tv Business Today BBC News September 11, 2024 12:30am-12:46am BST
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i'm steve lai. let's begin in the united states, where presidential candidates kamala harris and donald trump are set to take the stage for a one—to—one debate in a few hours�* time. they have proposed very different economic policies — involving changes to taxes, spending, immigration and especially trade. that could have a major impact on the asia pacific region, with relations at china at stake. angela mancini explains how us economic policies would evolve under each candidate. i think all eyes are on this debate and typically it's a domestic policy discussion, because china and... the key issues here of course for either of them industrial policy is here to stay and protectionism is here to stay in the united states, we will see largely but not exactly a rerun of the biden and the trump 1.0 administration for the key things are as follows —
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how strict would trump be with china, what we saw eight years ago which was radical at the time with the tariffs is not just the baseline, and to what extent would harris continue biden�*s policies or go further with labour and environmental standards? you mentioned supply chain, how do they differ when it comes to that? the chain, how do they differ when it comes to that?— it comes to that? the us is t in: it comes to that? the us is trying to — it comes to that? the us is trying to move _ it comes to that? the us is i trying to move manufacturing back to the united states. to move back to the united states. trr move all manufacturing jobs back to the united states through tariffs. kamala harris would look at allies and do some reassuring or french shoring, businesses here in asia, clients are looking at these scenarios it's very difficult to understand where to put capital and exactly where to adjust your supply chains, one, the indo—pacific economic framework agreement would trump kill it on day one as he said, as like a 2.0 he would kill it, harris would
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continue it, and also the inflation reduction act. that of course would allow important asia allies like japan and korea to get tax credits for investing in clean energy infrastructure in the states. those are some key areas with some supply—chain investments into asia that a lot of are watching here at a business perspective. watching here at a business perspective-_ perspective. what are the unknowns _ perspective. what are the unknowns if _ perspective. what are the unknowns if you - perspective. what are the unknowns if you like - perspective. what are the unknowns if you like with | perspective. what are the i unknowns if you like with my truck has been in office before, harris has been part of the biden administration but she may want to differentiate herself from biden when it comes to foreign policy, when it comes to trade.— it comes to trade. that's exactly _ it comes to trade. that's exactly right, _ it comes to trade. that's exactly right, she'll- exactly right, she'll definitely want to put her own stamp on it, it'll be interesting to see who she puts it in as her advisers, which will be different ones. to what extent does china retaliate in a different way, may be a stronger way than before, and number two, stronger way than before, and numbertwo, can stronger way than before, and number two, can allies stay on—site or do they start going their own way based on their own economic issues, and finally what does the us consumer do? all of these tariffs and protectionist measures are inflationary, the last thing the us wants is more inflation. we
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last thing the us wants is more inflation. ~ inflation. we were in washington, - inflation. we were in washington, dc- inflation. we were in - washington, dc recently, tell us the mood ahead of the debate. , ., ., , ., debate. very anxious and excited- _ debate. very anxious and excited. i _ debate. very anxious and excited. i get _ debate. very anxious and excited. i getjust - debate. very anxious and excited. i get just got - debate. very anxious and l excited. i getjust got back from washington yesterday on both sides thinking their side is going to come out strong and thinking that they are looking for administrationjobs. one of the key domestic issues of the us election is inflation, and whether incomes are rising in tandem. new economic data could provide further clues on that. real us household income has risen for the first time in four years, according to the census bureau. the bbc�*s ritika gupta has the details. real us household income, which is adjusted for inflation, increased for the first time since the pandemic. the median income rose 4% last year to $80,610. that's according to the census bureau's annual report on income, poverty and health insurance coverage. the gain reflected an easing of inflation, which reached a four decade high back in 2022. even so, poverty rates showed only modest changes last year and median incomes were $600 below where they were
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four years prior. whilst price pressures have come down thanks to a series of rate hikes from the federal reserve aimed at cooling the economy, the cost of everything from grocery items to car insurance are much higher than they were before the pandemic. that's why many americans are concerned about the cost of living, and the economy has been a key issue in the presidential race. the democratic candidate, vice president, harris, is targeting low and middle class families through tax credits and proposals for lowering the cost of groceries and cheaper prescription drugs. her rival has blamed the administration for the higher cost of living then when he was president. oil prices have fallen to a nearly three—year low, following a monthly report by 0pec. the group of oil producers has lowered its forecast for demand for the second time in two months. there has been a slowing pick—up from china — the world's largest crude importer — because of its growing ev sector and deflationary pressures. turning to the technology
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industry, where google is facing a major antitrust lawsuit in the united states. on tuesday, the court heard testimony from a former executive with murdoch—owned media giant newscorp. she said the firm was held "hostage" by google's sprawling online advertising business. antitrust lawyer daniel mccuaig explains how the lawsuit will impact the tech giant. so the case is a bench trial, not a jury trial. that means thejudge will decide not a jury trial. that means the judge will decide both whether google is liable and if so what the remedy is. so all eyes are on the judge. i think watching for primarily two things. first, whether google �*s argument that the us doj hasn't understood competitive dynamics here, instead of there being these three adjacent product markets each dominated by google, like the doj has alleged, it's reallyjust one
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larger market where google competes against the likes of facebook and amazon and various streaming services. and it has a market share of only 25% at most. that's a tough argument for google to win, but if google can win it, it will win the case. google can win it, it will win the case-— the case. now, with the debate a few hours _ the case. now, with the debate a few hours away _ the case. now, with the debate a few hours away i _ the case. now, with the debate a few hours away i want - the case. now, with the debate a few hours away i want to - the case. now, with the debate a few hours away i want to get | a few hours away i want to get your thoughts on the two candidates, harris and trump and their potential administrations of what they would mean for antitrust legislation in america. for legislation. _ legislation in america. for legislation, i— legislation in america. for legislation, i don't - legislation in america. fr?" legislation, i don't think there's much chance to see anything new regardless of who wins in november. the sherman act, the clayton act, the ftc act, the clayton act, the ftc act, those have been around for act, those have been around for a century and we should all expect them to remain the bedrock of us antitrust enforcement for years to come. as far as enforcement goes, the current biden administration has been as aggressive as we've seenin has been as aggressive as we've seen in decades. i think the general feeling seen in decades. i think the generalfeeling is that seen in decades. i think the general feeling is that vice president harris would largely continue along similar lines,
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but she hasn't been particularly outspoken on antitrust law so that's a hard call to make right now whether she would appoint enforcers who would continue that course, or maybe moderate a little bit, see how these current cases shake out, before setting a path forward. the olympics could add a quarter of a percentage point to france's growth in the third quarter, according to its central bank. this because the games boosed its hospitality, event management and security sectors. but the central bank kept its forecast for growth at 0.1 to 0.2%, because of uncertainty from a political crisis. martha lane fox rose to fame in the 19905 dotcom boom, as one of the founders of the travel website lastminute. com. she went on join the board of the social media company that was then known as twitter, now known as x. that means she was at the heart of twitter�*s acquisition in 2022 — when elon musk bought the platform for $41; billion. my colleague evan davis asked her about the decision to sell twitter for the bbc series, decisions that made me a leader.
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so did ijoin the board of twitter to sell a company to elon musk? i did not. ijoined the board of twitter because it was really fascinating company, interesting time. but in the end, that's what you have to do. you have to represent the shareholders. having signed the deal, you then have to uphold the law as a director. so yes, we sold it because he gave us a really good price. and secondly, we upheld the law because that's what you do, i believe. yeah. and he signed the offer and had to, had to go through with it. and the rest is history. the narrative that elon musk was very happy to tell was this was a company that was just ludicrously flabby. it is just it isjust much messier on it is just much messier on the timelines. much more comes into it. i use a possibly slightly less actually. he did reduce the cost by about 80% of the
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hasn't fallen over exactly, it kind of functions and you can imagine doing a lot of what he's done on the cost base without all the other stuff that has gone with that. h0. without all the other stuff that has gone with that. no, i auree that has gone with that. no, i agree with — that has gone with that. no, i agree with you _ that has gone with that. no, i agree with you that _ that has gone with that. no, i agree with you that it - that has gone with that. no, i agree with you that it hasn't l agree with you that it hasn't fallen over. this stuff matters because twitter did have a reach to other matters. journalism is absolutely focused on it. ., focused on it. politicians and olitical focused on it. politicians and political leaders, _ political leaders, particularly, 2024 has more elections happening around the world and in recent history, if we had still been part of the company when it was bought the management team would have been focusing more that as much as possible you could have high—quality information. the seams have been decimated and they think you're right, the company is still operating but whether it operates faithfully and well is a separate question. campbell soup is moving to drop the "soup"
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in its name to become "the campbell's company". the firm's boss said the change reflects that campbell is selling "much more than soup". its range of products include goldfish snacks and prego sauces. shareholders will be asked to vote on the name change at an annual meeting in november. we are following the us presidential debate in pennsylvania. you can follow live coverage on our website on our mobile app and watch us live here on air as well. goodbye for now.
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hey, i'mjulia with the catch up. tonight — mel b on afro discrimination, losing a star wars legend and a private space walk. but first, more than 1,700 people have been let out of jail early. it's happening in england and wales to tackle record levels of overcrowding. the government has said that sex offenders and domestic abusers aren't eligible. but experts say some might have been released. prisoners let out will still have to meet restrictions like curfews and tagging. some other stories now — the inquest into the death of steve dymond, who featured on thejeremy kyle show, says his appearance didn't
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cause him to take his own life. jeremy kyle's spokesman said it was clear he didn't contribute to the suicide. but steve's son karl said the only good thing to come from his father's death was that the show was cancelled. next, mel b is backing a campaign to end afro hair discrimination. she's teaming up with politicians, singers and other leading black britons to push for a new law that would crack down on unfair treatment. people face over their natural hair. and there have been lots of tributes to the american actorjames earljones, who is best known for this. i've been waiting for you, obi wan. the voice of darth vader has died aged 93. mark hamill, who played luke skywalker, posted "r.i.p. dad" on x. and we'll leave you with 10s of vip space travel edition. and now go falcons! four astronauts are
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also in the nations league, it's all square in amsterdam, as netherlands and germany share the points. and legendry f1 designer adrian newey tells us why he's leaving red bull, and now hoping he can lead aston martin to the world championship. welcome along, thank you forjoining us. tuesday saw nine matches in the uefa nations league — and it was a special night for harry kane. the england captain scored twice as he made his 100th appearance for his country. a 2—0 win over finland means it's back to back wins for england and their new interim manager lee carsley. 0ur correspondent natalie pirks was watching at wembley:
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