Transcripts For BBCNEWS Business Today 20240927

A stable environment for us businesses. She promised Tax Incentives to make the Middle Class the engine of americas prosperity. It comes a day after former President Trump threatened to hit us firms with hefty tariffs on their goods if they move manufacturing abroad. Donald trump has consistently polled better on the economy a few short months ago he was 12 points ahead Ofjoe Biden on the issue. But that lead has declined sharply since Kamala Harris became his opponent. Our North America Business Correspondent Michelle Fleury has more. Vice president Kamala Harris laid out her vision for Americas Economy in the Battleground State of pennsylvania. The american people face a choice between two fundamentally very different paths for our economy. I intend to chart a new way forward and grow americas Middle Class. Donald trump intends to take america backward to the failed policies of the past. Miss harris said her plan would lower costs for american families, invest in entrepreneurs and ensure america leads in future industries like artificial intelligence. Look, i am a capitalist. Applause i believe in free and fair markets. I believe in consistent and transparent rules of the road to create a stable business environment. And i know the power of american innovation. The Focus On Finance comes as several polls show Donald Trumps lead on the economy is narrowing with voters. The former president campaigned in the Battleground State of North Carolina today, where he went after his opponent. Kamalas not attacking me. Shes attacking your furniture jobs. Shes attacking your communities. Shes attacking your factories, and shes trying to send all of those jobs to china with everything else. A day earlier, Mr Trump warned companies making products abroad would have to pay a substantial tariff, sparking criticism within his own party. If you dont make your product here, then you will have to pay a tariff, a very substantial tariff, when you send your product into the united states. And by the way, you know, for years they knocked the word the word tariff, properly used, is a beautiful word, one of the most beautiful words ive ever heard. Its music to my ears. A lot of bad people didnt like that word, but now theyre finding out i was right. Im not a fan of tariffs. They raise the prices for american consumers. Im more of a free trade kind. Of republican that remembers how manyjobs are created by the exports that we engage in. Both candidates say they want to lift up workers and help the Middle Class. How they think that can be done is profoundly different. Michelle fleury, bbc news, new york. Lets cross to great barrington, massachusetts and speak to pete earle, senior economist at the american institute for economic research, a non partisan libertarian thinktank. Its good to have you. Lets talk about Kamala Harris to begin with. Did we learn anything more from this most recent speech on the economy on her plans for the economy . Mat her plans for the economy . Not reall. I her plans for the economy . Not really. I think her plans for the economy . Iirrt really. I think what we are seeing now is Vice President harris has settled on Industrial Policy is a policy theme. Which in many ways makes her pitch pretty similar to trumps. Harris began talking about trying to bring back heavy industry to the united states when the polls showed her losing or too close to call in the Battleground States where manufacturing is a big issue. ,. ,. , . ,. , issue. She said an awful lot of similar stuff issue. She said an awful lot of similar stuff in issue. She said an awful lot of similar stuff in her issue. She said an awful lot of similar stuff in her big issue. She said an awful lot of similar stuff in her big speech| similar stuff in her big speech at the democratic national congress, the fact she is from a Middle Class home, she is going to try and boost the livelihoods of Middle Class americans, businesses etc. Does she need to give more detail before November The 5th or is it not necessary . I before November The 5th or is it not necessary . It not necessary . I think we should know it not necessary . I think we should know which it not necessary . I think we should know which vice should know which Vice President harris we are dealing with. Today she was talking about 100 Billion in tax credits. The past six weeks, she has been saying she would raise the corporate tax rate, tax unrealised capital gains, impose other layers on companies. The question is why have both biden and harris been telling People Everything is great for the past three years and now on the Campaign Trail she suggesting the us economy is a disaster that needs to be repaired. It is Cognitive Dissonance at work and voters are going to want to hear more about It Being resolved. Lets about It Being resolved. Lets talk about about It Being resolved. Lets talk about donald about It Being resolved. Lets talk about Donald Trump about It Being resolved. Lets talk about Donald Trump and | about It Being resolved. Lets talk about Donald Trump and his tariffs being put on anything coming into the us, including things made by American Companies making them in mexico and places like that. Your thoughts . To and places like that. Your thoughts . And places like that. Your thou~hts . , , thoughts . To be honest, these tariff pledges thoughts . To be honest, these tariff pledges should thoughts . To be honest, these tariff pledges should be tariff pledges should be frightening to any american that buys goods and services. Certainly they are a threat to the commercial health of the entire world. The former president has always expressed his view of Trade Other financial and economic war that generates winners and losers. The tariffs he is talking about now, 60 , 20 , 100 the tariffs he is talking about now, 60 ,20 ,100 on certain items, would be simply disastrous. This is a reason i think the gap between him and Vp Harris on economic switch was so big is closing. People know how bad these tariffs would be. 50 know how bad these tariffs would be know how bad these tariffs would bo know how bad these tariffs would be. ,. , i. ~ would be. So what do you think is auoin would be. So what do you think is going to would be. So what do you think is going to happen . Would be. So what do you think is going to happen . Are would be. So what do you think is going to happen . Are you i is going to happen . Are you brave enough to say who might win on November The 5th . Im win on November The 5th . Im brave enough win on November The 5th . In brave enough to say it but unfortunately i work for a nonprofit and we are not allowed to make those projections. I hope the person with the best economic policies that promote prosperity and all that promote prosperity and all that stuff is the one that wins. , that stuff is the one that wins. , ~ ,. , that stuff is the one that wins. ,. That stuff is the one that wins. ,. , wins. Thank you very much for aaivin wins. Thank you very much for giving your wins. Thank you very much for giving your reaction wins. Thank you very much for giving your reaction to wins. Thank you very much for giving your reaction to what i giving your reaction to what both candidates have been saying this week about the us economy. There is much more detail on our website, their speeches and what they have been suggesting. Lets stay in the us, where Stock Markets have slipped back from their Record Highs as Caution Sets in ahead of key Inflation Data out tomorrow. Bets on financial markets are growing that the federal reserve will follow up its 0. 5 Rate Cut with Anotherjumbo Cut in the cost of borrowing, as long as inflation continues to ease. A closely watched index showed us Consumer Confidence saw its biggest drop in three years this month. Joshua mahony is chief Market Analyst at scope markets. Good morning, joshua. As ever, markets are firmly fixed on any bit of news coming out about the us economy, what that might mean for the feds next move. We have inflation Numbers Tomorrow. We have inflation Numbers Tomorrow we have inflation Numbers Tomorrow. ,. , , tomorrow. The Inflation Numbers come out on tomorrow. The Inflation Numbers come out on friday, tomorrow. The Inflation Numbers come out on friday, but tomorrow. The Inflation Numbers come out on friday, but by tomorrow. The Inflation Numbers come out on friday, but by and l come out on friday, but by and large, what we are looking at in terms of the data is a raft of figures, and once again everyone is focusing on the Direction Of Travel for the us economy. Of course, we saw this 50 Basis Point cut by the federal reserve, so everyone looks and says, what are we going to get next time . Always hungry for more in terms of Interest Rate cuts. The Big Question here is whether we see these cuts and a soft landing. If we see the hard landing, so to speak, a deterioration in terms of the economic data, if we see an uptick in terms of unemployment, say, all of a sudden people start to question the evaluations within equity markets. As long as that doesnt happen and everything is hunky dory. This raft of data where we see unemployment, durable goods, personal spending, personal income, and like you said, we see the price index figure. All of that tallies up to a fresh batch of data for everyone to dig into, to gauge the Direction Of Travel for the us economy. What did Ou Travel for the us economy. What did you make travel for the us economy. What did you make of travel for the us economy. What did you make of the travel for the us economy. What did you make of the Consumer Confidence figures we got at the start of this week . I looked at those numbers and i thought, my goodness, the us consumer accounts for two thirds of economic growth in the united states, and it dropped like a stone. And yet markets were closing at Record Highs. Markets were closing at Record Hiuhs. , markets were closing at Record Hi hs,. , , markets were closing at Record Hiuhs. , highs. This massive collapse, the biggest highs. This massive collapse, the biggest decline highs. This massive collapse, the biggest decline in highs. This massive collapse, the biggest decline in three l the biggest decline in three years, a lot of different parts going into this. A notable thing ive seen is there is a metric where they ask people, do you find jobs plentiful or are you finding jobs hard to find . That ratio deteriorated significantly. In the past, that has a close correlation between that ratio and unemployment. Does this point towards an uptick in unemployment that not so long ago really spooked the markets . Its yet to be seen, but certainly the us consumer, as you alluded to, absolutely key in terms of Driving Earnings and revenues for businesses. Therefore, this is the kind of thing businesses should be concerned about and it should spark some potentialjitters, but like you said, at the moment onlyjust off Record Highs on the dow and the 500. Now to the world of tech, because meta, the company behind facebook, instagram and whatsapp, has been showing off its latest developments at the firms annual connect event in california. Ceo Mark Zuckerberg has high hopes that ai enabled glasses could be the next must have gadget, that might one day replace our smartphones. Heres his pitch for the Prototype 0rion glasses, which arent available to buy yet. Theyre not a headset. No wires. Less than 100 grams. They need wide field of view, holographic displays. Sharp enough to pick up details. Bright enough to see in different lighting conditions. Large enough to display a cinema screen, or multiple monitors for working wherever you go, whether youre in a Coffee Shop or on a Plane Oi wherever you are. Russ frushtick is Co Founder of the Tech News Site polygon. Hes in new york. Lovely to see you. Are you going to buy a pair of glasses when they are available . Thea;a when they are available . They are not even when they are available . They are not even telling when they are available . They are not even telling us when they are available . Tie are not even telling us when these glasses are going to be available, they are just saying they are prototypes, they are working towards it, but not in the next couple of years. I dont know, man. After Apples Headset was 3500, its hard to make that case. Its headset was 3500, its hard to make that case. Make that case. Its a massive chan. E make that case. Its a Massive Change In make that case. Its a Massive Change In our make that case. Its a Massive Change In our thinking, make that case. Its a Massive Change In our thinking, isnt i change in our thinking, isnt it, to move away from the hand held device that everyone is used to do now. I also wonder what it means for eyesight. Wonder what it means for eyesight eyesight. Thats a good question eyesight. Thats a good question. I eyesight. Thats a good question. I think eyesight. Thats a good question. I think its i eyesight. Thats a good. Question. I think its closer than what meta have been doing, the huge headsets. The market does not want to put on a giant thing, so they are getting closer to where it could be like these glasses, they are not there yet obviously. That has potential in the Way Apple has potential in the Way Apple has their iwatch, that people would wear as a matter of course, functionality, the pricing, how they look, that all comes into play big time. And your overall feel, this is metas big event, Mark Zuckerberg on stage, what has the reaction been like among analysts and the Tech Watchers . It feels like they are doing interesting things, but this does not feel like a full step, it feels like a half step. They also announced a headset that was like a refresh of the vr headset. Not a major advance, reallyjust headset. Not a major advance, really just a headset. Not a major advance, reallyjust a cheaper headset. Not a major advance, really just a cheaper version of the one they are already selling. But they are doing this shift into ai is a huge priority, and all these devices, whether its the glasses they are selling or the new meta glasses that they arent, are fully integrated into their plan and it is obviously the future of where meta are looking. Obviously the future of where meta are looking. What about the metaverse . Meta are looking. What about the metaverse . That meta are looking. What about the metaverse . That was meta are looking. What about the metaverse . That was the | meta are looking. What about. The metaverse . That was the big thing a few years ago and doesnt seem to have gone anywhere. It doesnt seem to have gone anywhere anywhere. It is ust a Justification H anywhere. It is ust a Justification Forh anywhere. It isjust a justification for why i anywhere. It isjust a L Justification for why vr anywhere. It isjust a justification for why vr makes sense, i do think ai is a bit of a different story, because it is baked into instagram, facebook, google, any time you googled something, ai jumps in and says what you thought you might be googling. I think its a bit of a different story, but how these countries will generate the amount of revenue they need, thats really the Big Question. They need, thats really the Big Question. Thank you, see ou Big Question. Thank you, see you again Big Question. Thank you, see you again soon. Lets get some of the days other news now. The worlds richest person, Tesla And Spacex boss elon musk, has not been invited to the Uk Governments international Investment Summit next month the bbc understands. During recent violent protests in the uk, the Tech Tycoon posted on x, formerly twitter, which he owns, Predicting Civil War in the uk and repeatedly attacking the prime minister. The International Monetary Fund has approved a 7 Billion loan to pakistan. It will get 1 Billion now, with the rest to be paid over the next three years. As part of the deal, pakistan has agreed to a number of unpopular measures, including increasing tax increases. Unpopular measures, including increasing taxes. Pakistan has taken more than 20 loans from the imf since 1958, but pledges this will be its last. Petrol prices here in the uk have fallen to their lowest level for three years, according to the Motoring Organisation the rac. It says the average price for a litre of Unleaded Fuel is down to around £1. 35 thanks to lower global Oil Prices and a stronger pound, and could fall further still. Petrol prices hit a Record High of almost £1. 92 per litre in the summer of 2022, when Oil Prices surged following Russias Invasion of ukraine. Still to come planetary wake up call. Global climate experts say the world is now far outside its safe Operating Space for humanity. Well hear what they have to say around the world and across the uk. This is bbc news. As the uns climate week progresses in new york, a scientific review of the Planets Health has concluded that our world is far outside its safe Operating Space for humanity. A series of planetary boundaries, drawn up by the Potsdam Institute for climate research, is backed by a body of global leaders known as the planetary guardians. Their Health Check claims six of nine key boundaries have been breached. Two of the guardians, Campaigner Sheyeh Bastida and former irish president mary robinson, spoke to our Business Reporter David Waddell to explain the extent of the threat facing humanity. The real problem is that were reaching possible tipping points. And actually, the scientists dont want us to go there because theyre not sure what nature will do. Nature is our friend at the moment. Its absorbing the oceans are absorbing the carbon, the forests are absorbing the carbon. Theyre helping us. But if we put nature out of sync, which were doing on these boundaries, then we might, you know, see very real tipping points. The Coral Reefs might disappear. Permafrost, and theres a lot of it around the arctic etc, could melt and throw up not just carbon, but methane, which is more lethal in the short term. Whats the answer to this . How do we reverse the most worrying trends that youve identified . We need to change the way in which we approach our electricity, our land use, protect what is already there with everything that indigenous communities are protecting. For example, indigenous communities protect 80 of the worlds biodiversity, despite being 5 of the global population. Madam president , what is the economic imperative for action on this today . We are literally talking about whether we have a liveable future, for goodness sake. And at the moment, the B Team of Business Leaders that i belong to, im not a businesswoman. I think im the moral conscience, but they estimate that we spend about 1. 8 trillion a year on what is harming us Subsidies Forfossilfuel and bad land management. If we can switch a very significant proportion of that money, we can incentivise, moving especially developing countries to affordable, accessible clean energy. The Fossil Fuel Lobby is fighting hard to slow it down, but its happening. This is a challenge for governments, for policymakers, but also for populations, for voters. How do you persuade populations everywhere that the sacrifices we all have to make for a healthy planet are worth the cost . Helping nature is the biggest investment, if you want to see it in economic terms, that we could ever make. Because we come from the earth, we are alive because of all of the earths systems working together for us. In a few words, please, how optimistic are you . Ive learned from archbishop tutu. Im a prisoner of hope. We will work to make sure that this Health Check, which is quite alarming, also has a positive story of how we get there. We owe it to our children, and we owe it to future generations. So hope is our responsibility. Hope optimism is as well our responsibility. Finally to monaco, the playground of the Super Rich is hosting a global event for builders, brokers and buyers of superyachts. Over 120 of the multi million pound vessels are on display. One of the focuses this year is on sustainability and minimising the environmental impact and Carbon Emissions of luxury boats. Lets go to monaco and speak to anders kurten, chief executive of fraser, one of the largest Yacht Brokerages in the world. Good morning to you. I dont know if you had that conversation there about the climate catastrophe. How are you tackling this in the Superyacht Industry . I you tackling this in the Superyacht Industry . I think by and larae Superyacht Industry . I think by and large in Superyacht Industry . I think by and large in the Superyacht Industry . I think by and large in the superyacht and large in the Superyacht Industry its a pretty exciting time. Great work with alternative propulsion methods. In my previous job, alternative propulsion methods. In my previousjob, i was involved in the construction of a A0 Metre Sailing superyacht with full electric propulsion. It can cross the atlantic without burning a single drop of fossil fuel. However, without burning a single drop of fossilfuel. However, by without burning a single drop of fossil fuel. However, by and of fossilfuel. However, by and large, of fossil fuel. However, by and large, the real issue is the existing base of superyachts and their lifetime of emissions. A couple of fairly easy solutions we can adopt as early as today, we can switch to synthetic fuels which will slash emissions by 75 . We can use green electricity. 0ver can use green electricity. Over half the time these superyachts tend to spend in port. We can reduce Cruising Speeds on the Motor Yachts which will reduce emissions and we can work together with the captains and crew about circular and sustainable models for on board usage. To sustainable models for onboard usaue. ,. , , usage. To what extent is this issue on the usage. To what extent is this issue on the minds usage. To what extent is this issue on the minds of issue on the minds of superyacht shoppers . It issue on the minds of superyacht shoppers . It is on the Minds Superyacht shoppers . It is on the minds of superyacht shoppers . It is on the minds of most superyacht shoppers . It is on the minds of most shoppers, | the minds of most shoppers, especially on the new build side. It is quite a central conversation as the yacht is in the design phase. The design phase. One would think wind the design phase. One would think Wind Power the design phase. One would think Wind Power is think Wind Power is traditionally the way to get around on a boat, but looking at the pictures while we talk to you in monaco, you dont see many sales on these superyachts . I many sales on these superyachts . Many sales on these Su E achts . ~ ,. , superyachts . I think sailing achts, superyachts . I think sailing yachts. Its superyachts . I think sailing yachts, its about superyachts . I think sailing yachts, its about 1096 superyachts . I think sailing yachts, its about 1096 of i superyachts . I think sailing | yachts, its about 1096 of the yachts, its about 10 of the market and thats been fairly stable over the last years. You dont see stable over the last years. You dont see many stable over the last years. You dont see many sails. Stable over the last years. You dont see many sails. What is businesslike currently . I would assume they are fairly immune to any movement in the global economy, they are recession proof, arent they . To economy, they are recession proof, arent they . Proof, arent they . To some extent you proof, arent they . To some extent you are proof, arent they . To some extent you are right. Proof, arent they . To some extent you are right. I proof, arent they . To some extent you are right. I do i extent you are right. I do think we see a bit of a dip in the brokerage of new build, may be slightly less in the 30 to a0 metre range, but above that reasonably optimistic and business as usual. Looking forward to a good year for the following fiscal period. Following fiscal period. Where geographically following fiscal period. Where geographically is following fiscal period. Where geographically is the following fiscal period. Where geographically is the Money L geographically is the money coming from for your industry . Superyacht, in general, it requires history, culture, destination and infrastructure. So the typical would be to spend the summer in the mediterranean and the winter in the caribbean, so it is fairly us and eurocentric to this day, because of the four factors i mentioned. They take a minute to develop in the emerging markets, if you will. We appreciate markets, if you will. We appreciate your markets, if you will. We appreciate your time, enjoy monaco. I appreciate your time, enoy monaco. , appreciate your time, enoy monaco. ,. , monaco. I will, thank you so much for monaco. I will, thank you so much for your monaco. I will, thank you so much for your time, monaco. I will, thank you so much for your time, have i monaco. I will, thank you so much for your time, have a l much for your time, have a Great Day. Much for your time, have a Great Day much for your time, have a Great Day. Much for your time, have a ureat da. , ~ , Great Day. On the markets, as we discussed Great Day. On the markets, as we discussed earlier, Great Day. On the markets, as we discussed earlier, the i Great Day. On the markets, as we discussed earlier, the big i we discussed earlier, the big event is tomorrow, us Inflation Numbers on friday. Injapan, the index up 2. 5 . Strong markets in asia. The chinese central Bank Cutting rates and introducing measures to boost the economy. Flat on the nasdaq. 1 down on the Dow And Thatis nasdaq. 1 down on the dow and that is all from me, see you soon. Hello there. Heavy rain has dominated Weather Headlines in recent days, and theres more wet weather to come. In fact, for some parts of southern england, weve already seen way above the average monthly rainfall totals. And in these three towns, weve actually had three times more rain than we should have in september. And with the next couple of days, were likely to see another 50mm at least in some spots, a couple of inches, the Darker Blues Denoting where the heaviest of the rain is likely to be. So, slightly quieter, drier story for scotland, but low pressure dominates, and these Weather Fronts will move their way steadily eastwards as we go through thursday. That front will grind to a halt, almost, across Northern England and into northern ireland, accompanied by a brisk easterly wind, so really feeling quite miserable on those exposed east coasts. To the north of that, its going to be dry with a few scattered showers. To the south of that, however, some of those showers really could turn quite torrential. Hail, thunder mixed in there. And, yes, it really will be quite significant. But there will be some sunny spells to go with it as well, and it could potentially still feel quite humid here 18 or 19 degrees not out of the question. Cool in the rain, ten or 11. And that Cooler Air continues to dominate in scotland. And thats because of a northerly wind, which will gradually push the rain away, but it will introduce this fresher feel for all of us on friday. So there will be some Rain Lingering across East Anglia and South East England for a time. That eases away during the afternoon. Sunny spells and scattered showers continue for most, but because of the direction of the wind, those temperatures really quite subdued for this time of year on the whole, generally between nine and 1a degrees. Clear skies continue through the night. That is going to allow the potential for a frost to form, and so it will be a chilly start low single figures, perhaps below in more rural spots, worth bearing in mind. But that means as we head into the weekend, High Pressure is going to build for a time and quieten things down. So not a bad weekend, particularly on the saturday. However, another area of low pressure will gradually move into the South West as we go through sunday. So saturday, a better day. More Heavy Rain to come as we move through sunday and into monday. Good morning, welcome to breakfast with Nina Warhurst and charlie stayt. 0ur headlines today. The Un Secretary general warns that Hell Has Broken Loose in lebanon, as the Uk And Other Allies call for a temporary 21 day ceasefire. The Air Strikes must stop now. Talks must start now, with an immediate ceasefire on both sides now. New harrowing testimony from a woman who says she was raped by the former Harrods Owner Mohamed Al Fayed when she was 16. The Ministry Ofjustice confirms that dozens of people released from jail under the Governments Emergency Prison scheme last month, were freed by mistake. Good morning. With the exceptionally rainy weather we have had over the past year, there have been concerned about the effect on the harvest of crops used to make the things we all eat and drink. I have come to this beret to find out how it could affect the price of your point of beer. Not the Start Manchester united were looking for in europe. Erik ten hag says dutch Side Fc Twente wanted it more as united