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tv   World Business Report  BBC News  July 22, 2021 5:30am-6:01am BST

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hello again. the top business stories: legal remedy, us drug firms agree a $26 billion settlement over the opioid crisis but it may not be the end of their problems. h0 end of their problems. no cooperation, _ end of their problems. fir? cooperation, no matter how powerful it is, should be able to put its profits over people's lives. to put its profits over --eole's lives. ., , ., , people's lives. trading blows a . ain. people's lives. trading blows again. britain _ people's lives. trading blows again. britain and _ people's lives. trading blows again. britain and the - people's lives. trading blows again. britain and the eu - people's lives. trading blows i again. britain and the eu clash over northern ireland and business is caught in the middle. play on — the olympics get under way despite covid consents but the financial damage is already done. plus, setback for singapore — it returns to partial lockdown as
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covid cases surge. we begin in the us where the funds of cuticles giantjohnson &johnson along with three other drugs distributed have reached a settlement to settle all suits related to the opioid crisis. —— pharmaceutical giant. it would go directly to organisations dealing with addiction. more than half a million people have died from drug overdoses in america
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between 1999 and 2019. the country continues to struggle with this opioid epidemic exacerbated by the coronavirus pandemic. last year, a 30% increase in deaths from overdose. it is why states four years of tried to hold drug makers and this tribute is accountable, claiming they fuelled this epidemic. hat fuelled this epidemic. not operation. _ fuelled this epidemic. not operation, no _ fuelled this epidemic. iirrt operation, no matter how powerful it is, should be able to put its profits over people's lives and no amount of money is ever going to replace the lives lost and the families shattered by the opioid epidemic, we think this settlement is going to make major progress in preventing future devastation. the settlement _ future devastation. the settlement with - future devastation. the settlement with novichok johnson &johnson and free
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distributors but none of the companies has admitted any wrongdoing but money will go to programmes against addiction. you must sign onto the deals to get the funds. negotiators are trying to get more supports. —— drug makerjohnson &johnson. drug makerjohnson & johnson. let's drug makerjohnson &johnson. let's discuss this with the chief market analyst at i ag in london. not much reaction from johnson &johnson. it is a bit muted. do you think investors are hoping this will draw a line under this saga? i think they really- _ line under this saga? i think they really. if— line under this saga? i think they really. if you _ line under this saga? i think they really. if you look - line under this saga? i think they really. if you look at i they really. if you look at johnson &johnson and the three distributors, they are all up in the last session. maybe it was the back also, sorry to interrupt, johnson &johnson
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interrupt, johnson & johnson released interrupt, johnson &johnson released its results and its focus and results were pretty strong. exactly. we will see whether it starts to take effect in the next few days. it is the kind of story... some people saying amount were not enough. these claims go on longer than expected. i do not think we should assume this is the end of the matter. the sharemarket understating that possibility. $26 sharemarket understating that ossibili .”~ ~, ., possibility. $26 billion it sounds like _ possibility. $26 billion it sounds like a _ possibility. $26 billion it sounds like a lot - possibility. $26 billion it sounds like a lot of- possibility. $26 billion it l sounds like a lot of money possibility. $26 billion it - sounds like a lot of money but if you divided state by state, in terms of the cost it is to them of the opioid crisis in terms of care, community programmes in place et cetera, theyjust programmes in place et cetera, they just say it programmes in place et cetera, theyjust say it is not enough. if you look at the tobacco settlement that was up to $250 billion so the numbers could get very large very quickly.
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you need to spread this out around the entire us and its outlook smaller. i think these companies need to be prepared for these numbers to go up and investors need to be aware of that. �* ., ,. that. and in the grand scheme of things. _ that. and in the grand scheme of things, looking _ that. and in the grand scheme of things, looking at _ that. and in the grand scheme of things, looking at johnson | that. and in the grand scheme | of things, looking at johnson & of things, looking atjohnson & johnson purely as a market player it is still a strong contender. it has the one dose covid vaccine among many other things which will mean investors will invest. they will and — investors will invest. they will and johnson - investors will invest. they will and johnson & - investors will invest. they | will and johnson & johnson investors will invest. they - will and johnson & johnson are a will and johnson &johnson are a powerful diverse company so it will not hurt it too much in the long run but it might put a dent in the share price in the short term. dent in the share price in the short term-— short term. good to talk to ou. short term. good to talk to you- thank _ short term. good to talk to you. thank you _ short term. good to talk to you. thank you for - short term. good to talk to you. thank you for being . short term. good to talk to | you. thank you for being on short term. good to talk to - you. thank you for being on the programme. the uk has unveiled
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a new set of demands to redraw the post brexit trade agreement it agreed with northern ireland. goods from great britain, which had been signed up britain, which had been signed up in the divorce deal, have proved unsustainable. all is not rosy with northern ireland still at the heart of the deadlock between the uk and eu over brexit. added costs and supplies using to ship to northern ireland or only agreed to send large orders have been some of the issues for garden centres, one of many sectors affected. it centres, one of many sectors affected-— centres, one of many sectors affected. . affected. it was such a shock. we were _ affected. it was such a shock. we were talking _ affected. it was such a shock. we were talking to _ affected. it was such a shock. we were talking to local - we were talking to local council and local governments but we still cannot get the paperwork to work.- but we still cannot get the paperwork to work. what would sim - li paperwork to work. what would simplify things? _ paperwork to work. what would simplify things? if _ paperwork to work. what would simplify things? if we _ paperwork to work. what would simplify things? if we could - paperwork to work. what would simplify things? if we could go | simplify things? if we could go back to the — simplify things? if we could go
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back to the old _ simplify things? if we could go back to the old ways _ simplify things? if we could go back to the old ways of - back to the old ways of ordering as an when we need. it has had a dramatic effect on our cash flow and work load. some say the burdens on business will get worse unless major alterations are made. they require significant change to the northern ireland medical and we do not shy away from that. we believe such change is necessary due to the situation we face. we look to open a discussion on these proposals urgently. discussion on these proposals uraentl . , ., ., , urgently. the protocol means there are _ urgently. the protocol means there are thousands - urgently. the protocol means there are thousands of- urgently. the protocol means| there are thousands of checks on goods crossing the irish sea. the uk want the eu to remove certain checks with customs documents only needed for the products that should be sold in the republic. another demand is for a complete standstill on the protocol while new negotiations take place. while new negotiations take lace. ~ . . while new negotiations take lace, . , . ., place. we expect that we will be able to — place. we expect that we will be able to operate _ place. we expect that we will be able to operate in - place. we expect that we will be able to operate in a - place. we expect that we will| be able to operate in a lighter touch, taking account of the
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delicate politics and the peace process in northern ireland and obviously that is not how it has turned out so that is why we need to move forward in a different way.— different way. the brexit arrangement _ different way. the brexit arrangement continued i different way. the brexitl arrangement continued to different way. the brexit - arrangement continued to be divisive in northern ireland with practice in loyalist committees who see the protocols undermining that british identity while nationalist politicians and the irish government are urging the uk to operate the protocol as agreed. uk to operate the protocol as aareed. ., ., agreed. examining what the government _ agreed. examining what the government had _ agreed. examining what the government had said, - agreed. examining what the government had said, but i government had said, but everyone has been clear we do not see how a renegotiation would work. we already have a document that which is a work of years of negotiations. whether it is to do with plants, food or animal products, the two sides are supposed to resolve differences in the joint committee but the uk has angered the eu by acting
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unilaterally in one of those areas and the legal action on it that is still ongoing. the eu will not renegotiate the protocol it says. this could have a wider implications for the trade deal affecting millions more consumers. one of the industries hardest hit is the food industry. meat from northern ireland could be banned. the chief executive of organisation representing stored and chilled transport of food in the uk. how hopeful are you that they could be a resolution to this issue? it is really hard — resolution to this issue? it is really hard to _ resolution to this issue? it is really hard to say. _ resolution to this issue? it is really hard to say. the - resolution to this issue? ut 3 really hard to say. the vision the uk government has is what we want to see but the reality is there is not a lot of movement into the fundamentals
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of the problem in the government papers. thejury of the problem in the government papers. the jury is out as to whether there will be a breakthrough and businesses are suffering right now across the food supply chain.- are suffering right now across the food supply chain. what are our the food supply chain. what are your members _ the food supply chain. what are your members dealing - the food supply chain. what are your members dealing with - the food supply chain. what are your members dealing with at l your members dealing with at the moment. aha, your members dealing with at the moment.— your members dealing with at the moment. a huge amount of paperwork- _ the moment. a huge amount of paperwork. previously, - the moment. a huge amount of paperwork. previously, before i paperwork. previously, before january, if you wanted to order was in northern ireland, you should moderate and delivery as anywhere else. now you have to go through the same sort of expert practices as you would with a country like australia. —— export. more routes via the republic of ireland, more domestic supply and it has undermined the choice that businesses have an consumers have in northern ireland. if the uk and in the eu cannot makea the uk and in the eu cannot make a change of the current protocol, and shield meets a band from the end of september, what will the consequences be.
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—— chhiled. chilled. the what will the consequences be. -- chhiled. chilled.— -- chhiled. chilled. the flow has reduced _ -- chhiled. chilled. the flow has reduced dramatically, i -- chhiled. chilled. the flow i has reduced dramatically, 2096 has reduced dramatically, 20% to what we had previously and thatis to what we had previously and that is locked in. the government has to do a lot weekly in order to change that now. in weekly in order to change that now. . weekly in order to change that now. , ., ,., ., now. in terms of some of the other solutions, _ now. in terms of some of the other solutions, under - other solutions, under organisations such as the federation of small businesses and others have come up with ideas for the government that they suggest a good solutions to this row? can you hear me? i think we have lost audio with shane brennan, chief executive of the cold chain federation. just expressing some of the challenges that his members are
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facing currently. a lot more detail. david frost is proposing to the eu things which you can find on the website. the tokyo olympics has got under way amid controversy with the sacking of the opening ceremony creator kentaro kobayashi. the games are held under heavy restrictions because of coronavirus with more than 70 cases now confirmed among people involved. the chief of the organising committee has not ruled out cancelling the games if cases arise at the financial damage has already been done as rupert wingfield hayes reports. i saw great men cry with joy tokyo got the olympics but that was before covid. they had to postpone the game and at the beginning of this year, covid rate into get started picking
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up rate into get started picking up and more people are dying. opinion polls so that 80% of people wanted the games postponed again or completely cancelled. people here are scared. specialist was saying the olympics could be a super spreader event and vaccines have been extremely slow to roll out here. barely 20% of the population is vaccinated even today. from the international olympic committee point of view, the games should go ahead because of the money. it gets most of it revenues from broadcast. the japanese government position is slightly more difficult to explain but many people say the prime minister has decided to go ahead despite the risk because ahead despite the risk because a successful olympics is his only chance of being re—elected in the autumn. cancel the games now and his political career is
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finished. unfortunately for prime minister suga infection rate have been picked up. because of that spectators have been banned from olympic venues. forthe been banned from olympic venues. for the ioc that really does not matter because they still get their money but for the poorjapanese taxpayer it means $25 billion or more has been spent on hosting the games that they cannot go on watch it, there are no ticket revenues, no foreign tourists and from a financial point of view forjapan this most expensive summer games ever is a bus. isent expensive summer games ever is a bus. i sent of the costs and benefits. the chief economist at an institute in tokyo. are you able to hear the analysis?
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talk us through the cost of japan hosting these games. the cost and japan hosting these games. tue: cost and expense of japan hosting these games. tt2 cost and expense of the games is $50 million. the benefit could be the same amount but i think that is not so for the economic point of view. it is only 0.3% of the gdp injapan. i know you have weighed up the cost of cancelling the games. if the games had to be cancelled, although we are on the eve of the opening ceremonies, if it were to be cancelled, what would it mean? if the government decides to cancel, maybe we could benefit
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and the organisation committees that make but it is not so huge. and the government decided to reduce the domestic spectators and that also cause the decline of revenue by $0.9 million. ., , million. one of the big benefits _ million. one of the big benefits as _ million. one of the big benefits as rupert - million. one of the big - benefits as rupert mentioned in his report is the thousands and thousands of people who come from all over the world to watch the games, not least the japanese people who buy tickets. but it is all the money spent and restaurants and venues where some of the
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athletes are competing, and none of that will be happening this time. no, ithink no, i think the government decided to accept no voting in march, reducing the size of the benefit of the country. there is more spent injapan than that domestic spectators. for the domestic spectators, may use the money for transportation if they come from those areas, local, but they don't spend a lot they don't spend a of from those areas, local, but they don't spend a of money for dinner, driving around, but they use a lot of money on top of attending the games, but they spend time and money on driving around. if they will come back to japan in the future, that could increase and accelerate the demand in the future. i think that is the
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biggest legacy a fact of the olympic games, but now that we have two give up this kind of large size of legacy effect in the future. 0k, the future. ok, thank you for being on the programme. please state with us on bbc news. coming up — trashy fashion. how marine plastic waste can provide a source of recycled fabric. mission control: we see - you coming down the ladder now. neil armstrong: that's one small step for man, | one giant leap for mankind. a catastrophic engine fire is being blamed tonight. for the first crash - in the 30—year history of concorde, the world's only supersonic airliner. _ it was one of the most vivid symbols of the violence and hatred that tore apart the state of yugoslavia. but now, a decade later, it's been painstakingly rebuilt and opens again today.
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there's been a 50% decrease in sperm quantity, and an increase in malfunctioning sperm unable to swim properly. crowd: three, two, one! thousands of households across the country are suspiciously- quiet this lunchtime - as children bury their noses in the final instalment of harry potter. - this is bbc news. headlines: one day before the official start of the tokyo olympic games. the director of the opening ceremony is fired over a parody about the holocaust. flooding in china kills at least 25 people and causes millions of dollars in damage
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following the heaviest rain falls since records began. let's go to singapore where covid cases have doubled to the highest level in 11 months, leading the citystate to return to a partial lockdown with a ban on indoor dining and closure of indoor venues. nick marsh is in a singapore for us. tell us the latest on a singapore's move to try and curb a new wave of coronavirus. the singapore seesaw continues, in terms of the latest covid restrictions. today, the country moved into its third major shutdown since the start of the pandemic, but i think what is really interesting and what is really interesting and what people are talking about a lot here is the space of a month, it has seen five major changes to the rules when it comes to how many people can gather and a bar or restaurant. it was eight, went down to
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five, down to two, up to five, back down to two, so on and so forth. by far, the most effective sector of this rule changes as the hospitality sector. —— affected. there was a tenants association is saying yesterday that they believe between 10—20% of customer facing businesses have had to shut down already and a lot more will have to follow suit. we heard from a restaurant association, which said the reserves of this, a lot of these places, a lot of the chances of survival are ending. in terms of where the outside help should come from, what we are hearing is that landlords need to take the responsibility, but the government has also announced a major package in the region of $600 million to help these ailing restaurants and
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businesses. thank you. you will be familiar with the threat posed by plastic restorations. the amount could travel in the coming decades. what about turning some of that into this? we are looking up with a team up we are looking up with a team up of two businesses to produce a range of clothing made from marine plastic waste. it will be shown at london fashion week, september. iamjoined by the founder of think ocean, which collects, transforms litter into meaningful objects. welcome to the programme. you took on the challenge to create a complete fashion range from ocean materials. have you achieved that? good morning. yes, it is not just me. we are a team of
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people that want to do this for a long time. we have achieved that. working, we have a designer that decided to work with us. we have big project to do, but they are conscious of the marine programme. we also have the ocean plastic, but it is from rivers, it comes from the rivers, so the rivers — we pollute the ocean in the end. we are working really hard between designers and supporters, people in the office, nathan vanderbilt — thatis office, nathan vanderbilt — that is our own head designer. we are preparing everything to show the world that we can use what we already have. we don't need to produce any more. talk us through the process.
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we have a team around the world that collects plastics from waterways, rivers, the ocean, and we send the plastic bottles out to certified partners, where they transform this waste into pellets. the pellets will then be made into materials we can make the clothes from. do you think you will impact others in the fashion industry, because the fashion industry is a big polluter, isn't it? tt a big polluter, isn't it? it is, a big polluter, isn't it? tit is, because plastic is almost everywhere. whatever you are wearing, plastic is everywhere, and unfortunately it will be everywhere for a long time. shall everywhere for a long time. all riuht.
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everywhere for a long time. all right. sorry to interrupt you, but we are out of time. this is unfortunate, but thank you for joining us, and thank you to your company. have a good day, see you soon. we're still in the middle of this heatwave, or actually just past it. some thunderstorms on the way too in the coming days, which should break the heat. but it certainly has been hot in northern ireland. it was wednesday's hot spot in county tyrone — 31.3 degrees — a provisional record for northern ireland, only beating saturday's value byjust 0.1 degree. on the satellite picture, we can see some clouds to the west of our neighbourhood. that is a developing area of low pressure, and it will be nearing us over the next few days, pushing the high pressure away, and this is going to bring some slow—moving thunderstorms. we will talk about that in just a second. i still have to mention the met office warning of extreme heat for the south—west of the uk and for northern ireland lasting into friday, and this is to highlight also the high temperatures overnight, notjust by day.
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in fact, you can see how warm it is still through the middle of the night on thursday — it will have been around 18—20 celsius across some parts of the country. through the night, into the early hours of the morning, it is clear skies, may be a bit of cloud first thing across northern and eastern scotland, perhaps the north—east of england. that should mostly clear through the afternoon, but the temperatures will be skyrocketing, in fact hot enough for some local downpours and thunderstorms to develop across some central parts of the country. notice the wind is mostly an easterly, a very light easterly, so it's pushing the heat further towards the east, so that means the highest temperatures, again, on thursday could well be in northern ireland — we could well beat another record, that remains to be seen. possibly up to 32 but for most of us it will be in the mid to high 20s. here's friday, still a very warm day. wouldn't necessarily class it as a very hot day, but warm enough. temperatures into the mid—or high 20s.
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notice some blue, some rain here, some thunderstorms brewing just to the south—west of us. this is an area of low pressure that will drag in fresher atlantic air, and push the hot air towards more eastern parts of europe. these could be very slow—moving thunderstorms, and slow moving thunderstorms can bring an awful lot of rainfall in a short space of time, and that's to come this weekend — saturday and sunday — especially across the southern half of the uk. something to bear in mind.
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good morning, welcome to breakfast with naga munchetty and charlie stayt. our headlines today — a 3% pay rise for nurses and nhs staff. unions say it's not enough, but the health secretary claims it will make a "real difference to people's lives." not to people's lives." only putting more money in the pockets, not only putting more money in their pockets, but showing them how much we value and respect their incredible contribution to our nation. shop owners warn their ability to keep shelves stocked and remain open is under increasing pressure because of the number of staff self—isolating. the boss of the tokyo olympics opening ceremony has been sacked just a day before it's due to take place.
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while the team gb flagbearers for the ceremony have been announced.

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