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Now it is time for World Business Report. | :00:00. | :00:15. | |
Opec meets to check who is sticking to the rules on production cuts, | :00:16. | :00:22. | |
as the price of oil continues to flag. | :00:23. | :00:25. | |
We take a look at the cost of delivery around the world, | :00:26. | :00:30. | |
starting in Turkey, which has the highest rate of C-sections | :00:31. | :00:33. | |
Welcome to World Business Report, I'm Sally Bundock. | :00:34. | :00:43. | |
Also in the programme: Financial markets start the week | :00:44. | :00:46. | |
And South Korean courts are holding their closing arguments in the trial | :00:47. | :00:56. | |
of Samsung's Jay Y Lee. For most of us, a lower oil | :00:57. | :00:59. | |
price is a good thing. It means it costs less | :01:00. | :01:03. | |
to fill up our cars, and if you run a business, | :01:04. | :01:05. | |
transport and energy But for the countries that sell oil, | :01:06. | :01:08. | |
lower prices is a real headache, which is why Opec, the cartel | :01:09. | :01:13. | |
of 14 leading producers, Today and tomorrow, | :01:14. | :01:18. | |
they are meeting in Abu Dhabi. Since January, Opec and 11 other | :01:19. | :01:22. | |
oil-producing countries have been aiming to reduce global supply | :01:23. | :01:25. | |
by almost 1.8 million barrels a day. That is around 2% of everything | :01:26. | :01:28. | |
the world produces. OPEC hasn't formally said | :01:29. | :01:30. | |
what its target price for oil is. But the world's biggest supplier, | :01:31. | :01:36. | |
that's Russia, a non-Opec member, has based its government budget | :01:37. | :01:39. | |
on oil selling at $40 per barrel. The biggest and most | :01:40. | :01:42. | |
influential OPEC producer, But not all the countries involved | :01:43. | :01:50. | |
have cut production sufficiently. While OPEC members have done far | :01:51. | :01:54. | |
better at meeting their targets than non-members, collectively, | :01:55. | :01:57. | |
they didn't do everything they said they would in any of the first six | :01:58. | :02:00. | |
months of this year. With me is Nitesh Shah, | :02:01. | :02:07. | |
commodities strategist at ETF Good morning. What will they | :02:08. | :02:27. | |
achieve, if anything, in the next 48 hours? Well, I think the worst | :02:28. | :02:30. | |
offenders will get a slap on the wrist and will be told to do better. | :02:31. | :02:34. | |
Quite frankly there is not a lot that OPEC can do. They don't have a | :02:35. | :02:39. | |
system for any sanctions or any ability to get non-compliant | :02:40. | :02:42. | |
countries into line. And the non-compliant countries are who? | :02:43. | :02:46. | |
Shall we name and shame them? Well, it Iraq, the UAE, Gabon have been | :02:47. | :02:53. | |
performing badly recently within OPEC and then you have countries | :02:54. | :02:57. | |
outside of OPEC who are part of the deal, like Kazakhstan, who have been | :02:58. | :03:02. | |
hit badly as well. And in terms of the countries exempt from production | :03:03. | :03:05. | |
cuts in November, will some of those come on-board? For example Nigeria? | :03:06. | :03:11. | |
Yes, so Nigeria in it last meeting indicated it was willing to join the | :03:12. | :03:15. | |
pact at a production level higher than what they are producing | :03:16. | :03:19. | |
already. So it is not really doing much to bring well-balanced into | :03:20. | :03:23. | |
line. And why has the price of oil not been pushed up more than perhaps | :03:24. | :03:31. | |
it has? Is it to do with shale production going on? -- world | :03:32. | :03:37. | |
balances. We live in a different world in terms of production | :03:38. | :03:41. | |
globally than a few years back. US shale oil is much larger and more | :03:42. | :03:45. | |
nimble and industry. As soon as you get prices around the $50 mark the | :03:46. | :03:51. | |
production of US oil can increase substantially. It only takes about | :03:52. | :03:55. | |
$40 a barrel for US oil companies to break even. So what will Saudi | :03:56. | :04:00. | |
Arabia do about this? For Saudi Arabia it is extremely important the | :04:01. | :04:04. | |
oil price remained higher, especially as it is trying to | :04:05. | :04:09. | |
privatise its leading oil companies. That's right, Saudi Arabia needs a | :04:10. | :04:16. | |
much higher oil price. It has valued Saudi Aramco at around $80, around | :04:17. | :04:23. | |
$60 is what it would be satisfied with. It probably needs to cut | :04:24. | :04:26. | |
deeper it self and hope other countries follow suit. And of course | :04:27. | :04:32. | |
Aramco is coming to the market at some point, that is the idea. | :04:33. | :04:37. | |
Sometime around 28 they hope to sell part of the company and they need | :04:38. | :04:40. | |
that money to fill their coffers. And we shall keep an eye on that | :04:41. | :04:44. | |
OPEC meeting under way today and tomorrow in Abu Dhabi. | :04:45. | :04:47. | |
South Korean prosecutors are holding their closing arguments | :04:48. | :04:49. | |
in the trial of Samsung's heir apparent this morning. | :04:50. | :04:52. | |
Mariko Oi joins me now from our Asia business hub in Singapore. | :04:53. | :04:57. | |
Nice to see you. So this is Jay Y Lee. What is the outlook? Well, we | :04:58. | :05:06. | |
haven't seen any new lines just yet, but it is an ongoing trial, and as | :05:07. | :05:11. | |
you say, but closing argument is taking place this morning. It has | :05:12. | :05:15. | |
been dubbed the trial of the century, involving the country's | :05:16. | :05:19. | |
former president, the acting boss of Samsung, as you mentioned, Jay Y | :05:20. | :05:24. | |
Lee, and of course the President's friend. South Korean prosecutors are | :05:25. | :05:28. | |
holding their closing arguments in the trial against him, and he has | :05:29. | :05:33. | |
been denying bribery and embezzlement charges, but he is | :05:34. | :05:37. | |
accused of offering nearly $40 million to the President and her | :05:38. | :05:42. | |
friend in exchange for government support of a merger of two Samsung | :05:43. | :05:49. | |
subsidiaries. Mr Lee could face up to five years in prison if he is | :05:50. | :05:53. | |
found guilty, even longer if he is also convicted on the embezzlement | :05:54. | :05:59. | |
charges. Many bosses of these conglomerates have been accused or | :06:00. | :06:04. | |
even charged with bribery in the past but it is very, very unusual to | :06:05. | :06:08. | |
see a founding family member of such a massive company being indicted. | :06:09. | :06:14. | |
OK, for now, thank you very much indeed. | :06:15. | :06:15. | |
Around the globe, caesarean section rates have increased dramatically, | :06:16. | :06:17. | |
even as a large amount of them are not medically required. | :06:18. | :06:20. | |
While the average rate is 28% amongst OECD countries, | :06:21. | :06:22. | |
in Turkey, more than half of babies are born by C-section, | :06:23. | :06:25. | |
For this mother of one, life has not always been a walk in the park. On | :06:26. | :06:52. | |
the 36th week of her pregnancy, her doctor said she did not have enough | :06:53. | :06:57. | |
amniotic fluids left in her womb. She was taken urgently to a | :06:58. | :07:02. | |
Caesarean delivery. TRANSLATION: Women who give natural birth talk | :07:03. | :07:06. | |
about how they embrace their babies immediately, how they bonded, how | :07:07. | :07:10. | |
they felt their baby's arrival. I had to postpartum depression after | :07:11. | :07:16. | |
birth. Was I about mother? Could I not take care of myself? Was that | :07:17. | :07:21. | |
white I had to have a c-section? Here at this hospital, a babies are | :07:22. | :07:24. | |
born today, five of them by Caesarean section. See section is a | :07:25. | :07:28. | |
rather popular in Turkey. Over 50% of babies are born not by natural | :07:29. | :07:33. | |
birth but I these operations. That rate is the highest among OECD | :07:34. | :07:37. | |
countries. But why do so many expecting mothers go through these | :07:38. | :07:41. | |
operations? Is it by choice or by necessity? The increase of Caesarean | :07:42. | :07:48. | |
sections are due to a range of factors, including the rise of the | :07:49. | :07:53. | |
first births among older women, and multiple births resulting from IVF | :07:54. | :07:58. | |
treatment. But are all of these Caesarean sections medically | :07:59. | :08:02. | |
justified? Five years ago, Turkey adopted a law making it the first | :08:03. | :08:07. | |
country to punish elective Caesarean sections, but it still has one of | :08:08. | :08:11. | |
the highest rates of C sections among developed economies. Doctors | :08:12. | :08:14. | |
say the reasons for that are many, but that it is not about money. We | :08:15. | :08:21. | |
don't do more than we do see section as a doctor. The hospitals, yes, | :08:22. | :08:29. | |
maybe. Of course. But they don't push the doctors. If the patients as | :08:30. | :08:38. | |
that, I am really afraid of having a natural birth, so what can I do as a | :08:39. | :08:45. | |
doctor? Most Turkish women these days hope to give birth naturally, | :08:46. | :08:49. | |
but of course, things don't always go according to plan. | :08:50. | :08:59. | |
We are asking whether it is right that surgeons make money out | :09:00. | :09:04. | |
Let us know your thoughts at #BusinessOfBirth. | :09:05. | :09:16. | |
In other news: The UN Security Council unanimously | :09:17. | :09:18. | |
approved tougher sanctions over the weekend against North Korea, | :09:19. | :09:21. | |
which could cost the country $1 billion a year. | :09:22. | :09:23. | |
The US and China agreed to the new measures after a month | :09:24. | :09:26. | |
of talks, with the hope they will pressure Pyongyang back | :09:27. | :09:29. | |
Britons could obtain more control over what happens to personal | :09:30. | :09:35. | |
information, under proposals outlined by the Government. | :09:36. | :09:37. | |
Citizens will be able to ask for personal data, | :09:38. | :09:39. | |
or information posted when they were children, | :09:40. | :09:41. | |
The proposals are part of an overhaul of UK data protection | :09:42. | :09:48. | |
laws drafted by the Digital Minister, Matt Hancock. | :09:49. | :09:59. | |
Let show you financial markets really quickly. They are having a | :10:00. | :10:04. | |
really good session, with markets, you can see the Japanese Nikkei | :10:05. | :10:11. | |
above 20,000. The Dow Jones industrial average closing above 20 | :10:12. | :10:16. | |
2000. Good news about the US Labour market on Friday boosting sentiment | :10:17. | :10:21. | |
in Asia today so a ten year high for many of these markets across Asia as | :10:22. | :10:24. | |
we start a brand-new trading week. I will see you in a minute for the | :10:25. | :10:27. | |
News review. Stay with us. The police watchdog in Scotland | :10:28. | :10:33. | |
is investigating after officers | :10:34. | :10:37. |