:00:00. > :00:00.Park Geun-hye, who was impeached earlier this month,
:00:00. > :00:00.is accused of bribery, abusing her presidential power
:00:07. > :00:14.Now for the latest financial news with and World Business Report.
:00:15. > :00:16.Extending the cuts to oil production.
:00:17. > :00:23.Major oil countries consider a plan in a bid to boost sagging prices.
:00:24. > :00:26.And first day in the office for Hong Kong's new leader,
:00:27. > :00:39.We'll be looking at the business reaction and challenges ahead.
:00:40. > :00:46.BT has been hit with a record fine
:00:47. > :00:54.It was a key weekend for the oil industry.
:00:55. > :00:57.Members of the producers cartel OPEC and some of their allies
:00:58. > :01:01.They signalled they are considering extending their curbs on how much
:01:02. > :01:05.So what impact will this have on the price of oil and therefore
:01:06. > :01:09.the cost of all kinds of things like energy and transport which make
:01:10. > :01:18.a big contribution to what we pay for goods in the shops.
:01:19. > :01:25.Oil prices rose sharply when the countries meeting in Kuwait
:01:26. > :01:28.agreed to cut prodcution at the end of November,
:01:29. > :01:31.and while prices held up for a while there's been a drop
:01:32. > :01:38.They cut production to try and force prices up
:01:39. > :01:41.because many of their economies rely on the money it brings
:01:42. > :01:48.The biggest OPEC producer Saudi Arabia wants $60 per barrel.
:01:49. > :01:55.One big problem has been an increase in global stockpiles.
:01:56. > :01:59.Last week the US stockpile rose to $533 million and as it's
:02:00. > :02:01.the biggest in the world that pushed
:02:02. > :02:06.There's also renewed pressure from US shale oil producers.
:02:07. > :02:10.As you can see here, the number of active US
:02:11. > :02:15.rigs drilling for oil has doubled since May last year when it fell
:02:16. > :02:18.to the lowest level since its all-time high in 2014.
:02:19. > :02:23.With me is Alex Holbourn, director at Hannam and Partners.
:02:24. > :02:31.Good morning, Alex. Morning. Tell us a bit more about the weekend in
:02:32. > :02:34.Kuwait. Who was there in terms of OPEC and non- OPEC?
:02:35. > :02:42.Was a meeting of a joint ministerial monitoring committee composed of
:02:43. > :02:47.five Nations -- there was. Three OPEC member countries, Algeria,
:02:48. > :02:52.Kuwait and Venezuela, and two non- OPEC member countries, Joe Marler
:02:53. > :02:56.and Russia. Important players but not the likes of Saudi Arabia and by
:02:57. > :03:02.no means the full crew. -- I'm an. What did we expect from the meeting
:03:03. > :03:06.and what did we get? -- Oman. It was the second time they met and it was
:03:07. > :03:14.established in January two compliant with the clubs agreed in November
:03:15. > :03:17.and December -- to comply with. The effectiveness and the power of this
:03:18. > :03:22.committee is as yet unclear. Discussions had as to whether or not
:03:23. > :03:26.they extend the cuts from the current June deadline for another
:03:27. > :03:30.six months. The thinking is they probably will, that was the
:03:31. > :03:35.sentiment we got from the meeting, but it's a consideration at this
:03:36. > :03:39.point that they can't give you any hard responses? Absolutely. They
:03:40. > :03:43.look to measure whether or not compliance is being in line with
:03:44. > :03:47.what was anticipated by each of the member states, and they looked at
:03:48. > :03:52.independent sources to verify if people have been keeping in check
:03:53. > :03:57.with what they promised they would deliver -- they look at. As yet it's
:03:58. > :04:00.not certain what power or authority this committee has to really
:04:01. > :04:05.determine the ultimate decision, which will be taken in May when they
:04:06. > :04:10.meet on the 25th. I would imagine for OPEC members and those non- OPEC
:04:11. > :04:15.members who agreed those cuts in December, they will be disappointed
:04:16. > :04:19.the prices have not gone up, especially with the latest fall.
:04:20. > :04:24.What is the thinking for prices bore the rest of the year? That's a
:04:25. > :04:28.concern, the increase in the US with stockpiles rising at 1 million
:04:29. > :04:34.barrels a day saw a ?5 million sell-off in the oil price over the
:04:35. > :04:38.last five days or so. People would like to see the extension of the
:04:39. > :04:41.cuts or another six months. I think there will be a slight
:04:42. > :04:45.disappointment there hasn't been something more concrete realised
:04:46. > :04:50.today. In fact in the draft release they did look like they would
:04:51. > :04:54.recommend to extend those cuts for a further six months, but then in the
:04:55. > :04:58.updated version they said they would review it again in April ahead of
:04:59. > :05:03.the meeting in May. Alex, for now, thank you for your time. We will
:05:04. > :05:08.keep an eye on the oil price, it was hovering around $50 a barrel for the
:05:09. > :05:09.Brent crude, we will look at the details later in the programme.
:05:10. > :05:13.The first woman elected as leader of Hong Kong has vowed to heal
:05:14. > :05:15.divisions amid demands for more democracy and protests
:05:16. > :05:19.Carrie Lam had the backing of the Chinese government in Beijing
:05:20. > :05:24.of the territory's new chief executive?
:05:25. > :05:42.What are they saying about Carrie Lam? Well, Sally, I can tell you
:05:43. > :05:46.that investors are not reacting to this news because it was already
:05:47. > :05:51.something that was forcing. Carrie Lam was the front runner, she was
:05:52. > :05:56.very much the preferred candidate of the Chinese government and she also
:05:57. > :06:01.had the support of the city's business community, seen as
:06:02. > :06:04.relatively pro-business, although her arrival, John Tsang, who was
:06:05. > :06:08.much more popular with the general public, he was a financial
:06:09. > :06:12.secretary, he had some support from the business community. -- her
:06:13. > :06:20.arrival. But certainly they threw their backing under Mrs Lamb and she
:06:21. > :06:28.was elected with 777 votes, the most votes ever cast for a chief
:06:29. > :06:34.executive candidate. -- her rival. -- Miss Lam. The general public
:06:35. > :06:38.didn't have a say in this. There are concerns about Mrs Lam. She is a
:06:39. > :06:43.divisive and polarising figure. She became so in the last few years. She
:06:44. > :06:47.was the person responsible for selling this political reform
:06:48. > :06:51.agenda, which didn't pass, and the introduction of which helped to
:06:52. > :06:55.trigger the 2014 pro-democracy protests. There are worries with her
:06:56. > :07:02.in charge that there could be more protests to come. Let me just show
:07:03. > :07:06.you the front page of a Hong Kong newspaper, this is the Oriental
:07:07. > :07:11.Daily News, this is the addition today, you have Carrie Lam, a large
:07:12. > :07:16.photo of her, and next to her you might be able to make out Joshua
:07:17. > :07:20.Wong, one of the leaders of the pro-democracy protests, the Umbrella
:07:21. > :07:25.Movement in 2014, here he is clashing with police trying to get
:07:26. > :07:29.into the voting the new. He's now a politician and the leader of his own
:07:30. > :07:35.party and they have said come the first of July when Mrs Lam takes
:07:36. > :07:38.over as chief executive, they are planning a civil disobedience
:07:39. > :07:42.movement. -- voting venue. We don't know how big it will be but it seems
:07:43. > :07:47.activists are already starting to mobilise against her. So from day
:07:48. > :07:51.one she's going to have a tough job balancing the demands in Hong Kong
:07:52. > :07:58.and the demand is coming from the government in mainland China? -- and
:07:59. > :08:01.the demands coming. It's a tough job, one I'm surprised frankly she
:08:02. > :08:07.decided to take because previously she said she wanted to retire to the
:08:08. > :08:10.UK. But you're right, not even a minute's honeymoon. When she was
:08:11. > :08:14.announced the winner there was obviously lots of applause but just
:08:15. > :08:19.minutes after she was declared the winner of this election, there were
:08:20. > :08:22.a group of people marching with yellow umbrellas, symbols of the
:08:23. > :08:26.Umbrella Movement, calling for universal suffrage. Even when she
:08:27. > :08:30.was meant to be taking a victory lap, there were people protesting
:08:31. > :08:36.against the entire election process and protesting against her. We may
:08:37. > :08:39.see more of the same. Nice to see you, Juliana, talk to you again I'm
:08:40. > :08:42.sure. BT has been hit with a record fine
:08:43. > :08:48.by the UK regulator Ofcom and has set aside more
:08:49. > :08:50.than $370 million to repay providers for delays
:08:51. > :08:55.in installing high-speed lines. Ofcom has issued the firm
:08:56. > :08:57.with a $52 million fine, which it says is the largest it
:08:58. > :09:00.has ever handed down. French president Francois
:09:01. > :09:04.Hollande is in Singapore and has expressed a desire
:09:05. > :09:07.to strengthen its partnership According to Associated Press,
:09:08. > :09:10.the president said that in an environment of isolation,
:09:11. > :09:12.nationalism and protectionism the two countries must lead the way
:09:13. > :09:15.in opening confidence Uber Technologies has
:09:16. > :09:19.suspended its pilot programme for driverless cars
:09:20. > :09:21.after a vehicle equipped with the technology crashed
:09:22. > :09:24.on a road in Arizona. The police say the crash happened
:09:25. > :09:38.when another car failed to give way That show you the markets on a
:09:39. > :09:42.brand-new trading week. You can see how things are going in Asia. --
:09:43. > :09:46.let's show you. A lot of the reaction to the fact that Donald
:09:47. > :09:50.Trump did not get his way when it came to the reform of the affordable
:09:51. > :09:54.healthcare act, so we're seeing some declines. A strengthening of the
:09:55. > :09:59.yen, which never helps stocks trading in Tokyo. You can see the
:10:00. > :10:00.price of oil edging down slightly, remaining just below $51 a barrel.
:10:01. > :10:10.I'll see you soon. MPs must introduce tougher measures
:10:11. > :10:13.to tackle childhood obesity