Browse content similar to 14/09/2016. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Those are the headlines. Now it is time for Sally. THEME PLAYS. | :00:00. | :00:18. | |
The EU's head honcho sets out his vision for the future | :00:19. | :00:22. | |
of the Union after a year of turmoil. | :00:23. | :00:28. | |
The billionaire inventor of the Dyson vacuum cleaner says it | :00:29. | :00:32. | |
would be "suicidal" for the European Union to impose | :00:33. | :00:34. | |
What is the outlook for the oil industry? | :00:35. | :00:53. | |
The International Energy Agency has just published its annual report. | :00:54. | :00:56. | |
First, we start with the European Union. | :00:57. | :01:00. | |
The European Union has the financial muscle to go toe to toe with the US | :01:01. | :01:04. | |
or China and contains some of the worlds most powerful countries. | :01:05. | :01:07. | |
But in recent months the EU has been hit with new major body blows, | :01:08. | :01:11. | |
including of course the UK's decision to leave the Union. | :01:12. | :01:14. | |
Today, it's top politician, Jean-Claude Juncker, | :01:15. | :01:15. | |
will try to deal with some of those problems as he sets out his vision | :01:16. | :01:19. | |
for the future of the block in his State of the Union address. | :01:20. | :01:23. | |
As well as talking about the fallout from Britain's historic vote | :01:24. | :01:26. | |
to leave the Union Mr Junker will be under pressure to outline reforms | :01:27. | :01:29. | |
to head off anti-EU sentiment in other countries. | :01:30. | :01:32. | |
He'll also be looking to address some of the bloc's major financial | :01:33. | :01:36. | |
gremlins with a number of countries running dangerously high debt to GDP | :01:37. | :01:39. | |
ratios including Portugal, Italy and of course Greece. | :01:40. | :01:41. | |
EU countries are allowed to run an annual deficit of up to 3% | :01:42. | :01:45. | |
of GDP, anything more and they can be fined. | :01:46. | :01:47. | |
However with a number of countries currently breaking the rule | :01:48. | :01:50. | |
Mr Junker will need to tread a fine line in his speech. | :01:51. | :01:53. | |
He's got the tricky balancing act of needing to maintain financial | :01:54. | :01:56. | |
stability while at the same time keeping those member states on board | :01:57. | :01:59. | |
who want to borrow more cash to boost their economies. | :02:00. | :02:02. | |
The ongoing refugee crisis in the region has also opened big | :02:03. | :02:05. | |
fault lines across the European Union. | :02:06. | :02:07. | |
Germany alone expects to spend $19.2 billion on refugees in this year. | :02:08. | :02:30. | |
Paul Ivan is a senior policy analyst at the European Policy Centre | :02:31. | :02:37. | |
Good morning. Good morning. A tough job ahead. Convincing his audience | :02:38. | :02:48. | |
there is some commonality within the European Union, though he does admit | :02:49. | :02:53. | |
there is an existential crisis. Yes. Certainly. We can see that the | :02:54. | :02:57. | |
crisis he was mentioning last year in his last State of the Union | :02:58. | :03:03. | |
address, is still there. We have stabilisation on a number of them, | :03:04. | :03:08. | |
on the migrant crisis, on the Greek economy and so forth. But the | :03:09. | :03:14. | |
challenges are clearly still there. Like you mentioned, the result of | :03:15. | :03:18. | |
the British referendum will be with us for the next year and on. What | :03:19. | :03:25. | |
will he say it is the key element in his strategy ahead? I think we can | :03:26. | :03:31. | |
expect a higher focus on issues linked to security, the security of | :03:32. | :03:37. | |
the borders and of internal security. We have seen over the last | :03:38. | :03:41. | |
year the number of terrorist attacks taking place in Europe and the | :03:42. | :03:47. | |
problem of the security of the EU's borders continues to remain and thus | :03:48. | :03:53. | |
we need to reinforce those borders and work better together to deal | :03:54. | :03:59. | |
with the challenge, like the migration crisis. I think the focus | :04:00. | :04:03. | |
will be put on the issue of security. When it comes to economic | :04:04. | :04:09. | |
measures, what can we expect? Umm, we already know that there is a plan | :04:10. | :04:16. | |
to increase the Juncker investment fund, which has led to likely | :04:17. | :04:23. | |
results. We will likely hear or on that. And the commission needs to | :04:24. | :04:29. | |
come up with proposals to try to increase the slower economic growth | :04:30. | :04:37. | |
we see across the European Union. In terms of the rifts that are | :04:38. | :04:41. | |
emerging, like the recent spat between Hungary and others with this | :04:42. | :04:50. | |
crisis, what can be European Union due to 60s cracks which are getting | :04:51. | :04:59. | |
larger and larger. -- to fix these. I would not give this incident more | :05:00. | :05:05. | |
attention than it needs. It looks quite strange and I think it has | :05:06. | :05:11. | |
largely to do with the personality of the people involved. All right, | :05:12. | :05:18. | |
Paul Ivan, I am sure he hopes you are right from that point of view. | :05:19. | :05:22. | |
Thank you for your time this morning. Thank you very much. When | :05:23. | :05:28. | |
Jean-Claude Junker starts his speech we will ring you up-to-date on that. | :05:29. | :05:33. | |
More now on the EU and in particular the UK's future outside the Union, | :05:34. | :05:36. | |
One of Britain's most successful business leaders has said that | :05:37. | :05:39. | |
leaving the European Union will liberate the UK economy. | :05:40. | :05:42. | |
Speaking to the BBC's economics editor the Billionaire inventor | :05:43. | :05:44. | |
Sir James Dyson said it would be suicidal for the EU to impose | :05:45. | :05:48. | |
They sell ?100 billion worth of goods more to us than we export to | :05:49. | :05:56. | |
them. They will not block British imports. Even if they did put an | :05:57. | :06:02. | |
import duty on that would be an insignificant amount compared to | :06:03. | :06:05. | |
currency fluctuations. Are not worried with that. We are getting on | :06:06. | :06:12. | |
good with Europe. They are 15% of general trade throughout the world. | :06:13. | :06:22. | |
We are nicely balanced. There are very exciting markets outside of | :06:23. | :06:25. | |
Europe. The far east is expanding at a phenomenal rate. We are very happy | :06:26. | :06:29. | |
to be very globally -based and not focused on Europe. Europe is a great | :06:30. | :06:33. | |
market. It is growing quite fast actually. I am not complaining about | :06:34. | :06:38. | |
it. It is a very nice market for us we have some wonderful employees in | :06:39. | :06:42. | |
Europe. But it is only 15% of global trade. The last thing they are going | :06:43. | :06:46. | |
to do is imposed these duties. It is suicidal for them. Do you worry that | :06:47. | :06:52. | |
the rest of the EU, not having access to the single market, will | :06:53. | :06:56. | |
slow down the British economy generally, and will have an effect | :06:57. | :07:00. | |
on business people herewe have access to it. They want access to | :07:01. | :07:06. | |
our market and vice-versa. The import duty is a negligible issue. | :07:07. | :07:10. | |
Currency fluctuations are far greater than that. Variance is far | :07:11. | :07:17. | |
greater than that. There is a huge market, 85% global trade is not in | :07:18. | :07:22. | |
Europe. Let us go off to that. And, by the way, that is the biggest | :07:23. | :07:26. | |
expanding area. The British Commonwealth, who speak English, and | :07:27. | :07:30. | |
who have affinities with us, we should be going for those markets as | :07:31. | :07:31. | |
well. Interesting. Global investment in the exploration | :07:32. | :07:33. | |
and production of oil and gas is expected to fall by 24% this year | :07:34. | :07:36. | |
as the industry grapples with the lower prices | :07:37. | :07:39. | |
and massive over supply. That's the conclusion | :07:40. | :07:42. | |
of the International Energy Agency who have today released their annual | :07:43. | :07:44. | |
global Energy Investment report In total $1.8 trillion were invested | :07:45. | :07:46. | |
in the supply of energy last year, Of that, around half, | :07:47. | :07:50. | |
or $900 billion, was invested in oil, gas and coal, | :07:51. | :07:54. | |
down a whopping 18% on 2014. The worst hit sector was the US | :07:55. | :07:57. | |
shale oil industry which has now seen 52% drop in investment | :07:58. | :08:01. | |
in the past two years. On the up side, renewable's | :08:02. | :08:03. | |
investment, primarily in wind, solar and hydropower came close | :08:04. | :08:06. | |
to $290 billion last year as countries increasing shift away | :08:07. | :08:09. | |
from carbon heavy fuel sources. And we will be speaking to the Head | :08:10. | :08:11. | |
of the IEA in a couple of hours. Brazil's government has | :08:12. | :08:48. | |
announced today a fresh round of privatisations and tenders | :08:49. | :08:50. | |
with the aim of raising $7 billion. South Americas largest economy | :08:51. | :08:53. | |
will privatise four airports and offer a wide range of contracts | :08:54. | :08:55. | |
far from new roads and railroads The plan is are part | :08:56. | :08:59. | |
of an initiative launched by Brazil's new president, | :09:00. | :09:03. | |
Michel Temer, which aims to increase Brazil's governments are so does not | :09:04. | :09:19. | |
have the money to build new infrastructure. That is because of | :09:20. | :09:23. | |
the deep recession that the country is facing. So it is opening up new | :09:24. | :09:29. | |
investment opportunities for a private firm foreign and domestic | :09:30. | :09:32. | |
survey will build new roads, railroads, operate oil and gas, and | :09:33. | :09:37. | |
operate four major airports in large resilient cities. At critics say | :09:38. | :09:43. | |
that opening up $7 billion in investment opportunities might not | :09:44. | :09:47. | |
be enough. That's because similar attempts have been made by the | :09:48. | :09:50. | |
Brazilian government in the past. And those contracts never attracted | :09:51. | :09:54. | |
offers from private investors as they were not lucrative enough. The | :09:55. | :09:59. | |
challenge for this government is to draft a new contract that can do two | :10:00. | :10:04. | |
things, bring new investors that will invest in infrastructure that | :10:05. | :10:07. | |
will lift Brazil's economy, but also bring in money that is needed for | :10:08. | :10:12. | |
the public coffers, which are in a very difficult financial situation. | :10:13. | :10:20. | |
Daniel Gallas, BBC News, Sao Paulo. That is World Business Report. See | :10:21. | :10:23. | |
you | :10:24. | :10:24. |