tv World Business Report BBC News November 19, 2021 5:30am-6:01am GMT
this is bbc news with the latest business headlines for viewers in the uk and around the world. in the past hour, a surprise u—turn from the indian prime minister, as he repeals three agricultural reform laws that sparked almost a year of massive protests by farmers. they came, they met but did they achieve anything? president biden holds a summit with canada's and mexico's leaders. germany launches new covid—19 restrictions, as chancellor angela merkel says the country is in the grips of a dramatic fourth wave of infections. and, is business travel really necessary? we look at a sector that's on the roll again.
we begin in india where as you heard earlier india's prime minister narendra modi has announced that he will be repealing the three controversial farm laws in the winter session of parliament, following more than a year of protests against the legislations. joining me now is our corrspondent in delhi, arunoday mukharji. quite extraordinary and for many people pretty unexpected. how important is agriculture to the indian economy?— the indian economy? very critical and _ the indian economy? very critical and this _ the indian economy? very critical and this was - critical and this was absolutely unprecedented. the government had made it very clear, in fact prime minister modi and senior ministers had
made it clearfrom modi and senior ministers had made it clear from the beginning that there was no question about repealing these laws. they could still explore the idea of amending the laws but repealing was never on the table. they have been in place for the last one year and we have seen tremendous protests taking place, thousands of farmers protesting across the states. this has been an unprecedented protest against this government. you also seeing the government buckling under that kind of pressure especially because of their crucial elections due in critical states where there is a significant farming community, including punjab and uttar pradesh. the ruling bharatiya janata party want to keep those dates and expand. these laws would bring in significant reform to the
sector. they say that they have failed to do so and it is only right they repeal the laws. as victory for the farming community who have been protesting for nearly a year now. ~ ., , ., . protesting for nearly a year now. ~ . h, . ., now. what impact have the -rotest now. what impact have the protest had _ now. what impact have the protest had on _ now. what impact have the protest had on the - now. what impact have the i protest had on the functioning of the economy in the past year? in of the economy in the past ear? ., , , of the economy in the past ear? . , , ., year? in that sense, there have been a lot _ year? in that sense, there have been a lot of— year? in that sense, there have been a lot of gaps, _ year? in that sense, there have been a lot of gaps, if _ year? in that sense, there have been a lot of gaps, if i - year? in that sense, there have been a lot of gaps, if i make . been a lot of gaps, if i make wallet, because you have thousands of them taking turns to come from the farms and camp. more than 50% of the workforce in india is in some way or another associated with the field of agriculture. it is one of the few sectors that was doing well even after the pandemic and a lot of hope from the agricultural sector to boost the economy. we did not see covid—i9 impact the rural
areas as much at first. we are waiting to hear some sort of an official statement from the farmer leaders about what they feel and what the next steps should be. in the upcoming winter session as far as the government is concerned, they will officially begin the procedure to repeal these laws. thank you for your time. presidentjoe biden hosted canadian and mexican leaders on thursday, for their first north american summit in five years. the talks were aimed at finding common ground among the three neighbours bound together by the united states—mexico—canada free trade agreement, which governs some $1.5 trillion a year in north american trade. but differences over the auto industry, biden�*s buy american policies and a mexican energy bill weighed on the summit. joining me now is chris campbell, chief strategist at kroll, the style is far friendlier
than the pugilistic predecessor but has the dialogue moved on from the trump era of trade? the updated laughter was negotiated under donald trump. —— nafta. we are dealing with the predicates of the former administration but these conversations did not touch on some of the most difficult topics that really govern the relationship between the north and south of the us border, namely auto but also immigration. really sensitive topic in the united states and mexico and canada. it covered a lot of ground trying to find ways of getting the free economies economically linked
but dicey issues in all three countries.— but dicey issues in all three countries. . , , countries. our fears “ustified? -- are. countries. our fears “ustified? -- the t countries. our fears “ustified? -- are. the us_ countries. our fears “ustified? -- are. the us has_ countries. our fearsjustified? -- are. the us has taken - countries. our fearsjustified? -- are. the us has taken an l -- are. the us has taken an america _ -- are. the us has taken an america first _ -- are. the us has taken an america first policy - -- are. the us has taken an america first policy under i -- are. the us has taken an | america first policy under the previous administration and we are seeing that maintained under the current biden administration. i think we are a country of rules and laws and those laws nafta are. the agreement has interlock the free economies. you can be certain that the us will live up certain that the us will live up to its commitments into the agreement. up to its commitments into the agreement-— agreement. you are also a country — agreement. you are also a country of _ agreement. you are also a country of voters - agreement. you are also a country of voters and - agreement. you are also a country of voters and it. agreement. you are also a country of voters and it is l country of voters and it is interesting to see from this side of the pond, us foreign policy looks increasingly domestically focused stop other new breed of political leaders
more attuned to how america is viewed under the global stage? look, it is difficult to see, other than the style of rhetoric, but the policy differences between the two administrations, taking an american post approach and maintaining that posture. —— america first. you could argue that america almost always has a us centric focus first policy in place, perhaps sometimes more than others but the orientation right now is an america first policy and i guess it is one of those things that other countries will have to adapt to. that other countries will have to adapt to-— to adapt to. thank you very much for — to adapt to. thank you very much for your _ to adapt to. thank you very much for your time - to adapt to. thank you very much for your time today. | germany is in the grip of a dramatic fourth covid wave according to chancellor angela merkel. on thursday the country's parliament voted in favour
of new measures, which includes limiting public transport to people who have been vaccinated or tested. the new measures would also require employers to offer a work—from—home option when possible. however, to come into force, the rules must be approved by the leaders of germany's 16 states who are meeting today to agree on measures to help curb a fourth wave of the virus. elsewhere, several european countries are seeing record infections. joining me now is chris southworth, secretary general of the international chamber of commerce. why have infection rates risen so quickly in germany? i think the issue in germany is low vaccination rates overall and them considerably high percentage of anti— vaxxers which is a real problem for germany. we should remind ourselves that globally we are a long way away from the and again, if you like, for covid.
we are right in the middle of a major pandemic and from uk perspective, there was a sense of complacency because we have height vaccination rates and getting life back to normal. the rest of the world is a long, long way away from that. global average vaccinations is 30% in some parts 2—3% so we have a long way to go and at least 16 billion funding gaps, ii least 16 billion funding gaps, 11 billion vaccine gaps and thatis 11 billion vaccine gaps and that is an important point. in the context of europe, looking at the numbers, low vaccination rates. we are 80% vaccinated in germany 67% and similar in france. pretty high in portugal. if you look at eastern europe, it is really low, sort of 35% there is a disparity of vaccination across europe. low vaccination rates overall. and we are able to cope with a wave better because
we have high vaccination rates whereas others not.— we have high vaccination rates whereas others not. germany and france are — whereas others not. germany and france are below— whereas others not. germany and france are below the _ whereas others not. germany and france are below the european i france are below the european average for vaccination rates, below 70%. does this point to further restrictions across europe over the winter? it is lookin: europe over the winter? it is looking that _ europe over the winter? it is looking that way. _ europe over the winter? it is looking that way. it - europe over the winter? it 3 looking that way. it does not looking that way. it does not look great for europe and from an economic point of view, this is important for the uk, because there is is by phone away our largest trading partner and if the eu wobbles or the economy recovery styles, we will as well. it is in our interest that the eu do well on that it's economic recovery is on track and if covid takes a new turn for the worse, it will have an impact. germany is our second largest trading partner so it is really significant. thank you very much. let's talk
about what is going on in singapore at the moment. now, the global semi—conductor chip shortage and the trade spat between the us and china are at the centre of discussions by key policy—makers and business leaders gathered in singapore. our asia business reporter suranjana tewari has been covering that event for us. suranjana, tell us more about what's being said there. the relationship between the us and china very much the focus at this forum but up to the last day which is today. we heard from former us secretary of state hillary clinton who had some strong words to say the world needs to send up to the world needs to send up to the aggression displayed by china, especially in this region, asia—pacific countries need to stand up to china. , british by minister tony blake thank countries need to engage
with china on things like the pandemic. —— tony blair. climate also top of the agenda today. john kerry, the us climate and vi, saying the biden residency was committed to delivering on the promises of cop26. -- to delivering on the promises of cop26. —— and vi. the future of cop26. —— and vi. the future of work has also been looked. i sat down with a start—up from silicon valley and started by asking how companies are treating employees after the pandemic. i treating employees after the pandemic-— pandemic. i do think people have a lot — pandemic. i do think people have a lot more _ pandemic. i do think people have a lot more choice - pandemic. i do think people have a lot more choice and l have a lot more choice and frankly, _ have a lot more choice and frankly, that is an awakening for all— frankly, that is an awakening for all of— frankly, that is an awakening for all of us. as a business leader. _ for all of us. as a business leader. i_ for all of us. as a business leader, i have to think about it in— leader, i have to think about it in term— leader, i have to think about it in terms of talent. for me people — it in terms of talent. for me people come to work to work but they need — people come to work to work but they need purpose and that is what — they need purpose and that is what i — they need purpose and that is what i found in my career and when— what i found in my career and
when you _ what i found in my career and when you look particularly younger members, purpose is incredibly— younger members, purpose is incredibly important. our company is 100% purpose, to cultivate — company is 100% purpose, to cultivate a kind of world. we really — cultivate a kind of world. we really believe being kind is important. you cannotjust have a transactional relationship with— a transactional relationship with your employee because they williust_ with your employee because they willjust go to the highest hidden _ willjust go to the highest bidder. you need to give them something more that makes they won't _ something more that makes they won't feel vulnerable and having _ won't feel vulnerable and having an impact on the world. i having an impact on the world. i want — having an impact on the world. i want to— having an impact on the world. i want to talk about diversity as well. has the pandemic change attitudes? ﬂit as well. has the pandemic change attitudes?- as well. has the pandemic change attitudes? of the 442 companies — change attitudes? of the 442 companies last _ change attitudes? of the 442 companies last year - change attitudes? of the 442 companies last year only - change attitudes? of the 442 companies last year only 4%| change attitudes? of the 442 i companies last year only 496 had companies last year only 4% had a female — companies last year only 4% had a female ceo. that is terrible. i a female ceo. that is terrible. i also — a female ceo. that is terrible. i also think— a female ceo. that is terrible. i also think the pandemic has really— i also think the pandemic has really taken a toll on women into— really taken a toll on women into the _ really taken a toll on women into the workplace. all of the research _ into the workplace. all of the research has shown that. i can
see it — research has shown that. i can see it myself. my workforce, you can _ see it myself. my workforce, you can see young mothers trying — you can see young mothers trying to— you can see young mothers trying to struggle with young kids who could not be in a preschool and also trying to manage _ preschool and also trying to manage their work. again, as a leader. — manage their work. again, as a leader. it — manage their work. again, as a leader. it is— manage their work. again, as a leader, it is on me to make sure — leader, it is on me to make sure we _ leader, it is on me to make sure we create that space, that we let — sure we create that space, that we let people know there are avenues _ we let people know there are avenues if they need to find a different— avenues if they need to find a different balance and frankly to model the behaviour as well. i to model the behaviour as well. i often — to model the behaviour as well. i often bring my kids up in meetings or shout my kids in the middle of a assume cold to help— the middle of a assume cold to help people understand we are all balancing of this. —— zoom. the _ all balancing of this. —— zoom. the pandemic has caused a sethack— the pandemic has caused a setback for a lot of women, underrepresented minorities. my hope _ underrepresented minorities. my hope is _ underrepresented minorities. my hope is with technology in particular, being the eternal optimist, that we will find a way— optimist, that we will find a way to— optimist, that we will find a way to re— accelerate. if we do not look — way to re— accelerate. if we do not look like our customers, we cannot— not look like our customers, we cannot serve them.—
cannot serve them. quite optimistic _ cannot serve them. quite optimistic and _ cannot serve them. quite optimistic and that - cannot serve them. quite | optimistic and that seems cannot serve them. quite l optimistic and that seems a general theme from the foreign. optimism about the future of work, about the us— china relationship going forward as well. . ~ relationship going forward as well. . ,, , ., relationship going forward as well. . ~' , ., , relationship going forward as well. . ,, , . relationship going forward as well. . ~ , . ., well. thank you very much for our well. thank you very much for your contribution _ well. thank you very much for your contribution and - well. thank you very much for your contribution and have i well. thank you very much for your contribution and have a l your contribution and have a great weekend. stay with us on bbc news, still to come: and, is business travel really necessary? we look at a sector that's on the roll again. benazir bhutto has claimed victory in pakistan's general election, and she's asked pakistan's president to name her as prime minister. jackson's been released on bail of $3 million after turning himself in to police in santa barbara. it was the biggest i demonstration so far of the fast—growing _ european anti—nuclear movement. the south african government has announced that it's opening the country's remaining whites—only beaches to people of all races.
this will lead to a black majority government in this country and the destruction of the white civilisation. part of the centuries—old windsor castle, - one of the queen's residences, has been consumed by fire for much of the day. - 150 firemen have been battling the blaze, i which has caused millions. of pounds worth of damage. welcome back. a reminder of our headlines. a surprise u—turn from the indian prime minister, as he repeals three agricultural reform laws that sparked almost a year of massive protests by farmers. belarus moves a migrant camp away from its border, towards poland, as diplomats try to resolve the humanitarian crisis.
let's get some of the day's other news. the shares of china's tech giant alibaba are falling by as much as 10% in hong kong, after the firm said its annual revenue would grow at its slowest pace in almost a decade. slowing consumption in china hitting alibaba's second—quarter results which missed expectations and a regulatory crackdown also not helping. revenue rose 29% in the september quarter, missing analysts estimates. it was the slowest rate of growth in six quarters. the japanese prime minister says the government will compile a fresh stimulus package with spending worth around 56 trillion yen — that's m90 billion. the government will compile an extra budget by the end of this year to fund the stimulus to deliver necessary aid to the public quickly, he told a meeting of government and ruling
party executives. the turkish lira has dropped to a record low against the dollar after the central bank defied warnings and moved to cut interest rates. why? in a bid to tackle inflation. this defies all convention. and the experts are hopping mad. they say turkey now risks even higher inflation and potentially a full currency meltdown. president erdogan had said that lower rates will help reduce inflation. joining me now is yael selfin, chief economist, kpmg. is there any chance you could be right? is there any chance you could be rirht? ., is there any chance you could be right?— be right? not really. in the sense that, _ be right? not really. in the sense that, especially i be right? not really. in the| sense that, especially when be right? not really. in the i sense that, especially when we have the global economy as we do, the trouble is that when you have a change in interest
rate policy and an increase in interest rates in other countries, the currency is going to fall. and once the currency is falling, that by itself triggers high inflation because of the cost of imports, they rise. therefore it is almost impossible to be the case in an open economy. now, what impact _ case in an open economy. now, what impact is _ case in an open economy. now, what impact is us _ case in an open economy. now, what impact is us federal i what impact is us federal reserve, which is the most significant central bank in the world, what impact is that having on emerging market? our various countries having to raise rates in order to attract investment?— raise rates in order to attract investment? ~ . , . investment? well, we are expect thin the investment? well, we are expect thing the fed _ investment? well, we are expect thing the fed to _ investment? well, we are expect thing the fed to start _ thing the fed to start tightening policy, you know, quite significantly, given the historic loose policy we have had since the pandemic started. and that itself is putting
extra pressure on emerging economies, because the dollar, as a result of it, is likely to become stronger and therefore if they don't want their currencies to become weaker they need to tighten policies at the same time.— at the same time. 0k. it is interesting, _ at the same time. 0k. it is interesting, this, - at the same time. 0k. it is interesting, this, you i at the same time. 0k. it is interesting, this, you are l interesting, this, you are seeing the likes of south africa raising rate. there is an expectation that a lot of the inflationary pressures at the inflationary pressures at the moment are fleeting, is that correct or are they here to stay? that correct or are they here to sta ? ~ , . ., , to stay? well, we expect a big chunk of the _ to stay? well, we expect a big chunk of the inflationary i chunk of the inflationary pressures to ease, because a lot of it is down to the synchronise, really, reopening of the global economy after the pandemic shop and that should really moderate in the next six months or so as we get supply chains much more back to where they were. so it is temporary in that sense. the worry is that some of that inflationary
expectation will be formed based on the recent history and therefore people will start raising wages and prices in anticipation of further inflation rises in the future. and that is going to be much harderfor and that is going to be much harder for central and that is going to be much harderfor central banks and that is going to be much harder for central banks to manage. harder for central banks to manage-— harder for central banks to manare. . ., ~ i. manage. 0k, yael, thank you very much- — manage. ok, yael, thank you very much. yael— manage. 0k, yael, thank you very much. yael selfin - manage. 0k, yael, thank you very much. yael selfin in i very much. yael selfin in london. is business travel still necessary? the recovery in global business travel in 2021 was slow, but spending is expected to surge in 2022 with full recovery expected in 202a. the global business travel association thinks it could hit pre—pandemic levels $1.1; trillion by then. but has the pandemic changed business travel? are businesses looking at their travel and the carbon footprint they create differently? joining me now is suzanne neufang, ceo, global business travel
association. suzanne, where do you stand on this? do you think travell has changed forever or are we just going to see a return to the good bad old days that we had, you know, just a few years ago? i think travell has changed forever, because people have changed forever and people travel. our workplaces, the future of work we just heard about coming from singapore is very true across the world, so the way our workers expect us to travel is different and i think while business travel is very important because it's all about connection and human connection is what makes were valuable, we do know that there's a new conscience of business, we spoke about it today on our main stage about how we as an industry have an obligation to bring back travel, but to bring back travel, but to bring back travel better.— travel, but to bring back travel better. . ., travel better. have corporate travel better. have corporate travel management - travel better. have corporate travel management policies i travel management policies
changed? travel management policies chan . ed? ., travel management policies chanced? . changed? there have changed in a bit, so changed? there have changed in a bit. so for _ changed? there have changed in a bit, so for example _ changed? there have changed in a bit, so for example we - changed? there have changed in a bit, so for example we have i a bit, so for example we have been doing a monthly pulse since covid started, we are on our 24th, since covid started, we are on our24th, i since covid started, we are on our 24th, i believe, we were doing the more frequently and now we have been doing the monthly and in our september and october results we saw some weaning, a bit of the delta variant, for example, there are still companies that are not travelling much if at all. domestically we have tracked about 62% are back to travelling, with some frequency domestically, and internationally it is really in the low 20s. this is across all regions. we see that there is still a reluctance in fourth water to bring that back. we see, however, in the data you just talked about that really it starts and by the end of first quarter there will be a resumption of some normal, different types of travel. i think those day—long or overnight trips for a one—hour meeting are going to be scrutinised much more heavily and we also hear from both our
travelling companies and suppliers who serve them that they are very much thinking about how to do multi leg trip, do more cities in a trip, so the takeoffs and landings are doing more to make meetings really productive of and doing more within that week instead of just the one more within that week instead ofjust the one and done that so many were doing back in 2019. ., , . 2019. ok, thanks very much. reau 2019. ok, thanks very much. really interesting, _ 2019. ok, thanks very much. really interesting, suzanne. | really interesting, suzanne. suzanne neufang who is in the united states forest, orlando, thank you for your time. just a reminder of our top story. a surprise u—turn from the indian prime minister as he reveals three agricultural reform laws that sparked almost a year of massive protests by farmers. no doubt farmers will be rejoicing there. and perhaps the big news from us and our team, carol is alive and well. they didn't manage to kill her. if you want to go in for a proper hug, ten seconds, hans
at the back, heart too hard, keep your bottom in and lead with your belly. there you go. plenty more business use and the rest, all your headlines coming up. see you soon. hello there. who'd have thought, by the middle of september we'd still be experiencing temperatures during the middle of the afternoon into the mid teens? that's exactly what happened on thursday with temperatures peaking just over 16 degrees in parts of aberdeenshire. now for many, we are under this influence of high pressure and a south—westerly flow is driving in a lot of cloud, but a lot of warmth with it. yes, a weather front into the far north, but it means that we start off on an incredibly mild start this morning — these are more akin to daytime maximums at this time of year. so, double digits quite widely first thing. the cloud, however, thick enough for a spot or two of drizzle — quite a damp, murky start out to the west — and our weather front producing some heavy, persistent rain to the far north of scotland and the northern isles. top temperatures, though, with a little bit of brightness into eastern scotland, maybe north—east england, once again 14—15, maybe 16 degrees. however, that front will gradually sink its way south through the weekend. it's a cold front.
it's allowing the wind direction to change to a northerly and to bring quite a different feel to the weather as we go through the weekend. so on saturday, it will weaken off considerably as it moves its way through northern ireland into northern england. ahead of it, we should get some sunshine. to the north of that, it will be a cooler feel with a scattering of showers — temperatures struggling to get into double figures by then. now, saturday night into sunday, the front continues to sink its way steadily southwards. we can track the isobars all the way back up into the arctic. that cold air is starting to take hold. it means in sheltered, rural parts of scotland, we could see a touch of frost first thing on sunday morning. sunday, there will be some sunshine but a keen northerly wind driving in some showers potentially along the coast. and factor in the wind direction and the strength, it is going to feel noticeably cooler, so temperatures struggling to get into double figures right across the country. but watch this — those clear skies continue through the night. temperatures are likely to fall away in scotland and the north of england. we are likely to see more of a frost as lows get down to —2 in one or two places, so a bit of a shock to the system in comparison to what we've had just lately. and in fact, to close out
good morning, welcome to breakfast withjon kay and naga munchetty. our headlines today. two children and two women are killed in a house fire in south—east london. the fire brigade describe the incident as truly terrible. plans for tougher laws to prosecute drivers using their phone behind the wheel for anything, with a ban on playing games and scrolling through playlists. it has to be out there. it has to be how dangerous it is to use your phone whilst you are driving. keeping down the cost of buying school uniforms —