Transcripts For BBCNEWS Business Today 20240913

Being offered, if they dont it could face strikes on the Shop Floor at a time when its meant to be focusing on Safety And Quality control. For boeing. What is on the table is a four year contract, better retirement unless compulsory overtime. The company has also said that if it launches a new Aircraft Design in the next four years that plane would be built in the seattle region. Unions have recommended the deal, but it is far from clear whether a majority of workers will accept it. If they dont, there will be a further vote on Strike Action. This has been a difficult yearfor Strike Action. This has been a difficult year for boeing, the problem started injanuary difficult year for boeing, the problem started in january when a disused door fell off problem started in january when a disused doorfell off this 737 max shortly after takeoff was not that because the harsh spotlight on serious ongoing Quality Control problems at the Plane Maker as well as calling its commitment to safety into question once again. It revived memories of two crashes involving the 737 max five years ago in ethiopia and of the coast of indonesia in which 346 people died. And then its new spacecraft comedy starliner, develop serious flaws in its first manned mission, leaving astronauts stranded in space. For boeing than Todays Vote is key, if workers agree to the deal can focus on solving its many problems. A vote for Strike Action would make that Process Action would make that process a great deal harder. Theo leggett, bbc news. Lets hear now from the Aviation Expertjohn Strickland from jls consulting. Good morning to you, john. You and i have talked about boeing and i have talked about boeing a lot this year. I want how this will play out with a new bossin this will play out with a new boss in charge, kelly 0berg, who has been in thejob for just over a month. Who has been in the ob for just over a monthh who has been in the ob for just over a month. That new bossiust just over a month. That new boss just sent just over a month. That new bossjust sent out just over a month. That new bossjust sent out an just over a month. That Newj Bossjust sent out an email just over a month. That new i bossjust sent out an email to boss just sent out an E Mail to the Workforce Yesterday imploring them to think carefully about the way they vote today, looking for a more conciliatory relationship with the company, he has spent time on the Shop Floor and talked about the risks to boeing a strike would bring in an already challenging national environments, but the reality is feelings are running high and there is a lot of history that goes back well before he joined the business about a month ago. The company has, over a long period of time, platt over a long period of time, platt paid its workerS Pretty well, it has reduced itS Pension rates and threatened newjobs in the Seattle Area to other parts of the us, so we put that alongside the issue of what the actual Pay Award might be and some of the fringe benefits relating to Pension And Child care and so on, there really are strong emotions at state. , ~. State. Do you think the fact that The Union state. Do you think the fact that The Union has state. Do you think the fact that The Union has recommended workers do vote for this latest deal, which has, you know, come at The End of quite a lot of negotiation, is an optimistic sign that they may get this one across the line . I5 sign that they may get this one across the line . Across the line . Is certainly a ositive across the line . Is certainly a positive step. Across the line . Is certainly a positive step, but across the line . Is certainly a positive step, but the across the line . Is certainly a l positive step, but the amazing thing is the Ground Swell of emotion that has come out since that recommendation has been put forward by Union Leadership is strong, we have seen it on Social Media forums, of footage of workers outside the Production Plants around seattle. Its very difficult to tell which way it will go. Even if the Pay Award directly is rejected, a strike can only go ahead of about two thirds of the Workforce Vote for it, so it is not clear whether it will get to that level of support for industrial action. But we just have to look and see what happens in the next few hours. It is interesting, isnt it, it is a lot of workers, 30,000 we are talking about here, boeing is a big company here in the uk and it is the us, and it is the Run Up to the election. It was reminded of President Biden joining the picket line, the first time a sitting president has done this, at the big car plants. It is an interesting scenario whizzing unfolding here, isnt it . Undoubtedly, a very unusual here, isnt it . Undoubtedly, a very unusual set here, isnt it . Undoubtedly, a very unusual set of very unusual set of circumstances, as we heard in your report boeing faces enormous external challenges, it lost a lot of skilled workforce during the pandemic, itS Production levels had already been Hit Due to that, that has been worsened by the regulatory oversight telling it to hold back production. It needs a skilled workers to do the job. Needs a skilled workers to do thejob. The emotions needs a skilled workers to do the job. The emotions there of the job. The emotions there of the workers to feel listen to, to overcome what has been a van and us feeling in the Work Force that they not being listened to when it comes to Quality And Production techniques. The union has said they are the future of boeing getting back onto the ground and rebuilding its reputation, so it is really challenging, it is notjust about so it is really challenging, it is not just about the so it is really challenging, it is notjust about the Pay Increase being 25 or higher as The Union had initially asked, it is about building that emotional bridge between management and these very important workers as well. What important workers as well. What are peeple important workers as well. What are peeple saying important workers as well. What are people saying about important workers as well. What are people saying about Kelly 0rtberg so far . As we mentioned, he has been in the jobjust over a month mentioned, he has been in the job just over a month at a really critical time for boeing, he has a huge amount of experience in the aerospace actor, what is the feeling about how he is doing . So far so good about how he is doing . So far so good he about how he is doing . So far so good. He came about how he is doing . So far so good. He came in about how he is doing . So far so good. He came in with about how he is doing . So far| so good. He came in with high recommendation and good appreciation and in the short term he has spent Time Out on the Shop Floor, another important psychological factor, he has said he will be based in seattle, not in chicago, not overin seattle, not in chicago, not over in virginia as has been the case of the management of the case of the management of the last two years, i think they divorce between Leadership And Workforce needs to be resolved, so that is another critical step, resolved, so that is another criticalstep, not resolved, so that is another critical step, not only general practice but he has spent time talking to Union Leaders and Shopfloor Workers in the last few days about this Pay Award Discussion And Negotiation and is a mention, he sent an E Mail out yesterday imploring the workforce to support the company, but he understands the passion and the strength of feeling, but to make the right decision and go forward together and not risk the progress the company has made together and they need to get back onto Firm Footing financially and not to risk the customers who all feeling very sore with the Delivery Delays which are already enormous and would be exacerbated by Strike Action. G. ,. , ~ ,. , action. 0k, john, thank you. Nice to see action. 0k, john, thank you. Nice to see you. Action. 0k, john, thank you. Nice to see you. We action. Ok, john, thank you. Nice to see you. We will action. 0k, john, thank you. Nice to see you. We will see | nice to see you. We will see you soon. John strickland from jailers consulting. We will keep an eye on boeing today and we will update you when the Boeing Vote does come through. Lets stay in the us. Some on Wall Street have given their verdict on the first Tv Election Debate between Kamala Harris and donald trump. Shares of trump media, the company which operates the former president s truth social site, slumped on wednesday. Shares of donald trumps social Media Company plunged over 10 on wednesday following his debate against hiS President ial Election Rival Kamala Harris. Trump media, which operates truth social and is majority owned by trump fell to a record low, at times the stock has become a way for traders to bet on Trump Australian political fortunes and the move comes as his of winning the election have fallen to 47 , according to betting website predicted. Trump media, which went public earlier this year, is also facing me expression of a Lock Up Period Asuna september the 19th, this will enable insiders, including trump himself come to start selling shares. This May Add to pressure for the stop the mortgage has struggled badly in recent months, resulting in as once 10 Billion Market Valuation falling below 3. 5 builyan. 3. 5 1 billion. Inflation in the us has cooled to its lowest level for three years, according to officialfigures. It raises expectations the us Federal Reserve will cut Interest Rates next week. Consumer prices rose 2. 5 over the 12 months to august, aS Prices for petrol, used cars and trucks, and some other items fell. Rising living costs in the us is said to be a key issue in the Run Up to the president ial election. Joshua mahony is chief Market Analyst at scope markets. Good morning to you, joshua. Thisjust adds, doesnt good morning to you, joshua. This just adds, doesnt it, good morning to you, joshua. Thisjust adds, doesnt it, to the argument that the fed needs to cut rates now. To cut rates now. Well, i was they actually to cut rates now. Well, i was they actually there to cut rates now. Well, i was they actually there is to cut rates now. Well, i was they actually there is a to cut rates now. Well, i was they actually there is a little | they actually there is a little bit of something for everyone in this report. Essentially we saw a sharp decline, the expectation for many was a drop down to Two X 6 on the Headline Number and instead we got 2. 5 . They came from 2. 9, so a significant drop, but nonetheless we also saw the other side of the coin and that was the core readings, so if you take out the energy effects, arguably the kind of thing that the federal Reserve Wouldnt have much impact on anyway with their Monetary Policy we actually the highest monthly reading since april in that core figure, driven primarily by an uptick in terms of Housing Costs or shelter prices, which is a whopping 30 of the entire metric. So there is a little bit of something for everyone and actually people in terms of Market Pricing have pushed more towards a smaller recover from the Federal Reserve of the back of this, market is now processing at an 85 chance with they 45 Basis Point Cut. That is down from 66 that we saw previously. Certainly people moving away from the possibility that we see an oversized Rate Cut from the Federal Reserve next wednesday. And adjust the news we got Yesterday Kind of underline the fact that the fed, through its increases of Interest Rates, has managed to tame inflation finally in the worlds biggest economy . Adjusted to the news. Economy . Adusted to the news. , economy . Adusted to the news. ,. ,. ~ news. Ultimately were not back down to target, news. Ultimately were not back down to target, but news. Ultimately were not back down to target, but it news. Ultimately were not back down to target, but it takes news. Ultimately were not back down to target, but it takes us | down to target, but it takes us to a position where the Federal Reserve at least can say we are near enough there, we are in the Mid Twos and we are in the right trajectory and then rather for weight does matter rather for weight does matter rather than waiting them to hit the target and then cutting Interest Rates, by which point you would say arguably it is too late, they certainly made the same mistake on their way up the same mistake on their way up when inflation rose, instead it feels like they are going to be able to move ahead of time this time around. But really the Question Mark about 25 basiS Point, a 50 Basis Point Cut comes down to Market Expectations but also Market Confidence of whether the Federal Reserve think we are only cusp of a recession, that has been a big Ticket Item recently, and the Market Reaction was a huge reversal, we saw an initial one decline for the nasdaq, closed up 2 , 3. 5 swing over the course of the day, including market is really struggling to understand exactly what their view is, whether it is good or bad, that we see an Undersize Cut of 25 basiS Points. BasiS Points. 0k, joshua mahony. BasiS Points. 0k, joshua mahony, thank basiS Points. 0k, joshua mahony, thank you basiS Points. 0k, joshua mahony, thank you for L Basis points. 0k, joshua i mahony, thank you for your time. Lets stay on the subject of Interest Rates. The European Central Bank meets again today and most economistS Predict it will cut the cost of borrowing at this meeting. Inflation nearly hit the ecbs 2 target in august, at 2. 2 and Wage Growth is slowing. Also economic growth in the eurozone is sluggish. Christine lagarde and her team announced a cut in the main Interest Rate Injune from an all time high of 4 to three point 75 and markets are expecting two more cuts this year. 3. 75 . 3. 75 . Markets are expecting at least two more cuts this year. Lets explore this with Kallum Pickering, Chief Economist at peel hunt. Good morning to you, kallum. Are you with the 80 or more of economists who have been bold to believe we will see a rate Cut Today in europe . To believe we will see a rate Cut Today in europe . Yes, i am. The policymakers Cut Today in europe . Yes, i am. The policymakers at Cut Today in europe . Yes, i am. The policymakers at the the policymakers at the European Central Bank have virtually signalled this beforehand, so it should be uncontroversial. The question is what will they signal about future such moves, the market is expecting one more cut before The End of the year, think, but there is a risk they go two or a chance they go two because the economy seems to be slowing more than than they had anticipated full what are the challenges for the ecb . Thea;a challenges for the ecb . They alwa s challenges for the ecb . They always imagine challenges for the ecb . They always imagine a challenges for the ecb . They always imagine a Job Challenges for the ecb . They always imagine a job is always imagine a job iS Particularly hard because the eurozone is so diverse. Thats ri. Ht, eurozone is so diverse. Thats right. They eurozone is so diverse. Thats right, they have eurozone is so diverse. Thats right, they have many eurozone is so diverse. Thats right, they have many more l right, they have many more economies to try and balance but the key thing about the eurozones is very exported trade oriented, depends a lot on foreign energy, on foreign input, and we are in a world of uncertainty when it comes to external supply and any one of those shocks could restart the inflationary process. That said, growth is slow, inflation is coming down, so the ecb wants to easeS Policy to try to help the economy is very conscious in doing so it may at some point suddenly find itself in another inflationary trap. Since Russias Invasion of ukraine at this time of your people have been a little bit nervous about what the winter months could mean for europe in terms of energy prices, but do you think that actually europe has stored enough energy, we should be fine now, thats not something we have to be concerned about, inflationary pressure during the winter months . Months . Thats right, Consumers Bu a months . Thats right, Consumers Buy a nice months . Thats right, Consumers Buy a nice will months . Thats right, Consumers Buy a nice will be months . Thats right, Consumers Buy a nice will be fine, months . Thats right, Consumers Buy a nice will be fine, most buy a nice will be fine, most businesses will be fine. The remainer in parts of Industry And Core europe where the chemicals industry, for example, needs a lot of an expensive gas, cant get the gas it needs, it needs to use other Energy Sources which just dont work for that kind of industry, but for most people are most businesses it wont be are most businesses it wont be a problem. Prices are still elevated relative to where they ought to be, but a big surge from an ngo ought to be, but a big surge from an n60 is likely unless something is badly wrong somewhere in the world. Just cuickl , somewhere in the world. Just quickly. Are somewhere in the world. Just quickly, are we somewhere in the world. Just quickly, are we looking at rates across europe at 3. 5 . Thats right, probably by year and they will be 3 . Thats right, probably by year and they will be 3 . Thank you very much. And they will be 3 . Thank you very much, kallum and they will be 3 . Thank you very much, Kallum Pickering i very much, Kallum Pickering there. Around the world and across the uk, this is bbc news. This is business today, im sally bundock. Britain needs to work harder to develop E Commerce aS Part of its international trade strategy. Thats according to a new report by the E Commerce Trade Commission. Specifically it recommends better adoption of trade technologies, increasing support to target emerging markets and developing female led businesses to start exporting. Marco forgione is the chair of the E Commerce Trade Commission and Director General of the chartered institute of export international trade. Good to have you with us. Tell us more about your recommendations. ,. , recommendations. Sadly, the ecommerce recommendations. Sadly, the Ecommerce Trade recommendations. Sadly, the l ecommerce Trade Commission recommendations. Sadly, the ecommerce Trade Commission is E Commerce Trade Commission is an Industry Led Commission looking at how we can get more uk smes, micro, small, and medium enterprises trading online, a social Market Foundation Report in 2023 identified that there were 70,000 Uk M smes that could be trading across borders but wont, only difference that would make would be about £9. 3 billion of additional revenue into the Uk Economy and when we look at the recent results of how the Uk Economy iS Performing that makes a significant difference. [30 performing that makes a significant difference. Do you think brexit significant difference. Do you think brexit has significant difference. Do you think brexit has something. Significant difference. Do you | think brexit has something to do with this . That the thought of trying to cross borders now is too difficult for some so they dont go there . It is too difficult for some so they dont go there . They dont go there . It is clear since they dont go there . It is clear since brexit they dont go there . It is clear since brexit the they dont go there . It 3 clear since brexit the number of Msmes Trading into the eu has dropped considerably but there are other issues affecting trade, some of that is to do with the war in ukraine, the crisis in the Red Sea and also the general global economy. But setting all of that aside, we have to develop an attitude and a culture in Uk Businesses that see exporting just as a natural part of doing business. We have to refind that Buccaneering Spirit of uk trading, because there are huge opportunities, as identified in the Report Stop if we were to target some of those high growth developing markets there is huge potential. Uk products and services are in demand, Wejust Need products and services are in demand, we just need to encourage and provide the support for Uk Businesses to take those opportunities. What take those opportunities. What is the most take those opportunities. What is the most important take those opportunities. What is the most important thing then that can be provided and ljy then that can be provided and by whom to encourage these small businesses to go global . This is about partnership between business, between non governmental bodies such as international trade bodies, and, indeed, government. In the three areas you have identified, trade tech, about Trading New skills, about making sure you have got access to reliable broadband. This support for female lead businesses, were looking at Mentorship Programmes and direct support again around Trading Qualifications and advice and guidance. Third part is making sure that the Advice Thatis is making sure that the advice that is available is easily accessible and the development of a 1 Stop Shop is a foundational plank of the commissions findings. {lilia commissions findings. 0k, marco forgione, commissions findings. 0k, marco forgione, thank commissions findings. 0k, marco forgione, thank you for joining us. Lets get some of the days other news now. An eu based regulator has opened an inquiry into whether google adequately protected users search data before using it to help deevelop its ai tool, known as Pathways Language Model 2. Irelands Data Protection Commission is undertaking the work as the Lead Eu Regulator for most of the top eu firms, as theyre based in ireland. Last week the social Media Platform X agreed not to train its Ai Systems using personal data collected from users in the european union. Thousands of people in Buenos Aires have gathered to protest a president Ial Veto on a bill to raise pensions. That vetos been upheld by argentinas congress, much to the ire of pensioners struggling with the cost of living. Inflation in the country has fallen from a high of over 25 last december to 4. 2 in the latest data from august. Global sales of fully electric and Plug In Hybrid vehicles rose by 20 year on year in august, according to Market Research Firm rho motion. Thats despite falling by a third in europe. In china theres been a boom in Ev Sales to record levels. Thats the worlds biggest ev market, where sales are expected to reach ten and a half million this year. In august alone, nearly 1. 5 million ev vehicles were sold worldwide. Japans Space Exploration Company ispace is to launch a second Moon Landing Mission possibly as early as december. An earlier touchdown in april last year failed in the final moments due to an altitude miscalculation. Its Chief Executive said the spacecraft delivered by a Spacex Falcon 9 rocket from florida would attempt a Moon Landing Afterfour to five months of space flight. Before we go, lets head to france where the Paris 0lympics and paralympics may have wrapped up but that is not the case for those competing in the skills 0lympics, which is now taking Centre Stage in lyon. And a 31 strong team of Young British apprentices and students are currently battling it out against their global counterparts at Worldskills Lyon 2024, theyre competing in 27 different disciplines including cyber security, Cooking And Hairdressing at the worlds largest international skills competition. Joining me now is ben blackledge, Chief Executive of Worldskills Uk that selects and intensively trains the british team. Welcome to the programme. So, how are we welcome to the programme. 5rr, how are we doing . Welcome to the programme. 5c, how are we doing . So, welcome to the programme. 5 3, how are we doing . So, we welcome to the programme. 5r3, how are we doing . So, we have just finished Day One and we are doing brilliantly well. indistinct and you can lose it and actually all of the team have done amazingly well. They have done amazingly well. They have trained for this for 18 months. Actually, it is really coming to bear and it is unto them to really shine and show their skills in the national space. Were really proud. 50. Space. Were really proud. So, talk us through space. Were really proud. So, talk us through some of the stars in yourteam. Talk us through some of the stars in your team. Talk us through some of the stars in your team. So, they are all stars. Stars in your team. So, they are all stars. They stars in your team. So, they are all stars. They have stars in your team. So, they l are all stars. They have gone through a vigorouS Process of vetting. We are at Worldskills Uk, we have about 15,000 young people and they have forced their way through to be select did aS Part of the uk. Stars across the board. We have a really strong showing. So really strong showing. So really hopeful of her performance and we have someone in plumbing who is from a Family Business in the south of wales and is doing amazingly well, looking at both traditional Plumbing Methods and renewable Energy And Heat Source Conservation and all those kinds of things. Across the board we have real hope in terms of the competition, we have people there who are a good showing for us. {lilia have people there who are a good showing for us. 0k, ben, thank you good showing for us. 0k, ben, thank you for good showing for us. 0k, ben, thank you forjoining good showing for us. 0k, ben, thank you forjoining us. Good showing for us. 0k, ben, thank you forjoining us. We i thank you forjoining us. We will wrap that up sooner than expected because that Audio Link with you is a strong. Apologies if you are struggling to follow what ben was saying, but talking to some of those competing in that Worldskills Competition in lyon, which is well under way, and good luck to the british competitors in that. Let us have to the british competitors in that. Let us have a to the british competitors in that. Let us have a quick to the british competitors in that. Let us have a quick look at financial markets. It was a strong and today on Wall Street. We look at age at the moment, japan up over 3 , a very strong session going on in tokyo. Hong kong up 8 as well. Interesting to see that the yenda is on the move. There is a lot of discussion about what the Bank Ofjapan might do with Interest Rates, which is causing The End to be on the move. Being at the next board, you can see the strong day in asia follows a strong close for the Nasdaq Comedy Tech weighted Index Up over 2 as is the S P 500, these markets are extremely volatile and will be right up to the by the Federal Reserve does make his decision, which is next week. The us central bank as it makes its move is widely expected to be cutting the cost of borrowing in the us. Thats what markets globally are very much focused on. That is all from business today. Thanks for your company. I will see you soon. Hello. On wednesday, we had a chilly, Northwesterly Airflow across the uk and that brought us a mixture of sunshine and showers, some of those showers really dramatic. A beautiful strike of Foot Lightning there in nottinghamshire, and in the same county, so much hail, late afternoon, that it completely covered the roads and pavements in newark on trent. The showers then were particularly widespread. Im showing you this because weve got a similar look to the Weather Forecast as we head into thursday. So here we go. Weve got that Chilly Flow Of Northwesterly Air coming down from polar regions, and as that cold air gets heated by the seas, well, thats what makes the showers. So as long as this Cold Feed of air continues to work in, so, too, will the showers. For the time being, though, most of the showers are actually draped around coastal areas, inland areas at the moment largely dry with clear spells and its cold. Temperatures starting off the day in the coldest spots down to around about two Degrees Celsius, cold enough even for a nip of ground frost. So a really cold start for a september morning, thursday morning, but loads of sunshine, showers from The Word go around coastal areas. As we go through the day, and those temperatures rise, so the showers will start to break out across inland areas from the late morning and into the afternoon. Some of the showers will be heavy with Hail And Thunder and theyll be very widespread, so most places will see a downpour or two through the day. Temperatures about ten to 16 degrees and probably the heaviest showers come the afternoon, i think, across the midlands and eastern england. By friday, we see an area of high Pressure Build across the uk, so thats going to kill the showers. Its going to be another very cold start to the day, lots of morning sunshine, but this time were going to start to see some Rain Move into Northern Ireland towards The End of the day. Another cold day for the time of year. Temperatures about four Degrees Celsius below average for september. All change, though, into the weekend. An area of low pressure is going to be bringing some wet and windy weather. Could get gusts of wind of around 50 to 60 miles an hourfor the North West of scotland, with the Rain Piling in here and really accumulating. Southern and eastern areas should stay dry with some sunshine, and with the winds coming in from a south westerly direction across the uk, so temperatures are going to leap upwards, closer to average for the time of year, with highs of 16 to 19 degrees, and it looks as we head into next week, High Pressure is going to dominate. So loads of dry weather around next week, with temperatures close to or perhaps even running a little bit above average, with some warm sunshine. Good morning, welcome to breakfast with Naga Munchetty and charlie stayt. 0ur headlines today. In a critical condition. A new report on the state of the nhs warns Waiting Times and Treatment Delays in england are harming health and costing lives. A stark warning on the reality facing unpaid carers as one charity estimates that almost 1 Million are living in poverty. Mr bates vs the Post Office scoops three National Television Awards but the real life subpostmasters remind the Celebrity Audience that theyre still waiting for compensation. What id like you to know is, i went to westminster a couple of weeks back and saw the new minister. And trust me, nothing has changed. Good morning. A disasterfor carrots, and i am in york to find out what went wrong in The Field last year to push up prices on the fork this year. Englands cricketers are blown away on the south coast. Their old rivals australia leave them floundering in their first T20 Match as the september short Format Series gets under way in southampton. Good morning. You might want an extra layer this morning, its