tv The Briefing BBC News October 23, 2018 5:45am-6:01am BST
the front page of the international edition of the new york times now. it focuses on the russian fertiliser giant advocating tighter regulations on fertiliser. the paper says farming products might not seem an obvious source of geopolitical tension, but with moscow working to widen its sphere of power, the prospect of a politically connected russian company cornering a key part of the european agricultural market has raised sharp concerns. the japan times leads with president trump's plans to exit from its nuclear weapons treaty with russia, saying that china has been left alone and unconstrained to amass a missile arsenal that puts us and japanese forces at risk, according to observers. and finally, a story in france's le figaro featuring contemporary artist grayson perry, and saying how contemporary british artists such as perry and bansky are leading the field. perry presents his first french solo exhibition dressed as his female alter ego, claire, referring to what he calls the "them and us" mentality in british society, which he says arose during the brexit campaign. with me is jane foley,
senior fx strategist at rabobank. good to have you with us. so we spoke about this a little earlier, but the arab news leading on the saudi investments summit, this forum, do you think it will make much difference to the saudis, these western business leaders and key people pulling out, or not?” western business leaders and key people pulling out, or not? i think it will, although that is not necessarily what you would pick up if you read this article. what this article is saying is that yes, some western officials have pulled out, but they have sent second—tier or lower officials anyway. so they are not pulling out totally, but it mentions that a lot of investment could come from china and russia. so
there is definitely a geopolitical theme which the west are very much aware of. and something else that these articles and this paper are suggesting is that foreign direct investment has been very strong this year, counter to what we have been reading in the western press, that foreign direct investment really declined last year on a year—on—year basis. and that is very crucial for what saudi is trying to do, and that is to take the focus of its economy away from just oil and broadening it out. it needs foreign investment to do that. a lot of the western press are saying they are not getting the foreign direct investment, and therefore they are going to have to stimulate direct, and with an old—fashioned fiscal boost. there is a lot riding on this as far as the saudis are concerned, but in terms of the geopolitical tensions, there isa of the geopolitical tensions, there is a lot on that theme as well. and investors seem to be picking up on that, in the sense that we have seen hundreds of millions of dollars,
according to one estimate more than $1 billion, taken out of saudi equity markets by western investors just in the last week or so. that's right, and you've got to remember, of course, the opening up of saudi companies, saudi investments, the other investors, is part of the reforms they have been going through. part of the vision 2030, enabling foreign firms to come in and owned companies has been part of these reforms. if you are not getting that you will not get the investment, the development, the orientation of the economy away from oil. so it is of huge importance to saudl oil. so it is of huge importance to saudi, but it is quite likely that russia and china could come in where western companies do not. lets move on to frankfurt algemeine, something creating tension in western markets. breaches european rules, italy has
said that is what we need do to promote and stimulate growth. we will wait and see what brussels says today —— frankfurter allgemeine. will wait and see what brussels says today -- frankfurter allgemeine. we will, although it will not be positive, we know that already. this is about populism in europe. italy has a populist government. they want to do what they said in the election pledges, and that is to give more money for poorer people. but that sort of reform or fiscal giveaway without reform is in breach of the rules. if you give away money without doing reform you will not get your unemployment levels down. you will not increase productivity. so you will not increase growth and wealth. and this is what the markets and brussels are worried about. italy are a highly indebted country, their debt is about 130% of gdp, and giving away money like this is not going to tackle that level. that is one concern. another concern is italy is not the only economy in
europe with a populist government. the markets are worried if populism increases further, this therefore has the potential to be a more deeply rooted concern for the euro, for european assets, in the next couple of years. lets turn our attention to the new york times. we speak a lot about geopolitical tensions, arising from trade and weapons. we don't often talk about the geopolitical tensions arising from fertiliser. it is an interesting one, this. it is an interesting one, this. it is an interesting one, this. it is an interesting one, and a lot of these articles have a strong whiff of cold war, deari articles have a strong whiff of cold war, dear i say, about them. this particular article published by the new york times is saying that a russian fertiliser company called safer phosphates, good get a bigger ground in europe. but the new york times as saying actually this company has got links with the kremlin. and so they are concerned
about the dominance, perhaps, or the push for the influence of the kremlin and russia in the eu. and of course, this comes on the back of the lot of concerns that we have seenin the lot of concerns that we have seen in the last few months about election hacking. recently of course we saw the dutch government accused russia of hacking the chemical weapons watchdog. so there is an awful lot of tension here. as you say, not normally to do with fatter laser, but this is potentially highlighting the reach of the kremlin —— fertiliser. at least from the point of view of the new york times. on a similar theme, the japan times. on a similar theme, the japan times front page. this potentialfor the us to pull out of the historic post—cold war treaty to avoid the build—up of nuclear weapons. some might well read this and say, hang on, does this have echoes of the start of a new nuclear arms race?
again, this is a very interesting ta ke again, this is a very interesting take from the japanese times on this. we have the indication that the us are pulling out of this treaty because they are saying that russia has violated some of the rules —— times. the treaty banned all nuclear missiles with land—based missiles with a certain range. the japanese times are saying this is not the reason the us is pulling out at all. the reason the us is pulling out is because they are fearing that, while russia and the us are constrained by this treaty, that china has potentially been building up weapons of its own, and that is the real reason the us could be pulling out. so again, i really strong geopolitical theme in this story. and i suppose there is a consistency that in the way that president trump has dealt with treaties and agreements that he feels are not to his liking, or not fairto feels are not to his liking, or not fair to the us. in that he is very
willing to tear them up and start again, as we have seen with nafta, for example. we have seen that with nafta in the trade war that we have been seeing since the start of this year. so trump willing to rip it up and start again. what we have heard so and start again. what we have heard so farfrom and start again. what we have heard so far from the us and start again. what we have heard so farfrom the us is and start again. what we have heard so far from the us is that this is not about china but about russia. so we could hear more from washington on this, perhaps, in the next few months. lets take a dip into the art world. this exhibition by grayson perry. contemporary british artists leading the field, according to le figuro. yes, and this is quite interesting. i think i am right in saying this is grayson perry's first exhibition in paris, but he broke into the us earlier this year as well, so he is moving further afield. 0ne well, so he is moving further afield. one of the reasons this is
interesting is because often with artists like perry, there have been accusations he had has a peculiarly british sense of humour and it wouldn't sell over here. but this has broken all records, in fact. and we must leave it there, but thank you very much for talking us through those papers. always good to see you, and we will speak again a little later. and thank you for watching. stay with us here on bbc news. so much more to come. stay with us for more at the top of the hour. goodbye for now. hello there. we have got much colder weather by the end of the week. monday was a cooler day and, with the clearer skies following the sunshine, we have seen temperatures not far from freezing in some rural parts across the southern half of the uk. it will warm up in the sunshine.
for most places it is going to be dry today with a brisk wind blowing. probably not quite as windy across the northern half of the uk as it was yesterday but strong wind around this area of high pressure and those weather fronts focusing some cloud and rain. mainly for the north and west of scotland, some sunshine at times for eastern scotland. 40—5mph gusts across scotland and the pennines and hazy sunshine. rest of the sunshine across other parts of england and wales. it may be warmer on tuesday, those temperatures at 16, 17 degrees even in the sunshine of eastern scotland. we still have winds easing down through the course of the evening and overnight. the rain beginning to ease off a little bit as well. some cloud will push further down into england and wales. so it probably won't be as cold overnight into wednesday morning. and it is always be the sunniest across southern and eastern parts of england. perhaps eastern scotland for a while. elsewhere there is quite a bit of cloud coming in on that north—westerly breeze.
by this stage, the winds will not be as strong and the rain will ease off, just for a while, in the north—west of scotland. and those temperatures could again hit 16, 17 degrees. so quite mild for this time of year. there is still high pressure to the south—west of the uk, we've still got these weather fronts running around the top of that area of high pressure. this one is the significant one, because it is behind that that we will really get some cold air. not just yet, though. thursday should be dry for many, there will be some sunshine around. probably a bit more cloud coming into england and wales. we have got this rain gathering in the north—west of scotland, temperatures perhaps a shade lower. typically 12—14 degrees. that rain that is gathering is on the cold front there, and that is significant because behind it the wind direction changes. we draw all our air from the arctic, plunging down, much colder conditions on friday. there is the cold front, not a great deal of rain on that across southern parts of england. sunny skies follow and showers
coming from the north, they're starting to turn over the high ground in scotland where it it will feel close to freezing. briefly we may find temperatures is may reach double figures in the south. last weekend we were up to 20 degrees. this weekend we are struggling to make double figures. most places will be dry with sunshine and there will be showers around and those will be wintry over the high ground in the north. good morning. welcome to breakfast, with louise minchin and dan walker. 0ur headlines today: the fight for equal pay — thousands of women who work for glasgow city council prepare to walk out in what's thought to be the biggest strike of its kind in the uk. the dramatic rise in fast food outlets — new bbc research shows the number of high street takeaways is at its highest level. it's a side to the showman that the world didn't see — we have a rare interview with freddie mercury's nephew, ahead of a new film celebrating the music of queen. to say he was only there for the very beginning of my life, he definitely made a very big impact on my life.