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20261012 233000 UTC
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[00:00:14] of
[00:00:23] a of
[00:00:24] of
[00:00:58] Welcome a to channel's business! With me, Juliana Olayinka, reporting from just
[00:01:02] outside the palace of Westminster in Central London, where global
[00:01:06] power, policy and markets intersect. Coming up
[00:01:09] today's show, Kemy Vedenot puts tax and growth at the heart of
[00:01:13] her pitch to Britain, pledging to abolish inheritance tax on
[00:01:17] family homes and
[00:01:18] a arguing that economic growth would be the central organizing
[00:01:22] principle of a future conservative government, we hear from the
[00:01:26] party leader following her closing speech in Birmingham and
[00:01:30] Oil remains around $100 a barrel. Inflationary pressures
[00:01:34] are building and the prospect of further interest rate rises is back
[00:01:38] in focus. Investment strategist Susanna Streeter tells me what
[00:01:42] this means for Nigeria, Britain and the wider global
[00:01:45] economy. Then later, new home for African and Black cinema
[00:01:49] opens its
[00:01:49] of doors in London. Mo-abudu brings ebony life place from Lagos to
[00:01:53] the British capital, creating a new platform for African film,
[00:01:57] food, fashion, art
[00:02:01] of conservatives have ended their party conference in Birmingham with
[00:02:04] a clear
[00:02:05] of message. The party wants to fight the next election on the
[00:02:08] a economy. Kemy Vedenock used her closing speech to promise a
[00:02:12] smaller state, lower taxes and
[00:02:14] a renewed focus on economic growth. She pledged to abolish
[00:02:18] inheritance tax on family homes alongside plans to cut employers
[00:02:22] national insurance for younger
[00:02:25] of workers as the party tries to tackle
[00:02:27] of rising youth unemployment. But this was about more than individual tax
[00:02:30] cuts, after losing power in 2024. Bedinok is trying
[00:02:34] to rebuild the conservatives economic identity, and
[00:02:38] convinced voters that the party once again has a credible alternative
[00:02:42] to labor, and the timing is significant. Prime minister Andy
[00:02:46] Burnham's government delivers its budget at the end of this month under pressure
[00:02:50] to strengthen growth while keeping the public finances under control,
[00:02:54] so the battle over Britain's economic direction is beginning to
[00:02:58] take shape. Here is some of what... told delegates in
[00:03:01] Birmingham, Conference, there is
[00:03:05] a fight coming in British
[00:03:08] politics, a fight that we have not seen
[00:03:12] in this country for more than half a
[00:03:16] in century, it will be a battle for the soul
[00:03:20] of this nation, a battle
[00:03:22] in of ideas, a battle that goes to
[00:03:26] the very core of who we
[00:03:28] of are, and what kind of country we want to
[00:03:32] be? on one side, we have a
[00:03:36] government that wants to wind back the clock to the failed
[00:03:40] ideas
[00:03:41] of the past. they believe economic
[00:03:45] growth is
[00:03:45] of created by politicians. they think
[00:03:49] government knows best, they think
[00:03:53] that your income, your pension and your savings
[00:03:57] are theirs to take and then hand out. as they see
[00:04:01] fit, they believe that what they are doing
[00:04:04] is compassionate, but we know that these
[00:04:08] ideas will make every single
[00:04:11] of person in this country
[00:04:13] poorer.
[00:04:27] your taxes will be higher, your bills will go... you will find it
[00:04:31] harder
[00:04:31] of and harder to make ends meet, just because these
[00:04:35] of ideas of are delivered on TikTok doesn't make them any less dangerous than
[00:04:39] they have always
[00:04:40] been.
[00:04:44] of
[00:04:49] on the other side
[00:04:50] of the battle is us,
[00:04:53] a renewed conservative party fighting again for the belief that
[00:04:57] what people earn belongs to them, not
[00:05:02] in government
[00:05:03] of
[00:05:10] that
[00:05:11] the collective wisdom of in our country is
[00:05:14] greater than the central planning of bureaucrats and
[00:05:17] politicians, the spending money we don't have on things
[00:05:21] we cannot afford is not kind, it is
[00:05:25] reckless.
[00:05:35] this is critical moment, the world is
[00:05:38] becoming more dangerous, western economy.
[00:05:43] are becoming more fragile, we are running
[00:05:47] out of money and running out of time to put it
[00:05:51] right. Conference, we have a fight on our hands
[00:05:55] and we need to be ready. No one else is going to solve these
[00:05:58] problems, no one else is going to deliver a stronger economy
[00:06:02] and a stronger
[00:06:03] country.
[00:06:09] Conference, the fundamental problem we have right now,
[00:06:13] is that our country is running out of money,
[00:06:16] almost every other problem flows from
[00:06:19] this. Our national debt currently stands
[00:06:23] at nearly 3 trillion pounds and we are adding more than
[00:06:27] 100 billion every year, every
[00:06:30] year. Last year, four in every five
[00:06:34] pounds borrowed by the government was spent on debt
[00:06:38] interest alone. That's like taking
[00:06:41] out a... second mortgage just to pay the
[00:06:45] interest on your first mortgage, this is
[00:06:47] crazy, unless we start creating more
[00:06:51] value, unless we start growing our economy, something is going to
[00:06:54] break, that is why growing the
[00:06:58] economy will be the central organizing
[00:07:01] principle the next conservative
[00:07:04] government.
[00:07:15] "We know that a stronger country is built a
[00:07:18] stronger economy, the two go hand- in hand.
[00:07:22] There is no national security without economic
[00:07:26] security, and there is no economic security
[00:07:29] without national security. We cannot have one without the
[00:07:33] other. Labor don't understand
[00:07:35] this.
[00:07:42] see no need to fix the public finances, I'm not even sure they know what is
[00:07:46] going wrong, because if they did, they would be making tough
[00:07:50] decisions to bring spending down. Instead, they're
[00:07:53] making lots of promises. Promises need to be paid
[00:07:57] for, more government costs more
[00:08:00] money. It means higher taxes and higher
[00:08:04] borrowing, higher taxes and higher borrowing that will weaken
[00:08:08] business, weaken investment, weaken hiring, and then
[00:08:12] that will... lower growth, then what will they do? they'll put up your taxes
[00:08:16] again. this is the tax doom loop that is making us all poorer
[00:08:19] round and round we go. that is the wrong way. conference, let
[00:08:23] me show you the right way. staying
[00:08:27] with Britain's economy and artificial intelligence is beginning to reshape, not
[00:08:31] only how companies operate, but how many people they employ.
[00:08:35] HSBC is reportedly planning significant cuts across its
[00:08:39] UK wealth management business as it expands its use of AI
[00:08:43] and digital services, around half of management and specialist roles
[00:08:47] could be affected, while financial advisor positions could be reduced by
[00:08:51] as much as 70%. the bank says customers are
[00:08:54] increasingly managing their finances digitally. for years, the
[00:08:58] promise of AI had centered on productivity and
[00:09:01] efficiency. what is becoming clearer is what those gains
[00:09:05] could mean for employment, including highly skilled and
[00:09:09] well-paid jobs and HSBC may just be an... the
[00:09:12] indication of much wider shift, and technology is not
[00:09:16] the only force reshaping the global economy, oil is back above 100 dollar
[00:09:20] a barrel, putting energy prices firmly back at the center the
[00:09:24] global economic outlook. oil prices have also been driving the
[00:09:28] economic agenda this week, trading above $100 a barrel as
[00:09:32] tensions in the Middle East continue to affect global energy
[00:09:35] markets, that brings inflation and interest rates firmly back into
[00:09:39] focus. for Nigeria, higher crude prices can boost export
[00:09:42] earnings and government revenues, but they can also increase
[00:09:46] costs across the economy, and with global borrowing costs still
[00:09:50] high, the outlook remains finally balanced, so what does all
[00:09:54] of this mean for the global economy as we head towards the end the
[00:09:57] year. earlier I spoke with Susanna Streeter, chief investment
[00:10:01] strategist at Wealth Club. If the energy crunch
[00:10:04] continues as it appears to be doing so with
[00:10:08] all really staying stubly around that $100 -
[00:10:12] barrel mark, it does present inflationary concerns for many
[00:10:16] economies, because of course the real worry for central
[00:10:20] bankers and for governments around the world is that the
[00:10:24] energy prices be passed on uh through to
[00:10:27] higher prices of goods and services across economies
[00:10:31] and then that will add to um inflationary
[00:10:34] pressures, and already consumers have
[00:10:38] been having to deal with with high energy prices and there have
[00:10:42] been such high hopes that actually the war in the middle
[00:10:45] east would have been resolved by now, particularly ahead
[00:10:49] the US mid-term elections, but certainly that does not seem to
[00:10:53] be the case, president Trump has already indicated that the
[00:10:57] war is likely to continue well past that date and so we're
[00:11:01] kind of bedding in for the longer term and that is why what you are
[00:11:04] seeing on financial markets is
[00:11:07] a pricing
[00:11:08] of multiple interest rate hikes from the federal reserve the bank of england
[00:11:12] others we've had certainly hike from
[00:11:16] India's central bank as well today
[00:11:18] for the first time since 2023 because so many economies are
[00:11:22] facing uh these inflationary pressures. Yeah,
[00:11:25] obviously it's a double edge sword, isn't it? What you are seeing is
[00:11:29] the oil major really reaping the benefits of these higher prices,
[00:11:33] we've heard from Shell this week uh, because it's a ramping up
[00:11:37] production and its margins uh it's benefiting from much more
[00:11:41] profitable margins as result,
[00:11:44] particularly in its refining business with um
[00:11:48] diesel in short supply around the world. So on one hand, the all
[00:11:52] majors are reaping rewards and that actually. some extent can
[00:11:56] help um with the government finances due to the tax take
[00:11:59] depending of course on the level of tax the
[00:12:03] all-majors pay, but on the other hand it means that
[00:12:06] those consumers and businesses so highly relient on
[00:12:10] energy supplies are really feeling the squeeze
[00:12:14] and the question is how much of that tax revenue uh
[00:12:18] that is being
[00:12:21] redirected potentially to offset the squeeze. for consumers and
[00:12:25] businesses uh, because it will mean that they will spend less money
[00:12:29] in other parts the economy, so you could see slow down - due
[00:12:32] to dip in consumer spending, so certainly there
[00:12:36] is a really big balancing act going on right now, yes it is
[00:12:40] looking like that, although it's not absolutely
[00:12:43] certain, at the moment what you are saying is that actually
[00:12:47] businesses have been absorbing quite a lot the higher energy costs, the question
[00:12:51] is how long can they continue to do so before? they
[00:12:55] start passing on those costs to consumers, and that's what
[00:12:59] Bank of England policy makers are keeping a really close eye on, which
[00:13:03] is why for the moment rates will kept on hold, but now markets are
[00:13:07] pricing in and the 90% chance that rates will
[00:13:11] be hiked in November and multiple
[00:13:15] uh further rate hikes are priced in by the markets right
[00:13:18] now, however much is going to depend on what happens in the labour
[00:13:22] market because what central bankers will also... be watching for
[00:13:26] is whether - these high energy costs will end up kind of
[00:13:30] translating through to higher wages if costs are going up
[00:13:34] elsewhere, consumers and workers may feel that they need to
[00:13:37] bargain for higher wages
[00:13:39] and then you can see kind of energy price spiral emerging the
[00:13:43] market, but the labor market is weakening
[00:13:46] slightly in the United Kingdom, we're seeing fewer vacancies
[00:13:49] and there are more job losses on the cars for your mail
[00:13:53] is one the employer. which has uh recently said it's going
[00:13:57] to be axing a number of positions and if there are fewer vacancies
[00:14:01] available, there's less bargaining power for employees
[00:14:04] and that could keep a lid a
[00:14:08] price spiral emerging, which in turn then could stop
[00:14:12] interest rates rising quite as quickly, if the essentially if the economy is not
[00:14:16] moving so fast, if employers aren't taking on more workers, if workers
[00:14:20] aren't being paid more and this economy is is sluggish,
[00:14:23] it may mean that actually inflation won't take off in the same way,
[00:14:27] which could mean we won't see quite as many interest rate
[00:14:31] hikes, but we just have to see how this emerges and filters through the
[00:14:35] economy. do think we have to really keep an eye on geopolitical
[00:14:39] fracture, high inflation and the possibility
[00:14:42] that the exuberant bubble of AI
[00:14:45] investment could not necessarily pop, there
[00:14:49] could be quite a correction ahead, the valuations
[00:14:53] baked in are pretty... watering, that's not to say some
[00:14:56] the the major players don't have very deep cash pockets
[00:15:00] and actually their valuations are that heading when you look at the
[00:15:04] revenues that they're making right now, but the landscape is being priced
[00:15:08] for winners right across the board and we know and history has told us
[00:15:12] in the past that losers as well as
[00:15:16] winners will litter the landscape ahead, so I think there may be a correction
[00:15:20] of sorts, geopolitical fractures want to to keep an eye on,
[00:15:24] we aren't yet? certainly anywhere near it seems a resolution in
[00:15:28] terms the energy crunch, companies are continuing to battle with
[00:15:32] higher prices, economies as well, and we've also got
[00:15:35] concerns about government debt p. and high borrowing costs
[00:15:39] still to come on channel's business global, new home for African and black cinema
[00:15:43] opens its doors in London. brings eveny life place from
[00:15:47] Lagos to the British capital, creating a new platform for African
[00:15:51] film, food, fashion, art and music, and Kenya confirms
[00:15:55] its first ever Ebola case and death after infected passenger
[00:15:59] travel from the Democratic Republic of Congo through Uganda and
[00:16:02] into Nairobi. We look at the growing concern over the virus crossing
[00:16:06] borders. Detected, all of this after the break, do stay with
[00:16:10] us, at
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[00:16:47] story,
[00:16:50] directors as well as policy makers. From the business
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[00:16:58] inactions of both the fiscal and the monetary
[00:17:01] authorities make impact. 90% of Nigeria's
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[00:17:41] Welcome back to Channel's Business Global with me Juliana Olayinka reporting from just
[00:17:45] outside the palace of Westminster in Central London where global power,
[00:17:49] policy and markets intersect. Kenya has confirmed its
[00:17:53] first ever case of Ebola and its first death from the disease. The Kenyan
[00:17:57] citizen had been living in the Democratic Republic of Congo where he had
[00:18:01] already fallen ill. He traveled by road to Kampala before
[00:18:04] boarding a commercial flight to Nairobi last Saturday. day. He was admitted
[00:18:08] to hospital after arriving in Kenya and died on Monday
[00:18:12] night. Tests confirmed the Bundebugio strain of a
[00:18:15] Bowler, the same strain behind the outbreak in the DRC. That
[00:18:19] outbreak is now the worst in the country's history with more than 8,00
[00:18:23] confirmed cases and more than 4,000 deaths. Kengan
[00:18:26] authorities have now identified 57 contacts linked
[00:18:30] to the case, including people who traveled on the same
[00:18:34] flight. 10 have been placed in quarantine as a
[00:18:37] intensify surveillance and contact tracing, the case
[00:18:41] is particularly significant because the infected passenger cross
[00:18:45] borders and passed through international airports before the virus was
[00:18:49] detected, highlighting the challenge of containing
[00:18:52] ebola a highly connected region. when Channel's business
[00:18:56] global spoke with the who spokes person Dr. Margaret Harris
[00:19:00] august, she warned us about precisely this risk a
[00:19:03] virus capable of traveling undetected. This week. reach
[00:19:07] Nairobi, so it's very, very serious, there's no doubt about it,
[00:19:11] and I think the seriousness was reflected right from the start when Dr. Teedros
[00:19:15] took the unusual step of declaring it as a public health
[00:19:19] emergency of international concern, actually
[00:19:22] almost the day they learn that that this was happening,
[00:19:26] and the reason it was taken seriously then and still needs to be taken
[00:19:30] even more seriously, is because
[00:19:33] this is area that's just riven by conflict where you've got
[00:19:36] large numbers of... people displace, they are starving, they are
[00:19:40] suffering all kinds of other diseases and meanwile the health system's been utterly
[00:19:44] disrupted, so you've got people in ever greater
[00:19:47] need of all kinds of healthcare and fewer and fewer people are able to
[00:19:51] deliver it, so that's a perfect storm, that's a perfect
[00:19:55] recipe for something like bowler to take hold, and
[00:19:59] clearly it took hold a good six months, good five months
[00:20:02] before the world even knew it was happening, um, and this is the
[00:20:06] other problem, "and when you look at the genetic
[00:20:09] sequencing the different people the strains that
[00:20:13] people have had, it's very clear that also there's a lot
[00:20:17] of hidden transmission, indeed there's a very good
[00:20:21] strong risk that it will do so, because again it's
[00:20:24] crossed um provincial borders, it's gone to
[00:20:28] six different provinces already from starting in one, now the
[00:20:32] epicenter is still uturi which is but that
[00:20:35] borders" and we saw it cross that border,
[00:20:39] now a sense the world was lucky it went to uganda first because that's
[00:20:43] got a very strong health system, very good surveillance, great
[00:20:47] experience with the bowler, so they were able to shut it. but there are
[00:20:50] other countries that don't have the ugandan
[00:20:54] advantage, and indeed there's
[00:20:58] south sudan bordering, there are quite a lot of different
[00:21:01] countries bordering all those parts the Democratic Republic of
[00:21:05] Congo, so and also it's a very busy area, there's massive
[00:21:09] cross-border travel and most of
[00:21:12] it informal travel, it's not at major
[00:21:16] formal posts that are being monitored, lot of it...
[00:21:20] just crossing river, crossing through the
[00:21:23] jungle, so it's it's a lot of it's kind of
[00:21:27] invisible travel and invisible travel, and this
[00:21:31] this virus loves to travel invisibly, and the important thing is also
[00:21:35] to freshen up the training so that your healthcare workers can
[00:21:38] identify someone who potentially has ebola
[00:21:41] immediately, so ensure that they're isolated, strengthen
[00:21:45] your surveillance so that you are watching, so you know
[00:21:48] again - who may be coming in, who may be
[00:21:52] somebody that you're concerned about, um, in make sure that you got
[00:21:56] the test, bundior virus, the test is
[00:22:00] different from the normal ebola test, now that test
[00:22:04] is available, there are three versions of it, i think or two versions
[00:22:07] that have been licensed by the world health organization, make sure you've got that test in
[00:22:11] your laboratories, make sure your laboratory staff have got the ability
[00:22:15] to do that test, and um do inform
[00:22:19] your population that there is ebola and that it is
[00:22:23] treatable and it will has opened here in London,
[00:22:26] ebony life place at London brings together film, food, fashion, art and
[00:22:30] music with a 160 seat auditorium
[00:22:34] dedicated exclusively to African and black cinema. The venue
[00:22:38] is the latest venture from Nigerian media entrepreneur Mo
[00:22:41] Abudu who launched the first ebley life place in Lagos in
[00:22:45] 2019. The London opening creates a new platform for
[00:22:49] African and black creat. of talent in one the world's most important
[00:22:52] cultural capitals, while strengthening the creative links between Lagos
[00:22:56] and London. Channel's business Global was there as the doors
[00:22:59] opened. It's really good to see every Live place opening in the heart of
[00:23:03] my constituency here in Wandsworth and it's really
[00:23:07] vital that we are showcasing African, Nigerian
[00:23:11] stories, film, art, music, culture, we
[00:23:15] know that the vibrancy the Nigerian diospora here in
[00:23:18] London now. "knowing that they've got somewhere that can come, enjoy all of that
[00:23:22] is so so vital, and it's about having that little piece of Lagos right in the heart
[00:23:26] of London. I think for us, this project is an
[00:23:30] expression of what the values we continue to
[00:23:33] advance, that the great and good coming out of Nigeria that needs to be
[00:23:37] empowered, empowering them means we're able to raise their
[00:23:40] voices and to be able to achieve that you need capital, you need finance and you
[00:23:44] need belief more importantly, so where we see our people who have
[00:23:48] excelled and..." continue to do well and able to come to the UK, then
[00:23:52] we are able to put capital behind their business to support them and for them
[00:23:56] to grow, so the collaboration between what more represents,
[00:24:00] credibility over the years and of course for feedbank UK being
[00:24:03] focused on delivering real value for our clients and customers, it's an
[00:24:07] opportunity we didn't
[00:24:08] want to miss and so we were able to support this particular project, finding
[00:24:12] partners and understand vision that isn't theirs can sometimes be
[00:24:16] difficult, for these two men that you see standing right here, reached out:
[00:24:20] "I pitched, I'm going to pitch in, but nonetheless, they support
[00:24:24] lots of great initiatives and they found it within them to say they wanted
[00:24:27] to be a part of this, and I'm so grateful to nuvan, to flutter wave, to
[00:24:31] fidbank UK for making today, part of that reality, because
[00:24:35] without their support, this project may have been delayed by months and
[00:24:39] months. It's obvious, isn't it? Yeah, she's built an amazing
[00:24:42] brand, she's a tr in africa, entertainment, culture,
[00:24:46] filmmaking, just name it, so to be..." is very
[00:24:50] hard so I'm happy to be here supporting
[00:24:52] our our dream and our vision and we just you do payment and
[00:24:56] banking and for us since somebody embodies what we stand
[00:24:59] for africa to the world is so cute what we do so I'm here to to be
[00:25:03] here.
[00:25:32] Mo has built credibility over the years, she's accomplish so
[00:25:36] much, and for feedbank, he's also pursuing that same trajectory to
[00:25:40] amplify the voices and capability of what our people can
[00:25:43] do, even the right support, so for this for us this
[00:25:47] alignment is really a match made in heaven. to continue to
[00:25:50] amplify that story telling and that voices and continue to empower
[00:25:54] people, well