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Now it's time for World Business Report. | :00:00. | :00:18. | |
"Hundreds of billions of dollars in the US | :00:19. | :00:20. | |
The words of President Trump as he signs a mammoth defence deal | :00:21. | :00:29. | |
with Saudi Arabia - but who are the real | :00:30. | :00:32. | |
Plus the designs may be chic and stylish but is frantic or placed to | :00:33. | :00:46. | |
start a technology company? We have a special report as campaigning gets | :00:47. | :00:49. | |
under way in the Parliamentary elections. | :00:50. | :00:49. | |
I'm Sally Bundock - also in the programme | :00:50. | :00:54. | |
the Trans Pacific Partnership is back! | :00:55. | :00:57. | |
We begin with President Trump who is on his way to Israel: | :00:58. | :01:08. | |
Over the weekend in Saudi Arabia he signed agreements worth hundreds | :01:09. | :01:13. | |
of billions of dollars between Saudi and American firms. | :01:14. | :01:15. | |
The deals are said to be worth more than $350 billion over | :01:16. | :01:19. | |
the next ten years and build on America's decades-long alliance | :01:20. | :01:21. | |
with the world's largest oil producer. | :01:22. | :01:23. | |
Saudi Arabia is trying to diversify its economy away | :01:24. | :01:25. | |
from oil after crude oil prices slumped by half over | :01:26. | :01:28. | |
Among the US firms trying to work with Saudi Arabia's private sector | :01:29. | :01:33. | |
the likes of Honeywell, Dow Chemical and General Electric. | :01:34. | :01:35. | |
A key part of the agreement is a $110 billion arms deal - | :01:36. | :01:39. | |
which the White House says is the single biggest in US history. | :01:40. | :01:42. | |
It will supply a range of military items including planes, | :01:43. | :01:45. | |
ships, sophisticated radar and precision-guided bombs. | :01:46. | :01:46. | |
The arms deal is part of a tough stance that Mr Trump appears to be | :01:47. | :01:50. | |
taking on Iran, a move that will please Saudi Arabian officials. | :01:51. | :01:56. | |
It's in sharp contrast to his predecessor Barack Obama, | :01:57. | :02:02. | |
who in 2015 signed the nuclear deal with Iran. | :02:03. | :02:09. | |
Speaking at a summit in Saudi Arabia on Sunday, | :02:10. | :02:14. | |
Mr Trump singled out Iran for criticism, accusing it | :02:15. | :02:17. | |
of fuelling sectarian conflict and terror across the region: | :02:18. | :02:33. | |
Until the Iranian regime is willing to be a partner to peace all | :02:34. | :02:41. | |
countries must work together to isolate Iran, deny yet. Funding for | :02:42. | :02:47. | |
terrorism, cannot do it. And pray for the day when the Iranian people | :02:48. | :02:50. | |
have the just and righteous government they so richly deserve. | :02:51. | :02:59. | |
So much to discuss they are. -- there. | :03:00. | :03:00. | |
With me is Esfandyar Batmanghelidj, Founder of Europe-Iran Forum. | :03:01. | :03:05. | |
This is his first foreign trip and he signed his huge deal which I am | :03:06. | :03:13. | |
sure he is extremely pleased about. It ticks boxes with his electorate | :03:14. | :03:17. | |
in the United States. What is your take on this arms deal? There is an | :03:18. | :03:22. | |
argument to be made that Trump and the Saudi rulers may have overplayed | :03:23. | :03:26. | |
their hand. Over the last few days, two big events have collided, one is | :03:27. | :03:32. | |
the Iranian presidential elections which happened on Friday. The | :03:33. | :03:39. | |
incumbent won with a 72% voter turnout and nearly 60% of the vote. | :03:40. | :03:44. | |
Now nearly a few days later Trump gives a speech in which he rails | :03:45. | :03:50. | |
against the human rights violations of Iran. The suggestion is that the | :03:51. | :03:55. | |
spectacle of the summit may have actually come across a little bit | :03:56. | :03:58. | |
hypocritical to members of the international community, as it | :03:59. | :04:03. | |
pertains to US policy with Iran. What that means is that for a run | :04:04. | :04:07. | |
mark as it is engaged as with other countries, there may be an | :04:08. | :04:12. | |
opportunity here. One way to look at this comes down to something that | :04:13. | :04:16. | |
the Iranian Foreign Minister observed in that he has identified | :04:17. | :04:23. | |
that Obama was in fact a very difficult president for Iran, even | :04:24. | :04:26. | |
though he is the one who agreed to the nuclear deal. The reason for | :04:27. | :04:30. | |
that is because Obama carried weight in the international community and | :04:31. | :04:35. | |
when he began to dictate his Iran policy, particularly around the | :04:36. | :04:37. | |
application of international sanctions, Europe fell into line and | :04:38. | :04:43. | |
went on board with the policy. The difference with Donald Trump is | :04:44. | :04:46. | |
quite stark in that it is an clear or unlikely that Europe is going to | :04:47. | :04:51. | |
fall behind this particular vision of Iran that Trump has articulated. | :04:52. | :04:58. | |
That may open up some space... So in some ways for Iran there is an | :04:59. | :05:03. | |
opportunity in the sense they have more direct line to other world | :05:04. | :05:08. | |
leaders with not a President Obama controlling the international agenda | :05:09. | :05:11. | |
but, also in other ways it is more difficult with Mr Trump, President | :05:12. | :05:17. | |
Trump, and as far as he is concerned he a huge deal with Saudi Arabia and | :05:18. | :05:25. | |
deals with Iran, where there are huge opportunities as well, pale | :05:26. | :05:30. | |
into insignificance. Absolutely. One way to look at this $110 billion | :05:31. | :05:34. | |
arms contract is that it is a transparent effort to put a dollar | :05:35. | :05:40. | |
value on the strategic relationship. Compared to what Iran can offer, | :05:41. | :05:44. | |
they have to pending comparable contracts with a US entity to sell | :05:45. | :05:51. | |
commercial airlines to two Iranian airlines. The total value of those | :05:52. | :05:56. | |
two deals is only $11 billion. In one single agreement that Donald | :05:57. | :06:00. | |
Trump has announced, he delivers ten times more economic value for the | :06:01. | :06:04. | |
United States. It is clear that Iran will not be able to compete for the | :06:05. | :06:11. | |
US influence in that way. So realistically the Iranian | :06:12. | :06:14. | |
administration will need to find other ways to engage with both the | :06:15. | :06:20. | |
international community and, perhaps, with US stakeholders but it | :06:21. | :06:23. | |
is unlikely that they will be able to create a relationship with the US | :06:24. | :06:29. | |
government. And absolutely fascinating disc discussion and we | :06:30. | :06:33. | |
shall four that further when we look at the news review and how the | :06:34. | :06:39. | |
international press is measuring the trip of Donald Trump to the Middle | :06:40. | :06:41. | |
East. That is swiftly move on. Asia-Pacific trade ministers have | :06:42. | :06:43. | |
agreed to resuscitate the controversial Trans-Pacific | :06:44. | :06:45. | |
Partnership trade deal, despite US President Donald | :06:46. | :06:47. | |
Trump abandoning it. Nice to see you. Speaking of Mr | :06:48. | :07:01. | |
Trump and his policy, he famously almost immediately pulled out of | :07:02. | :07:04. | |
TTP. Everybody else is going to go ahead, is that right? That is | :07:05. | :07:08. | |
correct. It is officially out of intensive care. The Trans-Pacific | :07:09. | :07:12. | |
Partnership which everybody thought was dead in the water is actually | :07:13. | :07:17. | |
getting a lease of life. We have ministers from the 11 Trans-Pacific | :07:18. | :07:19. | |
Partnership countries agreed over the weekend that they will complete | :07:20. | :07:25. | |
repertory work by November to quickly enact this free trade pact, | :07:26. | :07:30. | |
even without the US. And, Sally, after initially appearing reluctant | :07:31. | :07:33. | |
to move ahead without America, Japan is now at forefront of a push along | :07:34. | :07:38. | |
with New Zealand. Support has built amongst the TPP 11, despite being | :07:39. | :07:45. | |
only a quarter of the trade amongst the original members. Moving | :07:46. | :07:48. | |
forward, this good of the bargaining position of the members in bilateral | :07:49. | :07:54. | |
talks with the US. And it could also undercut the increasingly regional | :07:55. | :07:58. | |
dominance of China, which is not part of the TPP. That is a bigger | :07:59. | :08:02. | |
but let's pretend to feature of the agreement. So it is agreement go for | :08:03. | :08:10. | |
the TPP. Let's watch and see how it will develop. I am so excited, I | :08:11. | :08:15. | |
could talk that deal for many years to come. Let's talk now about | :08:16. | :08:18. | |
France. France has got a great | :08:19. | :08:18. | |
engineering tradition - but with restrictive labour laws | :08:19. | :08:20. | |
and a conservative attitude to risk-taking, it's not a great | :08:21. | :08:23. | |
place to start a technology company. A new generation of French tech | :08:24. | :08:26. | |
start-ups is springing up - and in Emmanuel Macron - | :08:27. | :08:30. | |
France has a new President who has been a strong advocate | :08:31. | :08:33. | |
of technology firms. From Paris, our technology | :08:34. | :08:35. | |
correspondent Rory Cellan-Jones Meet Kika, a robot media Centre | :08:36. | :08:51. | |
which will go on sale in the autumn. Wherever you wiring your home you | :08:52. | :08:55. | |
can summon it to project television on the wall, play music or make any | :08:56. | :08:59. | |
video call. It is the kind of ambitious project you would expect | :09:00. | :09:03. | |
to come out to look in valley. But this is Paris. Our start-up is | :09:04. | :09:11. | |
central... This man worked for Google before starting Kika. He said | :09:12. | :09:15. | |
France's already always had great engineering skills and now this | :09:16. | :09:19. | |
translating into great businesses. The leading engineers come from the | :09:20. | :09:22. | |
great schools we have here in France, one of their goals is to | :09:23. | :09:26. | |
work in a start-up, trade and a start-up or working for a start-up | :09:27. | :09:30. | |
is something that is really seen as exciting. When it comes to building | :09:31. | :09:34. | |
world-class tech firms, France has an image problem. Recipes to be a | :09:35. | :09:38. | |
lot of red tape and a cautious attitude towards investment. But | :09:39. | :09:42. | |
that is changing. And one man could now accelerate that transformation. | :09:43. | :09:48. | |
Ron, you did one of the best local start-ups and we want to thank you | :09:49. | :09:52. | |
for that. Two years ago, Emmanuel Macron was the Digital economy | :09:53. | :09:57. | |
Minister and popular with the start-up immunity. Now he is the | :09:58. | :10:03. | |
president. And at a French venture capital fund, they say this is a | :10:04. | :10:07. | |
story about the changing attitudes here. The election of President | :10:08. | :10:11. | |
Macron was a good example. He is 39 years old and has never held a | :10:12. | :10:16. | |
mandate before. The French are actually risk takers. Last year | :10:17. | :10:20. | |
there were 12,000 start-ups in France. There are 300,000 | :10:21. | :10:22. | |
enterprises, companies being created every year in France. The man behind | :10:23. | :10:29. | |
this high-end wireless speaker has been an entrepreneur for 30 years. | :10:30. | :10:34. | |
As he prepares to take this product to global markets, he says France's | :10:35. | :10:41. | |
changing. Now it is very trendy, for example, to be an entrepreneur in | :10:42. | :10:45. | |
France. That was not the case. It is changing but we have to explain | :10:46. | :10:49. | |
every day how it is important. There is bound to be a noisy debate as the | :10:50. | :10:54. | |
new president tries to change the shape of the French economy. But | :10:55. | :10:58. | |
technology firms are determined that their voices will be heard. | :10:59. | :11:02. | |
In other news: Former Royal Bank of Scotland boss Fred Goodwin | :11:03. | :11:05. | |
is expected to face investors in court later for the first time | :11:06. | :11:09. | |
since the bank's near collapse in 2008. | :11:10. | :11:15. | |
Some 9,000 people who lost money on shares are demanding ?520 | :11:16. | :11:18. | |
million in compensation from the bank and four former | :11:19. | :11:20. | |
They say they were misled over the bank's financial health | :11:21. | :11:24. | |
in the run up to its ?45 billion government bailout. | :11:25. | :11:27. | |
The bank and former directors deny any wrongdoing. | :11:28. | :11:35. | |
Stay with us and we will review other stories in the news in a few | :11:36. | :11:39. | |
minutes time. I will see you then. The party leaders in Scotland have | :11:40. | :11:46. | |
engaged in their first major debate of the election campaign | :11:47. | :11:50. | |
and there were some robust exchanges | :11:51. | :11:54. |