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tv   Business Today  BBC News  August 27, 2024 2:30am-2:46am BST

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canada says it will impose a 100% tariff on made—in—china electric vehicles, steel and aluminium. the country is following the lead of the united states to protect its domestic industries. but the new levies could strain relations between canada and china. they will also hit foreign businesses that make evs in china, such as tesla, which has a giga factory in shanghai. the bbc�*s north america business correspondent michelle fleury has the details. it's a move that could exacerbate trade tensions between western countries and china. from october, canada will impose a 100% tariffs on electric vehicles from china, this is on top of the most favoured nation tariff of 6.1% already slapped onto chinese—produced evs that are imported into canada. the government also intends to apply a 25% tariff on imports of steel and aluminium products from china. canada's finance minister chrystia freeland says it was about protecting domestic producers.
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the reality is that china has a state—directed policy of overcapacity and oversupply, designed — designed to cripple our own industries. talk to the steel sector. talk to the aluminium sector to understand how effective that has already been. we simply will not allow that to happen to our ev sector. the auto tariffs bring canada in line with its southern neighbour, the us introduced tariffs on chinese made evs in may and the eu is also imposing tariffs. it comes after us national security advisorjake sullivan touted the need for a united front on tariffs when he met withjustin trudeau and his cabinet over the weekend. there was no immediate response from china, but some predict it
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could retaliate against canadian agricultural exports. this may push up the cost of buying an imported car from china, but that besides the point from the country's government, that's seeking to protect its auto manufacturing industry and the over 125,000 jobs it supports. the chinese embassy in canada has since responded to the tariffs, calling them a "typical protectionist" act in violation of world trade organization rules. it added the taxes would undermine the normal economic and trade cooperation between china and canada. to another story making headlines — oil prices jumped by 3% on monday after libya's eastern—based government said it would close the country's oilfields. this comes as it struggles with its tripoli rival for control of the central bank. libya has been torn for years between two rival governments in tripoli and benghazi. the escalating row added to concerns about oil production, which have been heightened with the war in
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gaza. we have the latest report card from one of the world's top miners — bhp. it has reported a 2% rise in its annual profit, helped by its iron ore and copper businesses. the company has been grappling with numerous issues. it was in the headlines earlier this month after workers at its escondida mine in chile went on strike. bhp has since reached an agreement with the labour union, which includes better working conditions and pay. analyst henryjennings gave us a sense of the road ahead for the company. a slight beat to the number, $13.7 billion us, the market was going for $13.5 dividend, 7a cents us that. may be a little bit disappointing to some. there's no news either of a buy back in terms of capital management. but given that bhp has already reported its production numbers not long ago, this is an extrapolation of that.
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there's certainly nothing at first glance to spook the horses here. what is i guess encouraging is we've seen a kick up in the iron ore price, back up to $100 a tonne. that's some good news for bhp. it could be a positive day for the company. persistently weak iron ore prices — could that be a problem? china remains a problem. the way the chinese government is stimulating is not the same plan as they had in the past with infrastructure and housing taking the forefront of their plans. it's a concern. the market is generally quite pessimistic about the outcome for iron ore. they seem to be doing well in copper and their other businesses, maybe copper will save them as iron ore comes off the boil. as the us cuts rates, we could see china do as well. we saw the strike in escondida.
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any lessons to be learnt from that, is that firmly behind them? the last strike was 7a days. the last strike was seven years ago and lasted 44 days. this one has been a lot shorter. you would like to think as the world's biggest copper miner, they've got on top of this. it's a crucial plank in bhp's future, copper. and there's a major focus there in strategic terms as well. it is very important and it does look as if they've got on top of this for now. analyst henryjennings giving us his thoughts. uber has been fined over $300 million in the netherlands for sending the personal data of european taxi drivers to the united states. the dutch data protection watchdog says this is a serious violation of the eu's general data protection regulation rules. the information included licence and payment details, medical and criminal
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records and photos. uber has ended the transfer of data, but says it will appeal against the fine. swedish furniture giant ikea is trialling its own second—hand online marketplace so customers can sell items to each other. the ikea preowned platform, which is already running in madrid and 0slo, will be rolled out globally by the end of the year. it is the company's attempt to tap on a growing market for second—hand furniture, clothes and equipment. india — the world's most populous country — is home to the largest number of young people anywhere in the world. while that is a demographic advantage, its population is also ageing rapidly. it is estimated that the number of people above 60 will double to 350 million by 2050. although an ageing population comes with its own set of challenges, some businesses are hoping to cash in. the bbc�*s arunoday mukharji reports. in their 60s and 70s, and on the road.
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venturing over 1,000km away from their home. with one aim — checking things off their bucket lists. travelling on a specially curated tour for senior citizens... hip, hip, hooray! ..these couples are visiting a city in western india. moving at a comfortable pace, taking in the sights and sounds of the city. translation: we spent our entire life working, - caring for our children, giving them the best. we didn't have time to travel. we also didn't have the money to do it as well before. i felt we haven't seen most of india. so why not do it now? and travel companies are cashing in. they can travel at any time during the year. they don't have to wait for a vacation to travel at any point. like when you think of the younger age group or the families, the first thing happens is when school
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starts, you take the children's calendar and then you mark out when it is you can travel. the senior citizens age group is such you name it and they can travel it. seniorworld too started as a travel company. but the business potential of this segment has made them diversity into making and selling special mobile phones for seniors. now their latest offering, its silver wings app, that helps the elderly socially network. it's now come to a stage where it's getting attractive, the size is big, there are micromarkets emerging that are monetisable. it creates a huge opportunity. it's a blue ocean. no—one is focused on the segment. especially in a country like india, where there's far more youngsters, it's easier to target. we think it makes for a compelling business opportunity, both from a social standpoint in terms of impact,
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as well as from a financial stand point going forward. but not everybody can afford the services of companies like veena world or seniorworld. according to the un, 40% of the elderly in india fall among the poorest of the poor, while one fifth have no income at all. while the government has come out with some policies the provide subsidised healthcare and aid for the elderly, experts say that welfare schemes for them are still largely regulated to the private sector and hence come at a cost. and many in this travelling group acknowledge that privilege. but as this group of seniors dances to bollywood hits at the end of their tour, can india keep pace with the needs of their ageing population? before we go — some travellers stumbled upon a great deal when 300 first—class tickets were offered at a bargain last week. qantas says it erroneously sold the tickets — for flights between
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australia and the us — at an 85% discount. but buyers will not be keeping their seats. they have been asked to downgrade to business class, or get a refund. a spokesperson for the australian airline said that "unfortunately, this is a case where the fare was actually too good to be true". and that's it for this edition of business today. thanks for watching.
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hello and welcome to sportsday.
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the world of football pays tribute following the death of sven—goran eriksson who guided swedish, portuguese and italian clubs to major trophies before becoming the first foreigner to take on the england job. light work for the defending women's champion at the us open as american coco gauff coasts through herfirst round match in new york. and a tale of two teams who are fielding the same player — we'll have more on the curious tale of dannyjansen, playing for both the bluejays and the red sox in the same baseball game. welcome to the programme. tributes are being paid to former england manager sven—goran eriksson, who has passed away at the age of 76. the swede led england
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to the quarter—finals at three major tournaments during his five—year spell in charge and he also managed 12 club teams, including manchester city, leicester, roma and lazio, winning 18 trophies. andy swiss has more. he brought a swedish cool to english football. but behind that studious surface, sven—goran eriksson�*s reign was anything but dull. he made his managerial name first with gothenburg and then with italian side lazio, when england appointed him as kevin keegan�*s replacement in 2000, it sparked a storm of controversy. england never had a foreign coach before. if it was the most difficult job, i'm very happy. it will be my biggest challenge. he soon silenced his critics on a famous night in munich. oh, this is getting better and better and better!

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