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[00:00:02] Now on BBC News, the latest
[00:00:04] business news from across the globe.
[00:00:06] globe. Business Today. MUSIC
[00:00:16] MUSIC Oil Oil under pressure energy chiefs chiefs pull out of a major gathering
[00:00:20] gathering in Riyadh as Iran backed backed Houthi strike the airport
[00:00:23] airport again. Tough choices finance
[00:00:26] finance ministers meet in Bangkok Bangkok as the
[00:00:32] In Bangkok as the head of the IMF warns countries to rein in spending spending as debt levels and borrowing
[00:00:36] borrowing costs surge. Made in Europe Europe the boss of VW backs the EU's EU's proposed plans as competition
[00:00:40] competition from China hots up ahead
[00:00:42] ahead of the Paris motor show and
[00:00:44] and ploughing ahead. We find out
[00:00:46] out what it takes to cut the perfect
[00:00:48] perfect line as farmers face a challenging challenging harvest amid a barrage
[00:00:51] barrage of soaring costs and extreme
[00:00:55] extreme weather. Welcome you're with with Business Today in London with
[00:00:58] with me Sally Bundock. So we start start with oil prices as markets
[00:01:02] markets react to a weekend of major major international upheaval feeding
[00:01:06] feeding into energy prices. So if if we take you back to Friday, that
[00:01:09] that was when President Trump announced
[00:01:11] announced a deal with Moscow to import
[00:01:14] import Russian diesel following a a phone call with President Putin,
[00:01:17] Putin, a move that comes as Mr Trump Trump looks to bring down soaring
[00:01:21] soaring fuel prices ahead of upcoming
[00:01:23] upcoming mid-term elections. Ukraine's Ukraine's President Zelensky condemned
[00:01:26] condemned the deal as a gift for
[00:01:29] for President Putin. Then on Saturday, Saturday, President Trump took to
[00:01:32] to social media announcing that Russia Russia and Ukraine had agreed to
[00:01:35] to an immediate energy ceasefire
[00:01:38] ceasefire without providing details
[00:01:40] details of the terms, something that
[00:01:43] that the Ukrainians took by surprise. surprise. Apparently who, while backing
[00:01:46] backing the idea if the Kremlin supports supports it, have since accused Russia
[00:01:50] Russia of hitting energy infrastructure
[00:01:53] infrastructure in Ukraine. Meanwhile, Meanwhile, in the Middle East, the
[00:01:56] the world's biggest oil exporter, exporter, Saudi Arabia, has been
[00:01:59] been under increasing attacks from from the Iran-backed Houthis in Yemen,
[00:02:03] Yemen, the kingdom's main international international airport in the capital
[00:02:06] capital Riyadh, was struck again again on Sunday for the third time
[00:02:10] time in four days, the Saudi authorities
[00:02:12] authorities said one person had been been killed in the latest attacks.
[00:02:16] attacks. 13 people were killed on
[00:02:19] on Saturday in another part of the the capital, the Saudi energy Ministry
[00:02:22] Ministry confirmed the opening of of a major international gathering
[00:02:25] gathering of energy ministers and and industry leaders went ahead on
[00:02:29] on Sunday. It's being reported, though,
[00:02:32] though, that a number of energy bosses
[00:02:34] bosses have pulled out. BP have confirmed
[00:02:36] confirmed its chief executive will will not be attending international
[00:02:40] international benchmark Brent crude
[00:02:41] crude oil futures are currently trading
[00:02:45] trading at $103 a barrel on global global markets. Well, let's talk
[00:02:48] talk to Cornelia Meyer economist economist and chief executive of
[00:02:52] of Meyer Resources. She was meant meant to be at the conference in
[00:02:55] in Riyadh, but all the flights were were cancelled. Cornelia so you're
[00:02:59] you're in your home in Switzerland. Switzerland. Talk us through what
[00:03:02] what happened to you? Well, I was
[00:03:05] was as I was boarding the plane from
[00:03:09] from Zurich. My onward flight to
[00:03:11] to Riyadh was cancelled. I rebooked
[00:03:13] rebooked six times on four different
[00:03:16] different airlines, but no toy. Yeah. Yeah. No joy. And you were stuck
[00:03:20] stuck in Switzerland, as it were.
[00:03:22] were. But they have gone ahead still
[00:03:25] still with this world. Petroleum Petroleum Congress just talk us through
[00:03:28] through the impact this is all having having on Saudi Arabia. Well, they
[00:03:32] they have gone ahead with the World World Petroleum Congress, which will
[00:03:36] will start today. Actually yesterday
[00:03:39] yesterday the International Energy Energy Forum had its ministerial,
[00:03:42] ministerial, which only happens every
[00:03:44] every 2 to 3 years. So this was this
[00:03:47] this is for the energy industry and
[00:03:50] and for the energy world. This these
[00:03:52] these are very, very important meetings
[00:03:55] meetings with a great cast of characters.
[00:03:59] characters. It's for Saudi. It is
[00:04:03] is unfortunate because you know, know, the kingdom has been always
[00:04:06] always a beacon of stability in a
[00:04:09] a sea of unrest in the Middle East.
[00:04:12] East. And with the Iran war and now
[00:04:15] now with the Houthis sort of turning
[00:04:17] turning on, on, on the kingdom, it
[00:04:21] it this has an impact, as we can
[00:04:23] can see, people can't get there.
[00:04:25] there. But do not underestimate the
[00:04:28] the resolve and willingness of the the Saudi government and the Saudi
[00:04:32] Saudi people to carry on. And, you
[00:04:35] you know, get things done. They are are carrying on. They are trying
[00:04:39] trying to get things done. But clearly
[00:04:41] clearly the Houthis are proving to
[00:04:43] to be a very difficult to counter.
[00:04:46] counter. I mean, the Yemeni government
[00:04:48] government last week said we're declaring declaring all out war with the backing
[00:04:51] backing of Saudi Arabia. And yet
[00:04:53] yet the Houthis seem to be on the
[00:04:55] the advance. Well, yes. And you know,
[00:04:58] know, this is a war between the Saudi
[00:05:01] Saudi the internationally recognised recognised government of Yemen, which
[00:05:05] which is supported by Saudi Arabia
[00:05:08] Arabia and the Houthis. And this
[00:05:10] this war has been going on for a
[00:05:13] a good ten years now since 2015.
[00:05:17] 2015. So so it has been quiet. But
[00:05:20] But they did close the bubble Mandeb Mandeb you know, on the other side
[00:05:24] side of the peninsula from the Strait
[00:05:27] Strait of Hormuz, which was very
[00:05:29] very unfortunate again, because the
[00:05:32] the the the crude that went to the
[00:05:34] the from the east to west pipeline pipeline usually would go through
[00:05:38] through there and that it then had
[00:05:40] had to go through Suez Canal and
[00:05:43] and through the summit pipeline, pipeline, which is less crude and
[00:05:47] and very complicated tanker to tanker
[00:05:50] tanker reshuffling. So yes, the Houthis
[00:05:52] Houthis have wreaked a little bit bit of havoc here. And whilst that's
[00:05:56] that's all going on, we've got the
[00:05:58] the news of this deal between President
[00:06:00] President Trump and President Putin
[00:06:03] Putin on diesel supply coming from
[00:06:05] from Russia and the situation in in Ukraine is also intensifying.
[00:06:08] intensifying. Give us your take on on how all of these events will impact
[00:06:12] impact energy prices in the coming
[00:06:13] coming days. Well, look, it's the
[00:06:19] the deal between Donald Trump and
[00:06:22] and Putin in many ways a sort of of is a relief is respite because
[00:06:26] because there will be more diesel diesel coming in. We had. It's not
[00:06:29] not a relief to Ukraine Cornelia
[00:06:31] Cornelia at all or European leaders. leaders. Energy market. It's a relief
[00:06:35] relief to energy markets that there
[00:06:37] there is more diesel around. It's
[00:06:40] It's certainly not a relief to Ukraine.
[00:06:43] Ukraine. So in that sense, yes. But But you know, we have a very tense
[00:06:47] tense situation. Crude markets are
[00:06:49] are more relaxed than product markets markets because we are lacking the
[00:06:52] the efficient refineries on the other other side of Hormuz. And a lot of
[00:06:56] of the efficient refineries in Asia Asia don't get enough crude, but
[00:07:00] but we have to see when you look look at crude prices, at futures,
[00:07:04] futures, at Brent futures, you have
[00:07:06] have a price, but it does not calculate
[00:07:10] calculate the cost of shipping which
[00:07:12] which has skyrocketed. You would
[00:07:14] would probably need to add something
[00:07:18] something like around $40 to every
[00:07:20] every barrel for the price of shipping
[00:07:23] shipping of insurance and so on. on. OK, Cornelia, as ever, it's great
[00:07:27] great to get your take on what is is happening. I thank you for joining
[00:07:30] joining us this morning. Cornelia Cornelia Meyer there with the latest
[00:07:33] latest on what's happening with energy energy and the Middle East and of
[00:07:36] of course, Russia and Ukraine. But
[00:07:37] But now let's head to Thailand, where
[00:07:41] where global finance chiefs are gathering gathering for the International Monetary
[00:07:44] Monetary Fund and World Bank annual annual meetings. The inflationary
[00:07:48] inflationary impact from the events events in the Middle East are likely
[00:07:50] likely to dominate the agenda as as soaring energy prices pile pressure
[00:07:54] pressure on economies around the the world. That and soaring global
[00:07:57] global debt levels are pushing up up borrowing costs through the bond
[00:08:01] bond markets, hitting governments governments and businesses alike.
[00:08:04] alike. Well, let's talk to Colin Colin Ellis, who's head of economic
[00:08:08] economic research at the ratings ratings firm Moody's. Colin, thank
[00:08:12] thank you for joining us. So ahead
[00:08:15] ahead of this gathering in Bangkok, Bangkok, we heard from the boss of
[00:08:18] of the IMF, Kristalina Georgieva,
[00:08:22] Georgieva, and she is talking about
[00:08:23] about the toxic mix of high inflation,
[00:08:27] inflation, high energy prices and
[00:08:29] and the AI investment boom. Yes,
[00:08:32] Yes, Sally. Well, first, thank you you for having me. And I think what
[00:08:35] what the IMF is trying to say here here is, is recognising that the
[00:08:39] the forces pulling on the global global economy right now are really
[00:08:43] really very strong and they're pulling pulling in very different directions.
[00:08:47] directions. AI is a big accelerant. accelerant. We can see the impact
[00:08:50] impact in terms of investment spending spending in the US in terms of companies
[00:08:53] companies using AI wherever they they can, and we can see it in equity
[00:08:57] equity prices, which is causing us us consumers in particular to keep
[00:09:00] keep spending. But on the flip side, side, the energy markets, that's
[00:09:04] that's really the break. And as your your previous guest said, the kind
[00:09:07] kind of real effects that we're seeing seeing there in terms of higher oil
[00:09:10] oil and higher gas prices feeding feeding through into inflation is
[00:09:14] is putting pressure on household household budgets, but it's also
[00:09:17] also putting central banks in a difficult
[00:09:19] difficult position. So we've got
[00:09:22] got G7 finance ministers meeting meeting in Bangkok as well, including
[00:09:25] including our Chancellor John Healey. Healey. She will urge governments,
[00:09:29] governments, those who are gathered gathered there and beyond, she says,
[00:09:33] says, to implement protective fiscal
[00:09:35] fiscal and monetary policy measures.
[00:09:37] measures. Will governments listen listen to that? Well, I mean, that's
[00:09:41] that's the trillion dollar question question really, Sally, it's governments
[00:09:45] governments have been running up up debt in various parts of the world
[00:09:47] world for a very long time now, and and we've had a whole series of crises
[00:09:51] crises which explain why debt's risen, risen, because governments have stepped
[00:09:54] stepped in after the financial crisis crisis or during the euro crisis
[00:09:57] crisis or after Covid, during Covid. Covid. But we've not really seen
[00:10:01] seen some of the biggest economies economies really take steps to bring
[00:10:03] bring back debt down. I mean, this this year, France and the US will
[00:10:07] will both run budget deficits in
[00:10:09] in excess of 5% of GDP. And if you
[00:10:12] you cannot do that when the economy economy is at least growing a bit,
[00:10:16] bit, how are you going to do that that when things are getting tougher, tougher, like right now? Because
[00:10:20] Because central banks, if anything, anything, probably are biassed towards
[00:10:23] towards raising interest rates, which which of course puts more pressure
[00:10:26] pressure on governments and cutting cutting spending at the same time
[00:10:29] time as that is very unpopular politically. politically. Have Western governments
[00:10:33] governments just become too complacent complacent about the amount of debt debt they're holding, especially
[00:10:36] especially given the fact that for for many, many years we had very
[00:10:40] very low interest rates in some places places near to zero. And so therefore
[00:10:44] therefore wasn't really costing them them that much. Whereas now it's
[00:10:47] it's costing most governments a huge
[00:10:49] huge amount. It is costing a lot lot more. And we've seen benchmark
[00:10:53] benchmark interest rates jump quite quite a long way from the near zero
[00:10:56] zero levels that we saw after the the crisis. But I think you need
[00:10:59] need to differentiate between the the really kind of biggest economies,
[00:11:02] economies, the G7 or most of the the G7 and advanced economies as
[00:11:05] as a whole. There are plenty of advanced advanced economies that have managed
[00:11:09] managed to bring their debt down down over the past decade or so.
[00:11:12] so. The problem is it tends to be be those countries that saw something
[00:11:16] something of a fiscal crisis. So So it's places like Greece or Ireland
[00:11:20] Ireland or Cyprus, you know, wherever wherever wherever there was a realisation
[00:11:24] realisation that the debt burden burden was too high and something something needed to be done about
[00:11:27] about it. That's where countries countries have been able to take
[00:11:30] take measures to actually spend a a bit less, tax a bit more and bring
[00:11:34] bring things back into balance. OK, OK, Colin Ellis from Moody's, thank
[00:11:38] thank you very much indeed. And just just to say that our economics editor,
[00:11:42] editor, Faisal Islam, is going to to be in Bangkok very soon. I understand
[00:11:45] understand for that IMF World Bank Bank meeting, we'll be hearing from
[00:11:48] from him as it does unfold. How is
[00:11:51] is all of this being read by investors? investors? Well, US bond markets
[00:11:54] markets get a break today for Columbus Columbus Day or Indigenous Peoples
[00:11:57] Peoples Day. The rest of Wall Street, Street, though it will be business
[00:12:01] business as usual. And it's a new new week, of course, with a lot going
[00:12:05] going on over the weekend that we've we've already been discussing. But
[00:12:08] But also it's a big earnings week
[00:12:09] week with a host of major US banks
[00:12:12] banks set to post results. Also other other companies as well. Let's talk
[00:12:15] talk to Susannah Streeter chief investment investment strategist at Wealth Club.
[00:12:19] Club. Morning, Susannah. Good morning morning Sally. So a new trading week,
[00:12:22] week, a new business week begins begins and there is just so much
[00:12:26] much going on. Give us your take.
[00:12:28] take. There is so much going on. on. Absolutely spot on there. Sally.
[00:12:32] Sally. Yeah. So we're looking ahead
[00:12:35] ahead to the earnings season kicking kicking off with the big banks. But
[00:12:38] But of course in the background to to all of this are these energy prices
[00:12:42] prices which are still staying elevated
[00:12:44] elevated despite this deal between between Putin and Trump. A crude
[00:12:48] crude Brent crude still hovering hovering around $103 a barrel. So
[00:12:51] So there may have been a tiny bit bit of relief, but it's not really
[00:12:54] really enough to offset what is happening happening in the Middle East. This,
[00:12:58] This, of course, all plays into what's what's happening on the markets and
[00:13:01] and certainly on the markets as well. well. You're still expecting a kind
[00:13:05] kind of K shaped performance because
[00:13:07] because you've got the big banks
[00:13:10] banks expected to again unveil some some pretty bumper profits because
[00:13:14] because of the volatility, increased increased trading activity, mergers mergers and acquisitions, a bit of
[00:13:18] of a kind of cyclical boost and also
[00:13:22] also energy majors as well as those
[00:13:25] those huge tech those mega tech AI
[00:13:28] AI giants, they're expected all to
[00:13:31] to deliver more bumper profits. Overall, Overall, the S&P 500 expected to
[00:13:34] to rise by around 30% year on year.
[00:13:37] year. Those are the earnings. But But at the other end of the scale,
[00:13:41] scale, because kind of Main Street
[00:13:43] Street High Street is suffering and and consumers have less money in
[00:13:47] in their pockets, those kind of consumer consumer discretionary companies companies aren't expected to do quite
[00:13:51] quite as well. So as I say to kind kind of two real stories I think
[00:13:55] think are going to emerge. And also also as well, we must note this morning
[00:13:59] morning for UK viewers, for the Chancellor, Chancellor, John Healey, who I've
[00:14:01] I've mentioned is in Bangkok currently currently the Institute for Fiscal
[00:14:04] Fiscal Studies coming out with its its warning ahead of the budget,
[00:14:07] budget, which is pretty soon saying saying that, you know, higher than
[00:14:10] than expected inflation is going going to eat into what the government
[00:14:13] government hoped to spend on public
[00:14:16] public services. Again, this speculation
[00:14:19] speculation ahead of the budget that that is dominating for the UK currently
[00:14:23] currently and impacting bond markets markets as well, isn't it? Absolutely.
[00:14:26] Absolutely. So you've got gilt yields
[00:14:29] yields so effectively the cost of
[00:14:31] of government borrowing those have have surged to multi-decade highs
[00:14:35] highs because of concerns that inflation inflation is ramping higher. And
[00:14:39] And central banks Bank of England England will have to increase interest
[00:14:42] interest rates. That's having an
[00:14:44] an impact. So that's eating in to
[00:14:47] to the any wriggle room that the
[00:14:49] the Chancellor did have. And of course course all this speculation about
[00:14:53] about where higher taxes could land
[00:14:54] land is also damaging. It does mean
[00:14:57] mean that lots of companies may kind
[00:14:59] kind of hold off investment. We know know that higher payroll taxes have
[00:15:03] have already been very onerous for
[00:15:07] for companies across multiple sectors. sectors. And I think there's this
[00:15:10] this kind of uncertainty now ahead ahead of the budget about what else
[00:15:12] else is going to happen. It's a tricky
[00:15:14] tricky balancing act to try and keep
[00:15:16] keep a lid on government spending. spending. Yet at the same time not
[00:15:20] not increase taxes in areas that that are going to penalise and stymie
[00:15:24] stymie growth. So that is the very very tricky balance that the Chancellor
[00:15:28] Chancellor has to face right now. now. Susanna, always good to get
[00:15:31] get you on the programme. We'll see see you soon. Have a good week. Susannah
[00:15:34] Susannah Streeter there at Wealth Wealth Club still to come, cultivating
[00:15:38] cultivating for the future. We find find out what it takes to plough
[00:15:40] plough the perfect line as farmers farmers face a tough harvest and
[00:15:44] and soaring costs around the world
[00:15:46] world and across the UK. This is
[00:15:50] is BBC News.
[00:16:50] MUSIC
[00:16:59] This is Business Today on BBC
[00:17:01] News. If we head to France, the Paris
[00:17:03] Paris motor show opens its doors doors today. The event is expected
[00:17:07] expected to include record numbers numbers of Chinese car makers at
[00:17:10] at a time when European manufacturers
[00:17:12] manufacturers are struggling to compete,
[00:17:15] compete, particularly when it comes comes to electric vehicles. Speaking
[00:17:19] Speaking on Sunday, Volkswagen's Volkswagen's chief executive Oliver
[00:17:21] Oliver Blume backed the EU's proposed
[00:17:23] proposed Made in Europe rules to
[00:17:26] to incentivise local manufacturing manufacturing as Europe's biggest
[00:17:28] biggest car maker undergoes huge huge restructuring. On Friday, the
[00:17:32] the EU said China had agreed to slash
[00:17:35] slash millions of hybrid car exports
[00:17:37] exports to the bloc following talks
[00:17:39] talks in Beijing. Well, Anna-Marie Anna-Marie Baisden joins me now.
[00:17:42] now. Director head of autos and infrastructure
[00:17:46] infrastructure research at BMI. Morning,
[00:17:47] Morning, Ann Marie. Morning, Sally.
[00:17:50] Sally. Can you just explain what what would the EU's Made in Europe
[00:17:54] Europe plans mean for the car industry?
[00:17:57] industry? Yes, it would mean any any kind of subsidies. Support would
[00:18:01] would come with requirements that that the vehicles are not only built
[00:18:04] built in Europe, but a large proportion
[00:18:06] proportion of the content is localised
[00:18:09] localised as well which could be be something of a challenge because,
[00:18:13] because, you know, a lot of the industry industry still highly reliant on
[00:18:17] on China in particular, but a lot lot of Asian countries for a lot
[00:18:20] lot of the supply chain. So it would would mean also having to develop
[00:18:24] develop that European supply chain
[00:18:25] chain more. What does it mean for
[00:18:28] for the UK? Well, this is this has
[00:18:31] has been difficult because there's
[00:18:33] there's a question of does the UK
[00:18:35] UK move with the EU in, in order
[00:18:39] order to make more of a level playing
[00:18:42] playing field in terms of regulation, regulation, you know, we had this
[00:18:45] this question with the tariffs on on Chinese electric cars. Should
[00:18:48] Should the EU move with the should
[00:18:51] should the UK move with the EU? So
[00:18:53] So that will be something the UK UK will be considering. Definitely
[00:18:57] Definitely it wants to protect its its own local manufacturing because,
[00:19:01] because, you know, to some extent extent we've seen production either
[00:19:04] either falling or at risk in the
[00:19:05] the UK. So that will be a big question.
[00:19:08] question. What is the price difference
[00:19:11] difference Anne-Marie, between a a European made EV compared to an
[00:19:15] an equivalent a Chinese made one.
[00:19:20] one. Well, at the moment we've definitely
[00:19:23] definitely seen EU sorry European European car prices coming down.
[00:19:26] down. We've seen a lot more smaller,
[00:19:31] smaller, affordable EVs coming out out in comparison with those Chinese
[00:19:34] Chinese ones. There's still though
[00:19:36] though even with the tariffs on the
[00:19:39] the Chinese cars, there's still enough
[00:19:42] enough margin there that the Chinese Chinese cars can be cheaper. You
[00:19:46] You know, we're starting to see attempts attempts to bring that down. So you
[00:19:50] you know, something we're expecting expecting to see in Paris is the
[00:19:53] the new Citroen two CV Citroen saying
[00:19:55] saying it wants to make that £15,000
[00:19:58] £15,000 or less or 15,000. So they're
[00:20:00] they're trying to get in the same same ballpark, but at the moment
[00:20:04] moment there's still a difference. difference. So how do you see this this playing out? Anne-Marie. Because
[00:20:08] Because as we have been reporting, reporting, there's this constant
[00:20:11] constant tussle between Beijing and
[00:20:13] and Brussels on this issue. Yes, Yes, certainly we're already seeing
[00:20:17] seeing more Chinese car makers actually
[00:20:19] actually coming to produce in Europe. Europe. And sometimes that's even
[00:20:23] even in partnership with European European car makers. You know, we're
[00:20:26] we're seeing some European companies, companies, Stellantis being one.
[00:20:30] one. Think of giving some of its its extra capacity to Chinese partners
[00:20:33] partners so that they can produce produce here. So we would expect
[00:20:37] expect to see more of that, more more Chinese production in the country.
[00:20:41] country. We're also expecting to to see more done around hybrids.
[00:20:44] hybrids. As you mentioned, put something something more formal in place and
[00:20:47] and to have tariffs on hybrids as as well, because that's about half
[00:20:50] half of the market right now. Anne-Marie, Anne-Marie, thank you so much. Anna-Marie
[00:20:54] Anna-Marie Baisden there from BMI
[00:20:57] BMI to artificial intelligence, as as the President of Microsoft says
[00:21:00] says that work on AI regulation needs needs to start immediately. Speaking
[00:21:03] Speaking to my colleague Will Bain Bain for the BBC's Big Boss interview,
[00:21:06] interview, he said that the current current system of self-regulation
[00:21:10] self-regulation isn't working. When
[00:21:11] When you look at AI agents that have
[00:21:15] have escaped human control, when when you look at models that are
[00:21:18] are so powerful that they're putting putting the world's cybersecurity
[00:21:21] cybersecurity at risk. I would say,
[00:21:23] say, look, the moment has arrived.
[00:21:25] arrived. Let's speak calmly, maybe
[00:21:27] maybe even softly but firmly, and
[00:21:30] and start to bring people together. together. I hope that's the role
[00:21:33] role we can play as a company. I I hope that's the role the UK can
[00:21:36] can play as a country. So there was was this accord that came out of
[00:21:39] of the White House, wasn't you were were notably not one of the signatories
[00:21:43] signatories as a company of that, that, but that was all about I'm
[00:21:46] I'm quoting the President again here, here, tremendous self-regulation. self-regulation. It sounds like from from what you're saying to me, without
[00:21:50] without putting words in your mouth, mouth, you don't think self-regulation self-regulation actually goes far
[00:21:53] far enough. There should be one body
[00:21:55] body somewhere that people are compelled. compelled. Forced what is it legally
[00:21:58] legally forced to put their models models through to test? I would say
[00:22:01] say two things. First, I applaud, applaud, I applaud, we applaud as
[00:22:04] as a company that statement and we're
[00:22:07] we're happy to sign it. It's a good good step. It's a necessary step.
[00:22:11] step. And fundamentally what it does does is it says companies should
[00:22:13] should have internal controls. It It should have internal auditors
[00:22:17] auditors looking at things like AI AI safety. We've been doing that
[00:22:19] that since almost a decade ago, and and there ought to be some external
[00:22:23] external evaluators as well, all
[00:22:25] all to the good. It's necessary.
[00:22:28] necessary. I don't think it's sufficient
[00:22:31] sufficient any longer because the
[00:22:33] the challenge for any self-regulatory self-regulatory regime is if it's
[00:22:37] it's left to the industry alone, alone, frankly, the good companies
[00:22:40] companies will do what you want. want. It's the companies that are
[00:22:43] are not as responsible that you need need to worry about. There you go.
[00:22:47] go. Another voice on AI. Now to an an industry that's been particularly
[00:22:51] particularly hard hit by rising fuel fuel and diesel costs, and that is
[00:22:55] is farming a notoriously tough sector sector that has been struggling with
[00:22:57] with the impact of the hottest summer summer on record here in the UK,
[00:23:01] UK, while dealing with a range of
[00:23:02] of higher input prices from machinery
[00:23:05] machinery to fertiliser. But that that doesn't mean they don't have
[00:23:08] have time for a bit of fun to showcase showcase their skills. With hundreds
[00:23:12] hundreds of farmers taking to the
[00:23:14] the wheel at the 75th British National
[00:23:17] National Ploughing Championship over over the weekend and David Chappell
[00:23:20] Chappell was ploughing in the Championships Championships over the weekend and
[00:23:23] and is an ex-British champion in
[00:23:25] in conventional ploughing. Welcome
[00:23:27] Welcome to the programme. Thank you. you. Good to be here. So how did
[00:23:31] did it go? I assume it was very competitive.
[00:23:36] competitive. It was very competitive competitive and almost 300 ploughmen
[00:23:39] ploughmen from all over Britain competing.
[00:23:41] competing. OK. So so what does it
[00:23:44] it take to be a winner? You are a
[00:23:46] a champion. What do you have to get
[00:23:48] get right? Well, you need a natural
[00:23:50] natural feel for the land. You need
[00:23:53] need good eyesight. You need to be
[00:23:56] be dedicated. A lot of patience. patience. And the most important
[00:23:59] important thing is you need good good tuition. You need these skills
[00:24:03] skills are passed on through the
[00:24:06] the generations and you need that
[00:24:07] that expert help to get you there.
[00:24:10] there. And what are the consequences
[00:24:12] consequences if you get it wrong?
[00:24:15] wrong? One little mistake and there's there's another ploughman there that's
[00:24:18] that's going to beat you. OK. But
[00:24:21] But what I mean though, for farmers
[00:24:23] farmers in general, for crops, for for their livelihoods, if they get
[00:24:26] get it wrong, is it a big problem?
[00:24:31] problem? Well good ploughing steals steals over the residues from the
[00:24:34] the previous crop, steals them down.
[00:24:36] down. The weed seeds get killed.
[00:24:38] killed. 85% of wheat seeds get killed. killed. You then need less chemicals.
[00:24:41] chemicals. You then need less fuel
[00:24:43] fuel to cover to create a seed bed
[00:24:47] bed for the next crop. And David,
[00:24:49] David, how long have you been farming?
[00:24:53] farming? I've been farming for over over 60 years. I've been the British
[00:24:57] British champion seven times and and I've been the world champion
[00:24:59] champion once. Wow. So you have an an awful lot to teach. As you say,
[00:25:03] say, it's all about passing it on.
[00:25:05] on. But David just. I'm interested interested how challenging has it
[00:25:09] it been in recent years? Farming.
[00:25:13] Farming. Well, the fuel prices, the
[00:25:15] the chemical prices, the fertiliser
[00:25:17] fertiliser prices have rocketed. rocketed. So because of events around
[00:25:21] around the world at the same time
[00:25:23] time we've got cheap food being dumped
[00:25:26] dumped on the country. That's reducing reducing the price of ours. It's
[00:25:29] It's not produced to the same high high standards that British forces.
[00:25:32] forces. And that's what we want to
[00:25:33] to see. We want to see the food produced
[00:25:37] produced to the correct standards, standards, to our high standards
[00:25:41] standards before it's imported into into Britain. We want to see government
[00:25:44] government introduce policies that that encourage production of food
[00:25:48] food from our own resources. Yeah, Yeah, David, we have heard it so
[00:25:52] so many times from farmers who we we do talk to on this programme,
[00:25:54] programme, and I know many of them them are up early watching as well. well. Thank you for your time this
[00:25:58] this morning. David Chappell their
[00:26:01] their former champion, as you heard heard several times, in fact of ploughing
[00:26:05] ploughing competitions. That's all
[00:26:06] all from Business Today. MUSIC
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[00:30:14] News. Ukraine accuses Russia of ongoing
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[00:30:47] intensify. Big night planned. And And the actor Robert Pattinson tells
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