tv World Business Report BBC News April 27, 2022 5:30am-6:01am BST
this is bbc news with the latest business headlines, for viewers in the uk and around the world. russia will halt gas supplies to poland and bulgaria from today, as the two countries refuse to pay for the gas in rubles. alphabet, the parent company of google, posts weak results as advertising sales and youtube disapoints. and, how the war in ukraine has created a shortage of cooking oil leading to rationing in shops.
the economic stand—off between russia and the west ratcheted up further today. the russian gas supplier gazprom told poland and bulgaria it was cutting off their gas supplies altogether from wednesday. gazprom has said what it calls "unfriendly" countries must pay for russian gas in roubles from now on. that's something eu states are refusing to do. joining me now is sunaina sinha haldea, global head of private capital at raymond james. of private capital what at raymond james. impact is this going to both what impact is this going to both countries are seeing the impact will be manageable. it is spring heading into summer, and demand from consumers and their countries is lower. this is a example of russia trying to happen as natural gas and oil supplies while it can. we know that most european countries are on our planet to give themselves russian and gas imports by the end of the year. — and impulse.
this is potentially a warning shot to the rest of europe. given that many countries in europe so they do want to win themselves off russian gas, as you say, there is a limited supply for them to access, isn't there? so it will hurt someone at some point. that is right, as much as the rhetoric from poland and bulgaria today is that we can manage through this, we will figure this out, nobody panic, the reality is, there is still a lot of reliance on russian oil and gas imports by european states where it comprises nearly one quarter or more of consumption. russia knows this, russian is that by the end of the year it will have less leverage than it has today, so it wants to use this ban in terms of insisting on rebels payments to stick it where it hurts to europe, while it can, while it still can be paid in a currency that they can use
internally. that is a key issue as well. russia needs the money from its gas exports, doesn't it? it does, but they are making a calculated but that they can force the hand today, and if there isn't, if we do see a reduction, if we see india and china taking it up this is a dangerous game to play. at the same time you have europe discussing price russian imports of gas and oil, you have the us banging on about a total ban of consumption from russia into europe. all of these are sending storm clouds, so russia is playing a big gamble, it may be able to play the hand of europe in the short—term but not in the medium and long—term. short-term but not in the medium and long-term. thank you for bein: medium and long-term. thank you for being with _ medium and long-term. thank you for being with us, _ medium and long-term. thank you for being with us, sinha _ for being with us, sinha haldea. google parent alphabet has reported first—quarter revenue below expectations, as youtube sharply missed wall street targets, and ad sales were pressured by supply—chain and inflation concerns and the war in ukraine. the world's largest provider
of search and video ads has been a big winner of the shift to online commerce over the past two years, but the results suggest it is struggling in the latest economic phase of the pandemic, which is bringing elevated interest rates, higher transport costs and shortages of products from couches to cars to infant formula. alphabet shares were down 6.5% at one point in after—hours trading. joining me now is christopher rossbach, managing partner and chief investment officer, j stern & co. what is your reaction to these results? results ? we have results? we have to keep these results in perspective. the digital economy is here to stay, there is a strong economic recovery going on. they are bottlenecks for a lot of reasons, but a lot of things are recovering as well like travel and other areas. what we need to understand is the results may have slightly missed wall street expectations but they
are very strong, fundamentally. the company book 22% in terms of revenues and 24% in terms of search. yes, youtube was weak for some of the reasons you mentioned, but also because of competition from tiktok as they try to figure out how to address these different way of getting to the content. the cloud computing has grown exceptionally strong, and a company that can grow its revenue at nearly 25% against very difficult comparisons — 2020 was extremely weak, 2021, as a result, was very strong. 2022 is a transitionary, is a very strong fundamental result and we shouldn't lose perspective. so where is the biggest growth coming out from four alphabets? in terms of the absolute business it is clearly search and youtube and the digital advertising that goes with it, driving the big numbers in absolute terms. bi; driving the big numbers in absolute terms.— absolute terms. by the strongest _ absolute terms. by the strongest growth - absolute terms. by the strongest growth is - absolute terms. by the - strongest growth is coming from cloud computing where they are catching up quickly. they are
heading towards profitability but are still investing, which i think is the right thing to do. it is a paradyne that will only grow because one of the things that they sad very clearly is that the in aggregate the digital economy is growing strongly, so i think thatis is growing strongly, so i think that is where the high growth is going to come from, but aggregate growth will be ex sustained as well. christopher rossbach, _ sustained as well. christopher rossbach, thank _ sustained as well. christopher rossbach, thank you. - in our homes, under our nose's money is being drained from our bank accounts. this isn't the work of scammers or thieves, though. from smart tvs to laptops and even electric toothbrushes our homes are packed with technology and every time we switch these devices to stand—by we become victim to so—called vampire devices. in leicestershire, mother sarah, money is tight and her partner works from home. she is
retraining as a paramedic. it wasn't good news when her latest electricity bill arrived. before the price increase, it would be between £70 and £80. this month it came in atjust over 220. a lot of tears from that, a lot of nights lying awake in bed just going, "i don't know how we are going to don't know how we are going to do it." ., ., , ., ., do it." her home has a fair share of— do it." her home has a fair share of technology - do it." her home has a fair share of technology and i do it." her home has a fair - share of technology and devices powered by electricity. i can already see there are quite a lot of devices. alexa, smart metre, and a phone charger all on that side. what is going on here because two is this a smart tv? yes. do you leave it on standby? yes, we do. why do you leave it on standby? because you don't think it will cost a lot. but this is a big part of the problem, every time we switched technology to standby we become victim to so—called vampire devices. victim to so-called vampire devices. , , . ., devices. this is technology which still _ devices. this is technology which still draws _ devices. this is technology which still draws power, i devices. this is technology i which still draws power, even when not in use, or in standby
mode. individual devices don't use that much electricity, but when we multiply it by all of the consumer electronics that fill our homes, it all starts to add up. largest electricity supplier has carried out a study that found on average £147 of annual electricity bills is down to devices left on standby. it is the equivalent of two months of electricity charges, and with another big energy price rise planned for october, vampire devices could amount bought £200 worth of that annual bill. top vampire devices that are costing uk households the most are your set—top boxes and your televisions, combined they can cost on average £50 per year on standby. also, microwave is about £16 per year on standby. the greatest solution to this is reallyjust simply the greatest solution to this is really just simply switching off at the plug were not in
use. this is the offers. yes. and i can see here that thatis yes. and i can see here that that is on standby. there are a lot of items in this room that could be switched off at the wall. a lot of people do this with the bedside tables where they have their mobile phones on a charge because they use them as an alarm clock, things like that. even though phones and plugged into either of those charges, the charges themselves are still drawing power. 0k. do you think you might do something about that in the future? yes, it is easy to switch it off. if something does not need to be on. — if something does not need to be on, switch it off at the wall— be on, switch it off at the wall or— be on, switch it off at the wall or unplug it, make it as easy— wall or unplug it, make it as easy as _ wall or unplug it, make it as easy as possible to switch it off, — easy as possible to switch it off, but _ easy as possible to switch it off, but if you have a lot of things _ off, but if you have a lot of things plugged in behind your television, you may be what you put them — television, you may be what you put them all into one extension iead~ _ lead. saving money lead. — saving money by switching devices off want sole cost of learning problems overnight, but in the same way that every bit of power used adds up to a bigger bell, every bit of money saved can relieve a tiny bit of
that pressure. i am definitely guilty of that. let's get some of the day's other news. microsoft forecasts double—digit revenue growth for the next fiscal year, driven by demand for cloud computing services, and its shares jumped about 4%. it also reported profit and revenue for its fiscal third—quarter that beat wall street expectations, once again benefiting from demand for its cloud—based services. another company that beat quarterly profit estimates was visa. the company said its payment volumes rose 17% in the first three months of the year partly due to a rebound in consumer spending after the easing of pandemic restrictions. the results sent visa's shares more than 5% higher in extended trading. shares in tesla slid by more 12% on tuesday, wiping over $125 billion off the electric carmaker�*s valuation. it came a day after the electric car maker's chief executive and largest shareholder elon musk struck a deal to buy twitter
for $41; billion. australian consumer prices surged at the fastest annual pace in more than two decades last quarter as petrol and home building costs climbed. this will raise expectations interest rates are likely to rise byjune if not sooner. joao da silva is following the story from our asia business hub in singapore. when it comes to inflation, australia is really no exception. consumer price data coming in well above expectations. a .1% quarterly increase in consumer prices, topping forecasts of 1.7%, and just like in other places, it is about food, it is about petrol, and construction costs that are really driving those prices higher. what this means
is that the reserve bank of australia now has a stronger case to increase borrowing costs. so far, interest rates in australia have remained at emergency lows, even as other major economies in this region like south korea, new zealand raised their interest rates several times. australia has a key election in just a few weeks, and the cost of living crisis has been very much at the heart of the political debate there. voters are feeling those inflation pressures from the war in ukraine and from those pandemic related supply chain disruptions, so with this latest batch of data, this means that the question is no longer whether to raise interest rates but when? some analysts are saying that the rate hike could come already next week. stay with us on bbc news, still to come: how the war in ukraine has created
this is bbc news. the latest headlines... the russian company, gazprom, says it's halting supplies of gas to poland and bulgaria, as a matter of urgency. the united nations secretary—general says his organisation is prepared to evacuate civilians stranded in the besieged ukrainian city of mariupol. a shortage of sunflower and vegetable cooking oil means food producers are now desperately sourcing alternatives to keep their businesses going. russia and ukraine are the world's biggest producers of sunflower oil, which is used in everything from frozen potato fries to baby food. now food companies are even considering going back to using palm and soybean oil, despite the damage production
of those oils causes to the environment. the united nations�* food and agriculture organization reported record highs in palm oil prices in march. joining me now is carlos mera, head of agri commodities market research, rabobank. how easy will it be for producers to switch to alternatives?- producers to switch to alternatives? for farmers, these craps _ alternatives? for farmers, these crops are _ alternatives? for farmers, these crops are grown i alternatives? for farmers, these crops are grown in l alternatives? for farmers, i these crops are grown in very different parts of the world, so farmers cannot easily switch between one vegetable crop and another. when it comes to producers, it really depends on the recipe and the products. some products, food prices would have been different between one vegetable and another. in some products it is about the texture and the chemistry in the product and that can be a little bit
tricky. it is relatively easy to switch, however we need to remember that the vegetables in all markets are incredibly tight. there were record prices before the war and the warjust exacerbates that tightness in the market. so you might switch but everything else will also be a little bit expensive. ihla be a little bit expensive. no one has any _ be a little bit expensive. no one has any way of knowing how long the war in ukraine will go on for, how long the production of these oils will be impacted and we are seeing some supermarkets ration the sale of these oils, how serious an impact will this have in europe in the long term do you think? it is going to last for quite a while, assuming the war continues. even if the war is resolved tomorrow production is damaged and ukraine was the largest exporter of sunflower
oil. in europe we will see adaptation from the demand side, we may see people making more as opposed to deep frying, we may see more air fryers, more as opposed to deep frying, we may see more airfryers, we may see consumers adapting themselves may be by using a blend of vegetable oils, as opposed to 100% sunflower oil, which is the oil of deepest scarcity. so there will be adaptation from the demand side, and then europe could also expand the area of rape seed a little bit. of course other crops are also very expensive, and we may see more imports from other countries, from canada for example or argentina. from canada for example or argentina-— argentina. good to get your thoughts. — argentina. good to get your thoughts, thank _ argentina. good to get your thoughts, thank you. i now, do you have a business idea — burning away at the back of your mind — that you've always wanted to try, but you are afraid of leaving the comfort and security of your stable day job? well, if that's the case, you might find our next
guest's story inspiring. don't let a 50 k salary stop you from pursuing your 5 million business idea. i was very comfortable, in a good job, which i had been doing over many years, but i did have the burning desire to do something different. some advice that was given to me was that you only grow outside of your comfort zone. 0ne that you only grow outside of your comfort zone. one thing a well—paid job will do is keep you comfortable. you have a mortgage to pay and you have family to feed, i think that is a big block of many people who have great ideas. the idea of a bamboo was born out of a problem i had myself, my own kids chucking their plates and bowls on the floor.
ideas are great but executing those ideas is everything. i got to a point where i had to make thejump. in the very beginning, you have to wear many hats, juggling the full—time role, the part—time hustle, kids etc. it can take as little as an hour a day. on the weekends you can use that time for labelling and checking customer support, time for labelling and checking customersupport, orders, making sure everything is running smoothly. it is difficult moving from the state of comfort to discomfort but that feeling of seeing your baby come to life, that thing that was an idea you are seeing executed on and you are seeing the real world results from that. that's worth everything. great to see if that success
story there. a major development in 3d printing could change the way wind turbines are produced in the future. a robotics company from denmark has teamed up with general electric in the states, to create the world's first research and development centre, dedicated to producing towers for wind turbines, using a 3d printer the size of a three—storey building. the towers will be made of concrete on site with the 3d printer, eliminating the need for difficult transportation. joining me now is henrik lund—nielsen, founder & general manager, cobod international. welcome to you, thanks very much for being with us and you are standing in front of one of the sd are standing in front of one of the 3d printers. sojust are standing in front of one of the 3d printers. so just take us through how it works. thank ou for us through how it works. thank you for having _ us through how it works. thank you for having me. _ us through how it works. thank you for having me. what i us through how it works. thank| you for having me. what we are seeing here is a relatively small 3d printer, some wires that go in. it accesses the
printer and print sit layer by layer. as you can see here, it is fully automatic, that has never here is controlling. making sure that the screen is correct. we are saving a lot on labour because we are only manning the equipment with a couple of persons. 50 manning the equipment with a couple of persons.— couple of persons. so how do ou aet couple of persons. so how do you get them _ couple of persons. so how do you get them in _ couple of persons. so how do you get them in place, i couple of persons. so how do you get them in place, then, | you get them in place, then, because obviously it is huge, it is a three story building, the one that actually creates the one that actually creates the turbines. you have to get them in place of the first place, how long does it take to create them and how many do they make?— they make? depending on the size of the _ they make? depending on the size of the build _ they make? depending on the size of the build will— they make? depending on the size of the build will take i size of the build will take anywhere from four hours to a couple of days to set it up. a small one like this will be set “p small one like this will be set up in approximately four hours. what about the larger ones then? , , ., , , then? the very big ones, they are taking _ then? the very big ones, they are taking around _ then? the very big ones, they are taking around two - then? the very big ones, they are taking around two days i then? the very big ones, they are taking around two days to | are taking around two days to set up. but after those two
days, several hundred tonnes of concrete. ~ , concrete. when will the first sd printer— concrete. when will the first 3d printer turbines - concrete. when will the first 3d printer turbines be i concrete. when will the first 3d printer turbines be up i concrete. when will the first | 3d printer turbines be up and running then? sd printer turbines be up and running then?— running then? first test turbine. _ running then? first test turbine, and _ running then? first test turbine, and then i running then? first test turbine, and then a i running then? first test - turbine, and then a commercial application will happen let's say in three years or maybe four years. say in three years or maybe four years-— say in three years or maybe four ears. �* ., ,., ., four years. and how important where this _ four years. and how important where this technology - four years. and how important where this technology be i four years. and how important where this technology be in i where this technology be in making renewables more affordable, more accessible? indie affordable, more accessible? we think affordable, more accessible? - think there is a big area for this. when males are the most energy efficient source of energy efficient source of energy we have. to make it more competitive you need them taller. the problem with making it taller as it requires more power. we have limitations on
transport anywhere in the world. we want 260 200 million but by bringing a printer on site we can print the first 100 metres and then we can put a steel tower on afterwards, making it may be 200 metres. how is 3d printing changing the industry? it how is 3d printing changing the indust ? , . ., industry? it is changing the industry? it is changing the industry because _ industry? it is changing the industry because we - industry? it is changing the industry because we are i industry? it is changing the i industry because we are making a factory on wheels. so far, it is made in factories in frankfurt, —— and needs transport. we are a factory on wheels. so we can build directly on site.- wheels. so we can build directly on site. wheels. so we can build directl on site. �* ., ., , directly on site. and how many of these have _ directly on site. and how many of these have been _ directly on site. and how many of these have been bought, i directly on site. and how many l of these have been bought, have you sold many of these printers?— you sold many of these rinters? ., ., printers? on a worldwide scale, we have sold — printers? on a worldwide scale, we have sold 50, _ printers? on a worldwide scale, we have sold 50, and _ printers? on a worldwide scale, we have sold 50, and we - printers? on a worldwide scale, we have sold 50, and we are i we have sold 50, and we are growing very fast, we more than doubled last year and we will grow to double this year, also. it is growing very fast. there
is a lot of demand out there. we are selling on a global scale. japan, malaysia, saudi arabia, africa, europe, south and north america.— and north america. once you have them — and north america. once you have them on _ and north america. once you have them on site, _ and north america. once you have them on site, is - and north america. once you have them on site, is there i and north america. once you l have them on site, is there any limit as to how many they can make? ., , , make? no. the equipment is caettin make? no. the equipment is getting better _ make? no. the equipment is getting better and _ make? no. the equipment is getting better and better- make? no. the equipment is getting better and better and our customers are getting better and better. small houses are being made in a couple of days, larger houses being made within a week. so it is really a speedy application. we can produce a lot with these. thank ou. produce a lot with these. thank you- that _ produce a lot with these. thank you- that is _ produce a lot with these. thank you. that is it _ produce a lot with these. thank you. that is it from _ produce a lot with these. thank you. that is it from me - produce a lot with these. thank you. that is it from me for- produce a lot with these. thank you. that is it from me for the l you. that is it from me for the
moment. you can reach me on twitter — i'm @ samanthatvnews. i will be back very shortly. if you are in the uk, have a great rest of the day. hello again. it was southern areas of both england and wales that had the best of the sunshine on tuesday, temperatures reaching 17 degrees in parts of southwest england, but also around cardiff's bute park as well. it wasn't like that everywhere, though. after a largely sunny start for quite a few, we had cloud tending to bubble up through the afternoon, and spread across the skies, as you can see here on the satellite picture. with that cloud increasing, temperatures weren't as high for many of you. indeed, around the eastern coast, just eight degrees in places. right now, we're seeing a good feed of cloud coming in still from the north sea, so predominantly cloudy weather in scotland, and across eastern areas, from northeast england all the way into parts of east anglia. but there are some breaks elsewhere, notably across parts of southern england, across parts of the midlands, wales, running into northern ireland, north—west england as well.
so these areas, you might well start off with a little bit of morning sunshine, but even where you start off with the sun, cloud will tend to bubble up and spread across the skies in any case, as we go through the day. so, whether you start off cloudy or cloud develops later on, most of you will see quite a lot of cloud through the day. across northeast scotland, you might hold onto some sunny spells through the afternoon here. there will be one or two elsewhere in the west. temperatures about nine to 1a degrees for most. the area of high pressure that's been bringing us this long spell of settled weather, still on the charts for thursday, but it is starting to weaken, to a degree, so we may well see just a few showers running into northern scotland, maybe one or two not far away from south—west england. 0therwise, still predominantly dry, often a lot of cloud building through the day, and temperatures not really changing a great deal, 10—15 or maybe 16 celsius. friday follows a very similar pattern, as well. if you start off with the sunshine, cloud will tend to develop later on. one or two showers for northern scotland, but otherwise it's another dry day, with light winds across the whole
of the country. temperatures not changing a whole deal, either, looking at highs potentially peaking up to 16 degrees, where any sunshine breaks through the cloud. the weekend will start to see some changes in the weather, as high pressure starts to relinquish its grip. a little area of low pressure could thicken the cloud up enough to bring just a few passing showers. that's most likely across northern areas of the uk, the south most likely to stay dry, with a few brighter spells.
good morning, welcome to breakfast with dan walker and sally nugent. 0ur headlines today. a high courtjudgment will be made today on whether the government did enough to protect care home residents in england at the start of the covid pandemic. he had a right to life and they had a duty of care and he was failed. russia turns off its gas supplies to poland and bulgaria, as moscow enforces its new laws on "unfriendly states". the foreign secretary liz truss calls for the uk and other western powers to give warplanes to ukraine, as part of long term military support. there are calls for pharmacists in england to be allowed to alter gp prescriptions, to try and ease the shortage of some hrt medication.