Transcripts For BBCNEWS World Business Report 20240709

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Lets start here in the uk, where the government has added more details on how it will deliver on a huge £650 billion Infrastructure Plan which it hopes will boost the economy over the next decade. The government says its new bill will support 425,000 jobs a year over the next four years. Chancellor Rishi Sunak added the investment will offer hope as the economy emerges from the pandemic. Downing street believes the £650 billion which will be made up of private and public investment Will Boost Infrastructure Projects across the country over the next 10 years, creating new opportunities for thousands of apprentices, technicians, graduates and skilled workers. The news comes as the tuc kicks off its annual congress with a warning the uk must prepare for more economic shocks. Ill be talking to the tuc� s Chief Economist in a moment. But firstjustin Urquhart Stewart, founder of regionally Investment Platform joins me now. Good to see you this morning. If we first of all talk about this government, trying to grab the Headlines Today on the day that the tuc starts its annual event and also The Cbi comes out with warnings as well, give us your take on what the government is saying today. Inaudible. 0k, its spread over four years but if you are going to do infrastructure you have to do infrastructure you have to do in previously governments come up with frankly tiny little numbers, they sound good and have the odd million billion here but this is huge. To put it into perspective, if you look at the income from the government from tasmania provide taxation in the year 2021, but 600 Billion provide taxation in the year 20 21, but 600 Billion and this is actually, the total amount of income now will have outgoing as expenditure so where does the money come from, thatis where does the money come from, that is the question. We have the magic Money Tree which of course is being able to actually print the money. We have more Quantitative Easing but of course the rest of it has to come from other taxation or the pointjust coming from the Public Sector or the private sector as well but we have not got any details on how it will be structured. We have not got any details on how it will be structured. It will be structured. We dont have details it will be structured. We dont have details as it will be structured. We dont have details as you it will be structured. We dont have details as you say it will be structured. We dont have details as you say and i it will be structured. We dont. Have details as you say and the devil is always in the detail but when it comes to the support from over 400,000 Jobs A Yearfor the next support from over 400,000 jobs a year for the next four years. This comes at a critical time when the Furlough Scheme is drawing to a close and the government is under pressure to even continue that if possible and bring in other measures to support those who are out of work. ,. ,. , work. The furlough was not exactly cheap, work. The furlough was not exactly cheap, talking work. The furlough was not| exactly cheap, talking about work. The furlough was not i exactly cheap, talking about a tad under £70 billion. So it has to be wound up. This is im pleased to say the government is looking forward and its good news and encouraging. Longer Term Planning here but we need the big projects to be properly managed and i have to say you dont have to look very far in britain to see large projects being not very well cut out, such as the Elizabeth Line coming through the West Crossroad coming through, overbudget and over time. So one has to be slightly cynical. Numbers but actually how they are going to fund it properly, how the private sector gets involved, and other thanjust involved, and other than just being involved, and other thanjust being a good headline, back to those details, what you actually going to be doing and also in terms of the overall structure around the country, theres still far too focus on theres still far too focus on the South East and we need more focus elsewhere into the regions to make sure thats actually where you get the growth, especially if wants to do his Evening Comedy out on the north. Do his Evening Comedy out on the north the north. Before you go the directorgeneral the north. Before you go the directorgeneral of the north. Before you go the directorgeneral of the Director General of the Confederation Of British Industry The Cbi will be giving a speech later today where he will be saying to the chancellor think twice before you consider putting up taxes on businesses. Your thoughts . Absolutely right, we need businesses to grow and we need more investment and now is not the time for further weights on them but we need to get more money in but the government must not lose the focus on the fact that if the private sector, which generates the jobs, generates the taxation both corporate and personal, thats the golden egg that you have to protect and polish good to speak to you, thank you for your perspective. Justin Urquhart Stewart there. Now on to the uks biggest trade union, the tuc. It has warned the nation needs to be better prepared for future economic shocks. The tuc� s general secretary believes covid is not going to be a one off. Frances 0grady will also tell its annual congress later today that Climate Chaos is here already and the longer we put off getting to Net Zero, the more disruptive it will be. They are also calling for lots of action on the part of government to support workers. Joining me now is kate bell, Whos Head of economics and employment rights at the tuc. Kate, good to see you this morning. Give us your take first of all on this Government Announcement that its going to do all that can do support 425,000 Jobs A Yearfor do all that can do support 425,000 jobs a year for the next four years. With various measures. Is it not good news . Good morning. It is of course good to see the government Talking Aboutjobs but so far, its not quite clear from this announcement whether this is new money, its not clear the period over which it will be spent and unfortunately, having had a look at their press release, its not clear that they are doing anything to tackle as you said the Climate Chaos that we see coming down the track and very worrying to see an automatic anything around inaudible so government Talking Aboutjobs, they talk about success of the Furlough Scheme and that something that we have worked on and we would like to see versions of that work into the future but this big challenge ahead on where we are talking today on what the government needs to do to meet that. In government needs to do to meet that. ,. ,. , that. In terms of climate, we will No Doubt that. In terms of climate, we will No Doubt hear that. In terms of climate, we will No Doubt hear more that. In terms of climate, we| will No Doubt hear more from the government in the Run Up to the government in the Run Up to the top 26 event in glasgow in november cop26. It will obviously be a huge focus for the uk so do you not expect the government to come up with proposals, not necessarily today of this week, when you have your annual congress but in the weeks ahead . The clock is tickin in the weeks ahead . The clock is ticking on in the weeks ahead . The clock is ticking on the in the weeks ahead . The clock is ticking on the governments| is ticking on the governments plan for investment and unfortunately at the moment they are lagging behind. We have the second lowest investment in the g7 and at the moment are spending 6 of what the us is on tackling the Climate Crisis and we published research this week showing if we dont take action, there is about hundred jobs potentially at risk as businesses choose to invest in countries which are putting in place the support that companies need to go green. We know that without support, we can create more jobs in the uk and thats of course we want to see but really, time is running out for the government to put the plan in place and its absolutely what we want to hear from them and hopefully the Announcement Today may be the start of that but there is a lot more to be done. ~. ,. , i. Done. What other things you will be discussing done. What other things you will be discussing at done. What other things you will be discussing at this will be discussing at this Weeks Congress . A wage subsidy experiment, how do you suppose it will work . We experiment, how do you suppose it will work . It will work . We have had a very successful it will work . We have had a very successful experiment | it will work . We have had a i very successful experiment of the Furlough Scheme and one of the Furlough Scheme and one of the things were saying is uk was not prepared for most economies who already had a short term Working Scheme in place and we are saying that rather scrap the work that the Furlough Scheme has done, its good to see the government being positive about that today, but we should keep it in our Back Pocket for future economic crisis, put in place a permanent framework for this though when companies do Experience Shortfalls in demand, if they are temporary, if for example a factory needs to kind of rekeyed itself out in order to produce its goods and the more greenway, this is and the more greenway, this is a scheme that we could use to temporarily support the business so the future crises, we do worry we will face, dont come withJob Loss we do worry we will face, dont come with Job Loss and we dont face the kind of devastation that weve seen in industry in the past. That weve seen in industry in the ast. , that weve seen in industry in the ast. , ~ that weve seen in industry in the past the past. Kate, thank you for caettin the past. Kate, thank you for getting up the past. Kate, thank you for getting un so the past. Kate, thank you for getting up so early. Kate bell from the tuc. Lets get some of the days other news. Democrats in the us House Of Representatives are proposing raising corporate tax to 26. 5 from the current 2i . However, this figure is short of the 28 level proposed by President Biden this year. The additional funds will be used to contribute towards bidens multitrillion dollar Infrastructure Plan. The boss of Budget Airline Ryanair Michael 0leary has warned Holiday Prices are likely to rise sharply next year as Consumer Demand for travel rebounds. 0leary told The Sunday Times fewer flights, inflation and more taxes would drive airfares up. A Bbc Panorama Investigation has found evidence that British American Tobacco paid a bribe to the former Zimbabwean Leader robert mugabe. Documents show the firm was involved in negotiations to pay between 300,000 to 500,000 to Mugabes Zanu Pf party in 2013. The documents also reveal bat was using illegal surveillance to damage rivals. Bat cou nters bat counters these allegations. Now theres an electrically charged Storm Brewing in the us after Toyota And Honda both criticized a proposal by the democrats which would give union made electric vehicles an additional 4,500 tax incentive. Both Car Makers said it would discriminate against workers who didnt want to join a union. Joining me now is katie silverfrom singapore. Katie, talk us through how this would work. Katie, talk us through how this would work would work. This is part of the multitrillion would work. This is part of the multitrillion Dollar Multitrillion Dollar Infrastructure Investment Programme that President Biden has campaigned on and you just mentioned. Basically cars that are made by unionised workers will receive those electric vehicles, a Tax Break in the order of 4500 so this is especially good news for what are known as detroits big three, general motors, Fiat Chrysler and ford, all of which are, have unionised workers and it will cost the us about 33 Billion over ten years, part of bidens goal, his pledge to say that by 2030, half of the vehicles sold in the us should be electric. He is also promised to boostjobs for unionised workers so this sort of seems to tick off both boxes. As youve said, it has been criticised by foreign automakers who, for the most part, dont have unionised workforces, as well as the lights for tesla which is also not unionised so we heard from the likes of toyota as well as honda saying it discriminates against their employees, honda pointing out their employees are in alabama, indiana and ohio. Leota says it will make 0hio. Leota says it will make vehicles, literature vehicles, more expensive and limited to the customers who can afford those big, expensive trucks so it is a watch this space, we are likely to see it as you can imagine we have seen very much welcomed by unions but we are likely to see a vote on this On Tuesday, sally. Lode likely to see a vote on this On Tuesday, sally. Likely to see a vote on this On Tuesday, sally. We shall keep a close eye tuesday, sally. We shall keep a close eye. Thank tuesday, sally. We shall keep a close eye. Thank you. Stay with us on bbc news. Still to come Emma Raducanus Us Open victory has proven shes a hit on the court, but with sponsors lining up, will she prove to be megastar off the court too . 30 hours after the earthquake that devastated mexico city, Rescue Teams still have no idea just how many people have died. Well, there is people alive and there is people not alive. We canjust help and give them whatever weve got. A State Funeral has been held for Princess Grace of monacol at the church where she married prince rainier 26 years ago. It looked as though they had come to fight a war, but their mission is to bring peace to east timor, and no where on earth needs it more badly. The Governments Case is being forcefully presented by the monsieur badinter, justice minister. Hes campaigned vigorously for abolition, having once witnessed one his clients being executed. Elizabeth seton spent much of her time in this grotto, and every year, hundreds of pilgrimages are made here. Now that she has become a saint, it is expected that this area will be inundated with tourists. The mayor and local businessmen regard the anticipated boom as yet another blessing of saint elizabeth. This is bbc news, the latest headlines North Korean Media claims the countrys tested new long Range Cruise missiles hitting their target more than 1500 kilometres away. Southern spains deadly wildfires intensify close to 3,000 people have been forced from their homes as the armys called in to help. Germanys Centre Left candidate keeps his Poll Lead after the second tv election debate, leaving angela merkel� s pickjust two weeks to turn round his fortunes. Lets talk about shipping. Global Industry Leaders are meeting in London Today as part of international Shipping Week, to discuss how to decarbonise the industry and worldwide supply shortages. Currently, around 80 of goods transported worldwide rely on shipping, but the industry as a whole accounts for about 2 of the global Greenhouse Gas emissions and is working on a 5 Billion plan to fund zero emission vessels. Joining me now is ben murray, who is the Chief Executive of maritime uk. Good morning ben, good to see you. Before we talk about the wider issues, talk us through the current problem with getting things Around The World . There has been a real problem for various reasons, not least one of the key ports in china being close due to Covid Stop where are we at with all about . , Covid Stop where are we at with all about . All about . There is no better examle all about . There is no better example of all about . There is no better example of the all about . There is no better example of the fact all about . There is no better example of the fact that all about . There is no better example of the fact that this J Example of the fact that this is an incredibly global industry than this, and you spoke of 80 for the uk, it is 95 of all goods coming into the country come on a ship, so its the country come on a ship, so its huge. A large number of theseissues its huge. A large number of these issues are due to covid where factories have been closing and opening and then labour shortages with people having to stay at home, and then the demand there has been for ppe as it comes out of covid by and large in the west, that demand has met the market has been under a lot of pressure and boxes are not being where they need to be from a Uk Perspective that problem is sorting itself out, they have been a lot of other parts of the world that have been increasingly and much more significantly affected than the uk. In significantly affected than the uk. ,. , , significantly affected than the uk. In terms of Supply Problems we are experiencing uk. In terms of Supply Problems we are experiencing across uk. In terms of Supply Problems we are experiencing across the l we are experiencing across the uk, a lot of matters to do with getting things around the country itself through hgv drivers, but in terms of shipping it shouldnt then issue, this christmas, in your view . It issue, this christmas, in your view . , , issue, this christmas, in your view . ,. ,. , view . It is less of an issue, what we view . It is less of an issue, what we are view . It is less of an issue, what we are seeing view . It is less of an issue, what we are seeing It View . It is less of an issue, what we are seeing it is view . It is less of an issue, j what we are seeing it is not view . It is less of an issue, l what we are seeing it is not a uk problem, it is a global problem in terms of shipping, but from a Uk Perspective we are very much aligned with the Road Industry and there asks around drivers are making the government do what it needs to do to try that problem. But a really important point because maritime as an enabler of trade is something that perhaps people in the past hadnt necessarily fully appreciated, and 95 of all trade coming in and 95 of all trade coming in and out of the country, that adds up to a sector that adds more to the Uk Economy than our own Rail Stop in your piece you are talking about the decarbonisation of the sector, this week, our point at london international Shipping Week is if you are talking about decarbonisation you have these increasingly ambitious targets, you cant do that without working incredibly closely and supporting a sector as large as ours. 50 supporting a sector as large as ours. , supporting a sector as large as ours,. ,. , supporting a sector as large as ours. ,. , i. Supporting a sector as large as ours. , ours. So what are you looking to net ours. So what are you looking to get from ours. So what are you looking to get from the ours. So what are you looking to get from the government | ours. So what are you looking | to get from the government in terms of support . Terms of support . Given that this is a global terms of support . Given that this is a global sector terms of support . Given that this is a global sector there l this is a global sector there are two parts of this. On the international level we want the Uk Government to be fighting for the most ambitious climate targets possible, at the un body for maritime witches in london, international maritime organisation, and a regulatory space, we think it is right that these are global regulations, so you dont have a piecemeal regulatory framework even that ships move across the world. We also want to make sure we are making sure that, just like cars, our vessels move in a Net Zero compliant way. And for that to happen we need to accelerate the good work that is already happening. You have projects happening. You have projects happening around the country from looking at Hydrogen Fuel cells to already in the water, battery ferries and work boats that are going to offshore wind farms, we need to accelerate that because that the government is putting increasingly tough targets in place. At the moment we are not yet on a trajectory to meet those. I rather like the Tuc Point earlier, we estimate around 75,000 Greenjobs Point earlier, we estimate around 75,000 Green Jobs will be created if we back decarbonisation we now, and that means investing in the technology and crucially, rather like car charging points, the infrastructure we need to see at ports. So the two can work Side By side. {lilia two can work sidebyside. 0k, thank you two can work sidebyside. 0k, thank you iten two can work sidebyside. 0k, thank you ben for two can work Side By side. 0k, thank you ben for being on the programme. Silicon valley has a new pitch to persuade small companies to automate rent A Robot. Large us firms have recently been investing heavily in robots but few are making it into smaller factories, because of their high cost. So some robotic companies have taken to leasing them out by the hour, or the month. It runs 24 hours a day 3 shifts, and that replaced three full operators. We had to increase our rages wages quite technically this year because of what is going on in the world, and luckily melbourne havent used his Pay Weight Pay rate, he doesnt ask for a raise. Melvin. You should be able to pay for A Robot like you pay for a worker. Instead of paying 500,000 all upfront, and taking three orfour 500,000 all upfront, and taking three or four years to recoup the cost of that one time big investment, our model allows you to pay on a monthly basis, 2100 a month which is a fraction of the cost a typical human worker. So there you have it, get on it, i cry one. Rent A Robot. Lets now talk about Emma Raducanu, because the 18 year old brit was a virtual unknown a year ago, but after her Us Open victory on Saturday Shes become a global superstar overnight. Raducanu is now on track to become the uks highest paid sportswoman this year after receiving a Cheque Worth 2. 5 million for her victory. But what about the future . Raducanu is set to make millions more, with endorsements and numerous deals on the horizon. Joining me now is Nigel Currie whos a Sponsorship Consultant at nc partnership. Good morning to you nigel. Did you watch the match . At} good morning to you nigel. Did you watch the match . Of course, i think a you watch the match . Of course, i think a lot you watch the match . Of course, i think a lot of you watch the match . Of course, i think a lot of people you watch the match . Of course, i think a lot of people did. I think a lot of people did. I was glued, i was glued. I thought fernandez was brilliant as well. ,. , as well. They were both brilliant as well. They were both brilliant and as well. They were both brilliant and it as well. They were both brilliant and it is as well. They were both i brilliant and it is fantastic how it happened, unbelievable tennis, unbelievable story really. Tennis, unbelievable story reall. � tennis, unbelievable story reall. � ,. , really. And when it comes to sportswomen. Really. And when it comes to sportswomen, tennis really. And when it comes to sportswomen, tennis is really. And when it comes to sportswomen, tennis is the l sportswomen, tennis is the place to be it would seem, in terms of earnings and sponsorship deals, that kind of thing. It certainly is. The Work Billiejean king and others did in The 70s gave female tennis players, she won as much as dollars, and an incredible amount of money, tennis is unbelievably well paid for women players, if you look at the rich list in terms of Female Sports Stars, the top nine Female Sports Stars in the world are all tennis players. That is how lucrative it is. And so in terms of emmas potential, if you look at some of the front pages in the uk today, they are saying hundreds of millions, once said she will net a call billion dollars stop cool billion. Which of those sponsors will be likely to get Emma On Board . Sponsors will be likely to get Emma On Board . There are lots of different Emma On Board . There are lots of different options, Emma On Board . There are lots of different options, she Emma On Board . There are lots of different options, she has. Emma on board . There are lots of different options, she has a i of different options, she has a lot of sponsors already, nikkei has a simple Racket Un a simple Clothing Deal stop nike. That will ramp up as people decide she is a major person for the future. There will be other sponsors getting on board, there will be a big Watch Deal to be done, that will be huge and then she has a whole bunch of options in terms of female products, per diems, clothing, all sorts of things that she could really dominate and become a Poster Girl for. And this will have to be professionally managed to make sure that this is all done in the right way, and she is only 18 at the end of the day. Yes, she has a 18 at the end of the day. Yes, she has a great 18 at the end of the day. Yes, she has a great management| 18 at the end of the day. Yes she has a great Management Team behind her, and the people looking after her will already be speaking to various companies and it is an absolute goldmine ahead of her. {lilia goldmine ahead of her. 0k, niel, It Goldmine ahead of her. 0k, nigel. It is goldmine ahead of her. 0k, nigel, it is been goldmine ahead of her. 0k, nigel, it is been to goldmine ahead of her. 0k, nigel, it is been to talk to you, thank you so much. Quite a future ahead or Emma Raducanu and as we have already mentioned, i was absolutely glued to the screen, what a match, it was really quite something. Thank you for your company. I dont know if we can show you the numbers on financial markets as yet, we have a brand new Trading Week under way in asia, but asian shares made a bit of a sluggish start of the week this week. It will be interesting throughout this week as it progresses, we will get a lot of economic data out of china, and out of the united states On Tuesday in particular, in the us we will be getting some information about sumo behaviours, so that will be closely watched for any indication on how the worlds biggest economy is doing. Thanks for your company i will see you soon stop. Hello. Theres a Weather System bringing cloud across the uk. Initially most of the rain will be across western parts and as we head across monday and into tuesday, some of that rain will be quite widespread and quite heavy, but you can see by the position of the Weather System why it really is mostly across western areas for monday, we are going to see some rain. Lots of cloud to begin with, parts of wales, western england, perhaps into the eastern side of Northern Ireland and south West Scotland with some rain, chilly in North East Scotland with Clear Skies and Mist And Fog patches to begin with, North East Scotland will hold onto the lions share the sunshine in the day ahead with a few brighter breaks across East Anglia and South East england as well. Much of wales, the Western Side of england, Northern Ireland, southern and western scotland, cloudy, and there will be some Patch Outbreaks of rain around. Further east, much of the day will be dry but there will still be quite a bit of cloud to be had. The highest temperatures with those sunny spells towards East Anglia and South East england, just getting up to around 20 degrees but for many it is mid to high teens. Thats how things are shaping up as we have gone through Monday Night and you can see some outbreaks of rain just becoming a little more widespread and some heavier bursts just pushing up across southern parts of england going into Tuesday Morning and temperatures holding up in the mid to low teens. Still some clear spells in northern scotland. So, some heavier bursts of rain around, during tuesday, affecting parts of england and wales, so wales turning dry as the day goes on but still potentialfor some rain affecting central and eastern parts of england even into the evening. A few showers around in scotland and Northern Ireland. Once that Weather System clears away, wednesday morning, there could be Mist And Fog patches around and wales and england. Sunny spells going through, weaker Weather System will deliver a bit of cloud and patchy rain into parts of scotland and Northern Ireland as the day goes on. Temperatures edging upwards a little bit, 21 celsius in cardiff, for example. Theres a ridge of high pressure, largely fine on thursday. Low pressure on friday. Thursday is going to be the driest, the brightest day of the week. Thats more widely across the uk. By friday, the winds are picking up and there is some wet weather spreading from west to east across us. Thats your weather for the week ahead. Good morning, welcome to breakfast with Dan Walker and louise minchin. 0ur Headlines Today. From a little known qualifier to global sensation. What next for Us Open champion Emma Raducanu ahead of her return to the uk . She is the first british woman to win a Singles Title at a major for 44 years. The last winner was Virginia Wade and she told me how she couldnt wait to find her and give her a hug after the match. Im just so thrilled that somebody as good as emma has come along and taken the world by absolute storm, and just been brilliant. The Governments Strategy to tackle coronavirus over the Autumn And Winter is being finalised

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