:00:00. > :00:18.Saudi Arabia says it's increasing production.
:00:19. > :00:21.So, with prices already half of what they were two years ago,
:00:22. > :00:29.could this move, criple some of their main rivals?
:00:30. > :00:32.Another twist in the in the Facebook bias row.
:00:33. > :00:35.Now, the US government wants to know how the tech giant picks
:00:36. > :00:47.The Chief Executive of Aramco, Saudi Arabia's massive state-run oil
:00:48. > :00:50.giant, says that production will increase this year ahead of a govt
:00:51. > :00:55.Last month, the Saudi Royal family announced a plan to radically
:00:56. > :00:58.Called Vision 2030, the plan aims to move
:00:59. > :01:09.the country away from its dependence on oil and gas which account
:01:10. > :01:23.However, oil prices are currently down by 60% from their peak of $115
:01:24. > :01:26.a barrel in June 2014, forcing the government to dip into their
:01:27. > :01:33.One part of the plan to end this reliance
:01:34. > :01:36.on oil, is to sell part of Aramco, effictively the family silverware.
:01:37. > :01:45.The company is thought to be worth over $2.5 trillion.
:01:46. > :01:48.The kingdom wants to sell 5% of it to help pay
:01:49. > :01:50.for other projects providing economic certainty for the country.
:01:51. > :01:53.However, it's worth noting the Saudi's are not pulling away
:01:54. > :01:56.from pumping the black stuff, in fact they're going to pump even
:01:57. > :01:58.more that could spell big trouble for other oil producers like
:01:59. > :02:12.As part of the process, the normally secretive company
:02:13. > :02:15.invited a select group of journalists for a rare visit to its
:02:16. > :02:18.HQ in Dhahran, eastern Saudi Arabia, to meet senior chief executives and
:02:19. > :02:56.Our business editor, Simon Jack, went along.
:02:57. > :03:06.This is the south-eastern outpost of the energy empire. An empire that
:03:07. > :03:11.controversially wants to sell a slice to foreign investors. Why now?
:03:12. > :03:18.We have seen volatility before in 1998. They were below $10 a barrel.
:03:19. > :03:25.It is a volatile being. What makes this different? They want to put the
:03:26. > :03:31.Americans out of business. Do they want to hamstring Iran as it
:03:32. > :03:36.re-emerges in the industry? Are they worried as we go towards a low
:03:37. > :03:42.carbon future that by the time they get it out it won't be worth much so
:03:43. > :03:49.they want to get out as much as they can. These are the questions for
:03:50. > :03:56.Aramco, the most valuable company once the IPO comes along. Three
:03:57. > :03:58.times Apple! They want to diversify their economy and they have many
:03:59. > :04:06.young people who need something to do. This industry cannot sustain
:04:07. > :04:09.them. Whatever the reason, there are some pretty epic things happening in
:04:10. > :04:13.the oil industry in this epic landscape. Good on you, Simon.
:04:14. > :04:16.Hopefully he will be back soon. A US Senate committee has launched
:04:17. > :04:19.an inquiry into how social media giant Facebook picks the stories
:04:20. > :04:21.for it's trending news list. The announcement comes only hours
:04:22. > :04:24.after Facebook was forced to defended itself over claims
:04:25. > :04:26.its Trending Topics, they're the stories that appear on the left-hand
:04:27. > :04:29.side of your computer screen. suppressed stories supporting
:04:30. > :04:30.conservative political viewpoints. A report
:04:31. > :04:32.by technology news site Gizmodo said staff responsible for what was shown
:04:33. > :04:35.to Facebook's 1.6 billion users frequently chose to bury articles
:04:36. > :04:38.they did not agree with. Our tech correspondent Dave Lee has
:04:39. > :04:40.been at Facebook's HQ in Silicon Valley
:04:41. > :05:00.from where he sent us this update. The political views of
:05:01. > :05:03.Mark Zuckerberg have always been fairly public, he recently used
:05:04. > :05:05.a Facebook developers conference to announce policies that have been
:05:06. > :05:07.suggested by Donald Trump. But the site has always insisted
:05:08. > :05:10.that his views have not filtered down to Facebook itself,
:05:11. > :05:13.and that stories are shared At these allegations put that
:05:14. > :05:21.into doubt and the idea that staff were artificially adding
:05:22. > :05:23.and subtracting trending topics would put the website's reputation
:05:24. > :05:25.for impartiality at risk. The head of Facebook Search has come
:05:26. > :05:29.out and said the allegations are untrue and pointed to the fact that
:05:30. > :05:31.Facebook was sponsoring a It says users will demand
:05:32. > :05:55.more transparency. Now, you may not have heard of TUI,
:05:56. > :05:59.but you will know their main They're Europe's biggest tour
:06:00. > :06:02.operator and today will reveal While terrorist attacks and security
:06:03. > :06:06.concerns have hit traffic to places like Turkey we're still expecting
:06:07. > :06:08.some good numbers with a rise in people holidaying in Spain
:06:09. > :06:23.the Canary Islands and Mexico. Stuart Gordon,
:06:24. > :06:38.Senior Analyst at Berenberg Bank. A familiar face. Thank you for
:06:39. > :06:43.coming in. For companies in this business like TUI it is one thing
:06:44. > :06:48.after another. Last year the terrorist attacks in the Niger cost
:06:49. > :06:55.quite a bit, getting all those people back. -- Tunisia. And now
:06:56. > :07:02.Turkey, which accounts for 40% of their business. It has been hit.
:07:03. > :07:10.That is what they are telling us. That was after the last quarter. 40%
:07:11. > :07:21.down. The key for them is that Turkey has happened before people
:07:22. > :07:24.booked, where last year people were already there. It was a big issue
:07:25. > :07:30.repatriated and people back. It is about whether they can manage that
:07:31. > :07:37.capacity elsewhere in the world. And for airlines, easyJet, it is a
:07:38. > :07:43.similar story. If people are staying away from the likes of Turkey and
:07:44. > :07:50.North Africa, for TUI, is it offering safer other destinations?
:07:51. > :07:56.Hopefully they will all be safer. That is for sure. As you said, Spain
:07:57. > :08:01.will be a major destination. It is going to have a record year.
:08:02. > :08:06.Definitely. The information coming out of hotels is that revenue is up
:08:07. > :08:12.significantly year-on-year. Not only Spain. We are also reading that
:08:13. > :08:19.holidaymakers are going further than usual. Are people just saying they
:08:20. > :08:26.want to get away from Islamic State and the like and go to a safer
:08:27. > :08:30.destination? That is part of it. If we look at the cycle just now people
:08:31. > :08:34.are feeling relatively good about the world, employment is getting
:08:35. > :08:39.better, wage inflation is starting to come back, people are spending
:08:40. > :08:43.more on their holidays, the attraction of going further afield
:08:44. > :08:48.is there any way. But some of the tragic events around the world has
:08:49. > :08:52.perhaps played a part in their decision. For somebody like you, and
:08:53. > :09:01.experts, you will be looking at these numbers coming out of TUI. --
:09:02. > :09:07.an expert. You will also be looking at the bookings. The book that holds
:09:08. > :09:12.the bookings. That way you can see if people... My view is that people
:09:13. > :09:20.will still go on holiday. But whether people will make the booking
:09:21. > :09:27.already. Whether they will rely on the late booking cycle. Brussels
:09:28. > :09:35.wasn't that long ago. The major focus today will be about what they
:09:36. > :09:41.have to say about looking back -- looking patterns and whether people
:09:42. > :09:45.have started looking at them yet. Short and sweet. Thank you.
:09:46. > :09:48.Disney may be the company that claims to make dreams a reality
:09:49. > :09:51.but they haven't been able to match Wall Street expectations with
:09:52. > :09:55.Despite a string of box office hits the entertainment
:09:56. > :09:57.group saw shares fall by 6% after posting a net profit
:09:58. > :10:02.That's a big rise on the same period last year but
:10:03. > :10:25.Budweiser beer plans to rebrand its cans for the summer
:10:26. > :10:28.in a bid to capture the patriotism of US consumers.
:10:29. > :10:31.The beer will have its name changed to "America" from May to September.
:10:32. > :10:34.Budweiser is hoping to capture the patriotic spirit of Americans
:10:35. > :10:36.focused on events like the US election, summer Olympics,
:10:37. > :10:56.What on Earth is that? The Queen. Is this mine? While it isn't. Well put
:10:57. > :11:03.it into the programme. Follow me on Twitter. I will be back shortly to
:11:04. > :11:11.take a look at all those papers. See you later.
:11:12. > :11:14.The Queen has been filmed making critical comments about the Chinese
:11:15. > :11:16.during a state visit to the UK last year.
:11:17. > :11:19.While speaking to the officer in charge of policing the event,
:11:20. > :11:22.she said the delegation had been rude to the British ambassador.
:11:23. > :11:24.The recording came just hours after the Prime Minister was
:11:25. > :11:27.recorded calling Afghanistan and Nigeria "fantastically