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tv   Business Today - NYSE Opening Bell  BBC News  June 25, 2025 2:30pm-2:46pm BST

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this is bbc news. i am geeta guru-murthy with the headlines confirmation of an increase to defence spending by all nato members to 5% of their gdp within the next decade. president trump... arbitration of iran's nuclear programme after an intense strike despite an intelligence report suggesting it was only set back a couple of months. and hundreds taking to the streets across canyon to mark a year since the start of anti-tax demonstrations that left at least 60 people a year. -- is the taking to the streets across canyon. more on that. thousands of people have taken to the streets with running battles in nairobi, kenya, with
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battles against police using water cannons and tear gas in kenya. security forces have barricaded key roads in the capital to prevent a repeat storming of parliament one year since anti-tax rallies that left at least 60 people dead. live broadcasts of the demonstrations have been banned in many schools and businesses closed. at least two broadcasters have been taken off air by the authorities. our african correspondence has more details on the streets of nairobi. be kenyan parliament is down the road that way and these protesters are trying to get to it. it has been barricaded today with razor wire. the government are trying to keep them away from government installations. they are here to commemorate one year since they stormed parliament in protest against a controversial finance bill, which was later withdrawn. also, they are here to commemorate more than 60 people who were killed during the protests last year. they are protesting against extra judicial hearings and we have
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seen please come out with a show of force, using tear gas, water cannons. we have also heard gunshots as they try and disperse the crowds. a public service vehicles have not been allowed to come into nairobi today and so, many of these people have had to walk long distances to get here. just to let you know that the kenyan broadcaster ktm has been taken off air. it says on the telegram social media channel, that is the second outlet to be taken off air. the authorities have banned live broadcasts of anti authority demonstrations across the country, as we see those battles reported there by anne soy. we will keep you across that, but ktn taken off air after the directive to halt live broadcasts, but it is continuing to broadcast across social media, on youtube, facebook and x, they say. the
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deputy prime minister here in the uk, angela rayner, has insisted that a vote on reforming the welfare system will go ahead. it comes as senior labour figures are trying to dissuade a growing number of backbenchers from opposing government plans. the labour government wants to reduce the extent of welfare payments, but critics say it will increase the number of people living in poverty. our political correspondent iain watson has more. questions to the deputy prime minister... this may have been a session of prime minister's questions that keir starmer was fortunate to miss. he was at the nato summit, so it fell to angela rayner to come to the defence of the government's welfare reforms. ..we are investing £1 billion into tailored employment support. jeers. a right to try, to help more people back into work and ending reassessments for the most severely disabled who will never be able to work. mr speaker, we won't walk away and stand by and abandon millions of people trapped in the failing system,
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left behind by him and his colleagues. jeers. the shadow chancellor mel stride was standing in for the conservative leader. he said if the current government wanted opposition support on next week's welfare vote, they would have to meet strict conditions. we will help her to get their bill through, if they can commit to actually reducing the welfare bill and getting people off benefits and into work. but first he wanted an assurance that the government wouldn't shelve its reforms in the face of internal opposition. can she at least assure the house that the vote on tuesday will actually go ahead? laughter. we will go ahead on tuesday. meeting the conservatives' conditions isn't quite as easy as it sounds. for example, labour's reforms would only slow down the increase in the benefits bill by the end of the parliament, not reduce it in absolute terms. so, the conservatives are clearing the way to vote against the government next week.
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if enough labour rebels stand firm, there is at least the possibility of a defeat for keir starmer. at this stage, i'm going to pinch myself and say that again. the prime minister, who won a landslide victory just a year ago, is at least at risk of a defeat on a flagship policy. labour mps have been under pressure on welfare reforms. potential rebels are hoping ministers blink first. they want the government to pull next week's vote and rethink new rules that will make it more difficult for some disabled people to claim personal independence payments. we are asking the government to pause, to listen to our concerns and to avoid a situation next week where there is conflict on this issue. and listen to this. a labour mp who hasn't so far signalled her opposition now says she requires further reassurances from the government. i didn't become a labour mp at the last election to make disabled people poorer.
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whatever happens on the welfare vote, the government has been unable to defuse deep disquiet in labour's ranks. iain watson, bbc news, westminster. sir keir starmer was asked about the welfare question at a news conference at nato within the last hour or so and he did say that the government is committed to the reform, they want to change it, they were voted into make it fit for the future, as he put it, and he said that there will be a vote, they are continuing on that welfare reform for now. that is certainly what the prime minister's line is today. well, the government's cuts have provoked a significant opposition from over 100 mps within the party ahead of a key vote next week, as we said. ben chu from bbc verified took a look at the detail of those reforms and the debate about its impacts. what about the
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government's welfare reforms is pumping resistance from labour mps? there are two main elements, first a cut in the rate of incapacity benefit, which is for people who are genuinely economically inactive. second, to make it harder for people to claim personal independence payments or pip. these are support payments to people with a disability and importantly the government estimates a fifth of people on pip are working. together, these reforms are projected to save around £4.8 billion per year by 2030, but the government's own impact assessment say these reforms could push around 250,000 people, including 50,000 children, into relative income poverty by the end of the decade, but here is some further important context. total spending on working age disability benefits, shown in blue, and incapacity benefits, shown in red, was projected to rise by the office for budget responsibility at last autumn's
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budget, from £60 billion this year to £75 billion by 2030. an increase of around £15 billion. so even if these roughly £5 billion of cuts are delivered, the overall bill would still rise in cash terms. now, labour mps opposing the welfare reform say they do accept the need for changes to the system. but they argue, among other things, that the government has not consulted with disabled people on the reform and they say that the office for budget responsibility, the official forecaster, has not assessed whether the package will actually get more people into work. now, it is correct that the government has not consulted on the specific cuts to pip and incapacity benefit, though it is now consulting on the broader reform package. it is also correct that the obr has not done a full employment impact assessment, though it says it will do one before the autumn budget. this is a crucial question because the
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government has justified these changes, not only is something that will save taxpayers' money, but as something that will ultimately
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now, the former governor of new york, andrew cuomo, has conceded in the city's democratic primary debate. andrew cuomo had been seeking a political comeback four years after he resigned in the wake of a sexual harassment scandal. zohran mamdani is a largely unknown politician amongst the wider public, but in recent weeks has gained traction with younger voters. new york is of course america's biggest city where registered democrats outnumber republicans three to one. the former mayor of new york city, de blasio, told the public he had been very
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impressed with zohran mamdani's campaign, particularly in appealing to younger voters. i have been absolutely amazed by zohran mamdani's campaign, it has come out of nowhere and has gathered a stunning momentum and we are seeing, especially among younger voters, something we have never seen before, in fact 25% of the voters who went to early voting, huge numbers, had never voted before any new york city election. i think there is a difference between saying we need to talk about what people are going through every day, i think this is a mistake the democrats made nationally in 2024 and kamala harris unfortunately made this mistake of not showing a kind of passionate feeling and empathy for what people are going through, the way they were hurting in terms of inflation, in terms of the aftermath of covid. we didn't do that and donald trump actually in 2024 sided like he was more angry at the status quo than democrats were, that
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was a mistake. the reverse is true here. andrew cuomo presents the status quo and zohran mamdani represents change and so people i think are actually very upset with institutions and the political parties and so they need to know that he is going to do some indifferent and shake things up and that is part of why we have seen the sudden tightening up of the race. cbs news correspondent jarred hill joined me earlier to explain why this is all getting sudden attention. when the interesting things about this race, again we are talking about a mile race in a city in a city in the united states of america, obviously city people pay a lot of attention to, but this race has got significantly more attention nationwide than many people might anticipated and what we really have seen is zohran mamdani, a 33-year-old who was a relative, as you guys mentioned, unknown on the political scene, was really able to capture a feeling in his campaign, talking a lot about really, you know, kitchen table economic issues, pushing
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things like free bus transportation in new york city, free childcare, wanting to have grocery stores run by the city to get around some of the over heading, as he sees it, to make food more affordable. one of the big question is, obviously, is going to be, now that we are potentially passed the primary here, because again there is this... voting system which takes a bit longer to really tabulate all the votes, but now it seems as if we might be past the general or indeed the primary and then get to the general, if he were to win, kenny actually execute on a lot of these promises? yes, because that is the point, isn't it's is offering lot to one sector of the new york population, saying it will be paid for by new taxes on the wealthier parts of the population. is he really looking at the trade-offs? is that the concern? that is the question and i think from what you hear from zohran mamdani, as well as from a loss of his supporters,
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