Transcripts For BBCNEWS Business Today 20240926

Of retail is changing. Well hear from The Boss of ingka about what it means to go phy gital. Live from london this is Business-today'>Business Today, im sally bundock. We start in the united states, where Donald Trump haS Pledged the us would take other countries� jobs if he returns to the white house. Hes laid out hiS Plans to slash taxes, lower Energy Costs and regulations for manufacturers that made goods on us soil. At a Campaign Rally in savannah, georgia, trump promised a Manufacturing Renaissance reiterating hiS Pledge to punish american companies that manufactured outside the us, and slap large tariffs on foreign made goods to protect us industries. Not only will we stop our Businesses from leaving for foreign land but under my leadership we are going to take other countries jobs. Leadership we are going to take other countriesjobs. Ever leadership we are going to take other countries jobs. Ever hear that expression before . That we are going to take other countries jobs, are going to take other countriesjobs, never are going to take other countries jobs, never have are going to take other countriesjobs, never have been stated before. We are going to take their factories and we had it really rocking four years ago. We are going to bring thousands and thousands of Businesses and trillions of dollars of wealth back to the good old usa. Meanwhile, Vice President Kamala Harris is expected to give a speech later setting out her vision for the us economy. Its a key area for her in polls voters have consistently favoured her Election Rival Donald Trump on stewardship of the economy, although she has been gaining ground in this area recently. Terry haines is a political analyst with pangaea policy. Good to happy the programme. Take us through what Donald Trump was saying at this valley Last Night. Trump was saying at this valley last niuht. M,. , trump was saying at this valley Last Night Last Night. Most of what this is is a direct Last Night. Most of what this is is a direct appeal Last Night. Most of what this is is a direct appeal to Last Night. Most of what this is is a direct appeal to swing voters. In is is a direct appeal to swing voters. ,. , is is a direct appeal to swing voters. , , voters. In swing stateS People are undecided. Voters. In swing stateS People are undecided. Think voters. In swing stateS People are undecided. Think about i voters. In swing stateS People are undecided. Think about it| are undecided. Think about it as the fact of the debate over whether or not us steel should be bought by Nippon Steel or not was American Pride are reassuring not only american industries but americanjobs. Industries but american jobs. That industries but americanjobs. That sort of thing. Things that are designed to pump up a base that already is approached from. Trump strategy and those Swing States frankly is to try and get so much enthusiasm from people already euphoria, but they overwhelm the enthusiasm of Harris Motors in those states. ~ of Harris Motors in those states. , states. Will because the argument states. Will because the argument of states. Will because the argument of that states. Will because the argument of that be states. Will because the | argument of that be 2096 states. Will because the argument of that be 2096 Tariffs Argument of that be 20 tariffs on all goods coming into the us that will lead to inflation, Business'>Hope Business that paid for components from overseas, the kind of thing. All that wash with the voters, do you think . I think it probably wont. You have to remember you and i would talk about american economy from a basis of talking about inflation. But how people are experiencing that, working clasS People in those dayS Particularly really comes down to high prices. When there are complaints from economists, from Wall Street, Kamala Harris about the knock on effect of all of this, but tends to get discounted. What people here is Piechota Appeal and what they hearfor Piechota Appeal and what they hear for the first time in a couple of generations is an interest in reassuring and invigorating manufacturing. It has some appeal. We invigorating manufacturing. It has some appeal. Has some appeal. We are expecting has some appeal. We are expecting a has some appeal. We are expecting a not has some appeal. We are expecting a not today has some appeal. We are l expecting a not today more detail from expecting a not today more detailfrom Kamala Harris about what her economic ideas are. She does talk about the opportunity she will create. What is she going to lay out . Harris nibbles around the edges on a lot of things. There are a number of practical does the oprah election after the american Talk Show Host Oprah Winfrey famous for giving away things in her chat show. What harris wants to give away things like Child Tax credits starting up Businesses and first time Homebuyer Incentives expressing a lot of empathy with difficulty of providing and getting housing. That sort of thing. I think you will hear more of that. At the centre of the Paris Appeal is her own personal experience as a member of the middle class from the she was a child. I would expect her to emphasise that middle Class Appeal in her economic talks this week. MiddleClass Appeal in her economic talks this week. Thank ou so economic talks this week. Thank you so much. Economic talks this week. Thank you so much, good economic talks this week. Thank you so much, good to economic talks this week. Thank you so much, good to get economic talks this week. Thank you so much, good to get your. You so much, good to get your take on things. And we will update you on whatever candidates say on the economy and Business-today'>Business Today but now lets move onto Wall Street. Still waiting an optimistic wave with another Record Close for the main markets. In the meantime Wall Street is still riding an optimistic wave with another Record Close for the main markets the dow and the S P 500 despite the much weaker than expected Consumer Confidence data. Michelle fleury was watching all the action in new york. The Dowjones Industrial Average rose 84 points, marking its fourth Record Close in a row. The S P 500 was up three tenths of a percent to hit its 41st Record Close of the year, whilst the nasdaq rallied six tenths of a percent. Now, Consumer Confidence suffered its biggest one Month Decline in more than three years. The data followed a warning from jp morgan Chase Ceo Jamie dimon about geopolitical instability getting worse. Meanwhile, visas Share Price fell more than 5 after the us Justice Department sued americas largest card network, accusing the company of illegally monopolising the Debit Card Market and driving up prices for Businesses and consumers. Lifting us financial markets, well, there was a sharp rise in Al Darling nvidias stock price. That was after the company said its ceo, jensen huang, was done Selling Stock in the Chip Maker for now. And Chinas Wave of stimulus to jolt its ailing economy, well, that also boosted us stocks that have exposure to china. So far this week, it has been light on the economic front, with investors still digesting that Rate Cut from the federal reserve. But on the economic calendar, things should pick up as the week goes forward. Now if you were watching us this time yesterday we talked about crowdstrike the Cybersecurity Firm that sparked a global Computer Crash that had huge implications in july. Thousands of flights were grounded around the world banks and financial services were hit the nhs and much more. During a grilling in congress The Boss of crowdstrike apologised again for the disruption. Our North America Technology Correspondent Lily Jamali reports. Massive Tech Outages are impacting airlines, Businesses, offices, companies worldwide. The global it Outage Onjuly 19th Led to aeroplanes being grounded, medical appointments being cancelled and broadcasters going off air. But how did such a massive error happen . Thats what lawmakers here on Capitol Hill were hoping to find out today. Members of congress had asked to question Crowdstrikes Ceo George kurtz, but the company sent its head of counter advisory operations, adam meyers, who didnt take questions on his way into the hearing room. Whats your message for Lawmakers Today . Meyers instead staring straight ahead, a Press Handler saying he would speak only with lawmakers. Meyers began with an apology. Were deeply sorry and we are determined to prevent this from ever happening again. The outage occurred after a Rogue Software Update sent by crowdstrike disabled up to 8. 5 million computers using Microsoft Operating systems. Who made the decision to launch the update . Did ai do that or did an individual do that . Al was not responsible for making any decision in that process. It iS Part of a standard process. We release 10 12 of these updates, content updates, every single day. Are we going to disneyland . Were going to disneyland right now its a dayjo would sooner forget. She saved her wages to take herfamily on vacation. Instead, they encountered a travel nightmare. No explanation whatsoever. Everybody was just crowding around the people who worked at the airport, and they were just like, we dont know whats going on. Now come the lawsuits. At least one major us air carrier, delta, has vowed to take legal action. Shareholders of crowdstrike have already sued, saying the company concealed the inadequacy of its testing processes. Lily jamali, bbc news, washington. The global Shipping Industry is moving too slowly to meet its critical 2030 emissions target. Thats according to a report published today by the global maritime forum. The industry has set itself a target of having zero emission fuels account for 5 of all fuels by 2030 but the report says its in danger of falling irreparably behind its climate goals unless action is taken in the next 12 months. Jesse fahnestock is director of decarbonisation at the global maritime forum. This is your report out today. Explain why the next 12 months is so critical. Is so critical. Thanks for havin is so critical. Thanks for having me. Is so critical. Thanks for having me. The is so critical. Thanks for having me. The contact| is so critical. Thanks for i having me. The contact is important. The International Maritime Organisation Global Back letter for shipping set an ambitious strategy for full decarbonisation. In order to get shipping has to move from being basically entirely Fossil Fuel to using new fuels do not really available today. Bring most fuels to target by 2030. What we are seeing is that while a lot is happening, has been a quite a lot of activity, we think the pace of change as may be slowed down a bit and not keeping up with what is required. Is not keeping up with what is reuuired. , not keeping up with what is required required. Is it impacted by weiaht required. Is it impacted by weight is required. Is it impacted by weight is going required. Is it impacted by weight is going on required. Is it impacted by weight is going on in required. Is it impacted by weight is going on in the l required. Is it impacted by. Weight is going on in the red sea, causing Shipping Companies to have to reboot, etc, is that causing it the delay may be decisions on green technology or not . Does that have any effect on this . I or not . Does that have any effect on this . Or not . Does that have any effect on this . I dont think so. Effect on this . I dont think so those effect on this . I dont think so. Those Situations Effect on this . I dont think so. Those situations have l so. Those situations have created some increase in emissions. What we are talking about is moved to new fuels. The single most important factor there iS Policy. The imo is in the process of negotiating right now. It will be definitive for healthy energy use the transition to new fuel in the future. What would be new fuel in the future. What would be the new fuel in the future. What would be the game new fuel in the future. What would be the Game Changer| new fuel in the future. What l would be the Game Changer in terms of progress here . The most important terms of progress here . Tue most important thing terms of progress here . Tte most important thing is terms of progress here . Tt2 most important thing is what the imo does in the next four months. The strategy adopted last year will be turned into policies that create incentives and rules that guide the industry. It is important those negotiations go well. Negotiations go well. Thanks forjoining negotiations go well. Thanks forjoining us. More of us are moving away from using cash, paying instead with cards or using our phones. Banking industry data in the uk shows the majority of people aged under 35 make contactlesS Payments regularly with a Smart Phone or watch. So will we need to carry a Wallet Or Purse around with us anymore, or is that tradition on the way out . Our personal finance correspondent, kevin peachey, has been finding out. Deep in the leicestershire countryside, this Barn Isnt Home to a trendy microbrewery but a Business thats much more rare in the uk a micro tannery. Out of these giant reclaimed drums come the beginnings of Quality Leather thats come from Deer And Goat skins that otherwise would have gone to waste. These big drums here are a bit like a large washing machine, basically. And inside these, we tumble the hides, and by The End of the process, weve got leather that we can turn into products, bags, wallets, that type of thing. Those wallets are carefully crafted in a nearby workshop, piece by piece, One By one. But is there much point in all this Skill And Intricacy to create a Leather Wallet when the majority of 20 somethings are using one of these, rather than cards and cash, to make their day to day payments . Figures from the Banking Industry show 30 of all adults we do pay contactless on our phone, dont we . On your phone . Yeah . So everythings in that, right . Pretty much. And there are things that you need money for. Like, wevejust been to the barbers. So. You do have cash for that. Yeah, i get paid cash. So its all right. Its not too bad for us. We only take cash in here as well. Just use my phone. Its much easier. I dont have cash any more. And if i do, itsjust in my bag. Yeah. And never comes out . No, yeah. Its going mouldy, probably do you still carry one of these . What, a wallet . Or do you ever carry one of these . A wallet, yeah. Of course. Yeah . Always. Prefer a wallet to paying with your phone . Probably, yeah, id say so. Over the years, weve seen demand for a classic wallet, so we designed one of those. And it always surprises me how many of those we sell. So for now at least, it seems many still want to carry the physical money to make our world go round. Kevin peachey, bbc news. Around the world and across the uk. This is bbc news. Aberdeen will be the home of the new state owned energy company. The Prime Minister told hiS Party conference that great british energy will operate out of the city. It will not supply power to homes, but will help fund new and existing clean technology, as well as small and medium sized renewable energy projects. Well lets go live to edinburgh and join independent Markets Analyst Anna Macdonald i understand there will be sites in glasgow and edinburgh. Talk us through how important this is to scotland. Tt is talk us through how important this is to scotland. This is to scotland. It is good news for this is to scotland. It is good news for scotland, this is to scotland. It is good news for scotland, i this is to scotland. It is good news for scotland, i dont i news for scotland, i dont think it is entirely unexpected. The aberdeen has been behind for the Oil And Gas industry for several decades. I think there were concerns about the Government Approach to ongoing levies on the industry here. That was becoming a bit of a political football. Here. That was becoming a bit of a politicalfootball. The S P, the Oil And Gas bills may be under threat. Be under threat. There is still a lot of confusion be under threat. There is still a lot of confusion anyway be under threat. There is still a lot of confusion anyway as i be under threat. There is stilll a lot of confusion anyway as to what great british energy will actually be doing. It was not as if we got a lot of clarity on that yesterday, was that . Absolutely not. The wide energy industry, both renewables and Fossil Fuel Industry are crying out for a bit more clarity. All when there will be is just over 8 Billion spent and the government is hoping to draw in a lot of private funding. What it seems to be to me is there is quite a lot of, there is a gap between wanting to build a really strong clean Energy Sector but there is a Gap And Risk the transition is being tried to be affected too quickly and will supply chains and expertise brought up by the Oil And Gas industry in the interim. That iS Putting some Industry Executives quite worried about that. Tt Industry Executives quite worried about that. Industry executives quite worried about that. It is all about the worried about that. It is all about the process, worried about that. It is all about the process, Thank L worried about that. It is all i about the process, thank you. Good to see you. In the next few hours bosses at europes biggest Car Company Volkswagen are due to meet Labour Unions for Crisis Talks. Earlier this month vw warned it urgently needs to cut costs and is considering what was long seen as unthinkable closing plants in germany for the first time in its 87 year history. Heres our Business-reporter'>Business Reporter david waddell. These are tough times for Germanys Car giants. Bmw and mercedes have both warned their profits will be hit by a slowdown in china where theyve invested heavily. Theyre also facing growing competition from chinese rivals. The transition to electric cars is a huge challenge. Its brought an influx of cheap chinese evs into the european market. The European Commission supported by france has recently proposed Steep Import Tariffs to protect european manufacturers. But germany, as a major exporter, is concerned about retaliation from china a Key Market for its carmakers. The disagreement has forced brussels to shelve a European Vote on the tariffs which had been planned for this week. Labour costs in germany are among the highest in europe and this week vw� s Chief Executive warned that if manufacturing is to continue in germany costs must fall. Manufacturing in germany is very important to us and we will fight for every singlejob in germany, thats for sure. But to do this we have to reduce costs significantly in all areas to allow us to be more flexible on price so we can stand up to international competition. On Monday Germanys Economy Minister and Vice Chancellor Robert habeck chaired Crisis Talks Behind Closed Doors between top car makers, suppliers and Labour Unions. Among the suggestionS Put forward bringing Back Consumer Subsidies for electric vehicles, which were phased out last year, leading to large falls in ev sales. Thats something vw� s main union wants to see. Because its notjust the fate of the Auto Industry thats at stake, but the future of the marketplace for consumers. Policymakers need more drivers to move away from internal combustion engines. We need incentives for electric vehicles. Incentives means looking at subsidies we need to think helping people on low incomes to buy a new car. Germanys Economy Minister says the government will support vw but itll have to fix the majority of itS Problems itself. That could mean facing harsh realities for the firms 300 Thousand staff in germany. And we close with this. Weve all seen how retail is changing with a lot more spent online than in store. The Speed And Convenience of online shopping has seen E Commerce sales exceed 6. 3 trillion this year alone according to statista. But its upended the sector and stores are compelled to offer a bigger and better shopping experience. Tomorrow, Ingka Centres, part of the ikea group, will be opening Livat Shanghai a 430,000 Square Metre Retail Complex Worth A Record breaking Eight Billion yuan thats 1. 1 billion. Well, lets talk to The Boss. Cindy anderson is ceo of Ingka Centres and joins us live from shanghai good to have you on the programme. Are you nervous about tomorrow . T programme. Are you nervous about tomorrow . Programme. Are you nervous about tomorrow . I would say i am super about tomorrow . I would say i am super excited about tomorrow . I would say i am super excited for about tomorrow . I would say i l am super excited for tomorrow. It is our biggest investments we are making and also the Temp Meeting Place in china. A lot of preparation ongoing to ensure we are ready for tomorrow and can get feedback from customers on what we believe is a strong destination. Believe is a strong destination. , , destination. What will shoppers exoerience destination. What will Shoppers Experience when destination. What will Shoppers Experience when they destination. What will Shoppers Experience when they go i destination. What will Shoppers Experience when they go to i experience when they go to shanghai . We experience when they go to shanghai . Shanghai . We embark on a Meetin Shanghai . We embark on a Meeting Place shanghai . We embark on a Meeting Place journey i shanghai . We embark on a Meeting Place journey and | shanghai . We embark on a i Meeting Place journey and when we looked at creating much more mixed use destinations and very much this will be manifestation of that. It will be work, labour committed, shop and one destination and having a fantastic Ikea Store of 21,000 Square Metres. There will be a lot of Public Space because we are building with a lot of Community Focus on 10,000 Square Metres. Fantastic space to stand watch the sunset and maybe we will see some proposals coming to this location on the rooftop. They will also Diversity And Offering experiences. We have more than two of the restorers, concepts dollars for shanghai. This will be a fantastic destination for people, for the community and also hopefully a place where partners can grow their Business. Tt place where partners can grow their Business. Their Business. It is all about eole their Business. It is all about people going their Business. It is all about people going for their Business. It is all about people going for the their Business. It is all about people going for the day i i people going for the day i assume. Several days by The Sound of things. You have everything organised. I assume there are a lot of ways to get there, Public Transport as well as a lot of parking. Tt is as a lot of parking. It is located as a lot of parking. It is located in as a lot of parking. It is located in a as a lot of parking. It is located in a very, i as a lot of parking. It is located in a very, it i as a lot of parking. It is located in a very, it is l located in a very, it is extremely close to the airport, we will also make sure we have a good amount of parking spaces. We are all set for receiving, and for everybody living and working nearby. What about other Shopping Areas in shanghai . Are they terrified now that all the shoppers and consumers will be disappearing because they are spending all their time and live at shanghai . Their time and live at shanahai . ~. , their time and live at Shan Hai . ,. , shanghai . What we have focused on when we shanghai . What we have focused on when we go shanghai . What we have focused on when we go to shanghai . What we have focused on when we go to new on when we go to new destinations we are not doing one size fits all but we are trying to create something that works good for the Community District that we are operating in. Based on that we are trying to create destination they should be. To create destination they should be. But how, sorry, wondering should be. But how, sorry, wondering how should be. But how, sorry, wondering how it should be. But how, sorry, wondering how it would i should be. But how, sorry, wondering how it would be i should be. But how, sorry, i wondering how it would be good for other Shopping Areas because presumably shoppers will be going to your destination. Other areas the Provider Shops will be deserted. Provider shops will be deserted. ,. ,. ,. , deserted. Shanghai is a magical and vibrant deserted. Shanghai is a magical and vibrant city. Deserted. Shanghai is a magical and vibrant city. There deserted. Shanghai is a magical and vibrant city. There is deserted. Shanghai is a magical and vibrant city. There is a i and vibrant city. There is a lot of innovation, a lot of growth, a lot of people connecting, interacting in many places in shanghai and we believe the space we are creating it will create a destination. An occupancy of 96 , we have a strong offer in this location. We hope it will be a lot of people that are choosing to come to live in shanghai for tomorrow but i do believe this unique and fast bay city, there is a lot of space for many including living in shanghai. Space for many including living in shanghai in shanghai. Thank you for oininr in shanghai. Thank you for joining us in shanghai. Thank you for joining us today in shanghai. Thank you for joining us today for in shanghai. Thank you for joining us today for a i in shanghai. Thank you for joining us today for a Big L joining us today for a big that is all for today, see you soon. Hello there. Well, following the recent heavy rain, thereS Plenty of saturated ground out there, particularly across the South Midlands, and a lot of Standing Water too. ThiS Photo taken by our Weather Watcher in warwickshire on tuesday, when there was a bit of a break in all of the wet weather. A drier looking day, but theres more rain to come, including here over the next couple of days, and then it turns colder but also drier as we head into the weekend. So this was tuesday, then, on the satellite picture. You can see this break in the Weather Systems there, a nice little gap. But wednesdays low Pressure System approaches from the southwest. And ahead of that for the rest of the night, there will be some heavy showers acrosS Parts of Southern England. Clearer skies further north, and actually acrosS Parts of scotland, temperatures could drop as low as freezing. This is a sign of things to come, of course. But a lot milder further south under quite a lot of cloud and, of course, some misty conditions over the flooded fields. And then on wednesday morning, heavy, persistent rain will push into South West england, moving further northwards and eastwards up through wales, approaching the South Midlands and central Southern England by the time we get into the middle part of the afternoon. It does stay largely dry further north and west, a few showers across northern scotland, The Cloud amounts increasing across eastern england as we head through the second half of the day. And then on Wednesday Night into thursday, our low Pressure System continues to push further northwards and eastwards. Notice the brisk easterly winds developing acrosS Parts of north east england, just driving more rain into northeast england. This is where well see the heaviest downpours, particularly over the higher ground of the north york moors. The rain stretching further west, out into northern ireland. Some showers to the north and to the south, but plenty of dry weather too. Feeling coolest, of course, acrosS Parts of scotland. The rain stretching further west, out into northern ireland. Some showers to the north and to the south, but plenty of dry weather too. Feeling coolest, of course, acrosS Parts of scotland. And then our front starts to take a bit of a dive further south. It will really take its time as we head through Thursday Evening and into friday, not really clearing until The End of the day on friday. But behind it, we draw in more of a northerly wind, so temperatures are going to drop away to well below the seasonal average. And actually on friday night, as we see high Pressure Build in from the South West and the winds lighten, there could be quite a widespread frost. So, these will be the temperatures as we head through the weekend. Feeling cooler but largely dry, i think, for many on saturday. Bye bye for now. Good morning. Welcome to breakfast with Sally Nugent and jon kay. Our headlines today. After his first Conference Speech aS Prime minister, Keir Starmer speaks to breakfast about his first few months in office and tells us hes optimistic about the future, but Change Wont happen overnight. That is why i wanted to level with people. I didnt want to say we could fix the economy by christmas or the Health Service within a year. That is not a bad thing to say to boaters. The Prime Minister has told britons in lebanon to leave immediately as violence between Israel And Hezbollah escalates. British troops are being sent to cyprus to help possible evacuations. As the number of women accusing former Harrods Boss of Sexual Abuse rises. Well speak to survivors live in the studio, who will tell us their stories. Is the wallet on the way out . As shoppers increasingly ditch cards and cash for Smartphone And Smartwatch payments, the once essential item could become a thing of the past