Transcripts For BBCNEWS World Business Report 20240710

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We begin with afghanistan because the International Monetary Fund has decided to withhold funds it was scheduled to disperse to the country on monday, saying that it was due to a lack of clarity within the international community as to whether the taliban should be recognised as the government in the country. The Us Treasury had earlier blocked the taliban from accessing some 9. 5 Billion in reserves held in the us. All this throwing the Future of the Countrys Economy into question as Nick Marsh explains much of Afghanistans Budget comes from overseas sources. When it comes to afghanistan, it is useful to break it down in several ways. Foreign cash makes up a massive three quarters of the afghan budget and developed nations have pledged another 12 Million to afghanistan but this will likely be slashed now that the taliban have taken over. In fact the german Foreign Minister said that his Country Wouldnt be giving another sent to afghanistan now that the taliban are in charge. And thats without mentioning the potential for corruption. Thats without mentioning the potentialfor corruption. For two decades afghanistan was plagued by the issue of so called phantom aid. Billions coming in but very little going to its intended recipient. And economy underpinned by bribes and embezzlement was part of the reason why the afghan government struggled to command any authority. Now if foreign aid is slashed then the potential for corruption might become a little less pronounced, but theres nothing to say that the taliban can or will look to stamp out corruption entirely. Besides foreign aid spending, the only other big industry of note in afghanistan is agriculture stopping the World Bank reports that 71 of households made their living through farming but the country also has the wealth of other Natural Resources, about 1 Trillion worth and perhaps the most valuable could be the rare earth lithium, its used in renewable batteries and electric vehicles, of course having Natural Resources and utilising them are two very different things especially with the Countrys Infrastructure in tatters. Of course with the taliban back in power it is worth noting that one of their most lucrative Natural Resources has been Opium And Weve seen Bumper Harvests for farmers Opium And Weve seen Bumper Harvests forfarmers and harvests for farmers and afghanistan which has turned the country into one of the epicentres of the illegal Drugs Trade and that may well continue. Afghanistans central continue. Afg hanistan� s Central Bank continue. Afghanistans Central Bank has billions of dollars in us reserves that washington has just froze thats 9. 4 Billion that the taliban cant get its hands on but its also billions of vital dollars that wont be coming into the country stopping the Banks Governor who has just fled afghanistan recently told the bbc that could be disastrous, leading to crippling inflation. Of all of the economic concerns facing the economic concerns facing the afghan people right now, this one may well be the most imminent. One of the huge changes seen in afghanistan over the last 20 years was women in the workforce and girls being educated. Many women now run businesses and serve as doctors, Hold Positions in government, some are soldiers and work in the police. The World Bank estimates more than a fifth of the Labour Market in afghanistan was made up of women last year. Many now are extremely anxious about what will happen to them under taliban rule, despite assurances from the regime that they will honour womens rights within islamic law. Joining me now is maryam popal zahid, ceo, afghan women on the move. And it is based in sydney australia. Thank you for being on the programme. First of all, are you in touch with women currently in afghanistan and if so what have they been saying to you . I so what have they been saying to ou . , so what have they been saying to ou . ,. To you . I am in touch with women to you . I am in touch with women and to you . I am in touch with women and afghanistan, | to you . I am in touch with l women and afghanistan, we to you . I am in touch with women and afghanistan, we have offices and have been working with them for the past four or five years. They are quite unsure because of the uncertainty that is unfolding so rapidly and it is becoming so, in a sense, very scary because nothing has been said in a way that we can believe taliban for what women can and cant do and afghanistan. Its cant do and afghanistan. Its interesting cant do and afghanistan. Its interesting because i was listening to Camilla Siddiqui who was the afghan Liberty Commerce Minister up to 2019. She is quite optimistic, she believed that the cultural change in afghanistan has been so huge since the taliban were last in control that they cant afford to not recognise women in the work base. In the work base. That is ri. Ht. In the work base. That is right and in the work base. That is right. And despite in the work base. That is right. And despite the i in the work base. That is i right. And despite the huge challenges that afghan women have been experiencing in the past 40 years, one of the achievements that afghan women showcased to the world was that they had the potential of running small businesses and according from the data from the chamber of commerce, there were 803 small businesses run by afghan women which accommodated 7700 individuals to run with their full Potential And Produce work and even what i am wearing today is from one of the women we have beenin from one of the women we have been in contact with and i have bought stuff from them but i have tried to speak to her prior to this interview and i couldnt find her. As i said before, we will probably wait a little bit to see what is therefore afghan women. Those that are not doing the traditional roles that were given to Afghan Women A Long Time ago where they could only be a nurse or a doctor if you really wanted to do some, being an entrepreneur, a businesswoman requires a lot of freedom to be able to do what needs to be done and if that comes under a particular structure according to men in the country, that will definitely challenge us. The real concern definitely challenge us. The real concern is definitely challenge us. The real concern is what definitely challenge us. The real concern is what the interpretation of Sharia Law is for women both in the workplace and going to school . That for women both in the workplace and going to school . And going to school . That is the concern and going to school . That is the concern because and going to school . That is the concern because what i and going to school . That is| the concern because what we have experienced from what taliban was implementing Sharia Law in, like, 20 years ago or 21 years ago in comparison to what they have said now that women will be getting, according to the law, that they believe a woman should do, its quite a concerning at the same time because at the moment we are only hearing from men and thats another concern for us to, while we are not sitting with women from the beginning to speak that this needs to be done because weve been doing it for the past 20 years, and now for them to decide, they might face some challenges or a lot of challenges not from the afghan women and afghanistan but from international communities and also afghan women Around The World including myself and the organisation that a present. Thank you for being on the programme, of course a huge issue that we are keeping a very close eye on here at the bbc but now lets move on because we have two, time is restricting us as ever. Now to financial markets, Wall Street saw a sell off and stocks are headed lower in Asia Today thanks to the details of Taper Talk from the us federal reserves meeting injuly. The minutes from that meeting have been released and Michelle Fleury has gone through them and tells us what fed officials discussed. Hovering over the financial markets for a while now is this question, how soon with the us federal Reserve Start to taper its Asset Purchases . That is the 120 Billion a month The American Central Bank has been spending to buy us treasuries and mortgage bonds, a programme are pursued to stimulate the economy. According to the minutes from the July Policy meeting, we may not be far off. Most feared officials agree it might be time to start scaling back its Bond Purchases before the end of the year. Those worried about inflation said tapering should start soon. 0thers Tapering should start soon. Others they want to wait until next year to see stronger evidence that the Job Market was recovering from the pandemic. Americas Central Bank has twojobs, pandemic. Americas Central Bank has two jobs, to worry about inflation on the one hand and full employment on the other. The minutes show that officials believe they are close to their goal on inflation but they are still not satisfied with the way they are on the jobs front. As for interest rates, they are not likely to go up anytime soon, the fed has been consistent in its message that winding down its message that winding down its Bond Purchases would come before that. Lets look at the reaction then in asia, we are seeing clients across the board, price of oil lower but the us dollar has claimed an value to several month highs versus some current these. You can see on Wall Street the next board how markets react there, a 1 loss for the dow, S P 500 a similar decline but lets not forget these markets in the us have hovering around record highs for some time so it is a reason to take profits for many when these kind of minutes and this discussion is going on within the financial markets. So lets get some of the days other business stories. The us Transportation Department says it will limit some chinese Air Carrier flights to 40 Passenger Capacity for four weeks after the chinese government imposed similar limits on four United Airlines flights. China told united it was imposing sanctions after it alleged five passengers who traveled from San Francisco To Shanghai tested positive for covid 19 injuly. Chinese President Xijinping has called for stronger regulations on high incomes, as part of a wider campaign to redistribute wealth and moderate societal behaviour, especially among its youth. A sign that its tighter control of chinese Tech Companies is part of bigger social goals for the nation. How can Dairy Farms Adapt To Climate Change . An important question as overall, a quarter of global emissions comes from Food Production and Greenhouse Gas emissions from the Dairy Industry is rising as demand for milk grows. According to a new report, arla, the Diary Giant which supplies milk to all major Uk Supermarkets produces milk emitting around half the global average of C02 Emissions but they have a Net Zero ambition so how do they plan to achieve that . Felicity callaghan is from arla and Co Author of the report. Good morning to you felicity. First of all, just tell us how arla has pulled this off, lowering its C02 Arla has pulled this off, lowering its Co2 Emissions . Good morning. Yes, so with the report we are launching today it has been taken from the Carbon Footprint Programme of around 2000 Arla Farmers in the uk and that data has been accumulated to show notjust where the emissions are coming from but also the steps being taken from ourfarmers. This is year1 of the dataset taken from ourfarmers. This is year 1 of the dataset so we have a journey to go as we seek to reduce our emissions to Cover Net zero. 50 to reduce our emissions to Cover Net zero. To reduce our emissions to Cover Net zero. So what are farmers Cover Net zero. So what are farmers doing Cover Net zero. So what are farmers doing then . Cover Net Zero. So what are farmers doing then . There | Cover Net zero. So what are i farmers doing then . There is Cover Net zero. So what are farmers doing then . There is a mixture, farmers doing then . There is a mixture. I farmers doing then . There is a mixture, i think farmers doing then . There is a mixture, i think what farmers doing then . There is a mixture, i think what the mixture, i think what the report shows is just how complicated Dairy Farming is when it comes to emissions. It shows a real mixture of things that are taking place, whether thats the way the slurry is spread on the field to reduce the emissions going out into the emissions going out into the air or the technology thats brought onto farms so thats brought onto farms so thats a real mixture of things like covering Slurry Tanks so that the emissions arent being released, Digestions Systems All The Way through to really emerging technology things like Plasma Technology when a Chemical Reaction can help neutralise some of those emissions. Neutralise some of those Emission Neutralise some of those emissions. �. ,. ,. , emissions. And going forward, when do you emissions. And going forward, when do you think emissions. And going forward, when do you think you emissions. And going forward, when do you think you might l emissions. And going forward, l when do you think you might be able to hit Net Zero . Ilosiith able to hit Net Zero . With currently able to hit Net Zero . With currently set able to hit Net Zero . With currently set a able to hit Net Zero . With currently set a target able to hit Net Zero . With currently set a target of l currently set a target of Carbon Net zero x 2050. Everything were doing it arla is really rooted in the science, our targets are Science Based Targets and a first step and that is reduce our emissions by 30 on farm Per Kilogram of milk by 2030. As science develops, that they will change but i think we will be driven by the science and that process. To be driven by the science and that process. Be driven by the science and that process. To what extent is what ou that process. To what extent is what you are that process. To what extent is what you are doing that process. To what extent is what you are doing influencing | what you are doing influencing others . Because obviously everyone has got to play their part in orderfor us everyone has got to play their part in order for us to really make a difference. Make a difference. You are riaht, make a difference. You are right. We make a difference. You are right. We do make a difference. You are right, we do all make a difference. You are right, we do all need make a difference. You are right, we do all need to make a difference. You are. Right, we do all need to play our part and i think that part of the thinking behind developing this report. If we can inspire others to better understand farming, inspire others in the industry and they can take and share some of the learnings then that is a really important part of how we all move forward on this together. All right, well we shall move forward together, felicity callahan, thank you forjoining us. Stay with us on bbc news, still to come with many cinemas closed and others operating at half capacity, it takes courage to release a new film and india. I will be speaking to a producer who is doing just that. The big crowds became bigger as the time of the funeral approached. As the lines of fans became longer, the police prepared for a huge job of crowd control. Idi amin, ugandas brutal former dictator, has died at the age of 80. Hes been buried in saudi arabia, where he lived in exile since being overthrown in 1979. Two billion people Around The World have seen the last Total Eclipse Of The Sun to take place in this millennium. It began its journey off the coast of canada, ending three hours later, when the Sun Set over the bay of bengal. This is bbc world news, the latest Headlines President biden has defended his decision to withdraw us troops from afghanistan, insisting there wasnt a way for them to leave without chaos ensuing. Desperation in haiti, as Hundreds Of Thousands Hit by saturdays powerful earthquake say theres still no assistance. Mastercard is set to face the uks largest Class Action Trial over its Payment Fees after a London Tribunal gave the group bringing the suit the green light to proceed. The Competition Appeal Tribunal ruled that walter merricks, the former head of the uk Financial 0mbudsman service, can represent some 46 Million consumers, in the first British Judicial Certification of a Class Action claim of its kind. Merricks had been seeking around £14 Billion, or 19 billion, in damages. Anna macdonald is Fund Manager at amati global investors. What do you make of this story . It sounds a bit like david and goliath, doesnt it . Goliath, doesnt it . Yes, absolutely. Goliath, doesnt it . Yes, absolutely. The goliath, doesnt it . Yes, | absolutely. The consumer goliath, doesnt it . Yes, absolutely. The consumer Rights Act of 2015 really paved the way for these mass claims to become possible, so it has taken quite some time to get here. But yes, this could be seen as something that will champion the consumer. Mastercard of course are saying that it mastercard of course are saying Thatitis Mastercard of course are saying that it is the big lawyers that are going to make hay, really, because they are saying that no individual consumers have actually asked for any kind of compensation. But yes, this is going to unlock, potentially, some interesting Class Action cases in the Future. Some interesting classaction cases in the Future. Some interesting classaction cases in the Future. From what i understand cases in the Future. From what i understand this cases in the Future. From what i understand this is cases in the Future. From what i understand this is about, i understand this is about, mastercards so called interchange fee, but as the charge to the retailer for card use, often the retailer passes that on to the customer in the form of higher prices, and eu competition law, it is argued, is broken for that. For mastercard, this is its business model, isnt it . Well, they have business model, isnt it . Well, they have reduced business model, isnt it . Well, they have reduced the business model, isnt it . Well, they have reduced the level business model, isnt it . Well, they have reduced the level of| they have reduced the level of Interchange Fees substantially since the European Commission ruling in 2007. But this case is related to charges between 1998 and 2008, and 1992, sorry, and 2008. It applies to about 46 Million customers and mastercard have already succeeded in reducing the value of the claim from about £15 Billion to about £10 billion, because they have managed to exclude those who are deceased and at a time and have excluded the effect of compound interest, and i think mastercard will try to further bring that down. So customers could be in line for up to maybe £200 each in terms of payments, so it is kind of reminiscent, i suppose, payments, so it is kind of reminiscent, isuppose, of payments, so it is kind of reminiscent, i suppose, of the whole ppi scandal. But the difference was, then, we had to opt in to get Ppi Compensation claims, whereas all customers are automatically included in this claim, unless they choose to Opt Out. This claim, unless they choose to Opt Out to Opt Out. Interesting. Anna, thank you. To Opt Out. Interesting. Anna, thank you. We to Opt Out. Interesting. Anna, thank you, we appreciate to Opt Out. Interesting. Anna, thank you, we appreciate you| thank you, we appreciate you explaining that. Mumbai in india is one of the largest centres of Film Production in the world, but like everywhere else, the pandemic brought the industry to a dramatic halt. Now a new movie, bellbottom, will become the first big Budget Bollywood Movie to get a global release since the pandemic took hold. The release had to be postponed twice because of covid and cinemas in bollywoods home region of maharashtra, which contributes a third of local Box Office takings, are still closed. Elsewhere in india many theatres are operating at half capacity. So why release it now . Joining me now is deepshikha deshmukh, producer, pooja entertainment. Great to have you on the programme. So why are you going for it, despite all the challenges . For it, despite all the challenges . For it, despite all the challenues . , ~. , ~ challenges . You know, i think cinema on challenges . You know, i think cinema on the challenges . You know, i think cinema on the whole challenges . You know, i think cinema on the whole has cinema on the whole has suffered so much globally. The industry has enormously suffered. We were the first indian film to start shooting again, and it was Against All Odds and now we are releasing it Against All Odds. I just feel this is the time for hope and optimism, and someone has to start. You know, the numbers, people are very excited, consumers are ready, Theatre Change and exhibitors, with safety in mind, are ready to open up. And i think this is the time to support them and we just hope that the release of Bell Bottom will. Just hope that the release of Bell Bottom will. Bell bottom will. Sorry to interrupt Bell Bottom will. Sorry to interrupt you, Bell Bottom will. Sorry to interrupt you, but Bell Bottom will. Sorry to interrupt you, but just Bell Bottom will. Sorry to interrupt you, but just talk| Bell Bottom will. Sorry to l interrupt you, but just talk us through the challenges of shooting this film, of keeping Everybody Covid safe . It shooting this film, of keeping Everybody Covidsafe . It was a new normal Everybody Covidsafe . It was a new normal for Everybody Covidsafe . It was a new normal for all Everybody Covidsafe . It was a new normal for all of Everybody Covidsafe . It was a new normal for all of us. Everybody covidsafe . It was a new normal for all of us. It new normal for all of us. It was coming back to work, keeping all of the Safety Precautions for us throughout the entire filming process, you know, the safety, we followed all of the procedures laid down by the uk government, by the indian government, we also had our own set of procedures on sat, whether it was having a paramedic on the set, whether it was constantly checking their oxygen levels, their monitoring, temperature, masking up, sanitising, having separate sets. We would not have been able to do this without the Team Effort, you know, when we first came together and everybody wanted together and everybody wanted to come back to work, because a lot of livelihoods depend on this, i think we had a great team and we could pull a lot of this. It was very challenging. But we made it happen. It was a Team Effort. But we made it happen. It was a Team Effort but we made it happen. It was a Team Effort. And many Big Block Busters have Team Effort. And many Big Block Busters have chosen Team Effort. And many Big Block Busters have chosen to Team Effort. And many Big Block Busters have chosen to bypass l busters have chosen to bypass cinema and go straight for the streaming option. Did you consider that . Streaming option. Did you considerthat . I streaming option. Did you consider that . Consider that . I think consumption, consider that . I think consumption, over. Consider that . I think | consumption, over the consider that . I think consumption, over the years, consider that . I think consumption, over the years, of consumption, overthe years, of the last two years, has definitely changed. Lots of people do enjoy watching films in the comfort of their own home with all their safety. But i think to enjoy a large film with facts, like the and furious, it is so important to come out and enjoy the entire experience is something that, it is a family outing, and i think, you know, it is fabulous, but the medium of experience cannot be taken away. I think the consumer wants to come out and enjoy that. So i think both have their pros and cons. That. So i think both have their pros and cons. And in terms of their pros and cons. And in terms of returning, their pros and cons. And in terms of returning, what i their pros and cons. And inj terms of returning, what is your hope and expectation, because cinemas worldwide have been really struggling as an industry, as many are quite cautious about sitting within a Cinema Close to people in the current environment. To Cinema Close to people in the current environment. Cinema close to people in the current environment. To be very honest, current environment. To be very honest. Yes. Current environment. To be very honest. Yes. It current environment. To be very honest, yes, it would honest, yes, it would definitely impact numbers, but like i said, this is a time for hope and optimism. We cannot forget that we are coming out from a very, very challenging time. Someone has to start, and i think whether it is cinema chains, whether it is theatres, everyone is keeping, you know, has laid down a certain set of sips, and answering the consumer that safe he is being implemented and coming back. I think when the consumer is ready to come back. Think when the consumer is ready to come back. Well, we shau ready to come back. Well, we shall see ready to come back. Well, we shall see. Good ready to come back. Well, we shall see. Good luck ready to come back. Well, we shall see. Good luck with ready to come back. Well, we shall see. Good luck with the | shall see. Good luck with the huge Blockbuster Launch of your movie. Thank you so much for being on the programme. And thank you also for your company as well. As ever, there is so much detail on the stories we have covered, so much more detail, i should say, on our website. We dont have the time to dig as deep as i would like. Have a lovely day and i will see you soon. Hello. It feels a little bit like our weather has been sulking so far this Week Kind of Stuck In A Rut Of Grayness and lingering cloud. Its not in a great hurry to get out of that position through today, either. We did see some sunshine on wednesday across central and Eastern England, and im hopeful we will see some for at least a time today this break in the clouds ahead of a weak Weather Front coming in from the west. So through the morning, some sunnier skies working their way eastwards, perhaps something a bit brighter behind that band of Showery Rain further west for the afternoon. But still, a lot of cloud for many of us, and temperatures a little down on where they should be for the time of year. A few heavier showers roaming around through the evening, but overnight, Guess What its all pretty quiet and light winds, a lot of cloud, quite misty and murky around the coast and for the hills. Friday daytime, looking at that chart, you think, oh, things might start to get moving. Well, not in any great hurry, im afraid. This Weather Front will push some rain into Northern Ireland through the day, throwing some showers towards wales, as well. Potentially, though, with a little bit of a strengthening southerly breeze, we could break the cloud up a little bit more across southern and Eastern England. Looking pretty gloomy and murky there across scotland and generally across the northern half of the uk. For the weekend, however, this low will make a bit more of an effort, and friday into saturday, this front pushes slowly further eastwards. The notable thing that it does, though, is drag up some warmer air from the south for central and Eastern England. So after a week where temperatures have sat below average, we could actually see some significantly warmer weather, at least briefly this weekend. But there is a price to pay. Saturday, we will see, i think, temperatures getting up into the mid 20s across central and Eastern England with some sunshine. But coming into the west, some heavier and more persistent rain, some strengthening winds, as well as that area of low pressure finally gets down to business. For sunday, even more widespread showers, i think, as the low pressure sits across the uk. And we start to lose that southerly airstream as the low shifts, temperatures edge down yet again. A Bit Drierfor monday, but still a little on the cool side. Good morning, welcome to Breakfast Withjon Kay and naga munchetty. 0ur headlines today. 0n the ground in kabul. Afghanistan adjusts to life under the taliban. Here, more criticism of the foreign secretary dominic raab, as the Governments Strategy in afghanistan is condemned from all sides of parliament. Like many veterans, this last week has been one that has seen me struggle through anger and grief. President biden says us troops could remain in afghanistan beyond the end of august, passing his deadline for withdrawal. The battle for morrisons. Three firms are vying to takeover the bradford based to take over the bradford based

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