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tv   Business Today  BBC News  July 11, 2024 1:30am-1:46am BST

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and aluminum through mexico in a bid to evade tariffs. our north america business correspondent erin delmore has all the details. back in may president biden implemented higher tariffs on steel and aluminium. concerns have remained that the imports could stick into the us duty—free through mexico which is a special treaty relationships between the us and canada. but the us and mexico are taking joint steps to counteract this. mexico will require importers to supply more information about a product's country of origin, which need to be provided when the products are imported to the us. and still imports from mexico will still get hit with the us 25% tariff on it is shown to have been melted and poured. aluminium for mexico will still be subject
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to the 10% tariff if they contain elements in china, russia, belarus or iran and they said in a joint statement that the new steps will strengthen steel and aluminium supply chains. there could also be an added benefit for president biden who has been a staunch opponent of the takeover of the street american company us steel byjapan. news like this could help win the vote of the union united steel workers union and his reelection bid. meanwhile china is launching an investigation of its own into what it called european union trade and investment barriers. the move follows an eu decision to investigate whether chinese companies — especially transport and green energy ones — have been given unfair subsidies. beijing has denied distorting competition, and said it might retaliate to protect chinese companies�* interests. ajury in new york has found the wall street investor, bill hwang, guilty of fraud and market manipulation. three years ago the collapse of his fund — archegos capital management — caused billions of dollars
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in losses for several major banks. prosecutors accused hwang of lying to lenders by secretly amassing large stakes in a handful of media and technology firms — artificially driving up their share prices. when archegos proved unable to pay money back to the banks, it prompted a mass—sell off of stocks that wiped out hwang's personal fortune. samsung electronics unveiled a series of new products at its "galaxy unpacked" event held in paris. the event featured a new series of foldable phones, smartwatches, as well an updated earphone model that can translate foreign languages it hears into a user's chosen language. the company also announced its first foray into "smart rings", health monitoring devices that measure users�* heart rate and sleep. the $400 device will be available later injuly. staying with samsung electronics — thousands of workers are set to remain on strike, with the union representing them calling for the industrial action to continue indefinitely. the
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national samsung electronics union says 6,500 of its members have been striking since monday — calling for better pay and benefits. while samsung claims the strike will not impact production, industry analyst marc einstein says otherwise. i believe this is having some impact that we need to remember the union has 30,000 overall employees so not even a third of the union is on this indefinite strike. while it's something we should be watching and it is something that is a cause for concern, it is not like all samsung's production lines are flying blind, it's not the case at all. if lines are flying blind, it's not the case at all.- not the case at all. if it continues, _ not the case at all. if it continues, at - not the case at all. if it continues, at what - not the case at all. if it. continues, at what point not the case at all. if it continues, at what point would become a problem for samsung and cause problems for its supply chain? i and cause problems for its suwly chain?— and cause problems for its supply chain? ithink it is, if this goes— supply chain? ithink it is, if this goes on— supply chain? ithink it is, if this goes on for— supply chain? ithink it is, if this goes on for days - supply chain? ithink it is, if this goes on for days or- supply chain? i think it is, if. this goes on for days or weeks i did think it is too serious but we are getting ready for the holiday season which is the biggest quarter for a company like samsung. if it goes on
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more than the next couple of weeks than it is time to start getting concerned.— getting concerned. how may samsung — getting concerned. how may samsung try _ getting concerned. how may samsung try to _ getting concerned. how may samsung try to resolve - getting concerned. how may samsung try to resolve the i samsung try to resolve the issue? if samsung try to resolve the issue? , ., ., ., issue? if you are what the dis - ute issue? if you are what the dispute is _ issue? if you are what the dispute is it _ issue? if you are what the dispute is it about - issue? if you are what the dispute is it about cost. issue? if you are what the dispute is it about cost of| dispute is it about cost of living and inflation and i think they are only about your .5% of the two parties. we saw what could happen to semiconductor supply lines during covid. it's something that both parties to want to avoid at all costs. i do expect avoid at all costs. i do expect a resolution to this barely quickly. a resolution to this barely cuickl . ., , . a resolution to this barely cuickl. ., , ., , , quickly. how big a problem is this for samsung _ quickly. how big a problem is this for samsung if _ quickly. how big a problem is this for samsung if you - quickly. how big a problem is this for samsung if you look l quickly. how big a problem is| this for samsung if you look at a very competitive space they are in and the competition is not slowing down?— are in and the competition is not slowing down? samsung is the largest _ not slowing down? samsung is the largest producer _ not slowing down? samsung is the largest producer of - not slowing down? samsung is| the largest producer of memory chips, tvs, smartphones in the world. this has the potential to be quite serious. we are in this arms race to develop ai chips. forthat this arms race to develop ai chips. for that reason i believe samsung's management will want a prompt resolution to this dispute. the will want a prompt resolution to this dispute.— to this dispute. the king will this rethink _ to this dispute. the king will this rethink how _ to this dispute. the king will this rethink how samsung i
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to this dispute. the king will. this rethink how samsung treats its employees?— its employees? yes, i think diversification _ its employees? yes, i think diversification of _ its employees? yes, i think diversification of the - its employees? yes, i think. diversification of the industry is something that came out as a major theme of covid and i think that this will give samsung further impetus to look at other countries to source its chips. including b at nine, india and even the united states. ~ ., india and even the united states. ~ . , ., �* india and even the united states. ~ ., �* , states. what you're saying is samsunu states. what you're saying is samsung will _ states. what you're saying is samsung will perhaps - states. what you're saying is samsung will perhaps rather| samsung will perhaps rather take its business elsewhere than treat its workers as they would say fairly? i than treat its workers as they would say fairly?— would say fairly? i think it'll be accelerated _ would say fairly? i think it'll be accelerated as _ would say fairly? i think it'll be accelerated as a - would say fairly? i think it'll be accelerated as a result i would say fairly? i think it'll| be accelerated as a result of this issue. gamers around the world will have to have to pay more if they want to continue to enjoy xbox game pass. microsoft, which owns the xbox brand, has implemented a price hike of up to 25% to the gaming subscription service. the price hike will start from september for existing users, but immediately for new users to the platform. india's gaming industry is likely to grow to nearly $9 billion in the next five years. the bbc�*s india business correspondent arunoday mukharji has more on what is making the country such a lucrative market. the indian gaming industry is
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valued at around rebellion dollars with over 400 million gamers in the country. making india the second largest market after china. these are the findings of a report prepared as well as the e gaming federation. real money gaming are the ones dominating the mystery, generating over 80% of revenue for the sector. these are games to use a place for a wager and have become very popular in india. they are also attracting a fair bit of debate because some say these games are a form of gambling which is illegal in india. while gaming companies disagreed a calling them games of skill and not chance. in the absence of clear regulations, the government imposed a heavy 28% tax on these companies but even as the companies real under these high taxes, it's not stopping global investors from seeing potential investors from seeing potential in the sector. being a lucrative and up—and—coming sector, the report also called for a detailed code of conduct
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to define ethical standards to ensure transparency and accountability in the indian gaming sector. nigeria often touted as an economic powerhouse in africa so why is 70 young people trying to leave? it's so common that even a term for it. the bbc is what in the world podcast talks about what it means for them. students here are facing a difficult choice. it can be summed up in one word. it means to escape and increasingly it's become a shorthand for leaving nigeria altogether. if i shorthand for leaving nigeria altogether-— altogether. if i say i want to la a. altogether. if i say i want to japa. to _ altogether. if i say i want to japa. to live _ altogether. if i say i want to japa, to live here _ altogether. if i say i want to japa, to live here and - altogether. if i say i want to japa, to live here and be - altogether. if i say i want to | japa, to live here and be not japa, to live here and be not seen,... japa, to live here and be not seem-"— seen,... even ifi see the opportunity _ seen,... even ifi see the opportunity i _ seen,... even ifi see the opportunity i will - seen,... even ifi see the opportunity i willjapa. i seen,... even ifi see the opportunity i willjapa. ll opportunity i will japa. don't opportunity i willjapa. i don't want to but the country is very— don't want to but the country is very tough— don't want to but the country is very tough right _ don't want to but the country is very tough right now- don't want to but the country is very tough right now and l don't want to but the country. is very tough right now and for me to — is very tough right now and for me to and _ is very tough right now and for me to and that _ is very tough right now and for me to and that it _ is very tough right now and for me to and that it will - is very tough right now and for
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me to and that it will look - me to and that it will look like — me to and that it will look like a _ me to and that it will look like a have _ me to and that it will look like a have to _ me to and that it will look like a have to leave. - me to and that it will look like a have to leave. many --eole like a have to leave. many people have _ like a have to leave. many people have spoken - like a have to leave. many people have spoken to - like a have to leave. many. people have spoken to here like a have to leave. many - people have spoken to here at the university are considering jaila the university are considering japa and last year nigeria's government issued a record number of passports and in a country with so many young professionals it is no wonder there are so many other countries that are ready to give them a new home. among the most popular destinations are the uk, us and canada. uk governments is the number of nigerians granted work has quadrupled since 2019. how easy is it to japa when you decide that want to do? it’s is it to japa when you decide that want to do?— is it to japa when you decide that want to do? it's not easy. the exchange _ that want to do? it's not easy. the exchange rates _ that want to do? it's not easy. the exchange rates is - that want to do? it's not easy. the exchange rates is really i the exchange rates is really hitting on all of us.- hitting on all of us. easy is not the word _ hitting on all of us. easy is not the word but _ hitting on all of us. easy is not the word but it's i hitting on all of us. easy is i not the word but it's possible. it's not the word but it's possible. it's very— not the word but it's possible. it's very expensive to leave the country _ it's very expensive to leave the country even _ it's very expensive to leave the country even if - it's very expensive to leave the country even if it'sjust| the country even if it'sjust for a — the country even if it'sjust for a temporary— the country even if it'sjust for a temporary amount i the country even if it'sjust for a temporary amount of| the country even if it's just - for a temporary amount of time. it's for a temporary amount of time. it's expensive _ for a temporary amount of time. it's expensive to lead _ for a temporary amount of time. it's expensive to lead but - for a temporary amount of time. it's expensive to lead but with i it's expensive to lead but with the fluctuating currency it's not cheap to stay either. how much is this cup of rice? it is to be 15 but _
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much is this cup of rice? it is to be 15 but now _ much is this cup of rice? it is to be 15 but now it's - much is this cup of rice? it is to be 15 but now it's 2200. | much is this cup of rice? it is l to be 15 but now it's 2200. the risin: to be 15 but now it's 2200. the rising prices — to be 15 but now it's 2200. the rising prices mean _ to be 15 but now it's 2200. the rising prices mean some shops here have had to close down and the economy is one of the main reasons forjapa. is it something you thought about? yes. several members of my family, yes. even the increase in dollin now affects so many people because the money is way too ridiculous.— too ridiculous. there are concerns _ too ridiculous. there are concerns for _ too ridiculous. there are concerns for those i too ridiculous. there are concerns for those left i too ridiculous. there are i concerns for those left behind. the bulk of people going it and healthcare professionals. the medical association says at least 50 doctors leave the country every single week. the government says it will train more people to fill those gaps at many of those who japa are determined to come back. it is wh i determined to come back. it is why i love _ determined to come back. it is why i love nigeria. _ determined to come back. it is why i love nigeria. it _ determined to come back. it 3 why i love nigeria. it is for further studies and i will come back to practise.— back to practise. miss my people. _ back to practise. miss my people. my _ back to practise. miss my people, my friends, i back to practise. miss my people, my friends, my l back to practise. miss my i people, my friends, my family. i
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people, my friends, my family. i love _ people, my friends, my family. i love my— people, my friends, my family. i love my country and i'm proud to he _ i love my country and i'm proud to he nigerian _ i love my country and i'm proud to be nigerian. so _ i love my country and i'm proud to be nigerian.— to be nigerian. so as well as the visa cost _ to be nigerian. so as well as the visa cost is _ to be nigerian. so as well as the visa cost is an _ to be nigerian. so as well as the visa cost is an emotionalj the visa cost is an emotional pricetag as well. many nigerians are weighing up their future career prospects with the lives they have to leave behind. that's it for this edition of business today and i'll be back in the next hour with more news for you. goodbye for now.
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hey, i'm zof with the catch up. tonight, tragedy in hertfordshire, four day working week trials and shrek 5. police searching for kyle clifford following the triple killing in bushey say they have located a man in enfield in north london. the wife and two daughters of bbc commentator john hunt were killed in their home last night.
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carole hunt and her daughters hannah and louise, were found with serious injuries tuesday evening and died at the scene. students and graduates who are suing ucl over the quality of teaching during strikes and covid lockdowns have been told their cases will go to trial at the start of 2026. around 5000 students have brought claims against the uni after teaching was cancelled or moved online. some other stories now, hundreds of british workers will be given more choice over their hours as part of a new pilot by the official four day week campaign. the six month project follows on from the original 2022 trial, with employers also trying flexible start and finish times. and this is exciting after such a long time, shrek is back. mike myers, eddie murphy and cameron diaz are all set to return for the lovable 0gre's first film in 16 years. mike myers will play shrek,
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cameron diaz returns as princess fiona, and of course, eddie murphy will be back as donkey. and time now for 10s of animals calling down at prague zoo. as temperatures soar above 30 degrees, the zoo releases up to ten tonnes of ice when it gets too hot. i mean, look at that. sliding around in it and picking up with your trunk. that is one way to beat the heat and you're all caught up now. see you later. hello and welcome to sportsday, i'm gavin ramjaun. here's what's coming up. a date with destiny, england score a late late winner against the netherlands, to make the final of the euros. no messing about for elena rybakhina — who makes the semis of wimbledon, with novak djokovic also
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through in the men's. and nevermind jimmy, gus atkinson steals the show at lords, with a debut to rememberfor england, in the first test against west indies. hello there, and welcome along to the programme. it's been a semi—final to remember for gareth southgate and england, at euro 2024. as they sealed their place in the final of the tournament for the second time in a row. they beat the netherlands 2—1, thanks an injury time winner from substitute 0llie watkins, who combined with fellow sub cole palmer to send england through. fans in dortmund and in the uk here, were delirious with delight at full time, after seeing their side come back from a goal down, to secure their spot in the big match on sunday, where they'll play spain, with the chance to make history. nesta mcgregor was there.

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