11/05/2016 World Business Report

Saudi Arabia says it's increasing production.

So, with prices already half of what they were two years ago,

could this move, criple some of their main rivals?

Another twist in the in the Facebook bias row.

Now, the US government wants to know how the tech giant picks

The Chief Executive of Aramco, Saudi Arabia's massive state-run oil

giant, says that production will increase this year ahead of a govt

Last month, the Saudi Royal family announced a plan to radically

Called Vision 2030, the plan aims to move

the country away from its dependence on oil and gas which account

However, oil prices are currently down by 60% from their peak of $115

a barrel in June 2014, forcing the government to dip into their

One part of the plan to end this reliance

on oil, is to sell part of Aramco, effictively the family silverware.

The company is thought to be worth over $2.5 trillion.

The kingdom wants to sell 5% of it to help pay

for other projects providing economic certainty for the country.

However, it's worth noting the Saudi's are not pulling away

from pumping the black stuff, in fact they're going to pump even

more that could spell big trouble for other oil producers like

As part of the process, the normally secretive company

invited a select group of journalists for a rare visit to its

HQ in Dhahran, eastern Saudi Arabia, to meet senior chief executives and

Our business editor, Simon Jack, went along.

This is the south-eastern outpost of the energy empire. An empire that

controversially wants to sell a slice to foreign investors. Why now?

We have seen volatility before in 1998. They were below $10 a barrel.

It is a volatile being. What makes this different? They want to put the

Americans out of business. Do they want to hamstring Iran as it

re-emerges in the industry? Are they worried as we go towards a low

carbon future that by the time they get it out it won't be worth much so

they want to get out as much as they can. These are the questions for

Aramco, the most valuable company once the IPO comes along. Three

times Apple! They want to diversify their economy and they have many

young people who need something to do. This industry cannot sustain

them. Whatever the reason, there are some pretty epic things happening in

the oil industry in this epic landscape. Good on you, Simon.

Hopefully he will be back soon. A US Senate committee has launched

an inquiry into how social media giant Facebook picks the stories

for it's trending news list. The announcement comes only hours

after Facebook was forced to defended itself over claims

its Trending Topics, they're the stories that appear on the left-hand

side of your computer screen. suppressed stories supporting

conservative political viewpoints. A report

by technology news site Gizmodo said staff responsible for what was shown

to Facebook's 1.6 billion users frequently chose to bury articles

they did not agree with. Our tech correspondent Dave Lee has

been at Facebook's HQ in Silicon Valley

from where he sent us this update. The political views of

Mark Zuckerberg have always been fairly public, he recently used

a Facebook developers conference to announce policies that have been

suggested by Donald Trump. But the site has always insisted

that his views have not filtered down to Facebook itself,

and that stories are shared At these allegations put that

into doubt and the idea that staff were artificially adding

and subtracting trending topics would put the website's reputation

for impartiality at risk. The head of Facebook Search has come

out and said the allegations are untrue and pointed to the fact that

Facebook was sponsoring a It says users will demand

more transparency. Now, you may not have heard of TUI,

but you will know their main They're Europe's biggest tour

operator and today will reveal While terrorist attacks and security

concerns have hit traffic to places like Turkey we're still expecting

some good numbers with a rise in people holidaying in Spain

the Canary Islands and Mexico. Stuart Gordon,

Senior Analyst at Berenberg Bank. A familiar face. Thank you for

coming in. For companies in this business like TUI it is one thing

after another. Last year the terrorist attacks in the Niger cost

quite a bit, getting all those people back. -- Tunisia. And now

Turkey, which accounts for 40% of their business. It has been hit.

That is what they are telling us. That was after the last quarter. 40%

down. The key for them is that Turkey has happened before people

booked, where last year people were already there. It was a big issue

repatriated and people back. It is about whether they can manage that

capacity elsewhere in the world. And for airlines, easyJet, it is a

similar story. If people are staying away from the likes of Turkey and

North Africa, for TUI, is it offering safer other destinations?

Hopefully they will all be safer. That is for sure. As you said, Spain

will be a major destination. It is going to have a record year.

Definitely. The information coming out of hotels is that revenue is up

significantly year-on-year. Not only Spain. We are also reading that

holidaymakers are going further than usual. Are people just saying they

want to get away from Islamic State and the like and go to a safer

destination? That is part of it. If we look at the cycle just now people

are feeling relatively good about the world, employment is getting

better, wage inflation is starting to come back, people are spending

more on their holidays, the attraction of going further afield

is there any way. But some of the tragic events around the world has

perhaps played a part in their decision. For somebody like you, and

experts, you will be looking at these numbers coming out of TUI. --

an expert. You will also be looking at the bookings. The book that holds

the bookings. That way you can see if people... My view is that people

will still go on holiday. But whether people will make the booking

already. Whether they will rely on the late booking cycle. Brussels

wasn't that long ago. The major focus today will be about what they

have to say about looking back -- looking patterns and whether people

have started looking at them yet. Short and sweet. Thank you.

Disney may be the company that claims to make dreams a reality

but they haven't been able to match Wall Street expectations with

Despite a string of box office hits the entertainment

group saw shares fall by 6% after posting a net profit

That's a big rise on the same period last year but

Budweiser beer plans to rebrand its cans for the summer

in a bid to capture the patriotism of US consumers.

The beer will have its name changed to "America" from May to September.

Budweiser is hoping to capture the patriotic spirit of Americans

focused on events like the US election, summer Olympics,

What on Earth is that? The Queen. Is this mine? While it isn't. Well put

it into the programme. Follow me on Twitter. I will be back shortly to

take a look at all those papers. See you later.

The Queen has been filmed making critical comments about the Chinese

during a state visit to the UK last year.

While speaking to the officer in charge of policing the event,

she said the delegation had been rude to the British ambassador.

The recording came just hours after the Prime Minister was

recorded calling Afghanistan and Nigeria "fantastically