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 start 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. his chesapeake federal trade commission and drew ferguson to lead the anti—trust agency. he is one of two republican commissioners appointed by presidentjoe biden. he has made a big promise to speed up permits for anyone investing at least $1 billion in the worlds largest economy. michelle fleury has more. the national environmental policy act requires federal agencies to conduct reviews before approving energy production and infrastructure projects like pipelines and highways. donald trump's promise to speed up these environmental reviews for

those who invest $1 billion comes after he promise on the campaign trailto comes after he promise 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, say, 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, adding, we will keep fighting to defend our bedrock environmental protections and ensure they apply to everyone, not just those who ensure they apply to everyone, notjust those who cannot afford trump's bribe. this is perhaps one of the earliest efforts were 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

trump's plan to impose tariffs on china and other economies. an event on tuesday, us treasury secretary want that sweeping towers will lead to higher inflation but the boss of the banking giant says the impact of tariffs will depend on how they are implemented. and that the administration could be good for business. the could be good for business. tie: administration could be good for business. tue: administration which i could be good for business. tue administration which i think appears to be an administration that will run of growth playbook, that is one that's quite good for our business and a business activity know whether or not it plays out the way, the market is saying is going to play out that way. tn going to play out that way. in the energy market, or prices rose driven by hopes of russian —— rising demand which is the world's largest buyer of the commodity. this week showed a jump commodity. this week showed a jump in chinese crude oil imports in november, the first bike and seven months, the producing cartel has also moved away from plans to increase supply, away from plans to increase supply, boosting prices. they say he is seeing a recovery in

china. ~ ., ., , , china. we have actually seeing a --icku china. we have actually seeing a pickup in _ china. we have actually seeing a pickup in china _ china. we have actually seeing a pickup in china oil— china. we have actually seeing a pickup in china oil demand i a pickup in china oil demand and broader chinese activity data from there and we expect china oil demand to grow into next year at a modest space and at a faster pace in this year. that said, the structural demands are growth base in china is significantly slower than what used to be a few years ago because of the energy transition especially on the road. ~ ., , ., transition especially on the road. ~ ., transition especially on the road. ., road. what you may con'ure olitical road. what you may con'ure political concerns �* road. what you may con'ure political concerns that h political concerns that tensions in syria and more broadly in the middle east as well conflicts that they likely to shape up or shake a brother oil supply chain and investment in energy security? 50 oil supply chain and investment in energy security?— in energy security? so far, elevated — in energy security? so far, elevated uncertainty - in energy security? so far, elevated uncertainty in - in energy security? so far, j elevated uncertainty in the middle east and russia has not had a significant effect on the global level of oil production and theirfour oil global level of oil production and their four oil prices. global level of oil production and theirfour oil prices. it is infinite on supply chains on who buys the oil from is infinite on supply chains on who buys the oilfrom home is infinite on supply chains on who buys the oil from home with significantly directions. of

uranium oil to china, russian oil to india uranium oil to china, russian oilto india and uranium oil to china, russian oil to india and china and in our best case, despite the uncertainty, we don't expect a significant product description but we see the risk of oil prices in the short term as to the upside because you run oil supply may foil. the upside because you run oil supply may foil-— supply may foil. what about 0pec+ ? supply may foil. what about 0pec+? what _ supply may foil. what about 0pec+? what do _ supply may foil. what about 0pec+? what do you - supply may foil. what about 0pec+? what do you think| supply may foil. what about - 0pec+? what do you think they opec+? what do you think they are likely to do in response to this? ~ , . ., , this? we expect 0pec+ to stay in discipline — this? we expect 0pec+ to stay in discipline and _ this? we expect 0pec+ to stay in discipline and keep - in discipline and keep production at low levels to continue to stabilise inventory and stabilise prices. opec+ has not been effective in limiting price fluctuation and limiting fluctuations in fundamentals such as inventory. if we want to see a large destruction, for instance, from iran, i would expect that opec producers such as saudi arabia to have a lot of spare capacity, production of spare capacity, production of trident to come back into the market and stabilise prices. the market and stabilise rices. ., ., ~ ., .,

prices. to india where amazon has announced _ prices. to india where amazon has announced plans - prices. to india where amazon has announced plans to - prices. to india where amazon has announced plans to enterl has announced plans to enter the market with 15 minute grocery deliveries. they are coming into what is already a very crowded market, tell us more? ~ , very crowded market, tell us more? absolutely. it's a hugely. _ more? absolutely. it's a hugely. hugely - more? absolutely. it's a i hugely, hugely competitive space with some six odd companies already jostling space with some six odd companies alreadyjostling for companies already jostling for space companies alreadyjostling for space with the like of lead and in fact last month, we saw that the rfc in fact last month, we saw that the rpo was propped up by that quick business and you have the likes of steptoe wanting to go public so, there is a huge amount of potential in india's quick space which is really gone on from being some hundred dollars sales industry to $6 billion and arm on clearly seems to be wanting a piece of the spy. what we have learned is that they want to start with

a trial in the city of bengaluru and if that successful, they will roll it out in the rest of the country as well. what's interesting is that this is a first country, india globally that they are launching this sort of a pilot so it would be key to watch if they really take this from here to other parts of the world as well. . ~ to other parts of the world as well. ., ~ , ., to other parts of the world as well. . ~' , ., , to other parts of the world as well. ., ~ i. , . to other parts of the world as well. . ~ ,, , . a well. thank you very much. a dentist is _ well. thank you very much. a dentist is assess _ well. thank you very much. a dentist is assess intense - dentist is assess intense quarters in germany has been rated by part of investigation. it's with regulations surrounding imports for the period of october 2019 to this august. the giant says it is cooperating with the tories and provide them with necessary documents and information. general motors has announced that it will stop funding the development of the cruise south thriving taxi, the front pointed to the increasing competitive market as a reason for the move. its competitors

include tesla which unveiled its long—awaited river taxi in october and google's parent company alphabet. the boss of ferrari says it will continue making luxury sports cars in its home town in northern italy. he added that the company will not manufacture cars in the united states. he said he does not see a change in demand for ferrari cars despite the threat of tariffs from us president—elect donald trump. this year, the united nations observed that one in four people are living in countries where populations have already peaked and this rise in ageing society is raising fresh questions on retirement adequacy and with the current pension services arc coming up. a new report looked across lto countries and wreck the netherlands, iceland and mark is one with some of the best retirement systems in the best retirement systems in the world. in the bottom three, india, argentina and the philippines are lagging behind. the report's lead author told me what makes up a good retirement system. firstly, in

those countries, _ retirement system. firstly, in those countries, there - retirement system. firstly, in those countries, there is - retirement system. firstly, in those countries, there is a . those countries, there is a public pension government for the poor, they're looking after the poor, they're looking after the poor, they're looking after the poor age and secondly, the coverage rate of the work h population is five — 90% so most people aged between 15 and 64 have got private retirement savings account. and thirdly, the amount of money going in as around about 12 — 15% of a person's wage. so they are not relying on the national oration to pay their pensions, they are putting money aside now for the future, singapore is a good example with the central provident fund but we need to be putting money aside for the future for the ageing population. we cannot rely on the next narration as we used to. tt the next narration as we used to. ., ., “ the next narration as we used to. ., , to. if we look at the countries that are not _ to. if we look at the countries that are not doing _ to. if we look at the countries that are not doing quite - to. if we look at the countries that are not doing quite so i that are not doing quite so well, you've got india, argentina and the philippines ranked lowest in the study, what of their pension systems like and what are they really need to improve?— like and what are they really need to improve? they need to imrove need to improve? they need to improve on _ need to improve? they need to improve on coverage _ need to improve? they need to improve on coverage as - need to improve? they need to improve on coverage as i - improve on coverage as i mentioned, you take india for

example, the informal labor market is difficult for private pension systems but i think there are opportunities to use technologies there, many of the systems also need to improve their governance, the regulations so the community has confidence in the private pension systems and trust the system and are willing to therefore put the money, that money is to be invested for the future and notjust used in the next five — ten years 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. we that should be accessed in the intervening years.— intervening years. we are seeinu intervening years. we are seeing quite _ intervening years. we are seeing quite a _ intervening years. we are seeing quite a few- intervening years. we are seeing quite a few ageing j seeing quite a few ageing societies here in asia like south korea, japan, here in singapore as well, other governments doing enough? pension reform is difficult because the effects of real people about to retire but i think generally, governments need to do more in terms of pension reform and there needs

to educate the community at the ageing population is real, fertility rates are falling and 15