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"Mastering the fourth industrial revolution". | :00:00. | :00:16. | |
That's this years theme for the World Economic Forum in Davos. | :00:17. | :00:19. | |
We're there grilling the world's rich and powerful to find out how | :00:20. | :00:22. | |
And the oil market could be drowning in oversupply. | :00:23. | :00:29. | |
That's the warning from the International Energy Agency | :00:30. | :00:31. | |
sending the price of the black stuff below $28 a barrel. | :00:32. | :00:43. | |
Also in the programme share markets across | :00:44. | :00:47. | |
At one point the hang seng was down nearly 4%. | :00:48. | :00:51. | |
Rico will have the latest from the region. | :00:52. | :00:53. | |
Its that time of year when business leaders, politicians, | :00:54. | :01:00. | |
hollywood stars and the worlds top NGOs gather in Davos, Switzerland | :01:01. | :01:03. | |
Top of the agenda will be the big issues: financial | :01:04. | :01:07. | |
instability, China, the price of oil, monetary policy, terror | :01:08. | :01:09. | |
But delegates also be asked to consider "The | :01:10. | :01:12. | |
Fourth Industrial Revolution" and the impact artificial intelligence | :01:13. | :01:14. | |
Tanya Beckett is in Davos for us and reports on those companies who are | :01:15. | :01:19. | |
Robots have arrived in Davos. This is from South Korea, embodying the | :01:20. | :01:48. | |
title of the forum, before the Industrial Revolution. This robot is | :01:49. | :01:53. | |
being told what to do but there are many big thinkers who see in age | :01:54. | :01:57. | |
already dawning in which machines will make their own decisions. Some | :01:58. | :02:01. | |
strange things are beginning to happen. Think about it. Cars are | :02:02. | :02:06. | |
beginning to drive themselves. You walk down the street and see | :02:07. | :02:09. | |
somebody talking to their phone, there talking to the machine, not | :02:10. | :02:14. | |
talking to another human and that is something that never happened in | :02:15. | :02:18. | |
human history before, our ability to talk to machines that way. Machines | :02:19. | :02:23. | |
are beginning to recognise objects and images, they are diagnosing | :02:24. | :02:27. | |
diseases like cancer. That is in the quiet room our bubble that is | :02:28. | :02:30. | |
transforming the world. So what will this mean for how things will get | :02:31. | :02:36. | |
done in the future? And how will companies change how they manage | :02:37. | :02:40. | |
their biggest asset, their workforce? I'm excited about the | :02:41. | :02:43. | |
future but at the same time I have never been more scared about the | :02:44. | :02:48. | |
future. Cannibalizing your existing business to be able to change fast | :02:49. | :02:53. | |
enough and being able to skilled people are having a workforce ready | :02:54. | :02:59. | |
which can take advantage of these opportunities. I think that is where | :03:00. | :03:03. | |
my challenge is. The task of the next few days in Davos is to hammer | :03:04. | :03:08. | |
out what skills workers will need to stand the test of time. Bearing in | :03:09. | :03:14. | |
mind that computers can learn some things much faster than humans. We | :03:15. | :03:21. | |
are not just talking about robots are placing people in the factory | :03:22. | :03:25. | |
line, we're talking about the incursion of artificial | :03:26. | :03:27. | |
intelligence, for the first time in a way, in all those professional | :03:28. | :03:34. | |
skills and qualifications. In the professions, so-called, whether it | :03:35. | :03:39. | |
is health, legal, accountancy and finance... So don't be fooled into | :03:40. | :03:42. | |
thinking that something needs to look like a robot in order to take | :03:43. | :03:48. | |
your job. Robots do appear to be increasingly able to handle tasks | :03:49. | :03:51. | |
which involve collecting information and then responding to it. But there | :03:52. | :03:55. | |
are some things that still requires that human touch, like how you like | :03:56. | :04:00. | |
to be served your cocktail, for example. Thank you. | :04:01. | :04:17. | |
Who better to talk to right now, than a former Chief Economist | :04:18. | :04:20. | |
at the International Monetary Fund, Ken Rogoff who is now Professor | :04:21. | :04:23. | |
Let's start with your response to that big question being posed that | :04:24. | :04:34. | |
Davos this year. In the issues regarding getting to grips with the | :04:35. | :04:39. | |
future. Your thoughts on that? It the big question for mankind. There | :04:40. | :04:44. | |
is debate among economists as to whether the inventions are less | :04:45. | :04:48. | |
useful that we're making today than they were in the and 1900s. -- in | :04:49. | :05:00. | |
the 1800s-1900s. How fast it comes might be an issue. -- is a big | :05:01. | :05:09. | |
discussion this year. -- that is a big discussion this year. As we | :05:10. | :05:12. | |
speak markets in Asia are tumbling again, Hong Kong down nearly 2%, the | :05:13. | :05:18. | |
oil price thinking. It has been an appalling start to the year for | :05:19. | :05:24. | |
financial markets and commodity markets. I understand you are quite | :05:25. | :05:29. | |
optimistic, however? I am optimistic about the United States and Europe. | :05:30. | :05:35. | |
Having oil prices fall is good for Europe and counterbalances the | :05:36. | :05:39. | |
slowdown in Asia. The US is more mixed. It is good for Japan. Will | :05:40. | :05:44. | |
prices falling puts a lot of stress on emerging markets. Commodity | :05:45. | :05:51. | |
prices falling means Russia and Brazil are in recession. The big | :05:52. | :05:55. | |
question is China. Clearly they have slowed down and some of it is | :05:56. | :05:58. | |
deliberate, some of it may be not so much. I am concerned about China | :05:59. | :06:04. | |
that the slowdown might prove much faster than they think, but | :06:05. | :06:09. | |
information is scarce. There is a lot more action in the markets then | :06:10. | :06:15. | |
the economic data reflects. Many questions about China, we had the | :06:16. | :06:19. | |
growth figures out yesterday but there are many unknowns. What are | :06:20. | :06:23. | |
their debt levels like? Is hanging over everybody in the global economy | :06:24. | :06:28. | |
and as you say, the oil prices are good for Europe, the US and Japan | :06:29. | :06:32. | |
but last year it did not boost global growth is much as we hoped. | :06:33. | :06:39. | |
It didn't. Seriously, because now emerging markets are much bigger | :06:40. | :06:47. | |
consumers of oil -- curiously. In the Middle East, consumption is | :06:48. | :06:51. | |
subsidized heavily and as prices fell, they just took it in lower | :06:52. | :06:58. | |
subsidies. As the price drops to the floor, it will pastor consumption | :06:59. | :07:01. | |
and it will have more of a positive effect. India has done very well | :07:02. | :07:11. | |
with oil prices falling. Reflate, -- briefly, what do you make of the | :07:12. | :07:15. | |
criticism that Davos in that it is a network event but nothing really | :07:16. | :07:24. | |
changes afterwards? Well, I think the networking part probably has | :07:25. | :07:28. | |
longer-term issues, political leaders meet and businesspeople do, | :07:29. | :07:34. | |
but it is not a decision-making forum in the way that the G20 is. | :07:35. | :07:41. | |
The saying about Davos is, whoever has been here one year knows it is a | :07:42. | :07:50. | |
disaster, and the next they will be a hero. We're waiting to see who | :07:51. | :07:57. | |
that will be. Thank you. More on Davos on our website. | :07:58. | :07:59. | |
Share markets across Asia are seeing dramatic falls again today. | :08:00. | :08:01. | |
The oil price is sliding too going below $28 a barrel | :08:02. | :08:04. | |
as the International Energy Agency warns the oil market could drown | :08:05. | :08:07. | |
Rico Hizon is in Singapore with more on this. | :08:08. | :08:16. | |
No respite. That's right. It has been a dreadful year for oil | :08:17. | :08:31. | |
prices. US crude has tumbled below $28 per barrel in Asia which is a 12 | :08:32. | :08:37. | |
year low. The last time it close below this level was in September of | :08:38. | :08:46. | |
2000 tree. -- 2003. Oil prices are set to fall further this year as | :08:47. | :08:51. | |
supply exceeds demand with Iran's returned to the market offsetting | :08:52. | :08:54. | |
production cuts from other countries. Over the past year, the | :08:55. | :08:59. | |
oil market has been awash with supplies because of high levels of | :09:00. | :09:06. | |
production. As a result, prices have crashed by 75% since mid-2014, hit | :09:07. | :09:13. | |
by several factors. A glut in the supplied, weak demand and a slowing | :09:14. | :09:18. | |
global economy and a strong dollar. This has caused chaos across global | :09:19. | :09:24. | |
markets. Thank you. A really strong yen doesn't help Japan at all | :09:25. | :09:33. | |
either. Let's look ahead to how things are going to pan out later | :09:34. | :09:36. | |
on. We will have a look at the newspaper stories later on but we | :09:37. | :09:41. | |
will have more on Davos on our | :09:42. | :09:43. |