:00:00. > :00:20.Fiat Chrysler says it will invest $1 billion in the United States
:00:21. > :00:23.as the Detroit Motor Show gets under way.
:00:24. > :00:27.Iron ore prices are set to plunge - that's the message from
:00:28. > :00:36.the Australian government, sending mining stocks down.
:00:37. > :00:44.The boss of Rolls Royce is here to tell us
:00:45. > :00:56.That is his view. We will talk to him in a moment.
:00:57. > :01:00.Over the next few days, the world's car makers will be
:01:01. > :01:03.taking the wraps off their latest products at the Detroit Motor show.
:01:04. > :01:07.The car seems more popular than ever - an estimated 75 million were sold
:01:08. > :01:10.last year, but 2017 is already beginning to look like a big year
:01:11. > :01:14.Not least because more of them are looking
:01:15. > :01:19.In the last few hours, Fiat Chrysler has said it will put
:01:20. > :01:22.$1 billion into two US factories, which will create 2000 new jobs.
:01:23. > :01:25.The incoming president Donald Trump has been piling pressure
:01:26. > :01:28.on carmakers to make the vehicles they sell in the US in the US.
:01:29. > :01:30.Meanwhile, the traditional business model
:01:31. > :01:32.of the industry is changing with the disruption coming
:01:33. > :01:37.Google, Apple and Uber are pushing innovations like driverless
:01:38. > :01:47.And that will also mean more electric cars.
:01:48. > :01:50.Global warming and pollution are just two of the reasons
:01:51. > :01:52.many of the established players are focusing their investments
:01:53. > :01:55.In particular, concerns regarding diesel engines
:01:56. > :01:57.with cities including Paris, Mexico City, Madrid and Athens
:01:58. > :02:00.all planning to introduce some kind of ban over the next decade
:02:01. > :02:07.And then there is the prospect of a free
:02:08. > :02:09.trade era slowing down - that's why Fiat Chrysler
:02:10. > :02:12.is investing in the US, with Donald Trump threatening
:02:13. > :02:14.several leading manufacturers with tariffs for building
:02:15. > :02:21.Karl Brauer is an analyst with the US car website Autotrader,
:02:22. > :02:31.and says Donald Trump's plans might come back to haunt him.
:02:32. > :02:38.What I think will happen is Donald Trump will come into office and told
:02:39. > :02:42.for smart ways to keep jobs in America, but at the same time, you
:02:43. > :02:47.have to be careful for unintended consequences. Go buy the role of
:02:48. > :02:51.government agencies. If you keep the jobs here and force prices up and
:02:52. > :02:55.make them uncompetitive with cars coming in from somewhere else or
:02:56. > :02:58.companies building the cars in a different way, you could end up
:02:59. > :03:01.hurting companies because they simply can't make the cars
:03:02. > :03:05.affordable for Americans. Then you will have company is laying people
:03:06. > :03:08.off, not because the cars are built somewhere else, but because they
:03:09. > :03:13.can't sell enough cars to employ people. Economics is interesting.
:03:14. > :03:17.Usually there is a cause and effect a new car just do one thing at issue
:03:18. > :03:21.it is always an upside. There are always repercussions somewhere else.
:03:22. > :03:22.-- and issuing it is always an upside.
:03:23. > :03:25.With me is Torsten Muller-Otvos, the chief executive of Rolls-Royce.
:03:26. > :03:33.Let's talk about your results. Another fairly good year, quite
:03:34. > :03:38.interesting, where you have been selling cars more than usual last
:03:39. > :03:42.year. I would call it a tremendously good year for us, plus 6% worldwide
:03:43. > :03:46.what we have achieved in light of some considerable headwinds we have
:03:47. > :03:53.seen in some of our markets worldwide. Plus 6% is great, over
:03:54. > :03:58.four dozen cars. Over 250,000 euros, a great achievement -- 4000 cars.
:03:59. > :04:04.Fair enough. You sell most of your cars in USA. Yes, that is the
:04:05. > :04:13.biggest market. After that, you saw a 25% rise in sales in the UK. The
:04:14. > :04:17.UK has been a very good market for us last year. Plus 25%. The overall
:04:18. > :04:21.market was quite strong for us. Why? We should not forget we have
:04:22. > :04:25.introduced last year our new convertible into the market, and
:04:26. > :04:30.that has played particularly well in the UK. It had tremendous market
:04:31. > :04:35.success and is part of the success story of plus 25%. Why was the UK so
:04:36. > :04:43.strong for you last year? You will see a lot of individual target
:04:44. > :04:48.groups in the UK, and the economic climate is not bad in its way, and
:04:49. > :04:52.for that reason we have seen you business for us. When it comes to
:04:53. > :04:56.the industry and all of the changes we have seen already, the Donald
:04:57. > :05:00.Trump effect, technology, the likes of Google and Apple getting
:05:01. > :05:04.involved, where do you see yourselves in the future? Some argue
:05:05. > :05:08.that you have not necessarily moved with the times as quickly, for
:05:09. > :05:13.example when it comes to electric. You were very slow to get ahead on
:05:14. > :05:17.that. We are in a very different segment. We are not a traditional
:05:18. > :05:24.automotive business. This is more luxury. Our clients don't need a car
:05:25. > :05:29.or a Rolls-Royce to go from A to B. They have several cars in a grudge.
:05:30. > :05:34.They are not prepared to accept compromises, such as compromises on
:05:35. > :05:39.charging transfer batteries and things like that -- in Bay barrage.
:05:40. > :05:42.But more people want an environmentally friendly vehicle
:05:43. > :05:48.double get them from A to B, maybe by plugging in as opposed to using
:05:49. > :05:54.Oldfield. We are committed in that direction. -- old fuel. You may be
:05:55. > :05:58.aware of our vision, a full autonomous driving full electronic
:05:59. > :06:02.car. That is how we see the future of luxury transportation and
:06:03. > :06:07.Rolls-Royce. When can we drive one of those? In the next ten years,
:06:08. > :06:16.definitely. We are clearly committed to entered the field of electric. He
:06:17. > :06:20.must accept our customers love and enjoy our business. Look at the
:06:21. > :06:23.numbers. We have been highly successful last year. We would not
:06:24. > :06:27.be success are full if we did anything wrong when it comes to
:06:28. > :06:31.drive rates. For that reason I think we are in good shape. We might see
:06:32. > :06:36.more in London today because of the tube strike. You never know. Thank
:06:37. > :06:41.you for coming in and telling us how you are doing. Great to be around.
:06:42. > :06:44.Of course we are at the Detroit motor show. You can watch our
:06:45. > :06:48.website for the very latest from there as the week progresses. Let's
:06:49. > :06:50.talk about what is going on in Australia.
:06:51. > :06:53.Shares in Australian mining companies have been falling sharply
:06:54. > :06:56.today in Sydney after the government warned of a dramatic decline
:06:57. > :07:00.Iron ore is a key ingredient in steel, and one of the country's
:07:01. > :07:04.Let's go to Sharanjit Leyl, who's in our Asia Business Hub
:07:05. > :07:12.Talk us through this warning any immediate impact for financial
:07:13. > :07:17.markets. The impact on financial markets is that we are seeing those
:07:18. > :07:29.Australian mining company shares falling, like fortis kiss you --
:07:30. > :07:32.Fortescue falling nearly 4%. The Department of innovation and science
:07:33. > :07:36.said they would be a dramatic decline in iron ore prices. It
:07:37. > :07:42.projected that iron ore prices in two dozen 18 would be almost half
:07:43. > :07:46.the current level of 80 US dollars a ton. The current price, bear in
:07:47. > :07:51.mind, is being supported by resurgent demand from China. The
:07:52. > :07:54.Department goes on to say to mind is unlikely to continue over the coming
:07:55. > :08:00.years, and also lowered its forecast for iron ore exports by 2% to just
:08:01. > :08:06.over 832 million tons for this fiscal year. All of this takes a
:08:07. > :08:11.huge toll on Australia. It is the world's biggest supplier of iron
:08:12. > :08:15.ore, and shares it has been following -- has been falling,
:08:16. > :08:22.although they were against the trend. We have seen the ASX gaining
:08:23. > :08:26.today to 18 month highs. Again, in this forecast, I should add, the
:08:27. > :08:30.same department made a forecast early last year, and predicted a
:08:31. > :08:34.similarly dire forecast for iron ore prices, but in fact, there was an
:08:35. > :08:41.increase in Chinese demand that spoke the price above $80. --
:08:42. > :08:45.spared. Thank you very much. Let's squeeze in a few other stories.
:08:46. > :08:48.London faces a day of disruption with many Underground stations
:08:49. > :08:50.closed, especially in the centre of the city, because staff
:08:51. > :08:54.They've walked out in a row with management over station ticket
:08:55. > :08:58.One estimated suggests that the 24-hour strike will cost
:08:59. > :09:00.the city's economy as much as ?300 million,
:09:01. > :09:06.Two senior Samsung executives have been questioned as part
:09:07. > :09:09.of the corruption probe surrounding South Korea's impeached president,
:09:10. > :09:13.It's reported that they're being treated as witnesses.
:09:14. > :09:16.The electronics giant is accused of giving large donations
:09:17. > :09:19.to non-profit foundations operated by a close confidante of Ms Park,
:09:20. > :09:20.allegedly in exchange for political support
:09:21. > :09:30.Venezuela's president, Nicolas Maduro,
:09:31. > :09:35.has announced a 50% increase in the minimum wage.
:09:36. > :09:38.It's the fifth increase in the last year and is supposed to help
:09:39. > :09:40.Venezuelans who are struggling to cope with hyper-inflation,
:09:41. > :09:45.which is estimated to be around the 500% mark.
:09:46. > :09:47.The opposition says Mr Maduro is responsible for the economic
:09:48. > :09:49.crisis which has been engulfing the oil-rich country
:09:50. > :10:03.A very brief look at the markets today in Asia. They are trading at
:10:04. > :10:06.the moment. Japan is shut today for a public holiday. Also you can see a
:10:07. > :10:18.mixed picture. I will see you soon. Plans aimed at cutting suicide rates
:10:19. > :10:21.and improving support for people suffering
:10:22. > :10:23.with mental illness in England will be set out
:10:24. > :10:25.by Theresa May later. It's her first major
:10:26. > :10:27.speech on health She's expected to announce plans
:10:28. > :10:33.to reduce the waiting times