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tv   World Business Report  BBC News  November 11, 2021 5:30am-6:00am GMT

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this is bbc news with the latest business headlines for viewers in the uk and around the world. the world's two biggest economies — the us and china — agree to work together to tackle climate change. the biggest shopping event in the world — singles day hits china. is the kingdom losing some of its magic? walt disney disappoints wall street with lacklustre results. china and the us have agreed to boost climate cooperation
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over the next decade, in a surprise announcement at the cop26 summit in glasgow. this gives global negotiators a boost as they aim to reach a final deal on carbon cutting targets by the end of the summit on friday. china and the us are the worlds biggest carbon emitters whose economies are dependent on fossil fuels and although they say they will work together neither have joined a pledge to reduce the use of coal, a promise that more than a0 other nations have made at the conference. we in china have no shortage of differences but on climate, on climate, cooperation is the only way to get this job done. today's focus at cop26 is cities and regions — how to become more energy efficient with cities currently producing more than 70% of global greenhouse gas emissions, mainly from heating and cooling buildings
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and powering cars and lorries. joining me now isjohn hart, republican strategist & co—founder, c3 solutions a warm welcome to the programme. it is a huge challenge, isn't it? these cities, some of them are extremely old in terms of infrastructure and when they were developed, helping them to become more energy efficient. that is exactly right. the united states is a very large and diverse country and thankfully our cities are much newer than many cities in europe. but that presents a different set of challenges and opportunities and the way that we approach this question at our institute is that we believe the primary instead — my office is economic freedom and innovation. we did a study
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around the world and found that three countries are twice as clean as the last three economies. in other words, countries that have a rule of law and a strong democratic system, strong property rights which is very important for this topic, they tend to have a much higher environmental performance rating than countries that have top—down social planning authoritarian type governance. so as we think about cities, we have to come up about cities, we have to come up with foundational principles that the best solutions are going to be bottom—up solutions where you can have a nimble response at a local level and have accountability at a local level so that cities can adapt and have the same, rather, have different solutions rather than one size fits all type responsible and difference that our organisation and the republican members that we work with, john curtis, and others, is that while president biden talks about a whole of government approach, what we
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want to emphasise is a whole of society approach, it should have a light touch the primary drivers of solutions are cities and regions and they will be individuals, property owners and innovators so that we can get bottom—up solutions and that means empowering civil society. civil society is the space between individuals and government and that is where life happens. that is where solutions come up. and that is how we approach this topic. find how we approach this topic. and what ou how we approach this topic. and what you say — how we approach this topic. and what you say makes a lot of sense. it has to be collaboration at every single level whether that be within the local community, at national level et cetera. private business, public sector, every organisation. but how many are saying the same thing as you? flat how many are saying the same thing as you?— how many are saying the same thing as you? not enough. and that is why _ thing as you? not enough. and that is why i — thing as you? not enough. and that is why i here _ thing as you? not enough. and that is why i here in _ thing as you? not enough. and that is why i here in glasgow i that is why i here in glasgow and i think it is important and worth noting and i appreciate
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you having is on the programme there is policy renaissance happening in the united states among the centre—right members of congress on the issue of climate. we are going in with our best principles and best ideas on this topic in particular shows that this does not have to be a highly polarised part is an issue. again, there are very few people in the united states who are against empowering local government. it is a commonsense position and anyone who has done any kind of development. i have 62 areas of farmland i managed just outside dc in the state local government does something's well and somethings poorly. i government always lags behind the private sector in terms of innovation. it i in terms of innovation. if i could interrupt _ in terms of innovation. if i could interrupt you briefly we are about to run out of time andi are about to run out of time and i want your this, it is wanting to talk about the us
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and course joe wanting to talk about the us and coursejoe biden hasjust gotten through in —— massive infrastructure bill and in developed countries we have the finance to make this happen. what about developing countries? isn't it critical that there is agreement at the end of this summit as to how much money the rich nations give to the poor to make a difference?— difference? that is an important _ difference? that is an important question i difference? that is an l important question but, difference? that is an - important question but, again, i think ultimately if you want to help the developing world get to a point where they have a cleaner economy, you have to have rule of law and property rights within those countries and bill gates said the only way to solve climate change is through innovation. notjust through innovation. not just one through innovation. notjust one way it is the primary way. so i think the conversation will continue to develop. there are many things we can do to promote the deployment of nuclear technology. nuclear reactors could be deployed at large scale and if we could reach priorities in the us and other developed countries. and
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redirect some of those funds to have more of a debate. i redirect some of those funds to have more of a debate.- have more of a debate. i am conscious — have more of a debate. i am conscious that _ have more of a debate. i am conscious that we _ have more of a debate. i am conscious that we are - have more of a debate. i am conscious that we are out. have more of a debate. i am conscious that we are out of| conscious that we are out of time. thank you very much for being on the programme and as i have said throughout this conference in glasgow, more details are on our website but do get involved it is an important conversation. tell us what you think as well. let's bring you some other business stories now. boeing has reached an agreement with the families of victims of the 737 max crash that killed 157 people in ethiopia, and has admitted responsibility for the crash, according to legal documents filed in a chicago court on wednesday. "by accepting responsibility, boeing's agreement with the families allows the parties to focus their efforts on determining the appropriate compensation for each family," the aerospace giant said. shares of rivian have climbed more than 50% in its trading day debut, giving the electric truck maker a market valuation of more than $100 billion. the company is now ranked the second most valuable american automaker,
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just behind tesla. beyond meat forecast fourth—quarter revenue below estimates on wednesday, after reporting slowing demand in bothgrocery stores and restaurants. its shares were down i9% in extended trading. the company, which generates the bulk of its revenue from retailers, said fewer people were stockpiling plant—based burgers and sausages at home after they returned to dining out. japan's wholesale inflation hit a four—decade high in october. that follows a similar spike in china's factory gate prices as supply bottlenecks and rising commodity costs threatened asian corporate profits. and yesterday the us reported that the cost
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of living had risen at its fastest pace in 31 years. joining me now is susannah streeter, senior investment and markets analyst at hargreaves lansdown. it is good to see you this morning. so that is the world's three biggest economies all telling us in the last 48 hours are going up and up.- telling us in the last 48 hours are going up and up. yes. it is are going up and up. yes. it is a similar— are going up and up. yes. it is a similar picture _ are going up and up. yes. it is a similar picture for— are going up and up. yes. it is a similar picture for many - a similar picture for many countries now. inflation is running hot, much hotter than what central banks would like to see. those numbers coming from japan of wholesale inflation that of course is the price of goods in stages before they hit the retail level. they are running at eight sent. a four decade high and, as you said, a 30 year high, consumer prices from the united states as well. all this feeds through
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that these higher prices could act as a lad on the economic rebound as companies have to try and adjust to these higher prices and also they are filtering through to the consumer level, potentially meaning that consumers are not as confident. they do not have as confident. they do not have as much money to spend. 0r as confident. they do not have as much money to spend. or the starter, particularly data that we have seen in the uk is going to be filtering through and there is food of thought there for the bank of england. we hear thereabout the latest reading of the uk economy in terms of economic output, gdp and the fear is that because of rising prices we will see the engine of recovery grind to a bit of a halt, a spluttering start stop as we had towards the winter months. it is start stop as we had towards the winter months.— the winter months. it is very hard for central _ the winter months. it is very hard for central banks - the winter months. it is very hard for central banks to - the winter months. it is very i hard for central banks to gauge how things will be in the months ahead because much of what is driving prices upwards
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gasp prices and oil prices rising we do not know how long that will be for and what impact it will have. it is hard for the central bank to know what to do. it for the central bank to know what to do— what to do. it really is. at the moment _ what to do. it really is. at the moment they - what to do. it really is. at the moment they are - what to do. it really is. at the moment they are all. what to do. it really is. at i the moment they are all still singing same hymns saying that, actually, it is still transitory, even though these prices are likely to stick around, these high prices, a lot longer than was first fought. that is why, for example, use or the england last week hold off raising interest rates because it wanted more data on the economic recovery, data that we will be getting a little later this morning, data on unemployment, for example and just how well the economy is responding. we do still expect an uptake in the growth rate, uptake. we had that again and that was in august .4%. a similar reading affected. in
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august it was due to festival—goers and people heading out to socialise once more. you cannot rely on happy campers to keep the economy going and there are fears that because of the high prices that has acted as a drag on economic growth but we will find out a little later this morning. good to talk to you, _ little later this morning. good to talk to you, thank - little later this morning. good to talk to you, thank you. - it's november 11th and many retailers are gearing up for a major event — singles day. over the past 12 years, what started as a celebration for unmarried folks in china has turned into one of the biggest online shopping festival in the world — launched by chinese retail giant alibaba. these days, it's not just about singles and it's notjust alibaba: it's everyone. with deals galore, last year, ii—ii shoppers added more than $130 billion worth of goods to their carts. that's more than double the amount spent pre—pandemic, back in 2019.
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between 2014 and 2019 total sales grew an average 35% per year. but our guest today says going forward, that may not be sustainable. joining me now is amelia green, partner in digital and retail practice, alixpartners. good morning amelia. how do you expect single stated go this year? expect single stated go this ear? ,, , ._ .., , expect single stated go this ear? ,, , , ., year? singles day continues to be the world's _ year? singles day continues to be the world's largest - year? singles day continues to | be the world's largest shopping event and that will not change this year. as per the annual report that we have been putting out to analyse how consumers are likely to spend during the sales, what we see this year is a consumer demand in china is as high as it was last year. so we are hearing about inflation but it has not yet hit sales and as an impetus for consumers really looking
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for, for, those great products, great product discounts and being more choice full about where they spend their money. also i'm not surprised as well to hear that it has been big over the last few years because it is essentially an online shopping day and with lockdowns in so many economies around the world we have not been able to go out and spend so we are in front of the screen and spending. front of the screen and spending-— front of the screen and sendina. �* , �* front of the screen and sendina. �* , ~ spending. absolutely. and so there is the _ spending. absolutely. and so there is the safety _ spending. absolutely. and so there is the safety element . spending. absolutely. and so | there is the safety element to it where it is, it provides a safe environment for shopping and it also provides that entertainment value. so that demand is still significant. just quickly for could ask you, to extend the deal. quite often you wonder if it is actually that bigger discount, you know? there are significant deals and we see significant discounts in certain categories such as apparel, electric and so forth
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and it has been expected that this is the place to get deals. but there is also a focus within those discounts and in the products that consumers are looking for that is driven by some of the things we see in the market in terms of in our spending we are looking at consuming less and making more choices based on product quality so we are looking for discounts but we are looking for products that last and that are durable. we are also looking at being very sustainable for our economies in terms of making local or domestic choices in the products that we buy and supporting our local economies. so these are three key trends that we are seeing. demand is there, shopping online, and we are looking at supporting domestic products to a greater extent and that we are being driven by the up tick in sustainability that you mentioned before, by making
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better choices about what product we should be buying and that those products are of a quality that will last. we shau quality that will last. we shall see _ quality that will last. we shall see how _ quality that will last. we shall see how successful it is this time and how much money is spent. as you have been hearing, tesla's chief executive elon musk has sold shares in the electric car maker. it comes after mr musk conducted a poll on twitter, asking his followers whether he should sell a 10% stake. nick marshall filled us in on this not so long ago. —— nick marshall. it is a big publicity stunt, what you think? it is basically — stunt, what you think? it is basically about _ stunt, what you think? it is basically about tax. - stunt, what you think? it is basically about tax. they i stunt, what you think? it 3 basically about tax. they will tell you why in just a second. it was just a few years ago when —— days ago when elon musk�*s twitter followers told him to sell a 10% stake in his company. he sold. it is not the
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$20 billion worth he promised, but it is $5 billion. the reason all boils down to a hefty tax bill that he is facing. essentially, he wants to exercise stock options. he has a deal with tesla, elon musk, in which he is able to acquire stock very cheaply. he is planning on buying 2.2 million shares before this deadline expires at a very low price of $6.24. 0bviously buying all the shares is going to incur a pretty big tax bill. how is he going to pay the tax bill? the last time he exercise the stock option in 2016 he had to pay about $600 million. he doesn't have a salary or get bonuses, the only way to raise enough cash to pay it off is to sell shares. so this sale is coming in, he is expecting to pay it, whenever this deadline comes in, in terms of tessel�*s share price, that has been a bit up and down. on tuesday
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that went down by 12%. yesterday it was clawed up by about 5%. needless to say, the whole company is still worth over $1 trillion. i whole company is still worth over $1 trillion.— over $1 trillion. i am sure he is not having _ over $1 trillion. i am sure he is not having a _ over $1 trillion. i am sure he is not having a sleepless - is not having a sleepless night. maybe that other things were not that. nice to talk to you. stay with us on bbc news. still to come: is the kingdom losing some of its magic? walt disney disappoints wall street with lacklustre results. the bombastic establishment outsider donald trump has defied the pollsters to take the keys to the oval office. i feel great about the election results. i voted for him because i genuinely believe that he cares about the country. it's keeping - the candidate's name always in the - public eye that counts. success or failure depends not only on public display, j but on the local- campaign headquarters and the heavy routine workj of their women volunteers. berliners from both east and west linked hands and danced around
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their liberated territory. and with nobody to stop them, it wasn't long before the first attempts were made to destroy the structure itself. yasser arafat, who dominated the palestinian cause for so long, has died. palestinian authority has declared a state of mourning. after 17 years of discussion, the result was greeted with an outburst ofjoy, leaving ministers who long felt only grudgingly accepted among the ranks of clergy suddenly felt welcome. this is bbc world news. the latest headlines: china and the us agree a joint approach to climate change in a surprise declaration at the cop26 summit. poland accuses belarus of "terrorism" over its role in the build up of migrants on the border between
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the two nations. fresh data shows the jobless rate in australia went up to around 5% in october, up from 4.6% the month before. but october was when the country was still under strict lockdowns and now there are some signs of recovery as restrictions ease. from sydney, phil mercer reports. red hot. the australian economy is preparing to ignite as its most populous states begin to bounce back from covid—19 lockdowns. but a lack of qualified staff could hamper the recovery. for some businesses immigration is the answer. ., , , answer. right now this is the worst i answer. right now this is the worst i have _ answer. right now this is the worst i have ever _ answer. right now this is the worst i have ever seen - answer. right now this is the worst i have ever seen the i worst i have ever seen the labour shortage in the industry ever, by some considerable amount. and i think right at the moment we need more than ever to have people in the
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country that are bringing skills and desire to work in hospitality and tourism and other industries to make the place grow again.— place grow again. brainiac's are in high _ place grow again. brainiac's are in high demand - place grow again. brainiac's are in high demand at - place grow again. brainiac's are in high demand at a - are in high demand at a start—up in sydney. it developing what could be a new type of carbon neutral food, where meat is growing in the laboratory from animal cells. it just laboratory from animal cells. itjust needs more staff. we need some _ need some of the brightest minds from across the planet. there are many, many people in australia, but for us to succeed in this mission to feed millions of people we need to attract the brightest minds in the world. attract the brightest minds in the world-— attract the brightest minds in the world. , ., ., ., ~ ., the world. they have to work on something _ the world. they have to work on something that _ the world. they have to work on something that is _ the world. they have to work on something that is a _ the world. they have to work on something that is a massive, i something that is a massive, massive _ something that is a massive, massive challenge. what we need some _ massive challenge. what we need some of— massive challenge. what we need some of the smartest people in the world — some of the smartest people in the world across biology, material sciences, and engineering as well. everything from _ engineering as well. everything from autonomous vehicle backgrounds to fit tech. fine backgrounds to fit tech. one businesses _ backgrounds to fit tech. one businesses so _ backgrounds to fit tech. qua: businesses so desperate backgrounds to fit tech. iaz businesses so desperate to recruit from overseas work and its chain of pubs that it is offering to pay for flights, 2's accommodation, and help
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with these costs. it is hoping that the australian lifestyle will also be attractive. but for other companies the solution to a skills and talent crunch could lie much closer to home. phil mercer reporting there. it's not been such a magical quarterfor disney, the entertainment giant has reported its quarterly earnings, missing estimates across revenue, user growth, and income. intense competition in the streaming sector and continued disruption to production as a result of the pandemic were big factors, according to the company. joining me now is max signorelli, senioranalyst, media & entertainment, 0mdia. good to see you again. talk through the challenges facing disney right now.— disney right now. disney is uuite a disney right now. disney is quite a significant - disney right now. disney is| quite a significant company disney right now. disney is i quite a significant company in terms of it has content on television and online these days, but it also has theme parks, cruise ships, merchandise across the board. so in the last year or so, you know, the covid pandemic has affected a bunch of those and
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they are only just starting to bounce back, were streaming has really taken bounce back, were streaming has really ta ken off bounce back, were streaming has really taken off in the last year or two, these other paths haven't been able to climb quite as significantly. as economies from around the world star emerging there is scope for this to start growing again. for this to start growing aaain. ~ . ., , for this to start growing auain.~ , ., for this to start growing aaain. , ., ,, , again. when it comes to disney lus again. when it comes to disney [us it again. when it comes to disney plus it has _ again. when it comes to disney plus it has been _ again. when it comes to disney plus it has been incredibly - plus it has been incredibly aggressive. that would have helped to a degree, wouldn't it? , , , , , helped to a degree, wouldn't it? , , ,, , , , helped to a degree, wouldn't it? definitely. disney plus has effectively _ it? definitely. disney plus has effectively set _ it? definitely. disney plus has effectively set a _ it? definitely. disney plus has effectively set a new - it? definitely. disney plus hasl effectively set a new precedent in terms of how online video streaming services can grow, having gained almost 120 million subscribers in two years, something not even netflix can claim to have done. the ads and this could have been relatively low, but that is in part tied to the content portfolio that has been put out. the next quarter and 2022 are looking very promising in that sense and it looks like it will really be able to hold its own against these big competitors like netflix. aha,
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own against these big competitors like netflix. a big factor in that _ competitors like netflix. a big factor in that is _ competitors like netflix. a big factor in that is the _ competitors like netflix. a big factor in that is the us - competitors like netflix. a big factor in that is the us easing | factor in that is the us easing travel restrictions. we have seen a huge surge of people in florida just this week, haven't we lizzie lowe yes, that is right. it is still quite early days. certainly there are plenty of people who would like to plan and book their holidays first. really, is disney itself is going to come it will be in the second half of 2022 where a lot of the impact of this will affect their parks and other businesses. all right. max, thank you very much. that is the very latest on disney. we are getting these earning stories coming through, as we have mentioned beyond meets disappointing, disney also disappointing, disney also disappointing and wanting about the difficulty in forecasting what is ahead in the next few months. would imagine many companies are in a position as the challenges in the short term, but it is gauging to what extent they will see demand and sales and revenues return in
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the year ahead. you are up—to—date in all things business and use. as ever, so much more detail on our website. have a lovely day. i will see you soon. hello. temperatures fell back closer to average again in scotland and northern ireland on wednesday. but milder air is coming back and the warm autumn continues because this week so far, 17 on monday was the high temperature. 17 again on tuesday. wednesday saw 16 degrees and there is another push of milder air approaching from the atlantic around an area of low pressure, which is also going to bring the chance of rain and some windier conditions for a day and a night, anyway. this how we start thursday morning. you will be quite chilly across parts of southern scotland, northern ireland in northern england. we will see some clear spells overnight, also the far north of scotland, so there is a touch of ground frost possible. this area of rain in scotland weakening with the cloud as it pushes its way northwards again. for england and wales that will be a lot of cloud, mist and murk to begin with, some fog patches, poor visibility, drizzly in places and we will see a spell of rain pushing through northern ireland, parts of wales, northwest england on toward self with scotland today
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is the day goes on with the fresh wind in the west. these are average speeds, some gusts of around 40 miles an hour developing on the western coasts by the end of the day. but with that, the milder air is coming back into belfast at 14 degrees. it will start to creep northwards across scotland once again with this area of rain. and as we go on through thursday night, there will be a few spells of rain running into northern ireland and scotland, northern england, wales and a few patches of rain just starting to push a little further east across england as we go into friday morning. it is a mild night, mild start to friday. let's take a look at that area of low pressure. looks to be working across scotland during friday but of course the weather from around it will be impacting all of the uk. doesn't mean to say we're all get to see a huge amount of rain. the further south you are there willjust be a few splashes here and there. closer to that low pressure system through northern ireland but especially central southern parts of scotland and england the chance of seeing the heavier downpours on friday for the early rain on the far north of mainland scotland the rest of the day looks dry. it's a blustery day across the uk again, it's another mild one. into the weekend this area of low pressure will move away
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quite quickly allowing high pressure to build in behind but that settles the weather down again. it will become mainly dry over the weekend, there will be a lot of cloud around, sunshine at a premium regardless though, we have a mild weekend on the way.
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good morning, welcome to breakfast with charlie stayt and naga munchetty. 0ur headlines today. lives at risk because of unacceptably long ambulance delays of up to nine hours. a warning from paramedics as new figures on waiting times are due out this morning. the usa and china unexpectedly agree to co—operate over global warming, as the cop 26 climate change summit enters its final days. but can acting locally help globally? i am but can acting locally help globally? iam in but can acting locally help globally? i am in hull, but can acting locally help globally? iam in hull, one but can acting locally help globally? i am in hull, one of the city is hoping to go carbon neutral ahead of the national target. it's heavily reliant on scientists working with academics. i will look
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at how that is

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