Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:04of
00:00:10of
00:00:23Welcome to Channel's business globe with me Juliana Olayinka reporting from just
00:00:27outside the palace of Westminster in central London. where global
00:00:30power, policy and markets intersect. Coming up
00:00:34today's show, Kemy Vedenock puts tax and growth at the heart of
00:00:38her pitch to Britain, pledging to abolish inheritance tax on
00:00:41family homes and
00:00:43a arguing that economic growth would be the central organizing
00:00:46principle of a future conservative government. We hear from the
00:00:50party leader following her closing speech in Birmingham
00:00:54and oil remains around $100 a barrel. Inflationary
00:00:58pressures are building and the prospects. the further interest rate rises is
00:01:02back
00:01:02of in focus. Investment strategist Susanna
00:01:05Streeter tells me what this means for Nigeria, Britain and the wider global
00:01:09economy. Then later, new home for African and Black cinema
00:01:13opens its
00:01:14of doors in London. Mo Abudu brings evony life place from Lagos to the
00:01:18British Capital, creating a new platform for African film,
00:01:22food, fashion, art and music. But first, Britain's
00:01:25conservatives have ended their party conference in Birmingham with
00:01:29of a clear message. the party wants to fight the next election on the
00:01:33a economy. Kemy Vedenock used her
00:01:35a closing speech to promise a smaller state, lower taxes and
00:01:39a renewed focus on economic growth. She pledged to abolish
00:01:43inheritance tax on family homes alongside plans to cut
00:01:46employers national insurance for younger
00:01:49of workers as the party tries to tackle rising youth unemployment. But this was
00:01:53about more than individual tax cuts. After losing power in
00:01:572024, Beadenok is trying to rebuild. the
00:02:00conservatives economic identity and convinced voters that the
00:02:04party once again has a
00:02:06of credible alternative to labor, and the timing is significant. prime
00:02:10minister Andy Burnham's government delivers its budget at the end of this month
00:02:14under pressure to strengthen growth while keeping the public finances
00:02:17under control, so the battle over Britain's economic direction
00:02:21is beginning to take shape. here is some of what Kemy Beadenock told
00:02:25delegates in Birmingham.
00:02:27Conference, there is a... fight
00:02:31coming in
00:02:32of British politics, a fight that we have
00:02:35not seen in this country for more than half a
00:02:39century. It will be a battle for
00:02:43the soul of this nation, a battle of
00:02:46ideas, a battle that goes to
00:02:50the very core of who we
00:02:53of are, and what kind of country we want to
00:02:57be. On one side, "we have a
00:03:00government that wants to wind back the clock to the failed
00:03:04ideas
00:03:05of the
00:03:06in past, they believe economic growth is
00:03:09created by
00:03:12in politicians, they think government knows best,
00:03:16they think that your income, your pension and
00:03:20your savings are theirs to take and then hand
00:03:24out as they see fit. they
00:03:27believe that what they are doing is compassion." but we
00:03:31know that these ideas will make every
00:03:35single
00:03:35of person in this country
00:03:37poorer,
00:03:50of your taxes will be higher, your bills will go up,
00:03:54you will find it harder
00:03:56of and harder to make ends meet, just because these ideas are
00:04:00delivered on TikTok doesn't make them any less dangerous than they
00:04:03have always
00:04:04been.
00:04:09of
00:04:13On the other side
00:04:14of the battle is us,
00:04:18a renewed conservative party, fighting again for the belief that
00:04:22what people earn belongs to them, not
00:04:26a government. of of
00:04:27of
00:04:35that the collective wisdom of people in our country is
00:04:38greater than the central planning of bureaucrats and
00:04:42politicians, the spending money we don't have on things
00:04:46we cannot afford is not kind, it is
00:04:52in reckless.
00:05:00This is
00:05:00a critical
00:05:01of moment. The world is becoming more
00:05:04dangerous. Western economies are becoming more
00:05:08fragile. We are running out of
00:05:11money. and running out of time to put it
00:05:15right. Conference, we have a fight on our hands
00:05:19and we need to be ready. No one else is going to solve these
00:05:23problems, no one else is going to deliver a stronger economy
00:05:26and a stronger
00:05:28country.
00:05:33Conference, the fundamental problem we have right now is
00:05:37that our country is running out of money.
00:05:41Almost every... the problem flows from
00:05:43this: our national debt currently stands
00:05:47at nearly 3 trillion pounds and we are adding more than
00:05:51100 billion every year, every
00:05:55year. last year, four in every five
00:05:59pounds borrowed by the government was spent on debt
00:06:02interest alone. that's like taking
00:06:06out second mortgage just to pay the interest
00:06:10on your first mortgage. this is crazy. unless
00:06:14we start creating more value, unless we start growing our economy,
00:06:18something is going to break, that is why
00:06:22growing the economy will be the central
00:06:25organizing principle the next conservative
00:06:28government,
00:06:39we know that a stronger country is built. a
00:06:43stronger economy, the two go hand in hand.
00:06:47there is no national security without economic
00:06:50security, and there is no economic security
00:06:54without national security. we cannot have one without the
00:06:57other. labor don't understand
00:07:00this.
00:07:06they see no need to fix the public finances. i'm not even sure they know what
00:07:10is going wrong, because if they... they would be making
00:07:14tough decisions to bring spending down, instead they're
00:07:18making lots of promises, promises need to be paid
00:07:21for, more government costs more
00:07:25money, it means higher taxes and higher
00:07:28borrowing, higher taxes and higher borrowing that will weaken
00:07:32business, weaken investment, weaken hiring, and then
00:07:36that will lower growth, then what will they do, they'll put up your taxes
00:07:40again, this is the tax doom loop that... is making us all poorer,
00:07:44round and round we go, that is the wrong way. Conference, let
00:07:48me show you the right way. Staying
00:07:52with Britain's economy and artificial intelligence is beginning to reshape not
00:07:55only how companies operate, but how many people they employ.
00:07:59HSBC is reportedly planning significant cuts across its
00:08:03UK wealth management business as it expands its use of AI
00:08:07and digital services. Around half of management and specialist roles
00:08:11could be effective. while financial advisor positions could be reduced
00:08:15by as much as 70%. the bank says customers are
00:08:19increasingly managing their finances digitally. for years, the
00:08:23promise of AI had centered on productivity and
00:08:25efficiency. what is becoming clearer is what those gains
00:08:29could mean for employment, including highly skilled and
00:08:33well-paid jobs and HSBC may just be early
00:08:37indication of much wider shift, and technology is not
00:08:41the only force reshaping the... global economy, oil is back above
00:08:44$100 a barrel, putting energy prices firmly back at the center
00:08:48the global economic outlook. Oil prices have also been
00:08:52driving the economic agenda this week, trading above $100 a barrel
00:08:55as tensions in the Middle East continue to affect global energy
00:08:59markets, that brings inflation and interest rates firmly back
00:09:03into focus. For Nigeria, higher crude prices can boost
00:09:06export earnings and government revenues, but they can also increase
00:09:10costs across the economy. and with global borrowing costs still
00:09:14high, the outlook remains finally balanced, so what does all
00:09:18of this mean for the global economy? is we head towards the end the
00:09:21year? earlier I spoke with Susanna Streeter, chief investment
00:09:25strategist at Wealth Club. If the energy crunch
00:09:29continues as it appears to be doing so with
00:09:32all really staying stubly around that
00:09:35$100 a barrel mark, it does present
00:09:39inflationary concerns for many economies because of course the
00:09:43real worry for central bankers and for governments around the
00:09:46world is that the energy prices will be passed
00:09:50on uh through to higher prices of goods and
00:09:53services across economies and then that will add
00:09:56to um inflationary pressures and
00:10:00already - consumers have been having to deal
00:10:03with with high energy prices and the have been such high
00:10:07hopes that actually the war in the middle east would have been
00:10:11resolved by now particularly ahead the US
00:10:15mid-term elections, but certainly that does not seem to be the case.
00:10:18President Trump has already indicated uh that the war is
00:10:22likely to continue well past that date and so we're kind of bedding in for
00:10:26the longer term and that is why what you are seeing on financial
00:10:30markets is a pricing of multiple interest
00:10:34rate hikes from the federal reserve, the bank of england, others, we've
00:10:37had uh certainly hike from India's since
00:10:41central bank as well today for the first time since 2023, because so
00:10:45many economies are facing uh these inflationary
00:10:48pressures. yeah, obviously it's a double edge sword isn't
00:10:52it? what you are seeing is the oil made? is really reaping the
00:10:56benefits of these higher prices, we've heard from Shell this week
00:11:00uh, because it's a ramping up production and it's margins
00:11:04uh, it's benefiting from much more profitable
00:11:07margins as result, particularly in its refining
00:11:11business with um diesel in short supply around the world,
00:11:15so on one hand the all majors are reaping rewards and that
00:11:18actually to some extent can help um with the government
00:11:22finances due to the tax take depending on of course on
00:11:26the level of tax the all majors pay, but on the other
00:11:29hand, it means that those consumers and businesses so
00:11:33highly reliant on energy supplies are really feeling
00:11:37the squeeze, and the question is how much of that tax
00:11:41revenue that
00:11:44is being redirected potentially to offset
00:11:48the squeeze for consumers and businesses, because it will mean that they
00:11:52will spend less money in other parts the economy. so you could see slow
00:11:56down due to dip in consumer spending,
00:12:00so certainly there is a really big balancing act going on right
00:12:03now, yes it is looking like that, although it's not
00:12:07absolutely certain at the moment what you are seeing is that
00:12:11actually businesses have been absorbing quite a lot the higher energy costs,
00:12:15the question is how long can they continue to do so before they
00:12:19start passing on those costs to consumers, and that's
00:12:23what Bank of England policymaker. are keeping a really close eye
00:12:27on, which is why for the moment rates were kept on hold, but now
00:12:31markets are pricing in and the 90% chance that
00:12:34rates will be hikeduh in November and
00:12:38multiple uh further rate hikes are priced in by the
00:12:42markets right now, however much is going to depend on what happens
00:12:46in the labor market buse
00:12:47what central bankers will also be watching for is
00:12:51whether uh these high energy costs will end up kind of trans
00:12:55through to higher wages, if costs are going up elsewhere,
00:12:59consumers and workers may feel that they need to bargain for higher
00:13:03wages and then you can see kind of energy price spiral emerge
00:13:07in the market, but the labor market is weakening
00:13:10slightly in the United Kingdom, we're seeing fewer vacancies
00:13:14and there are more job losses on the cars for all mail
00:13:17is one the employers which has recently said it's going
00:13:21to be axing a number of positions and if there are... vacances
00:13:25available, there's less bargaining power for employees
00:13:29and that could keep a lid a
00:13:33price spiral emerging, which in turn then could stop
00:13:36interest rates rising quite as quickly, if the essentially if the economy is not
00:13:40moving so fast, if employers aren't taking on more workers, if workers
00:13:44aren't being paid more and this economy is is sluggish,
00:13:48it may mean that actually inflation won't take off in the same way,
00:13:52which could mean we won't see quite as many interest rate
00:13:55highs, but we just have to see how this emerges and filters through the
00:13:59economy. I do think we have to really keep an eye on geopolitical
00:14:03fracture, high inflation, and the
00:14:06possibility that the exuberant bubble of
00:14:09AI investment could not
00:14:12necessarily pop, there could be quite a correction
00:14:15ahead,
00:14:17the valuations baked in are pretty eye watering, that's not to
00:14:20say some the the major players don't have very deep cash
00:14:24pockets. and actually the valuations are that heading when you
00:14:28look at the revenues that they're making right now, but the landscape is
00:14:32being priced for winners right across the board, and we know and
00:14:36history has told us in the past that
00:14:39losers as well as winners will litter the landscape ahead, so I
00:14:43think there may be a correction of sorts, geopolitical fractures want
00:14:47to to keep an eye on, we aren't yet certainly anywhere near it
00:14:51seems resolution in terms the energy crunch, companies are continuing.
00:14:55to battle with higher prices, economies as well, and we've
00:14:59also got concerns about government debt piles and high borrowing
00:15:03cost. still to come on channels business global, new home for African and
00:15:07black cinema opens its doors in London. brings every
00:15:11life place from Lagos to the British capital, creating a new
00:15:14platform for African film, food, fashion, art and music,
00:15:18and Kenya confirms its first ever Ebola case and
00:15:21death after infected passenger travel from the Democratic
00:15:25of Congo through Uganda and into Nairobi. We look at the growing
00:15:29concern over the virus crossing borders undetected. All of this
00:15:33after the break. Do stay with
00:15:34us.
00:17:32back to channel's business globe with me Juliana Olayinka reporting from just
00:17:35outside the palace of Westminster. in central London where global power,
00:17:39policy and markets intersect. Kenya has confirmed its
00:17:43first ever case of Ebola and its first death from the disease. The
00:17:47Kenyan citizen had been living in the Democratic Republic of Congo where he
00:17:50had already fallen ill. He traveled by road to Kampala before
00:17:54boarding a commercial flight to Nairobi last Saturday. He was admitted
00:17:58to hospital after arriving in Kenya and died on Monday
00:18:02night. Tests confirmed the Bundebugio strain of a
00:18:05Bola, the same strain behind. the outbreak in the DRC. That
00:18:09outbreak is now the worst in the country's history with more than 8,000
00:18:13confirmed cases and more than 4,000 deaths. Kengan
00:18:17authorities have now identified 57 contacts linked
00:18:20to the case, including people who traveled on the same
00:18:24flight. 10 have been placed in quarantine as officials
00:18:27intensify surveillance and contact tracing. The
00:18:31case is particularly significant because the infected passenger
00:18:35cross borders and passed through internet. national airports before the
00:18:39virus was detected, highlighting the challenge of containing
00:18:42ebola a highly connected region. when Channel's business
00:18:46global spoke with the who spokes person Dr. Margaret Harris
00:18:50august, she warned us about precisely this risk a
00:18:54virus capable of traveling undetected. This week it reached
00:18:57Nairobi. So it's very, very serious. There's no doubt about it, and I
00:19:01think the seriousness was reflected right from the start when Dr. Tetros
00:19:05took the unusual step of... declaring it as a public health
00:19:09emergency of international concern actually almost
00:19:13the day they learn that that this was happening and the
00:19:16reason it was taken seriously then and still needs
00:19:20to be taken even more seriously is because this is an area that's
00:19:24just riven by conflict where you've got large numbers of people this
00:19:28place they are starving they are suffering all kinds of other
00:19:32diseases and meanwile the health system's been utterly disrupted so you've
00:19:35got people in a greater need of
00:19:38all kinds of healthcare and fewer and fewer people
00:19:41are able to deliver it, so that's a perfect storm, that's a
00:19:44perfect recipe for something
00:19:47like bowler to take hold, and clearly it took hold a
00:19:51good six months, good five months before the world even knew it was
00:19:55happening, and this is the other problem, and when you look
00:19:59at the genetic sequencing the different people
00:20:02the strains that people have had, it's very clear that
00:20:06also, 'there's a lot of hidden transmission, indeed, there's a
00:20:09very good strong risk that it will do
00:20:13so, because again it's crossed um
00:20:17provincial borders, it's gone to six different provinces already from starting
00:20:21in one, now the epicenter is still Ituri, which
00:20:24is, but that borders Uganda, and we saw it
00:20:28cross that border, now a sense the world was lucky it went to Uganda
00:20:32first, because that's
00:20:33got a very strong health system, very good surveillance, great'.
00:20:38so they were able to shut it down, but there
00:20:40are other countries that don't
00:20:44advantage, and indeed there's
00:20:48South Sudan border. there are quite a lot of different
00:20:51countries bordering all those parts the Democratic Republic of Congo,
00:20:55so and also it's a very busy area, there's massive
00:20:59cross-border travel, and most of it
00:21:03informal travel, it's not at major
00:21:06formal posts that are being monitored, lot of
00:21:10it is just crossing river, crossing through
00:21:13the jungle, so it's it's a lot of it kind
00:21:17of invisible travel. invisible travel and
00:21:21this this virus loves to travel invisibly and the important thing is
00:21:25also to freshen up the training so that your healthcare workers can
00:21:29identify someone who potentially has ebola
00:21:32immediately so ensure that they're isolated, strengthen
00:21:36your surveillance so that you are watching so you know
00:21:38again um who may be coming in who may be
00:21:42somebody that you're concerned about um in make sure that you
00:21:46got the test bundibucho virus the test is
00:21:50different from the normal ebola test, now that test
00:21:54is available, there are three versions of it, i think or two versions
00:21:58that have been licensed by the world health organization, make sure you've got that test in
00:22:02your laboratories, make sure your laboratory staff have got the
00:22:05ability to do that test, and do
00:22:09inform your population that there is ebola and that
00:22:12it is treatable and it will people will
00:22:16survive if they come to treatment, but make sure they want to identify.
00:22:20themselves, not just because you uh want to make
00:22:24sure you catch every case, but also so that you save every life. A new
00:22:28home for African and Black cinema and culture has opened here in London.
00:22:32Ebony Life Place London brings together film, food, fashion, art and
00:22:35music with a 160 seat auditorium
00:22:39dedicated exclusively to African and black cinema. The
00:22:43venue is the latest venture from Nigerian media entrepreneur Mo
00:22:46Abudu who launched the first epin life place in Lake. in
00:22:502019. The London Open in creates a new platform for
00:22:54African and Black Creative Talent in one the world's most important
00:22:57cultural capitals, while strengthening the creative links between Lagos
00:23:01and London. Channel's Business Global was there as the doors
00:23:04opened. It's really good to see every life place opening in the heart of
00:23:08my constituency here in Wandsworth. Um, it's really
00:23:12vital that we are showcasing African, Nigerian
00:23:16stories, film, art, music, culture. "we
00:23:20know that the vibrancy the Nigerian diospora here in
00:23:24London, now knowing that they've got somewhere that can come, enjoy all of that is
00:23:28so so vital, and it's about having that little piece of Lagos right in the heart of
00:23:32London. I think for us, this project is an
00:23:35expression of what the values we continue to
00:23:38advance, that the great and good coming out of Nigeria that needs to be
00:23:42empowered in empowering them means we're able to raise their
00:23:46voices and to be able to achieve that you need capital, you need finance and..."
00:23:50belief more importantly, so where we see our people who have
00:23:53excelled and continue to do well and able to come to the UK, then we are
00:23:57able to put capital behind their business to support them and for them to
00:24:01grow, so the collaboration between what more represents, credibility
00:24:05over the years and of course for feedbank UK being focused on
00:24:09delivering real value for our clients and customers, it's an opportunity we
00:24:13didn't want to miss and so we were able to support this particular project,
00:24:17finding partners that understand vision that isn't there. is can sometimes be
00:24:21difficult, for these two men that you see standing right here, I reached out,
00:24:25I pitched, I'm going to pitch in, but nonetheless,
00:24:28you know, they support lots of great initiatives and they found it within them
00:24:32to say they wanted to be a part of this, and I'm so grateful to nuvian to
00:24:35Flutter wave to Fidbank UK for making today, part of that
00:24:39reality, because without their support this project may have been delayed
00:24:43by months and months, it's obvious isn't it, yeah she's built an amazing
00:24:47brand, she's a treib in Africa. entertainment, culture,
00:24:51filmmaking, just name it, so to be a fan is very
00:24:55hard, so I'm happy to be here supporting - our dream, our vision,
00:24:59and we just you do payment and banking and for us seeing
00:25:03somebody embodies what we stand for africa to the world is so
00:25:06cute what we do, so I'm here to to
00:25:08be
00:25:14here.
00:25:29It always seems impossible, don't
00:25:33worry, we're not going to read through, this is no brain,
00:25:37mo has built credibility over the years, she's accomplished
00:25:41so much, and for feedback is also pursuing that same trajectory to
00:25:45amplify the voices and capability of what our people can
00:25:48do even the right. support
00:25:51so for this for us this alignment is really a match made in
00:25:54heaven to continue to amplify that story telling and that
00:25:58voices and continuity empower people. well sadly that's what we have time for
00:26:02today. but as always do get in touch with your comments and suggestions.
00:26:06I'll see you at the same time next week for more in-depth business
00:26:09analysis on channel's business global.
00:26:11Goodbye.
00:26:19Hello and welcome to one to
00:26:21one. Our guest today is
00:26:25quite the remarkable individual. I know I'm
00:26:29putting you the incredibly difficult position.
00:26:33our tourism was so alien, people thought were
00:26:35crazy. the world has always
00:26:39recognized the creative genurants. what
00:26:43has it meant to you
00:26:45personally?
00:26:49game-changing discussions on the big ideas that
00:26:52shape our thinking. we've been very focused on trying to
00:26:56accomplish something that is typically not done. you have to be deliberate,
00:27:00that's the point i'm making. things have gotten worse, so what
00:27:04happened? how did we get here? let people think, let people be
00:27:08bold, and the country can
00:27:10change. this is one to
00:27:13one,
00:27:19iwitness.channelstv.com, news doesn't
00:27:22wait, and sometimes the first witness is
00:27:26you. capture the moment, upload your photos, videos
00:27:30and eyewitness reports directly. to channel's
00:27:33television, help uncover the stories that matter because
00:27:36every report can make difference, visit
00:27:39iwitness.channelstv.com,
00:27:43eyewitness, see it, share it, shape the
00:27:46news.
00:30:45Hello and welcome to the program. This edition of newsroom
00:30:49series covering Nigeria's northeast. I am Boukola
00:30:53Coka and we begin in Bouchi State where all
00:30:57general hospitals have received a new lease of.