Not long ago opec and other Oil Exporting Countries agreed to cut production they wanted prices but the oil cartel is finding it harder than they thought as crude prices continue to fall also coming up the u. S. Justice department here is trying out of economic espionage charges to chinese nationals as the trade war between the two economic superpowers opens a new frocks and how a hand sized mollusk provides a billion dollars line for a struggling region. Welcome to the program the price of french crude recovered slightly on friday after having slipped to its lowest level in fifteen months earlier oil prices have been steadily sliding for weeks dropping more than Twenty Five Dollars since the
beginning of october when they were hovering around Eighty Dollars investors had hoped to supply cuts from opec or prop up prices of the cartel of Oil Producing countries is finding that easier said than done. Earlier this month oil cartel opec and its partner countries agreed to cut production to one point two Million Barrels a day from january. To reduce supply and boost prices the price of a barrel of bread has been dragged down by a combination of factors the global Macro Economic outlook isnt shining on the oil industry and this weeks rate hike from the u. S. Federal reserve has exacerbated Investor Fears of an economic slowdown but oversupply remains the biggest challenge for the industry increasing crude production in the u. S. Which is now a top producer worldwide makes it more difficult for opec to control the global market. So while the downward trend that Oil Prices May be welcome news for drivers it spells trouble for opec an inability to influence price may mean its
effectiveness as a cartel is diminishing. Well earlier we asked Spencer WelshOil Market Analyst at i. H. S. Market in london whether opec countries were looking to strike a balance deal or if they were just out to maximize profits they are trying to to to find the right balance they would probably like the price to be somewhere around seventy or Eighty Dollars per barrel compared with the current price which is fifty three however even just two months ago there was worried that the market was overheating the prices it eighty six people worried it was going to hit one hundred and opec a worried about that one hundred number because then that stimulates competition from from other fuels and actually back in june because of the high price opec released their Production Constraints because theyre worried about the price going too high so theres been an incredible change in the market in just two months or a market analyst spencer well speaking there according paris has slapped a half
a million euro fine on French Oil Company total after finding it guilty of paying bribes to win a huge gas contract in iran and nine Hundred Ninety Seven The Court says total paid thirty Million Dollars in bribes to middlemen for help in securing the look at this South Pars Gas Concession five years ago to tal had to pay almost four hundred Million Dollars to settle a similar case before it went to trial in the United States. Now lets get a quick check up on Financial Markets with our wall street correspondent and scored against wall streets has been having a wild week weve seen huge losses even strong consumer data couldnt break the slump on friday why. You know what a day what a week what a month at the beginning of the day when we got those good Economic Data here out of the United States of the blue chips traded up by more than Three Hundred points but then the mood got sore and by the end of the day we lost a good four hundred points for the week were down by about seven percent the worst
week for wall street since october Two Thousand And Eight so in the midst of the financial crisis and then for the month so far blue chips are down by a good twelve percent meaning that would be the worst december since Nine Hundred Thirty One well a lot of factors are playing a role here so we have the outlook for more Interest Rate increases for next year then we have the possible shutdown of the u. S. Government that played a role and then we also had trade advisor peter in a very old saying that hes skeptical that a deal can be reached in the Trade Dispute between the United States and china and then on top of it we have all those various that the Global Economy might cool next year and against previous boss codes maker nike was one of the few winners on friday tell us more at least one bright spot in a sea of red stock of the nikkei gained seven percent was by far the best winner in
the Dow Jones Industrial average we got Quarterly Results from nike and they came in better than expected in every region and almost every contemporary and especially china was hot and that was not necessarily to be expected expected by the management from nike is saying that they see zero sign of any cooling of demand in china at least that seems to be true for nike and scored in new york thank you. Europes Biggest Carmaker Fox Wagon apparently wants to cut around Seven Thousand jobs in the coming years according to media reports v. W. Plans in hanover an end and will be affected thats because the production of electric cars requires fewer people than the production of vehicles with Combustion Engines so the Company Plans to offer older employees part time work but even then thousands of jobs might still be cut looks like and declined to comment. Now for a couple of hours of looked like former nissan chief call it
a go no would be getting out of jail but before the gate even opened for him japans state Prosecutors Office has issued a fresh warrant for his Detention Prosecutors now say that going dumb to millions of his own personal debt onto a new sound accounts it was originally arrested on november nineteenth then prosecutors allege golan declared far too little income and personally and rich himself using company funds. Chinas Foreign Ministry says it to resolutely opposes u. S. Accusations of economic Espionage Beijing called the Claims Slanderous the u. S. Justice department has indicted two chinese nationals accusing them of cyber spying now the alleged Hacking Operation dates back over ten years but is putting more pressure on already strained u. S. Trying to relations. The Chinese Group called a p t ten advanced persistent threat ten allegedly breach the networks of more than forty five u. S. High Tech Companies and Government Agencies like nasa the Justice Department says it stole several gigabytes of Sensitive Data from Two Thousand And Six on words. These are the men said to be behind this cyber attacks. And junk she long u. S. Prosecutors say theyre linked to Chinas Ministry of state security but thats something that chinese authorities deny. Me from. The u. S. Side is making groundless accusations against china on Cyber Security by fabricating facts and making up a story out of fin area that the u. S. Is charging to chinese In The Name Of socalled cyber theft this move seriously harms china u. S. Cooperation and is in essence extremely nasty but the u. S. Is not alone Australia Britain and new zealand also say they were targeted in what they called a Global Campaign of intellectual property theft. As evidenced by this investigation
the threats we face have never been more severe or more pervasive or more potentially damaging to our National Security and no country poses a broader more severe long term threat to our nations economy and Cyber Infrastructure than china. The alleged chinese hackers have been indicted although theyre not in the u. S. A move that will only worsen the sour relations between washington and beijing. Now if scallops are going to be part of your holiday feast theres a good chance thats thanks to a couple of fisherman in peru the Bail Set Shura in the north of the country provides an Ideal Environment for a Scallop Farming Industry has only been there for fifteen years but nowadays the golden nuggets of the sea as they call them provide a lifeline for an entire region. The locals regard them as gold nuggets because
they provide a living for many people here there are plenty of scallops in the bay of such. They are easy to harvest because the water is shallow so no diving is required. When they swim now i hear this is a Privilege Bay that we have an equal in the area of security which in all species. All varieties of seafood especially scallops is. That was how many. About eighty percent of the starlets come from such a bay off the northwestern Pacific CoastThree Hundred companies have settled here in the past fifteen years. They export the seafood to france spain the United States and canada much of it also goes to china. You know when you get the only thing we need to know is how to develop the market better how to open more markets for example europe is not as big
a market as china. Oh if we could or if the Sanitation Authority could open china as a market wed be able to have much more potential for export them with a needle and with them i could on. According to official statistics around Eighteen Thousand tons of scallops were harvested in peru this year and four and a half thousand tons were exported around a quarter went to france that resulted in revenue of more than fifty six Million Dollars. Thanks to the scholarships everything just refined to lines you see more restaurants small cars on the road small bus lines we had all citrus whole Economic System to thrive. The region benefits enormously the locals hope the high demand will continue and that the ecosystem for the sensitive seafood remains ideal. An awesome scallops over the holidays and some ghosts and some wine thats all so
if you want more go ahead and check out all social media feeds on twitter and facebook but more importantly at herself a Merry Christmas and a happy new year across the whole burma lent thanks for watching see you back here in twenty nine t. Want. To. Control. The before. Natural richardson a little precious resources. And a rewarding investment move from the farm land has been called the ethiopian is green and gold the for the country has an abundant supply of food and leases it to International Giants the government is after high export revenues for corporations profit margins. But not everyone benefits from the booming business. Going to show an environmental destruction starvation the best selling out of a country dead donkey. Most starts december twenty ninth on t. W