Transcripts For BBCNEWS Business Today 20241009

After the chinese government chose not to announce any additional measures today. Chinas chief economic planning official, zheng shanjie, told a Press Conference earlier hes � fully confident� the country can hit its 5 Growth Target for the year and had no further policies to reveal to boost chinas struggling economy. For more im joined by Alicia Garcia Herrero chief asia pacific economist at the bank natixis. Has that disappointed investors . Did they expect more . Yes they did because there was already a softening of the market overseas. Of course the chinese market was already closed. But already by friday you could see overseas markets waiting for more on the fiscal side. This Press Conference was announced in china and there was a big expectation that it would go beyond the 2 trillion. That they had an officially announced. The reality is they didnt even fully confirmed that and the markets remained a little bit surprised that they would call a Press Conference for such little information. And thats what i think has moved the market from mine just 11 to what i think has moved the market from Minejust Ii to 10 in hong kong. Market from Mine Ust 11 to 10 in hong kong. Market from Mine Ust 11 to 10 in Hang Kang in hong kong. What you think this is about in hong kong. What you think this is about the in hong kong. What you think this is about the potency in hong kong. What you think this is about the potency of. This is about the potency of those initial measures that were getting people so excited . What it boils down to is that yes you can cut rates, you can announce funds to prop up the stock market, you can also ease some of the existing constraints to buy property, all of that is good, but its not enough. Because there are structural problems in the chinese economy. Basically, china needs to announce beyond a fiscal stimulus, reforms to structurally support. I think the Market Wont be satisfied fully until those measures are announced. Staying with china and the boss of uber has told the bbc that tariffs on chinese built evs are delaying its plans to have more electric vehicles in its fleet. Both the European Union and the united states have imposed heavy taxes on the import of chinese evs because of fears theyre flooding the market vehicles whose production is subsidised by the chinese government. Uber� s chief executive. Spoke to our business editor simonjack. Cheap chinese vehicles are a good thing for the environment. The fact, and i will tell you, that china is transitioning from notjust being cheap, but also being high quality as well. And for us, we want to electrify our fleet, and we want to make sure that it is affordable for our drivers to switch over to evs. Now, the political considerations of tariffs, etc. Are not something that we can comment on, etc. But our focus is on the environment and we think chinese vehicles that are low cost, that are high quality, could be a very important part of the switchover to evs. Do you have a view on tariffs . Good thing or bad thing . I dont have a view on tariffs. Okay. But they make these cheap cars and these high quality cars more expensive in some of your key markets. By what youve said so far. You think thats a bad thing. I think if im taking a pure climate view it would be a negative. Just being honest. Are we just at a moment of Revolution And Disruption and that in all of these cases where you have disruption, you have some people, some legacy players who dont make it . And are we at that moment right now . Listen, thats a definition of disruption, right . Every Revolution Change over in platform usually starts with a huge amount of momentum. And then youve got to keep pushing. Itll go through a period of difficulty, which i do think we are in evs, and youve got to keep pushing through. And the fact is that change can affect some players negatively, but this is a change In The Name Of climate and emissions. And i believe we have to keep pushing forward. What do you say to the consumer, the Uber Consumer . Youre saying that you should be able to have a preference for an ev vehicle. Are you telling consumers just be a bit more patient and wait for an ev . Well, were setting actually a new product that we are offering for riders is for them to set an ev preference, but we will only dispatch an ev if the difference between the dispatch is only a couple of minutes. So were not saying, hey, wait 15 minutes, but if you have to wait another 2 or 3 minutes to help the environment, why not make that investment in terms of your own time . So be more patient to help the environment. A couple of minutes isnt going to kill anyone. Today. Announcing new tariffs on Brandy Imports from the European Union, in retaliation for Eu Tariffs on chinese electric vehicles. Beijing says that european imports threaten substantial damage to chinas domestic brandy producers. Its temporary, anti dumping measure means that from friday, importers will have to pay a Security Deposit of up to 39 of its value to bring brandy from the eu into china. A usjudge has ordered the Google Owner Alphabet to overhaul its App Store to let users of android phones download a wider range of apps and pay for transactions on them. It comes after a legal case taken by Epic Games the maker of the Fortnite Game last year. The bbc� s Tech Reporter Lily jamali has the story. While this ruling is just four pages long, but it packs a lot of punch in those four pages. Taking a hard line against google, it requires the Tech Giant to make a slew of changes to its Google Play App marketplace over the next three years. Here are just a couple of the highlights. First off, it requires google to allow App Stores from rivals onto the lucrative marketplace, and it prohibits google from paying other companies not to compete with its App Store. This is a very big win for Epic Games, which sued google in 2020 and was able to convince a jury in december that google was in fact, stifling competition on the marketplace. And this is just the latest hit that google has taken on the antitrust front in recent months. In august, a different us districtjudge ruled siding with the us government that google was operating an illegal monopoly in its online search business. It is also fighting separate charges that it operates a monopoly with its ad technology. So a lot happening with google, but this is a big win for Epic Games. They are celebrating this morning. To russia now and the leaking of a draft of the governments budget, which says that President Putin will raise Military Spending by a quarter next year, suggesting the kremlin is planning to double down on its invasion of ukraine. The document says that russia will spend 8 of its total economic output on its military, despite a raft of western sanctions designed to cripple its capabilities. European union ministers are meeting today, to discuss the economic impact of the war two and a half years after it began. Joining me now is James Rands, senior balkans military Capabilities Analyst at global intelligence firm. The simple analysis would be that western sanctions have failed. Whats your Expert Analysis . Its a bit of a mixed bag. If we look at their exports. The west impose a 60 cap on russian oil. Last year they were selling it at 64. 5, this Year Russia is expecting to sell an average of about 70. You could say that the sanctions have failed and russia has found ways around that. However, in 2021 crude was tracking. The sanctions are having an impact its not completely successful. We find the same same thing on sanctions on electronic components. Russia can buy them on from third parties but is more complete gated and takes longer to get them. Is it possible longer to get them. Is it possible to longer to get them. Is it possible to say longer to get them. Is it possible to say how longer to get them. Is it | possible to say how long longer to get them. Is it possible to say how long russia can continue throwing money at this war . , g, , g, this war . Other analysts have looked at this war . Other analysts have looked at this this war . Other analysts have looked at this and this war . Other analysts have looked at this and said this war . Other analysts have looked at this and said 2026 i this war . Other analysts have | looked at this and said 2026 is probably when the russian economy will start to struggle. It is difficult at the moment but it is sustainable. However with the information thats come out than us 24 hours, 2026 May be optimistic on behalf of russia. Next year theyre going to start really to start really struggling. Eu ministers to start really struggling. Eu ministers are to start really struggling. Eu ministers are sitting to start really struggling. Eu ministers are sitting down i ministers are sitting down today counting the cost of the war rather than calibrating their response. Is there realistically, anything more the western powers can do from the western powers can do from the Sanctions Perspective to limit Russias Ability to continue this war . What you can alwa s continue this war . What you can always ramp continue this war . What you can always Ramp Uo continue this war . What you can always ramp up sanctions. Continue this war . What you can always ramp up sanctions. You | always ramp up sanctions. You can start looking at sanctions against Third Party although. Those Third Party Countries are probably Countries the eu would like to trade with. But, there is always room to make it tighter. The difficulty is always can you enforce it without getting into problems without getting into problems with those Third Party Countries. With those Third Party Countries. , g, , g, with those Third Party Countries. , g, Countries. Everyone seems to be talkin Countries. Everyone seems to be talking about Countries. Everyone seems to be talking about it. Countries. Everyone seems to be talking about it. There Countries. Everyone seems to be talking about it. There is Countries. Everyone seems to be talking about it. There is a talking about it. There is a big financial talking about it. There is a Big Financial Impact talking about it. There is a Big Financial Impact On talking about it. There is a Big Financial Impact On the l talking about it. There is a | Big Financial Impact On the eu and a big political impact if you start exerting sanctions on china as well. You start exerting sanctions on china as well. Thank you James Rands for china as well. Thank you James Rands forjoining china as well. Thank you James Rands forjoining us china as well. Thank you James Rands forjoining us today. Lets take a look at the markets. Investors across europe also disappointed by lack of new Stimulus Measures in china; and also taking their lead from Mondays Session on wall street, which was subdued. Heres how the us ended its latest Session Hello from the Bbc Sport centre. Im delyth lloyd. Pakistan are building a big first Innings Total against england in their Opening Test in multan. Within the last few minutes they are all out. The Home Side are all out. Brydon carse has taken two wickets with Jack Leach the other two. Salman agha has got his Century Manchester uniteds executives are meeting today with manager erik ten Hags Future likely to be a talking point. Its a regular diary appointment, but with United Currently 14th in the Premier League Table and no goals in three games, ten Hags Future remains uncertain. Herere the thoughts of former united Manager David moyes