South korean prosecutors say theyre seeking a warrant for the arrest of the countrys former president. Park geun hye, who was impeached earlier this month, is accused of bribery, abusing her president ial power and leaking government secrets. Now for the latest Financial News with and World Business report. Extending the cuts to oil production. Major Oil Countries consider a plan in a bid to boost sagging prices. And first day in the office for hong kongs new leader, carrie lam. Well be looking at the business reaction and challenges ahead. Welcome to World Business report. Im sally bundock. Also in the programme bt has been hit with a record fine from the uks telecoms regulator. Details in a moment. But first. It was a key weekend for the oil industry. Members of the producers cartel opec and some of their allies were meeting in kuwait. They signalled they are considering extending their curbs on how much oil they pump each day. So what impact will this have on the price of oil and therefore the cost of all kinds of things like energy and transport which make a big contribution to what we pay for goods in the shops. They were meeting because of this. Oil prices rose sharply when the countries meeting in kuwait agreed to cut prodcution at the end of november, and while prices held up for a while theres been a drop of around 10 in the last few weeks. They cut production to try and force prices up because many of their economies rely on the money it brings in to Fund Government spending. The biggest opec producer saudi arabia wants 60 per barrel. One big problem has been an increase in global stockpiles. Last week the us stockpile rose to 533 million and as its the biggest in the world that pushed prices down. Theres also renewed pressure from us shale oil producers. As you can see here, the number of active us rigs drilling for oil has doubled since may last year when it fell to the lowest level since its all time high in 2014. With me is alex holbourn, director at hannam and partners. Good morning, alex. Morning. Tell us a bit more about the weekend in kuwait. Who was there in terms of opec kuwait. Who was there in terms of 0pec and non kuwait. Who was there in terms of opec and non opec . Was a meeting of a joint Ministerial Monitoring Committee composed of five nations there was. Three opec member countries, algeria, kuwait and venezuela, and two non opec member countries, joe marler and russia. Important players but not the likes of saudi arabia and by not the likes of saudi arabia and by no means the full crew. Im an. What did we expect from the meeting and what did we get . Oman. It was the second time they met and it was established in january two compliant with the clubs agreed in november and december to comply with. The effectiveness and the power of this committee is as yet unclear. Discussions had as to whether or not they extend the cuts from the currentjune deadline for another six months. The thinking is they probably will, that was the sentiment we got from the meeting, but its a consideration at this point that they cant give you any ha rd point that they cant give you any hard responses . Absolutely. They look to measure whether or not compliance is being in line with what was anticipated by each of the member states, and they looked at independent sources to verify if people have been keeping in check with what they promised they would deliver they look at. As yet its not certain what power or authority this committee has to really determine the ultimate decision, which will be taken in may when they meet on the 25th. I would imagine for opec members and those Non Opec Members who agreed those cuts in december, they will be disappointed the prices have not gone up, especially with the latest fall. What is the thinking for prices bore the rest of the year . Thats a concern, the increase in the us with stockpiles rising at 1 concern, the increase in the us with stockpiles rising at1 Million Barrels a day saw a £5 million sell off in the oil price over the last five days or so. People would like to see the extension of the cuts or another six months. I think there will be a slight disappointment there hasnt been something more concrete realised today. In fact in the draft release they did look like they would recommend to extend those cuts for a further six months, but then in the updated version they said they would review it again in april ahead of the meeting in may. Alex, for now, thank you for your time. We will keep an eye on the oil price, it was hovering around 50 a barrel for the brent crude, we will look at the details later in the programme. The first woman elected as leader of hong kong has vowed to heal divisions amid demands for more democracy and protests at beijings growing influence. Carrie lam had the backing of the Chinese Government in beijing and was widely expected to win. But what do businesses make of the territorys new Chief Executive . Juliana liu is in hong kong. What are they saying about carrie lam . Well, sally, i can tell you that investors are not reacting to this news because it was already something that was forcing. Carrie lam was the front runner, she was very much the preferred candidate of the Chinese Government and she also had the support of the citys business community, seen as relatively pro business, although her arrival, john tsang, who was much more popular with the General Public, he was a financial secretary, he had some support from the business community. Her arrival. But certainly they threw their backing under mrs lamb and she was elected with 777 votes, the most votes ever cast for a Chief Executive candidate. Her rival. Miss lam. The General Public didnt have a say in this. There are concerns about mrs lam. She is a divisive and polarising figure. She became so in the last few years. She was the person responsible for selling this political reform agenda, which didnt pass, and the introduction of which helped to trigger the 2014 pro democracy protests. There are worries with her in charge that there could be more protests to come. Let me just show you the front page of a hong kong newspaper, this is the oriental daily news, this is the addition today, you have carrie lam, a large photo of her, and next to her you might be able to make outjoshua wong, one of the leaders of the pro democracy protests, the Umbrella Movement in 2014, here he is clashing with police trying to get into the voting the new. Hes now a politician and the leader of his own party and they have said come the first ofjuly when mrs lam takes over as Chief Executive, they are planning a civil disobedience movement. Voting venue. We dont know how big it will be but it seems activists are already starting to mobilise against her. So from day one shes going to have a tough job balancing the demands in hong kong and the demand is coming from the government in Mainland China . And the demands coming. Its a tough job, one im surprised frankly she decided to take because previously she said she wanted to retire to the uk. But youre right, not even a minutes honeymoon. When she was announced the winner there was obviously lots of applause butjust minutes after she was declared the winner of this election, there were a group of people marching with yellow umbrellas, symbols of the Umbrella Movement, calling for universal suffrage. Even when she was meant to be taking a victory lap, there were people protesting against the entire election process and protesting against her. We may see more of the same. Nice to see you, juliana, talk to you again im sure. Bt has been hit with a record fine by the uk Regulator Ofcom and has set aside more than 370 million to repay providers for delays in installing high speed lines. Ofcom has issued the firm with a 52 million fine, which it says is the largest it has ever handed down. More detail on that on our website. French president Francois Hollande is in singapore and has expressed a desire to strengthen its partnership with the city state. According to associated press, the president said that in an environment of isolation, nationalism and protectionism the two countries must lead the way in opening confidence in international trade. Uber technologies has suspended its Pilot Programme for Driverless Cars after a vehicle equipped with the Technology Crashed on a road in arizona. The police say the crash happened when another car failed to give way to the uber vehicle. No one was seriously injured. That show you the markets on a brand new trading week. You can see how things are going in asia. Lets show you. A lot of the reaction to the fact that donald trump did not get his way when it came to the reform of the affordable healthcare act, so were seeing some declines. A strengthening of the yen, which never helps stocks trading in tokyo. You can see the price of oil edging down slightly, remaining just below 51 a barrel. Ill see you soon. Mps must introduce tougher measures to tackle Childhood Obesity in england, including controlling Supermarket Price promotions on unhealthy foods. A report out today by the Health Select committee argues that plans published by Government Ministers last year dont go far enough. Dominic hughes reports. A levy on sugary drinks was the main element of the governments Childhood Obesity strategy when it was announced last year. While many Health Experts and campaigners said it was a start, they also thought the government could and should have gone further. Now a group of mps has agreed that much more needs to be done to tackle Childhood Obesity. In particular they want action to curb discounts and Price Promotions on unhealthy food. The Committee Also calls for clear goals on reducing overall levels of Childhood Obesity and for the levy on sugary drinks to be extended to milk based products that have added sugar. We know that one in 311 year olds are overweight 01 one in 311 year olds are overweight or obese, and thats notjust about individual choices, its about the environment that children are growing up in and really the key thing thats missing from the current strategy is regulation around marketing and the promotions to children. Representatives from the Food Industry itself told the committee that responsible retailers are being disadvantaged by those who continue to offer big discounts on food high in sugar and fat. In a statement, the Department Of Health in england defended its use of a largely voluntary approach from the Food Industry to the reduction of sugar and fat, and said ministers had not ruled out further measures if results are not seen. But the mps argue that the situation with Childhood Obesity is associated and urgent, ministers need to take much more robust action. Dominic hughes, bbc news. Coming up at 6am on breakfast, dan walker and Louise Minchin will have all the days news, business and sport. Im ben bland. The top stories this hour the United States has condemned the arrests of hundreds of protesters in russia who had been taking part in Anti Corruption demonstrations. Many people, including alexei navalny, one of president putins fiercest critics, are still being detained. At least Six High School students are feared dead following an avalanche at a ski resort injapan. They were taking part in a Mountain Trip near the town of nasu in Tochigi Prefecture in centraljapan. A number of other students and teachers are missing. The australian governments inquiry into child sexual abuse allegations in the country is starting its final public hearing in sydney. More than 1,200 witnesses have given evidence over the last four yea rs. South korean prosecutors say theyre seeking a warrant for the arrest of the countrys former president. Park geun hye, who was impeached earlier this month, is accused of bribery, abusing her president ial power and leaking government secrets. Now it is time for our news review. What is making headlines around the world . First we have the moscow times online, which reports on the wave of Anti Corruption protests across russia. It says that alexei navalny, an opposition politician who coordinated the protests, was detained, along with hundreds of others. On the front page of the guardian, the british Home Secretary has called for police and Intelligence Agencies to be given access to whatsapp and other encrypted messaging services, in an effort to stop future terrorist attacks. The paper says Opposition Politicians and some Civil Liberties groups have called this unrealistic. And, as british prime minister, theresa may, gets ready to trigger article 50 this week, the Financial Times reports some officials close to negotiations as saying the uk would most likely have to continue to participate in some eu agencies after brexit. It quotes one official as saying that the uk doesnt have the expertise or time to set up new agencies from scratch. The row over leggings the Washington Post looks at a story many news sites are reporting, two teenage girls barred from boarding a flight in the us because they were wearing leggings. United airlines defended their decision saying the girls did not meet a Dress Code Policy for the type of ticket