27/09/2016

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:00:00. > :00:00.Plenty more on this to come but now it is time for World Business

:00:00. > :00:14.Report. The great debate -

:00:15. > :00:16.US presidential hopefuls Hilary Clinton and Donald Trump have

:00:17. > :00:19.gone head to head in the first televised debate but how important

:00:20. > :00:25.was the economic message? And Britain's first import

:00:26. > :00:28.of fracked gas from America is due to arrive in Scotland in the next

:00:29. > :00:31.few hours amid fierce debate about the future of

:00:32. > :00:45.fracking in the UK. Also in the programme:

:00:46. > :00:49."Not too big to fail." Angela Merkel says Germany will not

:00:50. > :00:53.come to the rescue of Deutsche Bank Deutsche shares sank

:00:54. > :00:57.again on the comments. So, we've had the first debate,

:00:58. > :01:03.and it started with the state of the US economy, with both

:01:04. > :01:06.candidates putting forward their competing visions for how

:01:07. > :01:15.they would guide the way ahead. Michelle Fleury watched

:01:16. > :01:26.the debate for us in New York. So, Michelle, looking at financial

:01:27. > :01:31.markets, interesting. We have the Mexican Peso rising. Gold and the

:01:32. > :01:35.Japanese yen falling. Give us your take on what they had to say about

:01:36. > :01:39.the economy. Well, it was interesting. The debate started

:01:40. > :01:43.immediately on how to create prosperity in America. And right out

:01:44. > :01:46.of the gate you saw Donald Trump going on the offence if, Sally. He

:01:47. > :01:52.attacked Hillary Clinton on trade. He blamed the flight of jobs to

:01:53. > :01:58.China and to Mexico for America's economic struggles. Many people

:01:59. > :02:01.commented that, actually, his performance was uneven through the

:02:02. > :02:06.course of the 1.5 hours but when it came to trade he sounded quite

:02:07. > :02:09.confident. This is a major topic for the Republican presidential

:02:10. > :02:10.candidate. It resonates very well with white working-class voters in

:02:11. > :02:13.the rustbelt. One particularly effective line

:02:14. > :02:17.was when he referred to her long career on the American political

:02:18. > :02:20.scene, saying she'd been doing this for 30 years but hadn't

:02:21. > :02:23.come up with solutions When Clinton started talking

:02:24. > :02:32.about how well the US economy did under her husband in the '90s,

:02:33. > :02:35.Mr Trump jumped on it, describing the economic devastation

:02:36. > :02:37.he'd seen in declining manufacturing regions and blaming the North

:02:38. > :02:55.American Free Trade Agreement, You go to our higher, Pennsylvania,

:02:56. > :03:04.you go anywhere you want, Secretary Clinton, and you will see

:03:05. > :03:09.devastation -- you go to Ohio. NAFTA is the worst trade deal ever signed.

:03:10. > :03:14.And now you want to approve the TPP. You were in favour of it. And then

:03:15. > :03:18.you heard when I said how bad it was and you thought you couldn't win

:03:19. > :03:22.that debate. You know that if you did win you would approve that and

:03:23. > :03:25.that would be almost as bad as NAFTA but nothing would ever top NAFTA.

:03:26. > :03:29.So, Michelle, tell us a little bit about how she reacted to that - what

:03:30. > :03:34.was a counter argument? It was interesting. On the one hand you

:03:35. > :03:38.have Donald Trump, who thinks the way to create prosperity in America

:03:39. > :03:40.is to address unfair trade. You have heard the clip, him talking about

:03:41. > :03:44.some of his criticism. Hillary Clinton offered

:03:45. > :03:47.a different view. She believes inequality

:03:48. > :03:49.is about jobs and focussed on the economic struggles

:03:50. > :03:51.and experiences of middle-class She promised to push

:03:52. > :03:54.policies to assist them, She also needled Donald Trump,

:03:55. > :04:00.saying he was born wealthy and that he wants to help wealthy

:04:01. > :04:03.people like himself. She accused him of supporting

:04:04. > :04:06.an extreme kind of trickle down economics, warning that

:04:07. > :04:08.the across-the-board tax cuts he was proposing would not

:04:09. > :04:27.help the US economy. We need to have smart, fair trade

:04:28. > :04:32.deals. We also, though, need to have a tax system that rewards work and

:04:33. > :04:35.not just financial transactions. And the kind of plan that Donald has put

:04:36. > :04:39.forward would be trickle-down economics all over again. In fact,

:04:40. > :04:45.the most extreme version of the biggest tax cuts for the top % of

:04:46. > :04:51.the people in this country that we have ever had. I call it trumped up

:04:52. > :04:54.trickle-down because that is exactly what it would be - that is not how

:04:55. > :04:56.to grow the economy. Taken as a whole, both candidates

:04:57. > :05:00.played directly to type. Hillary Clinton tends to give

:05:01. > :05:05.detailed, wonky answers. We have seen that on the campaign

:05:06. > :05:12.trail. Just take her ideas on jobs,

:05:13. > :05:15.equal pay for equal work, Donald Trump tends to go

:05:16. > :05:19.to descriptions of problems, painting an apocalyptic message,

:05:20. > :05:21.jobs going abroad, decaying infrastructure but not offering much

:05:22. > :05:32.detail in terms of policy ideas. OK, thank you so much, Michelle,

:05:33. > :05:37.watching that debate from New York. We will have a lot more on that

:05:38. > :05:46.honour we will look at how the media has reacted to that debate -- we

:05:47. > :05:48.will have a lot more on that. Let's have a look at some other business

:05:49. > :05:51.stories right now. The first shipment of fracked US

:05:52. > :05:55.shale gas is set to arrive in the UK today and bringing

:05:56. > :05:57.controversy in its wake. A ship belonging to the chemical

:05:58. > :06:03.company, Ineos, is due to arrive in Grangemouth Scotland

:06:04. > :06:06.and with it some 27,500 cubic This shale gas shipment is part

:06:07. > :06:10.of a two billion dollar investment by Ineos with eight tankers

:06:11. > :06:12.creating a virtual pipeline Ineos says US shale will

:06:13. > :06:16."complement" the dwindling supplies But critics argue importing ethane

:06:17. > :06:20.and other gases made no sense when there were known reserves

:06:21. > :06:23.already under the ground in Britain. With me is Richard Mallinson,

:06:24. > :06:37.geopolitical analyst at research Good morning, Richard. It is nice to

:06:38. > :06:42.see you. Talk us through this. It is a very symbolic arrival in the next

:06:43. > :06:48.few hours, isn't it, and the man behind Ineos came up with the master

:06:49. > :06:53.plan which, literally, is rescuing Grangemouth, isn't it? That is the

:06:54. > :06:57.aim, they took supplies from the North Sea but there is less and less

:06:58. > :07:01.of the specific chemical they need, ethane, so it is turning to the US

:07:02. > :07:05.where they have had the shale gas revolution, where we have had the

:07:06. > :07:09.liberalisation of export laws, and it is trying to find a way to make

:07:10. > :07:14.the economics work to bring the gas across, process it in the existing

:07:15. > :07:17.plant but it will face a lot of competition from plants that don't

:07:18. > :07:23.need to pay the big transport costs. So, does it work, do you think? I

:07:24. > :07:27.mean, a ?2 billion investment in this project over the next five

:07:28. > :07:30.years in Grangemouth. Is it financially viable? That is the

:07:31. > :07:36.really big question, that is what we're gonna have to see. Ineos is

:07:37. > :07:40.confident that it can make it work and they made the case when the

:07:41. > :07:44.future of the plant was in doubt not long ago. But it faces big plants

:07:45. > :07:48.that are starting in the Middle East which have subsidised or very low

:07:49. > :07:54.cost input. It has plants in the US, which benefit to being closer to

:07:55. > :07:59.this production, and then it opens up the debate about, does the UK and

:08:00. > :08:03.allow more fracking, which of course is very politically controversial.

:08:04. > :08:07.Extremely controversial. Many are protesting that in the UK, and yet

:08:08. > :08:13.the previous Government was pushing it along. Also as well, the shale

:08:14. > :08:17.industry in the US is under so much financial pressure, isn't it, with

:08:18. > :08:21.the price of oil falling dramatically. Many producers have

:08:22. > :08:25.found it difficult in the US, haven't they? That is right, which

:08:26. > :08:29.could be a curveball for Ineos, which started the process when it

:08:30. > :08:33.looked like US production was on an upward trajectory, but now with low

:08:34. > :08:37.investment we have seen the production declining. I think if oil

:08:38. > :08:41.prices and gas prices can rally, then they could start drilling more

:08:42. > :08:47.and we could see more production but the risk comes that if the supply is

:08:48. > :08:51.dwindling in the US, one of the places, one of the cost input for

:08:52. > :08:56.Ineos might be higher than anticipated. OK, thank you, Richard,

:08:57. > :09:01.for coming in, and that is a big event taking place in Grangemouth

:09:02. > :09:07.today. Now, a story in the financial press, all over the newspapers, like

:09:08. > :09:09.the Financial Times today, Deutsche Bank.

:09:10. > :09:11.Shares in Deutsche Bank have closed down

:09:12. > :09:14.7.54% to a new low after a weekend report said Chancellor Angela Merkel

:09:15. > :09:18.Concerns have been raised about its financial health

:09:19. > :09:21.and the bank's shares are down more than 50% this year.

:09:22. > :09:24.German media reports claim Angela Merkel would not get involved

:09:25. > :09:27.in its dispute with the US over a $14 billion bill

:09:28. > :09:31.regarding the sale of mortgage products.

:09:32. > :09:35.We will keep an eye on how that stock trades when the markets in

:09:36. > :09:40.Germany opened later today. The Walt Disney and Microsoft

:09:41. > :09:43.could both be joining a list of potential suitors for Twitter,

:09:44. > :09:45.according to media reports. Twitter shares were up more than 2%

:09:46. > :09:50.at $23.36 in after-market trading. The microblogging service has

:09:51. > :09:54.reportedly started talks with a number of technology

:09:55. > :09:56.companies to sell itself, Disney is said to be working

:09:57. > :10:16.with a financial adviser to evaluate So, financial markets. Risk appetite

:10:17. > :10:20.is around following the debate. Oil has gone down, as has the Japanese

:10:21. > :10:25.yen, falling versus the dollar. The Mexican Peso is higher. Gold is

:10:26. > :10:29.retreating as well. That is a quick look at markets in Asia. That is all

:10:30. > :10:33.from me for now but I will see you very soon as we look through the

:10:34. > :10:39.media reaction to that great debate - see you in a minute.

:10:40. > :10:42.Sam Allardyce used his role as England manager to negotiate

:10:43. > :10:45.a ?400,000 deal and offer advice on how to 'get around' player

:10:46. > :10:53.transfer rules, an undercover investigation by the Daily Telegraph

:10:54. > :10:56.He's not yet responded to the allegations.