Transcripts For BBCNEWS Business Today 20241003

Oil Prices Surge and stocks tumble as barrage of missiles in the Middle East prompts supply fears in a region that accounts for a third of global oil production. Us Trade Paralysis dockworkers threaten to continue striking for as long as necessary with ports along the East And Gulf coasts remaining shut for a second day. Also on the programme, could technology bring extinct species back to life . We speak to the boss of a De Extinction Company hoping to resurrect the Woolly Mammoth. Live from london, this is business today. Lets start with the Middle East, where, as weve been reporting, israel has warned of grave consequences after iran launched a barrage of missiles at targets across the country on tuesday. Oil prices have been surging as traders fear a full scale regional war could disrupt Energy Supplies to the global market. Brent crude rose as much as 5 to 75. 40 a barrel in intraday trading. Lets Take A Look at the latest Oil Price now. Up up1. 36 , up 1. 36 , 74 up1. 36 , 74 and up 1. 36 , 74 and 56 cents per barrel analysts have been warning of potential disruption to energy exports if the violence in the Middle East widened, saying Energy Infrastructure could be at risk across a region that accounts for about a third of global oil production. Stock markets have also been volatile following the events in the Middle East. Interestingly, the Hang Seng in Hong Kong is completely bucking the trend, up 6 . Markets in Mainland China closed for the golden week holiday. What has been happening in china this week and last week is the authorities have been announcing all sorts of measures to boost the chinese economy. Today in Hong Kong, the stock is doing really well are technology stocks. E v makers, Electric Vehicle makers, Electric Vehicle makers, their shares are doing really well, and property shares. Hong kong Riding A wave of optimism about what this will do for The Worlds second biggest economy. Japan reflects the mood on markets around The World, however. 1. 6 to 1. 6 decline. In declines in the us as investors fear what might happen next and what implications it has for the global economy. Lets get more on this with tom stevenson, Investment Director at fidelity. Hello, tom. No surprise at all that oil would go up and a surge in these circumstances, iran is a big supplier. Iran is a big supplier. Yes, iran is a big supplier. Yes, iran is a big supplier. Yes, iran is a iran is a big supplier. Yes, iran is a big iran is a big supplier. Yes, iran is a big supplier. Iran is a big supplier. Yes, iran is a big supplier. It. Iran is a big supplier. Yes, i iran is a big supplier. It also sits astride the straits of hormuz, a key Choke Point for much of the oil exports from the region. So all eyes are on what happens next, whether israel retaliates to that barrage of missiles. But i think we need to see this in the context of what happened with the Oil Price recently. The Oil Price is starting from a very low base, about 70 before the most recent surge. If you go back to april, when iran was last throwing missiles across at israel, the Oil Price was in the 90 range. The Oil Price has been weak because of slowing demand from china and a slowing demand from china and a slowing economy in the us. That is the context, so we have a bit of wiggle room, if you like, for the Oil Price at these prices. These prices. What is interesting these prices. What is interesting as these prices. What is interesting as well, | these prices. What is interesting as well, tom, these prices. What is interesting as well, tom, today the joint Ministerial Thejoint Ministerial Monitoring Committee of 0pec is meeting. Its not an emergency meeting. Its not an emergency meeting. They were meeting anyway. Of course iran is a part of that. This will be the main point of discussion. Yes, and that is main point of discussion. Yes, and that is one main point of discussion. Yes, and that is one of main point of discussion. Yes, and that is one of the main point of discussion. Yes, and that is one of the reasons| and that is one of the reasons the Oil Price has been weak recently, because we are expecting an increase in supply later in the year. Saudi arabia has apparently really abandoned its hope that the Oil Price was going to get back to 100 a barrel. Its prepared to increase output in december by 180,000 barrels a day. So quite a big increase in the output of oil, and that has put downward pressure on the price, alongside the slowing demand. Interesting to look at the share markets. What do you think Fund Managers will be doing right now . Think Fund Managers will be doing right now . There are so many different doing right now . There are so many different things doing right now . There are so many different things going i doing right now . There are so| many different things going on at the same Time. You mention Hong Kong. We have had this massive stimulus from china, and the expectation of more to come. The chinese markets are closed for the rest of the week of course, so we dont really know whats going to happen when the chinese markets reopen next week, but its being played out through Hong Kong, and the market was up very strongly there. So stimulus in china is a big impact on global share markets, but you also mentioned whats happening in the us with the Dock Workers strike, which has a potentially big economic impact, perhaps as much as 4. 5 billion per day. A lot of american imports and exports go through those eastern ports, and the us economy is of course beginning to slow because of rising Interest Rates over the last couple of years. So theres a lot of to an fro in markets at the moment. fix, lot of to an fro in markets at the moment. Lot of to an fro in markets at the moment. A lot to keep up with. The moment. A lot to keep up with lets the moment. A lot to keep up with. Lets focus the moment. A lot to keep up with. Lets focus on the moment. A lot to keep up with. Lets focus on the the moment. A lot to keep up with. Lets focus on the story| with. Lets focus on the story in the us. The ports strike across the us East And Gulf coast enters a second day with neither side showing any signs of backing down. Us Business Groups have warned of economic paralysis just five weeks before the president ial election. The head of the port Workers Union leading the strikes turned down an offer for workers to get a 50 Wage Increase over the next six years. Harold daggett, head of the international longshoremen� s association, vowed to keep ports shut until pay demands are met. Businesses are bracing for the possibility of a prolonged ports shut down, which threatens to cause havoc to Global Trade and the us economy. Michelle fleury reports from the Port Of Newark in newjersey. Im here at the Port Of Newark, one of the busiest ports along the east coast, where the flow of goods, everything from European Car imports to pharmaceuticals, even christmas decorations, are currently on hold. And that pattern is being repeated, from maine to texas, as talks broke down between the international longshoremen� s association and the us Time-alliance'>MariTime Alliance over differences about pay, retirement benefits and automation. Union power a short while ago, the president of The Union, harold daggett, came here to speak to those on the picket line. Im going to tell you what im looking for. Im looking for 5 across the board for six years, and im going to fight for it, because those greedy companies are making billions of dollars and they dont want to share. Thats why were out here now fighting for a contract. Depending on how long this strike lasts, it could lead to a shortage of certain consumer goods. And that, in turn, could push up prices right before the us election. People would pay attention. And thats exactly what workers here want. They see this as a fight against advanced automation, one that could affect many different industries in the future. Michelle fleury, bbc news, at the Port Of Newark, newjersey. Lets delve more into the economic impact this strike is likely to have. Im joined from New York by erin mclaughlin, senior economist at the conference board. How difficult could this become, do you think . Thank you for havin become, do you think . Thank you for having me. Become, do you think . Thank you for having me, sally. Become, do you think . Thank you for having me, sally. Well, become, do you think . Thank you for having me, sally. Well, it for having me, sally. Well, it could become more difficult the longer it lasts. We have done an analysis of the cost impacts on the strike, and we estimate its about 540 Million per day. 0ver its about 540 Million per day. Over the course of one week, that approaches 4 billion, and the longer it goes, the more expensive it becomes. Goes, the more expensive it become goes, the more expensive it becomes. They sound pretty determined, becomes. They sound pretty determined, the becomes. They sound pretty determined, The Union becomes. They sound pretty i determined, The Union leaders, to get what they want. Hard talk on the picket lines. Who will blink first, do you think . Well, i think we are looking for compromise between the two. Its obviously. A lot of strikes are about wages, The Union has reportedly been asking for 77 increase over the last six years. The last Time they negotiated was six years ago, before covid. A lot of the workers see that their work is changing, they were called to the front lines during the pandemic and their wages and salaries have not necessarily caught up with inflation. So it will be interesting to see what happens. The idea of automation also a really major negotiation factor, its very key. We are seeing automation and emerging Ai Technologies become Negotiation Sticking points for lots of different unions. Unfortunately, the ports in the united states are generally not as automated and as technologically advanced as those In Asia and europe, so there is that to deal with as well. ~. ,. , well. When it comes to the issue of well. When it comes to the issue of automation, well. When it comes to the issue of automation, i well. When it comes to the I Issue of automation, i mean, these companies are not going to promise they will not roll out new technology, surely . Right. | out new technology, surely . Right. I think we have to look towards a compromise. There have been studies done which show there is not necessarily a decrease in employment when a port is automated or has increased automation, but its a different kind of worker. So these workers on strike now have indicated they want some assurances related to their employment and theirjobs. We employment and their obs. We will Kee Employment and theirjobs. We will keep a close eye, thank you for your thoughts. The disruption at the ports comes just five weeks before americans head to the polls in the president ial election. A few hours ago, the democratic and republican Vice President ial candidates tim Walz And Jd vance went head to head in their only debate in this election. The two clashed on the topic of the economy, each claiming his Running Mate has the better record and the best plan for the future. Donald trumps economic plan is not Donald Trumps economic plan is noiiust Donald Trumps economic plan is noiiust a Donald Trumps economic plan is notjust a plan, its Donald Trumps economic plan is not just a plan, its also a record~ not just a plan, its also a record~ a not just a plan, its also a record. A lot of those same economists attacked Donald Trumps economists attacked Donald Trumps plans and they have phds trumps plans and they have phds but trumps plans and they have phds but they dont have Common Sense phds but they dont have Common Sense or phds but they dont have Common Sense or wisdom. Donald trumps economic sense or wisdom. Donald trumps economic policies deliver the highest economic policies deliver the highest take Home Pay in a generation in this country, i~5 generation in this country, 1. 5 inflation, and to boot, peace 1. 5 inflation, and to boot, Peace And Security all over The World Peace And Security all over The World. When people say Donald Trumps world. When people say Donald Trumps economic plan doesnt make trumps economic plan doesnt make sense, i say, look at the record~ make sense, i say, look at the record~ he make sense, i say, look at the record. He delivered rising take Home Pay for american workers take Home Pay for american workers. If takeHome Pay for american workers. ,. ,. , takeHome Pay for american workers. ,. , takeHome Pay for american workers. ,. ,. ,. ,. , takeHome Pay for american workers. ,. ,. , workers. If you are going to be president. Workers. If you are going to be president. You workers. If you are going to be president , you dont workers. If you are going to be president , you dont have workers. If you are going to be president , you dont have all. President, you dont have all the answers. Donald trump believes he does. If you need heart surgery, listen to the people at the clinic in rochester, minnesota, not Donald Trump. The same thing goes with this. I ask you, teachers, nurses, truck drivers, whatever, how is it so that you are paying your taxes every year and Donald Trump hasnt paid any federal tax in the last 15 years . That is what is wrong with the system. There is wrong with the system. There is a way around it and he has bragged about that. We are just asking for fairness, and thats all we want. Our Business Reporter Mariko 0i has been watching the debate. Tell us more about what they had to say about the us economy. Had to say about the us economy had to say about the us economy. Had to say about the us econom. ~ ,. , economy. As you heard, the economy economy. As you heard, the economy was economy. As you heard, the economy was very economy. As you heard, the economy was very high economy. As you heard, the economy was very high on I Economy. As you heard, the I Economy was very high on the agenda. Inflation, taxes, housing, the cost of health care, as well as a Ballooning Deficit of the country, just to mention a few topics they discussed. It is believed to be one of the biggest things on the democrat side, because polls show the voters blame Joe Biden polls show the voters blameJoe Biden and kamala polls show the voters blame Joe Biden and Kamala Harris for the high prices and think Donald Trump is better at handling The Worlds biggest economy. Inflation has come down significantly, but the pinch consumers felt havent been forgotten. Many promises from both sides to make things better. The candidates were asked how they would find them and whether it would increase a Ballooning Deficit. Both candidatess potentially could increase the deficit but experts think trumps would increase it more. China came up increase it more. China came up in the us Trade War against beijing, started under mr trumps presidency. The focus on a protecting american jobs, especially in the manufacturing sector. Jd vance said their plans would penalise jobs overseas, while Tim Walz said Kamala Harris would bring home more manufacturing jobs. The line about phd is an no Common Sense. Vance said Common Sense. Vance said harriss Common Sense. Vance said harriss policies have led to more in china and that she has failed to double down on the american worker, but he deflected on Donald Trump Calling Climate Change a hoax. We will see what the american voters think, but the economy was high on the agenda definitely. Around The World and across the uk. This is bbc news. Eu Uk Relations will be in the spotlight today. Prime Minister Sir Keir starmer is due to meet the president of the European Commission Ursula Von Der Leyen in brussels. The meeting comes as the British Government is expected to seek to pave the way for an overhaul of the brexit deal. Brussels however has warned that britain will not be allowed to Cherry Pick a new agreement and that they would guard against british efforts to bend eu rules. Elaine fahey is professor of law at City Law School in london. Just reading that introduction brought back memories of brexit negotiations, here we are again. What do you think . An again. What do you think . In interesting point in Time, again. What do you think . An interesting point in Time, the trade and co Operation Agreement between the eu and the uk is set to be renewed in 2026, but it is a very difficult set of reviews because it is linked to Energy And Fishing rights, lots of different overtures since the advent of the new uk government, they havent thought much to the table. Lots of interesting ideas, flexible ideas as opposed to hard laws, so its a difficult environment where this has limited legal room for manoeuvre. Where this has limited legal room for manoeuvre. From the british Point Room for manoeuvre. From the british Point Of Room for manoeuvre. From the british point of view, room for manoeuvre. From the british point of view, the british point of view, the government wants to say, we are going to reset the relationship with europe. So whats the best we can hope for, when Sir Keir Starmer goes over there to schmooze . Schmooze . Some fantastic efforts to schmooze . Some fantastic efforts to engage. Schmooze . Some fantastic efforts to engage. Broad. Efforts to engage. Broad reflections on how to reset the relationship, for example the uk has participated. Deep efforts to engage in Foreign Policy and security. So far the uk has actually rejected eu advances to have the erasmus mobility scheme. Architects, musicians, lots of concerns about the lack of progress on schemes for workers, touring rights, Recognition Rights and so on. So lots of over chills on one level but the practical reality seems to be quite limited, less exciting on the ground. So lots of concern as to what that means in practice, whether anything can be achieved at this point. Also, Euro E achieved at this point. Also, europe has achieved at this point. Also, europe has been achieved at this point. Also, europe has been very achieved at this point. Also, europe has been very clear, | achieved at this point. Also, i europe has been very clear, we are not going to let Britain Cherry picked. They dont want it to be perceived by other Eu Member states, who be considering exiting, that life is potentially better or negotiations can get easier, the relationship can improve over Time if you do leave. Absolutely. These are very much flexible, piecemeal solutions that are being considered, and the eus very much a creature of the rule of law, and Trade Agreements are in its dna. I think for example the swiss relationship mirrors lots of what this Uk Relationship might become, considered a nightmare for the eu, having to renegotiate, lots of mini agreements, its farfrom efficient. It certainly looks like it would be a very bad idea for the eu to have a wholesale amount of flexibility in every relationship, lots of trading partners, Member States inside the Eu But Other Countries saying, lets try to renegotiate everything to do with our relationship. So its not necessarily a win win situation. Not necessarily a win win situation. ,. ,. ,. , situation. Thank you for your Time. Situation. Thank you for your Time some situation. Thank you for your Time. Some other situation. Thank you for your Time. Some other stories. I the british Rock Band Pink Floyd has agreed to sell the rights to their vast catalogue of music including to Music Label sony in a Deal Worth around 400 million. The deal includes Pink Floyd s recorded music but also the rights to Merchandise And Spin offs such as movies and tv series, according to the financial Times. The deal comes during a boom Time for sales of vintage rock music. The japanese Video Game Giant nintendo has opened its first ever museum, located in a renovated factory in kyoto. The company, most famous for its Super Mario Games and its nintendo console, began its life in 1889 producing playing cards. It intends to use the museum to showcase this history. Now, is it possible to bring extinct species back to life . Well, One American Company is hoping to achieve just that using new technology. Colossal is developing what it calls a de Extinction Technology that works by creating new versions of previously lost species. The company claims it will produce a Woolly Mammoth calf born from genetically modified Elephant Cells by 2028. Im joined now by the Chief Executive and Co Founder of colossal, ben lamm. Good morning. It sounds like something out of a science fiction movie, what are up science fiction movie, what are Up To . Sciencefiction movie, what are u to . ~. , Up To . We are building The Worlds first Up To . We are building The Worlds first deextinctionl Up To . We are building the. Worlds first deextinction and worlds first de Extinction And Preservation company. We are at a critical point for species where we are going to lose Up To 50 of biodiversity by 2050 if we dont do anything, so we are building a De Extinction Toolkit to bring Back Species we lost to Time but also have tools to bring Back Species we may lose in the future if we dont change our ways. Talk us throu~h dont change our ways. Talk us through the dont change our ways. Talk us through the implications dont change our ways. Talk us through the implications of through the implications of this. In terms of. I am thinking ethics, what could go wrong . Thinking ethics, what could go wron . ~. , thinking ethics, what could go wronu . ,. , wrong . What is important is we think about wrong . What is important is we think about ethics wrong . What is important is we think about ethics from wrong . What is important is we think about ethics from a think about ethics from a perspective of bioethics as well as animal welfare. We also need to think about the ethics of what could happen to The World, things like food security, Water And Ecosystem collapse, carbon sec restoration, if we dont do anything. So we think its really important to undo the sins of the past and bring back some species like the tasmanian tiger, the dodo and obviously the Woolly Mammoth, which we are most known for, as well as leverage the technologies for conservation. Most recently we launched our foundation, literally yesterday, which aims to take all the technologies for De Extinction and apply them to conservation. Free for them to conservation. Free for the entire world to use, leveraging both our tools and some of our capital. Some of our capital. Ben, if ou some of our capital. Ben, if you can. Some of our capital. Ben, if you can. In some of our capital. Ben, if you can. In a some of our capital. Ben, if you can, in a brief some of our capital. Ben, if you can, in a brief way some of our capital. Ben, if you can, in a brief way and | some of our capital. Ben, if| you can, in a brief way and a simple way, explain how the de Extinction Technology works. 0ur de Extinction Technology works. Our technology allows us to take ancient dna, reassemble it, massively fragmented, compare it to the closest living relatives, and take the lostjeans living relatives, and take the lost jeans and living relatives, and take the lostjeans and engineered Into Living Cells and clone to the closest living relative, in the case of the Woolly Mammoth it is the asian elephant. If case of the Woolly Mammoth it is the asian elephant. Is the asian elephant. If you could recreate is the asian elephant. If you could recreate anything, is the asian elephant. If you i could recreate anything, what would it be . Would it be . Obviously pretty excited about would it be . Obviously pretty excited about mammoths would it be . Obviously pretty| excited about mammoths and dodos, but if i could create anything, it would be the sea cow, a tragic tale. Unfortunately there is nothing big enough to gestate it yet but hopefully we will fix it one day with Artificial Technology. One day with Artificial Technology. One day with Artificial Technolo . �. , technology. Ben, you have been involved with technology. Ben, you have been involved with many technology. Ben, you have been involved with many companies, | technology. Ben, you have been| involved with many companies, i have a list here. What is next . I think De Extinction and Species Preservation is my hardest challenge to date, im just super lucky to work with incredibly smart women and men helping to solve this problem. It is a generational problem so it is a generational problem so i will be on this for quite some Time. I will be on this for quite some Time. ,. , some Time. We shall keep an e e, some Time. We shall keep an eye. Thank some Time. We shall keep an eye. Thank you some Time. We shall keep an eye, thank you very some Time. We shall keep an eye, thank you very much some Time. We shall keep an i eye, thank you very much were talking to us, Co Founder of colossal. That is all from business today, on our website there is a live page updating all the Time on what is happening in the Middle East and with regards to the us debate. Stay with us on bbc news, the latest at the top of the hour. Hello there. Several counties in england have now seen their wettest september on record, so its no surprise its led to localised flooding and inundated roads. Now, for the rest of this week, the good news is High Pressure will continue to build in. Thatll bring some very much needed drier and sunnier weather, though nights will turn chillier again with some Mist And Fog. High pressure already starting to topple into northern and western areas as we head into wednesday, but weve still got the influence of that area of low pressure across the far South East. So more of a north easterly breeze here, a bit more cloud at Times, a few showers, mainly for East Anglia and the far South East. But elsewhere, after a chilly start with early Mist And Fog, well see a good deal of sunshine around. That breeze will be noticeable across england and wales, but certainly across the South East corner, but lighter for scotland and Northern Ireland. Temperature wise, not bad, close to where we should be for the Time of year around the Mid Teens in the north, mid to high teens across the south. As we head through wednesday night, we hold on to this breeze, with further showers across East Anglia and the South East. But all the while, that area of low pressure will continue to pull away and High Pressure will start to build in. And the winds will be lighter further north and west, so its here where well see temperatures dip close to freezing, certainly across scotland, and there will be some Mist And Fog patches developing. And you can see why High Pressure starting to centre itself across the uk, pushing the Weather Front and that area of low pressure out into the near continent. So, thursday, probably a widespread dry day. Chilly start, early Mist And Fog, but a lot of sunshine around. We will see a bit of fair Weather Cloud developing into the afternoon, but i think most places will stay largely dry. Temperatures reaching highs of 17, maybe 18 degrees in the south. Mid teens further north, so thatll feel quite pleasant. As we head into friday, our area of High Pressure holds on across the country, but lower pressure begins to push in and that will bring some showers by the end of friday to Northern Ireland and Western Scotland with an increasing breeze. But the vast majority, again, after a chilly start, with some early Mist And Fog, will stay dry with widespread sunshine around. And into the afternoon, those temperatures reaching highs of 16 or 17 degrees in the south, Mid Teens again in the north. We will start to see some changes as we head into the weekend, though. Some eastern parts of the country may stay dry throughout the day on saturday, but wetter and windy weather will start to push into northern and western areas. All areas, i think, will be affected by the Time we reach sunday. Take care. Good morning, welcome to Breakfast Withjon Kay and nina warhurst. 0ur headlines today. Explosions. Israel says iran will pay after its massive missile attack, the israeli prime Minister Benjamin Netanyahu warns of grave consequences. Confirmation that british forces were involved in supporting israel the Prime Minister says the Middle East is on the brink. And with israel, and we recognise her right to Self Defence we stand with israel, and we recognise her right to Self Defence in the face of this aggression. Iran must stop these attacks. More disappointment for wrongly convicted Sub Postmasters waiting for compensation the new minister in charge of payouts tells breakfast its unlikely theyll be paid any Time soon. Is it the end of the discount yellow sticker . Supermarkets are increasingly using new digital Price Tags on the shelves ill explain what it means for the way we shop. In sport, Bukayo Saka tells Manchester City this could be Arsenals Season as they pick up their first win in their Champions League campaign. Good morning. A cloudy and damp start to the day across england and wales but it will brighten up from the noise as we go through the day. We will hang on to showers and a brisk wind in the South Eastern quarter. I will have all the details shortly. Its wednesday the 2nd of october. Our main story