:00:00. > :00:15.Now for the latest financial news with World Business Report.
:00:16. > :00:18.Oil giant BP will tell us how much its profits have been battered
:00:19. > :00:21.Google's Alphabet trumps Apple, becoming
:00:22. > :00:43.In a minute we'll take a look at the economic impact
:00:44. > :00:51.of the Presidential Campaign as Iowa caucuses kick of in the US.
:00:52. > :00:54.In the next two hours the oil giant BP will unveil just
:00:55. > :00:57.how its bottom line has been hurt by the collapse in oil prices.
:00:58. > :01:01.Taking a look at the firm's share price, you can see it has had
:01:02. > :01:06.While dealing with the plummeting oil prices and company has also been
:01:07. > :01:08.hit with billions of dollars if fines relating to the
:01:09. > :01:12.Last month the company said it would cut 4,000 jobs globally
:01:13. > :01:14.while slashing billions of dollars from spending on new projects.
:01:15. > :01:17.Veteran financial journalist, Mickey Clarke takes a look back to see how
:01:18. > :01:39.the recent price plunge compares to the falls he saw 30 years ago.
:01:40. > :01:47.Sea oil has plummeted to a record low. Prices could fall to just $5 a
:01:48. > :01:54.barrel. The once thriving North Sea oil sector was hit hard. Dormant oil
:01:55. > :02:03.rigs across the coast of Scotland are a visible sign of the slump in
:02:04. > :02:06.production. Remember him? The estimation was we need something
:02:07. > :02:18.like 80 new developments. Unfortunately the vast majority are
:02:19. > :02:21.falling by the wayside. This depression has hit the southern
:02:22. > :02:25.states faster than ever before. As the prices dropped even the Texan
:02:26. > :02:30.oil barons suffered. This is the most frightening time I have seen in
:02:31. > :02:34.all my years in the business. Unless the pressure goes away as suddenly
:02:35. > :02:40.as it appeared, it is going to be a bad spring. That is what is
:02:41. > :02:44.frightening investors and producers today. China is no longer consuming
:02:45. > :02:48.oil at the pace it was happy the boom in shale means the US is less
:02:49. > :02:52.reliant on imports. Saudi Arabia refuses to cut back on production.
:02:53. > :02:57.So the unanswered question is whether there will be a recovery.
:02:58. > :03:03.Will it be quick or will it take 20 years like it did last time? In
:03:04. > :03:08.terms of her price recovery 20 thing like $100 a barrel, if ever that
:03:09. > :03:11.occurs, it will be a long way into the future because one of the key
:03:12. > :03:15.parallels with the situation we have at the moment is that technology in
:03:16. > :03:20.the form of US shale has once again proved able to commercialize a lot
:03:21. > :03:32.of hydrocarbon and that genie is not going back in the bottle. And when
:03:33. > :03:34.we hear from BP we will make sure we update you with the numbers.
:03:35. > :03:36.Over to Asia now, and South Korea where we're
:03:37. > :03:49.expecting economic news in the next day or two, Rico tell us more.
:03:50. > :04:00.How has the South Korean economy been faring? Over the past year it
:04:01. > :04:04.has been quite sluggish, and it could get the boost that it needs as
:04:05. > :04:09.early as Wednesday because the South Korean government is set to unleash
:04:10. > :04:12.a series of stimulus initiatives to jumpstart the country's economy
:04:13. > :04:17.because over the past two days we have had a collapse in its export
:04:18. > :04:22.numbers and then today, cooling inflation which is threatening the
:04:23. > :04:25.fragile recovery. The slowdown in China continues to be a major
:04:26. > :04:31.headache for South Korea, being a key trading partner. Of going
:04:32. > :04:35.shipments to the mainland tumbled more than 20% in January, exports to
:04:36. > :04:39.the US also fell and the Finance Minister also stressed that external
:04:40. > :04:44.uncertainties have indeed increased since the start of the year because
:04:45. > :04:47.of volatile Chinese stocks, falling oil prices and negative interest
:04:48. > :04:52.rates that were adopted by the Bank of Japan last week. The minister
:04:53. > :04:57.didn't specify exactly what measures would be implement it to support the
:04:58. > :05:00.economy but analysts are speculating that the stimulus will probably be
:05:01. > :05:08.aimed at job growth and not involve additional public spending. The
:05:09. > :05:13.ministers also concerned about the inflation rate which cooled to its
:05:14. > :05:21.lowest level since January last year. The Bank of Korea has a new
:05:22. > :05:22.AGM on the 16th of February and they will be looking to cut interest
:05:23. > :05:25.rates. Thank you. Alphabet,
:05:26. > :05:27.the company which owns the search engine Google, has seen its share
:05:28. > :05:30.price surge in after hours trading It has now overtake Apple to become
:05:31. > :05:34.the most valuable company in the The group's revenue jumped from $18
:05:35. > :05:38.billion to over $21 billion. Google's Chrome, YouTube,
:05:39. > :05:40.Android business is keeping Wall street happy
:05:41. > :06:13.as more people are clicking on ads. Alphabet is about $568 billion, so
:06:14. > :06:17.surpassing Apple. The total revenue was up about 17% which is in line
:06:18. > :06:21.with what analysts had expected. That is off the back of its core
:06:22. > :06:26.Google business and the strength with mobile ads and YouTube adds.
:06:27. > :06:32.That was to be expected. What we're looking for in this report is how
:06:33. > :06:36.the other part of Alphabet, there other ventures that are a bit more
:06:37. > :06:37.ambitious, how they were affecting the overall company's revenue in
:06:38. > :06:44.Outlook. -- and Outlook. The race for the White House starts
:06:45. > :06:47.here, it's the beginning of election season in the US and
:06:48. > :06:50.on Monday night the people of Iowa gathered at caucus sites to be the
:06:51. > :06:54.first people in the United States to So what are the results likely
:06:55. > :06:58.to be and what are the economic Jacob Parakilas is Assistant Head,
:06:59. > :07:14.of US and the Americas Programme It has been quite a night. Very
:07:15. > :07:29.surprising. American politics is always interesting. Phyllis in on
:07:30. > :07:33.your reaction -- fill us in. Donald Trump came in second and not a
:07:34. > :07:37.particularly strong second, he was only a few points ahead of Marco
:07:38. > :07:41.Rubio who exceeded expectations. Ted Cruz, the senator from Texas, was
:07:42. > :07:47.the winner on the Republican side. On the Democratic side, Bernie
:07:48. > :07:51.Sanders and Hillary Clinton were nearly tied with Hillary Clinton a
:07:52. > :07:54.fraction of a percentage point ahead but essentially that means they will
:07:55. > :07:59.go into New Hampshire with the same amount of delegates. What do we know
:08:00. > :08:02.about what the different candidates are saying regarding the economy? On
:08:03. > :08:07.the Republican side, the major difference between Donald Trump and
:08:08. > :08:12.the rest of the field, the rest of them are quite uniform in terms of
:08:13. > :08:18.their economic policies, they are all in Cairo cutting taxes and
:08:19. > :08:25.government reform and replacing ObamaCare -- in favour. Donald Trump
:08:26. > :08:35.has said he would put a tariff on Chinese imports which is a major
:08:36. > :08:42.difference. Talking about the TPP on the Democratic side, do they want to
:08:43. > :08:47.unravel that? Bernie Sanders is authentically opposed to it. He is
:08:48. > :08:51.opposed to free trade deals generally on the grounds that, in
:08:52. > :08:57.his view, they hurt American workers. Hillary Clinton has also
:08:58. > :09:00.come out against it but she has previously spoken in favour of it.
:09:01. > :09:05.Her change of heart happened relatively late in the process. It
:09:06. > :09:08.seems as though that is probably a matter of political positioning and
:09:09. > :09:13.she is counting on a being passed by the time she gets into office. To
:09:14. > :09:18.what extent is the economy and issue for voters this time? It is pretty
:09:19. > :09:22.significant although there is a split between the Republicans and
:09:23. > :09:29.Democrats. Republican rhetoric is much more about national security.
:09:30. > :09:30.Thank you. It is all very interesting. We will keep you across
:09:31. > :09:32.every twist and turn. In other news: It's reported Yahoo's
:09:33. > :09:36.boss Marissa Mayer is set to reveal cost-cutting plans that include
:09:37. > :09:38.slashing 15% of its workforce, that's roughly 1,600 jobs,
:09:39. > :09:40.and closing some business units. Plans could be announced
:09:41. > :09:42.after Yahoo's fourth-quarter results Executives have been under pressure
:09:43. > :09:44.from investors, as Yahoo struggles to win bigger
:09:45. > :09:58.share of US web searches. That is all from the, Whittlesea is
:09:59. > :10:06.in. -- we will see you soon. It's emerged that the head of the
:10:07. > :10:09.National Crime Agency was appointed amid concerns about her performance
:10:10. > :10:12.as Chief Constable of Surrey Police. BBC News has learned that Surrey's
:10:13. > :10:16.Police and Crime Commissioner was