Transcripts For BBCNEWS World Business Report 20240711

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More now on Climate Change and the A0 World leaders including Chinas President Xi Jinping who Willjoin A Virtual Summit on the Climate Crisis hosted by the us. Ahead of the Earth Day event, president Joe Biden is expected to outline us plans to cut emissions over the next decade and seek commitments from the worlds other big polluters. In a moment well be getting some views from the us and china but first the heres Samira Hussain in New York this will be closely watched for two reasons. What it says and what can be accomplished. This is a put opportunity to Joe Biden to send a message to show that united states is joining international efforts to Fight Club Climate Change was not that the four years under the Trump Administration and its policies of Climate Change denial, is over. What will be more closely watched is what comes from this two day summit. Mr biden campaigned on and has made it the environment and has made it the environment a priority for his administration. Now he needs to make good on that promise. It is being reported at the White House will announce the us will cut its Greenhouse Gas emissions by half over the next decade. That is double what was previously promised under the obama administration. Now why did corporations like mcdonalds and Target Support these drastic cuts to emissions, its Wood Required Changes to how americans live their everyday lives, from the cars that they drive to even the way they heat their homes. Helen mountford is from the World Resources Institute a non Profit Organisation that helps Government And Business leaders with Climate Change policy. She is in washington. Welcome to the programme. Held balls isJoe Biden expected to be . Balls is Joe Biden expected to be . ~. , balls is Joe Biden expected to be . ~. ,. , be . We are very much hoping he will step up be . We are very much hoping he will step up and be . We are very much hoping he will step up and be be . We are very much hoping he will step up and be extremely. Will step up and be extremely bold. What looking for ideally is that he will be committing to cut american emissions by half, by 2030. That is ambitious but it is also something that is achievable and it is what is needed to put us on the right track to a Net Zero economy overall. It is also what is going to help deliver the jobs that america needs, the Competitiveness It Needs, the Competitiveness It Needs and the innovations of the Future. 5 needs and the innovations of the Future the Future. 5 talk about the olitics. The Future. 5 talk about the politics he the Future. 5 talk about the politics. He will the Future. 5 talk about the politics. He will make the Future. 5 talk about the politics. He will make the i politics. He will make the promise, he will put the challenge out there to other World Leaders to follow suit but can he get this past politicians on Capitol Hill . There is a lot that is already happening now. What he will be doing is a seasoning on what we have already seen happening with the business sector, investors and city and states across the country. What he has been doing in terms of the Stimulus Efforts and the reason americanjobs plan, these are already starting to put forward investments which were lay down the tracks in terms of the public transport we need, the electric vehicle infrastructure, to start to invest in Energy Efficiencies and homes and buildings. These are all things that will actually create jobs and jobs quickly across the country but they will also put us on the right track for achieving these kinds of emissions reductions. And when it comes to the Paris Climate Agreement which was seen as one of the most significant international agreements on this issue for many, many years. The us has rejoined but where are we in meeting the targets set back in paris . ,. , meeting the targets set back in paris . ,. Paris . So, in fact, while we had an administration paris . So, in fact, while we had an administration in paris . So, in fact, while we| had an administration in the last four years that was not interested in achieving the Paris Agreement targets, during that time we actually had a lot of cities, states and businesses actually step up, so there was momentum that continued over that time. Nowhere near enough and nowhere near we could have where we could have had with national engagement at the federal level. So that is stepping back up level. So that is stepping back up so we are not far off where we need to be and whatJoe Biden is laying down is a challenge for how we can step up challenge for how we can step up further and building on what we have as a basis actually going to the next level and doing and in a way that will be creating the jobs that we need, leading to less pollution in the air across the country and in many cases saving households and businesses money. So that is what he is putting forward now. ,. Is what he is putting forward now. , u, is what he is putting forward now. , now. How optimistic are you, helen . I now. How optimistic are you, helen . I am now. How optimistic are you, helen . I am hopeful, now. How optimistic are you, helen . I am hopeful, i helen . I am hopeful, i am hopeful. There helen . I am hopeful, i am hopeful. There has been a | helen . I am hopeful, i am i hopeful. There has been a lot of debate internally on what can be possible. They have looked sector by sector. We are hoping there will be a 50 reduction in the target somewhere, 50 reduction in emissions by 2030. I somewhere, 50 reduction in emissions by 2030. Somewhere, 50 reduction in emissions by 2030. I was going to say Thank Emissions by 2030. I was going to say thank you, emissions by 2030. I was going to say thank you, helen, emissions by 2030. I was going to say thank you, helen, A To Say thank you, helen, a appreciate your time and your thoughts on where we are at. Iris pang is Chief Economist for greater china with ing bank shes in hong kong. Good to talk to urs. China is the worlds biggest Emitter And Xijinping will be in the virtual Summit Later today. What is chinas commitment . China has committed to Net Zero Carbon Emission by 2060 and reduce emissions by 60 by 2050. For china, the plan is actually very detailed. They have a step by step how to do that own transportation, Industry And Consumer site. So i think that in terms of china, i think that in terms of china, i dont think i dont worry about the plan. I worry more about the plan. I worry more about others that come out without a plan to achieve that. In terms of what it means for china, just talking about the practical side, china, just talking about the practicalside, it china, just talking about the practical side, it will have to close down nearly 600 Coal Fired Power Plants to meet these Climate Changes. It is currently running over 1000 coal plants. More than half of the worlds capacity. Do you think china will deliver on its commitment and its promise to meet Net Zero by 2050. It sounds like a long time away but it is a huge challenge to meet that target. But it is a huge challenge to meet that target. Yes, it is a hu. E meet that target. Yes, it is a huge Challenge Meet that target. Yes, it is a huge challenge that meet that target. Yes, it is a huge challenge that china, i meet that target. Yes, it is a | huge challenge that china, as meet that target. Yes, it is a l huge challenge that china, as i said, has stopped so close down all Coal Fired plants has started, with the most polluted ones. Now there are more welding of Solar Panels and Wind Turbines. These Solar Panels and Wind Turbines are going to contribute more than 60 of supply of electricity by 2060 so this is actually very promising and we have to do remember that china has the most populous in the world. The question now is really how to generate electricity. Not by Coal Fire anymore but i wind and solar, mainly. We Coal Fire anymore but i wind and solar, mainly. Coal fire anymore but i wind and solar, mainly. We have seen china invest and solar, mainly. We have seen china invest heavily and solar, mainly. We have seen china invest heavily in and solar, mainly. We have seen china invest heavily in new china invest heavily in new technology to get it to this goal. Just looking at, for example, the huge demand for electric vehicles. That is just one area where the people of China Avenue taking on board this goal as well. The people of china are taking on a board of this goal as well. Yes, in many ways, the chinese consumers are taking on the responsibility in their daily lives. For example, they are now more recycling activities, real recycling activities. And also and also the environment does make sensible environment when it comes packaging. Chinese investors are doing their bit but i think it is more government driven when it comes to this massive policy that we are talking about so we have two cut down on Coal And Increase solar and wind. That is notjust in the vehicles, we have seen this happen in industry and buildings as well because the building panels, we know building Panels Analysis Solar Panels. Lets stay with Climate Change because its very much the focus at the Auto Shanghai Motor show. China is home to many Car Makers hoping to win business in the shift to electric vehicles. Robin brant caught up with the boss of electric Car Maker nio and asked him how us china tensions are affecting his business. Translation this wontjust be sold by one country. We hope to solve it with with our customers around the world. It is very hard to achieve mutual understanding. We need better trust in each other. Translation i think tesla benefits most stop the regulations dont specifically apply regulations dont specifically apply to one one company or there apply to one one company or there is apply to one one company or there is huge investment in this there is huge investment in this list there is huge investment in this list of those not just one company but the entire society has to company but the entire society has to work towards this, and Notjust Has to work towards this, and notjust china. Every has to work towards this, and not just china. Every country in this not just china. Every country in this world should do this. | in this world should do this. Think the in this world should do this. I think the biggest challenges most people are still concerned about infrastructure which is why we have invested in the Power Station 2. 0. We have supercharger networks. Help . Power station 2. 0. We have supercharger networks. Now from climate Change Supercharger networks. Now from Climate Change to supercharger networks. Now from Climate Change to coronavirus. Should patents on covid vaccines be suspended so poorer countries can make their own supplies . Its an idea being pushed by south Africa And India via the World Trade 0rganisation with the support of more than 100 other nations. But its being resisted by some developed countries where the big Drug Companies are based. Ahead of more talks at the wto today, south africas Trade And Industry minister Ebrahim Patel has been explaining to our Economics Correspondent Andrew walker why a � waiver� on Intellectual Property around covid is needed now. We need a covid new deal. To significantly increase the supply of vaccines and related medical goods, and to promote access to such essential goods. That is really why south africa, india and more than 100 other countries have said we need a waiver. Those agreements have flexibilities and the overall regime does permit that permit them to be utilised as utilised. If there was ever a case to be made, it is today. 0h ever a case to be made, it is today. Oh what is involved in Making Vaccines. Today. Oh what is involved in Making Vaccines. Today. Oh what is involved in Making Vaccines. What is involved Making Vaccines. What is involved in Making Vaccines. What is involved in making Making Vaccines. What is involved in Making Vaccines i Making Vaccines. What isj involved in Making Vaccines is training, technology transfer, is a waiver going to make much difference . Difference . Wants the waiver is involved, there difference . Wants the waiver is involved, there is difference . Wants the waiver is involved, there is a difference . Wants the waiver is involved, there is a higher involved, there is a higher incentive to Pharmaceutical Companies to work with other governments in providing the Know How and the technology because they can then get something for those. And if it is indeed the case that the Waiver Wont make a difference, why are some of the Pharmaceutical Companies so reluctant to agree to the waiver . Reluctant to agree to the waiver . ~. ,. ,. Waiver . What about the concern that if perhaps waiver . What about the concern that if perhaps you waiver . What about the concern that if perhaps you have waiver . What about the concern that if perhaps you have a that if perhaps you have a waiver now, it might havent effect on international Pharmaceutical Companies to do the expensive and commercial risky research in responding quickly to the next pandemic . We have had extensive public funding in the space of rnd that sits at the heart of the innovations and the Pharmaceutical Companies are able to come to us and say we agreed to a waiver but we want to have a conversation about some fair remuneration, taking into account the actual money we have had to put into this and creating an incentive. Were not going to have Intellectual Property rights saving human lives. Preventing saving human lives. Germanys top court has rejected a legal bid to block europes 750 Billion Euro Covid Recovery fund. Under the plan the European Commission would borrow money on the markets to give to the hardest hit Member States as grants or loans. Critics in germany say the plan exceeds the eus powers, and had filed an injunction to stop the country ratifying it. The Courts Decision has been welcomed by chancellor Angela Merkel and Eu Commission chief Ursula Von Der Leyen who tweeted that europes economic recovery � is now on track. The plan, which features big ticket Investments Swetha Ramachandran is an Investment Manager at Gam Investments here in london. Good to have you on the programme. Good to have you on the programme good to have you on the programme. Good to have you on the rouramme. , � , programme. This, im sure, was very welcome programme. This, im sure, was very welcome news, programme. This, im sure, was very welcome news, especially l very welcome news, especially in italy and in spain. Absolutely, Italy And Spain will be among the two largest recipients of this recovery package, and to be fair, this has reallyjust kicked the can down the road in that the German Constitutional Court has said that they do accept the Complainants Basis in any delay to ratify the proposal would be any dummy quite catastrophic in terms of the economic recovery so the next step is it will get referred down to the European Court of justice, but that will take likely many years to resolve, which wont impede the ratification as it currently is. ~. ,. ,. , ratification as it currently is. ,. ,. , ratification as it currently is. We have already heard, or it has been it has been reported that the Prime Minister of italy has got big plans when it comes to an economic revival there following the pandemic. He is expected to unveil 221 Billion Euros in recovery package. A lot of that money will come from this fund. Lot of that money will come from this fund. Yes, indeed, up to about 200 from this fund. Yes, indeed, up to about 200 Billion from this fund. Yes, indeed, up to about 200 Billion euros from this fund. Yes, indeed, up to about 200 Billion euros is to about 200 Billion euros is expected to derive from this alone. His plans are very much to position italy in prime position to recover from this crisis, italy has been one of the hardest hit in terms of its access death toll, and beyond that the economy was already moribund precrisis and to really move it forward, the idea is to invest in digitalisation of the economy as well as high speed rail, projects tackling Climate Change, all of this to really position the economy for more vibrant growth post crisis. Just tell us how the Euro Economy is doing is it worth. Mario used to be the head the european central bank, it is meeting today, what is the keyissue is meeting today, what is the key issue here . You have mentioned how hard he had italy was, and spain, what about other countries . Was, and spain, what about other countries . The timing of the vaccine other countries . The timing of the Vaccine Rollout other countries . The timing of the Vaccine Rollout in other countries . The timing of the Vaccine Rollout in the other countries . The timing of the Vaccine Rollout in the eu. The Vaccine Rollout in the eu has certainly led to a lag in terms of economic expectations relative to the us and the uk which are more advanced in their rollout, and have been able to reopen their economies much earlier on. That is one reason why in 2020, compared to the us Financial Market the Equity Markets being up about 18 , the eu saw corresponding increases of only 2 of. In the first quarter of this year in 2021, that has reversed as hopes have risen that the eu from a Standing Start is seeing an acceleration in the Vaccine Rollout programme as the Supply Interruption gets smoothed out, and the outlook based on global demand is quite robust because europe is quite heavily overweight industrials and manufacturing of goods and as global demand recovers, experts from the eu exports have rebounded quite strongly, raising hopes for an economic recovery into the second half of the year. Some of the tourist dependent economies of Southern Europe really need to see their economies open up to tourists which will likely happen this summer based on some form of Vaccination Passports will which will be quite positive for them as well. Lets get some of the days other News Australia has scrapped agreements tied to Chinas Belt and road initiative, prompting Angerfrom Beijing and adding further strain to relations between the countries. The federal government used new powers to rip up two investment deals made between the state of victoria and china. Tata is suing rival Liberty Steel over claims of unpaid debts, according to reports. The claim relates to missed payments from libertys flagship £100 million takeover of Tatas Speciality Steels Business in 2017, according to the daily telegraph. Liberty Steel Owner Gfg alliance is reeling from the collapse of its main Backer Greensill in early march. Stay with us on Bbc News, still to come mirror, signal, Manoevre Driving Tests are back on in england and wales, but booking one could be the biggest challenge the stars and stripes at Half Mast outside columbine high. The school sealed off, the bodies of the dead still inside. I never thought that they would actually go through with it. Choir singing one of the most successful Singer Song writers of all time, the american Pop Star Prince has died at the age of 57. I was its hard to believe it. I didnt believe it. We just he was just here saturday. For millions of americans, j the death of Richard Nixon in a new York Hospital has i meant conflicting emotions. A national day of mourning next wednesday, sitting somehow uneasily with the abiding memories of the shame of watergate. This is Bbc News the latest Headlines 0n World Earth Day President biden hosts a climate Change Summit urging countries to dramatically curb emissions. Another tense day for the City Of Minneapolis the funeral will take place of Daunte Wright a black man shot dead police. This week began with emotional scenes at airports in australia and New Zealand as passengers were able to travel again between the two countries without the need to quarantine. Mariko 0i has been talking to the boss of Air New Zealand to find out how the tas Man Bubble has been going. Marikojoins me now from singapore. As you said a lot of excitement, the boss of a New Zealand told me that Ticket Sales actually soared by records shortly after the announcement, and as you said we have been seeing a lot of pictures of excited families and friends being able to reunite, while the rest of us watched with envy, this could be a model for the rest of the world and for countries where the pandemic is not exactly under control yet, many people are now saying that a Vaccine Passport could be one way to make Future travelling smoother, so i have asked if Air New Zealand is trying it out. ~. , ~ Air New Zealand is trying it out. ~. ,. , ~ , out. We are working very closely with out. We are working very closely with them out. We are working very closely with them on out. We are working very closely with them on the | closely with them on the vaccine closely with them on the Vaccine Passport, and as we speak Vaccine Passport, and as we speak we Vaccine Passport, and as we speak we actually are trialling this between auckland and sydney. We have because dont need sydney. We have because dont need to sydney. We have because dont need to do that, but we have ot need to do that, but we have got a need to do that, but we have got a number of passengers who have got a number of passengers who have agreed to utilise this digital have agreed to utilise this digital passport. I do see that as being digital passport. I do see that as being a very viable option for us as being a very viable option for us being to open up to countries for us being to open up to countries where we dont have a bubble countries where we dont have a Bubble Gt countries where we dont have a bubble. ,. , bubble. Of course there are concerns bubble. Of course there are concerns that bubble. Of course there are concerns that this bubble. Of course there are concerns that this kind bubble. Of course there are concerns that this kind of i concerns that this kind of Travel Bubble could increase the number of covid 19 cases. He said he isnt too worried and arent wejealous. He said he isnt too worried and arent we jealous. Hate he said he isnt too worried and arent we jealous. And arent we ealous. We are absolutely. Finally, to the uk now where Tests'>Car Driving Tests in england and wales start again today after being suspended since late december. Lessons began ten days ago to give learners a chance to practise. Examiners are trying to increase the number of slots available to make up for lost time, as our transport correspondent, caroline davies reports. Sometimes it takes a few attempts before things line up, but Learner Drivers have rarely had to wait this long to get a test. I had to wait this long to get a test. , had to wait this long to get a test. ,. , , test. I have had my test cancelled test. I have had my test cancelled eight test. I have had my test cancelled eight times i test. I have had my test| cancelled eight times by test. I have had my test cancelled eight times by this point but i have lost count. I live quite literally in the middle of nowhere with the nearest Bus Station being about a mile or two away, its almost impossible to get around i go anywhere without asking someone else to give me a lift. The last Car Else to give me a lift. The last Car Driving Test the 90 workers was before christmas, but delays had an impact. The insurance but delays had an impact. The insurance and but delays had an impact. The insurance and all but delays had an impact. Tie insurance and all that sort but delays had an impact. Tue insurance and all that sort of stuff, and also its been a very frustrating time for the pupils, because effectively it is three and a half or four months since they had last been in a car, and to have that break when you are fairly inexperienced, it is quite difficult for a lot of them. Br; difficult for a lot of them. By the wait is almost over. There are currently over 400,000 people waiting for a Car Test in britain. More examiners are working weekends, extra people have been recruited and some have been recruited and some have been recruited and some have been brought back out of retirement, even the bus taking some of the Tests. Some of the Tests. Waiting time vafies some of the Tests. Waiting time varies around some of the Tests. Waiting time varies around the some of the Tests. Waiting time varies around the country varies around the country because it depends on how many other people are in the queue, and how many examiners weve got in any given location, so it can vary quite a bit sloppy i think the key thing there is that we add more Test Appointments each week as time moves on. ,. , appointments each week as time moves on appointments each week as time moves on appointments each week as time moveson. ,. , ~. ,. ,. , moves on. Noone knows how long it will take moves on. Noone knows how long it will take to moves on. Noone knows how long it will take to clear moves on. Noone knows how long it will take to clear the it will take to clear the backlog, so plates may need to stay on far longer than many would like. You are now Up To Date in all Things Business and of course all the latest news as well. If you want to get more detail on the stories we have covered all look at the other stories we have for you, head to our website. I will see you soon. Hello. After slightly cloudy conditions across england and wales on wednesday, the clear Blue Skies and strong sunshine experienced in scotland, northern ireland, akin to what we can see here from one of our weather watchers during the day, well, they will become a bit more abundant. But those Clear Skies by day also mean colder nights are back, and a widespread frosty start to the day, temperatures as low as 5 6 through some parts of eastern Scotland And Northeast england, very few immune to a frost. And thats because weve got High Pressure in charge. Its keeping those skies clear. High pressure generally means dry weather as well, stops the Rain Clouds from going up. And around the centre of it, which is right over us, there will be light winds. A little bit more breeze, most notable across the far south of england. And while most will see sunshine from dawn to dusk, they will be a bit more clout in Northern Scotland through thursday compared with wednesday, and the sunshine in central parts of scotland that little bit hazier. But with much more sunshine around on thursday, Pollen Levels are back up again high in most parts, limited a little bit around this Southeast Corner and through the English Channel because weve got more of a breeze here. That breeze, coming in from an east or northeasterly direction, will also limit the rise in temperatures here to between 10 13 celsius. But with lighter winds further north and west, because the ground is so dry at the moment, it means the air above it warms quite quickly and thats why we could get to around 16 17 celsius in some western areas through the afternoon. But what will follow, again, will be there skies for most away from Northern Scotland into thursday night, so another frost is likely. Notice how that area of High Pressure has barely changed. The lines on the chart, the isobars, where we see the windy conditions will be out to the south and the west, so more of a breeze potentially for northern ireland, but still that breeze blowing through the English Channel and through southern parts of wales. The cloud in the far northeast of Scotland Mayjust produce the odd isolated shower, but for most, again, its another day of sunshine from dawn to dusk. And with each day being sunny, the ground warms up a bit more. Temperatures could reach 19 20 celsius, particularly across parts of north wales, northwest England And Southwest scotland. Still cooler with that onshore breeze, though, to East Anglia and the southeast. Now, if youre expecting any change into this weekend, dry, sunny sums it up for most, the nights still chilly with a risk of a frost. There will be a bit more cloud developing through saturday and sunday, and by sunday, temperatures dropping just a little bit. Bye for now. Good morning, welcome to breakfast with Naga Munchetty and ben thompson. 0ur headlines today. Its time to Get Serious about Climate Change. Borisjohnson will tell a summit of World Leaders that urgent action is needed to save the planet. Just days after the conviction in the George Floyd Murder trial, the funeral� s Taking Place of a 20 year black man Daunte Wright, shot dead by a Police Officer in the same city. 4,000 fans and no social distancing. The Brit Awards is to be the first major indoor Music Event to see the return of audiences since the start of the pandemic. As the fall out from the plans for a Super League continues, tottenham supporters, protest against their owners outside the ground, before watching their Team Win under their new interim head coach

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