has promised faster permanent approvals for larger investors in america. we will have those details. plus, which countries have the best and worst retirement systems, according to a new report. hello and welcome to business today. i'm steve lai. let's begin in the united states where president—elect donald trump has been firming up donald trump has been firming up the members of his next administration. he hasjust administration. he has just picked administration. he hasjust picked federal trade commission and drew ferguson to leave the agency, he is one of sir robert commissioners appointed by presidentjoe biden. mr trump has also made a big promise to speed up permits for anyone investing at least $1 billion investing at least $1 billion in the well�*s largest economy. the national environmental policy act requires federal agencies require reviews before approving infrastructure and energy projects like pipelines and highways. donald trump has promised to speed up these

environmental reviews for those who invest $1 billion comes after he promised on the campaign trailto after he promised on the campaign trail to boost america's domestic energy industry and bring down costs. he didn't provide any details on how his administration would help investors secure these approvals, but many companies and corporate lobby groups have complained about the length of time that these reviews can take, saying they create lengthy and expensive delays. environmental activists were dismayed. the sierra club said in a statement "corporate polluters cannot bribe their way to endangering our communities and our clean air and water. we'll keep fighting to defend our bedrock environmental regulations and ensure they apply to everyone not just those who ensure they apply to everyone notjust those who can't ensure they apply to everyone not just those who can't afford trump's bribe." this is one of the earliest evidence we have seen so far from the trump administration, both on the environment front and on the deregulation efforts. officials and business leaders

have been weighing in on mr john's glad to impose tariffs on china and other economies. at an event on tuesday us treasury secretary janet yellen said sweeping terrace would lead to higher inflation, but the boss of banking giant goldman sachs is the impact of darrius will depend on how they are implemented and that mr john's administration could be good for business. the john's administration could be good for business.— john's administration could be good for business. the shift in administration, _ good for business. the shift in administration, which - good for business. the shift in administration, which i - good for business. the shift in administration, which i think. administration, which i think appears to be an administration thatis appears to be an administration that is going to run a mauga thing kind of playbook is one thatis thing kind of playbook is one that is quite good for our business and our business activity. whether or not it plays out that way, the markets say it will play out that way. in aviation use boeing says it delivered 13 commercialjets in november. less than a quarter of what it handed over to customers one year earlier. the playmaker has been hit by a safety crisis and a strike would shut down most of its production facilities. the seven—week long strike involving 33,000 factory workers in the us entered on 5

november. turning to the energy markets, oil prices slipped on tuesday, as concerns eased about fallout effects from the ousting of syrian president bashar al—assad. —— driven by demands. it showed a jump in —— driven by demands. it showed ajump in chinese —— driven by demands. it showed a jump in chinese crude oil in november, the spike in seven months. the old producing cartel opec plus has moved away from plans to increase supply, besting prices. let's bring in oil analyst dan struyven. we have seen chinese macro activity data from some lows. we expect china oil demand to grow into next year at a modest pace and a faster pace than this year. that said, the structural demands of growth based in china are significantly slower than what it used to be a few years ago because of the energy decision, especially unley road. what because of the energy decision, especially unley road. what you make of geopolitical _ especially unley road. what you make of geopolitical concerns, l make of geopolitical concerns, dedans and syria, are they likely to shape up oil supply

chains and investment in energy security? 50 chains and investment in energy securi ? ., ., security? so far elevated seepolitical _ security? so far elevated geopolitical instability i security? so far elevated geopolitical instability in | security? so far elevated . geopolitical instability in the middle east and russia has not had a significant effect on a global level of all production and therefore oil prices. it has a significant impact on supply chains, basically two byes the oil from whom with significant redirection is of conferences, iranian oil to china, russian oil to india and china. in the base case, despite the uncertainty we don't expect significant disruptions but we do see the risk to oil prices in the short—term is due the upside because oil supply may fall early next year.— because oil supply may fall early next year. what about opec plus. _ early next year. what about opec plus, what _ early next year. what about opec plus, what are - early next year. what about opec plus, what are they i early next year. what about. opec plus, what are they likely to do in response to this? we exect to do in response to this? we meet opec _ to do in response to this? - expect opec to stay disciplines and to keep production a relatively low levels to continue to stabilise inventory is an stabilise prices. opec hasn't been quite effective at

limiting price fluctuations and limiting price fluctuations and limiting fluctuations in fundamentals such as inventory. if we were to see a large disruption, for instance from around, we expect opec producers such as saudi arabia and the uae would have a lot of spare production currently shut in compared to the market and stabilise prices.— stabilise prices. come january will see a _ stabilise prices. come january will see a new _ stabilise prices. come january will see a new president - stabilise prices. come january will see a new president in - stabilise prices. come january| will see a new president in the white house, president—elect donald trump has been quoted as saying "drill, baby, drill drill" to think that will have an impact on markets and oil prices? an impact on markets and oil rices? ~ , ~ an impact on markets and oil rices? ~ , . ,, prices? we expect solid us ener: prices? we expect solid us energy production - prices? we expect solid us energy production growth l prices? we expect solid us i energy production growth for oil and natural gas. that said, policy is not a mean driver of that view. we think in the short term oil production is driven by prices and shareholder objectives of energy company. over the medium run living regulatory easing could support us energy production if the government were to lease out more offshore

energy field projects. in other news adidas has its headquarters in germany has been raided by authorities as part of a tax investigation it is related to customs with imports from october 2019 to this was widjaja's it is cooperating with authorities in providing them with necessary documents and information. general motors has announced it will stop funding the development of the crews are self—driving taxi. the company pointed to the increasingly competitive market as a reason for the move. its competitors include tesla which unveiled its uber taxi in october and waymo. the boss of ferrari says it will always make luxury sports cars in its home town of maranello in northern italy. benedetto vigna says the company will not manufacture cars in the united states. he added that he does not see a change in demand for its cars despite the threat of tarus

from us president—elect donald trump. and this year the united nations observed that one in four people are living in countries where populations have already peaked. this rise in ageing societies has raised fresh questions on retirement adequacy and whether current pension systems are keeping up. a new report by consulting firm mercer looked across 48 countries and ranked the netherlands, iceland, and denmark as the ones with some of the best retirement systems in the world. in the bottom three, they find india, argentina, and the philippines are lagging behind. the lead author david knox told me what makes up a good retirement system. firstly, in those countries there is a public pension from there is a public pension from the government for the poor. they're looking at the poor a's. the recovery rate of the population is in the order of 85- 90%, population is in the order of 85— 90%, so most people aged between 15 and 64 a private retirement savings accounts. and thirdly the amount of money going in is a roundabout 12—

50% of a person's ways. so they not relying on the next generation to pay their pensions, they are putting money aside now for the future. singapore is a good example with the central provident fund. we need to be putting money aside for the future for the ageing population. we cannot rely on the next generation as we used to. find generation as we used to. and if we look _ generation as we used to. and if we look at — generation as we used to. and if we look at the _ generation as we used to. and if we look at the countries that are perhaps not doing quite so well, you've got india, argentina, the philippines rent lowest in the study, what are their pension systems like and whether they really need to improve? the? really need to improve? they need to improve _ really need to improve? they need to improve as _ really need to improve? they need to improve as i've - need to improve as i've mentioned, you take india, for example, the informal labour market is difficult for a private pension system, but i think there are opportunities to use technology there. many of these systems need to improve their governance, their regulations, so that the community has confidence in the private pension systems and trusts the system and are willing to therefore put the

moneyjust money needs to be invested for the future and not just use in the next 5—10 years stop and that brings me to a final point that when you invest money in pensions the money must be preserved for the person's retirement. is not something that should be accessed in the intervening years. accessed in the intervening ears. ~ . accessed in the intervening ears. . , ., years. we are seen quite a few auuein years. we are seen quite a few ageing societies _ years. we are seen quite a few ageing societies here - years. we are seen quite a few ageing societies here in - years. we are seen quite a few ageing societies here in asia i ageing societies here in asia like south korea, japan, here in singapore as well. are there governments doing enough? pension reform is difficult because it affects real people about to retire. but i think generally governments need to do more in terms of pension reform and they need to educate the community that the ageing population is real, fertility rates are falling, and therefore people are going to need to save up for themselves for the future, we can't solely rely on the government. we have some bad news _ rely on the government. we have some bad news for— rely on the government. we have some bad news for coffee - some bad news for coffee drinkers out there, your morning brew could soon get more expensive. prices of coffee on commodity markets evidence base level on record.

on tuesday arabica beans, which account for most global production, topped $3 per pound, that is expecting crops to shrink as brazil and vietnam have been hit by bad weather, you can find out more about what is driving prices in this article written by my colleague on our bbc website and mobile app on our bbc website and mobile app as well. and before you go, recap of our top story, us president—elect donald trump as many big promise to speed up moments for anyone investing at least