Transcripts For BBCNEWS Business Today 20241003

Im nowjoined by our North America Business correspondent ritika gupta. What is it that markets make of what they are saying . They are nervous because they dont know whats going to happen next. Yes. The mood of nervousness. Little change now but losses off the back of those Middle East tensions. There is a dent to risk appetite. Markets dont like Uncertainty And Risk now is can this respondent is this going to blow into wider war. One of the sectors that is bucking the trend and going higher Todays Energy stocks and that is off the back of oil as you mentioned. It was up as much as 3 today and continuing again from yesterday over Supply Disruption concerns. Yesterday we saw some of those Safe Haven assets like gold, we are seeing some of Varese Today but i still think overall there is this wait and see mode and a very risk of town. Is this Waitandsee Mode and a very risk of town. Very risk of town. There is one thing they very risk of town. There is one thing they are very risk of town. There is one thing they are concerned very risk of town. There is one i thing they are concerned about, supplies, we know Oil Power is one thing they are concerned about, supplies, we know Oil Powers the global economy but there is also concern about prices. This could be inflationary. Prices. This could be inflationary. Prices. This could be inflationa. , ~ inflationary. Yes indeed. We have seen inflationary. Yes indeed. We have seen crude inflationary. Yes indeed. We have seen crude now inflationary. Yes indeed. Wei have seen crude now trading inflationary. Yes indeed. We i have seen crude now trading at some of the highest level we have seen in weeks and it was up have seen in weeks and it was up as much as 3 today. I was speaking to a Market Analyst and he was drawing comparisons to what we saw the start of the ukraine conflict when the us production at Record Highs and opec increasing its output. Markets have been very content that this Disinflation Trend would remain intact but now they are scratching their heads to see how the events may indeed unfold. Mil to see how the events may indeed unfold. To see how the events may indeed unfold. All eyes are on that right indeed unfold. All eyes are on that right now. Indeed unfold. All eyes are on that right now. Perhaps that right now. Perhaps overshadowing some better data for the us economy and its interesting, head of an election next month in the united states not a good time for the Port Shutdown we touched on but also possible inflationary pressures. There is some good news in the us economy right now though isnt there . ,. , economy right now though isnt there . , i. , there . Yes. If you look at the rivate there . Yes. If you look at the private hiring there . Yes. If you look at the private hiring data, there . Yes. If you look at the private hiring data, that there . Yes. If you look at the i private hiring data, that came on better than expected adding 143,000 jobs. That suggests the Labour Market is still humming along despite some signs of weakness but i think whats going to be more Market Moving is the focus on fridays Jobs Report and the impact that has on the fed and its Interest Rate Decision that we get next month. ,. ,. , Rate Decision that we get next month. H,. ,. , Rate Decision that we get next month. ,. ,. ,. ,. , ~ Rate Decision that we get next month. ,. , ~. , month. Good to talk to you. Thank yon earlier i spoke with cornelia meyer. Shes an independent Energy Consultant with decades of experience in the Middle Easts oil industry. She explained the Regions Significance and how its unpredictability causes shockwaves in global markets. Its a third of the production, 48 its a third of the production, 48 of its a third of the production, 48 of oil its a third of the production, 48 of oil reserves. Its its a third of the production, 48 of oil reserves. It518 of gas 48 of oil reserves. It518 of Gas Production and thats important especially for europe as weve important especially for europe as weve weaned off russian gas and we as weve weaned off russian gas and we are as weve weaned off russian gas and we are getting a lot of lng from and we are getting a lot of lng from qatar. 40 of gas reserves. So it is material. Mind reserves. So it is material. Mind you reserves. So it is material. Mind you we have seen these spikes mind you we have seen these spikes whenever something happened in the Middle East and what i happened in the Middle East and what i called geopolitical premiums were fickle because as soon premiums were fickle because as soon as premiums were fickle because as soon as things come down any perceptions or algorithms, trading perceptions or algorithms, Trading Oil kept it low again. Talk Trading Oil kept it low again. Talk to Trading Oil kept it low again. Talk to me about the infrastructure because its one thing the production but its the other getting that oil out of the that is needed and we know. Once again concerns about production getting through that narrow gap. Its through that narrow gap. Its really important but let us look really important but let us look at really important but let us look at it that way. Iran has probably look at it that way. Iran has probably no interest in doing anything on the straight of her Moves Anything on the straight of her moves because its oil exports which moves because its oil exports which is moves because its oil exports which is about 1. 4 million barrels which is about 1. 4 million barrels a which is about 1. 4 million barrels a day, its exports 1. 7 million barrels a day, its exports 1. 7 million barrels a day, they also million barrels a day, they also have to pass mainly through also have to pass mainly through that waterway so that is fine through that waterway so that is fine. There is infrastructure in Saudi Arabia and Uae Infrastructure in Saudi Arabia and uae and in iran and qatar. Some and uae and in iran and qatar. Some of and uae and in iran and qatar. Some of these Oil Fields and as some of these Oil Fields and gas fields are shared between Iran Gas Fields are shared between Iran And Gas fields are shared between iran and other countries. The biggest iran and other countries. The biggest example is what the 0ataris biggest example is what the qataris call the southfield and the iranians called the northfield and that is where the qatari lng is produced. Now to the other major story that is rasing fears on wall street. A strike by Port Workers all along americas Eastern Seaboard thats now entering its third 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 shutdown could have major implications for the worlds biggest economy and global trade. Union bosses at the international Longshoremens Association which is leading the strike have turned down an offer of a 50 Wage Increase for workers over the next six years. Its notjust about pay theyre also concerned about technology putting dockers out of a job. Automation doesnt feed Families Automation doesnt feed families will automation doesnt feed families will pay automation doesnt feed families will pay taxes. I automation doesnt feed families will pay taxes. These are the families will pay taxes. These are the things families will pay taxes. These are the things our families will pay taxes. These are the things our members i families will pay taxes. These are the things our members make their are the things our members make their livelihoods are the things our members make their livelihoods from. Are the things our members make their livelihoods from. We are the things our members make their livelihoods from. We need i their livelihoods from. We need to make their livelihoods from. We need to make sure their livelihoods from. We need to make sure we their livelihoods from. We need to make sure we are their livelihoods from. We need to make sure we are protectedl to make sure we are protected in our to make sure we are protected in ouriohs to make sure we are protected in ouriohs we to make sure we are protected in ourjobs. We know to make sure we are protected in ourjobs. We know there to make sure we are protected in ourjobs. We know there is. In ourjobs. We know there is automated in ourjobs. We know there is Automated Machines in ourjobs. We know there is Automated Machines in in ourjobs. We know there is Automated Machines in rotterdam in places Automated Machines in rotterdam in places like Automated Machines in rotterdam in places like that Automated Machines in rotterdam in places like that where in places like that where people in places like that where people Sit In places like that where people sit behind in places like that where people sit behind computers and the machines people sit behind computers and the machines and people sit behind computers and the machines and we people sit behind computers and the machines and we dont people sit behind computers and the machines and we dont want| the machines and we dont want that Here Jeremy Tancredi is a partner at the Digital Services Firm west monroe. He told us about how the strike is likely to impact global Supply Chains and how long he expects that to last. I think the impact of global Supply Chains is going to be large. This is notjust a us issue. As those ships and containers waiting us ports to be unloaded that creates a global demand for those containers and you will see capacity limited. This will rise or litre increase in prices across the globe and if this lasts for a week or more which anticipated will you will see the global impact on Supply Chains and costs. Certain goods that come through these ports are perishable products, they dont have a large shelf life. Even though we anticipated the strike we were unable to build up strike we were unable to build up Inventory Levels to the necessary need. So now thats going to be an issue youre going to be an issue youre going to be an issue youre going to see things like bananas been Skating Stores in prices rising and as it lasts longer you will see across other products as well. The Department Store Fenwick said that the former Harrods Director Nigel Blow will not take up the post of Chief Executive as expected later this month. The bbc has asked Mr Blow what he knew about sexual Assault And Rape claims made against the former harrods owner, mohammed Al Fayed. Lets speak to our Business Reporter ben king. Why is he in the news . Two weeks ago the Bbc Broadcast Documentary alleging multiple Sexual Assaults and rates based on more than 20 women who said they had been attacked by mohamed Al Fayed were working at harrods. I have been trying to contact as many former directors of harrods is possible to ask what they knew and if they had any comment to make. Mr Blow Work for mohamed fayed to 14 years rising to the post of Chief Merchant of harrods with a seat on the board. During that time there were more or they were a number of allegations made against mr Al Fayed in the press notably in Vanity Fair Magazine in 1995. Currently Mr Blow works as a south London Department Store Called Morlaes and i called him on the 21st Of September and renewed that bid multiple times but i never heard a response. So when monday i contacted fennec which is a Department Store chain with a famous 140 year old store in newcastle and he was due to take up the post of Chief Executive there and within 24 hours they told me that actually he was not going to take up the post after all. There were no reasons for that mentioned in the Statement But None of the obvious reasons you might think of such as Family Issues or personal reasons or ill health were mentioned in that statement. Then i called morlaes to ask if he was going to stay on as the Chief Executive there and again no comment. So there you have it. No one has spelt out exactly whether Mr Blow will take up or want to come as newjob but the news did emerge quite soon after the documentary came out on the bbc and Mr Blow has not said anything about that documentary or indeed about anything else. Contrast that with another Department Store chief who was six years at harrods and he is due to take up harrods and he is due to take up the post of Chief Executive of selfridges In London and he said he was horrified by what he saw in that documentary but that he never heard anything that he never heard anything that suggested this apparent behaviour was going on. Thank ou for behaviour was going on. Thank you for that behaviour was going on. Thank you for that update. To europe now because uk prime Minister Sir Keir starmer has been meeting the president of the European Commission Ursula Von Der Leyen in brussels. The meeting comes as the British Government looks 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. There has been some fantastic efforts there has been some fantastic efforts to there has been some fantastic efforts to engage in reflections on how to assess the Relationship Example the uk has been the Relationship Example the uk has been participating in. There has been participating in. There has been deep efforts to engage there has been deep efforts to engage in Foreign Policy and security, engage in Foreign Policy and security, cooperation on what that security, cooperation on what that might mean. But so far the uk has that might mean. But so far the uk has rejected Eu Advances to have uk has rejected Eu Advances to have A Uk has rejected Eu Advances to have a Mobility Scheme and from architects have a Mobility Scheme and from architects to musicians there is lots architects to musicians there is lots of architects to musicians there is lots of concerns about the tack is lots of concerns about the lack of is lots of concerns about the lack of progress on gaining schemes for workers to have Movement Or Recognition rights and so Movement Or Recognition rights and so on Movement Or Recognition rights and so on. So there are lots of overtures and so on. So there are lots of overtures on one level but the Reality Overtures on one level but the reality seems to be quiet limited reality seems to be quiet limited are less excited on the ground limited are less excited on the ground so limited are less excited on the ground so there is a lot of Concern Ground so there is a lot of concern as to what that means in Practice Concern as to what that means in practice and whether anything can be achieved at this anything can be achieved at this point. Anything can be achieved at this point this point. That is the business this point. That is the business today, this point. That is the | business today, much this point. That is the business today, much more on the website. I will see you very soon. Ukraine is accusing russia of executing 16 prisoners of war. Kyiv launched an investigation into what they said was the biggest Mass Execution of surrendered ukrainian soldiers since the beginning of russias invasion. With me is our reporter Olga Malchevska spoke to Ukraines Prosecutor general and watched the footage investigated. I know its incredibly distressing footage so tell me a little more about what it shows, where this was and what they are saying . They are saying . First of all i ust they are saying . First of all i just want they are saying . First of all i just want to they are saying . First of all i just want to stress they are saying . First of all i just want to stress we they are saying . First of all i just want to stress we will i they are saying . First of all i | just want to stress we will not show the full footage because it is very drop dramatic and sensitive. We will show a part of it. What we are seeing on that footage is it was allegedly filmed by drone and its black and white. You can see white dots and we understand that those dots are people. If you look at the footage you can see those people are coming out of a wooden area. Then they are being lined up and something happens and they fall down. Allegedly there is another side which fired at them. Then they fold down. Ukrainian prosecutor general told us that it happened in the eastern area of ukraine in donetsk. It happened between those two