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00:00:20Welcome to
00:00:20in Channel's business global with me Juliana Olayinka reporting from just outside
00:00:24the palace of Westminster in Central London where global power
00:00:28policy and markets intercept. Coming up today's
00:00:31show, Kemy Vedenop puts tax and growth at the heart of her pitch
00:00:35to Britain, pledging to abolish inheritance tax on family homes
00:00:39and
00:00:40a arguing that economic growth would be the central organizing
00:00:43principle
00:00:44of of the future conservative government, we hear from the party leader
00:00:48following her closing speech in Birmingham, and oil
00:00:52remains around $100 a barrel, inflationary pressures are
00:00:55building and the prospect of further interest rate rises is back in
00:00:59focus. Investment strategists Susanna Streeter tells me what
00:01:03this means for Nigeria, Britain and the wider global
00:01:06economy. Then later, new home for African and Black cinema
00:01:10opens its
00:01:11of doors in London. Mo Abudu brings ebony life place from Lagos
00:01:15to the British capital, creating a new platform for African film,
00:01:19food, fashion, art and music. But first, Britain's
00:01:22conservatives have ended their party conference in Birmingham with
00:01:26of a clear message, the party wants to fight the next election on the...
00:01:30economy. Kemmy Vedenock used her closing speech to promise a
00:01:34smaller state, lower taxes and
00:01:36a renewed focus on economic growth. She pledged to abolish
00:01:40inheritance tax on family homes alongside plans to cut
00:01:43employers national insurance for younger
00:01:46of workers, as the party tries to tackle rising youth unemployment. But this was
00:01:50about more than individual tax cuts. After losing power in
00:01:542024. Vedenok is trying to rebuild the
00:01:57conservatives economic identity. and convinced voters that the
00:02:01party once again has a credible alternative to labor and
00:02:05the timing is significant. Prime Minister Andy Burnham's government delivers its
00:02:09budget at the end of this month under pressure to strengthen growth while
00:02:13keeping the public finances under control, so the battle over
00:02:17Britain's economic direction is beginning to take shape. Here is some
00:02:21of what Kemy Vedenock told delegates in Birmingham.
00:02:24Conference, there is a fight
00:02:28coming in British politics. A
00:02:31fight that we have not seen in this country for
00:02:35more than half a century, it will be a
00:02:39battle for the soul of this
00:02:42nation, a battle of ideas, a
00:02:46of battle that goes to the very core of who we
00:02:50of are and what kind of country we want to
00:02:54be. On one side, we have a
00:02:58government that wants to wind the clock to the failed
00:03:02ideas
00:03:02of the past, they believe economic growth
00:03:06is created by politicians, they think
00:03:10government knows
00:03:12of best, they think that your income, your
00:03:16pension and your savings are theirs to
00:03:19take and then hand out as they see
00:03:22fit, they believe that what they are doing
00:03:26is compassionate, but we know that these are...
00:03:30ideas will make every single
00:03:32of person in this country
00:03:34poorer,
00:03:46in your taxes will be higher,
00:03:50your bills will go up, you will find it
00:03:53in harder
00:03:53of and harder to make ends meet, just because these ideas are
00:03:57delivered on tik tok doesn't make them any less dangerous than
00:04:00they have always
00:04:01been,
00:04:06of
00:04:10on the other side
00:04:11of the battle is us,
00:04:15a renewed conservative party, fighting again for the belief that
00:04:19what people earn belongs to them, not
00:04:23a government.
00:04:24of
00:04:31of that the collective
00:04:33of wisdom of people in our country is greater than the
00:04:36central planning of bureaucrats and politicians, that
00:04:40spending money we don't have on things we cannot afford
00:04:44is not kind, it is
00:04:46reckless.
00:04:57this is
00:04:57a critical
00:04:58of moment, the world is... becoming more
00:05:01dangerous, western
00:05:04of economies are becoming more
00:05:05of fragile. We are running out of
00:05:08money and running out of time to put it.
00:05:12right, Conference, we have a fight on our hands
00:05:16and we need to be ready. No one else is going to solve these
00:05:20problems. No one else is going to deliver a stronger economy
00:05:23and a stronger
00:05:25country.
00:05:30Conference, the fundamental problem we have right now is
00:05:34that our country is running out of money.
00:05:38Almost every other problem flows from this.
00:05:42"Our national debt currently stands at nearly 3 trillion
00:05:46pounds and we are adding more than 100
00:05:49billion every year, every year.
00:05:53Last year, four in every five pounds
00:05:56borrowed by the government was spent on debt interest
00:06:00alone. That's like taking out second
00:06:04mortgage just to pay the interest on your first
00:06:08mortgage. This is crazy, unless we start
00:06:11creating more. value, unless we start growing our economy, something
00:06:15is going to break, that is why growing the
00:06:19economy will be the central organizing
00:06:23principle the next conservative
00:06:25government.
00:06:36we know that a stronger country is built a
00:06:40stronger economy, the two... hand in hand,
00:06:44there is no national security without economic
00:06:47security, and there is no economic security
00:06:51without national security. We cannot have one without the
00:06:54other. Labor, don't
00:06:56understand
00:07:03this. They see no need to fix the public finances. I'm not even sure they know
00:07:07what is going wrong, because if they did, they would be making
00:07:11tough decisions. to bring spending down, instead they're
00:07:15making lots of promises, promises need to be paid
00:07:18for, more government costs more
00:07:22money, it means higher taxes and higher
00:07:25borrowing, higher taxes and higher borrowing that will weaken
00:07:29business, weaken investment, weaken hiring, and
00:07:33then that will lower growth, then what will they do, they'll put up your taxes
00:07:37again, this is the tax doom loop that is making us all poorer
00:07:41round and round go, that is the wrong way. Conference, let
00:07:45me show you the right way. Staying
00:07:49with Britain's economy and artificial intelligence is beginning to reshape not
00:07:52only how companies operate, but how many people they employ.
00:07:56HSBC is reportedly planning significant cuts across its
00:08:00UK wealth management business as it expands its use of AI
00:08:04and digital services. Around half of management and specialist roles
00:08:08could be affected, while financial advisor positions could be reduced.
00:08:12by as much as 70%. the bank says customers are
00:08:16increasingly managing their finances digitally. for years, the
00:08:20promise of AI had centered on productivity and
00:08:22efficiency. what is becoming clearer is what those gains
00:08:26could mean for employment, including highly skilled and
00:08:30well-paid jobs and HSBC may just be early
00:08:34indication of much wider shift. and technology is
00:08:38not the only force reshaping the global economy. oil is back above
00:08:41$100. putting energy prices firmly back at the center
00:08:45the global economic outlook. Oil prices have also been
00:08:49driving the economic agenda this week, trading above $100 a barrel
00:08:52as tensions in the Middle East continue to affect global energy
00:08:56markets. That brings inflation and interest rates firmly back
00:09:00into focus. For Nigeria, higher crude prices can boost
00:09:03export earnings and government revenues, but they can also increase
00:09:07costs across the economy, and with global borrowing costs still
00:09:11high, the... look remains finally balanced, so what does all
00:09:15of this mean for the global economy as we head towards the end the
00:09:19year? earlier I spoke with Susanna Streeter, chief investment
00:09:22strategist at Wealth Club. If the energy crunch
00:09:26continues as it appears to be doing so with
00:09:29oil really staying stubly around that $100
00:09:33a barrel mark, it does present inflation reconcerns
00:09:37for many economies because of course the real worry for
00:09:41central bankers. and for governments around the world is that
00:09:45the energy prices will be passed on uh through to
00:09:49higher prices of goods and services across economies
00:09:52and then that will add to um inflationary
00:09:56pressures, and already consumers have
00:09:59been having to deal with with high energy prices and there
00:10:03have been such high hopes that actually the war in the middle
00:10:07east would have been resolved by now, particularly ahead
00:10:11the US mid- elections, but certainly that does not seem to
00:10:15be the case. President Trump has already indicated uh that the
00:10:18war is likely to continue, well past that date, and so we're
00:10:22kind of bedding in for the longer term, and that... is why what you are
00:10:26seeing on financial markets is - a pricing
00:10:30of multiple interest rate hikes from the federal reserve, the bank of england,
00:10:33others, we've had uh certainly hike from
00:10:37India's central bank as well today for the first time since 2023,
00:10:41because so many economies are facing uh these
00:10:45inflationary pressures. yeah, obviously it's a double edge
00:10:48sword, isn't it? what you are seeing is the oil majors really
00:10:52reaping the benefits of these higher prices we've heard from Shell this
00:10:56week uh because it's a ramping up production and its
00:11:00margins uh it's benefiting from much more a
00:11:03profitable margins as result particularly in
00:11:07its refining business with um diesel in short
00:11:10supply around the world so on one hand the all majors are
00:11:14reaping rewards and that actually to some extent can help um
00:11:18with the government finances due to the tax take depending of
00:11:21course on the level of tax so they all just
00:11:25pay, but on the other hand, it means that those consumers and
00:11:29businesses so highly relient on energy
00:11:32supplies are really feeling the squeeze, and the
00:11:36question is how much of that tax revenue uh that
00:11:40is being redirected
00:11:43potentially to offset the squeeze for consumers and
00:11:47businesses, because it will mean that they will spend less money
00:11:51in other parts the economy, so you could see slow down due to
00:11:55dip in consumer spending, so certainly there is a really big
00:11:58balancing act going on right now. yes,
00:12:01it is looking like that, although it's not absolutely
00:12:05certain. at the moment what you are seeing is that actually
00:12:09businesses have been absorbing quite a lot the higher energy costs. the
00:12:12question is, how long can they continue to do so before they
00:12:16start passing on those costs to consumers and that's
00:12:20what bank of England policy makers are keeping a really close eye
00:12:24on, which is... for the moment rates were kept on hold, but
00:12:28now markets are pricing in and the 90% chance that
00:12:31rates will be highed in November and
00:12:35multiple further rate hikes are priced in by the
00:12:39markets right now, however much is going to depend on what happens
00:12:43in the labour market, because what central bankers will also be watching
00:12:47for is whether these high energy costs will
00:12:51end up kind of translating through to higher wages if cost.
00:12:55going up elsewhere, consumers and workers may feel that they need to
00:12:59bargain for higher wages and then you can see kind of energy
00:13:02price spiral emerging the market, but the labor market
00:13:06is weakening slightly in the United Kingdom, we're seeing fewer
00:13:10vacancies and there are more job losses on the cars for
00:13:14your mail is one the employers which has uh recently
00:13:18said it's going to be acting a number of positions and if there are fewer
00:13:22vacancies available there's less bargaining power. for employees
00:13:26and that could keep a lid a
00:13:30price spiral emerging, which in turn then could stop
00:13:33interest rates rising quite as quickly, if the essentially if the economy is not
00:13:37moving so fast, if employers aren't taking on more workers, if workers
00:13:41aren't being paid more and this economy is is sluggish,
00:13:45it may mean that actually inflation won't take off in the same way,
00:13:49which could mean we won't see quite as many interest rate
00:13:52hikes, but we just have to see how emerges and filters through the
00:13:56economy, I do think we have to really keep an eye on geopolitical
00:14:00fracture, high inflation and possibility
00:14:04that the exuberant bubble of AI
00:14:07investment could not necessarily pop, there
00:14:11could be quite a correction ahead, the valuations
00:14:15baked in are pretty eye watering, that's not to say some the
00:14:19the major players don't have very deep cash pockets and
00:14:22actually the valuations of... heading when you look at the revenues that they're
00:14:26making right now, but the landscape is being priced for winners
00:14:30right across the board and we know and history has told us in the
00:14:34past that losers as well as winners
00:14:38will litter the landscape ahead, so I think there may be a correction of
00:14:41sorts, geopolitical fractures want to to keep an eye on, we
00:14:45aren't yet certainly anywhere near it seems resolution in terms
00:14:49the energy crunch, companies are continuing to battle with
00:14:53higher prices economies as well and we've also got
00:14:57concerns about government debt piles and high borrowing costs.
00:15:01still to come on channel's business global, new home for African and black cinema opens
00:15:05its doors in London. brings eveny life place from
00:15:08Lagos to the British capital, creating a new platform for African
00:15:12film, food, fashion, art and music, and Kenya confirms
00:15:16its first ever Ebola case and death after infected passenger
00:15:20traveled from the Democratic Republic of Congo through Uganda and into
00:15:24na We look at the growing concern over the virus crossing
00:15:28borders undetected. All of this after the break. Do stay
00:15:31with us.
00:15:36The day begins with news. gathering and research, we need to confirm the
00:15:39story,
00:15:43directors as well as policy makers, from the business
00:15:47districts to the corporate, the policy, actions and even
00:15:50inactions of both the fiscal and the money
00:15:53authorities make impact. 90% of Nigeria's
00:15:57economy is an informal sector, just like this market, and take
00:16:01for example, they're impacted by government policies like inflation
00:16:05rates, prices, Keep going
00:16:08up, well trading
00:16:12is fast and mostly virtual, get the top stories that set your
00:16:16investing agenda. Beyond Africa, we got you
00:16:19covered. It's a full menu for you every
00:16:22weekday. Business Morning and Business
00:16:25Incorporated only on Channels
00:16:28Television. Africa is
00:16:31rising, and we are rising with
00:16:34her. Every day there's a new story. new
00:16:38challenge, new discovery and new
00:16:41victory. For 30 minutes,
00:16:45Monday through Friday, we bring these to you from
00:16:49Abuja to Acra, and from Nairobi to
00:16:53Adis. Network Africa connects the dots,
00:16:57giving you a full picture and bringing the continent closer to
00:17:00you. Network, Africa, weekdays at 4:30
00:17:04p.m. Only on Channel's Television.
00:17:08'Hello and welcome
00:17:10to one to one. Our guest today
00:17:14is quite the remarkable individual, and I know
00:17:18I'm putting you the incredibly difficult
00:17:20position. The tourism was so alien, people
00:17:24that were crazy. The world has
00:17:28always recognized the creative genus of langerance.
00:17:31What has it meant to you
00:17:34personally?'
00:17:38game-changing discussions on the big ideas that
00:17:41shape our thinking. we've been very focused on trying to
00:17:45accomplish something that is typically not done. you have to be deliberate,
00:17:49that's the point i'm making. it appears that things have gotten worse. so what
00:17:53happened? how did we get here? let people think, let people be
00:17:57bold, and the country can
00:17:59change. this is one to
00:18:03one.
00:18:12Welcome back to Channel's Business Global with me Juliana Olayinka reporting from just
00:18:16outside the palace of Westminster in Central London where global power,
00:18:20policy and markets intersect. Kenya has confirmed its
00:18:23first ever case of Ebola and its first death from the disease. The Kenyan
00:18:27citizen had been living in the Democratic Republic of Congo where he had
00:18:31already fallen ill. He traveled by road to Kampala before
00:18:35boarding a commercial flight to Nairobi. last Saturday. He was
00:18:38admitted to hospital after arriving in Kenya and died on Monday
00:18:42night. Tests confirmed the Bundebugio strain of
00:18:45abola, the same strain behind the outbreak in the DRC. That
00:18:49outbreak is now the worst in the country's history with more than 8,000
00:18:53confirmed cases and more than 4,000 deaths. Kengan
00:18:57authorities have now identified 57 contacts linked
00:19:01to the case, including people who traveled on the same
00:19:04flight. 10 have been placed in quarantine. as officials
00:19:08intensify surveillance and contact tracing. The
00:19:12case is particularly significant because the infected passenger
00:19:15crossed borders and passed through international airports before the
00:19:19virus was detected, highlighting the challenge of containing
00:19:23bowl a highly connected region. When Channel's Business
00:19:27Global spoke with the who spokesperson Dr. Margaret Harris
00:19:30august, she warned us about precisely this risk,
00:19:34virus capable of travelling undetected. This week it
00:19:38reached Nairobi, so it's very, very serious, there's no doubt about
00:19:41it, and I think the seriousness was reflected right from the start when Dr.
00:19:45Tabros took the unusual step of declaring it as a public health
00:19:49emergency of international concern, actually
00:19:53almost the day they learn that that this was happening,
00:19:57and the reason it was taken seriously then and still needs to be taken
00:20:01even more seriously is because this is area that's just
00:20:05riven by conflict where you've got numbers of people this
00:20:08place, they are starving, they are suffering all kinds of other
00:20:12diseases, and meanwile the health system's been utterly disrupted, so you've
00:20:16got people ever greater need of all kinds of
00:20:19healthcare and fewer and fewer people are able to deliver it, so that's a
00:20:23perfect storm, that's a perfect recipe for something
00:20:27like bowler to take hold, and clearly it took hold
00:20:30a good six months, good f months before the
00:20:34world even knew it was happening, and this is the...
00:20:38problem and when you look at the genetic sequencing the
00:20:41different people the strains that people have had,
00:20:45it's very clear that also there's a lot of hidden transmission
00:20:49indeed. very good strong risk that it will do
00:20:53so because again it's crossed um
00:20:57provincial borders, it's gone to six different provinces already from
00:21:01starting in one. now the epicenter is still ituri
00:21:05which is but that borders Uganda and we saw it
00:21:08cross that border. now a sense the world was lucky it went to Uganda
00:21:12first because that's got a very strong health system, very good
00:21:16surveillance, great experience with Ebola so they were able. to shut it
00:21:20down, but there are other countries that don't have the
00:21:23Ugandan advantage, and indeed
00:21:26there's South Sudan bordering,
00:21:30there are quite a lot of different countries bordering all those parts the
00:21:34Democratic Republic of Congo, so that and also it's a very busy
00:21:38area, there's massive cross-border travel,
00:21:42and most of it informal travel, it's not
00:21:46at major formal posts that are being monitored,
00:21:50lot of
00:21:50it is just crossing river, crossing through the
00:21:54jungle, so it's it's a lot of it's kind of
00:21:58invisible travel and invisible travel, and this
00:22:02this virus loves to travel invisibly, and the important thing is also
00:22:06to freshen up the training so that your healthcare workers can
00:22:09identify someone who potentially has ebola
00:22:12immediately, so ensure that they're isolated, strengthen your
00:22:16surveillance so that you are watching, so you know again,
00:22:20um who may be coming in, who may be somebody that you're concerned
00:22:24about, um, in make sure that you got
00:22:27the test, bundibucho virus, the test is different from the
00:22:31normal ebola test, now that test is available, there are
00:22:35three versions of it, i think or two versions that have been licensed by the
00:22:39world health organization, make sure you've got that test in your laboratories,
00:22:43make sure your laboratory staff have got the ability to do that
00:22:47test, and um do inform your
00:22:50population that there is ebola and that it is
00:22:53treatable and it will people will survive
00:22:57if they come to treatment, but make sure they want to identify
00:23:00themselves, not just because you uh want to
00:23:04make sure you catch every case, but also so that you save every life.
00:23:08new home for African and black cinema and culture has opened here in
00:23:11London. eboney life place at London brings together film, food, fashion,
00:23:15art and music with a 160 seat
00:23:18auditorium. dedicated exclusively to African and black
00:23:22cinema. The venue is the latest venture from Nigerian media
00:23:26entrepreneur Mo Abudu who launched the first Ebby Life Place in
00:23:30Lagos in 2019. The London Opening creates a new
00:23:33platform for African and Black creative talent in one the world's most
00:23:37important cultural capitals while strengthening the creative links
00:23:41between Lagos and London. Channel's Business Global was there as the doors
00:23:45opened. It's really good to see every Live place opening in the heart of
00:23:49my constituency. here in Wandsworth, um, it's
00:23:52really vital that we are showcasing African, Nigerian
00:23:56stories, film, art, music, culture, we
00:24:00know that the vibrancy the Nigerian diospora here in
00:24:04London, now knowing that they've got somewhere that can come, enjoy all of that
00:24:08is so so vital,
00:24:09and it's about having that little piece of Lagos right in the heart of London.
00:24:13I think for us, this project is an expression of
00:24:17what the values we continue to advance. that the great and
00:24:21good coming out of Nigeria that needs to be empowered, empowering
00:24:25them means we're able to raise their voices and to be able to achieve that you need
00:24:28capital, you need finance and you need belief more importantly, so where we see
00:24:32our people who have excelled and continue to do well and
00:24:36able to come to the UK then we
00:24:38are able to put capital behind their business to support them and for them to
00:24:42grow, so the collaboration between what more represents,
00:24:45credibility over the years and of course for feedbank UK being
00:24:49focused on giving real value for our clients and customers, it's an
00:24:53opportunity we didn't want to miss and so we were able to support this particular
00:24:56project. thinking partners and understand vision that isn't theirs
00:25:00can sometimes be difficult. for these two men that you see standing right here,
00:25:04reached out, i pitched, i'm going to pitch in, but nonetheless,
00:25:08you know, they support lots of great initiatives and they found it within them
00:25:12to say they wanted to be a part of this, and i'm so grateful to nuvan, to
00:25:16flutter wave, to fidbank UK for making today. is that
00:25:20reality? because without their support this project may have been delayed
00:25:24by months and months. it's obvious isn't it? yeah, she's built an
00:25:27amazing brand, she's a treb in africa entertainment,
00:25:31culture, filmmaking, just name it, so to
00:25:35be a fan is very hard, so i'm happy to be here supporting - our dream, our
00:25:38vision, and we just you do payment and banking
00:25:42and for us seeing somebody embodies what we stand for, africa
00:25:46to the world is so cute what we do, so i'm here to be here.
00:26:18has built credibility over the years, she's accomplished so much,
00:26:22and for feedback, he's also pursuing that same trajectory to amplify the
00:26:26voices and capability of
00:26:28what our people can do, given the right support, so for this
00:26:32for us this alignment is really a match made in heaven to
00:26:35continue to amplify that story telling and that voices and continue to
00:26:39empower people. well sadly that's all we have time for today, but as always do get
00:26:43in touch with your comments and suggestions. i'll see you at the same
00:26:47time next week for more in-depth business analysis on channel's
00:26:51business global.
00:26:52goodbye.
00:30:04Hello and welcome to foreign dispatches, the program that takes you around the world in
00:30:0825 minutes. I'm Amaratchi Upani. On the
00:30:12program this
00:30:12week,
00:30:17hundreds of thousands take to the streets across France as a student led
00:30:21protest over conditions in schools grows into a nationwide
00:30:24movement. An Israel marks three years since the October 7
00:30:28attacks with memorials held across the country as questions over.
00:30:32security, accountability and the consequences the war
00:30:36continue. Let's begin
00:30:39in France, where student lead protest over conditions in schools
00:30:43has grown into a nationwide movement involving parents,
00:30:47teachers, university students and trade unions. Hundreds of
00:30:50thousands of people have taken to the streets demanding more teachers, better
00:30:54school buildings and greater investment in public
00:30:57education.