tv World Business Report BBC News August 7, 2017 5:30am-5:46am BST
this is bbc world news. after tough new un sanctions, north korea faces strong international pressure to end its missile testing, and start talking. the us president, donald trump, has spoken by telephone to his south korean counterpart and both agreed that north korea poses a serious threat. venezuela's president has called for tough sentences for a number of suspects seized after sunday's assault on an army base in the city of valencia. the prisoners were taken to caracas, where they are being interrogated. israel is seeking to close aljazeera's offices in the country and revoke its journalists‘ media credentials. the israeli communications minister said both its arabic and english—language channels would be taken off air. the veteran war crimes prosecutor carla del ponte is leaving the united nations investigation into syria. she accused the enquiry of making herjob syria. she accused the enquiry of making her job impossible syria. she accused the enquiry of making herjob impossible and said she was doing nothing.
now it is time for world business report. battling to boost prices. opec meets to check who is sticking to the rules on production cuts, as the price of oil continues to flag. and the business of birth. we take a look at the cost of delivery around the world, starting in turkey, which has the highest rate of c—sections in the world. welcome to world business report, i'm sally bundock. also in the programme: financial markets start the week on a high in asia. and south korean courts are holding their closing arguments in the trial of samsung's jay y lee.
for most of us, a lower oil price is a good thing. it means it costs less to fillup ourcars, and if you run a business, transport and energy costs are cheaper. but for the countries that sell oil, lower prices is a real headache, which is why opec, the cartel 01:14 leading producers, has been trying to push up prices. today and tomorrow, they are meeting in abu dhabi. since january, opec and 11 other oil—producing countries have been aiming to reduce global supply by almost 1.8 million barrels a day. that is around 2% of everything the world produces. opec hasn't formally said what its target price for oil is. but the world's biggest supplier, that's russia, a non—opec member, has based its government budget on oil selling at $40 per barrel. the biggest and most influential opec producer, saudi arabia, wants $60 per barrel. but not all the countries involved have cut production sufficiently. while opec members have done far better at meeting their targets than non—members, collectively, they didn't do everything they said they would in any of the first six
months of this year. with me is nitesh shah, commodities strategist at etf securities. good morning. what will they achieve, if anything, good morning. what will they achieve, ifanything, in good morning. what will they achieve, if anything, in the next 48 hours? well, i think the worst offenders will get a slap on the wrist and will be told to do better. quite frankly there is not a lot that opec can do. they don't have a system for any sanctions or any ability to get non—compliant countries into line. and the non—compliant countries are who? shall we name and shame them? well, it iraq, the uae, gabon have been performing badly recently within opec and then you have countries outside of opec who are part of the deal, like kazakhstan, who have been
hit badly as well. and in terms of the countries exempt from production cuts in november, will some of those come on—board? for example nigeria? yes, so nigeria in it last meeting indicated it was willing to join the pa ct indicated it was willing to join the pact at a production level higher than what they are producing already. so it is not really doing much to bring well—balanced into line. and why has the price of oil not been pushed up more than perhaps it has? is it to do with shale production going on? —— world balances. we live in a different world in terms of production globally than a few years back. us shale oil is much larger and more nimble and industry. as soon as you get prices around the $50 mark the production of us oil can increase substantially. it only takes about $40 a barrel for us oil companies to break even. so what will saudi
arabia do about this? for saudi arabia do about this? for saudi arabia it is extremely important the oil price remained higher, especially as it is trying to privatise its leading oil companies. that's right, saudi arabia needs a much higher oil price. it has valued saudi aramco at around $80, around $60 is what it would be satisfied with. it probably needs to cut deeper it self and hope other countries follow suit. and of course aramco is coming to the market at some point, that is the idea. sometime around 28 they hope to sell pa rt sometime around 28 they hope to sell part of the company and they need that money to fill their coffers. and we shall keep an eye on that opec meeting under way today and tomorrow in abu dhabi. south korean prosecutors are holding their closing arguments in the trial of samsung's heir apparent this morning. mariko oi joins me now from our asia business hub in singapore. nice to see you. so this is jay y
lee. what is the outlook? well, we haven't seen any new lines just yet, but it is an ongoing trial, and as you say, but closing argument is taking place this morning. it has been dubbed the trial of the century, involving the country's former president, the acting boss of samsung, as you mentioned, jay y lee, and of course the president's friend. south korean prosecutors are holding their closing arguments in the trial against him, and he has been denying bribery and embezzlement charges, but he is accused of offering nearly $40 million to the president and her friend in exchange for government support of a merger of two samsung subsidiaries. mr lee could face up to five years in prison if he is found guilty, even longer if he is also convicted on the embezzlement charges. many bosses of these
conglomerates have been accused or even charged with bribery in the past but it is very, very unusual to see a founding family member of such a massive company being indicted. ok, for now, thank you very much indeed. around the globe, caesarean section rates have increased dramatically, even as a large amount of them are not medically required. while the average rate is 28% amongst oecd countries, in turkey, more than half of babies are born by c—section, the highest rate in the world. selin girit takes a look at why. for this mother of one, life has not a lwa ys for this mother of one, life has not always been a walk in the park. on the 36th week of her pregnancy, her doctor said she did not have enough amniotic fluids left in her womb. she was taken urgently to a
ca esa rea n she was taken urgently to a caesarean delivery. translation: women who give natural birth talk about how they embrace their babies immediately, how they bonded, how they felt their baby's arrival. i had to postpartum depression after birth. was i about mother? could i not take care of myself? was that white i had to have a c—section? here at this hospital, a babies are born today, five of them by ca esa rea n born today, five of them by caesarean section. see section is a rather popular in turkey. over 50% of babies are born not by natural birth but i these operations. that rate is the highest among oecd countries. but why do so many expecting mothers go through these operations? is it by choice or by necessity? the increase of caesarean sections are due to a range of factors, including the rise of the first births among older women, and multiple births resulting from ivf treatment. but are all of these
ca esa rea n treatment. but are all of these caesarean sections medically justified? five years ago, turkey adopted a law making it the first country to punish elective caesarean sections, but it still has one of the highest rates of c sections among developed economies. doctors say the reasons for that are many, but that it is not about money. we don't do more than we do see section asa don't do more than we do see section as a doctor. the hospitals, yes, maybe. of course. but they don't push the doctors. if the patients as that, i am push the doctors. if the patients as that, iam really push the doctors. if the patients as that, i am really afraid of having a natural birth, so what can i do as a doctor? most turkish women these days hope to give birth naturally, but of course, things don't always go according to plan. and join the conversation online.
we are asking whether it is right that surgeons make money out of c—sections anywhere in the world. let us know your thoughts at #businessofbirth. in other news: the un security council unanimously approved tougher sanctions over the weekend against north korea, which could cost the country $1 billion a year. the us and china agreed to the new measures after a month of talks, with the hope they will pressure pyongyang back to the negotiating table. britons could obtain more control over what happens to personal information, under proposals outlined by the government. citizens will be able to ask for personal data, or information posted when they were children, to be deleted. the proposals are part of an overhaul of uk data protection laws drafted by the digital minister, matt hancock.
let show you financial markets really quickly. they are having a really quickly. they are having a really good session, with markets, you can see the japanese nikkei above 20,000. the dowjones industrial average closing above 20 2000. good news about the us labour market on friday boosting sentiment in asia today so a ten year high for many of these markets across asia as we start a brand—new trading week. i will see you in a minute for the news review. stay with us. the police watchdog in scotland is investigating after officers failed to find the body of a 64—year—old man from bo'ness who had been missing for a month. after weeks of searching, using police divers, dogs and a helicopter, arnold mouat was found at his home near falkirk. andy moore reports. 64—year—old arnold mouat was
reported missing by his family on sevenjuly, the day reported missing by his family on seven july, the day after reported missing by his family on sevenjuly, the day after he had last been seen in his own home. at the time, police scotland launched an investigation which included a search of that property, but no trace was found of mr mouat. there was also a large—scale search in the area around, involving the police helicopter, divers, rescue teams and police dogs. then yesterday, police confirmed that a body had been found in mr mouat‘s home. there was no explanation of where it was found or in what circumstances. his death is being treated as unexplained but not suspicious. police scotland say they had voluntarily referred the case to the independent watchdog, the police investigations and review commission. that same organisation started an investigation when police scotla nd started an investigation when police scotland failed to respond to an emergency call about a car that had crashed off the m9 near stirling in 2015. ms bell died in hospital after
being found in the wreckage three days later. she was discovered alongside her husband, john newell, who was already dead. one independent review has already discovered problems in police call handling. birmingham council says it is concerned at the backlog of waste that is mounting up on the city's streets. bin collectors are stepping up industrial action by refusing to work every day for two hours, in a dispute overjob losses. now, volunteers have started clearing the streets of rubbish themselves. coming up at 6:00am on breakfast: dan walker and louise minchin will have all the day's news, business and sport. they will also have more on people having more control over their personal data, and being better protected in the digital age, under measures announced today by the government. this is bbc news. the latest headlines: north korea is facing strong international pressure to end its missile—testing programme, and resume talks. the us president donald trump has spoken by phone to his south korean counterpart. venezuela's president has praised the army for beating back an attack on a military base in the city of valencia. israel is seeking to close
aljazeera's offices in the country and revoke its journalists' media credentials. the veteran war crimes prosecutor carla del ponte says she is leaving the united nations commission of inquiry on syria. now it is time for our news review. we begin with straits times and the news that china has expressed confidence new united nations sanctions on north korea could help pave the way to ending pyongyang's current nuclear and missile push. the ft reports on tech giant google which has become embroiled in controversy after a male engineer published an internal memo which argued that biological differences between the sexes accounted for the scarcity of women filling senior roles
in silicon valley. le figaro says the uk's bill for leaving the european union could amount to 40 billion euros. meanwhile downing street played down reports the government had suggested paying that amount of money in order to force progress in stalled brexit talks. the independent business section takes a look at how us shopping malls are in decline as shops give way to e—commerce. some owners are now looking to turn the malls into hotels and apartment blocks and finally, the gulf news has this photo of 100 meter runners usain bolt and justin gatlin at the world athletics championships