CHANNELSTV — broadcast 20261012 003000 UTC 444 transcript segments Google Speech-to-Text API Automatic Transcription (Chirp) Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:20] Welcome to [00:00:20] in Channel's business global with me Juliana Olayinka reporting from just outside [00:00:24] the palace of Westminster in Central London where global power [00:00:28] policy and markets intercept. Coming up today's [00:00:31] show, Kemy Vedenop puts tax and growth at the heart of her pitch [00:00:35] to Britain, pledging to abolish inheritance tax on family homes [00:00:39] and [00:00:40] a arguing that economic growth would be the central organizing [00:00:43] principle [00:00:44] of of the future conservative government, we hear from the party leader [00:00:48] following her closing speech in Birmingham, and oil [00:00:52] remains around $100 a barrel, inflationary pressures are [00:00:55] building and the prospect of further interest rate rises is back in [00:00:59] focus. Investment strategists Susanna Streeter tells me what [00:01:03] this means for Nigeria, Britain and the wider global [00:01:06] economy. Then later, new home for African and Black cinema [00:01:10] opens its [00:01:11] of doors in London. Mo Abudu brings ebony life place from Lagos [00:01:15] to the British capital, creating a new platform for African film, [00:01:19] food, fashion, art and music. But first, Britain's [00:01:22] conservatives have ended their party conference in Birmingham with [00:01:26] of a clear message, the party wants to fight the next election on the... [00:01:30] economy. Kemmy Vedenock used her closing speech to promise a [00:01:34] smaller state, lower taxes and [00:01:36] a renewed focus on economic growth. She pledged to abolish [00:01:40] inheritance tax on family homes alongside plans to cut [00:01:43] employers national insurance for younger [00:01:46] of workers, as the party tries to tackle rising youth unemployment. But this was [00:01:50] about more than individual tax cuts. After losing power in [00:01:54] 2024. Vedenok is trying to rebuild the [00:01:57] conservatives economic identity. and convinced voters that the [00:02:01] party once again has a credible alternative to labor and [00:02:05] the timing is significant. Prime Minister Andy Burnham's government delivers its [00:02:09] budget at the end of this month under pressure to strengthen growth while [00:02:13] keeping the public finances under control, so the battle over [00:02:17] Britain's economic direction is beginning to take shape. Here is some [00:02:21] of what Kemy Vedenock told delegates in Birmingham. [00:02:24] Conference, there is a fight [00:02:28] coming in British politics. A [00:02:31] fight that we have not seen in this country for [00:02:35] more than half a century, it will be a [00:02:39] battle for the soul of this [00:02:42] nation, a battle of ideas, a [00:02:46] of battle that goes to the very core of who we [00:02:50] of are and what kind of country we want to [00:02:54] be. On one side, we have a [00:02:58] government that wants to wind the clock to the failed [00:03:02] ideas [00:03:02] of the past, they believe economic growth [00:03:06] is created by politicians, they think [00:03:10] government knows [00:03:12] of best, they think that your income, your [00:03:16] pension and your savings are theirs to [00:03:19] take and then hand out as they see [00:03:22] fit, they believe that what they are doing [00:03:26] is compassionate, but we know that these are... [00:03:30] ideas will make every single [00:03:32] of person in this country [00:03:34] poorer, [00:03:46] in your taxes will be higher, [00:03:50] your bills will go up, you will find it [00:03:53] in harder [00:03:53] of and harder to make ends meet, just because these ideas are [00:03:57] delivered on tik tok doesn't make them any less dangerous than [00:04:00] they have always [00:04:01] been, [00:04:06] of [00:04:10] on the other side [00:04:11] of the battle is us, [00:04:15] a renewed conservative party, fighting again for the belief that [00:04:19] what people earn belongs to them, not [00:04:23] a government. [00:04:24] of [00:04:31] of that the collective [00:04:33] of wisdom of people in our country is greater than the [00:04:36] central planning of bureaucrats and politicians, that [00:04:40] spending money we don't have on things we cannot afford [00:04:44] is not kind, it is [00:04:46] reckless. [00:04:57] this is [00:04:57] a critical [00:04:58] of moment, the world is... becoming more [00:05:01] dangerous, western [00:05:04] of economies are becoming more [00:05:05] of fragile. We are running out of [00:05:08] money and running out of time to put it. [00:05:12] right, Conference, we have a fight on our hands [00:05:16] and we need to be ready. No one else is going to solve these [00:05:20] problems. No one else is going to deliver a stronger economy [00:05:23] and a stronger [00:05:25] country. [00:05:30] Conference, the fundamental problem we have right now is [00:05:34] that our country is running out of money. [00:05:38] Almost every other problem flows from this. [00:05:42] "Our national debt currently stands at nearly 3 trillion [00:05:46] pounds and we are adding more than 100 [00:05:49] billion every year, every year. [00:05:53] Last year, four in every five pounds [00:05:56] borrowed by the government was spent on debt interest [00:06:00] alone. That's like taking out second [00:06:04] mortgage just to pay the interest on your first [00:06:08] mortgage. This is crazy, unless we start [00:06:11] creating more. value, unless we start growing our economy, something [00:06:15] is going to break, that is why growing the [00:06:19] economy will be the central organizing [00:06:23] principle the next conservative [00:06:25] government. [00:06:36] we know that a stronger country is built a [00:06:40] stronger economy, the two... hand in hand, [00:06:44] there is no national security without economic [00:06:47] security, and there is no economic security [00:06:51] without national security. We cannot have one without the [00:06:54] other. Labor, don't [00:06:56] understand [00:07:03] this. They see no need to fix the public finances. I'm not even sure they know [00:07:07] what is going wrong, because if they did, they would be making [00:07:11] tough decisions. to bring spending down, instead they're [00:07:15] making lots of promises, promises need to be paid [00:07:18] for, more government costs more [00:07:22] money, it means higher taxes and higher [00:07:25] borrowing, higher taxes and higher borrowing that will weaken [00:07:29] business, weaken investment, weaken hiring, and [00:07:33] then that will lower growth, then what will they do, they'll put up your taxes [00:07:37] again, this is the tax doom loop that is making us all poorer [00:07:41] round and round go, that is the wrong way. Conference, let [00:07:45] me show you the right way. Staying [00:07:49] with Britain's economy and artificial intelligence is beginning to reshape not [00:07:52] only how companies operate, but how many people they employ. [00:07:56] HSBC is reportedly planning significant cuts across its [00:08:00] UK wealth management business as it expands its use of AI [00:08:04] and digital services. Around half of management and specialist roles [00:08:08] could be affected, while financial advisor positions could be reduced. [00:08:12] by as much as 70%. the bank says customers are [00:08:16] increasingly managing their finances digitally. for years, the [00:08:20] promise of AI had centered on productivity and [00:08:22] efficiency. what is becoming clearer is what those gains [00:08:26] could mean for employment, including highly skilled and [00:08:30] well-paid jobs and HSBC may just be early [00:08:34] indication of much wider shift. and technology is [00:08:38] not the only force reshaping the global economy. oil is back above [00:08:41] $100. putting energy prices firmly back at the center [00:08:45] the global economic outlook. Oil prices have also been [00:08:49] driving the economic agenda this week, trading above $100 a barrel [00:08:52] as tensions in the Middle East continue to affect global energy [00:08:56] markets. That brings inflation and interest rates firmly back [00:09:00] into focus. For Nigeria, higher crude prices can boost [00:09:03] export earnings and government revenues, but they can also increase [00:09:07] costs across the economy, and with global borrowing costs still [00:09:11] high, the... look remains finally balanced, so what does all [00:09:15] of this mean for the global economy as we head towards the end the [00:09:19] year? earlier I spoke with Susanna Streeter, chief investment [00:09:22] strategist at Wealth Club. If the energy crunch [00:09:26] continues as it appears to be doing so with [00:09:29] oil really staying stubly around that $100 [00:09:33] a barrel mark, it does present inflation reconcerns [00:09:37] for many economies because of course the real worry for [00:09:41] central bankers. and for governments around the world is that [00:09:45] the energy prices will be passed on uh through to [00:09:49] higher prices of goods and services across economies [00:09:52] and then that will add to um inflationary [00:09:56] pressures, and already consumers have [00:09:59] been having to deal with with high energy prices and there [00:10:03] have been such high hopes that actually the war in the middle [00:10:07] east would have been resolved by now, particularly ahead [00:10:11] the US mid- elections, but certainly that does not seem to [00:10:15] be the case. President Trump has already indicated uh that the [00:10:18] war is likely to continue, well past that date, and so we're [00:10:22] kind of bedding in for the longer term, and that... is why what you are [00:10:26] seeing on financial markets is - a pricing [00:10:30] of multiple interest rate hikes from the federal reserve, the bank of england, [00:10:33] others, we've had uh certainly hike from [00:10:37] India's central bank as well today for the first time since 2023, [00:10:41] because so many economies are facing uh these [00:10:45] inflationary pressures. yeah, obviously it's a double edge [00:10:48] sword, isn't it? what you are seeing is the oil majors really [00:10:52] reaping the benefits of these higher prices we've heard from Shell this [00:10:56] week uh because it's a ramping up production and its [00:11:00] margins uh it's benefiting from much more a [00:11:03] profitable margins as result particularly in [00:11:07] its refining business with um diesel in short [00:11:10] supply around the world so on one hand the all majors are [00:11:14] reaping rewards and that actually to some extent can help um [00:11:18] with the government finances due to the tax take depending of [00:11:21] course on the level of tax so they all just [00:11:25] pay, but on the other hand, it means that those consumers and [00:11:29] businesses so highly relient on energy [00:11:32] supplies are really feeling the squeeze, and the [00:11:36] question is how much of that tax revenue uh that [00:11:40] is being redirected [00:11:43] potentially to offset the squeeze for consumers and [00:11:47] businesses, because it will mean that they will spend less money [00:11:51] in other parts the economy, so you could see slow down due to [00:11:55] dip in consumer spending, so certainly there is a really big [00:11:58] balancing act going on right now. yes, [00:12:01] it is looking like that, although it's not absolutely [00:12:05] certain. at the moment what you are seeing is that actually [00:12:09] businesses have been absorbing quite a lot the higher energy costs. the [00:12:12] question is, how long can they continue to do so before they [00:12:16] start passing on those costs to consumers and that's [00:12:20] what bank of England policy makers are keeping a really close eye [00:12:24] on, which is... for the moment rates were kept on hold, but [00:12:28] now markets are pricing in and the 90% chance that [00:12:31] rates will be highed in November and [00:12:35] multiple further rate hikes are priced in by the [00:12:39] markets right now, however much is going to depend on what happens [00:12:43] in the labour market, because what central bankers will also be watching [00:12:47] for is whether these high energy costs will [00:12:51] end up kind of translating through to higher wages if cost. [00:12:55] going up elsewhere, consumers and workers may feel that they need to [00:12:59] bargain for higher wages and then you can see kind of energy [00:13:02] price spiral emerging the market, but the labor market [00:13:06] is weakening slightly in the United Kingdom, we're seeing fewer [00:13:10] vacancies and there are more job losses on the cars for [00:13:14] your mail is one the employers which has uh recently [00:13:18] said it's going to be acting a number of positions and if there are fewer [00:13:22] vacancies available there's less bargaining power. for employees [00:13:26] and that could keep a lid a [00:13:30] price spiral emerging, which in turn then could stop [00:13:33] interest rates rising quite as quickly, if the essentially if the economy is not [00:13:37] moving so fast, if employers aren't taking on more workers, if workers [00:13:41] aren't being paid more and this economy is is sluggish, [00:13:45] it may mean that actually inflation won't take off in the same way, [00:13:49] which could mean we won't see quite as many interest rate [00:13:52] hikes, but we just have to see how emerges and filters through the [00:13:56] economy, I do think we have to really keep an eye on geopolitical [00:14:00] fracture, high inflation and possibility [00:14:04] that the exuberant bubble of AI [00:14:07] investment could not necessarily pop, there [00:14:11] could be quite a correction ahead, the valuations [00:14:15] baked in are pretty eye watering, that's not to say some the [00:14:19] the major players don't have very deep cash pockets and [00:14:22] actually the valuations of... heading when you look at the revenues that they're [00:14:26] making right now, but the landscape is being priced for winners [00:14:30] right across the board and we know and history has told us in the [00:14:34] past that losers as well as winners [00:14:38] will litter the landscape ahead, so I think there may be a correction of [00:14:41] sorts, geopolitical fractures want to to keep an eye on, we [00:14:45] aren't yet certainly anywhere near it seems resolution in terms [00:14:49] the energy crunch, companies are continuing to battle with [00:14:53] higher prices economies as well and we've also got [00:14:57] concerns about government debt piles and high borrowing costs. [00:15:01] still to come on channel's business global, new home for African and black cinema opens [00:15:05] its doors in London. brings eveny life place from [00:15:08] Lagos to the British capital, creating a new platform for African [00:15:12] film, food, fashion, art and music, and Kenya confirms [00:15:16] its first ever Ebola case and death after infected passenger [00:15:20] traveled from the Democratic Republic of Congo through Uganda and into [00:15:24] na We look at the growing concern over the virus crossing [00:15:28] borders undetected. All of this after the break. Do stay [00:15:31] with us. [00:15:36] The day begins with news. gathering and research, we need to confirm the [00:15:39] story, [00:15:43] directors as well as policy makers, from the business [00:15:47] districts to the corporate, the policy, actions and even [00:15:50] inactions of both the fiscal and the money [00:15:53] authorities make impact. 90% of Nigeria's [00:15:57] economy is an informal sector, just like this market, and take [00:16:01] for example, they're impacted by government policies like inflation [00:16:05] rates, prices, Keep going [00:16:08] up, well trading [00:16:12] is fast and mostly virtual, get the top stories that set your [00:16:16] investing agenda. Beyond Africa, we got you [00:16:19] covered. It's a full menu for you every [00:16:22] weekday. Business Morning and Business [00:16:25] Incorporated only on Channels [00:16:28] Television. Africa is [00:16:31] rising, and we are rising with [00:16:34] her. Every day there's a new story. new [00:16:38] challenge, new discovery and new [00:16:41] victory. For 30 minutes, [00:16:45] Monday through Friday, we bring these to you from [00:16:49] Abuja to Acra, and from Nairobi to [00:16:53] Adis. Network Africa connects the dots, [00:16:57] giving you a full picture and bringing the continent closer to [00:17:00] you. Network, Africa, weekdays at 4:30 [00:17:04] p.m. Only on Channel's Television. [00:17:08] 'Hello and welcome [00:17:10] to one to one. Our guest today [00:17:14] is quite the remarkable individual, and I know [00:17:18] I'm putting you the incredibly difficult [00:17:20] position. The tourism was so alien, people [00:17:24] that were crazy. The world has [00:17:28] always recognized the creative genus of langerance. [00:17:31] What has it meant to you [00:17:34] personally?' [00:17:38] game-changing discussions on the big ideas that [00:17:41] shape our thinking. we've been very focused on trying to [00:17:45] accomplish something that is typically not done. you have to be deliberate, [00:17:49] that's the point i'm making. it appears that things have gotten worse. so what [00:17:53] happened? how did we get here? let people think, let people be [00:17:57] bold, and the country can [00:17:59] change. this is one to [00:18:03] one. [00:18:12] Welcome back to Channel's Business Global with me Juliana Olayinka reporting from just [00:18:16] outside the palace of Westminster in Central London where global power, [00:18:20] policy and markets intersect. Kenya has confirmed its [00:18:23] first ever case of Ebola and its first death from the disease. The Kenyan [00:18:27] citizen had been living in the Democratic Republic of Congo where he had [00:18:31] already fallen ill. He traveled by road to Kampala before [00:18:35] boarding a commercial flight to Nairobi. last Saturday. He was [00:18:38] admitted to hospital after arriving in Kenya and died on Monday [00:18:42] night. Tests confirmed the Bundebugio strain of [00:18:45] abola, the same strain behind the outbreak in the DRC. That [00:18:49] outbreak is now the worst in the country's history with more than 8,000 [00:18:53] confirmed cases and more than 4,000 deaths. Kengan [00:18:57] authorities have now identified 57 contacts linked [00:19:01] to the case, including people who traveled on the same [00:19:04] flight. 10 have been placed in quarantine. as officials [00:19:08] intensify surveillance and contact tracing. The [00:19:12] case is particularly significant because the infected passenger [00:19:15] crossed borders and passed through international airports before the [00:19:19] virus was detected, highlighting the challenge of containing [00:19:23] bowl a highly connected region. When Channel's Business [00:19:27] Global spoke with the who spokesperson Dr. Margaret Harris [00:19:30] august, she warned us about precisely this risk, [00:19:34] virus capable of travelling undetected. This week it [00:19:38] reached Nairobi, so it's very, very serious, there's no doubt about [00:19:41] it, and I think the seriousness was reflected right from the start when Dr. [00:19:45] Tabros took the unusual step of declaring it as a public health [00:19:49] emergency of international concern, actually [00:19:53] almost the day they learn that that this was happening, [00:19:57] and the reason it was taken seriously then and still needs to be taken [00:20:01] even more seriously is because this is area that's just [00:20:05] riven by conflict where you've got numbers of people this [00:20:08] place, they are starving, they are suffering all kinds of other [00:20:12] diseases, and meanwile the health system's been utterly disrupted, so you've [00:20:16] got people ever greater need of all kinds of [00:20:19] healthcare and fewer and fewer people are able to deliver it, so that's a [00:20:23] perfect storm, that's a perfect recipe for something [00:20:27] like bowler to take hold, and clearly it took hold [00:20:30] a good six months, good f months before the [00:20:34] world even knew it was happening, and this is the... [00:20:38] problem and when you look at the genetic sequencing the [00:20:41] different people the strains that people have had, [00:20:45] it's very clear that also there's a lot of hidden transmission [00:20:49] indeed. very good strong risk that it will do [00:20:53] so because again it's crossed um [00:20:57] provincial borders, it's gone to six different provinces already from [00:21:01] starting in one. now the epicenter is still ituri [00:21:05] which is but that borders Uganda and we saw it [00:21:08] cross that border. now a sense the world was lucky it went to Uganda [00:21:12] first because that's got a very strong health system, very good [00:21:16] surveillance, great experience with Ebola so they were able. to shut it [00:21:20] down, but there are other countries that don't have the [00:21:23] Ugandan advantage, and indeed [00:21:26] there's South Sudan bordering, [00:21:30] there are quite a lot of different countries bordering all those parts the [00:21:34] Democratic Republic of Congo, so that and also it's a very busy [00:21:38] area, there's massive cross-border travel, [00:21:42] and most of it informal travel, it's not [00:21:46] at major formal posts that are being monitored, [00:21:50] lot of [00:21:50] it is just crossing river, crossing through the [00:21:54] jungle, so it's it's a lot of it's kind of [00:21:58] invisible travel and invisible travel, and this [00:22:02] this virus loves to travel invisibly, and the important thing is also [00:22:06] to freshen up the training so that your healthcare workers can [00:22:09] identify someone who potentially has ebola [00:22:12] immediately, so ensure that they're isolated, strengthen your [00:22:16] surveillance so that you are watching, so you know again, [00:22:20] um who may be coming in, who may be somebody that you're concerned [00:22:24] about, um, in make sure that you got [00:22:27] the test, bundibucho virus, the test is different from the [00:22:31] normal ebola test, now that test is available, there are [00:22:35] three versions of it, i think or two versions that have been licensed by the [00:22:39] world health organization, make sure you've got that test in your laboratories, [00:22:43] make sure your laboratory staff have got the ability to do that [00:22:47] test, and um do inform your [00:22:50] population that there is ebola and that it is [00:22:53] treatable and it will people will survive [00:22:57] if they come to treatment, but make sure they want to identify [00:23:00] themselves, not just because you uh want to [00:23:04] make sure you catch every case, but also so that you save every life. [00:23:08] new home for African and black cinema and culture has opened here in [00:23:11] London. eboney life place at London brings together film, food, fashion, [00:23:15] art and music with a 160 seat [00:23:18] auditorium. dedicated exclusively to African and black [00:23:22] cinema. The venue is the latest venture from Nigerian media [00:23:26] entrepreneur Mo Abudu who launched the first Ebby Life Place in [00:23:30] Lagos in 2019. The London Opening creates a new [00:23:33] platform for African and Black creative talent in one the world's most [00:23:37] important cultural capitals while strengthening the creative links [00:23:41] between Lagos and London. Channel's Business Global was there as the doors [00:23:45] opened. It's really good to see every Live place opening in the heart of [00:23:49] my constituency. here in Wandsworth, um, it's [00:23:52] really vital that we are showcasing African, Nigerian [00:23:56] stories, film, art, music, culture, we [00:24:00] know that the vibrancy the Nigerian diospora here in [00:24:04] London, now knowing that they've got somewhere that can come, enjoy all of that [00:24:08] is so so vital, [00:24:09] and it's about having that little piece of Lagos right in the heart of London. [00:24:13] I think for us, this project is an expression of [00:24:17] what the values we continue to advance. that the great and [00:24:21] good coming out of Nigeria that needs to be empowered, empowering [00:24:25] them means we're able to raise their voices and to be able to achieve that you need [00:24:28] capital, you need finance and you need belief more importantly, so where we see [00:24:32] our people who have excelled and continue to do well and [00:24:36] able to come to the UK then we [00:24:38] are able to put capital behind their business to support them and for them to [00:24:42] grow, so the collaboration between what more represents, [00:24:45] credibility over the years and of course for feedbank UK being [00:24:49] focused on giving real value for our clients and customers, it's an [00:24:53] opportunity we didn't want to miss and so we were able to support this particular [00:24:56] project. thinking partners and understand vision that isn't theirs [00:25:00] can sometimes be difficult. for these two men that you see standing right here, [00:25:04] reached out, i pitched, i'm going to pitch in, but nonetheless, [00:25:08] you know, they support lots of great initiatives and they found it within them [00:25:12] to say they wanted to be a part of this, and i'm so grateful to nuvan, to [00:25:16] flutter wave, to fidbank UK for making today. is that [00:25:20] reality? because without their support this project may have been delayed [00:25:24] by months and months. it's obvious isn't it? yeah, she's built an [00:25:27] amazing brand, she's a treb in africa entertainment, [00:25:31] culture, filmmaking, just name it, so to [00:25:35] be a fan is very hard, so i'm happy to be here supporting - our dream, our [00:25:38] vision, and we just you do payment and banking [00:25:42] and for us seeing somebody embodies what we stand for, africa [00:25:46] to the world is so cute what we do, so i'm here to be here. [00:26:18] has built credibility over the years, she's accomplished so much, [00:26:22] and for feedback, he's also pursuing that same trajectory to amplify the [00:26:26] voices and capability of [00:26:28] what our people can do, given the right support, so for this [00:26:32] for us this alignment is really a match made in heaven to [00:26:35] continue to amplify that story telling and that voices and continue to [00:26:39] empower people. well sadly that's all we have time for today, but as always do get [00:26:43] in touch with your comments and suggestions. i'll see you at the same [00:26:47] time next week for more in-depth business analysis on channel's [00:26:51] business global. [00:26:52] goodbye. [00:30:04] Hello and welcome to foreign dispatches, the program that takes you around the world in [00:30:08] 25 minutes. I'm Amaratchi Upani. On the [00:30:12] program this [00:30:12] week, [00:30:17] hundreds of thousands take to the streets across France as a student led [00:30:21] protest over conditions in schools grows into a nationwide [00:30:24] movement. An Israel marks three years since the October 7 [00:30:28] attacks with memorials held across the country as questions over. [00:30:32] security, accountability and the consequences the war [00:30:36] continue. Let's begin [00:30:39] in France, where student lead protest over conditions in schools [00:30:43] has grown into a nationwide movement involving parents, [00:30:47] teachers, university students and trade unions. Hundreds of [00:30:50] thousands of people have taken to the streets demanding more teachers, better [00:30:54] school buildings and greater investment in public [00:30:57] education.