:00:00. > :00:18.Up up and away - the price of the black stuff soars
:00:19. > :00:23.on the first global oil pact for 15 years.
:00:24. > :00:25.Fasten your seat-belts - a leading global risk consultancy
:00:26. > :00:29.warns 2017 will be the toughest year for business leaders since the cold
:00:30. > :00:39.war - we grill the boss to find out why.
:00:40. > :00:44.Also in the programme following the lead from India -
:00:45. > :00:46.Venezuela removes the 100 bolivar note and replaces it
:00:47. > :00:51.People have got just 72 hours to make the change.
:00:52. > :01:01.On international markets the price of oil is headed in one direction
:01:02. > :01:06.today following another historic deal brokered over the weekend
:01:07. > :01:12.This time it was oil producers who are not members of the oil
:01:13. > :01:15.cartel meeting - 11 countries who agreed to cut their output
:01:16. > :01:25.The group of states, which includes Russia,
:01:26. > :01:28.said they will cut supplies by 558,000 barrels per day.
:01:29. > :01:30.This follows last months announcement from OPEC that it
:01:31. > :01:33.would be slashing its own production to ease an over-saturated global
:01:34. > :01:44.The moves come after more than two years of depressed oil prices,
:01:45. > :01:47.which have more than halved since 2014.
:01:48. > :01:50.This deal marks the first global pact for 15 years.
:01:51. > :01:53.Among the non-Opec countries attending the meeting were Russia -
:01:54. > :01:59.Azerbaijan, Oman, Mexico, Malaysia, Sudan, South Sudan and Bahrain.
:02:00. > :02:10.Sharanjit Leyl is in our Asia Business Hub in Singapore.
:02:11. > :02:21.No surprise that the price of oil is spiking today? That's right. They
:02:22. > :02:26.have risen to their highest level since 2015. This comes after what
:02:27. > :02:29.you just mentioned, Sally, this deal between OPEC and non- OPEC producers
:02:30. > :02:35.have reached essentially for the first time since 2001 to jointly
:02:36. > :02:39.curb output. The move is aimed at easing the global supply light. That
:02:40. > :02:45.has lasted for more than two years and has driven down oil prices over
:02:46. > :02:56.the last year also -- glut. They say that these will take effect in
:02:57. > :03:03.January of next year. Today, we saw Brent Crude rice to the highest
:03:04. > :03:10.level since 2013. We saw US West Texas also hitting at July 2015 high
:03:11. > :03:14.of just over $54 per barrel. Of course, with this deal now finally
:03:15. > :03:19.signed after almost one year, the markets' focus is now focusing
:03:20. > :03:23.towards whether the agreement will be kept. We are seeing Goldman Sachs
:03:24. > :03:37.and writing in a note that both OPEC and non- OPEC producers are going to
:03:38. > :03:41.have to fulfil this forecast but as you saw from those prices, it
:03:42. > :03:48.already is. We already saw from oil giants like Saudi Arabia Omodei have
:03:49. > :03:53.already told US customers that they will reduce oil deliveries from
:03:54. > :03:59.January and she mentions the number of barrels, they are going to start
:04:00. > :04:03.cutting. A reminder, OPEC is saying it will slash output by 1.2 million
:04:04. > :04:11.barrels per day. This is from January one. We are also seeing
:04:12. > :04:15.this, eight thousand Aral 's per day by the non-OPEC producers. That is
:04:16. > :04:20.just short of the Tarkyn. -- Aral 's per day.
:04:21. > :04:34.-- barrels per day. There is concern about whether OPEC members and non-
:04:35. > :04:38.OPEC members will follow through. OPEC is saying it is having a
:04:39. > :04:43.meeting in May of next year to assess how the various countries
:04:44. > :04:49.have been doing in terms of policing and following through with the cuts
:04:50. > :04:50.in production. A lot more details on this story on our website.
:04:51. > :04:54.The Venezuelan government has announced that it will replace
:04:55. > :04:56.the country's highest denomination bank notes -
:04:57. > :04:58.that's the 100 bolivar note - with coins within seventy-two hours.
:04:59. > :05:02.It hopes this will help to combat smuggling and tackle the chronic
:05:03. > :05:04.shortage of food and other basic items.
:05:05. > :05:06.President Nicolas Maduro says smuggling gangs that operate
:05:07. > :05:09.in border areas won't have time to repatriate the money.
:05:10. > :05:12.A similar move in India recently caused chaos.
:05:13. > :05:15.Bill English has been sworn in as New Zealand's 39th
:05:16. > :05:17.Prime Minister, one week after John Key
:05:18. > :05:20.announced his surprised resignation, after eight years in the role.
:05:21. > :05:22.Mr English had earned praise for his handling of the country's
:05:23. > :05:25.economy in his previous role as finance minister.
:05:26. > :05:29.The new leader says he wants to make New Zealand a better place to live
:05:30. > :05:31.and work, through a focus on infrastructure and inclusive
:05:32. > :05:54.State carrier Iran Air has signed a deal to buy 80 passenger planes
:05:55. > :05:58.It is the biggest US-Iran deal since the 1979 Islamic revolution.
:05:59. > :06:00.Boeing says the deal was worth 16.6 billion dollars
:06:01. > :06:03.at current list prices, and had been approved
:06:04. > :06:07.The first planes are scheduled for delivery in 2018.
:06:08. > :06:11.Passengers will be able to fly from London to Australia non-stop
:06:12. > :06:14.for the first time, when Qantas launches its new service
:06:15. > :06:17.Australia's national carrier says it will connect Perth,
:06:18. > :06:20.in the west of the country, to the UK capital using Boeing 787-9
:06:21. > :06:38.This year has seen its fair share of jolts: Brexit,
:06:39. > :06:40.Trump, eurozone leadership upheavals, South Korea's corruption
:06:41. > :06:59.International risk consultancy Control Risks has launched
:07:00. > :07:01.its annual RiskMap report, analysing key risks facing
:07:02. > :07:04.The rise of populism, highlighted by the election
:07:05. > :07:08.of Donald Trump in the US and the Brexit vote in the UK
:07:09. > :07:10.are providing increased uncertainty for business leaders,
:07:11. > :07:13.as is rising protectionism and threats to new and existing
:07:14. > :07:16.And then of course we have the threat of terrorism.
:07:17. > :07:19.Joining me now from Singapore is Richard Fenning, CEO of Control
:07:20. > :07:25.What would you say are the key risks in the new Year? What we have to
:07:26. > :07:28.remember about 2017 is that the scene has been set, as you just
:07:29. > :07:31.mentioned in your introduction. It has been a turbulent rollercoaster
:07:32. > :07:35.of a year. Geography no longer determines whether it happens. We
:07:36. > :07:39.are likely to see in the first part of 2017 whether we are going to be
:07:40. > :07:46.in trade award territory, whether the eurozone is likely to be able to
:07:47. > :07:51.stay together -- trade war territory for some I'm confident that both
:07:52. > :07:57.will be resolved broadly happily for international business at the first
:07:58. > :08:02.6- months of 2017 will be very telling. As you say, it will be
:08:03. > :08:06.telling. Elliptical risk will be the key theme especially in Europe with
:08:07. > :08:12.elections in France, Netherlands and Germany, to mention a few. How are
:08:13. > :08:17.you suggesting business leaders prepare, given the level of
:08:18. > :08:26.uncertainty about next year? I think there are two things. One is
:08:27. > :08:30.certainly for Brexit and Trump, people were not willing to face up
:08:31. > :08:34.to the possibility that either outcome was like little stop there
:08:35. > :08:38.is also risk of overcompensation. That people feel that every
:08:39. > :08:43.implausible scenario is about to happen. The reality is, people have
:08:44. > :08:47.to be prepared, look at the downside scenarios, look at what will happen
:08:48. > :08:53.to the currency situation, what will happen to the regulatory situation
:08:54. > :08:56.and have something in place. It also applies to many of the other risks
:08:57. > :09:03.that are out there as well, the cyber area, you mentioned terrorism
:09:04. > :09:07.and international security, can feel that we are living in a wind tunnel.
:09:08. > :09:13.That's suddenly everything is coming at people all at once. It's also
:09:14. > :09:18.important to prepare to get a sense of perspective. Yes, we are going
:09:19. > :09:24.through an acutely turbulent time but looking at it historically,
:09:25. > :09:27.there is nothing particularly unusual about this period. These
:09:28. > :09:36.things come in spikes, waves, crescendo is of risk related
:09:37. > :09:42.activity. By the end of 2017, the -- we may well be back in calmer
:09:43. > :09:48.waters. I hope you are right. Thank you.
:09:49. > :09:54.That's show you how today's going in Asia. The big story is the price of
:09:55. > :09:57.oil spiking. It is boosting the energy stocks listed in Asia. I'll
:09:58. > :10:07.see you soon. European migrants living in the UK
:10:08. > :10:11.want a guarantee that they can stay in the country after Brexit,
:10:12. > :10:14.according to a campaign group.