Browse content similar to 05/09/2016. Check below for episodes and series from the same categories and more!
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Now for the latest financial news with Aaron and World Business | :00:00. | :00:00. | |
As leaders of the world's most powerful nations try to breathe | :00:00. | :00:18. | |
fresh life into the global economy at the G20 summit, | :00:19. | :00:21. | |
it is more or less hijacked by one issue - | :00:22. | :00:24. | |
Forget "roll out the barrel", it is more like "knock | :00:25. | :00:30. | |
It is the art of making wooden barrels for beer and spirits. | :00:31. | :00:38. | |
It lives on in the few remaining cooperages in the US, | :00:39. | :00:41. | |
Thank you for joining us. If you are watching in Britain if I am too | :00:42. | :01:08. | |
loud, turn the volume down. This is a snapshot of all that is happening | :01:09. | :01:14. | |
in the world of his nurse and money. -- business and money. | :01:15. | :01:15. | |
The Chinese city of Hangzhou is playing host to the G20 summit, | :01:16. | :01:19. | |
Since the global financial crisis of 2008, China has moved up | :01:20. | :01:24. | |
In terms of size, it is the second-largest economy | :01:25. | :01:27. | |
For President Xi Jinping, the summit is a chance for China | :01:28. | :01:31. | |
to claim its place at the top of global economic leadership. | :01:32. | :01:34. | |
But there will also be something new to talk about at this summit. | :01:35. | :01:38. | |
It is the first big international outing | :01:39. | :01:41. | |
for this lady here, the new British Prime Minister, | :01:42. | :01:43. | |
Many at the summit are concerned about the effects of the Brexit vote | :01:44. | :01:48. | |
Japan has issued a pointed statement outlining its concerns over Brexit, | :01:49. | :01:57. | |
and today, China and the UK will discuss China's investment | :01:58. | :02:00. | |
Robin Brant joins me now from the summit in Hangzhou. | :02:01. | :02:09. | |
Great to see you. Let's start with this. I am just curious, how much | :02:10. | :02:17. | |
talk there is about Brexit, how big is it, if you will? Well, I think it | :02:18. | :02:23. | |
dominated the discussions between Theresa May, on her international | :02:24. | :02:27. | |
debut as you said, Barack Obama yesterday, and he made no bones | :02:28. | :02:31. | |
about it. Even though there is a special relationship between these | :02:32. | :02:35. | |
two countries, he said that the US was concerned about any adverse | :02:36. | :02:38. | |
effect on trade between the two nations as the UK tries to extricate | :02:39. | :02:42. | |
itself from the European Union. And he reminded Theresa May that the US | :02:43. | :02:46. | |
thinks it is more important to try and reach a free-trade agreement | :02:47. | :02:49. | |
with the European Union and its Asia-Pacific partners first. So the | :02:50. | :02:53. | |
reality is that Britain is at the back of the queue when it comes to | :02:54. | :02:57. | |
some kind of deal with the United States. There is broad anxiety as | :02:58. | :03:00. | |
well about the UK's decision to leave the European Union. Firstly | :03:01. | :03:04. | |
because what will that mean for countries here and their trade with | :03:05. | :03:07. | |
the UK. But institutionally what does it mean for the European Union | :03:08. | :03:11. | |
as a club at a time when the global economy is showing no signs of | :03:12. | :03:16. | |
improving at all. You've got to love it, all these leaders wanting to put | :03:17. | :03:24. | |
their two sense -- 2 cents in. I want to ask you, Theresa May will | :03:25. | :03:28. | |
sit down with the Chinese officials, and I am not sure if it is also with | :03:29. | :03:40. | |
Xi Jinping, to talk about Hinkley Point. I wonder if China will be | :03:41. | :03:44. | |
able to reassure her over the security concerns, which is the | :03:45. | :03:48. | |
reason why we think Britain delayed this deal. Yes, I am not sure there | :03:49. | :03:54. | |
is much more that President Xi Jinping can do to reassure her | :03:55. | :03:57. | |
although there are concerns I think amongst some officials around the | :03:58. | :04:00. | |
Prime Minister about national security and worries about a malign | :04:01. | :04:04. | |
influence that China may have years down the line if it was indeed to be | :04:05. | :04:08. | |
in control of this very important infrastructure. Things like nuclear | :04:09. | :04:13. | |
power stations. Make no mistake, this is a very important meeting for | :04:14. | :04:18. | |
her. For the Chinese, they are financially invested in Hinkley | :04:19. | :04:21. | |
Point but crucially they have been The Project lead for the further | :04:22. | :04:24. | |
nuclear power stations to follow. They want to show the world they can | :04:25. | :04:28. | |
do big, hi-tech infrastructure stuff like this. And the fact that the | :04:29. | :04:32. | |
Prime Minister has put the agreement on hold and is having a fresh look | :04:33. | :04:36. | |
at it is a source of concern for them. There will be no decision all | :04:37. | :04:40. | |
of a sudden at the G20 summit from her. They will have to wait for that | :04:41. | :04:44. | |
but she has to reassure them that she is being fair in her assessment. | :04:45. | :04:48. | |
Senior figures are telling me they believe this is a dangerous time for | :04:49. | :04:52. | |
UK- China relations and even the idea that some seem to be looting | :04:53. | :04:56. | |
around the Prime Minister that you can operate two halves of the | :04:57. | :04:59. | |
nuclear deal, yes, the Chinese can put their money in but the Prime | :05:00. | :05:02. | |
Minister might prevent them being involved in building the other | :05:03. | :05:05. | |
stations. Those kind of people suggesting that kind of thing being | :05:06. | :05:09. | |
described as idiotic. We will talk to you very soon. We will speak to | :05:10. | :05:16. | |
rob and a lot in the next couple of days. | :05:17. | :05:17. | |
Shares of the troubled South Korean shipping giant Hanjin slumped | :05:18. | :05:19. | |
by the daily limit of 30% when trading resumed this morning, | :05:20. | :05:22. | |
They carry all our stuff around the world. Basically, the company has | :05:23. | :05:37. | |
been going down the gurgler. Rico Hizon is in our | :05:38. | :05:39. | |
Asia Business Hub in Singapore. I am wondering if Hanjin is a bit of | :05:40. | :05:50. | |
a story, a bit of an example, of what is going on with the global | :05:51. | :05:54. | |
economy? Because the shipping, it carries all our stuff, it is cargo | :05:55. | :05:58. | |
shipping which is a leading indicator of the global economy, and | :05:59. | :06:02. | |
we no prices have fallen through the floor, haven't they? That's right. | :06:03. | :06:09. | |
The global economy is slowing down. Exports are slowing down. Trade is | :06:10. | :06:13. | |
slowing down. The Hanjin shipping empire is crumbling, and as you | :06:14. | :06:18. | |
mentioned, its share price as well. You know, the South Korean shipping | :06:19. | :06:23. | |
company is struggling to contain the fallout of its collapse, as it has | :06:24. | :06:28. | |
filed even for bankruptcy protection in the United States to protect its | :06:29. | :06:33. | |
vessels from being seized by creditors. And this is days after | :06:34. | :06:36. | |
the company sought protection in South Korea mid last week. And | :06:37. | :06:42. | |
shares plummeting today, by the daily limit. Trading resumed after | :06:43. | :06:47. | |
being suspended since 30 August, and Hanjin filed for receivership in | :06:48. | :06:52. | |
Seoul on Wednesday, after banks withdrew their support. The courts | :06:53. | :06:56. | |
have secretly decided to begin rehabilitations proceeding in South | :06:57. | :07:01. | |
Korea. Shares plummeting to 871, their lowest level since December | :07:02. | :07:06. | |
2009, and Hanjin is currently the largest shipping company in Korea, | :07:07. | :07:12. | |
Aaron, operating approximately 60 sites worldwide, 140 will vessels. | :07:13. | :07:19. | |
It is ranked ninth largest, transporting over 100 million tons | :07:20. | :07:23. | |
of cargo a year. Just by its sheer volume, the collapse of Hanjin goes | :07:24. | :07:28. | |
to show that indeed we are in a slowing global economy. We are, good | :07:29. | :07:30. | |
on you. We will talk to you soon. Manufacturing jobs in the US | :07:31. | :07:33. | |
may be on the decline, but there is one industry | :07:34. | :07:36. | |
that is experiencing Makers of barrels, that is, because | :07:37. | :07:38. | |
I didn't know that this morning. Demand for wood barrels to age wine | :07:39. | :07:50. | |
and spirits is on the rise, and with only a few dozen | :07:51. | :07:54. | |
barrel-makers in the United States, it is a good time to be | :07:55. | :07:57. | |
in the barrel -building business. At a time when machines are | :07:58. | :08:04. | |
replacing people, this is a craft that still depends on the human | :08:05. | :08:09. | |
touch. As a child, George watched his grandfather make wood barrels | :08:10. | :08:13. | |
back in Romania. He didn't just learn a skill, he inherited a | :08:14. | :08:20. | |
passion. I started with my grandfather when I was a very young | :08:21. | :08:24. | |
child. Maybe I watch him by six years old, I started to imitate him | :08:25. | :08:30. | |
by ten years old. And after that I was in and out doing barrels, | :08:31. | :08:35. | |
sometimes as a hobby and later on I decided to do it professionally, for | :08:36. | :08:40. | |
business. Demand for these kind of wood barrels is increasing. And that | :08:41. | :08:44. | |
is because domestic whiskey production, that is whiskey made | :08:45. | :08:49. | |
right here in the US, is up some 40%. And a big part of that has to | :08:50. | :08:53. | |
do with consumers wanting to drink locally. The trend towards eating | :08:54. | :09:00. | |
locally sourced foods has seeped into America's alcohol industry, | :09:01. | :09:05. | |
giving rise to small batch and craft distilleries. Over the last ten | :09:06. | :09:11. | |
years, the craft ruing movement has really just blown up. And whiskey, | :09:12. | :09:15. | |
American whiskey, in particular, is just taking on a whole new | :09:16. | :09:21. | |
Renaissance, if you will, with different dynamics, with different | :09:22. | :09:25. | |
grains, the amazing different still types, and of course using fantastic | :09:26. | :09:33. | |
barrels. C, you have two tap from the side, because you hit like that, | :09:34. | :09:37. | |
and you destroy your finger. Three decades after leaving Romania, Voicu | :09:38. | :09:45. | |
abandon his career in engineering, in favour of bringing his old world | :09:46. | :09:50. | |
skill to the US market. What do you think your grandfather would save | :09:51. | :09:54. | |
the sort you are doing our? He would be very happy, absolutely very | :09:55. | :09:56. | |
happy, I am sure. Don't forget, you can get | :09:57. | :10:00. | |
in touch with me and some I will be back to take a look at the | :10:01. | :10:13. | |
papers from around the world. Hooroo. | :10:14. | :10:16. | |
All day here on the BBC, we are going to be taking a closer | :10:17. | :10:20. | |
look at the fallout from Britain's decision to leave | :10:21. | :10:23. |