:01.subsidies. As the price drops to the floor, it will pastor consumption
:07:02. > :07:11.and it will have more of a positive effect. India has done very well
:07:12. > :07:15.with oil prices falling. Reflate, -- briefly, what do you make of the
:07:16. > :07:24.criticism that Davos in that it is a network event but nothing really
:07:25. > :07:28.changes afterwards? Well, I think the networking part probably has
:07:29. > :07:34.longer-term issues, political leaders meet and businesspeople do,
:07:35. > :07:41.but it is not a decision-making forum in the way that the G20 is.
:07:42. > :07:50.The saying about Davos is, whoever has been here one year knows it is a
:07:51. > :07:57.disaster, and the next they will be a hero. We're waiting to see who
:07:58. > :07:59.that will be. Thank you. More on Davos on our website.
:08:00. > :08:01.Share markets across Asia are seeing dramatic falls again today.
:08:02. > :08:04.The oil price is sliding too going below $28 a barrel
:08:05. > :08:07.as the International Energy Agency warns the oil market could drown
:08:08. > :08:16.Rico Hizon is in Singapore with more on this.
:08:17. > :08:31.No respite. That's right. It has been a dreadful year for oil
:08:32. > :08:37.prices. US crude has tumbled below $28 per barrel in Asia which is a 12
:08:38. > :08:46.year low. The last time it close below this level was in September of
:08:47. > :08:51.2000 tree. -- 2003. Oil prices are set to fall further this year as
:08:52. > :08:54.supply exceeds demand with Iran's returned to the market offsetting
:08:55. > :08:59.production cuts from other countries. Over the past year, the
:09:00. > :09:06.oil market has been awash with supplies because of high levels of
:09:07. > :09:13.production. As a result, prices have crashed by 75% since mid-2014, hit
:09:14. > :09:18.by several factors. A glut in the supplied, weak demand and a slowing
:09:19. > :09:24.global economy and a strong dollar. This has caused chaos across global
:09:25. > :09:33.markets. Thank you. A really strong yen doesn't help Japan at all
:09:34. > :09:36.either. Let's look ahead to how things are going to pan out later
:09:37. > :09:41.on. We will have a look at the newspaper stories later on but we
:09:42. > :09:43.will have more on Davos on our