whether or not legal action of a huge oil spill in nigeria can be decided by a british court royal dutch shell once the case heard in nigeria start strongly opposed by the communities which suffered from the pollution that in baba reports most of the gully in the niger delta is now a wasteland nothing much grows on the farms and what does is too toxic to eat the series of oil spills and leaks have killed off the fish population which used to provide a living for many people. and the king of a galley says his community is paying a high price for welcoming multinational oil companies here decades ago given our land to them. we've got enough you kill my people your poor load my environment you destroy the ethical and the system of a people for life and then you go to court a year ago the oh golly and the smaller community took royal dutch shell to court in london where it has its headquarters there seeking compensation and action to clean up the damage arguing nigerian courts are too slow and often corrupt but judges ruled the case should be heard in the nigerian justice system the company also i

more details of the relationship between royal dutch shell which is based here in britain and its nigerian subsidiary now that could be crucial if the judges do actually admit fresh evidence talking about that relationship that's the crux of the matter really for both sides now the lawyer was was describing the way world that show has behaved towards those communities that you were seeing in homage report as really terrible we've heard about the health implications reports of increased instances of cancer of infertility and so on and just a year ago in fact i spoke to the king of the old galley people who you saw in that report in an extremely emotional state he brought over some of the water which each community use for drinking and for washing it was clearly contaminated with what seems to be benzene and that's something that rights groups like amnesty international have said is affecting the local communities now they are hopeful that they can turn the decision around because firstly they point to a decision in the netherlands two years ago in which it was ruled that the company did hav

government i'm just international says evidence points to complicity by the giant energy company royal dutch shell. horrific crimes including. rape and the destruction of villages these were carried out by members of the nigerian military but the internal shell documents show that throughout this period the company was encouraging. the nigerian military government and the military units involved to take action against these protesters even after the company. what was likely to happen so i know we were along with nine others were hanged in one thousand nine hundred. from then on fighters rebeled against the government lawyer. who worked with santa we were there of course one of the moments and government forces attacked his community my community was destroyed i mean grazed down to the ground. here helicopter came home very morning train the aftermath of that destruction it does not. it does not the government. that came and i just like him believe some of the oil companies operating in the region get away with almost anything communities in nigeria's oil producing region say what they describe as

a year ago the all garley in the smaller community took royal dutch shell to court in london where it has its headquarters there seeking compensation and action to clean up the damage arguing nigerian courts are too slow and often corrupt but judges ruled the case should be heard in the nigerian justice system the company also insists recent problems were caused by pipelines being sabotaged on tuesday it told al-jazeera the judge correctly decided that the holding company royal dutch shell had no legal responsibility for harm to the communities in the niger delta caused by criminal interference in nigeria with the operations of a joint venture in which the nigerian government owns a majority interest nigeria has a well developed justice system that is capable of dealing with these claims. you know you can smell benzene the minute you turn on the tap the united nations investigation found high levels of contamination in underground water reserves that people here use for drinking and washing. because. we're having. these communities continue to live which absent from the levels of poll

for four years the community has been in court seeking justice and demanding compensation from royal dutch shell in two thousand and nine shell agreed to a fifteen million dollars out of court settlement with the neighboring community but is refusing the demands of the or galley and believe people the communities are putting everything on this case which will determine if they can proceed with their case in the united kingdom if the british court fails we are finished now finished because we can't get anything. you know so. that's our last hope. i just hope that the people of the wall understand these so they're left with only one thing. but the british courts will rule in their favor that could also open the floodgates of claims against royal dutch shell i met in greece al-jazeera or galley. now a gas pipe explosion in the u.s. is wall street well out of their houses in the middle of the night it took firefighters in the state of michigan two hours to bring it under control so far they don't know what actually caused it. and when south korea's economy was facing ruin two decades ago the governm

being eagerly awaited in nigeria communities in rivers state are demanding that the energy giant royal dutch shell clean up oil spills and pay the costs of shell says the case should be dealt with in nigeria the reports most of a gully in the niger delta is now a wasteland nothing much grows on the farms and what does is to talk sick to eat the series of oil spills and leaks have killed off the fish population which used to provide a living for many people. and the king of a galley says his community is paying a high price for welcoming multinational oil companies here decades ago given our land to them. got in you killed my people your poor load my environment you destroy the ethical and the system of a people for life and then you go to court a year ago the or garley in the smaller community took royal dutch shell to court in london where it has its headquarters there seeking compensation and action to clean up the damage arguing nigerian courts are too slow and often corrupt but judges ruled the case should be heard in the nigerian justice system the company also insists recent problems were ca

dollars in the development of the country's not true gas fields they include british dutch company royal dutch shell repsol from spain petrobras from brazil and argentina as pan american energy bolivia's president is eager to quell doubts that the socialist government were neko in the agreement. contracts are going to be fulfilled. we have a flexible cabinet of ministers and a parliament that is well organized and will approve policies that favor bolivians . to guarantee major investments in bolivia. in two thousand and six the newly elected president evo morales nationalized the gas industry using military force foreign companies receive compensation but were not happy the move made bolivia very unpopular with investors but that nationalization was a boon for bolivia generating extra revenue that was in turn invested in oil and gas production. the output of natural gas has increased enormously since then by more than fifty percent in ten years to around twenty billion cubic meters today the majority of households have gas plus the government has been able to build new railways streets hospitals and

government amnesty international says evidence points to complicity by the giant energy company royal dutch shell these were horrific crimes including murder torture rape and the destruction of villages these were carried out by members of the nigerian military but the internal shell documents show that throughout this period the company was encouraging. the nigerian military government and the military units involved to take action against these protesters even after the company knew what was likely to happen so i know we were along with nine others were hanged in one thousand ninety five despite international appeal for clemency from then on fighters rebeled against the government. lawyer. who walked with souter we were recalls one of the moments and government forces attacked his community my community was destroyed i mean gray's done already done to me to the ground. now up to to us share helicopter came home bring money to train the aftermath of that destruction. it does not. it does not the government. that came and i just like him believe some of the oil companies operating in the region g

at abu dhabi, he said sharp moves to the up side or down side would be a, quote, aberration royal dutch shell is selling a chunk of its stake in royal dutch production shell will have just under a 5% interest in wood side after the deal completes let's get back out to steve who is in abu dhabi and has more people -- very important people to talk to >> thanks very much, indeed, carolyn. it's really interesting. talking about the portfolio adjustment that is still going on when you have $28 a barrel everybody is looking hard. you wondered if the pressure was off at 64 1/2, 63 1/2 brent, and that's not the case. that's interesting recent decline is very much in people's psyche. let's get another view from david dixon. what does that mean in the real world? what do you do at mcdermott? >> our role at mcdermott is building off shore infrastructure our role is supporting our customers to develop the off shore facilities. >> and just for our viewers, saudi arabia is absolutely key play for you so you've been monitoring everything going on at the moment. the saudis are 80% of your business or somethi

all royal dutch shell will resume pure cash dividends and proceed with the twenty five billion dollar share buy back. in an apparent sign of returning strength after years of cost cutting measures brought on by falling oil prices. it's not all good news for the european petroleum gian. amnesty international on tuesdaday called for shell o be prosecuted for allegedly helplping nigeria's military to commit human rights abuses in the nineteen nineties. amnesty's report accuses shell of cooperating with and even encouraging the nigerian military to crackdown on citizens protesting shell's presence in the country's oil rich south. and are going to reports. europe's largest oil and gas company accused of complicity in murder. rape and torture. amnesty international is calling for a probe into oil giant shells involvement in crimes committed in nigeria in the nineteen nineties. the rights group who statement is based on extensive research including some of shell's internal documents and witness statements. now says they have recovered enough information to justify a criminal investigation. s

royal dutch shell shares are up about 9%, british petroleum up 8% on our side of the atlantic exxon upround 3%, refiner valero up 6% oil-related stocks could be looking to have that catch-up trade. the sector is still negative on the year, one of only two sectors, the other being telecom. as of now, the energy sector the biggest bright spot, but the caveat is we're working off a very well low base >> thank you,dom. >>> tim, i'll go to you. >> the news is extraordinary it's historic, 70% of the population is below the age of 35, so this is definitely geared towards a change. >> i don't get why oil is sent to those levels. is there risk that supply is in jeopardy >> first of all there's a lot of tension in the region. there was a ballistic missile over the weekend fired at the reyam airport. it claims to be yemen, and i think there's a lot of dynamics here, but what's taking in prices hire is -- higher, two, you saw a massive accountback in ocap ex. i think you have a dynamic where oil hughes gene down 44%, not -- and everyone has doubted this move you started to see the energies move, t

stocks to watch, royal dutch shell. to sell 26 billion in assets as part of the three-year program for the acquisition of e.g. group in 2015 royal dutch shares reacted positive to that qualcomm reportedly set to reject broadcom's bid. they met this weekend. qualcomm's ceo feels the $70 price doesn't factor in the uncertainty of getting a deal approved we'll see how that plays out brookfield partnership made a $15 billion did bid. brookfield does not own some of it >>> at the top of the hour that means the team is getting ready for "squawk box. andrew ross sorkin is in new york. >> hi there, you are talking deals. we have a lot of deals to talk about. we will talk about hasbro, mattel, uber getting together. we'll talk about alibaba singles day. over the weekend john nippon will join us politics and john boroseau. >> from wyoming, we'll be anxious to see what he has to say. >> nice to see you. >> nice to see you. >>> let's get another check of the futures right now. treasuries moving lower this morning. futures on the s&p

the nation will be less vulnerable to a drop in oil by not being invested in producers such as royal dutch shell mobil. in zimbabwe, the president's refusal to step down is causing issues. they say the gabi is being urged to quit so the military can hurt .- say it is not a coup angela merkel is facing her first big task since being elected. she is trying to set up an unprecedented for party government. disagreements on immigration and carbon emissions have slowed things down. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am taylor riggs. this is bloomberg. thee: let's go back to markets now, as investors seem to be regaining their appetite for risk after several days of rough trading, but plenty of and certainty remains around the world from capitol hill to china to 10 downing street. with us in new york is rupert harrison, chief of staff to former chancellor george osborne and now works at black rock. he is here with us today. thank you for coming in. yes, we have seen a swing over the past couple of sessions from risk off to risk o

that is after royal dutch shell said it would pay its dividend in cash for the first time in ao years, assigned that -- sign that the oil industry in general is putting the price will find it. exxon mobil, chevron, conoco phillips getting caught up in that. final check on advertising companies. bloomberg wpp said on you could have a difficult year for marketing spending, but investors should look beyond that you'd longer-term outlook is strong. , it soundsnnounced like ford is extending its contract with the company. sherry, david? shery: coming up, jerome powell under scrutiny from lawmakers during his confirmation hearings. we will bring you the most important takeaways. this is bloomberg. ♪ shery: this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david westin. now let's get to the first word news with mark crumpton. it appears president trump and senate republicans have picked up a key vote in their attempt to pass tax form legislation. lisa murkowski says she is likely to support the bill. the gop is trying to hold onto all 50 votes in the senate with the de

is the french consumer ready to be shopping online in an upsale s upsale segment >>> royal dutch shell is trading higher after canceling the its script dividend, a sign that austerity for the oil giant may be open. the option was available after the 2015 oil price slump shell has also lifted its cash generation forecast assuming a crude price of $60 a barrel. >>> oil prices are under pressure today as opec members and other key producers including russia prepare to meet on thursday in vienna. the group is poised to ink a deal to extend output costs, but the question is how long production curves will remain in place. there are three main scenarios in play. first, the group may decide go big or go home and extend cuts through all of 2018. russia may not be willing to back a full-year extension, so there may only be a six-month agreement. steve will be in vienna throughout the week. our coverage will kick off tomorrow we'll be live throughout the day and throughout all of our programs >> have you ever seen steve's opec coverage? it's legendary >> how can i miss it >> he's the expert, the

. >>> royal dutch shell will start paying its dividend only in cash shell had the options to receiveividends in discounted stock or scripted the diluted value of the shares, that had diluted value of the shares in the past it's up 3% >>> toyota named a new chief financial officer. the previous executive spent seven months in the position toyota has said it only expects a modest increase in profit next year due primarily to the weaker yen. >>> there's a pair of economic reports on today's wall street agent dachblt the s & p case-shiller home price index is out at 9:00 a.m., followed by november consumer confidence at 10:00. in washington, the senate banking committee will hold a hearing on jay powell becoming the next fed chair it is expected to ab relatively smooth approval but will be fascinating to hear what he has to say on all sorts of questions about monetary policy. >>> ireland on the brink the irish government on the brink of collapse ahead of talks. >>> and a bold call on bitcoin why one noted hedge fund manager thinks the currency could hit 'rba i0 by next year wee ckn a cou

you're not alone we sat down with the ceo of royal dutch shell earlier today, and here's what he hady about volatility in oil. >> are i think there will be a considerable degree of volatility in our price. you have to believe that i think, you know, the fundamentals may be telling you that indeed with the market tightening again, demand growing quite profoundly at the moment, and, of course, investment levels have come down quite a bit over the last few years. in the long run, yeah, there is going to be a tightening of the market >> and we have the full interview with shell ceo coming up later on in the show. we'll talk about oil, something big they did with their dividend and believe it or not, their plans to try to go green melissa. >> good stuff. >>> to the bond market now rick santelli tracking the action at the cme. >> hi, melissa lee wow. what a difference a day or two makes. look at a two day of tens. hunkering down in a ten session range. we popped as you see on that chart. but it wasn't only us. we never do anything in isolation in the sovereign credit markets look at the tw

royal dutch shell reported a 47% rise in profit to 40$40.1 billi beating expectations strong gains in refining and operations have been credited for the jump cash operations slowed as cost cutting measures began to kick in >>> and 4.1% higher for hugo boss they upped guidance for sales after posting third quarter numbers in line with expectations the german fashion house were boosted by strong growth in europe and asia. hugo boss has slashed prices in china in a bid to appeal to younger customers. we were puzzled around the americas which showed a slowdown in sales by 9% its own retail stores fared nicely, but whole sale was weak. so this is telling you another story about retail, which is that department store sales are challenged not really delivered for a number of big luxury companies the best gains are seen in stand-alone stores danske bank raised its 2017 guidance after they beat forecasts for the third quarter pretax profit, danske credited this to higher customer activity, which is unusual we have not heard that from a lot of banks pretax profits, 6.42 danish crowns danske als

great to have you back >> appreciate it >>> pnc financial, it just keeps going higher >> jim >> royal dutch shell they are having an analyst today and they are buying back stocks and they are going to be paying all of their dividends in cash no now as opposed to that the stock is popping it will continue i'm taking a little time but we have it. >> you want me to speak slowly >> i didn't know that. you are wasting it by telling us everything just go. >> it is an investment after the next two days. let it come back down and buy it for a long-term investment after the next two days. >> are you done? >> okay, good. >> courtney. i am taking a look and paying attention to verizon i think it has gotten beat up and down almost 11%. you think about the 5% dividend and it is more looking like a consumer staple. when have you left the house without data, without your phone? i like verizon over telephone right now. >> i read the verizon story in behrens this week, i think you are going to be right. don't tell anyone but jpmorgan, very quietly, just found its way back above 100 we talk about the financials, t

they join the host of companies inm bp to royal dutch shell terms of beating, shall generated cash, bp- gave us a buyback. repsol delivering on the numbers. they ratcheted up the debt piles on the purchase of talisman in 2015. you are seeing an overall beat on the net income side, adjusted net income. atrd quarter avatar comes in 5.9 billion. the debt will be the most interesting number. let's see how the market react 6.70 9debt numbers of billion. billion. anna: the full-year outlook will be on the lower end of the guidance range, says smith and nephew's. we will wait for a few more details to trickle through but what makes that more fascinated is that -- fascinating is that smith and nephew has had an activist investor take a stake in their business. alledge -- elliott management, it has been talked about as a takeover target for some time. if we see the share price go any lower on the back of the skied we have them smith and nephew, could that be a game changer for companies that happened top about as potential buyers for the business? the ceo is also leaving the company. he will st

royal dutch shell going ex-dividend as well, dragging the story down a little bit. matt.ve stocks making a comeback in asia overnight and stocks making a comeback in europe. futures are positive right now. let's talk about whether buying the dip is right. he joins us on set. of thisthe end so-called slump we have witnessed over the past five or six trading sessions? isen: if the history so far any evidence, and surely it is, what really concerns me is the impulse this time is coming from the credit side. very popular etf's actually down on the year. side of thee credit business coming down, and that, combined with what we have seen in the u.s. in terms of lending to the commercial, which is also falling quite dramatically, to the extent that we are seeing a recession warning on that side, combined with the fact that the forward-looking fed is not believed by the markets. matt: i have the hyg etf on my terminal, and you are right. year-to-date, it is down, not at its worst level, but the worst in 10 months. is a lot ofs is -- the equity moves due to an expectation we could

the second-biggest holding in royal dutch shell and that stock is down by about 2%.he ticker in london, down almost 2.5%. where do they get their money to begin with? oil and gas. what does this say about where they see the future in energy? alix: a couple questions with this. what are they going to buy instead? they were turned over 3% over the third quarter. it is not terrible. they also have a 470 -- they also have $470 million invested in saudi arabia. is that a risk? jonathan: it sounds like pure diversification. planning fores are life beyond fossil fuels and they are planning for generations beyond the one they currently live in. david: the question i have is diversify, fine. we don't make an announcement. we don't do it in one fell swoop as a big gesture. you do it quietly over time. jonathan: when you are so big, you make a point. you don't want to go through parliament because the market is going to move against you and that is clearly on the screen. not dramatic moves, but it is happening. the market is moving against them as they think about selling. alix

and then he oil stocks, bp and total are up as well as royal dutch shell.those oil stocks doing well because oil has done well. guy: the charts -- it is the only moment in the house of commons where the chancellor can have a drink of whiskey on the desk in front of him. matt: ah. guy: as he delivers the budget statements. matt: maybe he will need it to get his courage up. guy: two calm his nerves -- to calm his nurse. theresa may looking at the annual budget statement to shore up her support. the chancellor, philip hammond, under pressure to strike a balance between meeting his fiscal targets and appease who are growing tired of austerity. joining us now, elizabeth martins from hsbc. will this change the trajectory of the british economy? elizabeth: i think philip hammond would like it too. productivity is weighed down on growth rate, and he would very much like to address that. the problem for him is that , george osborne has tried to do that very thing and has not had much success. productivity growth averaged -- in the post crisis period. for him to addr

royal dutch shell has taken away the crown from exxon mobil. billion dollars of cash flow from operations for the first nine months. that was bolstered from assets acquired. shell's third-quarter earnings were better than expected, rising 47%. ining its boldest move china. the israeli company plans to set up a venture to sell generic drugs. we are currently in talks with many international companies were international partnerships. we are close to seal a joint israel deal with teva in . they want to make use of the chinese regulatory framework that allows parties without manufacturing facilities to also hold drug approvals. is the world's largest maker of generic drugs. tom: thank you. oliver britain and marc chandler. we showed this a lot in june and july of the year ago. this is the current account deficits of the united kingdom. up year, services and goods with a nice rebound, currency-induced. then a very good rebound. all of her, you have written a note on what this means for the oliver,kingdom -- all o you have written a note on what this

one of the banks, hsbc down here, but not a lot of other banks, lloyd's, there. ,cb p, total, royal dutch shellas the oil producers on the losing side of the ledger, but keep in mind how big they are. if you look at it in index points, even a 0.3% move tends to be on the top 10 as far as losers on the day. let's move on to our next conversation. our next guest sat down and is giving me an interesting comment. healthy living and high real estate wages. low unemployment and declining deficits. it is one of the reasons they are optimistic about it happening. this is the interesting tidbit have already had. this is romanian gdp. definitely looking like it is accelerating. now.uest joins us very nice to see you. thanks for coming to see us. is that number real? [laughter] real, but itit's depends on what it is made of. we are a lot happier about gdp growth in the czech republic and slovakiahy a -- and because it is accompanied by productivity gains. romania is good. 8.8%. it is very much government-induced, higher wages for public sector employees, and it is consumption-based. what's worrying is the

royal dutch shell is showing it left the worst slump of the oil slumped behind.ntire dividend since the first time since -- in the first time since 2015. softbank and a group of investors want a big discount of money in uber. according to people familiar with the matter, softbank and others are offering to spend $6 million for a stake that would valuable at $48 billion. of that valuation is about -- is lower -- take fourth-quarter charge of the $678 million that has to do with tax changes that the bank and the plan to cut 900 jobs. they already announced plans to cut 2600 other positions. that is your bloomberg business flash. tom: our white house correspondent is in washington. you know what it will going -- it is going to say from paul krugman the laureate from princeton, but he was particularly scathing today. what's happening in the senate deserves trumpiam superlatives=. superlatives prate of the 42 ideologically diverse economists surveyed by the university of chicago on the impact of the plan, only one agreed that they would lead to substantial economic gr

exception of the refiners to a degree but even their returns approaching double digits like royal dutch shellil but the commodity pullback and fears over the middle east situation hurting them again >> how much of that was because of uncertainty in the middle east and trying to discern what saubt has been doing >> there's always a new wrinkle for the oil market and the new wrinkle right now is that it's saudi arabia that's causing us to be nervous in the market. it's generating this tumult. this new crown prince has been well reported is consolidating power in a big way the rumors have been remarkable over the past couple weeks that he was going to ascend to the throne one way or the other, either from his father stepping down or not. there was a lot of fear there was going to be direct military hostilities between saudi arabia and iran potentially tons of rhetoric from the saudi prince as well about certain things iran has done equivocating to acts of war. that was the exact phraseology so there was a point when oil prices hit almost $585 barrel that the anxious was at its highest. >> let's

. >>> royal dutch shell will start paying its dividend only in cash they are scrapping a program that share holders the option to receive dividends in the form of discounted stock or what's known as a scrip. >>> toyota named the new chief financial officer. the prove sus evious executive t seven months in the organization toyota expects a modest increase in profit next year due to a weaker yen. >> black friday and cybermonday are in the books joining us now is courtney reg within a retail report card. it's been a busy few days. >> it has been a busy few days we don't have the final numbers yet for cybermonday. it looks like it's going down in the history books. adobe projects u.s. online sales hit 6.59 billion, a 16.8% increase over last year, making it the biggest online sales day in u.s. history. adoeb expected the last three hours in the time zone to be peak time. the cybermonday record is in addition to a record $13 billio over the weekend online from thanksgiving to sunday that's 14% higher than last year some best sellers on cybermonday were google chromecast, ipads, sony play s

british start-up biobean has joined with royal dutch shell to create a diesel fuel to use in buses. gallons of coffee oil in partnership with the london transportation authority. that's enough to help power the equivalent of one city bus for a year that's it? just one the start-up collects used coffee grounds from caves and factories and transports them to its recycling facility there the grounds are dried before coffee oil is extracted biobean estimates that britain produces 500,000 tons of coffee griends a year most of which are discarded in landfills where they can emit harmful greenhouse gases the company also sells coffee logs which are used in fireplaces and stoves as an alternative to wooden logs wonder what it smells like >> i just want to know how much that -- to finally get something, how much -- >> well, not just how much cost, but how much energy do you use getting that along the way >> i wonder if it's actually -- >> if you go find all of that, transport it back to the place, and it fuels one city bus for a year i guess if you are talking about much more mass scale, may

royal dutch shell? they have announced an end to their austerity dividend policies.e shares up over 4%. i shall be better next time you're here. i hope so. time for a look at the weather. here is lucy. a northerly wind continuing to drag in cold, arctic air. we will see the temperatures dropping off a few degrees as we move through the next few days. today, a day of sunny spells and showers. this photo sent in bya spells and showers. this photo sent in by a weather watcher in cornwall. we will continue to see a mixture of sunny spells and showers. so here we are through rush hour. a scattering of showers for northern ireland, northern parts of scotland and the east coast of scotland in particular. it could be a little bit wintry at times. a scattering of showers for wales and the south—west. a lot of dry weather across much of central and southern england. temperatures largely in the single figures. a breezy day as well. as we move through this evening andover night then, we will hold on to the showers in the north—east. they will extend further south as we move thro