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20261011 030000 UTC
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[00:00:04] of
[00:00:10] of
[00:00:23] Welcome to Channel's business globe with me Juliana Olayinka reporting from just
[00:00:27] outside the palace of Westminster in central London. where global
[00:00:30] power, policy and markets intersect. Coming up
[00:00:34] today's show, Kemy Vedenock puts tax and growth at the heart of
[00:00:38] her pitch to Britain, pledging to abolish inheritance tax on
[00:00:41] family homes and
[00:00:43] a arguing that economic growth would be the central organizing
[00:00:46] principle of a future conservative government. We hear from the
[00:00:50] party leader following her closing speech in Birmingham
[00:00:54] and oil remains around $100 a barrel. Inflationary
[00:00:58] pressures are building and the prospects. the further interest rate rises is
[00:01:02] back
[00:01:02] of in focus. Investment strategist Susanna
[00:01:05] Streeter tells me what this means for Nigeria, Britain and the wider global
[00:01:09] economy. Then later, new home for African and Black cinema
[00:01:13] opens its
[00:01:14] of doors in London. Mo Abudu brings evony life place from Lagos to the
[00:01:18] British Capital, creating a new platform for African film,
[00:01:22] food, fashion, art and music. But first, Britain's
[00:01:25] conservatives have ended their party conference in Birmingham with
[00:01:29] of a clear message. the party wants to fight the next election on the
[00:01:33] a economy. Kemy Vedenock used her
[00:01:35] a closing speech to promise a smaller state, lower taxes and
[00:01:39] a renewed focus on economic growth. She pledged to abolish
[00:01:43] inheritance tax on family homes alongside plans to cut
[00:01:46] employers national insurance for younger
[00:01:49] of workers as the party tries to tackle rising youth unemployment. But this was
[00:01:53] about more than individual tax cuts. After losing power in
[00:01:57] 2024, Beadenok is trying to rebuild. the
[00:02:00] conservatives economic identity and convinced voters that the
[00:02:04] party once again has a
[00:02:06] of credible alternative to labor, and the timing is significant. prime
[00:02:10] minister Andy Burnham's government delivers its budget at the end of this month
[00:02:14] under pressure to strengthen growth while keeping the public finances
[00:02:17] under control, so the battle over Britain's economic direction
[00:02:21] is beginning to take shape. here is some of what Kemy Beadenock told
[00:02:25] delegates in Birmingham.
[00:02:27] Conference, there is a... fight
[00:02:31] coming in
[00:02:32] of British politics, a fight that we have
[00:02:35] not seen in this country for more than half a
[00:02:39] century. It will be a battle for
[00:02:43] the soul of this nation, a battle of
[00:02:46] ideas, a battle that goes to
[00:02:50] the very core of who we
[00:02:53] of are, and what kind of country we want to
[00:02:57] be. On one side, "we have a
[00:03:00] government that wants to wind back the clock to the failed
[00:03:04] ideas
[00:03:05] of the
[00:03:06] in past, they believe economic growth is
[00:03:09] created by
[00:03:12] in politicians, they think government knows best,
[00:03:16] they think that your income, your pension and
[00:03:20] your savings are theirs to take and then hand
[00:03:24] out as they see fit. they
[00:03:27] believe that what they are doing is compassion." but we
[00:03:31] know that these ideas will make every
[00:03:35] single
[00:03:35] of person in this country
[00:03:37] poorer,
[00:03:50] of your taxes will be higher, your bills will go up,
[00:03:54] you will find it harder
[00:03:56] of and harder to make ends meet, just because these ideas are
[00:04:00] delivered on TikTok doesn't make them any less dangerous than they
[00:04:03] have always
[00:04:04] been.
[00:04:09] of
[00:04:13] On the other side
[00:04:14] of the battle is us,
[00:04:18] a renewed conservative party, fighting again for the belief that
[00:04:22] what people earn belongs to them, not
[00:04:26] a government. of of
[00:04:27] of
[00:04:35] that the collective wisdom of people in our country is
[00:04:38] greater than the central planning of bureaucrats and
[00:04:42] politicians, the spending money we don't have on things
[00:04:46] we cannot afford is not kind, it is
[00:04:52] in reckless.
[00:05:00] This is
[00:05:00] a critical
[00:05:01] of moment. The world is becoming more
[00:05:04] dangerous. Western economies are becoming more
[00:05:08] fragile. We are running out of
[00:05:11] money. and running out of time to put it
[00:05:15] right. Conference, we have a fight on our hands
[00:05:19] and we need to be ready. No one else is going to solve these
[00:05:23] problems, no one else is going to deliver a stronger economy
[00:05:26] and a stronger
[00:05:28] country.
[00:05:33] Conference, the fundamental problem we have right now is
[00:05:37] that our country is running out of money.
[00:05:41] Almost every... the problem flows from
[00:05:43] this: our national debt currently stands
[00:05:47] at nearly 3 trillion pounds and we are adding more than
[00:05:51] 100 billion every year, every
[00:05:55] year. last year, four in every five
[00:05:59] pounds borrowed by the government was spent on debt
[00:06:02] interest alone. that's like taking
[00:06:06] out second mortgage just to pay the interest
[00:06:10] on your first mortgage. this is crazy. unless
[00:06:14] we start creating more value, unless we start growing our economy,
[00:06:18] something is going to break, that is why
[00:06:22] growing the economy will be the central
[00:06:25] organizing principle the next conservative
[00:06:28] government,
[00:06:39] we know that a stronger country is built. a
[00:06:43] stronger economy, the two go hand in hand.
[00:06:47] there is no national security without economic
[00:06:50] security, and there is no economic security
[00:06:54] without national security. we cannot have one without the
[00:06:57] other. labor don't understand
[00:07:00] this.
[00:07:06] they see no need to fix the public finances. i'm not even sure they know what
[00:07:10] is going wrong, because if they... they would be making
[00:07:14] tough decisions to bring spending down, instead they're
[00:07:18] making lots of promises, promises need to be paid
[00:07:21] for, more government costs more
[00:07:25] money, it means higher taxes and higher
[00:07:28] borrowing, higher taxes and higher borrowing that will weaken
[00:07:32] business, weaken investment, weaken hiring, and then
[00:07:36] that will lower growth, then what will they do, they'll put up your taxes
[00:07:40] again, this is the tax doom loop that... is making us all poorer,
[00:07:44] round and round we go, that is the wrong way. Conference, let
[00:07:48] me show you the right way. Staying
[00:07:52] with Britain's economy and artificial intelligence is beginning to reshape not
[00:07:55] only how companies operate, but how many people they employ.
[00:07:59] HSBC is reportedly planning significant cuts across its
[00:08:03] UK wealth management business as it expands its use of AI
[00:08:07] and digital services. Around half of management and specialist roles
[00:08:11] could be effective. while financial advisor positions could be reduced
[00:08:15] by as much as 70%. the bank says customers are
[00:08:19] increasingly managing their finances digitally. for years, the
[00:08:23] promise of AI had centered on productivity and
[00:08:25] efficiency. what is becoming clearer is what those gains
[00:08:29] could mean for employment, including highly skilled and
[00:08:33] well-paid jobs and HSBC may just be early
[00:08:37] indication of much wider shift, and technology is not
[00:08:41] the only force reshaping the... global economy, oil is back above
[00:08:44] $100 a barrel, putting energy prices firmly back at the center
[00:08:48] the global economic outlook. Oil prices have also been
[00:08:52] driving the economic agenda this week, trading above $100 a barrel
[00:08:55] as tensions in the Middle East continue to affect global energy
[00:08:59] markets, that brings inflation and interest rates firmly back
[00:09:03] into focus. For Nigeria, higher crude prices can boost
[00:09:06] export earnings and government revenues, but they can also increase
[00:09:10] costs across the economy. and with global borrowing costs still
[00:09:14] high, the outlook remains finally balanced, so what does all
[00:09:18] of this mean for the global economy? is we head towards the end the
[00:09:21] year? earlier I spoke with Susanna Streeter, chief investment
[00:09:25] strategist at Wealth Club. If the energy crunch
[00:09:29] continues as it appears to be doing so with
[00:09:32] all really staying stubly around that
[00:09:35] $100 a barrel mark, it does present
[00:09:39] inflationary concerns for many economies because of course the
[00:09:43] real worry for central bankers and for governments around the
[00:09:46] world is that the energy prices will be passed
[00:09:50] on uh through to higher prices of goods and
[00:09:53] services across economies and then that will add
[00:09:56] to um inflationary pressures and
[00:10:00] already - consumers have been having to deal
[00:10:03] with with high energy prices and the have been such high
[00:10:07] hopes that actually the war in the middle east would have been
[00:10:11] resolved by now particularly ahead the US
[00:10:15] mid-term elections, but certainly that does not seem to be the case.
[00:10:18] President Trump has already indicated uh that the war is
[00:10:22] likely to continue well past that date and so we're kind of bedding in for
[00:10:26] the longer term and that is why what you are seeing on financial
[00:10:30] markets is a pricing of multiple interest
[00:10:34] rate hikes from the federal reserve, the bank of england, others, we've
[00:10:37] had uh certainly hike from India's since
[00:10:41] central bank as well today for the first time since 2023, because so
[00:10:45] many economies are facing uh these inflationary
[00:10:48] pressures. yeah, obviously it's a double edge sword isn't
[00:10:52] it? what you are seeing is the oil made? is really reaping the
[00:10:56] benefits of these higher prices, we've heard from Shell this week
[00:11:00] uh, because it's a ramping up production and it's margins
[00:11:04] uh, it's benefiting from much more profitable
[00:11:07] margins as result, particularly in its refining
[00:11:11] business with um diesel in short supply around the world,
[00:11:15] so on one hand the all majors are reaping rewards and that
[00:11:18] actually to some extent can help um with the government
[00:11:22] finances due to the tax take depending on of course on
[00:11:26] the level of tax the all majors pay, but on the other
[00:11:29] hand, it means that those consumers and businesses so
[00:11:33] highly reliant on energy supplies are really feeling
[00:11:37] the squeeze, and the question is how much of that tax
[00:11:41] revenue that
[00:11:44] is being redirected potentially to offset
[00:11:48] the squeeze for consumers and businesses, because it will mean that they
[00:11:52] will spend less money in other parts the economy. so you could see slow
[00:11:56] down due to dip in consumer spending,
[00:12:00] so certainly there is a really big balancing act going on right
[00:12:03] now, yes it is looking like that, although it's not
[00:12:07] absolutely certain at the moment what you are seeing is that
[00:12:11] actually businesses have been absorbing quite a lot the higher energy costs,
[00:12:15] the question is how long can they continue to do so before they
[00:12:19] start passing on those costs to consumers, and that's
[00:12:23] what Bank of England policymaker. are keeping a really close eye
[00:12:27] on, which is why for the moment rates were kept on hold, but now
[00:12:31] markets are pricing in and the 90% chance that
[00:12:34] rates will be hikeduh in November and
[00:12:38] multiple uh further rate hikes are priced in by the
[00:12:42] markets right now, however much is going to depend on what happens
[00:12:46] in the labor market buse
[00:12:47] what central bankers will also be watching for is
[00:12:51] whether uh these high energy costs will end up kind of trans
[00:12:55] through to higher wages, if costs are going up elsewhere,
[00:12:59] consumers and workers may feel that they need to bargain for higher
[00:13:03] wages and then you can see kind of energy price spiral emerge
[00:13:07] in the market, but the labor market is weakening
[00:13:10] slightly in the United Kingdom, we're seeing fewer vacancies
[00:13:14] and there are more job losses on the cars for all mail
[00:13:17] is one the employers which has recently said it's going
[00:13:21] to be axing a number of positions and if there are... vacances
[00:13:25] available, there's less bargaining power for employees
[00:13:29] and that could keep a lid a
[00:13:33] price spiral emerging, which in turn then could stop
[00:13:36] interest rates rising quite as quickly, if the essentially if the economy is not
[00:13:40] moving so fast, if employers aren't taking on more workers, if workers
[00:13:44] aren't being paid more and this economy is is sluggish,
[00:13:48] it may mean that actually inflation won't take off in the same way,
[00:13:52] which could mean we won't see quite as many interest rate
[00:13:55] highs, but we just have to see how this emerges and filters through the
[00:13:59] economy. I do think we have to really keep an eye on geopolitical
[00:14:03] fracture, high inflation, and the
[00:14:06] possibility that the exuberant bubble of
[00:14:09] AI investment could not
[00:14:12] necessarily pop, there could be quite a correction
[00:14:15] ahead,
[00:14:17] the valuations baked in are pretty eye watering, that's not to
[00:14:20] say some the the major players don't have very deep cash
[00:14:24] pockets. and actually the valuations are that heading when you
[00:14:28] look at the revenues that they're making right now, but the landscape is
[00:14:32] being priced for winners right across the board, and we know and
[00:14:36] history has told us in the past that
[00:14:39] losers as well as winners will litter the landscape ahead, so I
[00:14:43] think there may be a correction of sorts, geopolitical fractures want
[00:14:47] to to keep an eye on, we aren't yet certainly anywhere near it
[00:14:51] seems resolution in terms the energy crunch, companies are continuing.
[00:14:55] to battle with higher prices, economies as well, and we've
[00:14:59] also got concerns about government debt piles and high borrowing
[00:15:03] cost. still to come on channels business global, new home for African and
[00:15:07] black cinema opens its doors in London. brings every
[00:15:11] life place from Lagos to the British capital, creating a new
[00:15:14] platform for African film, food, fashion, art and music,
[00:15:18] and Kenya confirms its first ever Ebola case and
[00:15:21] death after infected passenger travel from the Democratic
[00:15:25] of Congo through Uganda and into Nairobi. We look at the growing
[00:15:29] concern over the virus crossing borders undetected. All of this
[00:15:33] after the break. Do stay with
[00:15:34] us.
[00:17:32] back to channel's business globe with me Juliana Olayinka reporting from just
[00:17:35] outside the palace of Westminster. in central London where global power,
[00:17:39] policy and markets intersect. Kenya has confirmed its
[00:17:43] first ever case of Ebola and its first death from the disease. The
[00:17:47] Kenyan citizen had been living in the Democratic Republic of Congo where he
[00:17:50] had already fallen ill. He traveled by road to Kampala before
[00:17:54] boarding a commercial flight to Nairobi last Saturday. He was admitted
[00:17:58] to hospital after arriving in Kenya and died on Monday
[00:18:02] night. Tests confirmed the Bundebugio strain of a
[00:18:05] Bola, the same strain behind. the outbreak in the DRC. That
[00:18:09] outbreak is now the worst in the country's history with more than 8,000
[00:18:13] confirmed cases and more than 4,000 deaths. Kengan
[00:18:17] authorities have now identified 57 contacts linked
[00:18:20] to the case, including people who traveled on the same
[00:18:24] flight. 10 have been placed in quarantine as officials
[00:18:27] intensify surveillance and contact tracing. The
[00:18:31] case is particularly significant because the infected passenger
[00:18:35] cross borders and passed through internet. national airports before the
[00:18:39] virus was detected, highlighting the challenge of containing
[00:18:42] ebola a highly connected region. when Channel's business
[00:18:46] global spoke with the who spokes person Dr. Margaret Harris
[00:18:50] august, she warned us about precisely this risk a
[00:18:54] virus capable of traveling undetected. This week it reached
[00:18:57] Nairobi. So it's very, very serious. There's no doubt about it, and I
[00:19:01] think the seriousness was reflected right from the start when Dr. Tetros
[00:19:05] took the unusual step of... declaring it as a public health
[00:19:09] emergency of international concern actually almost
[00:19:13] the day they learn that that this was happening and the
[00:19:16] reason it was taken seriously then and still needs
[00:19:20] to be taken even more seriously is because this is an area that's
[00:19:24] just riven by conflict where you've got large numbers of people this
[00:19:28] place they are starving they are suffering all kinds of other
[00:19:32] diseases and meanwile the health system's been utterly disrupted so you've
[00:19:35] got people in a greater need of
[00:19:38] all kinds of healthcare and fewer and fewer people
[00:19:41] are able to deliver it, so that's a perfect storm, that's a
[00:19:44] perfect recipe for something
[00:19:47] like bowler to take hold, and clearly it took hold a
[00:19:51] good six months, good five months before the world even knew it was
[00:19:55] happening, and this is the other problem, and when you look
[00:19:59] at the genetic sequencing the different people
[00:20:02] the strains that people have had, it's very clear that
[00:20:06] also, 'there's a lot of hidden transmission, indeed, there's a
[00:20:09] very good strong risk that it will do
[00:20:13] so, because again it's crossed um
[00:20:17] provincial borders, it's gone to six different provinces already from starting
[00:20:21] in one, now the epicenter is still Ituri, which
[00:20:24] is, but that borders Uganda, and we saw it
[00:20:28] cross that border, now a sense the world was lucky it went to Uganda
[00:20:32] first, because that's
[00:20:33] got a very strong health system, very good surveillance, great'.
[00:20:38] so they were able to shut it down, but there
[00:20:40] are other countries that don't
[00:20:44] advantage, and indeed there's
[00:20:48] South Sudan border. there are quite a lot of different
[00:20:51] countries bordering all those parts the Democratic Republic of Congo,
[00:20:55] so and also it's a very busy area, there's massive
[00:20:59] cross-border travel, and most of it
[00:21:03] informal travel, it's not at major
[00:21:06] formal posts that are being monitored, lot of
[00:21:10] it is just crossing river, crossing through
[00:21:13] the jungle, so it's it's a lot of it kind
[00:21:17] of invisible travel. invisible travel and
[00:21:21] this this virus loves to travel invisibly and the important thing is
[00:21:25] also to freshen up the training so that your healthcare workers can
[00:21:29] identify someone who potentially has ebola
[00:21:32] immediately so ensure that they're isolated, strengthen
[00:21:36] your surveillance so that you are watching so you know
[00:21:38] again um who may be coming in who may be
[00:21:42] somebody that you're concerned about um in make sure that you
[00:21:46] got the test bundibucho virus the test is
[00:21:50] different from the normal ebola test, now that test
[00:21:54] is available, there are three versions of it, i think or two versions
[00:21:58] that have been licensed by the world health organization, make sure you've got that test in
[00:22:02] your laboratories, make sure your laboratory staff have got the
[00:22:05] ability to do that test, and do
[00:22:09] inform your population that there is ebola and that
[00:22:12] it is treatable and it will people will
[00:22:16] survive if they come to treatment, but make sure they want to identify.
[00:22:20] themselves, not just because you uh want to make
[00:22:24] sure you catch every case, but also so that you save every life. A new
[00:22:28] home for African and Black cinema and culture has opened here in London.
[00:22:32] Ebony Life Place London brings together film, food, fashion, art and
[00:22:35] music with a 160 seat auditorium
[00:22:39] dedicated exclusively to African and black cinema. The
[00:22:43] venue is the latest venture from Nigerian media entrepreneur Mo
[00:22:46] Abudu who launched the first epin life place in Lake. in
[00:22:50] 2019. The London Open in creates a new platform for
[00:22:54] African and Black Creative Talent in one the world's most important
[00:22:57] cultural capitals, while strengthening the creative links between Lagos
[00:23:01] and London. Channel's Business Global was there as the doors
[00:23:04] opened. It's really good to see every life place opening in the heart of
[00:23:08] my constituency here in Wandsworth. Um, it's really
[00:23:12] vital that we are showcasing African, Nigerian
[00:23:16] stories, film, art, music, culture. "we
[00:23:20] know that the vibrancy the Nigerian diospora here in
[00:23:24] London, now knowing that they've got somewhere that can come, enjoy all of that is
[00:23:28] so so vital, and it's about having that little piece of Lagos right in the heart of
[00:23:32] London. I think for us, this project is an
[00:23:35] expression of what the values we continue to
[00:23:38] advance, that the great and good coming out of Nigeria that needs to be
[00:23:42] empowered in empowering them means we're able to raise their
[00:23:46] voices and to be able to achieve that you need capital, you need finance and..."
[00:23:50] belief more importantly, so where we see our people who have
[00:23:53] excelled and continue to do well and able to come to the UK, then we are
[00:23:57] able to put capital behind their business to support them and for them to
[00:24:01] grow, so the collaboration between what more represents, credibility
[00:24:05] over the years and of course for feedbank UK being focused on
[00:24:09] delivering real value for our clients and customers, it's an opportunity we
[00:24:13] didn't want to miss and so we were able to support this particular project,
[00:24:17] finding partners that understand vision that isn't there. is can sometimes be
[00:24:21] difficult, for these two men that you see standing right here, I reached out,
[00:24:25] I pitched, I'm going to pitch in, but nonetheless,
[00:24:28] you know, they support lots of great initiatives and they found it within them
[00:24:32] to say they wanted to be a part of this, and I'm so grateful to nuvian to
[00:24:35] Flutter wave to Fidbank UK for making today, part of that
[00:24:39] reality, because without their support this project may have been delayed
[00:24:43] by months and months, it's obvious isn't it, yeah she's built an amazing
[00:24:47] brand, she's a treib in Africa. entertainment, culture,
[00:24:51] filmmaking, just name it, so to be a fan is very
[00:24:55] hard, so I'm happy to be here supporting - our dream, our vision,
[00:24:59] and we just you do payment and banking and for us seeing
[00:25:03] somebody embodies what we stand for africa to the world is so
[00:25:06] cute what we do, so I'm here to to
[00:25:08] be
[00:25:14] here.
[00:25:29] It always seems impossible, don't
[00:25:33] worry, we're not going to read through, this is no brain,
[00:25:37] mo has built credibility over the years, she's accomplished
[00:25:41] so much, and for feedback is also pursuing that same trajectory to
[00:25:45] amplify the voices and capability of what our people can
[00:25:48] do even the right. support
[00:25:51] so for this for us this alignment is really a match made in
[00:25:54] heaven to continue to amplify that story telling and that
[00:25:58] voices and continuity empower people. well sadly that's what we have time for
[00:26:02] today. but as always do get in touch with your comments and suggestions.
[00:26:06] I'll see you at the same time next week for more in-depth business
[00:26:09] analysis on channel's business global.
[00:26:11] Goodbye.
[00:26:19] Hello and welcome to one to
[00:26:21] one. Our guest today is
[00:26:25] quite the remarkable individual. I know I'm
[00:26:29] putting you the incredibly difficult position.
[00:26:33] our tourism was so alien, people thought were
[00:26:35] crazy. the world has always
[00:26:39] recognized the creative genurants. what
[00:26:43] has it meant to you
[00:26:45] personally?
[00:26:49] game-changing discussions on the big ideas that
[00:26:52] shape our thinking. we've been very focused on trying to
[00:26:56] accomplish something that is typically not done. you have to be deliberate,
[00:27:00] that's the point i'm making. things have gotten worse, so what
[00:27:04] happened? how did we get here? let people think, let people be
[00:27:08] bold, and the country can
[00:27:10] change. this is one to
[00:27:13] one,
[00:27:19] iwitness.channelstv.com, news doesn't
[00:27:22] wait, and sometimes the first witness is
[00:27:26] you. capture the moment, upload your photos, videos
[00:27:30] and eyewitness reports directly. to channel's
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[00:30:45] Hello and welcome to the program. This edition of newsroom
[00:30:49] series covering Nigeria's northeast. I am Boukola
[00:30:53] Coka and we begin in Bouchi State where all
[00:30:57] general hospitals have received a new lease of.