Browse content similar to 16/05/2016. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
She enjoys her horses, I wonder if Sally does! | :00:00. | :00:14. | |
Crisis in Venezuela, President Maduro threatens to seize | :00:15. | :00:16. | |
closed factories that have stopped production after he declared | :00:17. | :00:18. | |
One of the oldest names in telecommunications, Cable | :00:19. | :00:25. | |
Wireless, is being snapped up in a multi-billion dollar deal by one | :00:26. | :00:28. | |
But is this good news for its customers? | :00:29. | :00:40. | |
Also in the programme... | :00:41. | :00:58. | |
More news on China's slowing growth, we will fill you in later. | :00:59. | :01:06. | |
Venezuela's President Nicolas Maduro has threatened to seize factories | :01:07. | :01:08. | |
that have stopped producing goods, and to jail their owners. | :01:09. | :01:10. | |
The country is in the grip of a severe economic crisis. | :01:11. | :01:13. | |
In a speech to supporters in the capital Caracas, | :01:14. | :01:15. | |
he said Venezuela had to recover the means of production, | :01:16. | :01:18. | |
Well, it has the world's largest oil reserves but | :01:19. | :01:24. | |
its economy has been severely hit by the fall in global oil prices. | :01:25. | :01:28. | |
The International Monetary Fund estimates that this year | :01:29. | :01:30. | |
Venezuela's inflation will rocket to 720%, that is more than double | :01:31. | :01:35. | |
the previous year and no surprise then that the | :01:36. | :01:39. | |
There are now severe shortages of food, medicines and basic goods. | :01:40. | :01:51. | |
Our South America correspondent Daniel Gallas has more. | :01:52. | :01:58. | |
Average Venezuelans have grown used to getting by without some staple | :01:59. | :02:05. | |
food items and also some essential things such as toilet paper. But now | :02:06. | :02:09. | |
they are having to ration out water and electricity as well. The | :02:10. | :02:13. | |
government of President Nicolas Maduro says the producers are the | :02:14. | :02:17. | |
ones to blame. They are according to him trying to sabotage the economy | :02:18. | :02:21. | |
by halting production and trying to drive prices up. That's why | :02:22. | :02:24. | |
President Nicolas Maduro is threatening to seize many of these | :02:25. | :02:28. | |
companies and get them back to producing but the producers on the | :02:29. | :02:35. | |
other hand say the government is the one to blame with currency controls | :02:36. | :02:38. | |
and its price freeze. One example is a beer company, Poehler, which has | :02:39. | :02:43. | |
halted its production of beer. The government says it is trying to | :02:44. | :02:48. | |
sabotage its economy but Poehler says it can't import some necessary | :02:49. | :02:54. | |
ingredients. Venezuela is one of the wealthiest countries in the world | :02:55. | :02:57. | |
because of its oil resources but due to the fall in global oil prices, | :02:58. | :03:02. | |
now this economy is on the verge of a catastrophe. Daniel Gallas, BBC | :03:03. | :03:04. | |
News, Sao Paulo. You can follow Daniel on Twitter and | :03:05. | :03:12. | |
also online. Lots more on that story on the BBC website. | :03:13. | :03:13. | |
Cable Wireless, one of the oldest names | :03:14. | :03:15. | |
in telecomunications, with roots going back to 1852, is being bought | :03:16. | :03:18. | |
Liberty Global have snapped up what ammounts to the remaining part | :03:19. | :03:22. | |
of C, a business with a strong presence across | :03:23. | :03:25. | |
Its an acquisition vital to Liberty Global's media ambitions. | :03:26. | :03:33. | |
But who are they, and what do they hope to achieve? | :03:34. | :03:39. | |
Liberty Global is already the world's largest international | :03:40. | :03:41. | |
cable company, with 27 million customers in 14 countries. | :03:42. | :03:43. | |
It's controlled by billionaire Chairman John Malone. | :03:44. | :03:46. | |
Nicknamed the Cable Cowboy after a string of | :03:47. | :03:48. | |
complex deals in the telecoms and media sectors in the US. | :03:49. | :03:52. | |
Liberty Global is one of the world's largest broadband | :03:53. | :03:54. | |
It has many subiduary companies around the world, including Virgin | :03:55. | :04:05. | |
Media in the UK, and Ziggo, the largest cable operator | :04:06. | :04:08. | |
in the Netherlands and Unitymedia in Germany. | :04:09. | :04:12. | |
The firm is also looking at a potential bid for the mobile network | :04:13. | :04:15. | |
O2 after its takeover by rival operator Three was blocked by the | :04:16. | :04:18. | |
With me is Andrea Salvato, head of mergers and acquisitions | :04:19. | :04:21. | |
Good morning. Good morning, Sally. A big day for you as a company, | :04:22. | :04:33. | |
finally getting hold of the assets of Cable Wireless in Latin America | :04:34. | :04:36. | |
and the Caribbean, explain why you wanted to move in? Multiple | :04:37. | :04:44. | |
reasons. Primarily it's a very high-growth business which is very | :04:45. | :04:48. | |
well positioned to meet pent-up demand for its services across the | :04:49. | :04:53. | |
region. Secondly it adds tremendous scale to our existing businesses in | :04:54. | :04:57. | |
the region, we have to our existing businesses in the region, we have | :04:58. | :05:01. | |
two in Puerto because in today's environment it's necessary to do | :05:02. | :05:05. | |
that to innovate and invest for customers. You are getting bigger | :05:06. | :05:11. | |
and sprawling across the globe in a more prevalent way, many customers | :05:12. | :05:15. | |
watching might think is that better for me all worse for me? In terms of | :05:16. | :05:20. | |
the competition, is their strong competition? Very strong competition | :05:21. | :05:24. | |
and for our customers hopefully it is exciting news, when we have made | :05:25. | :05:30. | |
these acquisitions we have tended to accelerate innovation and | :05:31. | :05:33. | |
investment. Virgin Media is a good example in the UK, shortly after we | :05:34. | :05:38. | |
bought it we announced a ?3 billion investment programme to expand the | :05:39. | :05:41. | |
network to 4 million homes. Hopefully we can do the same. Strong | :05:42. | :05:47. | |
competition is important because it allows you to get through into a | :05:48. | :05:52. | |
market where there is a lot of regulation and competition issues. I | :05:53. | :06:00. | |
think if you step back and look at it, the primary Route one reason for | :06:01. | :06:05. | |
doing this is the region has a lot of pent-up demand for our products. | :06:06. | :06:08. | |
When you look at the number of people who have pay television, it's | :06:09. | :06:14. | |
much lower than the equivalent in Europe so over time you would hope | :06:15. | :06:22. | |
that an broadband would converge. 02 and Three cannot team up because of | :06:23. | :06:27. | |
their merger being blocked, now owe to a possible acquisition from your | :06:28. | :06:30. | |
point of view? I wish I could comment but I can't. We are very | :06:31. | :06:36. | |
happy with our mobile strategy in the UK. That's all you're going to | :06:37. | :06:42. | |
say on that. Unfortunately. Fair enough. Is Europe one of the most | :06:43. | :06:47. | |
difficult markets in the world to penetrate in terms of the | :06:48. | :06:51. | |
competition and tight regulation? I don't know, I can't compare it to | :06:52. | :06:55. | |
every country around the world but Europe is very competitive. It's | :06:56. | :06:59. | |
important to understand that competition doesn't just come from | :07:00. | :07:02. | |
the traditional providers, it also comes from the likes of Netflix, | :07:03. | :07:07. | |
Google and Apple. We will be watching closely. Thank you for | :07:08. | :07:10. | |
coming in from Liberty Global. A company on the move. | :07:11. | :07:15. | |
A few more signs of slowing growth in China. Figures from the weekend | :07:16. | :07:23. | |
showed industrial output dropping 6% in April compared to one year ago, | :07:24. | :07:28. | |
down from March. Sharanjit Leyl has the latest in Singapore. What is | :07:29. | :07:34. | |
going on? As you say, you mentioned industrial output, a whole load of | :07:35. | :07:39. | |
other figures out, retail sales, fixed asset index, they all grew | :07:40. | :07:44. | |
much more slowly than expected in April, which is another strong | :07:45. | :07:48. | |
indicator China's economy remains weak. Some of the stats, retail | :07:49. | :07:53. | |
sales and fixed asset income, all of that up over 10%, they sound | :07:54. | :07:57. | |
impressive but they have missed forecast and policy measures don't | :07:58. | :08:01. | |
appear to be working to help give those numbers a boost. The | :08:02. | :08:04. | |
government has cut interest rates six times since late 2014, they have | :08:05. | :08:09. | |
lowered reserve requirements, which is the proportion of funds banks | :08:10. | :08:14. | |
must try to put aside to boost the economy. We also saw the fall in | :08:15. | :08:18. | |
industrial production, that is due to mining and steel production | :08:19. | :08:22. | |
either stalling or going backwards in April. It all suggests, Sally, | :08:23. | :08:26. | |
the massive financial stimulus package China unleashed earlier this | :08:27. | :08:31. | |
year appears to be losing its being. We will keep an eye on that. | :08:32. | :08:36. | |
Thank you, Sharanjit -- lose its thing. | :08:37. | :08:38. | |
Norway's sovereign wealth fund, the largest in the world, plans | :08:39. | :08:41. | |
legal action against Volkswagen over its emissions scandal. | :08:42. | :08:43. | |
Norges Bank Investment Management is one of the VW's biggest investors. | :08:44. | :08:46. | |
The fund says the legal action will take place in Germany. | :08:47. | :08:49. | |
Nigerian unions have called for an indefinite general strike to | :08:50. | :08:52. | |
begin on Wednesday unless the government reverses | :08:53. | :08:53. | |
The slump in crude prices has hurt Africa's biggest oil producer | :08:54. | :08:59. | |
causing a severe shortage of foreign currency which is needed | :09:00. | :09:02. | |
There are reports the investor Warren Buffett is backing | :09:03. | :09:08. | |
a consortium which is bidding for Yahoo's core internet assets. | :09:09. | :09:13. | |
The head of Berkshire Hathaway is among a group that includes | :09:14. | :09:16. | |
Dan Gilbert, the billionaire founder of Quicken Loans. | :09:17. | :09:20. | |
Last month the search company, which has been hit | :09:21. | :09:23. | |
by falling advertising, shortlisted about ten potential buyers. | :09:24. | :09:32. | |
A brief look at the markets in Asia so you can see how the trading week | :09:33. | :09:35. | |
has begun. The news out of China not phasing | :09:36. | :09:44. | |
investors at all in Asia. Japan up strongly, as is Hong Kong. The price | :09:45. | :09:49. | |
of oil, nearly $49 a barrel, that has really boosted the energy stocks | :09:50. | :09:50. | |
today. That's everything from me for the | :09:51. | :09:57. | |
time being. I will see you in a few minutes for the papers. | :09:58. | :10:04. | |
More than half of those seeking a diagnosis for dementia have delayed | :10:05. | :10:06. | |
going to their GP by at least a year according to a survey carried | :10:07. | :10:10. | |
The charity says nearly two thirds of people fear a diagnosis | :10:11. | :10:15. |