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But with just over a third of the votes counted, | :00:00. | :00:00. | |
Scientists in the United States are trying to grow human organs | :00:00. | :00:00. | |
inside pigs, by injecting human stem cells into pig embryos. | :00:07. | :00:09. | |
The research is aimed at overcoming the worldwide shortage | :00:10. | :00:11. | |
Those are the latest headlines from BBC World News. | :00:12. | :00:14. | |
Now for the latest financial news with the World Business Report. | :00:15. | :00:19. | |
Strapped for cash, one of the world's biggest oil | :00:20. | :00:21. | |
producers, Saudi Arabia, woos banks ahead of its plan to issue | :00:22. | :00:24. | |
And trade talks in Beijing between China and the US kick off, but will | :00:25. | :00:29. | |
they be overshadowed by mounting tensions over the South China Sea? | :00:30. | :00:40. | |
Welcome to World Business Report, I'm Sally Bundock. | :00:41. | :00:43. | |
Also in the programme, we get the inside track | :00:44. | :00:45. | |
But first, Saudi officials are meeting with global banks in Riyadh | :00:46. | :00:53. | |
later today as the oil producer moves forward with plans to issue | :00:54. | :00:56. | |
The country has been badly hit by low oil prices, which generate | :00:57. | :01:00. | |
more than two-thirds of its revenues. | :01:01. | :01:11. | |
So to plug the gap the country could sell up to $15 | :01:12. | :01:14. | |
billion worth of US-denominated debt in the next few months. | :01:15. | :01:17. | |
It follows a $10 billion government loan agreed | :01:18. | :01:18. | |
Taking a look at this graph, from the beginning of the year the price | :01:19. | :01:23. | |
of Brent Crude has dramatically improved, it's now trading | :01:24. | :01:25. | |
at close to $50 dollars a barrel, an increase of almost 70 percent | :01:26. | :01:29. | |
But now let's look back to 2014, and this puts it all in perspective. | :01:30. | :01:48. | |
Even though oil prices are now at seven-month highs, | :01:49. | :01:50. | |
they're still a fraction of the prices seen in the middle of 2014. | :01:51. | :01:53. | |
Saudi Arabia needs to have the price at about $100 | :01:54. | :01:56. | |
I am joined by the managing editor of the Oxford Business Group, Oliver | :01:57. | :02:12. | |
Cornock. Please tell us about this international bond sale, there's | :02:13. | :02:16. | |
bound to be an appetite? There is. We saw a precipitous drop off, there | :02:17. | :02:20. | |
was only a matter of time before the King of Saudi Arabia try to tap into | :02:21. | :02:28. | |
international markets. It is not a surprising or particularly desperate | :02:29. | :02:35. | |
move. International economies are always issuing debt, it is a strange | :02:36. | :02:39. | |
for Saudi Arabia to be tapping international markets for the first | :02:40. | :02:45. | |
time, but purely predictable. In terms of the timing and leadership, | :02:46. | :02:49. | |
it has all changed quite significantly? A new economic plan | :02:50. | :02:55. | |
has been introduced? Absolutely, it was announced about one month ago. | :02:56. | :03:01. | |
Big targets for the future, reducing their reliance on oil and getting | :03:02. | :03:07. | |
ladies into work, raising percentages. Part of that will be | :03:08. | :03:13. | |
finding alternative revenue streams and managing wealth and revenue, | :03:14. | :03:17. | |
because it is a wealthy country but it has been drawing down on a huge | :03:18. | :03:22. | |
foreign reserves. With the lower oil price, that is an issue. The bond | :03:23. | :03:28. | |
issue builds on fundamentals such as the young population and low income | :03:29. | :03:34. | |
streams, it will not be a hard sell. It also talks about adding | :03:35. | :03:41. | |
taxes, value added tax. We think it's normal, but it isn't in Saudi | :03:42. | :03:50. | |
Arabia? The low oil price is providing all of these economies | :03:51. | :03:54. | |
with a silver lining, an opportunity to enter into these more mature | :03:55. | :04:02. | |
tools of economic interaction. In the past, these have been very | :04:03. | :04:07. | |
expensive subsidies and welfare programmes which haven't been able | :04:08. | :04:14. | |
to reform in the post- Arab Spring. This gives them the opportunity to | :04:15. | :04:19. | |
change, and of course tax will be part of that. Thank you also, you | :04:20. | :04:25. | |
will be back in about five minutes to talk through some of the day's | :04:26. | :04:28. | |
stories in the papers. Now let's talk about trade talks | :04:29. | :04:32. | |
underway between the US and China. US Secretary of State John Kerry is | :04:33. | :04:35. | |
in Beijing along with the It's an official economic dialogue | :04:36. | :04:38. | |
between Tensions are high over currency | :04:39. | :04:40. | |
and trade practices, not to mention of course the dispute | :04:41. | :04:44. | |
over the South China Sea. Over to our Asia business hub. It | :04:45. | :04:58. | |
will be interesting to see how these two big powerhouses get on? It is | :04:59. | :05:04. | |
interesting. What is even more significant is that this is really | :05:05. | :05:09. | |
the last time that this takes place under the Obama Administration. | :05:10. | :05:13. | |
Things might change dramatically next year. But it is one of the most | :05:14. | :05:20. | |
senior bilateral talks between the two largest economies. We also had | :05:21. | :05:23. | |
Xi Jinping saying that it is important to include a bilateral | :05:24. | :05:30. | |
investment treaties. Stressing the trade relations between the | :05:31. | :05:36. | |
countries. John Kerry and the Treasury Secretary are both there. | :05:37. | :05:41. | |
They have been saying they support China's market reforms and capacity | :05:42. | :05:47. | |
cuts and there decision to cut industrial excess capacity. They | :05:48. | :05:51. | |
have said that that capacity has been distorting global markets and | :05:52. | :05:57. | |
the countries need to promote sustainable and balanced growth. | :05:58. | :06:00. | |
What is really threatening to overshadow the talks is the ongoing | :06:01. | :06:05. | |
tensions with regards to China's claims to the China Sea. I heard | :06:06. | :06:12. | |
from a senior rear Admiral at a meeting this weekend about how the | :06:13. | :06:18. | |
Chinese will essentially refuse to abide by a ruling that was taken at | :06:19. | :06:25. | |
the Hague by the Philippines. China maintaining their hold on the south | :06:26. | :06:31. | |
China Sea which is likely to lead to tensions between themselves and the | :06:32. | :06:32. | |
US. Flying is one of the safest forms | :06:33. | :06:33. | |
of transport, statistically, But recent accidents have focused | :06:34. | :06:36. | |
our attention on the need to combat new threats | :06:37. | :06:38. | |
in order to protect passengers. Among those threats | :06:39. | :06:41. | |
is cyber security. Our correspondent Theo Leggett | :06:42. | :06:43. | |
caught up with a leading security expert, | :06:44. | :06:44. | |
Matthew Finn, and asked how serious The worst that could happen is that | :06:45. | :07:02. | |
someone could get control of the aircraft or potentially of the | :07:03. | :07:06. | |
landing lights, the traffic management system. I we have been | :07:07. | :07:10. | |
focusing attention for the last 40 or 50 years has been about worrying | :07:11. | :07:17. | |
about weapons getting on board the aircraft, now the thinking is moving | :07:18. | :07:20. | |
into a space where we think about what could happen from a | :07:21. | :07:24. | |
technological standpoint. None of this has actually happened yet, so | :07:25. | :07:33. | |
how seriously our defence experts taking that? There have been some | :07:34. | :07:42. | |
eventuated and possibilities of this happening, such as that in Kiev | :07:43. | :07:47. | |
outboard. Even if it doesn't happen as yet, it is important to take a | :07:48. | :07:52. | |
look at how cyber security could present a risk to the aviation | :07:53. | :08:00. | |
industry. You have been speaking to executives here, do you think they | :08:01. | :08:05. | |
are amenable to the kind of taste and you are calling for. I do, the | :08:06. | :08:09. | |
industry is always looking at how they can improve, whether it is | :08:10. | :08:18. | |
safety security or passenger satisfaction. The reality is that we | :08:19. | :08:23. | |
have to keep moving security forward and getting better. The airline | :08:24. | :08:27. | |
industry has got much greater awareness about cyber security. Two | :08:28. | :08:31. | |
or three years ago, this was not high on the agenda but it is now. | :08:32. | :08:39. | |
What hasn't changed is an increase in capability to do something about | :08:40. | :08:43. | |
it, and I think that is where the industry needs to focus. How can we | :08:44. | :08:48. | |
learn lessons from other industries to improve the airline industry's | :08:49. | :08:52. | |
response capability relative to cyber security? | :08:53. | :08:57. | |
In other news: He might run the world's biggest social networking | :08:58. | :09:06. | |
site, but not even Mark Zuckerberg is immune to being hacked. | :09:07. | :09:09. | |
The Facebook founder's accounts on sites including Instagram, | :09:10. | :09:11. | |
Twitter, LinkedIn and Pinterest appear to have been briefly | :09:12. | :09:13. | |
A hacker group called Ourmine, which has more than 40,000 Twitter | :09:14. | :09:16. | |
Swiss voters have rejected a proposal to introduce | :09:17. | :09:19. | |
Final results showed that nearly 77 percent oppose the plan, | :09:20. | :09:27. | |
The proposal had called for adults to be paid | :09:28. | :09:32. | |
a monthly income, regardless of whether they are working or not. | :09:33. | :09:43. | |
The suggested monthly income would have be at | :09:44. | :09:45. | |
Let us have a brief look at the markets. | :09:46. | :10:06. | |
Recent polls have said that there may be a push to leave the EU which | :10:07. | :10:16. | |
appears to be spooking markets at the moment. I'll see you again | :10:17. | :10:19. | |
soon. He transcended his sport, and his | :10:20. | :10:31. | |
race, although | :10:32. | :10:34. |