tv World Business Report BBC News August 22, 2022 5:30am-6:01am BST
this is bbc news. i'm tadhg enright with the latest business headlines for viewers in the uk and around the world. shipping gas across the world: the uk is getting its first shipment of liquefied natural gas from from australia as the war in ukraine shakes up supply chains. pay packets for britain's biggest company bosses have gone up 39% since the pandemic. are they worth it? leaving no—one behind: we look into how older people injapan have the supermarket come to them. it's got swords and dragons, and cost $20 million per episode. will the new game of thrones prequel help hbo win the battle of the streamers?
hello and welcome. the uk is today taking delivery of liquefied natural gas, or lng, shipped all the way from australia. it's part of europe's preparations for the winter at a time when gas supplies from russia are under threat because of the war in ukraine. the uk is home to three of the largest lng terminals in europe, and this delivery could be consumed across europe. australia doesn't usually sell gas this far afield, and it's signalled that it might have to limit its exports because of its own supply problems. joining me now is james huckstepp, head of emea gas analytics, s&p global commodity insights. thanks very much for being with
us today, james. how much of a problem solver is this shipment?— problem solver is this shiment? , , , shipment? the shipment is really part _ shipment? the shipment is really part of— shipment? the shipment is really part of what - shipment? the shipment is really part of what we - shipment? the shipment is really part of what we have | really part of what we have been seeing since the start of the war in ukraine, and really does show how desperate the situation is. gas being shipped from australia to europe exemplifies how dramatically these global trade patterns have shifted due to the conflict and it would be almost unthinkable at the start of the years, over the past decade, we have almost exclusively seen gas liquefied in asia represented byjk emmett trading at a premium to europe and the vast majority of corris trade was headed towards asia from exporters. but we can expect to move away from russia historically, our largest supplier by fair margin, without pulling in all the available supply from elsewhere, even as far as the pacific. ., , , , pacific. how big is this individual _ pacific. how big is this individual shipment i pacific. how big is this | individual shipment and pacific. how big is this - individual shipment and in what way does it insulated us against the problems which we fear are
against the problems which we fearare coming against the problems which we fear are coming down the line when the weather starts getting colder? , , , , colder? this shipment, it is cominu colder? this shipment, it is coming around _ colder? this shipment, it is coming around 100 - colder? this shipment, it is coming around 100 mcm, l colder? this shipment, it is| coming around 100 mcm, is colder? this shipment, it is - coming around 100 mcm, is the 1 coming around 100 mcm, is the1 million cubic metres is the average lng cargo, and the uk is importing multiple cargoes per week. so, this itself is not going to be a game changer, and actually the issue that we are having right now is that we are having right now is that we are struggling to get these shipments to the parts of europe that need them the most. this is the infrastructure bottleneck that we have seen over the past few months developing where you have got the european gas system developed to float gas from east to west with most of the lng import infrastructure on the west connected to countries that have been less reliant on russia, and it really is a bit of a race against time to build the infrastructure to get that gas further east before the end
of winter when we might be seeing storage stocks in this region running mostly empty. and briefly, james, is it a viable long—term solution if we continue to need to avoid russian gas imports for the years to come? it russian gas imports for the years to come?— russian gas imports for the years to come? it is. we don't think that _ years to come? it is. we don't think that this _ years to come? it is. we don't think that this is _ years to come? it is. we don't think that this is the _ years to come? it is. we don't think that this is the start - years to come? it is. we don't think that this is the start of i think that this is the start of a long—term trend though. we don't think that we are going to be continually importing lng from as far as the pacific. we are building our new export infrastructure a little bit closer to home in the us and in qatar and in europe and we are also focusing on becoming more efficient, investing in cleaner alternatives which will help overall european gas demand contract. overall, prices are going to come down, and you won't have to see shipments going at this far in the future. , ., , going at this far in the future. g. , n ,, future. 0k. james huckstepp from s” _ future. ok. james huckstepp from s&p global— future. 0k. james huckstepp from s&p global commodity | from s&p global commodity insights. thank you forjoining us with your thoughts today.
average salaries for the ceos of britain's biggest companies have grown by 39% since the covid—i9 pandemic. that's according to new research out today by the high pay centre think tank and the organisation representing trades unions, the tuc. it looked at the pay for companies traded on london's ftse 100 index, and found that, on average, ceo pay increased from £2.46 million in 2020 to £3.41 million in 2021. that's 109 times higher than the average uk worker. recent data shows that high inflation is reducing the spending power of people on more ordinary salaries. joining me now is luke hildyard, director, high pay centre. thank you for being with us today, luke. what's going on at the top of these companies which is causing this? i , ithink , i think it is important to put these figures in the context alongside a number of other recent findings, showing
a very different economic experience, recent economic experience, recent economic experience, of the super rich, prophet of britain's biggest companies is up 34% since the end of the pandemic, and that has obviously been a big driver of the pay for the ceos of those companies. the richest 1% of the population would have seen it but pay grosses the end of the pandemic of the wealth of the pandemic of the wealth of the pandemic of the wealth of the 20 richest families on the uk ritualist has grown by £30 billion in the space of the year. and, as you say, obviously that is a huge contrast with the experience of the wider population where income is living standards are effectively deteriorating as a result of the increased cost of living and the — you know, christ is going on within the public services that many people rely upon, hospitals, schools and the police. so, firstly, there is a moral question of whether it is fair to have such divergent experiences between the super
rich and everybody else, and then there is the practical question, the people hit hardest by the cost of living crisis of the little colleagues of the ceos, shop workers, cleaners, security guards, delivery drivers, administrative staff who keep the company is going so that they can pay their executives millions of pounds. we might also ask shouldn't those companies be spending a little bit less on it the people at the top end a bit more on those in the middle and on the bottom?— in the middle and on the bottom? ,, u, bottom? summit will call it, luke, bottom? summit will call it, luke. the — bottom? summit will call it, luke, the story _ bottom? summit will call it, luke, the story of _ bottom? summit will call it, | luke, the story of capitalism. do you think something should actually be done rather than question simply been asked? yeah, i think it is really important that we have a debate about top earners and the economic value they generate because if you look at the share of total income is and total wealth in the uk that goes to the top i%, the top 0.1%, it is such a huge share, and it could make such a big difference to the wider population that if, you know,
we had a slightly different balance with the top, taking a bit less and those in the middle at the bottom getting a bit more, it would make a huge difference to the latter, those at the middle and the bottom, while those at the top would still be very rich, even if you redistributed a fair chunk away from them. in the report we have got out today, we talked about some of the ways that you might do this. i think putting elected workers, representatives of the remuneration committees that set pay of these large employers will be a great help. at the moment, they are currently stuffed with former or or current serving executives who all benefited themselves from that culture of high executive pay and may don't put deliberations about pay in a cost of living
context. we could do more to get trade union access to workplaces so that we can get more lower paid workers into trade unions and give them a bit more negotiating power over pay so again the capture a bit more of the wealth that is created through their labour that is currently flowing to this high number of people at the top. we this high number of people at the to. ~ ., this high number of people at the to -. . ., ., this high number of people at the to. ~ ., ., ., the top. we will have to leave it there. thank _ the top. we will have to leave it there. thank you _ the top. we will have to leave it there. thank you for - the top. we will have to leave it there. thank you forjoining| it there. thank you forjoining us today. when you think ofjapan, you generally think of the latest gadgets and high—tech, but it also has the oldest population in the world, and getting them to join the online revolution can prove to be a challenge. as part of our new tech economyjapan series, mariko oi followed a mobile supermarket to see how it's providing a crucial service for the less tech savvy older generation. this little truck offers a lifeline to thousands of elderly who live in a remote area like this. it isa it is a supermarket on wheels
called tokeshimaru. one of the drivers is making a small stop. you are than 5000 people live here. all of its customers are over 75. translation: , , over75. translation: , , ., translation: he remembers what i want to buy _ translation: he remembers what i want to buy every _ translation: he remembers what i want to buy every week. _ translation: he remembers what i want to buy every week. if - translation: he remembers what i want to buy every week. if my - i want to buy every week. if my grandkids are coming on sunday, i request something special. it's nice to be able to chat with friends after my shopping. the company was founded a decade ago with only two drugs in this area. today, it has got more than 1000 of these on the road acrossjapan more than 1000 of these on the road across japan with annual sales topping $150 million. for this man, joining the company was more about helping the elderly than picking up a wage. work at the nursing home and some of the residents came to live there because they were worried about their everyday foods i wondered how i could help. that is when i found this company. help. that is when i found this
company-— help. that is when i found this coman. ., company. the company's founder is a serial entrepreneur. - company. the company's founder is a serial entrepreneur. he - is a serial entrepreneur. he has decided to start up the venture after seeing his own parents struggle with their daily routine. he has this piece of advice for younger entrepreneurs. translation: , ., ,., translation: there is no point in increasing _ translation: there is no point in increasing your _ translation: there is no point in increasing your knowledge - translation: there is no point in increasing your knowledge by| in increasing your knowledge by reading books. you have to go to the field, to the real world, because it is really different from what you can learn at school. you need to fail. you have to struggle. you have to face difficulties and thatis have to face difficulties and that is how you grow. the japanese _ that is how you grow. the japanese government - that is how you grow. the japanese government is fully catch up with its rivals when it comes to tech start—ups and recently proposed to tap into its $1.5 trillion pension fund to help the new ventures. so, will tokeshimaru join at the online revolution? the company is also moving with the times and at the moment all the orders are in the driver's head but at the moment it is testing out an app which it helps will be available in the next two years and that means the next generation of customers will then be available to order
online. despite the government's ambitious plan, japan has the oldest population in the world who are not always the most tech savvy. so, while the most tech savvy. so, while the government was the start—ups to be shining beacons of high—tech, many focus on the lucrative domestic market, and that may prove to be a challenge when they try to go global. singapore's prime minister has said the country will end its ban on sex between men, but will take steps to ensure that marriage is limited to opposite—sex couples. the singaporean lgbt+ community has fought for years to have the laws repealed, and they have had some allies from business. lets go to our asia business reporter monica miller who is in singapore. monica, tell us more. how art singaporean businesses helped bring about this moment and whatever their reactions been? the prime minister leasing yong said that it is the right thing to do and it is something that
most singaporeans accept one thing he did say in his speech the country last night is that singapore can't be left behind in lowering talent. this is something that global corporations like facebook, sachs and barclay�*s have been asking the government to do and it is because it is a barrier to hiring the best talent that is out there, especially as the global economy shows signs of showing down. other countries in the region such as india, taiwan, which is a citystate, but also in thailand, have made similar moves, which is also showing a direction which the world is taking. it is something that certainly can't be left behind. as you stress, prime minister loong said the definition of marriage between a man and a woman will be enshrined in the constitution. it won't be decided in the courts like it happened in the united states. that does not mean that gay marriage is completely banned but it will
make it much harder to implement. businesses, we have written to a couple of them. we are waiting for a comment but nevertheless over the past four years they have indicated their support for this measure. . support for this measure. , monica, any suggestions that could lead to a resurgence in tourism as well as extra jobs for the likes of these multinationals you are mentioning? it multinationals you are mentioning?— multinationals you are mentionina? , ., mentioning? it is too soon to tell. in terms _ mentioning? it is too soon to tell. in terms of— mentioning? it is too soon to tell. in terms of what - mentioning? it is too soon to tell. in terms of what the - mentioning? it is too soon to i tell. in terms of what the move is, it is rather monumental, especially for gay rights activist who had been fighting for this, activist who had been fighting forthis, but activist who had been fighting for this, but it really does not go far enough for activists who say that the whole point of having this role which singapore had said had not necessarily been in. for many decades, they said that it is still a point of discrimination. why wouldn't you take it off the books if it is something that is law? and they said that not recognising 93v they said that not recognising gay marriage or civil unions is another thing, taking it a step further in terms of being
discriminatory at work, at home and in schools. that is something that they say really would need to be done. many companies are not saying anything at this point. we are hoping that they will start to respond over the next few days. monica miller in singapore. thank you very much for that. stay with us on bbc news. still to come: it's got swords and dragons, but will hbo's $20 million gamble of a game of thrones prequel pay off in the ever—more competitive streaming landscape? he's the first african—american to win the presidential nomination of a major party and he accepts exactly 45 years to the day that martin luther king declared, "i have a dream." as darkness falls tonight, an unfamiliar light will appear in the south—eastern sky. an orange glowing disc that's brighter than anything, save the moon — our neighbouring planet, mars.
horn toots there is no— doubt that this election is an important milestone in the birth of east timori as the world's newest nation. it will take months, and billions of dollars, to repair what katrina achieved injust hours. three weeks is the longest the great clock has been off duty in 117 years so it was with great satisfaction that clockmakerjohn vernon swung the pendulum to set the clock going again. big ben bongs this is bbc news. the latest headlines: an arrest warrant is issued for pakistan's former prime minister, imran khan, as he faces terrorism charges. for the first time in four years, the us and south korea carry out joint live—action military drills.
global markets are in a wait—and—see mode at the momement, and what are they waiting for? one of the big central bank events of the year: a symposium injackson hole, wyoming where us federal reserve chairman jerome powell will speak on friday. he is expected, or at least hoped to give some more clarity when it comes to the fed's inerest rate policy going forward. joining me now is mark ostwald, chief economist and global strategist at adm isi. thanks for being with us today. how significant an event is it and what will you be watching out for? always significant because it's been used in the past, not always, to signal major policy shifts or overall thinking on the longer term basis than the month—to—month policy meetings. the thing that everyone is really looking for is the
extent to which mr powell signals that the fed is willing to carry on hiking interest rates, even if it means to bring down inflation, even if it means that they will be a rise in unemployment and potentially a relatively shallow recession. micromanaging recessions and micromanaging unemployment rates is really quite a difficult task, but that's what people are focusing in on, the extent to which he emphasises this message.— this message. and those who watch the _ this message. and those who watch the federal— this message. and those who watch the federal reserve i watch the federal reserve closely, the market watchers, already seem to think that the cost of borrowing, the us interest rate, might not actually rise as high as some had expected or feared depending had expected orfeared depending on your had expected or feared depending on your perspective. yes. the assumption is, basically, that the us economy is clearly slowing down. china's economy is fairly weak. the eurozone economy is above all believe because of the
problems due to the energy crisis and the russian invasion of ukraine, and it is assumed that basically this will help to bring inflation down, not only in the us but also around the world, and therefore, central banks will not have to be as aggressive. it is debatable, i would say, because a lot of the supply—side problems for raw materials and energy are not going to be changed by a ring of demand, at least not unless it's absolutely enormous, which isn't in the cards at the moment. isn't in the cards at the moment-— isn't in the cards at the moment. ~., ~ , ., isn't in the cards at the moment. ~ , ., ., moment. ok, mark ostwald of adm isi, thanks moment. ok, mark ostwald of adm |5|, thanks for _ moment. ok, mark ostwald of adm isi, thanks for sharing _ moment. ok, mark ostwald of adm isi, thanks for sharing your - isi, thanks for sharing your thoughts. house of the dragons, a new tv series inspired by the incredibly successful game of thrones, premiered in the us last night. costing its maker hbo a cool $20 million per episode, the 10—part series is a big gamble for the broadcaster and streamer who just last week
announced it was lying off staff as the company restructu res. joining me now is max signorelli, senioranalyst, media and entertainment, omdia. thanks for being with us today. not sure if you got to see it. reviews have been good. what will make it pay off for hbo? yes, i guess what will really drive it is whether it can live up drive it is whether it can live up to the expectations of its predecessor. it's something that took the world by storm all those years ago and if it can replicate that same success in an increasingly global market, and increasingly streaming focused market, it can capture those audiences that are through servers like hbo max, then it can really establish itself at the top level alongside its main competitors in the spending space for these kind of streaming tv series, people like netflix and apple and amazon.
like netflix and apple and amazon-— amazon. yes. it's an eye watering — amazon. yes. it's an eye watering cost _ amazon. yes. it's an eye watering cost per- amazon. yes. it's an eye i watering cost per episode, amazon. yes. it's an eye - watering cost per episode, $20 million. why do you think budgets are getting so high in tv production? or the big streamers are doing really highly polished shows like this one, aren't they?— one, aren't they? yes, exactly riuht. one, aren't they? yes, exactly right- to _ one, aren't they? yes, exactly right- to be — one, aren't they? yes, exactly right. to be honest, _ one, aren't they? yes, exactly right. to be honest, it's- one, aren't they? yes, exactly right. to be honest, it's a - right. to be honest, it's a standard that hbo set for themselves with the original game of thrones, quite frankly. it's something that other players have almost been living up players have almost been living up to, trying to find their own game of thrones for years. we have seen netflix suspended loads of money like strange things, apple spending money on their shows, another show on amazon prime (case) video set to be one of the most expensive of all time, so it's a standard they set themselves but also one that these services need to keep up with in order to put the right amount of money into higher dramas to drive these subscriber objects around the world. it subscriber ob'ects around the world. , , , ., world. it is expensive to create cgi _ world. it is expensive to create cgi dragons, - world. it is expensive to i create cgi dragons, which world. it is expensive to - create cgi dragons, which is what we're in this programme.
but can cheap tv be just as a successful? but can cheap tv be 'ust as a successful?* successful? account. and certain stories _ successful? account. and certain stories and - successful? account. and certain stories and that i successful? account. and - certain stories and that things have proven that. things like squid game didn't cost anything near each other shows but it was a global phenomena. it seems to me that sometimes these hit and sometimes limits. but certainly, these streaming companies do quite a lot of testings, screen testing for these things, it's why so many of the shows have been brought forward, but also taken away because they don't test so well. it's about what hits the mark and increasingly as many places as possible outside the us as well. places as possible outside the us as well-— places as possible outside the us as well. how sustainable is at? we know _ us as well. how sustainable is at? we know that _ us as well. how sustainable is at? we know that netflix - us as well. how sustainable is at? we know that netflix is i at? we know that netflix is cutting back on its productions because it's been losing customers, a slew of other streamers out there. can reduces keep spending money on these kind of shows that might ultimately get paid back? == ultimately get paid back? -- miaht ultimately get paid back? -- might not? _
ultimately get paid back? » might not? the gamblers whether they spend that money, they will actually see the return. it's an increasingly direct to consumer strategy so they will start recognising potentially more of that money. it depends how they monetise the series, largely through subscriptions these days. there is a good chance that they will, they wouldn't put the money and if they didn't think they get back. but if some of these things don't hit the market every time, there may be cause to scale back and even something as big as game of thrones will now house of the dragons isn't immune from this so they will monitor that closely. so they will monitor that closel . ~ . ., so they will monitor that closely-— so they will monitor that closel . ~ . ., closely. what about the wider streaming _ closely. what about the wider streaming landscape - closely. what about the wider streaming landscape right- closely. what about the wider| streaming landscape right now with so many options out there, you know, a clear change on what was just netflix pretty much. do you think we will reach a point where the number will start to shrink and there will start to shrink and there will be consolidation? certainly. it already, we're seeing these larger streaming companies, much like tv companies, much like tv companies arejoining companies, much like tv companies are joining forces to
create new businesses. we have seen that in hbo, with discovery, and it's something that as the services mature and saturate nz markets, it's going to reach a threshold. but there are still funny a lot of international markets and still funny of room for lots lots of players to be present in the market together. we are seeing uses stuck up more services than ever before, but that's something that's coming into question whether cost of living crisis around the so it is up for debate this year out of the next few years but streaming is here to stay. next few years but streaming is here to stay-— here to stay. max signa rilee, thanks for— here to stay. max signa rilee, thanks forjoining _ here to stay. max signa rilee, thanks forjoining us. - let's see how the asian markets are faring today. those concerns about rising interest rates in the us setting the tone for monday's trading in asia. investors also digesting a cut in the cost of borrowing in china for the second
time in a week. stay with us on bbc news. breakfast is next in their uk. i'll be back with world news. hello there. for many, this weekend shaped up to be a tale of two halves. the north of england on the saturday was cloudy, grey and wet, with a couple of inches of rain falling, but on sunday, look at leeds. just shy of 13 hours of sunshine here. i suspect there will be more rain in the forecast but today with this area of low pressure, and the fronts pushing in from the west, some of that rain is going to push its way steadily eastwards, so some heavy rain clearing to showers. the best of the dry weather through monday is likely to be across scotland. so we start with heavy rain moving out of northern ireland, through the irish sea, into the north—west of england and parts of wales. but you can see central and southern england is quite showery in nature, so not everywhere will see
some wetter weather. there will be heavier bursts. the best of the drier, sunny weather looks likely, potentially, to be in scotland. not quite as warm here — 14—20 the high. we might see 25 degrees ahead of the rain before it arrives in parts of lincolnshire and east anglia. as we move into tuesday, this area of low pressure will continue to enhance showers in the far north—west and to the south—west, we have this weather front which will bring some showery outbreaks of rain across south—west england and wales. just how far north that's going to be, we will keep an eye on that. but we start to tap into some warm, humid air with that south—westerly flow, and temperatures in east anglia and the south—east likely to be 27 celsius — that's 80 fahrenheit. it stays warm and humid in the south and east and at the same time, close to that low pressure, we'll see more wetter weather. sharper showers developing out to the west. first thing on wednesday morning, a very humid feel, 18 degrees. and so despite it being quite cloudy to begin with, it will be largely fine and dry and with that south—westerly flow.
as the rain eases away, the temperatures are likely to peak at highs of 27 celsius by the middle of wednesday afternoon. moving out of wednesday into thursday, that weather front is going to continue to sink south and east. there'll be no significant rain on it unfortunately, and so that it does mean that thursday on the whole will be largely fine and dry. potential for some thundery rain first thing in the south—east, and then, into the weekend, drier but noticeably fresher.
good morning, welcome to breakfast withjon kay and tina daheley. our headlines today. the summer wave of industrial action — barristers look set to call an all—out strike, in an ongoing row with the government over pay for legal aid work an emotional plea from tyson fury as he calls for tougher punishments for knife crime, after his cousin is stabbed to death. water companies are accused of failing to monitor sewage discharges, with pollution warnings in place at dozens of british beaches. charities say they're helping more
families— charities say they're helping more families than_ charities say they're helping more families than ever— charities say they're helping more families than ever before - charities say they're helping more families than ever before with i charities say they're helping morel families than ever before with free