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tv   World Business Report  BBC News  November 10, 2021 5:30am-6:01am GMT

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this is bbc news with the latest business. clean up your act — it's transport day at cop26. we focus on china, which is the world's largest car market and the planet's biggest polluter. excitement builds in new york, as electric truck maker rivian revs up its engine ahead of its stock market debut. we take a look at what all the fuss is about. and the rollercoaster ride continues for coinbase, which sees its shares tumble after investors lose their appetite for america's largest crypto exchange.
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let's start with cop26 because, today, transport dominates the discussions in glasgow. a lot of the focus will be on china, which is the world's largest car market and also the biggest polluter. president xijinping has come under some criticism for not attending the summit. and this is why. china's greenhouse gas emissions rose above those of all developed nations combined in 2019. president xi has promised to reach net—zero by 2060, but that will be require some major changes in the way companies operate. china though is a market leader in both electric vehicle and battery technology manufacturing. electric vehicle sales are forecast to more than double to three million units this year, according to the china association of automobile manufacturers.
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let's go live to shanghai and speak to our correspondent robin brant. let's start with how cop26 is being covered or discussed at all in china. president xi isn't there, as we have already mentioned. i am sorry to disappoint, but there is not much coverage of it at all in state run media. what we're seeing today is dominated domestic affairs, a meeting of elite communist leaders in beijing, that is hugely important for xi jinping and his consolidation of power within the party. in terms of the international gathering and criticism that xi jinping has faced from some leaders, in particular president biden in the us in the past few days, barely gets an outing here in a state run media. it doesn't mean the environment, dealing with climate change, cleaning up with climate change, cleaning up the air here, the land and the water isn't a big issue, it
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is a huge domestic issue but all within the context of xi jinping, the communist party, the chinese government as a whole trying to make this a cleaner, healthier place for its people, not necessarily in the context of its international obligations, and at that meeting in scotland. we have mentioned china's women to reach net—zero by 2060. talk us through the challenge of that for china. it is vast, this country, and we have spoken about this many times over the years, is addicted to goal, that addiction continues and they continue to increase the consumption of coal over the years, it is used to make steel which is a vast industry here, and also to generate electricity as well. that is the key problem for china, and frankly the wild. they have bigger missions to change that energy makes up to 2060. at the
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moment coal takes up about 55%, they want that down. a big push towards renewables, solar, hydro, but the issue will be dealing with that coal addiction and how quickly they can deal with that coal addiction. the big question in scotland but to the chinese delegation who are there is at they're peaking of carbon emissions, it will peak by 2030 but how high will that peak view? coal is a big part of that. and after that, how quickly the drop—off be? there are big plans. china wants to be a cleaner country, wants to get away from an addiction to coal, and particularly other fossilfuels coal, and particularly other fossil fuels like coal, and particularly other fossilfuels like oil, coal, and particularly other fossil fuels like oil, but for now it needs call, it is cheap, and it is relying on it particular of the next five years. but china should be given some brownie points for its massive investment in electric vehicles, the infrastructure, making of them, the technology and batteries, and it now looking to take on europe and
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us carmakers. will it succeed? this place is a petri—dish for a lot of things, in particular the electric vehicle market. have domestic manufacturers, saic, the biggest carmaker in this country. you have companies like build could make your dreams, funded by warren buffett. also have gm here stop they are here developing manufacturing electric vehicles like nowhere else and the world. the projection for sales is huge. you touched on the numbers earlier. at the moment, as a proportion of overall castles, about 25 million a year, distilled single digits and that shows you how much growth potential this market has. china's ambitions are just about seeing those cars on the streets in places like shanghai, it is about the whole supply chain, the stuff that goes into the batteries, the batteries themselves, and then building. so it is a really
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ambitious and strategic plan. thank you very much, robin brant ns shanghai. talking about strategic and ambitious plans within the transport sector, let's look at the uk whether government has confirmed all new hgvs will be zero emissions by 2040. downing street believes the uk will be the first country to commit to phasing out diesel hgvs. in 2019, lorries and trucks were responsible for 56% of uk transport emissions according to officialfigures. kathleen brooks is founder and director of minerva analysis. it is another great, big headline, the commitments for cop26, electric vehicles, hgvs, what are your thoughts? we come end of the summit that we have hosted, so it is a big piece. when i read some commentary around it though,
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those people were then the road haulage association who actually buy and use these hd vehicles are a bit more tentative. the haulage association is asking for instead of 2040 they want 2045. i saw a great quote from the society of automobile manufacturers and traders that said plans before bands, so while they make fantastic headlines, it has come at the right time as we move to the end of cop26 but that isn't very much. we are treating hgvs at the moment as we are other vehicles. hgvs are incredibly important for our supply change and economy, and those who work in the industry are not nearly as supportive or confident in what the government's plans are. but it doesn't mean there aren't steps taken. one of the big delivery companies here, they have signed up to be net—zero by 2040. they have
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sustainability managers and everything putting that in place. it is probably the smaller end of the market. as we have seen during periods we seen where crises such as whether petrol, ligament needs to make sure that these associations, the people who are doing the buying of the vehicles are involved the decision—making. also, with heavy goods, as i understand it is much harder to electrify because they carry heavy loads for very long journeys. it is not like a small electric car that you just plug in, charge up and off you go. exactly, that is one of the reasons that the associations are asking for another five years because batteries may not be the way to power these. it may be hydrogen. the government has given about 20 million pounds so far to test heavy goods vehicles on the roads, or net—zero heavy goods vehicles. it won't be enough, probably,
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not nearly enough. they will need more investment and money to get possibly not a battery but another net—zero fuel out there, and the charging points and infrastructure around that. it is like it almost needs its own ecosystem within the auto industry. it won't be the same as a little electric car that you can plug outside of your house or around the streets. you hgvs piling up on the streets trying to change the batteries that will take two years. yes, the mind boggles. good to talk to you. let's stay on the subject. rivian is the first electric truck company to hit the market, and it is generating a load of excitement among investors on wall street. it will likely start trading in new york later today and is looking to raise as much as $10 billion. so what is all the fuss about? samira hussain has shifted gears to find out. this is it?
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this is it? this is it? this is it. the first all electric pickup truck to hit the market. it can hold up to three adults. with a few bills and whistles, geared toward those who like being outdoors and cooking on the fly. unlike other electric cars, this one has a full—size spare in the back. do you need to put air in the tires? there is a compressorfor air in the tires? there is a compressor for that. this air in the tires? there is a compressorfor that. this is compressor for that. this is exciting, compressorfor that. this is exciting, ready? yes. drive. for the sake of journalism, i got on the driver seat. electric vehicles account for a small part of global sales but the ev market is growing fast. for all of the hypeit growing fast. for all of the hype it is generating, it also has some pretty serious supporters. traditional automatic affordable is an early investor and currently early investor a nd currently holds early investor and currently holds a 12% stake in the company, despite developing its own electric version of its
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popular pickup truck. i feel like there are shades of tesla here. some would say that it could be tesla 2.0. they are launching with a lot more authority, an impressive pedigree to who is at the company, what they have already accomplished, who has already become partners. amazon has said they will buy 100,000 vehicles, but rivian has not proved that they could build all of them at scale. a recently filed gender discolouration lawsuit amid allegations of sexism within the company could be distractions for rivian, as it now faces the scrutiny of wall street and shareholders. when it tesla went public in 11 years ago, it was valued at less than $2 billion. but it paved the way for the likes of rivian to go public, and captured the attentional investors. she looked very comfortable behind the will.
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let's get some of the day's other news. american airlines is offering its staff bonuses and higher pay of up to 300% if they work during the upcoming holiday period. travel bookings for the united states have surged after president biden lifted travel restrictions earlier this week. two diamond bracelets once owned by the queen of france, marie antoinette, have sold at auction in switzerland for more than $8 million. they were bought by an anonymous telephone bidder. the bracelets, made up of 112 old—cut diamonds, sold for more than double than expected. it took until the eve of the cop26 climate conference for australia to sign up to a net—zero emissions target by 2050, and prime minister scott morrison still hasn't set out specifics of how the country will get there. climate campaigners say its promises don't go far enough, but while the federal government has dragged its heels, state politicians and many private businesses have been more ambitious. we've been to visit one operation in townsville, north queensland that is trying
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to shake off a polluting past. we are an intense extreme use of electricity. our bill can be from anywhere from 15 million dollars to $18 million each year, so it is extreme. the process of refining think is fundamentally through electrolysis which, by its nature, is incredibly energy intensive. it needs to draw power from somewhere, and traditionally it is from the grid.
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it includes more than 1.2 6 million panels, more than 400 kilometres of cabling and 40 kilometres of cabling and 40 kilometres of cabling and 40 kilometres of internal roads. this is a solar farm contributes 22% of the refinery�*s energy supply. we are optimistic that we will hit our commitments are well ahead of 2040, potentially as early as 2025. we have a responsibility to demonstrate corporate leadership here in tackling emitting global warming, so it is the right thing to do but it is the right thing to do but it is also the smart thing to do. it alliances more closely with
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our customers who are on an increasingly urgent mandate to decarbonise, drastically reduce their emissions directly in their emissions directly in their operations and indirectly across the supply chain. this is think that is produced entirely from renewable energy. we have seen aluminium, for example, some customers from the us are prepared to pay an additional ten us dollars per ton for green aluminium. we are optimistic that there is an emerging opportunity to attract premium pricing for green zinc. stay with us on bbc news, still to come: the rollercoaster ride continues for coinbase, which sees its shares tumble after investors lose their appetite for america's largest crypto exchange.
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this is bbc world news, the latest headlines: the eu accuses belarus of gangster style behaviour towards migrants — as the crisis on the border with poland escalates. the german government urges people to getjabbed — after claims a "pandemic of the unvaccinated" is threatening to overwhelm hospitals with record levels of covid. the latest apec, or the asia—pacific economic cooperation, kicked into gear this week, culminating in the leaders�* summit on friday. for many world leaders, this will be their third meeting in just a few weeks — after the g20 and cop26. so what can we expect? our asia business correspondent mariko oi explains.
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for all the happy family pictures, some of the apac members aren't exactly happy with each other. us china rivals, trade rifts between australia and china and geopolitical sensitivity surrounding taiwan and china are both want to join a regional trade agreement,. apec has had experience _ regional trade agreement,. ie< has had experience navigating challenging waters — china, taiwan but also korea, japan and so wanted to buy think they are fairly good at it but it does take a lot of time and effort to make sure that everyone was make sensibilities are taken into account and that you can continue to push forward an agenda in spite of some often strong headwinds. for over three decades, apec has been a space for regional leaders to get together to find consensus. there are dozens of working groups where officials meet throughout the year to
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iron out technical details. apec is really, if you like, an informal incubator where ideas get put up, they get pushed around, developed. those economies that are interested i tried out and when it works it gets embedded into places like the wto, or things like the paris convention on climate change eventually. but this is a place where work is done rather than be headline grabbing achievements. this ear all grabbing achievements. this year all the _ grabbing achievements. this year all the meetings - grabbing achievements. this year all the meetings are virtual, taking away one of the biggest attractions to get the leaders in the same location in person. but the groups most in present work —— the root's most important work has always been done out of the limelight and this year that may be more important than ever. that is of course mariko oi. general electric, the industrial conglomerate founded by thomas edison, is splitting into three separate companies. the firm's shares rose 3% on the news. michelle fleury has more from new york.
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general electric has long been a symbol of american industrial might. the 129 year old company invented thousands of adducts and in the process changed american life. going to any kitchen in the us and you might find a ge fridge or microwave. but the company wasn't just begin appliances. it helped reinvent transportation and healthcare and the leadership aspect under the leadership of jack welch in the 80s and 90s, it enjoyed two decades of prosperity. revenuejumped prosperity. revenue jumped fivefold during prosperity. revenuejumped fivefold during his tenure. he was credited for making the company more nimble and competitive after cutting its workforce, but a moving to finance it turned into a massive weakness during the 20 08 financial crisis and the conglomerate model favoured by mr welch is now out of fashion, underlined by ge's decline in the last few years. its stock performed so badly it got kicked out of the dowel. critics argued the company was too complex and trying to juggle too complex and trying to juggle too many businesses ——
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dow for w is trying to simplify and split its remaining companies into three standalone firms focused on energy, healthcare. it is latest effort from the company that patent and the incandescent light lobe to restore its fortunes. ge the conglomerate is gone but ge the company is hoping this move will ensure it has a brighter future. let's talk about coinbase. coinbase, the largest cryptocurrency exchange in the us, saw it shares slump 15% in after—hours trading coinbase announced it had 7.4 million active users during the period, which is a decline from the eight million it had in the second quarter. it's trading volume was also down 29% betweenjuly to september. joining me now is nigel green, who's the ceo and founder of devere group. lovely to see you again, nigel.
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took us through these latest numbers by coinbase. the markets gave them a bit of a hard time. your thoughts? markets gave them a bit of a hard time. yourthoughts? i’m hard time. your thoughts? i'm ve hard time. yourthoughts? i“n very disappointed to stop you saw the stock this week went up 10% breed previa announcement. you are seeing big expectations come in but disappointed, the profits are lower and as you said the number of users is lower so that is big. if you consider, they have 70 million people registered and only 7 million use the app, so extremely disappointing numbers. extremely disappointing numbere— extremely disappointing numbers. , , ., ., extremely disappointing numbers. , , ., numbers. why is that, do you think? the — numbers. why is that, do you think? the prices— numbers. why is that, do you think? the prices went - numbers. why is that, do you think? the prices went down | think? the prices went down cryptocurrencies _ think? the prices went down cryptocurrencies in _ think? the prices went down cryptocurrencies in july. - think? the prices went down cryptocurrencies in july. it i cryptocurrencies injuly. it was previously around 60,000. it is out of 30,000 injuly. wrapped up and so we look at july and it crept up in august. climbed a month, obviously holiday time, then september. it seems to have been they had
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more users but october before, you see coin base appears to have gone again but i think everybody thought when the price went down people would still use coinbase that they used to stop —— as soon as the price falls they stopped using it. ,, ., y price falls they stopped using it. , ., ., , it. so if they are not using coinbase. _ it. so if they are not using coinbase, what _ it. so if they are not using coinbase, what are - it. so if they are not using coinbase, what are they l it. so if they are not using - coinbase, what are they using? there was a lot of excitement when they first floated on the market talking about the fact that coinbase was a means to trading cryptocurrency in a more safer way, if you can put it that way. more safer way, if you can put it that way-— more safer way, if you can put it that way. you are absolutely ri . ht. it that way. you are absolutely right- the _ it that way. you are absolutely right. the ipo, _ it that way. you are absolutely right. the ipo, that _ it that way. you are absolutely right. the ipo, that was - it that way. you are absolutely right. the ipo, that was then i right. the ipo, that was then saying we registered. we have an ipo, we are a listed company. so the crypto market since then has gone from 2 trillion to three children. but you've also seen competitors come to the marketplace will stop —— 3 trillion. robin mccord is a competitor and very close to coinbase in terms of what is actually doing in a space —— robin hood. reports of bad service from coin base as
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well which is really affected them. , , , ., well which is really affected them. , , .,~ well which is really affected them. , ., them. just give us your take on this whole _ them. just give us your take on this whole issue _ them. just give us your take on this whole issue of _ them. just give us your take on this whole issue of trading - this whole issue of trading cryptocurrencies because it is just in the news every day and people get this impression that it is a way to make a quick buck but from your perspective how risky is that if you are trading something like it coin? it is very risky and people need to understand it it is. people trade for many reasons. one, they see value, they see it is the future. two, people see it as a hedge against inflation. you have inflation inflation. you have inflation in many countries around the world and people see they are not getting a return on the banks so they are concerned about that. and then as you pointed out it is just speculation and they are the ones you worry about as an advisor because some people just see a price going up and they are probably going to invest at exactly the wrong time. , ., ., invest at exactly the wrong time. ,., ., ., invest at exactly the wrong time. ., ., ~ ., time. good to talk to you, niel. time. good to talk to you, nigel- nigel— time. good to talk to you, nigel. nigel greene - time. good to talk to you, nigel. nigel greene from | time. good to talk to you, - nigel. nigel greene from devere group. that wraps up today's programme. i hope you have
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enjoyed it. have a good day and i will see you soon. goodbye. hello there. it was nearly 18 degrees celsius in cheshire yesterday, temperatures which are well above where they should be for this time of year. it will be mild again for the day ahead because we've got that south—westerly wind off the atlantic, but with it, some rain. that rain is all tied in with this weather front here, which is pulsing if you like, bringing some further outbreaks of rain through the small hours and into the start of the day, and it will be on and off throughout the day. it's coming into high pressure, so it's weakening, and to the north of it, the showers have been fading back to the coast with one or two around, but with clear skies actually it is turning chilly, a touch of frost in rural areas. whilst further south, temperatures of 11 and 12 are more like where they should be during the day at this time of year. but it's misty, it's murky, some patchy fog around
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across southern and eastern areas and there will be some hill and coastal fog underneath our weather front, which, as you can see, is going to bring some rain. not too heavy, but really rather dank, misty and grey conditions through the day. but mild, 14s and 15s, whilst it should start to break up the cloud for northern england tojoin in with northern ireland and scotland with just the odd shower and some sunshine. still a brisk wind and more showers for the north and west of scotland. and indeed here, through the evening and overnight, we'll have another band of showery rain moving southwards tending to weaken, butjust introduces a bit more cloud. so, perhaps the frost a little bit more patchy by the time we get to thursday morning. the cloud starting to break further south because those weather fronts are rather weak and they are coming into this area of high pressure. so, we'll have, i think, a few fog issues as well on thursday morning. so, once those clear away, and at this time of year, both the coming morning and tomorrow morning, it will take its time to clear, it will linger through the rush hour.
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once it does, some sunny spells, some rain is gathering on that southerly wind picking up further west, and you may have noticed this massive rain behind me. that's all tied in with a developing area of low pressure. here it is, there's a big question mark as to exactly where the wettest and the windiest weather will be. but this has the capability of bringing gales and quite a bit of rain with it to end the week. so, it's one we will watch, do not take this as red because we will be fine—tuning the details, but it looks as if it will be a mild end to the week because of those winds coming off the atlantic, but it should be moving out of the way in time for the weekend with a weakening feature, so we will see quite a bit of dry weather but still quite a bit of cloud into the weekend. bye for now.
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good morning, welcome to breakfast with sally nugent and nina warhurst. our headlines today. the vaccine deadline for care workers — from midnight tonight, those without two jabs won't be allowed to work in england. with similar rules due for the nhs next year, the unions are warning of staff shortages. a call for an investigation into conservative mp sir geoffrey cox, as labour claim pictures show him breaking parliamentary rules. a lack of mechanics to maintain the growing number of electric vehicles over the coming decade. yorkshire's racism row rumbles on, as the club suspends current head coach andrew gale pending an investigation into an historic social media post.


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