Transcripts For BBCNEWS World Business Report 20240711

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Problems to emerge since brexit its impact on Northern Ireland. Its over three months since britain left the eus single market. In an effort to honour the good Friday Peace accord, and keep an open Land Border between Northern Ireland and the republic of ireland, britain agreed to the Northern Ireland protocol. This effectively moved the relevant Customs Checks to the irish sea. However this has led to trade friction. Logistics uk, which represents the freight industry, calculates that since january around half of its members sending goods from great britain to Northern Ireland have had their exports delayed or cancelled due to the new border changes. Joining me now is roger pollen, head of fsb Northern Ireland how has this affected your members how bad is the situation . Weve just mentioned that one statistic from logistics uk. There is all sorted evidence to show how hard this transition has been. Show how hard this transition has been has been. Thats right, there is a lot of has been. Thats right, there is a lot of evidence. Has been. Thats right, there is a lot of evidence. Not is a lot of evidence. Not seeing all that. There are businesses that were closed last year that are still closed, so they havent yet emerged to see what the impact has been on their supply chains, a whole lot of evidence yet to be gathered to see how this is rolling out and its been compounded by the fact that the uk took unilateral action which was welcomed by business to resolve a lot of issues but that was done with a sticking Plaster Approach and the eu is taking legal action against the uk for doing that, so this is unresolved and we are looking for Clarity And Hope they will be able to move forward positively. Got some certainty to work with. Certainty to work with. When Ou Sa Certainty to work with. When you say the certainty to work with. When you say the Uk Certainty to work with. When you say the uk took certainty to work with. When l you say the uk took unilateral action, that is the british government delaying the implementation, wasnt it, of some border processes. Without You Eu agreement. How do you see the problem being resolved between brussels and london . Its got to be a political fix rather than a technical fix. What you could say is, weve been working for 3. 5 months now with those sticking plaster is in operation. Is that caused any great concern to the eu . Should it . Is it because concern for the single market . If you are being pragmatic and sensible, you would say no. These have been sensible easements. Ratherthan these have been sensible easements. Rather than being imposed by one side. Its easements. Rather than being imposed by one side. Its been a tricky time imposed by one side. Its been a tricky time in imposed by one side. Its been a tricky time in northern a tricky time in Northern Ireland in recent weeks with a lot of unrest. This new agreement, with the worlds two biggest polluters are discussing Climate Change and the action needed to curb emissions. The us climate envoyJohn Kerry arrived in china late Last Night for talks with his beijing counterpart ahead of president Joe Biden� s Climate Summit Of World Leaders taking place next week. The two countries are far from best friends on many fronts, Butjohn Kerry has said � climate has to stand alone from all other disputes. It is the first trip by a biden Administration Official to china. Joining me now is alex wolf, head of asia investment strategy, Jp Morgan private bank . The relationship between the us and china is not a comfortable one, what are the realistic outcomes of any talks over climate . Cautiously optimistic. Tensions have increased. Between the us and china but both sides are quite keen to show they can still co operate. Frankly, just from a very basic level, communication between the countries is broken down quite a bit. I used to be a lot of dialogue but now there is you. Reinvigorating the climate dialogue, getting them talking. In both countries are saying what they would like to see Each Other do on this matter. They definitely are. Its an important part of these discussions, also important to note that both countries are pursuing their own national interest. I think climate goals are important independently of any corporation, in Cooperation And Competition between the two countries is a positive thing. In terms of the us, John Kerry will be talking to his counterpart in beijing, expressing their concern and why china needs to make huge efforts given the amount of pollutants they put into the sphere but the us is yet to set targets for itself . Targets for itself . Thats something targets for itself . Thats something that targets for itself . Thats something that were targets for itself . Thats i something that were liking likely come up. With the Trump Administration pulling out of the climate called, how they can reset leadership, what kind of targets they set themselves. It also puts you under, the us is fragmented. We have states pursuing a green agenda. It will be important to see the federal government can harmonise some of these policies were seen in the us and just reassert leadership and just reassert leadership and set an example. find and just reassert leadership and set an example. And next Weeks Event and set an example. And next Weeks Event that and set an example. And next Weeks Event that joe and set an example. And next Weeks Event that Joe Biden i and set an example. And next Weeks Event that Joe Biden isj Weeks Event thatJoe Biden is hosting, with the us away from the climate table. How is that likely to go . Likely to go . These talks are auoin to likely to go . These talks are going to be likely to go . These talks are going to be an likely to go . These talks are going to be an important going to be an important indicator because we have yet to see how much support will get from china, so they are going to build support. Its a first step. Its taking its seat back at the climate table. Showing it doesnt tend to be a leader in this round. Its an important first step along the road. The positive is that the trajectory globally is moving towards cutting emissions and policies and promote environmental protection. Good to talk to you. Disgraced Financier Bernie Madoff has died in a us prison at the age of 82. He was serving a 150 Year Sentence for running the largest Ponzi Scheme in american history, Defrauding Tens Of Thousands of people out of as much as 65 Billion dollars. His victims included director steven speilberg, Actor Kevin Bacon and ordinary everyday investors. The bbc� s Business Correspondent Samira Hussain reports from new york. Bernie madoff was very successful because he enjoyed a reputation for decades as being the self made millionaire. And ultimately, even though his Investment Firm was investigated several times by regulators here in the united states, ultimately what altered all crumbling down was the financial crisis in 2008 when it became clear that he wasnt able to pay the investors the money that they were owed. It all came crashing down. 65 Billion is what is estimated to be the amount that he actually deported some 37,000 people. That is the mirror has same talking about Bernie Madoff who has died in prison at the age of 82. The cryptocurrency firm coinbase, which runs a top exchange for bitcoin and other digital currency trading, hit a Market Value of nearly 100 Billion in its Stock Market Listing valuing it at more than the Oil Giant bp. Joining me now is dan kemp, chief investment officer, emea, Morningstar Investment Management good morning. We knew this would be popular but goodness me, what are your thoughts . filth. Me, what are your thoughts . 0h, crumbs. Me, what are your thoughts . 0h, crumbs this me, what are your thoughts . 0h, crumbs. This is me, what are your thoughts . 0h, crumbs. This is a me, what are your thoughts . in crumbs. This is a huge me, what are your thoughts . 1i, crumbs. This is a huge debut for Coin Base and really reflect not just what for Coin Base and really reflect notjust what is going on in that business but much more boldly, Investors Enthusiasm for cryptocurrency which is of course were draws the revenue from. There are is enthusiasm for cryptocurrency. But really, its very, very easy to overpay for an investment in an environment and there is so much enthusiasm and there is so much Enthusiasm And Positivity around. So when people are inking about cryptocurrency and individual companies, focusing on the price, and getting swept up in all the enthusiasm. Absolutely. I do remember, all the enthusiasm. Absolutely. I do remember, it all the enthusiasm. Absolutely. I do remember, it was all the enthusiasm. Absolutely. I do remember, it was a all the enthusiasm. Absolutely. I do remember, it was a While L i do remember, it was a while ago, when a sport listed, for example, and it had an incredible enthusiasm as well, and its Share Price in the weeks to follow went down and down. This is a company at a time which wasnt making a profit or making any money and now look at facebook. In terms of coinbase, is this a way of being involved in the Cryptocurrency Scheme without being in exposed to something thatis being in exposed to something that is really volatile, like bitcoin, for example. I think thats how bitcoin, for example. I think thats how it bitcoin, for example. I think thats how it seems bitcoin, for example. I think thats how it seems to bitcoin, for example. I think thats how it seems to be i thats how it seems to be perceived, sally. And what we know, though, when we look at the price of coinbase and the value of it in the number of transactiOn And profits its made of last year, is closely linked to the price of cryptocurrency, weve seen an incredible rise in their earnings. So you are absolutely right to think about this in the context of a business like facebook. Its so important to notjust facebook. Its so important to not just focus on facebook. Its so important to notjust focus on what is happening right now, but what may happen far into the future. And to understand the prices will fluctuate. It will be very high when people are enthusiastic, but as the price of bitcoin is so volatile and other crypto currencies as well, as they rise and fall, the price of this exchange may rise and fall and its worth remembering the current value, its worth more than the London Stock exchange which is just focused on one asset trades across the board. When looking at any investment like this. Its so important to take a step back, think about not only the immediate prospects but as you said, the long term prospects, what a business like this could be and think about what a fair price might work. But always keep a cool head, particularly around the ipo, it is feverish times. Is feverish times. They are feverish is feverish times. They are feverish times, is feverish times. They are feverish times, ive is feverish times. They are l feverish times, ive covered many of them. Good to talk to you this morning. Stay with us on bbc news, still to come Home From Home Travel restrictions may be making holidays abroad difficult but we take a look at the rise of Home Swapping platforms. This is bbc world news, the latest Headlines President biden confirms the us will complete no later than the 20th Anniversary of the September Iith terror attacks. Protesters, carrying black Lives Matter placards gather in minnesota demanding justice for the killing of the black men daunte Wright And George floyd. Australias National Airline Qantas says its recovery is gathering speed, with Domestic Demand up to almost pre pandemic levels. As a result, the carrier is revising its estimates for the year and says its Borrowing Planes from japan. Joining me now from our Singapore Bureau is shara Njit Leyl nice to see you. This is good news, i assume. Nice to see you. This is good news, iassume. Tell us nice to see you. This is good news, i assume. Tell us more . Certainly Blue Skies for one outline at least which as you can see is not the case behind me here in singapore today. Qantas airways says it is in a really good position next to australians wanting to travel within australia again, and within australia again, and with all of the travelling, the ceo says it will finally be able to report positive Cash Flow once again. They expect Passenger Numbers at home will be nearly back to pre pandemic levels byjuly, a to 90 of pre pandemic Domestic Capacity, they say, and this is after the airline suffered for months now, know from State Border closings because of small outbreaks within australia that really decimated traffic on some major domestic routes like the sydney melbourne routes, but those routes are now back and alongside a Travel Bubble in fact with New Zealand which opens this coming monday, they are expecting bookings to be up considerably. Since last october New Zealand travels 0ctober New Zealand travels have been allowed to enter australia, and most australian states without quarantine, but this has not been reciprocated until starting next week. Aside from the ability to travel again to New Zealand, the airlines international business will continue to be grounded until at least 0ctober grounded until at least october 31, possibly longer, depending 3i, possibly longer, depending on the pace of australias vaccination rollout. Again the ceo expecting growth in Domestic Capacity to continue into next year, with its low cost brand, Jet Star going even above covid levels while qantas itself is projected to be about 107 , and that is really due to all that Pent Up Demand for travel, returning with a vengeance once vaccinations start to take place, and get this, all of its Airbus A380 � s are set to return to the skies which is really a sign of confidence that demand for global Air Travel is starting to recover, and it could make that super jumbo viable again. And it could make that super jumbo viable again. Thank you very much jumbo viable again. Thank you very much from jumbo viable again. Thank you very much from Singapore Jumbo Viable again. Thank you | very much from singapore with the latest on qantas. Australias multi billion Dollar Wage Subsidy scheme was credited with Saving Hundreds Of Thousands Ofjobs during the pandemic. Now that it has ended, many worry the move was premature. From sydney, Phil Mercer has this report. Test, test. Very sad, very depressed industry i would say, and people do not feel supported. And people do not feel suoported and people do not feel su orted. G, supported. The Jobkeeper Subsidy was supported. The Jobkeeper Subsidy was australias i supported. The Jobkeeper Subsidy was australias biggest ever economic rescue package, but not everyone was included. Among those to miss out were many in the arts. When venues closed during the pandemic, they were left to fend for themselves. ~ ,. ,. , themselves. Abandoned, Iwould Sa would themselves. Abandoned, Iwould Say would be themselves. Abandoned, Iwould Say would be a themselves. Abandoned, Iwould Say would be a good themselves. Abandoned, Iwould Say would be a good word themselves. Abandoned, Iwould Say would be a good word for say would be a good word for it. We have had no support, there is no work, a lot of them have not been eligible for jobkeeper i have not been able to access it as w could not apply, so i think this have been a lot more research into how to keep people afloat, especially in the arts. Jobkeeper is credited with saving thousands ofjobs. It covered the self employed, full and part time workers, as well as some casual staff. The government as some casual staff. The government has as some casual staff. The government has done as some casual staff. The government has done an | government has done an excellent scheme, which has really helped us to survive all the way and it was a great scheme, and it is because of thejobkeeper we scheme, and it is because of the jobkeeper we lasted scheme, and it is because of thejobkeeper we lasted this much longer, and at least a couple more months. Couple more months. Last December Couple more months. Last December Half couple more months. Last December Half a couple more months. Last December Half A Million i December Half A Million businesses were registered for wage assistance. Someone survive, and there are warnings that unemployment, with all its social and financial consequences, could rise significantly, but despite these concerns, the Governments View of its economic Safety Net � s job done. Economic Safety Net s ob done. , , economic Safety Net s ob done. , , u, economic Safety Net s ob done. , ,. , done. Jobkeeper must come to an end. It done. Jobkeeper must come to an end it has done. Jobkeeper must come to an end. It has done done. Jobkeeper must come to an end. It has done its done. Jobkeeper must come to an end. It has done its job. Some end. It has done its ob. Some occupancy h end. It has done its ob. Some occupancy in end. It has done its job. Some occupancy in sydney end. It has done its job. Some occupancy in sydney hotels. End. It has done its job. Some| occupancy in sydney hotels has fallen by 70 . Bars and restaurants are open by customers are scarce system in the majority of staff members have relied on the government to supplement their wages. But the future is uncertain. fiur the future is uncertain. Our hotels will the future is uncertain. Our hotels will be the future is uncertain. Our hotels will be hit, the future is uncertain. Our hotels will be hit, we the future is uncertain. Oi hotels will be hit, we have to make some of those difficult decisions about how we move forward without those subsidies. We dont know what that whole truly looks like, nobody wants to lay anybody off, Ourfirst And Nobody wants to lay anybody off, our first and foremost Responsibility And Hope is to retain as many staff as we possibly can. Retain as many staff as we possibly can retain as many staff as we possibly can. Jobkeeper was a Ke Art possibly can. Jobkeeper was a key part in possibly can. Jobkeeper was a key part in australias possibly can. Jobkeeper was a key part in australias plan possibly can. Jobkeeper was a key part in australias plan to | key part in australias plan to escape its pandemic recession, but the government says its time for the economy to support itself, and for the show to go on. With Travel Restrictions making holidays abroad difficult, more people are choosing to look at staycations by Swapping Homes with someone else in their home country. Home swapping platforms are reporting a rise in enquiries for this summer, with new users attracted by the fact that its cost free except membership fees. Swapping Site Love Home swap saw a 355 increase in Sign Ups to their site when the first lockdown lifted lastjune, and theyre having a similar Pick Up in activity now. Joining me now is celia pronto, managing director, Love Home Swaphow does the businesses behind the swaps love home swap. How does it work . Its a pretty sim le how does it work . Its a pretty simple process. How does it work . Its a pretty simple process. People simple process. People initially sign up for a free trial and that gives them the opportunity to explore some of the homes on a platform, and really figure out whether this is something that is right for them. Once they have had their two week free trial, they then commit to an annual membership at which point they go ahead their home with all the features and local amenities, and they get chatting with other members and they agreed to swap, so it really is as simple as that. To swap, so it really is as simple as that. There is no exchange simple as that. There is no exchange of simple as that. There is no exchange of money simple as that. There is no i exchange of money between simple as that. There is no exchange of money between the different homes and the people who own those homes and where they are doing the what, its a feeder they pay to you, is that correct . ~ ,. , feeder they pay to you, is that correct . ~ ,. , ,. , feeder they pay to you, is that correct . ~ , � ,. , correct . Absolutely, so its a membership correct . Absolutely, so its a membership fee, correct . Absolutely, so its a membership fee, and correct . Absolutely, so its a membership fee, and its correct . Absolutely, so its a membership fee, and its all| membership fee, and its all in, once they have paid the membership fee, they can swap as many times as they like, and we have some of our members who swap four or more times each year because it is just a great way to get away. Year because it is ust a great way to get away. Immediately we are all thinking way to get away. Immediately we are all thinking of way to get away. Immediately we are all thinking of the way to get away. Immediately we are all thinking of the horror are all thinking of the Horror Stories, that family that moved in with the title of the trash is your home, or the dog, or they have parties, they upset they have parties, they upset the neighbours, it goes On And on. How do you insure against all of those possibilities . I think the key difference between Home Swapping and perhaps some of those Horror Stories is that the nature of being a member of a platform such as ours is the Community Aspect to it. There is a very high degree of trust because of the intimate nature of the experience, so if i can to your home, you are going to mine, i respect your property because i expect the same from you, so that leads to an an incredibly high degree of trust. We find members not only is what homes but frequently they do a Life Swap where they will look after Each Other� s pets, frequently they will use Each Other� s cars, they certainly use Each OtherS Highchairs and childrens toys because there is a degree of mutual trust. I got shivers down my spine just thinking about it, i have to say, that is a huge amount of trust you have to ask for from users, but you as an organisation must have insurance as part of the membership fee, for those possibilities that can happen, and probably do happen on occasion . Occasion . Generally, we absolutely occasion . Generally, we absolutely do, occasion . Generally, we absolutely do, we occasion . Generally, we absolutely do, we have. Occasion . Generally, we i absolutely do, we have an amazing Customer Service Team who are always on hand to support our members should anything go wrong, which thankfully, is only ever happened once in my time with the organisation, so it happens really really infrequently. Typically, we do encourage our members to make sure they are covered by their Home Insurance and of course to take some precautions such as locking away their valuables, and being really open with their guests in terms of areas that might be out of bounds, but aside from that, it is a pretty simple process, and like i say, our members love the intimate nature of the experience. Well, we have to leave nature of the experience. Well, we have to leave it nature of the experience. Well, we have to leave it there, nature of the experience. Well, we have to leave it there, so i we have to leave it there, so much more to discuss but we will have to say goodbye, thank you so much Therefrom Love Home swap. So what do you think . Are you up for that or not . Im not sure if i am honest, do tell me though. Thanks for your company, i will see you soon. Hello there. Most of us had a fine and dry Day Yesterday with some welcome sunshine. Now, across quite widely the North And West of the country, temperatures are actually a little bit above average for the time of year. This about 3 degrees above around the glasgow area. Across eastern england, there were some areas a little bit on the cool side, for example, london. Mainly because we had the wins come again from the relatively cool North Sea around this area of High Pressure. Similar Wind Pattern on thursday, similar distribution of temperatures again across these North Western areas we will see some of the warmest weather. Its not particularly warm at the moment. Indeed temperatures are dropping very quickly underneath these clear and starry skies. The wind is light, could bejust a few Mist And Fog patches, although probably not quite as many as we had this time yesterday. Temperatures at the lowest, 3, 4 celsius or so across parts of north east england. There will be quite a widespread frost first thing. So a frosty start to the day but a beautiful start as well with clear Blue Skies in many places. Lots of sunshine on the cards. But as we head through the day, we are going to see some Cloud Build in, particularly across central of showers will develop across East Anglia and south east england, with some of Them Heavyish but i dont think there will be any thunderstorms around. The further North West you are the clearest the skies will be. Plenty of sunshine even into the afternoon, even for these areas. And its here where we will see some of the highest temperatures again probably reaching around 15 degrees celsius. A little cooler than that across central and eastern areas of england. If anything, those temperatures down a little bit compared with wednesdays. For the end of the week, High Pressure is still with us and that means another fine, frosty start to the day. Plenty of sunshine, a little bit of cloud bubbling up as we head into the afternoon. Towards the North West, you might find a little bit of slightly thicker cloud beginning to make inroads, but most of thats going to be quite high. Just making the sunshine a little on the hazy side. So for many of us, after a cold start to the day, a bit of cloud bubbles up but essentially a fine day. For the weekend prospects, Weather Fronts are going to get pretty close to the northwest of the country. Across most of england and wales were looking at this fine spell of weather to continue. Probably of the two days, saturday looks like being the sunniest, but sunday is still not bad. Further North West, a bit more cloud around and across the far North West of the uk through sunday, there is the threat of seeing a little bit of rain. Thats your weather. Good morning, welcome to breakfast with Naga Munchetty and charlie stayt. 0ur headlines today. Mps announce another inquiry into the greensill lobbying row. Former Pm David cameron says hell respond positively to requests for him to give evidence. The White Policewoman who fatally shot black Motorist Daunte Wright in minnesota is charged with second degree manslaughter. A full Military Rehearsal will be held here behind Windsor Castles walls and the full Guest List announced as the preparation for the funeral of the duke of edinburgh continue. Agree to working more and earning less, or lose yourjob. Hundreds of british Gas Engineers are out of work after refusing to sign new contracts. Its the latest firm accused of using Fire And Rehire schemes

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