tv Business Briefing BBC News November 4, 2019 5:30am-5:46am GMT
this is the business briefing. i'm sally bundock. the state owned saudi oil giant aramco says it's going to make its stock market debut in riyadh. the global travel industry shows red hot growth — but will an uncertain global economy and environmental concerns cool it down? and on the markets: japan is closed for a public holiday but you can see the strong gains from wall street on friday are travelling through to the asian trading session to hopes are high
for a good and to phase one talks between the us and china on trade. it's the world's most profitable company — and now the oil producer aramco is set to go public. regulators in saudi arabia have given the go—ahead for part of the state—owned company to be listed on the riyadh stock exchange in what could be the world's biggest initial public offering. our business correspondent katie prescott reports. saudi arabia produces one tenth of the world's oil. managing that makes this very unusual company the most profitable in the world. this flotation has been years in the pipeline. we are the leading company
when it comes to energy. we have the highest numbers of reserves, well—managed reserves. we are, when it comes to conventional production, we are a major player when it comes to gas and in terms of sharing it with the west of the world, i am sure it will be a positive outcome for the company and we are looking forward to that. the aim is to diversify the saudi economy away from a dependence on oil. and it is changing the image of aramco. previously shrouded in mystery. they recently made financial results public for the first time. even divorced women will be able to purchase shares. but a tax like these on the company's oil fields show the risks of investing in this volatile region. not to mention in fossil fuels, as the world looks to renewables. while we probably have
not yet hit peak oil with the advent of electric cars we will get to that period over the next few decades where i distract oil use will start to decline. the big question now is how much the company is worth. the crown prince says he believes it could be $2 trillion. double the value of apple. now he just has to convince investors it is worth the risk. details at last on the market listing of aramco, at least a bit of it. it is one of the most highly anticipated flotation is for players like the world's biggest investment banks. we will keep a close eye on it. moving now to tourism. tourism is one of the world's biggest industries, providing valuable income and jobs around the globe. but it's facing an uncertain world economy and increasing pressure to clean up its environment act. these are the big issues facing
the industry as the world's biggest travel event — the world travel market — kicks off in london. the travel and tourism sector grew by 3.9% last year and contributed a record $8.8 trillion to the global economy. that's the eighth year in a row it's outpaced growth in the global economy. the sector is expected to continue to expand. it's thought that 1.4 billion trips will take place this year alone, a figure that could rise to 1.8 billion by 2030. but tourism is very carbon—intensive. a recent study found it contributed about 8% of global greenhouse gas emissions. this includes accommodation, dining and transport. simon press is the director of the world travel market and joins me now. this is an annual event that you run every year and have done so for ten
yea rs. every year and have done so for ten years. it is a huge undertaking because you have notjust the big players in the travel industry but ministers from around the world who are in charge of travel and tourism in their countries. conversations that take ca re countries. conversations that take care generate billions of dollars worth of deals. we unlock the ideals that help shape the travel industry going forward for the next ten yea rs. going forward for the next ten years. in the last 12 months there has been a lot happening with the colla pse has been a lot happening with the collapse of thomas cook, just to name one. it is a difficult time for many. the margins have always been squeezed as it is for all industry but the travel industry is quite resilient when it comes to things like this. everyone is changing the way we do business and adapting to the way that consumers want to go on holiday. the travel package to a deals are still there, especially
outbound from the uk but there are also other opportunities that we, as an industry, need to adapt to to increase the consumer appetite to continue to travel. looking forward, the environment will be huge, waited. for some travellers it is already a big issue and they are thinking about their holidays in a very different way. they do not necessarily want to climb on board a plane. and whether it be c02 in issues —— emissions, tackling those through our responsible tourism programme, we have the largest gathering of industry professionals on this topic —— industry professionals on this topic on wednesday. we do want to deliver and help deliver those changes and provide solutions for the industry and the consumer. some will say you will have to do because the traveller will change. what the traveller will change. what the traveller wants, tomorrow's traveller, in ten years time, et
cetera. their appetite for where they want to go and why and how they get there will be radically different to what we experience now to we have been saying that as well. many of the large companies as well as the smaller ones are establishing themselves around responsible tourism, be it sustainability and the solution of how to reach a destination but what you do there as well. when you go on holiday, do you wa nt to well. when you go on holiday, do you want to holiday in someone else's home? you need to understand the impact you have when you get there. so much to talk about but we do not have time. we will let you go. three extremely coming up for you. —— three extremely busy days. leaders of asia's giant economies have been racing to try to conclude the world's biggest trade deal, taking in 30% of global commerce and half the world's population. have they succeeded? sharanjit leyl has the latest from our asia business hub in singapore. great to see you. can you explain
what this is all about? you asked if they had succeeded, well, not yet. we are referring to the comprehensive economic partnership that involves 16 countries and is a trade pact that china initiated. it has been in negotiations for years and the expectations were for it to be finalised at the asean summit in bangkok this weekend but that has been delayed to maybe next february with reports suggesting that india had a last—minute demand that led negotiations late into the night. it would be the world's largest trade pa ct would be the world's largest trade pact covering nearly half the world's population and one third of the world's gross domestic product. of course now that the trans—pacific partnership deal is no longer, in fa ct, partnership deal is no longer, in fact, this deal is considered a less restrictive tpp without as many same —— safeguards on important things like the environment and other
issues to thailand, the host nation and current chair of the asean grouping said that there would be an announcement of success at the summit in bangkok, possibly today, despite the doubts raised by india. but why is it important? there is a big push by china and other countries to complete the deal because of tariffs and trade restrictions brought on by the us china trade war which has helped knock regional economic growth to its lowest in five years. thank you. now let's brief you on some other business stories. mcdonald's has fired its chief executive steve easterbrook after he had a relationship with an employee.the us fast food giant said it had been consensual, but mr easterbrook had "violated company policy" and shown "poor judgement". in an email to staff, the british businessman admitted the relationship had been a mistake. consumer goods giant unilever has vowed to stop its brands running adverts on porn sites.
it comes after its men's grooming range dollar shave club ran a campaign on a controversial pornogrophy site. unilever says it had not been aware of the campaign. a quick look at financial markets. as mentioned pan is closed today for a public holiday so do not be full by that one third of a percent drop, that was at the end of last week. but there are strong gains across the board following on from the record close on the s&p 500 on friday and and encouraging jobs report out on friday in the us basically bolstered optimism with all of the early is coming through, most beating expect patients and hopes there will be a trade truce between the us and china. some in washington are saying they could signa washington are saying they could sign a deal on phase one this month.
that is the business briefing. eileen will be back shortly to look at some of the stories across the media. health service leaders in england have warned parties against using the nhs as a political weapon in the run up to the election, and said there are signs this is already happening. nhs providers, which represents hospitals and other health trusts, says there's a danger the public will be let down by unrealistic promises made in the heat of the campaign. our health editor hugh pym reports. nhs providers say hospitals and other trust have been preparing for winter but the pressures are greater
than ever. front—line services, it says, not keeping up with the growing demand for care which is particularly worrying with winter looming. with health featuring prominently already in the campaign there is a warning that politicians need to be straight and clear about funding promises are not over dramatise the problems. we recognise that there is a political potency around the health service. it matters to people and they care passionately about the health service. it is so important that we have a fair service. it is so important that we haveafairand service. it is so important that we have a fair and balanced debate that pretends —— presents the fact is they are to the public. to illustrate the scale of the challenge, one provider says there are now 4.4 million people in england waiting for routine operations to there are 107 thousand staff vacancies, 9% of the workforce. how to tackle these issuesis workforce. how to tackle these issues is what leaders of trusts say they want to hear from political parties with a proper debate on what is needed in a taxpayer funded service to provide the right quality of care. more on that story and all
the other top stories today on exist at six o'clock here on bbc one. dan walker and louise minchin will have all the day's news, business and sport. louise has been talking to dame julie andrews and they will also be talking about lewis hamilton securing his sixth world title. this is the briefing from bbc news. the latest headlines: dehli has imposed new traffic restrictions as millions are told to stay indoors and avoid the toxic smog. the former soviet leader mikhail gorbachev has told the bbc that he belives nuclear weapons need to be destroyed to resolve the dangerous stand—off between russia and the west. now it's time to look at the stories that are making the headlines in the media across the world.
the general election remains the focus for many uk front pages, with the guardian reporting jeremy corbyn has told his shadow cabinet "the debate is over" on brexit, as he seeks to shift the focus to social justice and climate. the telegraph, describes nigel farage as ‘the man who threw away brexit‘. according to the paper, a senior conservative says he could end up ruining britain's chance of leaving the eu with his campaign message in the upcoming election. the wall streetjournal has the details behind the firing of mcdonald's ceo steve easterbrook over a relationship with an employee. the i reports that the number of cases of heart failure in england has risen by a third in five years. the paper says more than 900,000 people are living with an incurable form of the heart disease. and the times is reporting that climate activist greta thunberg is stranded as the climate summit moves from chile to spain.
she has four weeks to get the conference and refuses to fly because of the carbon emissions involved. she is asking for help, that is leonardo dicaprio with her there in that photo. eileen burbidge is back, let's get stuck in. can't avoid the election. the guardian has on its front page, and interview it did with jeremy corbyn, front page, and interview it did withjeremy corbyn, the leader of the opposition party, the labour party, and he says a baby on brexit, warning cabinet dissenters. we need to be focused i guess is the message. he is trying to get eve ryo ne message. he is trying to get everyone in line, and the guardian is ascribing him as uncharacteristically assertive, but his point is, listen, the brexit issue has been established, talked about, we spent enough energy on it, let's move on, let's think about how