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