Transcripts For BBCNEWS World Business Report 20240710

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Hello there. Days after the taliban took control of afghanistan, afghans are cautiously, nervously, venturing out again. Businesses have been Re Opening. But what kind of government emerges and what their rule will mean for women, Human Rights and Politics Freedom is still unclear. Significant to the economy will be global trade. Analysts predict that, with the taliban in control, international trade will come to a standstill. The signs were already there injuly, when the afghanistan governments Customs Revenue slumped by 30 that month. So what will the taliban coming to Power Mean for bilateral trade, Investment And Business between afghanistan and united Kingdom And Europe . To explore that question im joined by dr mohammad hotak, chairman of the british afghan chamber of commerce and industry. Money comes from legal goods like cigarettes for example but also open and that that Opium And Methamphetamine so how can and methamphetamine so how can a legal trade survive on that basis . A, a legal trade survive on that basis . � ,. , basis . A very important Question Basis . A very important question. That basis . A very important question. That is basis . A very important question. That is something we are looking forward to see what kind of arrangement can be made. Like you mentioned, at the moment all trade between Britain And Afghanistan and most western countries has come to a halt. The freedom of speech, Freedom Of Movement and other liberties and rights that Human Beings enjoy, one of them is the liberty of the free market. What kind of government is the taliban going to have and how will they react to free market, free exchange of financial services and flow through its modest trade. At the moment, most of the countries in the western world have all stopped trading with afghanistan and some countries in the region will be trading, Table Theyd be taxing them and getting revenues because they have taken Over Kabul and i am not really sure on that front but i know it is taking place. As far as our teams and partners and members in afghanistan are concerned, they are all going into hiding. If the taliban government are to take over the salaries of government officials, they will have to think quick. This is a landlocked nation but it is at the centre of a number of different trade routes, whether to europe or the middle and far east, including Chinas Belt and road initiative. Afghanistan has an extremely important location in asia. Opportunities are limited. Governments, for any future democratic governments or any government in afghanistan. Afghanistan is extremely important, regardless which side the trade comes from, south north, east to west, most of this trade has happened and would have to go through afghanistan. Location what it is in a very good position and the government, even though at the government, even though at the moment it seems is that we are having major problems with the taliban because we have fought it for so long, but there are some countries in the region that do not see the taliban as a threat and will be looking into trading with the taliban and using them for the projects like the Belt And Ride from China Belt and road. And also pakistan has good relations with afghanistan. China might be continuing or increasing or decreasing but most likely maintaining their trade with afghanistan. It has the embassy open. But it is up to the taliban and how they are going to govern now and in terms of business do they understand the principles of free market, Trade And Finance and things we have worked on to create british financial hubs from london to gigaflops building a vibrant Banking Industry which for the past couple of weeks, america actually announced they were sanctioning taliban reserves. So banks and Banking Industry is on the verge of collapse. We work with that money and all Bank Accounts have been frozen. How the taliban are going to do all these things with the new government. Other going to be open to the free market, to the liberties of allowing business and the private sector. I think we wilL Need to leave it there for the moment. Thank you for your thoughts. It is there for the moment. Thank you for your thoughts. For your thoughts. It is a Pleasure Tesla has been showcasing its strides forward in artificial intelligence. Ceo Elon Musk says it will probably launch the prototype of a Humanoid Robot called Tesla Bot next year, saying the robot would eliminate dangerous, repetitive, boring tasks. Tesla also unveiled chips it designed In House for its fast computer, dojo, to train its automated driving system. But its plans for developing the tech behind autonomous cars comes at a time of tougher us Government Scrutiny for Teslas Self driving autopilot system. Joining me now is daniel ives, Managing Director of equity research, wedbush securities. Lets talk first about the brains behind ai. Gigaflops, petaflops, exaflops a lot of Processing Power being promised in these new custom chips that will be the brains behind teslas ai. But is it enough . I think that is the question. When it comes to tesla, it is of them showing the software and ai capabilities and ultimately Elon Musk thinks it would be important for decades to come. For investors right now, it is more on the horizon. Does this really change the Demand Story and what it will do . Scrutiny continues to be a black cloud over the stock. Ii crashes in three years involving Teslas Autopilot driverless technology. Senators say tesla drivers are at high risk of injury or death. Is there evidence that driving a tesla is any more dangerous than any other vehicle . Tesla to that point, they have had relatively strong Safety Record but no doubt, if you look at the pressures and you look at the pressures and you look at the pressures and you look at what we are seeing on the probe in the us, it is very important because ultimately a big part of the longer Term Goal is for self driving. They are way ahead of any other competitor that if you look at the ai but they are showing, they are talking things in the future but right now the Elephant In The Room continues to be the probe and what it is saying about the safety issues. Tesla is pushing for global expansion and looking to open more factories Around The World. To do that it must overcome significant regulatory hurdles. Is it likely to succeed in its strategy . I think when you look at capacity, especially what they are doing in berlin with gigaflops, these are importance. Tesla is leading the green tidal Wave But Competition comes from all angles and clearly tesla now has the Bulls Eye on the back and full good reason. It is something that will have to navigate as they go through the Red Tape in its expansion. It is important to the broader Tesla Story. Is important to the broader Tesla Story is important to the broader Tesla Story. Thank you very much. If you fail, try and try again thats what the us federal Trade Commission is doing with its Antitrust Lawsuit against facebook. Our North America Business Correspondent Michelle Fleury takes a look at what theyve got planned, second time round. Call it a do over, two months ago a usjudge call it a do over, two months ago a us judge throughout the federal Trade Commission anti Trust Suit against facebook saying it had failed to provide enough evidence but the judge left the door open for the agency to try again and here it is. The F Tc taking fresh aim at the social media giant. Delegation in the new complaint accuses facebook a bigger monopoly and buying up the competition and it wants the company to be broken up. This go around, the updated suit is longer and includes more arguing no other personal social Biking Provider in the us remotely approaches facebook� s scalp. Facebook condemned the move, saying the claims are an effort to rewrite anti trust laws and up and settled expectations of review. This is a huge test for the new ftc boss. She has a way of rethinking monopolies, one that looks at dominance. Facebook had wanted her to recuse itself. The ftc denied that request and i doubt missed cant and her staff are hoping second time around is the child. Ms khan. Meanwhile, facebook is among the foreign Tech Giants pouring billions into building out Internet Access in africa. My Colleague Aaron Heslehurst asked the Firms Director of Network Investments for emerging markets, ibrahim ba, about the biggest challenge they face there. I think some of the biggest mistakes we have seen, i have seenin mistakes we have seen, i have seen in africa and some emerging markets, even before the service starts, before they know the benefits and the challenges of those services so i would encourage governments to take a light look and when something becomes a bit odd and start seeing some of the challenges and wait for its conception. Challenges and wait for its conce tion. ,. Conception. Critics argue that companies conception. Critics argue that companies like conception. Critics argue that companies like yourself conception. Critics argue that companies like yourself are l companies like yourself are only loosing Africas Internet Service because it will bring more users and profit. I do not think so and more users and profit. I do not think so and i more users and profit. I do not think so and i will more users and profit. I do not think so and i will tell more users and profit. I do not think so and i will tell you think so and i will tell you why. If i were to allocate capital today, there are regions that probably have a higher Return Investment in the short term. We believe in facebook that we connect People and create value for them through connectivity, The Business will follow. Our initial view of the continent is basically a continent where 1. 4 billion People, one of the youngest population and growing, we need to invest for the Long Term. A lot of investment looks at 10 15 years. It is important to look at it from that perspective and bringing People online is our ambition. We are confident it will create value for People and People will use that. But thatis and People will use that. But that is secondary. It is important to focus on the basic infrastructure and let the retail Business Innovation happen and People will use what makes sense to them. And viewers on bbc World News can watch talking business with Aaron Heslehurst this weekend. The times are on your screen now with the first airing at 2330 gmt on saturday lets get some of the days other News Toyota shares down more than 1 in Morning Trade in tokyo thats after the worlds biggest carmaker said global production will be cut by 40 . A rise in coronavirus cases in Southeast Asia impacted supplies as well as the assembly of parts needed in its cars. A global Chip Shortage has already forced rivals including General Motors and ford, to scale Back Production earlier. The Subscription Site onlyfans, known for its adult content, has announced it will block sexually explicit photos and videos from 1 october. Onlyfans said the change had come after pressure from banking partners. The site has grown during the pandemic and says it has 130 Million users. Here in britain, long Term Youth Unemployment is at a five year high. More than 200,000 People under 25 have been out of work for more than six months. There has also been a flight into education, a significant rise in People moving back into full time education, and away from the world of work. Sarah corker has been speaking to some young People about how they see theirjobs and career prospects now that some of the covid restrictions are easing in the uk. I think it will easily take at least two or three years to be getting back to where i was pre pandemic. I getting back to where i was pre pandemic. Pre pandemic. I head five interviews pre pandemic. I head five interviews between pre pandemic. I head five l interviews between february pre pandemic. I head five interviews between february and march interviews between february and march. Three of them were rescinded because of the pandemic. A rescinded because of the pandemic rescinded because of the andemic. ,. ,. , pandemic. A lot of what you realised from pandemic. A lot of what you realised from the pandemic. A lot of what you realised from the past pandemic. A lot of what you realised from the past year| pandemic. A lot of what you | realised from the past year is like. Realised from the past year is like. Life realised from the past year is like. Life is realised from the past year is like, life is short. Realised from the past year is like, life is short. You realised from the past year is like, life is short. You may. Realised from the past Year Isj like, life is short. You may as well like, life is short. You may as well be like, life is short. You may as well be doing like, life is short. You may as well be doing something like, life is short. You may as well be doing something that| well be doing something that you love well be doing something that you love and well be doing something that you love and you well be doing something that you love and you are well be doing something that. You love and you are passionate about you love and you are passionate about. ~ , about. When we first met ortrait about. When we first met Portrait Photographer about. When we first met | Portrait Photographer drew about. When we first met Portrait Photographer drew back in october, covid restrictions were tight and enters Manchester Business was struggling. I Manchester Business was struggling Manchester Business was struwlin,. ,. ,. , struggling. I already cut down my exoenses. Struggling. I already cut down my expenses, having struggling. I already cut down my expenses, having left struggling. I already cut down my expenses, having left the | my expenses, having left the house in months, ive stopped paying for my office, got rid of all that stuff and its not enough. Of all that stuff and its not enou h. ,. , of all that stuff and its not enou h. ,. , of all that stuff and its not enou h. , enough. Today his outlook is much brighter. Enough. Today his outlook is much brighter. As enough. Today his outlook is much brighter. As Entertainment And Art venues have reopened his bookings are coming back but he knows the recovery will take time stopping what was the Longest Period of time that you went without any work . Longest period of time that you went without any work . About 11 weeks. Went without any work . About 11 weeks and went without any work . About 11 weeks. And how went without any work . About 11 weeks. And how did went without any work . About 11 weeks. And how did you went without any work . About 11 weeks. And how did you get weeks. And how did you get throu~h weeks. And how did you get through that weeks. And how did you get through that period through that Period Financially . Through that Period Financiall . , , financially . Honestly i dont know how financially . Honestly i dont know how they financially . Honestly i dont know how they got financially . Honestly i dont know how they got through | financially . Honestly i dont i know how they got through it. Compared to a regular month, im still at around 40 , 50 of what i was doing pre pandemic. Its building and its getting there but its painfully slow. During the Pandemic Competition forjobs has been fierce. Here in hull, 20 of People live and work less households. David has two degrees and had applied for more than 100 jobs. X� t� aur more than 100 obs. Your thinking. More than 100 obs. Your thinking, when] more than 100 jobs. Your thinking, when is more than 100 jobs. Your thinking, when is the more than 100 jobs. Your i thinking, when is the money more than 100 jobs. Your thinking, when is the money can come . You cant really think Long Term so you are constantly thinking about how am i going to get a job. In thinking about how am i going to get a job to get a 0b. In the end he left his to get ajob. In the end he left his home to get ajob. In the end he left his Home City to get ajob. In the end he left his Home City and to get a job. In the end he i left his Home City and moved to get a job. In the end he left his Home City and moved to manchester to find his now working for an which supports disabled People. Ii working for an which supports disabled People. Working for an which supports disabled People. If you are the e of disabled People. If you are the type of person disabled People. If you are the type of person that disabled People. If you are the type of person that has disabled People. If you are the| type of person that has applied for a lot ofjobs, like anybody has, i suppose, for a lot ofjobs, like anybody has, isuppose, and for a lot ofjobs, like anybody has, i suppose, and you dont get those responses it can really hurt. So i do count myself lucky that i have ended up myself lucky that i have ended up in this position. For others. Up in this position. For others, lockdowns up in this position. For| others, lockdowns lead up in this position. For others, lockdowns lead to reinvention. Cc from london quit herjob in advertising to follow her artistic dreams. Ive gone from a large office in the middle of soho to being at Home Painting in my bedroom. Its definite ups and downs of kind of this is the most exciting thing ever and my god what have they done . find exciting thing ever and my god what have they done . What have they done . And the Career Change what have they done . And the Career Change is what have they done . And the Career Change is paying what have they done . And the Career Change is paying off. I Career Change is paying off. She has just moved Career Change is paying off. She hasjust moved into her own studio. She has ust moved into her own studio. �. ,. ,. , studio. Being able to actually work on bigger studio. Being able to actually work on bigger pieces, studio. Being able to actually work on bigger pieces, have L Work on bigger pieces, have People come to the studio and see the Work And Talk to them and not being in my bedroom and on a more practical level not smelling paint fumes every night and not waking up with a Headacheis Night and not waking up with a headache is really nice. find Headache is really nice. And while it may headache is really nice. And while it may take headache is really nice. And while it may take longer for their careers to recover from their careers to recover from the pandemic, there is optimism for better times ahead. Stay with us on bbc news, still to come a candid take from Singapores Finance Minister on how the pandemic has impacted its status in asia. Washington, the worlds most political city, is today assessing the political health of the worlds most powerful man. Indeed i did have a relationship with miss lewinsky that was not appropriate. In fact, it was wrong. In south africa, 97 People have been killed today, in one of the worst days of violence between rival black groups. Over the last ten days, 500 have died. Crowds chant czechoslovakia must be free Man Czechoslovakia must be free Crowds Chant czechoslovakia must be free russia is absolving a national day of mourning for 118 submariners who died on board the kursk. We are all with them now, within our hearts. The pope has celebrated mass before a congregation of more than 2. 5 billion People in his hometown of krakow. More than 2. 5 million People in his hometown of krakow. Stay with us, stay with us, chanted this ocean of humanity. Well, well, joked the pope, so you want me to Desert Rome . This is bbc news, the latest headlines the Evacuation Of Aghanistan Gathers pace, america says itll fly 6,000 People out of the country in the coming hours. An Intelligence Briefing for the United Nations says the taliban is stepping up its search for so called � collaborators. After months of strict border restrictions, singapore is Re Opening and Re Connecting to the world. Under the newly announced vaccinated travel lane, arrivals from Germany And Brunei can enter the country without serving quarantine. Our Business Reporter Katie silver looks at the toll those restrictions have taken, and singapores plans for recovery. Germanys bmw, america social media giants, and japans sony. What do they media giants, and japans sony. What do they have media giants, and japans sony. What do they have in media giants, and japans sony. What do they have in common . Singapore. These big international businesses have set up their regional headquarters here in the city state. Singapores mix of business friendly policies and easy connections to the world make it an attractive place for many global companies. But strict Border Closure to combat the pandemic have now put that at risk. This man and his family travelled to europe to visit relatives, not knowing when they could return to singapore. Although they can now come back, his wife says it has given them a wake up call. There was a bit of a divide in the treatment of the local residents and the expat community. We felt increasingly that the restrictions that were imposed on us, they are unfair. In an interview with the bbc, Singapores Finance Minister Laurence Wong acknowledged the strain on businesses. We understand strain on businesses. We understand the strain on businesses. Understand the difficulties that our companies face but we also try our best to explain that these are temporary measures. That these are temporary measures. ,. ,. , measures. Temporary or not, it ma be measures. Temporary or not, it may be a measures. Temporary or not, it may be a little measures. Temporary or not, it may be a little too measures. Temporary or not, it may be a little too late measures. Temporary or not, it may be a little too late for may be a little too late for some. They are planning on leaving. The Talent Drain is not Something Singapore can afford and it is being watched by the Business Community closely. flit by the Business Community closel. , closely. Of course, they can only remain closely. Of course, they can only remain committed closely. Of course, they can only remain committed to l only remain committed to singapore with a clear roadmap, clear Engagement Tool in terms of which main power you can have. ~ of which main power you can have. ~. , of which main power you can have. ~. ,. , have. With Travel Curtailed and businesses have. With Travel Curtailed and businesses moving have. With Travel Curtailed and businesses moving to have. With Travel Curtailed and businesses moving to virtual. Businesses moving to virtual meetings, there are questions over whether Singapores Role as a Gateway To Asia will be as relevant in the Long Term. The relevant in the longterm. The pandemic relevant in the longterm. The pandemic and relevant in the longterm. The pandemic and the relevant in the Long Term. Iie pandemic and the restrictions on Global Travel has impacted us as a hub but if you ask companies Around The World they will tell you that the fundamentals for asias medium to longer terms remain strong and to invest in asia, they need physical presence. After the pandemic, need physical presence. After the pandemic, we need physical presence. After the pandemic, we could need physical presence. After the pandemic, we could see L Need physical presence. Afterj the pandemic, we could see a shakeup and how international firms look to expand overseas, and singapore could find itself and singapore could find itself a casualty and have to rethink how it courts these big corporations. The Bidding War over morrisons is heating up. The us private equity powerhouse clayton, Dubilier Rice has increased its offer for the uks fourth largest supermarket. The price comes at a 60 premium to the last close of morrisons� shares, valuing the company at £7 billion. Joining me now is richard hunter, head of markets, interactive investor. Richard, whats the appeal of british companies to Private Equity Firms . British companies in general have been undervalued for a number of years now for various reasons, the latest one of course which was brexit going on five years ago and have not really subsequently recovered. As such it has been something we have seen in the futsal 500, despite difficulties weve been having over the last week or so, where there has been increased institutional interest because it is increasingly becoming apparent that a lot of Uk Companies are undervalued compared to some other developed markets Around The World. Its other developed markets Around The World. � ,. ,. , other developed markets Around The World. � ,. ,. ,. ,. , the world. Its not a done deal et, is the world. Its not a done deal yet. Is it . The world. Its not a done deal yet, is it . Morrisons the world. Its not a done deal yet, is it . Morrisons has the world. Its not a done deal yet, is it . Morrisons has got. Yet, is it . Morrisons has got over 900 Fuel Stations to its name as well. That overlap with the Fuel Market is going to attract some scrutiny, isnt it from the cma . From the cma . Yes, very possibly from the cma . Yes, very possibly and from the cma . Yes, very possibly and in from the cma . Yes, very possibly and in terms from the cma . Yes, very possibly and in terms of. From the cma . Yes, very possibly and in terms of other things that may be of attracting private equity groups, morrisons largely owns its freehold estate and as we saw during the pandemic there was further proof that supermarkets are basically cash Generating Machines so yes from an initial bed of £2 30 per share up to the latest bit of £2 85 per share, Fortress Is said to be considering its options so it may well be that we havent quite seen the end of this one yet. I we havent quite seen the end of this one yet. We havent quite seen the end of this one yet. I know you are a markets of this one yet. I know you are a Markets Man of this one yet. I know you are a Markets Man so of this one yet. I know you are a Markets Man so im of this one yet. I know you are a Markets Man so im going i of this one yet. I know you are j a Markets Man so im going to leave you and go straight to the markets because some interesting moves going on with Tech Stocks and china, the country has apparently approved a new strict data privacy law, the Hang Seng Index has dropped as much as 4. 5 after the State News Agency announced that the law had been passed and would take effect on the first of november. Very little detail at this stage, we will look into it for you and give you more detail. Thank you very much for your time today, i will see you very soon. This frontal system bringing rain very early on on friday across Northern Ireland, that Will Push Eastwards over the coming days but ahead of that weather front, coming days but ahead of that weatherfront, while coming days but ahead of that weather front, while we draw in a southerly wind ringing some slightly warmer air in our direction, but many of us are going to start off on a cloudy note on friday, England Wales and scotland, most places will be dry but for Northern Ireland, there is Heavy Rain working its way and then that will persist into the afternoon, extending into south with scotland, getting into Western Fringes and further east, a few sunny spells will start to develop. Turning quite briefly particular for western posts but with that breeze coming up it will feel a bit warmer and given some sunshine, eastern england could see highs of 24 degrees. As we had through Friday Night our band of rain will move further eastwards, likely to dry out a little bit across Northern Ireland by saturday morning, mist Dan Mccann low cloud on what will be a pretty mild night, a mild night to saturday with our band of rain working erratically eastwards, Eastern Parts of england will see a little bit of sunshine for a time, Northern Ireland will brighten up to along with the far west of scotland, wales and the South West but some thundery showers could break out here later. Highest temperatures likely to be across eastern england, if we see some sunshine up to 25 degrees but for the second half of the weekend this frontal system continues to journey eastwards, we end up with a little area of low pressure lingering close to eastern counties of england so the potential for some counties of england so the potentialfor some rain, quite windy for these eastern coast as well. Elsewhere sunny spells, a scattering of showers but we lose that southerly flow, we lose that slightly warmer il. Into next week, high pressure set to establish self but the winds generally will be coming down from the north stopping to see any sort of headway we would need the winds to come up from the south but that is not going to happen so theres some pleasant weather come through next week, but more in the way of sunshine, a lot of dry weather but no real heatwave, temperatures generally around the low 20s. Good morning, welcome to Breakfast Withjon Kay and naga munchetty. Our headlines today. With desperate crowds continuing to mass outside kabul airport, plans are made to double Evacuation Efforts over the weekend. More pressure on the foreign secretary dominic raab, as it emerges that a key call to afghan officials about evacuating interpreters from the country was never made. The Manchester United and Scotland Legend Denis law is diagnosed with dementia. He says the road ahead will be demanding, and painful. Good morning from one of the worlds largest defence firms, training up the next

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