Transcripts For BBCNEWS Business Today 20241001

As much as 5 Billion each day according tojpmorgan analysts. Us retailers, automakers and other businesses now face Ballooning Freight rates ahead of the crucial festive shopping season. Large retailers have pulled forward imports of much of their Holiday Merchandise and made reservations with west Coast Ocean and Rail Carriers in hopes of avoiding any disruption. Lets speak to peter sand, chief analyst at xeneta, an Ocean Freight analytics firm. Hello to you. I know you have already calculated what this could mean if the Strike Action goes ahead, so do tell us more. A disruption like this always comes at a bad time for European Exporters into North America as well as North American exporters out of thE East Coast And Gulf coast. It will be impacted at first but this seems to be a first for almost 50 years, has the potential not only to lift Freight Rates higher due to the disruption from the strike, but certainly also to have wider implications, one or two months later down the road when those ships that are now heading for the us coasts can do nothing but wait, and they will be late upon arrival back into their origin places next time around. So this is really a trigger event, one that will see dominoes fall over the coming months. So watch this space. The strikes start tomorrow. Lots of seasonal merchandise obviously. If it arrives late, is no good, doesnt work unless they have destroyed that for next year. Some businesses are already storing, which increases costs. Already storing, which increases costs. ,. , increases costs. The only reaL Loser of anything increases costs. The only reaL Loser of anything like increases costs. The only reaL Loser of anything like this increases costs. The only reaL Loser of anything like this is L Loser of anything like this is anyone but you and i, anyone that works in logistics, anyone that works in logistics, anyone that works in shipping, because they really rely on supply chains. We know a lot of american importers have frontloaded cargo literally to avoid a squeeze on Freight Rates, which i often see around this time of year, when the normal Peak Season also brings higherfreight around, normal Peak Season also brings higherfreightaround, but normal Peak Season also brings higher freight around, but have the full closure of the ports, disruption much of the planning that you make. You actually get the worst that you prepared for not to get earlier in the year. We know they have been disrupted once again, only second to the disruption We Saw during the covid years. It has the potential to have a massive impact also on availability of of goods on american shelves quite shortly. Of goods on american shelves quite shortly quite shortly. Thank you very much indeed. Quite shortly. Thank you very much indeed. There quite shortly. Thank you very much indeed. There are quite shortly. Thank you very much indeed. There are big i much indeed. There are big political implications for the story as well. We will keep you across what happens in the next few days. Now, lets head to austria where, as youve been hearing, projected results in the countrys general election put the far right Freedom Party on course for a narrow victory, with no outright majority. The russia Friendly Fpo has twice served in previous coalitions, but may struggle to form a government if the result is confirmed. The second placed conservative Peoples Party has refused to take part in a government headed by the fpos polarising leader, herbert kickl. The cost of living has been a major Voter Concern during thE Election campaign, with Austrias Headline Inflation rate stuck for nearly two years above the average for the 27 member eu. The far right has been blaming migration and the war in ukraine. Im joined now by azad zangana, senior European Economist at schroders. Good to see you. First of all, your reaction to this result . It is not a surprise. They have beenin it is not a surprise. They have been in the lead for the last couple of years. There has been a lot of unhappiness around The Cost Of Living as mentioned, typically in this sort of environment, populist parties do well and gained quite a lot of support. The question is whether they can really change the situation in the current state, especially because the other parties refused to work with them. Other parties refused to work with them other parties refused to work with them. ,. ,. ,. , with them. The negotiations to form a government with them. The negotiations to form a government could with them. The negotiations to form a government could take| with them. The negotiations to | form a government could take a long time, couldnt they . What does that mean, this sort of Situation Austria finds itself in, a sort of limbo . Ironically it means in, a sort of limbo . Ironically it means a in, a sort of limbo . Ironically it means a lack in, a sort of limbo . Ironically it means a lack of in, a sort of limbo . Ironically it means a lack of change, i in, a sort of limbo . Ironically. It means a lack of change, lack of government for quite some time and it may end up being that there is a coalition that is formed that keeps the fpo out of power. If it drags on long enough and if whatever coalition is formed cant hold them, they have to go back and have another election to eventually find a real winner. Do you think, because of course we are seeing this in many European Countries where there have been elections this year, but also within the European Parliament itself, when thosE Elections took place, there is a swing to the right. Is it because of The Cost Of Living crisis that we have all been grappling with for several years now . Grappling with for several ears now . ,. ,. , years now . People are generally unha years now . People are generally unhappy in years now . People are generally unhappy in the years now . People are generally unhappy in the cost years now . People are generally unhappy in the cost of years now . People are generally unhappy in The Cost Of Living unhappy in The Cost Of Living crisis, and that is a big part of that. As we have seen in a number of countries, they have been pushing for greater change. Now, in eastern and central europe, but has meant a shift to the right, but for example, in the uk, there was a shift to the left, a move away from thE Establishment of that. This isnt necessarily about anti immigration in these sorts of sentiments. It mayjust be antiestablishment than the incumbent government in place. What is this all mean for the European Union going forward . It does mean a further strengthening of the right wing or far right block that has clearly been surging the European Parliamentary elections that we had earlier this year, the challenge We Saw in france recently as well, nothing more importantly, it means there is going to be a very real challenge coming through in germany for the next election in the next year. They are one of the more antiestablishment right wing parties out there in europe, and i think they would certainly put a bit more of a scare in for investors and for financial markets, so that is something we have to keep an eye on. Something we have to keep an E E on. ,. , ~ eye on. Interesting. Thank you for our eye on. Interesting. Thank you for your time. Eye on. Interesting. Thank you for your time. Good eye on. Interesting. Thank you for your time. Good to eye on. Interesting. Thank you for your time. Good to get eye on. Interesting. Thank you| for your time. Good to get your take on things. Now to japan where investors dont seem too excited about the countrys new leader. They are not happy. Lets take a look at how financial markets are trading now. The Nikkei 225 was down over 4 following thE Election of Shigeru Ishiba as head of the ruling Liberal Democratic Party on friday. In hong kong, you can see the opposite. An increase in hong kong. This is off the back of more News Today from china that the government they are, the authorities have announced more measures to fuel chinesE Economy, to fuel the housing market, to get the chinesE Economy growing out strength again. Our Asia Business Reporter Mariko Oi is following this closely. This is quite a reaction on markets, isnt it . Indeed, it is not a markets, isnt it . Indeed, it is not a great markets, isnt it . Indeed, it is not a great start markets, isnt it . Indeed, it is not a great start for markets, isnt it . Indeed, it is not a great start for the i is not a great start for the next Prime Minister. They knew this might happen because the futures were down ever since friday as soon as he was declared the winner of the Leadership Race. It is because investors dont like his support for things like higher taxes on companies and investment income. We also saw quite a bigjump investment income. We also saw quite a big jump in the value of the japanese yen, which of course is affecting exporter Shares Today as well, because during thE Election campaign, he said he supports Bank Of Japan to normalise monetary policy, meaning is not probably opposed to them raising Interest Rates, unlike his rival, but over the weekend he has been speaking to local media where he appears to have somewhat softened the tone. In calls for loose monetary policy, for example. We are learning through various Media Reports injapan who he may appoint as his cabinet ministers, but the reaction to it within the Ruling Party as well as this Leadership Race itself really showed how divided the Ruling Party is. It is unclear how much he can actually achieve as the leader, but it is also widely reported that he might call a Snap Election for october 27, not that far away, and as we have been reporting about the Approval Rating for the Ruling Party has been hit because of recent funding scandals, the Opposition Party now has elected a new leader. He is one of very few former Prime Minister is not from the current ruling parties. We will see if he can be the new popular face of the ldp to regain the Public Trust and when their votes. Regain the Public Trust and when their votes. 0k. Thank you for bringing when their votes. 0k. Thank you for bringing us when their votes. 0k. Thank you for bringing us right when their votes. 0k. Thank you for bringing us right up when their votes. 0k. Thank you for bringing us right Up To for bringing us right Up To date on that. Lets head to the uk now where injust over an hours time, we will get the revised quarterly estimate of gdp figures. Earlier this month, the latest data showed thE Economy flatlined in july for a second month in a row. And today marks exactly a month before Chancellor Rachel reeves delivers her first budget since the Labour Government came to power. Lets speak to russ mould, Investment Director at aj bell. What are wE Expecting these Gdp Numbers to tell us today . Indie numbers to tell us today . WE Exect numbers to tell us today . WE Exnect them numbers to tell us today . Expect them to confirm that in the second quarter the Uk Economy grew by 0. 6 quarter on quarter, so a second consecutive growth period, drawing a line under the Shallow Recession We Saw last year. Shallow recession We Saw last ear. , Shallow Recession We Saw last ear,. ,. ,. , Shallow Recession We Saw last ear. , , � year. That is good news, isnt it . What year. That is good news, isnt it . What has year. That is good news, isnt it . What has been year. That is good news, isnt it . What has been happening| year. That is good news, Isnt L it . What has been happening in terms of fuelling that growth . A lot of the growth has come from Household Consumption and services, because inflation has cooled and Wage Growth has continued to outstrip inflation. Those people in a job, earning an average salary, getting the average pay rise, they are better off in real terms and have a bit more Pocket Money with the prospects of lower Interest Rates, the Bank Of England, probably at a bit of a boost. It has to be said Government Spending was very strong in the areas of weakness were in manufacturing and production. Household spending is two thirds of thE Economy and hung in there held by the Wage Growth. The Bank Of England will be looking nervously at the Wage Growth. He doesnt want that to gallop away too much, it is frightened of a return to the 1970s and spiral of higher prices and higher wages. They are moving carefully when it comes to Interest Rate cuts. Interest rate cuts. Just briefly, Interest Rate cuts. Just briefly, we Interest Rate cuts. Just briefly, we are Interest Rate cuts. Just briefly, we are almost| Interest Rate cuts. Just briefly, we are almost out of time, what is your take on the concern that this new government has been so gloomy and pessimistic about what they have inherited and what is a in what is ahead in the short term, that could be very economic negative in terms of economic growth than people but my perception of where we are at. W , are at. The Fact Consumer Confidence are at. The Fact Consumer Confidence and are at. The Fact Consumer Confidence and reading i are at. The Fact Consumerl Confidence and reading fell sharply last month may persuade labour that it needs to be more balanced in its rhetoric even if it is realistic about the challenges it faces. Thank you so much challenges it faces. Thank you so much. Have challenges it faces. Thank you so much. Have a challenges it faces. Thank you so much. Have a Great Challenges it faces. Thank you so much. Have a great week. | challenges it faces. Thank you i so much. Have a great week. We will see you soon. Around the world and across the uk, this is bbc news. You are with business today. Im sally bundock. After almost 60 years, the uks last Coal Fired Power Station is set to shut this week, making britain the first G7 Member to completely phase coal out from its electricity mix. The closure of the ratcliffe on soar Power Station in nottinghamshire has been described by officials as a tremendously important milestone in energy production. The Uk Government has committed to producing clean electricity by 2035 through wind, solar and nuclear power. Davejones is global Insights Programme Director at ember analysis. Would you agree with that conclusion, that this is a big milestone . Conclusion, that this is a big milestone . Yes, thE Error of coldly Electricity Milestone . Yes, thE Error of Coldly Electricity is milestone . Yes, thE Error of Coldly Electricity is about i milestone . Yes, thE Error of Coldly Electricity is about to l Coldly Electricity is about to begin error of cold freE Electricity. They initiated the industrial revolution, the first country to build a Coal Fired Power Plant in the world. It is fitting it is the first country to phase out coal power. It has been a remarkable decline, as recently as 2012, 40 of the allergies and it came from coal, and since then, most have been replaced with wind and solar. In the process, emissions have fallen by three quarters. Emissions have fallen by three auarters. ~ i j quarters. Will we meet the 2035 Tar Et the quarters. Will we meet the 2035 target the uk quarters. Will we meet the 2035 target the Uk Government i target the Uk Government target . Target the Uk Government taraet . ,. , target . Yes, the Uk Government is planning target . Yes, the Uk Government is planning to target . Yes, the Uk Government is planning to even target . Yes, the Uk Government is planning to even accelerate i is planning to even accelerate that even faster having seen how well we have been performing on clean energy so far, so the next stage of the transition really is around continuing that build out of clean energy to 2030 facing now gas power, but also providing the illiteracy we will need to power cars as we move towards electric cars and Heating Homes as we move towards heat pumps. It is the challenge, isnt it . Demand is going to get greater and greater, it is already pretty high. And greater, it is already pretty high and greater, it is already pretty high. And greater, it is already re hiuh. Pretty high. Yes, and parts of the idea of pretty high. Yes, and parts of the idea of phasing pretty high. Yes, and parts of the idea of phasing out i pretty high. Yes, and parts of the idea of phasing out Coal L the idea of phasing out coal was providing the certainty that was needed to make that happen without the lights going out, and it has been very satisfying that that planning has paid off, but already by 2020 coal had fallen to 2 of the uks electricity, and that means there can be a day of celebration that is overshadowed by concerns of losses all the lights going out. We can pause and reflect on the moment of becoming cold free. , ~ on the moment of becoming cold free. ,. , on the moment of becoming cold free. , i. ,. , free. 0k, thank you for oining us. Just free. 0k, thank you for oining just to i free. 0k, thank you for oining just to say i free. 0k, thank you for oining us. Just to say that i free. 0k, thank you for oining us. Just to say that the i us. Just to say that the significant weight when it comes to phasing out coal also coincides with the final Blast Furnace of britains biggest steelworks that will cease Production Today as well, so that brings to an end over a century of Coal Fired power still making. More details on the website about all those stories. Lets squeeze in some other stories. The governor of california, gavin newsom, has vetoed a Landmark Artificial Intelligence safety bill. The legislation could have provided some of the first regulations for Al Models in the united states. In his statement, Mr Newsom said the bill applied stringent regulation to even the most basic functions. He said this would not be the best way to protect the public from threats posed by the technology. Several ai companies, most of which are based in california, have called for federal regulation by washington instead. China has announced fresh measures to support its struggling property market. The Central Bank will cut rates for individual borrowers by 50 points and allow homeowners to refinance their mortgages. The government will also relax Home Ownership rules. People will now be able to buy property in cities like shanghai, guangzhou or shenzhen, even if they dont live there. As you saw earlier, this has given a big boost to the markets. The Ai Revolution is transforming workplaces across the world, and one group may be best placed to unlock its potential the dyslexic thinkers. Sir richard branson, who is dyslexic, has launched the first online university to teach Dyslexic Thinking Skills. Our North America Business Correspondent Ritika Gupta met with the boss of the Virgin Group to find out more. Dominic is a Psychology Student with dyslexia and always struggled with spelling at school. I used to spell � which incorrectly. My bs and ds i would switch up all the time. But now, he has other powerful tools at his disposal thanks to artificial intelligence. Research finds that dyslexics havE Enthusiastic early adopters of ai. I am not as good at reading things as i am imagining them so it is definitely learning how to create things and it can definitely be helpful and maybe that is where ai comes in. Experiences like dominics of the driving force behind the launch of the first university of Dyslexics Thinking founded by Sir Richard Branson who has famously called dyslexia his superpower. The online courses are aimed at teaching the world of how to think like a dyslexic. Speaking to attendees here it is about seeing things differently that helps dyslexic minds innovate. Some of the greatest breakthroughs have been created by dyslexic minds such as the Light Bulb and iphone. At thE Event, a key focus is the Ai Revolution and how those with dyslexia could unlock its full potential. Ai is wonderful at spewing Forth Lots of knowledge and lots of information. Dyslexics can then take that information and put it to good use. Dyslexic people are imaginative and they can see what Ai Cannot and they can bring it to live. The World Economic Forum predicts technology could eliminate 85 Million jobs by 2025. But Dyslexic Thinking Skills like Creativity And Curiosity cant be replaced by machines. It cannot replicate art, Cant Replicate new ideas, it can onlyjust do what it knows already. So while organisations adapt to the Ai Revolution, dyslexic thinkers could help to bridge the Skills Gap and drive future innovation. A Spacex Rocket with two crew aboard has successfully docked with the international Space Station. There are two spare seats on the dragon vessel, which will be needed to bring back two astronauts who have been stranded on the station sincejune. That is good news for them. The news will No Doubt be cheered by the more than 100 astronauts from All Over The World who have gathered In Noordwijk in The Netherlands for the annual association of spacE Explorers conference. This year, sustainability is at the heart of the conference. Lets speak to an astronaut. Im joined now by julie payette, who is attending the conference. You also served from 2017 to 2021 as Governor General of canada. So, a packed career already. First of all, tell us about this conference. What you all get Up To on earth, as it were . We have a planetary conference, thatis we have a planetary conference, that is how we call it. This is the 34th since the starting of our association, the association of spacE Exploration. Every year we get together somewhere on the planet, and this year it is in The Netherlands, to celebrate The Netherlands, to celebrate the particular the 20th Anniversary of our friend, the dutch Astronaut 20th Year since that. ,. , u, dutch Astronaut 20th Year since that. ,. , that. Tell us, how can space hel us that. Tell us, how can space help us with that. Tell us, how can space help us with our that. Tell us, how can space help us with our climate i that. Tell us, how can space i help us with our Climate Crisis on earth . On earth . We monitor our beautiful on earth . We monitor our beautiful blue on earth . We monitor our beautiful blue planet i on earth . We monitor our| beautiful blue planet from space. We do so with satellites, but we also do with human eyes, and we bring the news about our planet and we do science on board the international Space Station that benefits us back here on earth. fist that benefits us back here on earth. � , that benefits us back here on earth. ,. , earth. At this event, is a lot of conversation earth. At this event, is a lot of conversation about i earth. At this event, is a lot of conversation about the i earth. At this event, is a lot i of conversation about the space travel industry, because in recent years, it had such a huge boost by big players such as jeff bezos, huge boost by big players such asjeff bezos, elon musk, richard branson, the billionairE Entrepreneurs. Very much s0 billionairE Entrepreneurs. Very much so. Now, billionairE Entrepreneurs. Very much so. Now, space billionairE Entrepreneurs. Very much so. Now, space is i billionairE Entrepreneurs. Very much so. Now, space is not i much so. Now, space is not solely a Government Business within the government space agency, but it is also a commercial venture. Just like aviation was more than 100 years ago. So we have here people representing the commercial side, axiom, spacex, a lot of people here. There is a lot of people here. There is a a lot of conversation. find a lot of people here. There is a a lot of conversation. And so much has a a lot of conversation. And so much has happened a a lot of conversation. And so much has happened in a a lot of conversation. And so much has happened in the i much has happened in the industry of space with so many countries now. China, india, several looking to really push and advance their discoveries in space. It is an exciting time, isnt it, would you say . I cannot ever say it is not exciting in china, india, also part of our conference are going to give us updates on their activity, we work really together because we share one pilot, and when you are in space, orbiting around the planet, it dawns on you, there is the only place where we can live, where all the Animal Species can live. Live, where all the Animal Species can live. Tell us about russia as species can live. Tell us about russia as well species can live. Tell us about russia as well because species can live. Tell us about russia as well because Russia Hasnt always been a huge player when it comes to spacE Exploration. Is russia represented, welcome at this event . ,. , represented, welcome at this event . ,. ,. , event . Unfortunately right now with the geopolitical event . Unfortunately right now with the geopolitical Situation L with the geopolitical situation on the ground, our russian colleagues cannot be with us, but one of our russian colleagues came, went to space on spacex colleagues came, went to space on spacerust two colleagues came, went to space on spacex just two days ago and we have russian colleagues on board international Space Station so we are working closely with them. Interesting. Thank you closely with them. Interesting. Thank you for closely with them. Interesting. Thank you forjoining closely with them. Interesting. Thank you forjoining us. It i thank you forjoining us. It has been fascinating to hear all about it. I hope you have a great week. That brings to a close business today. Thank you for your company. Close business today. Thank you foryour company. Have close business today. Thank you for your company. Have a lovely day. I will see you soon. Hello, there. Well, its now thE End of the month, and its been a very wet one across the southern half of the uk. Some spots here have seen more than three orfour times their average september rainfall. And theres more wet weather to come too, notably for the start of the week and then through the middle of the week, things will settle down, it will turn drier, therell be some sunshine, so things looking up and temperatures will return to the seasonal average too. But in the meantime, this is the Rainfall Accumulation Chart for the next couple of days. So more wet weather, especially in the south. And there could be some more flooding over the midlands with more heavy downpours here, the ground already saturated. And its all because this deep area of low pressure is rolling in from the southwest through the rest of the night, bringing heavy, persistent outbreaks of rain, especially over the higher ground. Strong, gusty winds, especially on the southern flank there. A few showers further north, but generally here, it is drier, and its a milder start across the board than We Saw over the weekend. And that low continues to push further northwards and eastwards as we head through monday. It bumps into the area of High Pressure out towards thE East. So it is going to stall, and that is not good news where weve seen the recent flooding, because therell be more Heavy Rain falling on the saturated ground. Some of the heaviest of the downpours of rain on monday could be across the Liverpool Bay Area stretching across the midlands, North Midlands in particular down from Southeast Yorkshire through into Northern Areas of east anglia. Towards the south then, it will dry out and the winds will gradually ease down. And towards the north, well see a few showers scattered across parts of scotland, northern ireland, but generally a lot drier here. But it will turn drier, particularly out towards the west, as we head through Monday Night into tuesday as that low rolls off into the North Sea. So, some clear spells starting to appear and a slightly chillier start for western areas than well be seeing on monday morning. But underneath the cloud and the rain of course still very mild. And then on tuesday, well, our low pushes into the North Sea. High pressure starts to build into the north and the west. Well be seeing that a bit later on through the week. But were starting off tuesday with still outbreaks of rain across parts of east anglia, southeast england, a Brisk Northeasterly wind blowing for North Sea facing coasts, but towards the north and the west, then therell be some brightness and spells of sunshine, perhaps a few showers, but generally dry and temperatures will start to pick up. Its looking largely dry on wednesday, thursday and friday. Bye bye. Good morning, welcome to Breakfast Withjon Kaye and sarah campbell. Our headlines today. The apparent aftermath of an israeli Air Strike in central beirut. Israel expands its Military Operation in lebanon, saying its struck dozens of his Brother Sites overnight. The lebanese prime Minister Warren is A Million people may have been displaced. Just hours earlier, israel Hit Targets in yemen in response to Missile Attacks by the iranian backed houthis. Conservative Leadership Contender Kemi badenoch is forced to insist she does believe in maternity pay, after a row erupts over comments she made on the first day of the partys conference. His lyrics inspired Generations Award wining Country Music Star and actor Kris Kristofferson has died aged 88. One month until the first budget by the chancellor. She has made or a warrant tough decisions will have to be made. What will that mean for you . A heavy defeat for Manchester United but, but erik ten hag doesnt fear the sack as fans leavE Early the following deplete to tottenham. Defeat. Defeat. And asjilly coopers rivals hits our screens, she tells us about what it was like to revisit her 1980s best seller