tv Business Today BBC News September 13, 2024 12:30am-12:45am BST
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hello and welcome to business today. i'm katie silver. we begin in the us, where there have been tense scenes at a key factory belonging to boeing. the company's us west coast workers have been queuing up to vote on a new contract. the proposed deal includes a wage increase of 25 percent and a promise to build boeing's next commercialjet in the seattle area. if the deal isn't approved, boeing faces a crippling strike that is likely to cost billions of dollars. we won't stay out that long. i mean, it's a lot of us. 33,000 members. that's a lot of people. that's a lot of people that can affect the economy after a couple of months. "that's always say, 'hey, if you don't vote for this contract and you, we're taking the airplane out of washington state.�* there's always some kind
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of pressure to get us, to motivate us to vote in their favor. there's always something like that, you know, there's always an underlying threat. and if we're not doing the right thing, then we're hurting the company. we're not hurting them. they've got, they make way more money than we do. why don't they give up some of their money to get boeing out of the problem they're in? the bbc�*s ritika gupta has more on what's at stake. they haven't had a new contract in 16 years of been bargaining for months of her higher pay, better benefits and job security, the latest dispute was centred around workers discontent with the tentative agreement reached over the weekend. the international associations of machinists and aerospace workers and boeing unveiled a package that includes a 25% pay rise over the next four years and $3000 signing bonus and other improvements that help gather a retirement benefit. boeing also had the next in the state of washington. some workers are unhappy with the outcome, given
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the pay increase is lower than the pay increase is lower than the 110% the pay increase is lower than the 40% originally demanded and they have asked for payback after their wages were curtailed by inflation in recent years. he comes at a difficult time which boeing has struggled after several safety incidents into fatal crashes five years ago. according to a note from colin, a 50 day strike could cost them an estimated three to $3.5 billion of cash flow.— of cash flow. more than 2096 wa . e of cash flow. more than 2096 wage hike — of cash flow. more than 2096 wage hike from _ of cash flow. more than 2096 wage hike from october - of cash flow. more than 2096. wage hike from october which will last around five years, all in all, 87% of union members voted in favour of the deal. oil prices have risen more than 2 percent — largely due to a hurricane in the gulf of mexico impacting supply. but overall, there is concern about weak global oil demand — particularly from china. that's weighed heavily on prices in recent months. joining me now is daan struyven — he's an oil analyst
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at goldman sachs. important but short—lived disruption but less percent of global supply, typically after the storms, tends to come back and explain the recovery and oil prices have fallen to levels that were really low relative to fundamentals. we saw opec _ relative to fundamentals. we saw opec cut _ relative to fundamentals. we saw 0pec cut its oil demand growth this year, trimming expectations for a second time, what does this mean that he comes to oil prices? we have seen a decline _ comes to oil prices? we have seen a decline in _ comes to oil prices? we have seen a decline in oil- comes to oil prices? we have seen a decline in oil prices i comes to oil prices? we have seen a decline in oil prices in| seen a decline in oil prices in 20 for since earlyjuly and roughly part of that can be explained by expected fundamentals, primarily the slowing of chinese will demands which is largely structural as we have seen the switching tvs. and financial gas. the other
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factor is us supply continues to put perform very well but that's the negative shift in risk sentiment and market participants and supply from geopolitics and becoming more and more focused on the wrist to supply and recessions the possibility of an oversupplied market in 2025. find possibility of an oversupplied market in 2025.— market in 2025. and other countries _ market in 2025. and other countries and _ market in 2025. and other countries and agreement i market in 2025. and otherl countries and agreement of whether they can cut production caps and how much internal conflict is going on in those discussions?— discussions? the group continues _ discussions? the group continues to _ discussions? the group continues to be - discussions? the group continues to be fairly i discussions? the group - continues to be fairly cohesive and they agreed to increases from october and the producer group did lay out a plan to gradually bring those areas back and allow the uae to increase its production quota because they have invested a lot in oil production capacity
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and i think that plan shows that cohesion is still available. i infrastructure for al prejects _ i infrastructure for al projects after - i infrastructure for al projects after the - i infrastructure for al - projects after the meeting, the chief executive said that public collaboration would be essential for the industry. tesla — the electric carmaker has been navigating slower sales growth, falling profit margins and increased competition. then there is ceo elon musk whose statements on the company and many other topics almost daily on social media are seen as distractions. we're nowjoined by los angeles based auto analyst karl brauer. what is the company doing to stay competitive? he recognises the critical _ stay competitive? he recognises the critical nature _ stay competitive? he recognises the critical nature that _ stay competitive? he recognises the critical nature that al - stay competitive? he recognises the critical nature that al is - the critical nature that al is going to play and everything. cars are the least of it, this could be so many things that al is going to impact of the next
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few years and he wants to make sure that tesla was part of the transition and he is investing heavily but he's up against a lot of other players who ironically, one of the companies he started and was taken over and now he's going to start again with his own company and try to catch up and he is using another vertical loop in his business catalogue to invest in aai and talk about how it's going to lend its capabilities to help it get to where it needs to go i think the bottom line is tesla needs a technological breakthrough, the product is ageing and he said to go through a lot of pains that traditional auto—makers have to go through when the finished challenges, reducing prices, laying people off and still meeting sales and profits fall and the traditional auto—maker. profits fall and the traditionalauto—maker. he profits fall and the traditional auto—maker. he has become more of a tech company and is trying to get there but no windows, including him when he is going to get there and onceis he is going to get there and once is breakthrough going to
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come with taxis that self drive and when is he going to get all of these capabilities? with the approaching us presidential election, the issue of cryptocurrency is dividing opinion. my colleague tadhg enright spoke to the chief legal officer of one of the biggest exchanges and asked how important the election is for crypto s future. donald trump is more explicitly adopted pro—crypto options which would call for a sensible standard for cryptocurrency and stable rules that are quite encouraging. vice president harris has had less of an opportunity to do so but she has reached out to the crypto industry and better understand the concerns of the industry in ways that we can break from the much more hostile and much more enforcement focused approach of the current administration and i cannot underscore enough how much this is notjust of the us but for the world because of course, not only is the us an
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important market for cryptocurrency, it's very important technology that has been developed here and it's critically important that we do not lose sight that the world is just not waiting for the us to get its act together. and adopting standards and i think adopting standards and i think a lot of competitive pressures being put on the united states not to be left behind stopped by but they have collectively donated $19 million towards the campaign and the us elections and congressional and presidential in your company is the biggest single donor and more than $50 million their are bossing. more than $50 million their are bossinu. ~., , ., , bossing. money moves the needle when it comes _ bossing. money moves the needle when it comes to _ bossing. money moves the needle when it comes to this. _ bossing. money moves the needle when it comes to this. what - when it comes to this. what exactly are you hoping to achieve with these donations? they particularly for our president and across the federal government are quite expensive and it's an unfortunate reality of our politics and this is recognise that in order to be a part of
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the broader political conversations and to engage in that process, it needs to be involved in the campaigns for donald trump and vice president harris need to understand that their voters want to see cryptocurrency and their financial future that is the reason why we have engaged in ways that we think are very consistent with something the queen this is called for all along, sensible rules and sensible regulation and this is not a company or industry, that is shying away from legislation. is shying away from leaislation. , . ., legislation. restructuring of the xbox gaming _ legislation. restructuring of the xbox gaming division i the xbox gaming division throughout 2024, the tech giant has been cutting jobs and closing down studios, after nearly 70 billion acquisition of video game companies activision blizzard in 2023. an engineer is completed the roads first private spacewalk, the project was commercially funded and conducted by space x. it is
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the catch up. tonight, a big nhs warning, the vma highlights and lando noris races and lego. first time we have seen something like this. we don't have a lot _ something like this. we don't have a lot of _ something like this. we don't have a lot of to _ something like this. we don't have a lot of to do _ something like this. we don't have a lot of to do back - something like this. we don'ti have a lot of to do back home but it looks like the perfect view. , ., , ., ,, ., ., view. the first nonprofessional astronaut _ view. the first nonprofessional astronaut to _ view. the first nonprofessional astronaut to walk _ view. the first nonprofessional astronaut to walk in _ view. the first nonprofessional astronaut to walk in space - view. the first nonprofessional astronaut to walk in space and| astronaut to walk in space and bankrolling the mission which blasted off on tuesday in space x also did the spacewalk which lasted around ten minutes and took place over 400 miles above earth. the crew will return on saturday. some of the stories
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now in the warning, the nhs in england is in a critical condition and ordered by labour says polluting waiting times and delays getting emergency around silverstein and a replica built from ( emergencyi0 treatments are costing lives and delays getting emergency treatments are costing lives and the prime minister has and the prime minister has promised a ten year plan to fix promised a ten year plan to fix things but since the focus will things but since the focus will be on major reforms rather than be on major reforms rather than more money and taylor swift is more money and taylor swift is become the biggest ever winner become the biggest ever winner at the mtv vma awards with at the mtv vma awards with seven trumpets including best seven trumpets including best video and the tour mates of one video and the tour mates of one song of the year for espresso, song of the year for espresso, chapel rowing had best new chapel rowing had best new artist and katy perry was artist and katy perry was honoured with the lifetime honoured with the lifetime achievement award. winning best achievement award. winning best afro beat song for water. time afro beat song for water. time now for ten seconds of lego and now for ten seconds of lego and lando, formula 1 driver drove lando, formula 1 driver drove around silverstein and a
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and the premier league. ten hag strikes back, and says his man united are in a period of flux, but will ultimately come good. hear what he has to say. and we speak to britain's youngest ever formula one driver, as 0liver bearman prepares for the azerbaijan grand prix. hello there, and welcome along to the programme. it's set to be one of the most captivating contests in the world of english football. the hearing into manchester city's alleged 115 breaches of the premier league's financial rules is due to start on monday — subject to any legal delays. the current champions are accused of failing to comply with the regulations dating back to the 2009/10 season. city deny the charges, they claim they have a comprehensive body of irrefutable evidence in support of their position. but the club could face penalties such as a points deduction, or a significant fine if found guilty.
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