Transcripts For BBCNEWS World 20240706

With new listings falling far behind those in the us and the rest of europe. In particular there are measures to make it easierfor new companies to join the stock market. The City Minister says it would improve londons International Competitiveness im joined by clare cole, director of Market Oversight at the the financial conduct authority. Thank you for being with me, lets talk first about these changes. What a different what difference will be make in practice . A different what difference will be make in practice . A different what difference will be make in practice . Thank you for havin us be make in practice . Thank you for having us on be make in practice . Thank you for having us on. The be make in practice . Thank you for having us on. The proposals be make in practice . Thank you for having us on. The proposals are. Having us on. The proposals are designed to make it attractive to a diverse range of companies and to make sure london remains competitive, so the changes are about reducing complexity and making the regime more effective. We hope that in doing that we will make london more attractive to some of the high growth new Technology Companies we want to attract, so we are proposing some changes which will effectively move to a single segment within london but removing some of the requirements of the issues for companies to be mature and have a three year track record. The consequence is a become so much more attractive to some new Economy Companies who want to attract. You sa it is companies who want to attract. You say it is about companies who want to attract. You say it is about making it more attractive, but isnt it the case that these Companies Say i want to list elsewhere because there are better places to do business, it is once they have listed, how they operate. Once they have listed, how they 0 erate. , once they have listed, how they oerate. ,. ,. , once they have listed, how they oerate. ,. , operate. That is a valid point and one of the operate. That is a valid point and one of the things operate. That is a valid point and one of the things we operate. That is a valid point and one of the things we want operate. That is a valid point and one of the things we want to one of the things we want to encourage on the back of these proposals is a wider discussion around the ecosystem in london and try to get a debate going on what we need to do to make Companies Want to list and stay in the uk so they grow, and the wider impact that will have on the uk economy, so you are absolutely right, it is notjust regulation, we need to make sure that we start that discussion and we are doing our bit to try to make london as attractive as possible. I know your role is around legislation and regulation, but what else needs to change to make those Companies Think i want to be in the uk where it is good to do business, i want to list in london . It is good to do business, i want to list in london . Other commentators have highlighted list in london . Other commentators have highlighted things list in london . Other commentators have highlighted things which list in london . Other commentators have highlighted things which will. Have highlighted things which will be really important, we want to look at things like the Remuneration Policy for directors, Tax Implications for security, pension reforms, a huge amount of Different Things that need to be considered but ultimately london is a Global Financial Services Centre and we have all the Building Blocks for this to continue to be a vibrant market, i hope we can continue that discussion and think about some of those other areas of change, we want to keep london as competitive as possible. To keep london as competitive as ossible. ,. ,. ,. , to keep london as competitive as ossible. ,. , ~. ,. , possible. Good to talk to you, clare cole, the director possible. Good to talk to you, clare cole, the director of possible. Good to talk to you, clare cole, the director of market cole, the director of Market Oversight at the financial conduct authority. Todays big question will Americas Central Bank raise rates one more time . Or will it take a break . As the Federal Reserve wraps up its may meeting later, inflation isnt the only worry the turbulence at ailing bank First Republic has revived fears about credit conditions. There are also worries about a cooling labour market. Interest rates are currently at 4. 75 , so what will Americas Central Bank do and say . Michelle fleury reports from westchester, new york. Losing momentum, after nine rate hikes in the past year the Federal Reserves efforts to cool the us economy are having an effect. This is a chain you economy are having an effect. This is a chain you will economy are having an effect. This is a chain you will see economy are having an effect. Ti 3 is a chain you will see on Roller Shades and vertical blinds. Runs a Famil Run Shades and vertical blinds. Runs a Family Run Manufacturing shades and vertical blinds. Runs a | family run Manufacturing Business shades and vertical blinds. Runs a i family run Manufacturing Business in westchester new york and he is seeing this first hand. We westchester new york and he is seeing this first hand. Seeing this first hand. We are seeinu seeing this first hand. We are seeing lots seeing this first hand. We are seeing lots of seeing this first hand. We are seeing lots of softness seeing this first hand. We are seeing lots of softness in seeing this first hand. We are seeing lots of softness in the | seeing lots of softness in the market as far as demand. The commitment in terms of long term Blanket Orders with customers, we are not saying that either, so we are not saying that either, so we are having challenges with that. American businesses are pulling back on spending and hiring. The Housing Market is slowing, both areas sensitive to changes in Interest Rates, and more pain might be coming. Americas central bank was tipped to raise rates again in what is expected to be its last hike for a while, but after this weeks collapse of the First Republic bank some are speculating it might already be done, with the fed having to manage inflation, growth had no Financial Stability concerns. Slowing the economy too much could lead to a recession and with many unresolved problems Americas Central Bank might feel like after this week it is time to hit pause to see if they have done enough after nine rate hikes. One thing they will be watching, the cost of food. Products like eggs have come down in price but remain historically high. One us Economist Says the Inflation Fight has yet to be won. I one us Economist Says the Inflation Fight has yet to be won. Fight has yet to be won. I dont think the Inflation Fight has yet to be won. I dont think the Inflation Battle fight has yet to be won. I dont think the Inflation Battle is fight has yet to be won. I dont| think the Inflation Battle is over but we are in a situation where we are seeing gradual disinflation, so inflation is slowing, and we are also in an environment where Interest Rates are high and elevated and therefore constraining business activity, which should lead to further disinflation in the coming months. ,. , months. Dare i mention the r words . Fear of a recession months. Dare i mention the r words . Fear of a recession is months. Dare i mention the r words . Fear of a recession is very months. Dare i mention the r words . Fear of a recession is very much fear of a recession is very much prominent. Fear of a recession is very much prominent prominent. President bidens republicans prominent. President bidens republicans in prominent. President bidens republicans in congress prominent. President bidens republicans in congress are i prominent. President bidens I Republicans in congress are on prominent. President bidens. Republicans in congress are on a Collision Course over raising the debt ceiling, the limit on how much the us can burrow. Failing to do so would not only inflict economic pain here but also on the rest of the globe. Lets stay in the united states. The chief executives of alphabet and microsoft will meet with american Vice President Kamala Harris to discuss key Artificial Intelligence issues on thursday. President biden wants to ensure new ai products are fully safe and tested before they are made available to the public. There are growing concerns about the rapid speed of Ai Technology and how it may be misused. Yesterday, over A Billion Dollars was wiped off the Stock Market Value of the Digital Learning Company Pearson after us rival chegg admitted that the rise of Artificial Intelligence Chatbot Chatgpt is hurting its business. Almost 1 billion. Dr kate devlin, is a researcher in Artificial Intelligence and society at Kings College london. I asked her if regulation may stifle competition and innovation. It is difficult to say. Interesting there is a move by the white house to have a closer look because until now the us has been quite hands off in terms of regulation so i think this could be frightening a few people when you consider the implications of some of the changes. I suppose that is the dilemma, is it exciting and new or something we should be concerned about and trying to regulate . If we try to regulate edge, does it stifle competition and innovation . The edge, does it stifle competition and innovation . ,. , , innovation . The us has been very content to innovation . The us has been very content to pretty innovation . The us has been very content to pretty much innovation . The us has been very content to pretty much Self Innovation . The us has been very i content to pretty much self regulate until now. There is no global approach to regulating ai, in the uk they proposed very much a Sector Regulation where regulators would keep a eye on things but there is the proposed eu ai act which will be one of the very first thing is to attempt to put this into law so there is growing tension between what can and should be done. If you are on al. What can and should be done. If you are on m we what can and should be done. If you are on al. We will what can and should be done. If you are on al. We will now what can and should be done. If you are on al. We will now stay what can and should be done. If you are on al. We will now stay with what can and should be done. If you are on al. We will now stay with a l are on al. We will now stay with a similar theme. Are on al. We will now stay with a similartheme. Are on al. We will now stay with a similar theme. A view on al. Hollywood screenwriters are out on strike. They downed tools in a dispute over pay, rights and in A Sign Of The Times the role of Artificial Intelligence. The Writers Guild wants assurances that ai will not be used to rewrite, or even create new scripts and programmes. The strike, which is the largest of its kind since 2007, has already had an impact of some of televisions most watched shows. Samira hussain is following the story from new york. Really interesting, pay conditions part of the dispute, but the role of ai, Artificial Intelligence, it could be used to start creating new shows, scripts and comedies . This shows, scripts and comedies . Is Artificial Intelligence shows, scripts and comedies . Sis Artificial Intelligence becomes more sophisticated there is a concern for creatives like these writers who are saying ourjobs could also be autumn iced and they are looking for assurances about what could happen. Additionally they are looking for better pay. In the area of streaming there is much more choice, but also love security and on average writers are making less money and so the two sides were really quite far apart in terms of negotiating so they have voted to go on strike. The forefront of this strike is series and streaming programmes but the impact is immediately felt on late night programmes that immediately churn out content on a daily basis, so Last Night The Big Nature Late night programmes were all running reruns from the last month. We programmes were all running reruns from the last month. From the last month. We saw a similar affect from the last month. We saw a similar affect about from the last month. We saw a similar affect about 15 from the last month. We saw a similar affect about 15 years i from the last month. We saw a| similar affect about 15 years ago when the strike took place, huge knock on effects for the series made and then used later in the year. Writers feel like they are working on the gig economy, freelance workers rather than part of a studio or a writing team. That is something we have heard across many industries. We have heard across many industries. , ,. ,. , industries. Yes, there is less of a sense that industries. Yes, there is less of a sense that you industries. Yes, there is less of a sense that you are industries. Yes, there is less of a sense that you are working industries. Yes, there is less of a sense that you are working in industries. Yes, there is less of a l sense that you are working in many rooms where you are moving around ideas or talking about different ideas or talking about different ideas and sharing information. Lots of people are able to work separately and from home and in almost any industry you are able to work from home and interact less with people, but the gig economy is more self reliant, they are not getting the same protections they are used to and the same minimum amount of pay which is a big part of what these writers are arguing for. Really good to see you, thank you so much, Samira Hussain in new york. A couple of other Business Stories to bring you. Starbucks shares are down more than 5 in extended trading, after the company decided not to lift its guidance for the year ahead. The Worlds Largest coffee chain Beat Estimates for profits and sales in the quarter ending in march, posting a 7 increase in global sales, which were helped by the economic recovery in china. But the company decided to reaffirm its Forward Guidance because of what it described as an uncertain global environment. Porsche has posted a 25 surge in sales and operating profits in the First Quarter of this year, as demand for luxury cars remained strong. The german car maker reported record deliveries and said it made a strong start to 2023 despite difficult economic and geopolitical conditions. Revenues rose 25. 5 to to just over ten billion euros. More on all of those stories on the bbc website. Dont forget you can get in touch with me and some of the team on twitter, im bbcbenthompson. See you very soon. Goodbye. Lets catch up with all the sports. News from leeds united . Yes, lucy, fireman sam back in charge. Sam allardyce has taken charge of a Training Session at leeds united for the first time having taken over as manager from javi gracia. Spaniard gracia, appointed in february, has been dismissed afterjust ten weeks and 12 games in charge at elland road. Allardyce is tasked with guiding leeds to safety with four games remaining. They are currently out of the bottom three but only on goal difference. A tough first game for him, though against leaders Manchester City on saturday. At the other end of the table, arsenals stint at the top could be cut short by Manchester City if they beat west ham later on. Arsenal climbed back to the top after beating