but it's not g.d.p. you've got to look at inflation and the likes of korea could add a half percentage point to annual inflation for that country so you know the major importers are going to be the ones that suffer more disproportionately especially in asia and other reporters who are very briefly if you can study arabia said to become a significant importer of refined products who will benefit yeah and saudi arabia given how large it's all export sites actually relatively weak all the refinery and a lot of it's all goes up to the likes of india south korea and japan so most likely you know those products are refined over there and they'll most likely make their way back to saudi arabia in the form of the form of diesel and petrol learned fuel provides. thank you very much. along with developments in saudi arabia the latest figures from china have provided a double whammy for investors they show a deepening of the country's economic slowdown so a closer look at this chinese industrial output grew by just

second quarter g.d.p. coming in at 2%.redictions of another rate cut in october. >> f.a. pacific has grounded two crews after emergency oxygen pottles were found depleted or empty. an investigation is taking place that will include the hong kong plailings. preflight inspections found 13 canisters to be partially or completely discharged. opec production increased last month for the first time. nigeria and saudi arabia led the rise, which toll the 200,000 barrels a day, taking overall production for a fraction below 30 million. opec plus has had trouble to shore up prices amid the ongoing trade war. global news, 24 hours a day on hair and at particular tick to be on twitter. >> paul, thank you. now the u.s. and china are set o be struggle to go agree on a date for planned trade talks. the white house rejected a request from beijing to delay president trump's latest tariffs. we are in beijing. tom, it looks like turbulence is a possibility if that meeting does not come through. where zo things stand now? >> absolutely. even

you know being i suppose more prudent careful with the spending last quarter singapore is g.d.p. actually contract. and the manufacturing industry has bare. so do you think right now that singapore is trying to pivot itself almost as you said like a services and more consumption based economy somewhere to watch china dead instead of primarily it's i think pushing up or so singapore although it is singapore. the country it is really a very weird thing. so consumption from domestic standpoint isn't large enough to offset the drag external weakness in demand for goods and services and a similar to the 2 economies here which are most dependent on external demand is singapore and hong kong hong kong and singapore exports or goods and services is twice the size of the g.d.p. so so the mystically can do to offset the drag so i suppose we had a contraction in the 2nd quarter growth mainly because of the small for several key major export items in the manufacture of goods particularly in electronics in certain chemicals that. and those are related to create in the goods and services the r

is not a great country by any objective measure and the measure that the you most often mention is g.d.p. the size of the economy you just mentioned it here i want to ask you as a historian do you think a country like russia that it's very non-linear development with its huge asymmetry with its size with its weaponry with this cult of its interests and ambitions can it really be imagined by such a yardstick as g.d.p. you know no single yardstick and encompass it and i think i was mentioning i mean again maybe i'm being overly pedantic i mean i think russia actually is a great country i say it's not a great power obviously all countries have a whole variety of different sort of asymmetric strengths whether it's soft power whether it's location it's more that you might say i find that in the west there is too easily either. treating russia as if it's some kind of developing world country which is totally sort of negligible importance or conversely at the other end treating it as if it has this massive existential threat the point is one that one and i do it on the g.d.p. issues not that i

roughly about 7080 percent of the country g.d.p. 20 percent 30 percent from the so-called good sector. so i tend to do centuries to see what's happening on the ground by what people are spending on where the they feel happy enough to go and spend in the high end restaurant or whether it's just carrying on the normal i saw typically coming to singapore specifically i think it's more using food as a kind of a history and economy history of singapore which see 200 years ago when it was migrant comes to singapore so. roughly plus european as well so that's the backdrop and the culture of singapore i see so as we roll in to see years ago but now singapore being a global hub for businesses we thought we have seen a lot more interaction of different countries differ in nationality and food when they turn up on the streets of singapore and restaurants etc representing culture itself so whether restaurant get filled up or where the hawker center get below with different kinds of people and what their consuming all consuming can tell for a lot in dental happening on the ground who sells. i alwa

culture magically depends an agriculture it contributes about it percent of the entire continents g.d.p. and employees 2 in 3 people so if climate change is anything to go by agriculture that largely dependent on rainfall is going to be affected and so the last 20 years or the last 2 decades we have seen very very drastic effects of climate changes in drought. in countries like south africa ethiopia as well as and even in kenya we have seen a lot of the country's budgets being committed to some of the facts of climate change wasn't just recently it was affected by cycling's that most of what actually accumulated in revenues for that in to happen once a year so we can see that africa is least capable dealing with the effects of climate change rather in vera thank you it's well protests are taking place across the world to demand that more is done to fight climate change while carbon emissions per person are more than 10 times lower and poorer countries than wealthier ones they economy is a highly dependent on mineral and fossil fuel for exports resource extraction like copper mining for

has to pay for its oil imports by $8000000000.00 euros by $8000000000.00 euros is only 2 percent of g.d.p. this is not a much this is not much especially not when you compare it to the risks stemming from the trade war between the united states and china or would you compare it to the gross low down happening in china therefore i don't or very about 7 bases $7.00 increase in the oil price i do very about the potential risk of a military escalation but we are here and the president is is not very eager to start a war with iran therefore i think the risks for the german economy are limited all right just gas a lot of the attacks certainly revealed how vulnerable all production is what can be done to better secure supply and restore some form of state stability. the the idea of the saudi infrastructure is phone is always been kind of a somewhat underlying risk i think what highlights this this ticket is attack really is the issue that these these sillies are difficult to secure i think from our perspective here situations we are really kind of focused on is the fact that further attacks woul

this dampening effect over the german economy that is a drain impetuous in power of 0.2 percent of g.d.p. it's not much we can do for we can live with this. came out there from. gotta laugh from fitch solution thank you to both of you for your time this morning. and that's it for me on the business team here and for more business news and features as always check out the consul ash business or follow us on social media i want to get jens thanks so much. to worry about. what's the connection between bread. and the european union you know. correspondent alan baker counts. writes this you live with the rules set by the. stepping recipes for success strategy that make a difference. baking bread on. hello and welcome to arts and culture where his work influenced generations of young designers even if some of his creations were downright crazy or lin born in region has died at age 91 and will pay tribute to him in just a moment and here's what else is lined up. 300 trees in a football stadium and inflation in austria imagines a possible memorial to the environment in a completely feature. and

going to turn our backs as a country global trading relationships which cause to 60 percent of global g.d.p. . to decouple or otherwise impose tariffs is a disaster for for the u.s. economy but look this is what trump promised. 3 and 4 years ago so it was obvious it was coming it's just i think it surprise or but i think he's had the power to act basically on his own according to his own ideological convictions to do this it's a very bad thing for the american as america as a nation and american consumers are paying the price contrary to what trump is claiming that somehow. china is paying these tariffs that it's absolutely not true this is being 100 percent paid by americans american consumers american businesses and you know it's very interesting distinct from past rounds of protectionism in american history the american producer merchant class does not support these things as you noted everybody is begging for the fisheries to the farmers to. energy to retailers please stop this terror for but nobody can seem to do anything about it because trump has all the power. and meanwhile u.s. fac

as seen from participants' most recent expectations, the real g.d.p. deproth is 2% this year and next before edging down to its value. the job market remains strong. the unemployment rate is at its low and job gains have remained solid. the pace of job gains has eased this year but we expected some slowing after last year's strong pass pace. participation in the labor force has been increasing. and wages have been rising for lower-paying jobs. people who live and work in low and middle-income communities those who struggled to find work are adding chapters to their lives this underscores the importance of expanding the expansion so the job market reaches those left behind. we expect the job market to remain strong. the median for the scrun employment rate remains below 4%. inflation continues to run below our 2% objective over the 123 months through july, it was 1.4% and core inflation was 1.6%. we still expect inflation to rise to 2%. the median is 2% in 2021. however, inflation and indicators of longer term expectations are at the lower end. and pose

reassure of budget deficit to g.d.p. may not look as big as it should be because there might be a decrease or slower growth in g.d.p. which makes the difference there is sure to look less than what it is actually all right good to get your thoughts sound analysis on that thank you so much joe. thank you sir now the head of iran's atomic energy organization has been speaking as a meeting of the world nuclear watchdog and they are quite solid he said the preservation of the nuclear deal is a duty by the international community. iran's power source or solution of its commitments is reversible increase or form and effective implementation of the jury secure you might of the remaining parties to the view i would like to highlight a bill to preserve very sure of the c.p.o. you is a common responsibility of all members of the international community if the international community through to save the g superior promptly multilateralism will lose its effectiveness and any further peaceful resolution of the conflicts will be chall

in fact, nobody in history has ever voted to turn their country into a g.d.p. calculation.er. well, imagine being former maryland congressman john delaney, who has been running for president longer than any other democrat in the field. delaney is a traditional democrat. he wants his party to be a big tent. he wants it focused on bipartisan and the core economic issues that face americans. but over the past year, he has watched as a revolution has consumed the democratic party, a revolution obsessed with far out policies like seizing guns and decriminalizing illegal immigration. >> i mentioned before that we might not own our own cars. our current car ownership and usage model is really inefficient and bad for the environment. >> hell yes, we are going to take your ar-14, your ak-47. >> when somebody comes across the border, not to criminalize desperation. to treat that as a civil violation. >> if somebody commits a serious crime, sexual assault, murder, they are going to be punish. they may be in jail for 10 years, 20 years, 50 years, their whole lives. that's what happens

control about 60 percent of global g.d.p. they they make choices every day using their pocketbook say wallets it with proper labeling and disclosure we've seen it with food labeling but also with product. product production supply chains consumers can make that choice but it's very important that consumers don't have to pay more for doing the right things mr prime minister i'd like to turn to you now because i think that you would underscore the urgency for that change you're on the front lines of the climate emergency you're a small island but you most certainly have a big voice and you're here in new york this week on a mission aren't you what what needs to happen right now for your country well most of the small and developing states are facing 2 things extinction. and being violent and unfortunately the extinction extinction part comes 1st so we have had now several years we are there is absolute evidence of the climate change its numbers that are uncomprehensible so for instance dominique to hurricanes in the 2nd one mar

that when you pull one group book money from state virgin into record i mean how much do we get in g.d.p. lessons. from my own life i don't know if you're aware of that but if you days ago older vaccination records for most children were digitalized and the judge read him like a big thank you but it's a huge thing for me as a as a mom over all the small key it's freeing me off the rest tape if i ever end up with my kid in the emergency room doctor will give doctors a chance to assess his health better isn't died a small dot is making you live in. your work of the government with the national priorities and our experience our feelings about the future because when you're saying about there hold the same if i call you know if i say that it's normal that you have a digital right to operate your ex and your kids direction nation online it's pretty annoying maybe pretty normal but it took a lot of time and a lot of money to put that in practice yes no it doesn't it doesn't it doesn't say the government doesn't doesn't deserve the credit for that it's normal for government may deserve the cred

economic cycle so everywhere we look globalization is beginning to petero trade as a percentage of g.d.p. is falling the flow of ideas the flow of people is slowing and i think is happening is maybe not a rerun of the 1000 twenty's thirty's as some scaremongers say but we're entering into a multi-polar world where instead of having you know everything bundled and tied together you have 3 big regions the u.s. china central asia and then europe or the european union so to defy the globalization is globalization in your view the freedom of movement people goods that the great increase and world trade it was see the knocking down of barley as the combination of currencies of these and utilize the manifestations of that global world they are exactly what defined globalization interdependence. and interconnectedness of factors be it ideas be a trade be it finance and if you measure all of these they're becoming less global less interconnected and more regional the internet has a good example europe doesn't have its own internet companies but it is regulating the internet china has closed off i

economic cycle so everywhere we look globalization is beginning to petero trade as a percentage of g.d.p. is falling the flow of ideas the flow of people is slowing and what i think is happening is maybe not a rerun of the 1000 twenty's thirty's as some scaremongers say but we're entering into a multi-polar world where instead of having you know everything bundled and tied together.

g.d.p. grew.

re-assure of budget deficit to g.d.p. may not look as big as it should be because there might be a decrease or slower growth in g.d.p. which makes the difference there is sure to look less than what it is actually all right good to get your thoughts and analysis on that thank you so much joe. thank you thank you sam.

within the next month and there's very little debt and they have very little of this doubt that to g.d.p. right so so that's quite an interesting busy development i think that will be big news when russia becomes the 3rd largest gold hole this probably at the end of the year beginning of next year sometime then you have really u.s. germany and russia china is not that transparent obviously with their holdings there could be a little bit ahead already know this is a big story with the globalization and the dollar as asian so people are russia are saying look we don't want to be in the dollar because it's. we're tired of the censoring you know we want to do business and there's a school that was thought that tells you that putin's main objective sense of taking the presidency in russia is to do deals he's a pro-business he wants to do deals around the world that's his primary objective because he realized that's how to grow g.d.p. in that. everything he does reflects that and if he's censored by the spurious sanctions based on extraordinary thin political grewal he's like ok forget it we'l

gold reserves to your debt versus a country like russia which now has a huge percentage of gold per g.d.p. per their capitalization of that country and other countries as well so the rest the world is like watching america 2 year old play with a razor blade razor blade is self-inflicted harm due to ignoring the us dollar and by going down the rabbit hole of negative interest rates the rest of the world saying do it do it pull the pin pull the pin because already we've got the gold pull the pin down pull the pin down and tunnels like the lower long. well he himself cannot cut interest rates he can only burn rate the fed chairman jay powell whether or not jay powell ever abides by this we do not know because there are people who will say the dollar will instantly die so i think you see nations like russia you see nations like china these major trading partners especially china to the us prepare for it eventually exit in america there's another headline from the past week that i also think is a sign of do you dollar ization from those who actually have no access to capital who have no saving

g.d.p. growth in point 3 percent in july meanwhile in parliament speaker john bercow announced plans to resign by 31st as the house rejected prime minister boris johnson's push for a general election for a 2nd time. and 18 stock has ticked up in trading on monday on the news that a new investor has taken a major $3200000000.00 stake in the company elliott management corp which is widely considered considered an activist investor has called on the telecom giant to scrap what they say are unnecessary assets this includes both its purchase of direct t.v. and potentially its recent acquisition of warner media according to the wall street journal elliott levy to its criticism in a letter addressed to saying quote a t.n.t. has been an outlier in terms of its mergers and acquisitions strategy most companies today no longer seek to assemble conglomerates will be skipping my on this story as it develops. and here to help us drill deeper into gold prices and the role that that last wrist metal is play