23/03/2017 World Business Report


23/03/2017

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Tackling America's $3 trillion medical bill.

:00:18.:00:19.

President Trump faces a key vote on his plan to replace Obamacare.

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We report from Europe's biggest technology fair on the high-flying

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Welcome to World Business Report. A warm welcome.

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We will be focusing on the day's global business agenda.

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We'll return to our special coverage of events in London later this hour.

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That is the terror attacks in Westminster during the afternoon. We

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will talk about that in around about seven minutes or so.

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We start in the US, where the House of Representatives will vote later

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on President Trump's plan to shake up the healthcare system,

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Supporters say Obamacare has given access to health coverage

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But its critics, led by President Trump, say it's

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In 2015, the United States spent $3.2 trillion on healthcare.

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That makes it the most expensive healthcare system in the world.

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To put that in context, that share of GDP is way bigger

:01:41.:01:46.

Switzerland is second at 11.5%, closely followed by Japan,

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The Trump administration wants to cut it right back.

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It wants to stop fining people who don't take

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It wants to stop forcing firms to provide insurance.

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And it wants to curb government funding for Medicaid

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The good news, this would help fill the hole

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The Congressional Budget Office, which is non-partisan,

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says it would bring down the federal budget deficit by $337 billion

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The same office warns it would leave 24 million more Americans

:02:35.:02:51.

without health insurance within a decade, 14 million as soon

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It's put President Trump at odds with Democrats,

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The House bill ends the Obamacare nightmare and gives healthcare

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decisions back to the states and back to the American people.

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These are the conservative solutions we campaigned on and these

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are the conservative solutions the American people asked us,

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This is about disease, death and suffering.

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Mr Trump, come down from Trump Tower, walk among

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the people, and see the damage that this latest exercise in raw

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political power will wreak on the women, the men

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that gives you a sense of the heated debate in the US.

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Kate Andrews is News Editor at the Institute of Economic

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Good morning. This is no easy task for any government. It took the

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Obama administration a heck of a long time to get Obamacare into

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place. And now the Donald Trump administration is trying to change

:04:24.:04:30.

it and "make it better.' give us your take. They spend 17% on

:04:31.:04:37.

healthcare, more than anywhere in the world. This is a thematic. They

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have a very regulated health-care system dominated by special interest

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groups like insurance companies. Obamacare got more people onto

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Medicaid. Something like 44% of health spending in America is

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through government funded services. The idea that there is none is

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ludicrous. We are spending more on Medicaid than the NHS and Medicare

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combined. It has not been good for the middle-classInsurance premiums

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are continuing to write. Donald Trump is trying to repeal Obamacare.

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-- rise. He wants to replace it with something else. What about the

:05:25.:05:29.

figure that critics have thrown at him. 14 million next year will be

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without healthcare. 34 million in ten years' time. There is no easy

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answer to this problem in the United States. That is only the case if it

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is only repealed, not replaced. It doesn't seem that will happen. It is

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not politically viable. I just hope that the two political parties can

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come together and realised sometimes it is about making sure we have a

:05:59.:06:07.

universal guaranteed access to healthcare. Doing it through these

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massive subsidies in the state has been inefficient to the people

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receiving those subsidies. It is a problem the Democrats have failed to

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address. What about the insurance sector, the drug sector, the

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pharmaceutical sector? They need everyone on board for this to work.

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My concern is who will take the insurance companies on? Under

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Obamacare, insurance companies were the best recipients of funding.

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Their subsidies skyrocketed. That is the question on the table, who will

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take them on? Maybe it is President Trump. Who knows? And keep coming in

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and giving us your analysis. This problem has impacted markets for

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many days. We will go to Singapore and follow Rico Hizon who is

:07:05.:07:09.

following the markets for us. It is the politics and deadlock in

:07:10.:07:13.

Washington that is causing these headaches for markets globally. They

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are concerned. If you cannot make this change, what about future

:07:19.:07:24.

reforms and taxes? That is right. Many promises during the Donald

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Trump campaign. It is moving at a snails pace. That is why we are

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cautious over concerns that Donald Trump's agenda is in doubt.

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Nevertheless, look at the Asian markets during this hour. They are

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gaining slightly this session after Wednesday's retreat as investors

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picked up oversold shares. In Japan, the Nikkei is flat despite a weaker

:07:58.:08:06.

yen. That means a brewing political issue. That is because of Shinzo Abe

:08:07.:08:11.

and his wife and the state owned land bought at a fraction of its

:08:12.:08:18.

price to build an elementary school. And the Chinese markets, China and

:08:19.:08:22.

Hong Kong, Taiwan, a touch higher. They are waiting on a rate decision

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from Taiwan's bank. The US has gone down a bit over this indecision over

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healthcare Allah sees. Thank you very much, Rico Hizon. -- policies.

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Other news now. US telecoms firms AT and Verizon

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have withdrawn all non-search advertising from Google,

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as have car rental company Enterprise and pharmaceutical

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giant GSK, according An investigation by the Times found

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major brands were appearing next to YouTube videos promoting

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extremist views, generating The UK-based investigation led

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more than 250 brands The company has apologised

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and promised better tools Volkswagen will return

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to the unsecured bond market later when it tries to raise

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as much as five billion It's the first such bond issue

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since the diesel emissions scandal which has cost the company more

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than $20 billion in fines or drones, are fast

:09:29.:09:31.

becoming big business. The industry is worth

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$2 billion today, and is forecast to soar to some

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$115 billion in 2020. But after a series of widely

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reported accidents and near misses, drones face an array of legal

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restrictions across the globe. Joe Miller reports from

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the Cebit Tech Show in Hannover. A buzzing contender in a battle for

:10:00.:10:21.

the skies. One of several hundred reports for witnesses to enjoy. As

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long as you don't mention the "D" word. This is not a drone. It is a

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flying vehicle. It is a combination of a balloon, a plane, and a

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helicopter. It can take off and land without any runway. It can fly

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forward like an aeroplane after it switches to its wings. And it can

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carry heavy weights. You can deliver water and go through a minefield and

:10:53.:11:02.

removed mines. You can remove pollution as well. Many options.

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Exhibits like this simulator are focused on how much fun you can have

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with drone flight. But after a series of near-misses at major

:11:14.:11:18.

airports, the safety and regulation of drone flight is top of the

:11:19.:11:24.

agenda. One Belgium start up feels it can help. This turns it off if it

:11:25.:11:33.

is in a certain location. You can choose a drone you want to fly with

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and the application will tell you if you are allowed to ply and in what

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type of airspace. -- fly. It is not just for amateurs. No. It goes from

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amateurs to professionals. It can help in firefighting, et cetera. As

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drones get cheaper and cheaper, the temptation to take to the air gets

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ever stronger. But perhaps the future is in the hands of

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well-trained pilots. Joe Miller, BBC News, Hannover.

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You are with BBC News. We will remind you of the top stories.

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