to china india and turkey it really remains to be seen if they will go along and really stop buying iranian oil when it comes to november having that said what also remains to be seen who could fill in the gap just recently iran exported about two and a half million barrels of oil a day that was about one to one and a half million barrels a day in comparison to twenty fifteen so we don't know where for example saudi arabia could fill the gap and we did see quite a move when it comes to the price of oil and that's increased by a good three percent and western texas intermediate that the oil that we trade here in new york crossed actually there seventy dollars mark per barrel and the u.s. will be having to sell some of that shale there too and general electric shares have shot up after it's announced it spinning off two of its businesses one and oil tech business as well what's the thinking behind the move. well if you think it in a short term it brings more money to investors and it gives also more money to generate it to itself and they had quite some trouble in the past couple of y

so perhaps there won't be much progress on the issue between india and pakistan but what about china's quaked one belt one road project that india has been opposed to because of one of the one of the elements of the project is going through disputed the china pakistan economic corridor or do you think that we can expect any progress mr jacob on that issue because this is such a key. plan for china so i think the position. the government position is that this. well i think that it is up and so the opposition is still very strong but. you know they'll be a. part of the seals agenda. and i mean there's no running away from it. and the iraqis will have to find a way to deal with it and if you look at the record last year or even as late as early this year in europe will simply not sign on to anything that. what are you know all the forums you know it was an opportunity for conversations on the say. maybe. we. used to call it you know right some sort of project or it measures big eventually people from the it's ok so the way of knowing you know. going to get back to started or other nations

this may be surprising to most, when india has in the past balked at china's ioi road programme. we will aim to bring you that report very shortly. i believe we have, there you go. india's prime minister will be heading from delhi, that is the nation's capital, to the financial capital mumbai to make a speech at the asian infrastructure investment bank, the region's newest and most popularfunding bank, the region's newest and most popular funding body. it bank, the region's newest and most popularfunding body. it is bank, the region's newest and most popular funding body. it is a bank, the region's newest and most popularfunding body. it is a golden opportunity to india to try and close the gap in its infrastructure, something that is desperately needed to meet the growing needs of the growing population. india is seeking $2 billion from the bank to build roads, transport and waterways to connect villages and cities they could be some obstacles because of tensions between india and china. india has refused to endorse the one about one road initiative of china, also many in india f

to china india and turkey it really remains to be seen if they will go along and really stop buying iranian oil when it comes to november having that said what also remains to be seen who could fill in the gap just recently iran exported about two and a half million barrels of oil a day that was about one to one and a half million barrels a day in comparison to twenty fifteen so we don't know where for example saudi arabia could fill the gap and we did see quite a move when it comes to the price of oil that increased by a good three percent and western texas into media that the oil that we trade here in new york crossed actually there seventy dollars mark per barrel and the u.s. will be having to sell some of that shale there too and general electric shares have shot up after it's announced that spinning off two of its businesses one and all tech business as well what's the thinking behind the move. well if you think it in a short term it brings more money to investors and it gives also more money to generate it to itself and they had quite some trouble in the past couple of years i

you would expect china, india and indonesia to be the fastest growing markets for the next, you know,, you know, at least five to ten years. it is one of these japanese style shower toilets that has made its fortune. one of these can retail forup to $7,000. tell me about the price points. why would anyone pay more for a lixil branded products, rather than achievement chinese version? the challenge in asia is all about market development, not about fulfilling the market by creating a market. al —— consumers are engaged, but they don't think as much about their bathrooms. these loos are too expensive. thank you for investing your time with us. iam rico you for investing your time with us. i am rico hizon. sport today is up next. the top stories this hour: china joins g7 countries in warning president trump against import tariffs. donald trump's lawyer has argued that the president probably has the power to pardon himself over allegations of collusion with russia, but he does not intend to do so. two thirds of women with the most common form of breast cancer might be spared chemotherapy

so perhaps there won't be much progress on the issue between india and pakistan but what about china's quaked one belt one road project that india has been opposed to because one of the one of the elements of the project is going through disputed the china pakistan economic corridor or do you think that we can expect any progress mr jacob on that issue because this is such a key. plan for china so i think the position. the government position is that this. well i think that i don't think it is often so the opposition is still very strong but. you know they'll be a. part of the seals agenda. and i mean there's no running away from it. and the iraqis will have to find a way to deal with it and if you look at the record last year or even as late as early this year in europe will simply not sign on to anything that. what are you know all the forums you know it was an opportunity for conversations on the say. maybe. we. used to call it you know right some sort of project or measures like big eventually people from the it's ok so the way of knowing you know what it's. going to get back to st

so perhaps there won't be much progress on the issue between india and pakistan but what about china's quaked one belt one road project that india has been opposed to because of one of the one of the elements of the project is going through disputed the china pakistan economic corridor or do you think that we can expect any progress mr jacob on that issue because this is such a key. plan for china so i think the government position. the government position is that this. well i think that it is up there so the opposition is still very strong but. you know they'll be a. part of the seals agenda. and i mean there's no running away from it. and the iraqis will have to find a way to deal with it and if you look at the record last year or even as late as early this year in europe will simply not sign on to anything that. what are you know on the forums you know as an opportunity for conversations on the say. maybe. if you solve it you're right some sort of project or it measures big eventually people from the us ok so the way of knowing you know what it's. going to get back to started or oth

jens: china, india, korea and turkey are the biggest importers of iranian oil, and it really remainso be seen if they will go along and stop buying iranian oil when it comes to november. having said that, what also remains to be seen, who could fill in the gap. just recently iran exported about 2.5 million barrels of oil a day. that was up about 1.5 million barrels in comparison to 2015. for example, we don't know if saudi arabia could fill the gap. we saw quite a move when it comes to the price of oil, that increased by a good 3%. western texas intermiary crossed the $70 mark per barrel. daniel: general electric shares shot up after announcing it is spinning off two businesses. what is the thinking behind the move? jens: if you think of a short-term, it brings more money to investors and also more money to general electric itself. they had quite some trouble in the past couple of years. in 2000, ge was worth almost $600 billion. it was then the most valuable u.s. corporation. now it is down to about $100 billion. if it is a good decision in general, especially to sell, or get rid of

the top two, of course, being china and india. now the is whether 01’ china and india.s whether or not these two countries will comply with american sanctions, especially at a time of rising trade tensions. and on tuesday we told you about harley—davidson moving some production overseas. the reason was new european union tariffs on us exports that were brought in after donald trump introduced tariffs on eu steel and aluminium. today the president has responded. harley—davidson is using that as an excuse, and i don't like that, because i've been very good to harley—davidson, and they used it as an excuse harley—davidson, and they used it as an excuse and i think the people that ride harleys are not happy with harley—davidson, and i wouldn't be either. but mostly companies are coming back to our country. he has also threatened to impose new taxes on harley—davidson, though our reporter says the president's options are limited. i think most traders on wall street i was speaking to earlier today would tell you it is probably more likely rhetoric than anything. certainly the

korea imported goods totaling almost three and a half billion dollars eighty five percent came from china india and russian imports together accounted for a further five and a half percent the remainder from other countries including mexico and the philippines. of north korean exports two point eight billion dollars or eighty three percent went to china just three and a half percent went to india north korea's top exports include minerals textiles and fish. and south korean companies are hoping for a revival of a special economic zone called k. song just across the north korean border. engine component producer s.j. tech was the first south korean company to set up shop here until two years ago it had access to north korean labor. they were quick learners passionate about learning untalented. those qualities made them stand out above other labor forces in the region. and that is why the companies in k. song were so happy to work with them. he says. and north koreans earn just one tenth of what their southern counterparts make that's on par with labor from other countries regionally ok song howe

korea imported goods totaling almost three and a half billion dollars eighty five percent came from china india and russian imports together accounted for a further five and a half percent the remainder from other countries including mexico and the philippines. of north korean exports two point eight billion dollars or eighty three percent went to china just three and a half percent went to india north korea's top exports include minerals textiles and fish. and south korean companies are hoping for a revival of a special economic zone called k. song just across the north korean border engine component producer s.j. tech was the first south korean company to set up shop here until two years ago it had access to north korean labor. they were quick learners passionate about learning and talented. those qualities made them stand out above other labor forces in the region. and that is why the companies in k. song were so happy to work with them. he says. and north koreans earn just one tenth of what their southern counterparts make that's on par with labor from other countries regionally ok song how

welcome back there is more fallout for india from the smoldering traded terror of conflict between the united states and china yesterday we reported on india's measured diplomatic response to the drama well today currency watchers were noting the rupee's fall as it approaches a record low on wednesday the indian currency closed at sixty eight point six to the dollar the rupee's low record low against the dollar is sixty eight point eight percent nearly five years ago along a currency to fall of course as a well known effect and tactic to support exports by making them relatively more affordable in receiving nations with stronger currencies while there's no evidence that the indian policymakers have taken action to cause the slide they are unlikely to make moves to stop it. a raid on the home of an accused former prime minister in malaysia has yielded a record confiscation of what authorities say are ill gotten goods the raid on the home of not g. brazile who was ousted in may is election result in a seizure of goods valued at two hundred seventy three million dollars including the equal of quibbling of thirty

we are looking at india, china. ofch is kind of a reflection the business we are doing if you look at our portfolio. it has a similar path, a global platform, our presence in all of these markets and that is how we have grown the last 15, 16 years. david: let me ask you about the country you are from. i should disclose that you and i have done investments together. you have invested in my firm, so i got to know you over time to read i wanted to ask you about abu dhabi. aaldoon: let me give you quick history. the uae is a federation -- david: the united arab emirates. the united arab ofrates is confederation seven states, of being the largest. the father of the nation is his highness -- he passed away several years ago. ofwe have a population of abou0 million overall. we have a wealth of resources, particularly in the oil and gas field that has been the foundation of economic development. we have to prepare ourselves for the future. the leadership in this country has focused on maximizing the benefits and the returns

from fifty percent to just over forty and some of the world's fastest emerging economies including china india and russia are not represented economist jeffrey tucker thinks the g seven is losing its importance especially not one that's just the g seven which excludes china and russia as trump himself put it out there doesn't constitute if you believe these figures not even half of the world g.d.p. it's no longer relevant body even in the sense that they believe there's a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that eludes control by anybody any g where the g seven g eight g twenty g two hundred the big topic of discussion is trump's crazy trade war stuff and his demand for national production and punish in other countries is starting and destructive trade routes and raising prices this is all very dangerous behavior and to the extent that something like the g. seven could contain that problem it's really hard to know whether or not in the future of these kind of governing bodies are going to have much relevance to the way the world

imported goods worth almost three and a half billion dollars eighty five percent of them came from china india and russian imports together accounted for a further five and a half percent with countries including mexico and the philippines making up the rest. turning to north korean exports now that they were worth two point eight billion dollars eighty three percent of them went to you guessed it china a further three and a half percent went to india north korea's top exports include minerals textiles and fish. but amid the flurry of excitement about bridging differences it's easy to overlook the source of north korea's decades of political and economic isolation reports of human rights abuses including slave labor prison camps and torture are among the reasons the country's been shot of international diplomacy. or u.s. stocks edged higher on tuesday with help from media stocks as investors look fast to historic u.s. north korea summits and focused on the federal reserve's policy meeting now the fed is widely expected to raise interest rates for the second time this year on wednesday best as.

portfolio2% of our was in china, india, south america.no presence in these countries, no exposure. over the last three years, we have been actively investing and present in china, actively investing and present in india, south america. we have been opening offices around the world. our operations have reached a scale. david: mubadala is owned by the government of abu dhabi? robert: correct. david: who do you report to? robert: i have a board of directors, the board is chaired by the crown prince of abu dhabi , so we have a strong board, very present board. the board meets on a monthly basis. the crown prince, but they today is in charge of running the operations of the government of abu dhabi, that is fair to say? robert: that is fair to say. david: is it fair to say you are close to him? robert: i have worked with him for 17 years. david: i'm sure pretty close. julie hymans states and meets the president of the united states, do go with him sometimes? robert: yes. david: have you met president trump? robert: i have met with president cli

if you really want to reduce barriers, it is players like china and india that are the obstacles chinathe o bsta cles to china and india that are the obstacles to that right now. again, there is a disconnect on who donald trump seems to be directing his message at and the real obstacles to that. everyone says nobody with winds of a trade war, so what is the impact that donald trump has imposed and the tit—for—tat ones that follow. on the consumers?” and the tit—for—tat ones that follow. on the consumers? i think the answer to this goes to the heart of why his claim that america can win from a trade war is such a strange one. we have arty scene ta riffs strange one. we have arty scene tariffs on aluminium and steel go into effect and that is at its most basic level many inputs for american companies are becoming more expensive. you have very loud complaints coming from american business and construction sector, the gas sector, manufacturing, actually, many of the same companies that donald trump is claiming to try and help, they are the ones that are most affected by the fact that there

india's commitment to the aiib is huge. for instance, do you know which country is the largest shareholder of the aiib after china? ou know who are the biggest recipients of loans from aiib? —— and do you know who are the biggest recipients of loans from aiib? is again, it's india receiving us $4.4 billion in investments to date. this may be surprising to most, when india has in the past balked at china's 0ne belt, 0ne road investments. what are we expecting from the meeting? well, a few moments are now, the indian prime minister will be addressing the gathering and it isa be addressing the gathering and it is a huge task for him because he is seeking an additional $2 billion of funding, and while india has the second—largest shareholding in the asian infrastructure investment bank, there are political tensions that are underlying this summer because india, as he rightly pointed out, has not endorsed the one belt, 0ne road initiative of china to link asia, africa and europe trade routes. so many here have the apprehension that china may not grant the investment needed india. narendra modi's address is expected to s

of that the country exports two and a half million barrels the majority goes to china india and turkey but other countries including japan south korea and russia are also among the top twelve export destinations. the u.s. delegation is reportedly planning to travel to the middle east next week to urge go producers to secure global off applies after u.s. sanctions are imposed in november. iran's government has promised its people that the country can withstand a revival of sanctions. it's increasingly likely that president donald trump will make good on his promise to impose tariffs on cars built outside the united states he's ordered an investigation into whether car imports is a threat to national security is reasoning for the punitive judy's washington based alliance of automobile manufacturers has calculated the cost for american consumers if a twenty five percent levy is slapped on all automotive imports as you can see the price or as you'll be able to see in a moment the price per car built abroad would rise by almost six thousand dollars you can see why automakers a very concerne

fifty percent to just over thirty and some of the world's fastest emerging economies including china india and russia are not represented economist jeffrey tucker thinks the g seven is losing its importance especially not one just that's.

has to make investments it has to choose places where the money can grow and that right now is india and china and i think you're going to see them cooperating out of mutual interests that does not mean that india will abandon its strategic security relationships with the united states but it does mean that they're going to make their own path as they go through this so you are much more positive then about the india china relationship going forward and also positive that all these countries will continue to do business with iran and instant. web what do you think are these countries going to risk facing us sanctions to do business with iran. possibly this is a very interesting issue it remains to be seen what what the issue of iran's membership is going to be a tele if they as your countries vote for iran's or for membership inclusion to the us your home observer status in the face of the establishment of u.s. actions against iran like the withdrawal from the comprehensive plan for action then. of course is going to be a vote against what the u.s. has been doing you know in trying to be a vil

on the other side you know i mean we wish you both india and china you know able to you know resolve their differences and not have small countries like most of us get caught in between you know it's very difficult for a small country not just the maldives but also for other developing small countries in east asia and africa but you know we need development funds from somewhere and unfortunately in our u.k. or u.s. not providing that kind of development financing and so many countries not just maldives are being forced to go to china because those funds are available from china and you know when you have a democratic country where people's aspirations are high you know expectations have suddenly gone up you know the constitution of that you have you are entitled to tell you have a right to holocene you have a right to safe drinking water then the government is forced to do something about it for president i'll stop you there more from former president all these mohammad wahid son after the break russian designer vivienne westwood in downing street to protest u.k. government energy pl

that is creating opportunities outside of china. india is one of the biggest recipients. member, when we had the election two years ago, foxconn, a big supplier for apple and a china manufacturer, they made a big announcement that they were going to click -- put a huge wisconsin. what you probably didn't know is they are doing 12 plans of those size in india. there is dramatic growth that is happening. --nne: we have to live it leave it there. thank you, crit thomas, touchdown advisors from cincinnati. full-years cut the profit forecast. china announced 25% levy last week on cars imported from the u.s. in retaliation for president trump's threats. daimler also expects trade barriers to result in higher costs. andmercedes sedans crossovers are made in alabama. haidi: tesla is suing a former employee for allegedly hacking confidential and trade secret of information. a former technician is accused of transferring several gigabytes of data to outside entities, along with illicit photos of the production line. ceo elon musk has warned employees to be on the lookout sabotage.e

fifty percent to just over thirty and some of the world's fastest emerging economies including china india and russia are not represented economist jeffrey tucker thinks the g seven is losing its importance especially not one that's just the g seven which excludes china and russia as trump himself put it out there doesn't constitute if you believe these figures not even half of the world's g.d.p. it's no longer a relevant body even in the sense that they believe there's a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that it alludes controlled by anybody any g where the g seven g eight g twenty g two hundred the big topic of discussion is trumps crazy trade war stuff and his demand for national production and punish in other countries the starting and destructive trade routes and raising prices this is all very dangerous behavior and to the extent that something like the g. seven could contain that problem it's really hard to know whether or not in the future of these kind of governing bodies are going to have much relevance to the wa

we have seen a few responses to the tariffs from the us and the eu and china and india? are at the start of this, not the end. i think really if we look at what is driving us policy there is a fear of how they deal with china over the next 20 or 30 yea rs with china over the next 20 or 30 years and when the president declared himself leader for life, that changed us policy to china. i believe trump will do what he says he will and escalate the tariffs, not back off and we will get another significant wave. do you think the market feeling there is not an end, but a continuation? i think probably if anything market consensus is not fearing the worst or where this ends andi fearing the worst or where this ends and i don't see any back down in his resolve and as we have seen with the retaliation, i don't think we will see a change in people reacting to it each time. is that due to the fa ct of it each time. is that due to the fact of the in term of economic impact, you can reason that out in the the long—term, but in the short—term, economic impact is minimal in the us. now,

i think the indication is that india wants to cooperate as much as possible with china. into an arms race with china. however china is doing some very disturbing things in india's backyard so i think this predisposes india to collaborate more closely with other partners, japan and australia as well as the united states. but i don't think india is going to be enthusiastic about entering into any sort of arrangement that might look like some effort to contain china. you're watching newsday on the bbc. still to come on the programme: the new zealand comedian using his act to save the lives of young people with depression. also on the programme: why thailand's authorities are closing a hollywood paradise in order to save it from tourists. tributes have been paid around the world to muhammad ali who has died at the age of 7a. outspoken but rarely outfought he transcended the sport of boxing of which he was three times world champion. he was a good fighter and he fought all the way to the end. yes he did. you waive an indefinite ban on english clu bs waive an indefinite ban on

if you look at the big buyers, it is france, italy, china, india.hat is your expectation for that? dan: again, this is another piece of the puzzle, why we will not see the oil prices hover in the 70's, but continue to be instructive. -- constructive through the rest of the year. i have been looking at $85 for the end of 2018, and that is still my target price. besides the issue with the iranians pumping more oil and the saudis keeping down the amount they will increase over the production guidelines they already have, we have the problems in the permian, we have the problems in canada, we have problems in libya and nigeria. there has been a bad couple of lease arrangements in the gulf of mexico. problems in brazil. they are all over the place. we will continue to see a supply shortage going forward. alix: really quick, the names you like on that. dan: the u.s. players that have a limited amount of hedging, that have the ability to the infrastructure to deliver product so they are not in the permian. so you want them in the bakken, the eagle, so name

india on one side and on the other side i mean we were both india and china you know able to you know resolve their differences and not have small countries. in between you know it's very difficult for a small country not just the maldives but also for other developing small countries in east asia and africa but you know we need development funds from somewhere and unfortunately in our. us not providing that kind of development financing and so many countries not just maldives are being forced to go to china because those funds are available from china and you know when you have a democratic country where people's aspirations are high expectations suddenly going up you know the constitution that you have you are entitled to the you have a right to housing you have a right to safe drinking water then the government is forced to do something about it for a president. more from former president all these mohammad wahid son after the break. vivienne westwood in downing street to protest a government energy plans that critics say will cause earthquakes in britain let alone lead to global d

think that the saudis have got to be put in a little bit of a show to quell the concerns that china and india have right now because they're getting ready to talk with each other they're getting ready to talk with japan and south korea and they want to put together basically an oil buying club and specifically with regard to india rajiv i mean recently they said that they would continue despite u.s. sanctions on iran that the indians would continue to buy iranian oil is india really a huge market for oil from the middle east. it is it's second only to china it's third in the in the world behind china and the u.s. so yes the demand is definitely there it's going to continue to grow if we fast forward just a handful of years we're talking about probably china and india consuming fifty percent of what production we see globally in oil i mean they need the oil so right now they're struggling with the price and they've been very vocal about where opec has been taking prices higher they blame opec as as we're seeing a lot of people both in india and in the u.s. are and you can't question the fact t

china becomes more and more powerful, you're going to have a world in which you have three giants, china, india and america, you have some medium ones like britain, france and germany. the medium size ones are going to have to ban together. and for those people, whether they're the giant or a medium size, those who believe in western values and a system of western democracy, they're going to have to realize this is going to come under context. so i hope his view of the future turns out to be wrong, but the risks are very obvious and it could turn out to be right, unless we understand why it is we fought this system of western of values and why they matter both to our way of life and our prosperity. >> finally, many people are beginning to say we don't know what the truth is and beginning to say to even main stream organizations, well, everybody is bias. obviously fuelled by president trump and the whole fake news debate. but in the context of the iraq war people often say how can we trust governments? we believe they lied about the weapons of mass destruction. anyway, this is having a follow on

fifty percent to just over thirty and some of the world's fastest emerging economies were they china india russia not represented executive editor at last a fair books geoffrey took i think the g seven is losing importance especially not one that's just the g seven which excludes china and russia as trump himself put it out there doesn't constitute if you believe these figures not even half of the world g.d.p. it's no longer relevant body even in the sense that they believe there is a more fundamental problem here the world economy is increasingly decentralized and integrated in a way that eludes control by anybody any g where those g seven g eight g twenty g two hundred the big topic of discussion is trumps crazy trade war stuff and his demand for national production and punishing other countries and starting a destructive trade routes and raising prices this is all very dangerous behavior and to the extent that something like the g. seven contained that problem it's really hard to know whether or not in the future of these kind of governing bodies are going to have much relevance to the