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tv   World Business Report  BBC News  November 21, 2022 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. a landmark deal struck, but huge disappointment following cop27. we assess what's been achieved, and who are the winners and losers. britain's biggest voice for business says the government has no plan for growing the economy. the boss of the cbi and the prime minister address delegates in birmingham today. and — work and play — will you be taking a sneaky peak at the football whilst you are at work? we take a look at the world cup productivity dip. hello, and welcome to audiences
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in the uk and around the world. i'm sally bundock. there were tears and frustration, after hours and hours of marathon talks finally reached a conclusion at cop27. diplomats did reach a landmark deal in egypt that will see rich nations pay poorer countries for the damage caused by climate change. the "loss and damage" fund ends almost 30 years of waiting for developing countries. but while this is being seen as a major breakthrough by some, other aspects of the deal, like progress over the phasing out of fossil fuels, fell short. to talk us through what was achieved, i'mjoined by nicolette bartlett — chief impact officer at cdp — a nonprofit charity that helps companies and cities assess their
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environmental impact. iam i am told we can't actually talk to nicolette now because we have technical issues with the line with nicolet, so we can speak to her in just a moment. to the uk now, where a major business lobbying group is calling out the chancellor's recent autumn statement as lacking any plan for growing the economy. the confederation of british industry says the economic plan had prioritised stability over growth, and one without the other will not be enough. remember, the uk economy has been lagging behind other developed nations since the pandemic, and is expected to be in recession all of next year. here's the boss of the cbi, speaking to the bbc�*s laura kuennsberg on sunday. look, i'm going to givejeremy hunt, who i thought did a good job with a bad hand, i'm going to give him a bit of slack. i like to think this is part one over par two autumn statement because pav is all about
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stability, fighting inflation and getting the government budget in some decent shape and that does need to be done, but there really nothing there that tells us the economy is going to avoid another decade of low productivity and low growth. fix, productivity and low growth. a decade? and _ productivity and low growth. a decade? and so _ productivity and low growth. a decade? and so the _ productivity and low growth. a decade? and so the fair- productivity and low growth. a decade? and so the fair is - decade? and so the fair is there just _ decade? and so the fair is there just wasn't - decade? and so the fair is there just wasn't enough l decade? and so the fair is - there just wasn't enough there to say we can grow again, we can afford the nhs and social care because we are growing again. so i don't think you did enough. i think you will have to come back with more on growth. to come back with more on urowth. �* _, . growth. the cbi conference be . ins growth. the cbi conference begins today. _ growth. the cbi conference begins today. also - growth. the cbi conference begins today. also in - growth. the cbi conference begins today. also in the i begins today. also in the line—up of speakers today, the prime minister rishi sunak. and we'll be talking to the cbi�*s chief policy director later in the programme, but let's now get reaction from russ mould — investment director at aj bell. good morning to you. tony danko being quite clear about the lack of initiative so investment or ideas within that autumn statement that will lead to economic growth. are you in
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agreement? we to economic growth. are you in agreement?— to economic growth. are you in aureement? ~ , agreement? we can see where he is cominu agreement? we can see where he is coming from — agreement? we can see where he is coming from because _ agreement? we can see where he is coming from because the - is coming from because the clear focus was on stability above all else after the chaos of liz truss economics. the famous quote from the former chancellor and prime minister winston churchill was that anybody who tries to tax themselves to prosperity is trying to stand in the bucket and pull themselves up by the handle. you can see where he is coming from. sure the government could push back, you could point out it will be nuclear programme. the investment in live services and technology. and mr hun�*s scheme for the british silicon valley but overall, yes, the focus was very much on stability after chaos and everyone will be hoping there's more to come in the future, in terms of growth. it will be interesting to see what the prime minister says today when he addresses delegates at the conference.
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tony danko speaking as well. former prime minister liz truss said simply, growth, growth, growth, at the conservative party conference following that fateful mini budget. the outlook for the coming year is extremely difficult for the uk economy, both for businesses, small and medium and large, to be able to grow through this coming year is critical for? employment, households, everyone?— employment, households, eve one? , , , everyone? yes, it will be very hard, everyone _ everyone? yes, it will be very hard, everyone has— everyone? yes, it will be very hard, everyone has bills - everyone? yes, it will be very hard, everyone has bills to i everyone? yes, it will be very| hard, everyone has bills to pay and in many cases they are going up and they will be looking for growth and ways of generating cash flow. it's interesting what you said about liz truss and her growth plan. i can understand why they were going for that. the major problem remains the ukmake national debt. £21; trillion and growing, very nearly 100%
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of gdp. there are only four ways out of a debt that is that they can make and grow your way out of it, you can inflate your way out of it, which is what we are trying to do now, you can trash your currency and payback in devalued pounds and we are doing quite a good job of that, you could argue. we could default, which we don't really want to do. so i can understand why liz truss was going for growth. she and the then chancellor then made a bit of a mess of it but unfortunately the new chancellorjeremy hunt has had to backtrack on that. give the credibility that was lost. �* ._ , give the credibility that was lost. �* , ., give the credibility that was lost. �* ., ., ~ ., lost. always good to talk to ou. lost. always good to talk to yom have _ lost. always good to talk to yom have a _ lost. always good to talk to you. have a good _ lost. always good to talk to you. have a good week. - lost. always good to talk to i you. have a good week. speak lost. always good to talk to - you. have a good week. speak to you. have a good week. speak to you soon. and i'll be speaking to the cbi, who's annual conference starts today, before the end of the programme. all of that stuff to come. now
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i am reliably informed we can speak to a guest about the cop27 summit, as we mentioned, the loss and damage fund, it ends 30 years of waiting for developing countries. that is the deal that was struck. nicolette bartlett joins the deal that was struck. nicolette bartlettjoins me. are you there and can be heroes?— are you there and can be heroes? , ., heroes? yes, i am indeed. to have yom _ heroes? yes, i am indeed. to have yom just _ heroes? yes, i am indeed. to have you. just to _ heroes? yes, i am indeed. to have you. just to say - heroes? yes, i am indeed. to have you. just to say you - heroes? yes, i am indeed. to have you. just to say you are | heroes? yes, i am indeed. to| have you. just to say you are a veteran at these summits, and it looks exhausting once again, similar scenes to what we saw in glasgow last year. how significant is the deal done with though? how significant is this deal done that will help developing countries who are dealing with probably the worst impact of climate change. that art of it impact of climate change. that part of it is _ impact of climate change. that part of it is huge. _ impact of climate change. that part of it is huge. it _ impact of climate change. that part of it is huge. it has - impact of climate change. trust part of it is huge. it has been a hard one when for the
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developing countries, because the loss and damage fund acknowledges the key fact, which is that they are going to be significant other or release significant impacts, which poorer countries simply do not have the economies to withstand them. it not only causes huge damage in a countries business impact on their development journey. it is an acknowledgement of something which is not about aid but it is about justice for what which is not about aid but it is aboutjustice for what is happening in their countries, aliases not being by them. imite aliases not being by them. wife is grabbing _ aliases not being by them. wife is grabbing the _ aliases not being by them. wife is grabbing the headlines, no clear commitment to phasing out fossil fuel. clear commitment to phasing out fossilfuel. greta thunberg has been very clear, it has to stop. 0pposition coming from china and russia which is why there was not an agreement this time. how much of a setback is this? it time. how much of a setback is this? , , , this? it is very disappointing. it is reckless _ this? it is very disappointing. it is reckless in _ this? it is very disappointing. it is reckless in so _ this? it is very disappointing. it is reckless in so many - this? it is very disappointing. | it is reckless in so many ways. we have been negotiating in climate for 30 years, and one
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of the biggest drivers is the burning of fossil fuels, of the biggest drivers is the burning of fossilfuels, the burning of fossil fuels, the biggest burning of fossilfuels, the biggest driver, and we still have nothing which acknowledges that we need to phase out fossil fuels. that we need to phase out fossilfuels. we that we need to phase out fossil fuels. we have that we need to phase out fossilfuels. we have the language that was agreed in glasgow around phase down of coal. that was watered down too in glasgow. but this year, indian was leading a group of countries to really fight for phasing out of all of fossil fuels, and unfortunately there was just too much opposition to that. i wasjust too much opposition to that. ., �* ~' ., wasjust too much opposition to that. ~' ., wasjust too much opposition to that. ~ ., ., that. i don't know if you are aware of — that. i don't know if you are aware of this _ that. i don't know if you are aware of this but _ that. i don't know if you are| aware of this but apparently that. i don't know if you are i aware of this but apparently as always with these events, there were a lot of side deals going on and one was the us insisting from now on any businesses wanting to do trade with the world's biggest economy, they have to prove that they are on track to reach certain climate objectives. those kind of side deals that don't get that much publicity, i mean, that's significant, isn't it? it publicity, i mean, that's significant, isn't it?- significant, isn't it? it is hue. significant, isn't it? it is
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huge- we _ significant, isn't it? it is huge. we are _ significant, isn't it? it is huge. we are really - significant, isn't it? it is- huge. we are really excited about it. we've been working with the us government as a procurer through our system for many years. it is the world's biggest buyer, the federal government of the united states, they said to key things, all the major suppliers will have to address —— expose —— disclose climate risk. and to set science —based reduction targets. this is a huge step forward and i hope other governments will follow suit. good to talk to you. thanks for filling us in on your perspective on cop27. thank ou. now on to more eye—watering sums, which is the latest news on the collapsed crypto currency exchange, ftx. more details have come out about the state of the finances at the embattled firm, after they filed for bankruptcy last week, and over $3 billion is owed. katie silver has the details from our business hub in
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singapore. tell us more. yes, sally. that $3 billion. _ tell us more. yes, sally. that s; billion, that _ tell us more. yes, sally. that $3 billion, that is _ tell us more. yes, sally. that $3 billion, that is just - tell us more. yes, sally. that $3 billion, that is just the - $3 billion, that isjust the top 50 creditors. about half of that to the top ten creditors. we understand about $16 billion is owed all up but so far many of these creditors, people who could stand to lose this money, have been unnamed. we did hear from the investment fund here in singapore last week, saying they had about 275 million, not far off a third of $1 billion invested in this. it is unclear as to whether any of these creditors will be getting their money back. many experts we have been speaking with say they could just get a small fraction of it back. it is the world's second—largest crypto before it filed for bankruptcy last week, and the fear now is of the domino effect. we are seeing for example a buckling down across the entire sector,
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tears of contention and fallout, many lenders for instance forcing any of their buyers or customers from doing any withdrawals. we have seen here the fare when it comes to bitcoin, the price of bitcoin, which has lost about 65% this year. what this really shows is the problem is when it comes to investing in something that is not a fiat currency, it is not backed by any central bank and as a result there was no one ready to bail it out.- as a result there was no one ready to bail it out. thank you very much _ ready to bail it out. thank you very much for— ready to bail it out. thank you very much for the _ ready to bail it out. thank you very much for the latest - ready to bail it out. thank you very much for the latest on i very much for the latest on that. still to come on bbc news. watching while you work? ? we take a look at the world cup productivity dip. president kennedy was shot down and died almost immediately. the murder ofjohn kennedy is a disaster for the whole free world. he caught the imagination of the world, the first of a new generation of leaders. margaret thatcher is resigning
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as leader of the conservative party and prime minister. before leaving number 10 to see the queen, she told her cabinet, "it's a funny old world". angela merkel is germany's first woman chancellor, - easily securing _ the majority she needed. attempts to fly a hot—air balloon had to be abandoned after a few minutes, but nobody seemed to mind very much. as one local comic put it, "it's not hot air we need, it's hard cash." cuba has declared nine days of mourning following the death of fidel castro at the age of 90. castro developed close ties with the soviet union in the 1960s. it was an alliance that brought the world to the brink of nuclear war with the cuban missile crisis. this is bbc world news. the latest headlines — russian forces step up their shelling of the recently liberated kherson region
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of ukraine — the city remains without power following the withdrawal of russian soldiers. after the big build—up, the 2022 men's football world cup is under way, with england and wales among the teams beginning their bids for glory later. now, why on earth would the ceo of a beer company want to destroy his first ever shipment of beerjust before it goes to market? well, it happened to bill shufelt — he's been explaining to us the reason — and what he learned. scariest moment in our company i s scariest moment in our company �*s history, destroying the first truckload of beer we have had packaged going out the door.
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the first time we ever field a full truckload of beer, our first order to really go out the door, we didn't feel that great about the quality of the bear ultimately when it was in the package, and we had no money in the bank account, we had almost no resources, we had a 3—person team, and we decided to destroy the full truckload and get it right for the benefit of our customers. full—strength alcoholic beer has one of the world's preservatives in ethanol in the product. nonalcoholic beer inherently does not have that protection, so early on we were learning without that preservative our product would not be shelfstable on the shelf for very long. we went through the incredible investment of installing tunnel pasta rises installing tunnel pasta rises in all of our breweries. since then though we have never had a question that we are sending out the highest quality products to our customers. in business you only get one
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chance to make a first impression so definitely put your best foot forward. the us vice president kamala harris is in the philippines where she has been meeting with president ferdinand marcos, who took office injune. alongside bolstering strategic defensive ties, vice president harris is due to open negotiations for a civilian nuclear pact. if successful that could lead to the future sales of us nuclear reactors to the philippines. disney has reappointed its former chief executive, bob iger, less than a year after he left the company. in a surprise announcement, disney said mr iger was ideally suited to lead the firm, during a time of industry transformation. he replaces bob chapek, who's been chief executive since 2020. disney's share price fell last month when it reported huge losses in its
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streaming business. the group representing libraries across great britain says despite increased demand winning will see budgets reduced causing them to make painful cuts or even shutting branches. sadly, we don't have that story from caroline davis. apologies for that. let's bring you more on the uk economy. calls from business lobbying group for a solid growth plan from the chancellor. this — in response to last
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week's autumn statement. and as promised we can now hear directly from the cbi as i'm joined now by matthew fell who's their chief policy director. what will the boss of the. we are what will the boss of the. - are gathered here for the cbi conference, it is timely because we expect most business leaders will hear part two of a part two story, hid from the chancellor last week with his autumn statement around stabilising the uk economy and how to get growth going in the uk economy, it is fair to say most firms would react to that saying they could —— a good job on stability and more to do on growth, that is what we will be talking to businesses with today and the prime minister. it is easy to ca we will go for growth, liz truss said that over and over again and that didn't get her anywhere. what
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are you suggesting in your specific terms? it are you suggesting in your specific terms?— are you suggesting in your specific terms? it is important they come _ specific terms? it is important they come as _ specific terms? it is important they come as a _ specific terms? it is important they come as a package, - specific terms? it is important they come as a package, you | they come as a package, you need stability and growth same time, secondly, when monetary and fiscal policy are tied, it's important to leave no stone unturned in the search for growth, that is why the encourage the government to put all measures accounts, and regulation, planning, trade, immigration, those other things need to see more on to get the economy growing.— need to see more on to get the economy growing. let's get more secific economy growing. let's get more specific than — economy growing. let's get more specific than that _ economy growing. let's get more specific than that if _ economy growing. let's get more specific than that if you _ economy growing. let's get more specific than that if you look - specific than that if you look at the financial times, looks at the financial times, looks at what brexit light, isn't it, which is something that won't go well in the conservative party? if go well in the conservative pa ? , ., ,., go well in the conservative pa ? ., party? if you fix some of the four -- things _ party? if you fix some of the four -- things we _ party? if you fix some of the four -- things we are - party? if you fix some of the four -- things we are calling | four —— things we are calling about, immigration, it will be about, immigration, it will be a controversial topic but the nuance won't be lost, we want
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to see investment spill to british workers and more investment in technology and automation, oh so very important parts but to get the economy moving in to make sure we get the skills that we need today and the availability of drivers social care workers, and we think that can be done with an immigration system that is flexible, dynamic and welcoming, flexible there is the immigration facility so the government can identify shortages and its dynamic, these other changes we need in these other changes we need in the economy welcoming because this rfi, in demand workers that can go in with world,, all of that was in the gift of the uk government to negotiate under the brexit deal to set out our own terms for immigration so it is very consistent with that and that is what we would like to see. i
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mentioned the promised slight. . you will get a warm welcome in birmingham, _ . you will get a warm welcome in birmingham, earlier- . you will get a warm welcome in birmingham, earlier this - in birmingham, earlier this year he set up a roadmap to higher productivity uk by talking about people, capital and ideas, the ideas is really important, we know the uk underperforms, we are a brilliant hothouse of ideas but translating them to commercial success, there is more to say on that. now as we've been speaking about one of the issues plaging the uk economy is productivity. well, fears are it's about to get a lot worse! the reason? the football world cup! as the most watched sporting
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event in the world — it's no surprise that various studies show staff prodcutivity dips during the tournament. and with england's first match kicking off today at 13oogmt — slap bang in the middle of the working day — how can the workplace embrace the beautiful game while getting the most out of their staff? joining me now is ben willmott — head of public policy at the chartered institute of personnel and development. i'll be glued but i won't be at work at one o'clock today. what should companies be doing to make sure people can enjoy this great event but stay in the job? if great event but stay in the “ob? , , .., great event but stay in the “ob? , , ,., job? if employers can provide some flexibility _ job? if employers can provide some flexibility to _ job? if employers can provide some flexibility to enable - some flexibility to enable staff to enjoy the world cup where possible then it can provide a boost to employee engagement, and commitment, and there is a range of approaches that employers can take to provide flexibility and
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support, to enable people to watch matches that matter to them where possible, without compromising their work or the needs of other people in the organisation that might not be interested in the event. to what extent does it impact productivity, we talk about statistics, what does it look like? ,., ., ., like? the important thing for employers — like? the important thing for employers is _ like? the important thing for employers is to _ like? the important thing for employers is to focus - like? the important thing for employers is to focus on - employers is to focus on people's outputs, what they are expected to deliver for the business and as long as they don't suffer in any way, some flexibility at this time is a good thing. flexibility at this time is a good thing-— flexibility at this time is a aood thin. �*, ., .,, good thing. it's a way as well to boost morale _ good thing. it's a way as well to boost morale in _ good thing. it's a way as well to boost morale in the - to boost morale in the workplace, we have got a few sweepstakes going on at the bbc, we are full of screens in this building but i imagine in offices and elsewhere some companies are embracing it, and try to turn it into rent to help boost workers? if try to turn it into rent to help boost workers? if you can rovide help boost workers? if you can provide overall— help boost workers? if you can
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provide overall boost - help boost workers? if you can provide overall boost a - provide overall boost a feelgood factor at a time when we really needed, we know some employees really do embrace, some employers if they have incentive to do so will screen matches at the work place and see it as a real team building and bonding opportunity. i think it can have a positive effect as well.— think it can have a positive effect as well. final question, who will win _ effect as well. final question, who will win this _ effect as well. final question, who will win this year? - effect as well. final question, j who will win this year? brazil. brazil? quite a few votes for brazil? quite a few votes for brazil from guests brazil? quite a few votes for brazilfrom guests on my programme. good to talk to you. apologies we couldn't bring the bring you the report on the cost of living and its impact on libraries. japan sitting on a flat note. hong kong is down because of the rising cases of covid—19 in mainland china,
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chinese markets down on that news as well, further lockdowns taking place. you are up to date, i'll see you soon. hello, there. over the next few hours, we're going to see some frost and fog forming. it is going to be a chilly start to our monday morning. some of that will be slow to lift away and then, as we go through the day, some wet and windy weather will start to dominate from the south—west. but temperatures could be as low as minus four or minus five degrees in a few spots first thing this morning. the wet weather, though, starting to show its hand and that will gradually drift its way north and east as we go through the day, not really getting into northern england and scotland, however. gusts of winds in excess of 70 to 80 miles an hour first thing, so a very stormy start to the day in the south—west. some of that rain really torrential as it pushes its way steadily north—east, moving into northern ireland,
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across parts of wales, the midlands, eventually into south east england and east anglia as we go through the afternoon. that means northern england and the bulk of scotland after that cold, frosty and foggy start will see some sunshine coming through. a few isolated showers and where it's cool to higher ground, some of these could be wintry in flavour. six or seven degrees the high here, top temperatures of 11 celsius perhaps, but it looks likely that we see the cooler air clinging onto the far north of scotland. further south, we'll see a few weak weather fronts and producing some milder, showery weather first thing on tuesday morning. the showers in the north of scotland still have the tendency perhaps to be of rain, sleet and snow. elsewhere on tuesday, not a bad day — dry with some sunshine coming through, a few scattered showers, temperatures around six to 11 celsius, so on the cool side, really. now, as we move out of tuesday into wednesday, the next batch of wet and windy weather starts
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to push in from the atlantic, the isobars once again squeezing together, and the rain could be quite heavy at times. this time, it is going to push its way into the north of england and across to scotland, so there will be some more rain potentially for the north—east of scotland, maybe some snow to higher ground here. behind it, we'll see sunny spells and a few scattered showers being driven on along those west coasts. again, those temperatures around nine to 12 celsius. it looks likely that we will see slightly drier weather thursday into friday before more wet and windy weather returns into the weekend.
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good morning, welcome to breakfast withjon kay and sally nugent. 0ur headlines today. england and wales kick off their world cup campaigns today in their opening matches in qatar. yes, good morning from doha. kick off for wales and england and gareth southgate's side are up first against iran at lunchtime. i met one of the gatherings —— i am at one of the biggest gatherings of business leaders in birmingham, 800 will be
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here later as will

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