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00:00:58Welcome a to channel's business! With me, Juliana Olayinka, reporting from just
00:01:02outside the palace of Westminster in Central London, where global
00:01:06power, policy and markets intersect. Coming up
00:01:09today's show, Kemy Vedenot puts tax and growth at the heart of
00:01:13her pitch to Britain, pledging to abolish inheritance tax on
00:01:17family homes and
00:01:18a arguing that economic growth would be the central organizing
00:01:22principle of a future conservative government, we hear from the
00:01:26party leader following her closing speech in Birmingham and
00:01:30Oil remains around $100 a barrel. Inflationary pressures
00:01:34are building and the prospect of further interest rate rises is back
00:01:38in focus. Investment strategist Susanna Streeter tells me what
00:01:42this means for Nigeria, Britain and the wider global
00:01:45economy. Then later, new home for African and Black cinema
00:01:49opens its
00:01:49of doors in London. Mo-abudu brings ebony life place from Lagos to
00:01:53the British capital, creating a new platform for African film,
00:01:57food, fashion, art
00:02:01of conservatives have ended their party conference in Birmingham with
00:02:04a clear
00:02:05of message. The party wants to fight the next election on the
00:02:08a economy. Kemy Vedenock used her closing speech to promise a
00:02:12smaller state, lower taxes and
00:02:14a renewed focus on economic growth. She pledged to abolish
00:02:18inheritance tax on family homes alongside plans to cut employers
00:02:22national insurance for younger
00:02:25of workers as the party tries to tackle
00:02:27of rising youth unemployment. But this was about more than individual tax
00:02:30cuts, after losing power in 2024. Bedinok is trying
00:02:34to rebuild the conservatives economic identity, and
00:02:38convinced voters that the party once again has a credible alternative
00:02:42to labor, and the timing is significant. Prime minister Andy
00:02:46Burnham's government delivers its budget at the end of this month under pressure
00:02:50to strengthen growth while keeping the public finances under control,
00:02:54so the battle over Britain's economic direction is beginning to
00:02:58take shape. Here is some of what... told delegates in
00:03:01Birmingham, Conference, there is
00:03:05a fight coming in British
00:03:08politics, a fight that we have not seen
00:03:12in this country for more than half a
00:03:16in century, it will be a battle for the soul
00:03:20of this nation, a battle
00:03:22in of ideas, a battle that goes to
00:03:26the very core of who we
00:03:28of are, and what kind of country we want to
00:03:32be? on one side, we have a
00:03:36government that wants to wind back the clock to the failed
00:03:40ideas
00:03:41of the past. they believe economic
00:03:45growth is
00:03:45of created by politicians. they think
00:03:49government knows best, they think
00:03:53that your income, your pension and your savings
00:03:57are theirs to take and then hand out. as they see
00:04:01fit, they believe that what they are doing
00:04:04is compassionate, but we know that these
00:04:08ideas will make every single
00:04:11of person in this country
00:04:13poorer.
00:04:27your taxes will be higher, your bills will go... you will find it
00:04:31harder
00:04:31of and harder to make ends meet, just because these
00:04:35of ideas of are delivered on TikTok doesn't make them any less dangerous than
00:04:39they have always
00:04:40been.
00:04:44of
00:04:49on the other side
00:04:50of the battle is us,
00:04:53a renewed conservative party fighting again for the belief that
00:04:57what people earn belongs to them, not
00:05:02in government
00:05:03of
00:05:10that
00:05:11the collective wisdom of in our country is
00:05:14greater than the central planning of bureaucrats and
00:05:17politicians, the spending money we don't have on things
00:05:21we cannot afford is not kind, it is
00:05:25reckless.
00:05:35this is critical moment, the world is
00:05:38becoming more dangerous, western economy.
00:05:43are becoming more fragile, we are running
00:05:47out of money and running out of time to put it
00:05:51right. Conference, we have a fight on our hands
00:05:55and we need to be ready. No one else is going to solve these
00:05:58problems, no one else is going to deliver a stronger economy
00:06:02and a stronger
00:06:03country.
00:06:09Conference, the fundamental problem we have right now,
00:06:13is that our country is running out of money,
00:06:16almost every other problem flows from
00:06:19this. Our national debt currently stands
00:06:23at nearly 3 trillion pounds and we are adding more than
00:06:27100 billion every year, every
00:06:30year. Last year, four in every five
00:06:34pounds borrowed by the government was spent on debt
00:06:38interest alone. That's like taking
00:06:41out a... second mortgage just to pay the
00:06:45interest on your first mortgage, this is
00:06:47crazy, unless we start creating more
00:06:51value, unless we start growing our economy, something is going to
00:06:54break, that is why growing the
00:06:58economy will be the central organizing
00:07:01principle the next conservative
00:07:04government.
00:07:15"We know that a stronger country is built a
00:07:18stronger economy, the two go hand- in hand.
00:07:22There is no national security without economic
00:07:26security, and there is no economic security
00:07:29without national security. We cannot have one without the
00:07:33other. Labor don't understand
00:07:35this.
00:07:42see no need to fix the public finances, I'm not even sure they know what is
00:07:46going wrong, because if they did, they would be making tough
00:07:50decisions to bring spending down. Instead, they're
00:07:53making lots of promises. Promises need to be paid
00:07:57for, more government costs more
00:08:00money. It means higher taxes and higher
00:08:04borrowing, higher taxes and higher borrowing that will weaken
00:08:08business, weaken investment, weaken hiring, and then
00:08:12that will... lower growth, then what will they do? they'll put up your taxes
00:08:16again. this is the tax doom loop that is making us all poorer
00:08:19round and round we go. that is the wrong way. conference, let
00:08:23me show you the right way. staying
00:08:27with Britain's economy and artificial intelligence is beginning to reshape, not
00:08:31only how companies operate, but how many people they employ.
00:08:35HSBC is reportedly planning significant cuts across its
00:08:39UK wealth management business as it expands its use of AI
00:08:43and digital services, around half of management and specialist roles
00:08:47could be affected, while financial advisor positions could be reduced by
00:08:51as much as 70%. the bank says customers are
00:08:54increasingly managing their finances digitally. for years, the
00:08:58promise of AI had centered on productivity and
00:09:01efficiency. what is becoming clearer is what those gains
00:09:05could mean for employment, including highly skilled and
00:09:09well-paid jobs and HSBC may just be an... the
00:09:12indication of much wider shift, and technology is not
00:09:16the only force reshaping the global economy, oil is back above 100 dollar
00:09:20a barrel, putting energy prices firmly back at the center the
00:09:24global economic outlook. oil prices have also been driving the
00:09:28economic agenda this week, trading above $100 a barrel as
00:09:32tensions in the Middle East continue to affect global energy
00:09:35markets, that brings inflation and interest rates firmly back into
00:09:39focus. for Nigeria, higher crude prices can boost export
00:09:42earnings and government revenues, but they can also increase
00:09:46costs across the economy, and with global borrowing costs still
00:09:50high, the outlook remains finally balanced, so what does all
00:09:54of this mean for the global economy as we head towards the end the
00:09:57year. earlier I spoke with Susanna Streeter, chief investment
00:10:01strategist at Wealth Club. If the energy crunch
00:10:04continues as it appears to be doing so with
00:10:08all really staying stubly around that $100 -
00:10:12barrel mark, it does present inflationary concerns for many
00:10:16economies, because of course the real worry for central
00:10:20bankers and for governments around the world is that the
00:10:24energy prices be passed on uh through to
00:10:27higher prices of goods and services across economies
00:10:31and then that will add to um inflationary
00:10:34pressures, and already consumers have
00:10:38been having to deal with with high energy prices and there have
00:10:42been such high hopes that actually the war in the middle
00:10:45east would have been resolved by now, particularly ahead
00:10:49the US mid-term elections, but certainly that does not seem to
00:10:53be the case, president Trump has already indicated that the
00:10:57war is likely to continue well past that date and so we're
00:11:01kind of bedding in for the longer term and that is why what you are
00:11:04seeing on financial markets is
00:11:07a pricing
00:11:08of multiple interest rate hikes from the federal reserve the bank of england
00:11:12others we've had certainly hike from
00:11:16India's central bank as well today
00:11:18for the first time since 2023 because so many economies are
00:11:22facing uh these inflationary pressures. Yeah,
00:11:25obviously it's a double edge sword, isn't it? What you are seeing is
00:11:29the oil major really reaping the benefits of these higher prices,
00:11:33we've heard from Shell this week uh, because it's a ramping up
00:11:37production and its margins uh it's benefiting from much more
00:11:41profitable margins as result,
00:11:44particularly in its refining business with um
00:11:48diesel in short supply around the world. So on one hand, the all
00:11:52majors are reaping rewards and that actually. some extent can
00:11:56help um with the government finances due to the tax take
00:11:59depending of course on the level of tax the
00:12:03all-majors pay, but on the other hand it means that
00:12:06those consumers and businesses so highly relient on
00:12:10energy supplies are really feeling the squeeze
00:12:14and the question is how much of that tax revenue uh
00:12:18that is being
00:12:21redirected potentially to offset the squeeze. for consumers and
00:12:25businesses uh, because it will mean that they will spend less money
00:12:29in other parts the economy, so you could see slow down - due
00:12:32to dip in consumer spending, so certainly there
00:12:36is a really big balancing act going on right now, yes it is
00:12:40looking like that, although it's not absolutely
00:12:43certain, at the moment what you are saying is that actually
00:12:47businesses have been absorbing quite a lot the higher energy costs, the question
00:12:51is how long can they continue to do so before? they
00:12:55start passing on those costs to consumers, and that's what
00:12:59Bank of England policy makers are keeping a really close eye on, which
00:13:03is why for the moment rates will kept on hold, but now markets are
00:13:07pricing in and the 90% chance that rates will
00:13:11be hiked in November and multiple
00:13:15uh further rate hikes are priced in by the markets right
00:13:18now, however much is going to depend on what happens in the labour
00:13:22market because what central bankers will also... be watching for
00:13:26is whether - these high energy costs will end up kind of
00:13:30translating through to higher wages if costs are going up
00:13:34elsewhere, consumers and workers may feel that they need to
00:13:37bargain for higher wages
00:13:39and then you can see kind of energy price spiral emerging the
00:13:43market, but the labor market is weakening
00:13:46slightly in the United Kingdom, we're seeing fewer vacancies
00:13:49and there are more job losses on the cars for your mail
00:13:53is one the employer. which has uh recently said it's going
00:13:57to be axing a number of positions and if there are fewer vacancies
00:14:01available, there's less bargaining power for employees
00:14:04and that could keep a lid a
00:14:08price spiral emerging, which in turn then could stop
00:14:12interest rates rising quite as quickly, if the essentially if the economy is not
00:14:16moving so fast, if employers aren't taking on more workers, if workers
00:14:20aren't being paid more and this economy is is sluggish,
00:14:23it may mean that actually inflation won't take off in the same way,
00:14:27which could mean we won't see quite as many interest rate
00:14:31hikes, but we just have to see how this emerges and filters through the
00:14:35economy. do think we have to really keep an eye on geopolitical
00:14:39fracture, high inflation and the possibility
00:14:42that the exuberant bubble of AI
00:14:45investment could not necessarily pop, there
00:14:49could be quite a correction ahead, the valuations
00:14:53baked in are pretty... watering, that's not to say some
00:14:56the the major players don't have very deep cash pockets
00:15:00and actually their valuations are that heading when you look at the
00:15:04revenues that they're making right now, but the landscape is being priced
00:15:08for winners right across the board and we know and history has told us
00:15:12in the past that losers as well as
00:15:16winners will litter the landscape ahead, so I think there may be a correction
00:15:20of sorts, geopolitical fractures want to to keep an eye on,
00:15:24we aren't yet? certainly anywhere near it seems a resolution in
00:15:28terms the energy crunch, companies are continuing to battle with
00:15:32higher prices, economies as well, and we've also got
00:15:35concerns about government debt p. and high borrowing costs
00:15:39still to come on channel's business global, new home for African and black cinema
00:15:43opens its doors in London. brings eveny life place from
00:15:47Lagos to the British capital, creating a new platform for African
00:15:51film, food, fashion, art and music, and Kenya confirms
00:15:55its first ever Ebola case and death after infected passenger
00:15:59travel from the Democratic Republic of Congo through Uganda and
00:16:02into Nairobi. We look at the growing concern over the virus crossing
00:16:06borders. Detected, all of this after the break, do stay with
00:16:10us, at
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00:16:40news. The day begins
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00:16:47story,
00:16:50directors as well as policy makers. From the business
00:16:54districts to the corporate, the policies, actions and even
00:16:58inactions of both the fiscal and the monetary
00:17:01authorities make impact. 90% of Nigeria's
00:17:05economy is an informal sector. like this market and take for
00:17:09example, they're impacted by government policies like inflation
00:17:12rates, prices, keep
00:17:15going up, well
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00:17:29weekday, business morning and business
00:17:33incorporated only on channels television,
00:17:41Welcome back to Channel's Business Global with me Juliana Olayinka reporting from just
00:17:45outside the palace of Westminster in Central London where global power,
00:17:49policy and markets intersect. Kenya has confirmed its
00:17:53first ever case of Ebola and its first death from the disease. The Kenyan
00:17:57citizen had been living in the Democratic Republic of Congo where he had
00:18:01already fallen ill. He traveled by road to Kampala before
00:18:04boarding a commercial flight to Nairobi last Saturday. day. He was admitted
00:18:08to hospital after arriving in Kenya and died on Monday
00:18:12night. Tests confirmed the Bundebugio strain of a
00:18:15Bowler, the same strain behind the outbreak in the DRC. That
00:18:19outbreak is now the worst in the country's history with more than 8,00
00:18:23confirmed cases and more than 4,000 deaths. Kengan
00:18:26authorities have now identified 57 contacts linked
00:18:30to the case, including people who traveled on the same
00:18:34flight. 10 have been placed in quarantine as a
00:18:37intensify surveillance and contact tracing, the case
00:18:41is particularly significant because the infected passenger cross
00:18:45borders and passed through international airports before the virus was
00:18:49detected, highlighting the challenge of containing
00:18:52ebola a highly connected region. when Channel's business
00:18:56global spoke with the who spokes person Dr. Margaret Harris
00:19:00august, she warned us about precisely this risk a
00:19:03virus capable of traveling undetected. This week. reach
00:19:07Nairobi, so it's very, very serious, there's no doubt about it,
00:19:11and I think the seriousness was reflected right from the start when Dr. Teedros
00:19:15took the unusual step of declaring it as a public health
00:19:19emergency of international concern, actually
00:19:22almost the day they learn that that this was happening,
00:19:26and the reason it was taken seriously then and still needs to be taken
00:19:30even more seriously, is because
00:19:33this is area that's just riven by conflict where you've got
00:19:36large numbers of... people displace, they are starving, they are
00:19:40suffering all kinds of other diseases and meanwile the health system's been utterly
00:19:44disrupted, so you've got people in ever greater
00:19:47need of all kinds of healthcare and fewer and fewer people are able to
00:19:51deliver it, so that's a perfect storm, that's a perfect
00:19:55recipe for something like bowler to take hold, and
00:19:59clearly it took hold a good six months, good five months
00:20:02before the world even knew it was happening, um, and this is the
00:20:06other problem, "and when you look at the genetic
00:20:09sequencing the different people the strains that
00:20:13people have had, it's very clear that also there's a lot
00:20:17of hidden transmission, indeed there's a very good
00:20:21strong risk that it will do so, because again it's
00:20:24crossed um provincial borders, it's gone to
00:20:28six different provinces already from starting in one, now the
00:20:32epicenter is still uturi which is but that
00:20:35borders" and we saw it cross that border,
00:20:39now a sense the world was lucky it went to uganda first because that's
00:20:43got a very strong health system, very good surveillance, great
00:20:47experience with the bowler, so they were able to shut it. but there are
00:20:50other countries that don't have the ugandan
00:20:54advantage, and indeed there's
00:20:58south sudan bordering, there are quite a lot of different
00:21:01countries bordering all those parts the Democratic Republic of
00:21:05Congo, so and also it's a very busy area, there's massive
00:21:09cross-border travel and most of
00:21:12it informal travel, it's not at major
00:21:16formal posts that are being monitored, lot of it...
00:21:20just crossing river, crossing through the
00:21:23jungle, so it's it's a lot of it's kind of
00:21:27invisible travel and invisible travel, and this
00:21:31this virus loves to travel invisibly, and the important thing is also
00:21:35to freshen up the training so that your healthcare workers can
00:21:38identify someone who potentially has ebola
00:21:41immediately, so ensure that they're isolated, strengthen
00:21:45your surveillance so that you are watching, so you know
00:21:48again - who may be coming in, who may be
00:21:52somebody that you're concerned about, um, in make sure that you got
00:21:56the test, bundior virus, the test is
00:22:00different from the normal ebola test, now that test
00:22:04is available, there are three versions of it, i think or two versions
00:22:07that have been licensed by the world health organization, make sure you've got that test in
00:22:11your laboratories, make sure your laboratory staff have got the ability
00:22:15to do that test, and um do inform
00:22:19your population that there is ebola and that it is
00:22:23treatable and it will has opened here in London,
00:22:26ebony life place at London brings together film, food, fashion, art and
00:22:30music with a 160 seat auditorium
00:22:34dedicated exclusively to African and black cinema. The venue
00:22:38is the latest venture from Nigerian media entrepreneur Mo
00:22:41Abudu who launched the first ebley life place in Lagos in
00:22:452019. The London opening creates a new platform for
00:22:49African and black creat. of talent in one the world's most important
00:22:52cultural capitals, while strengthening the creative links between Lagos
00:22:56and London. Channel's business Global was there as the doors
00:22:59opened. It's really good to see every Live place opening in the heart of
00:23:03my constituency here in Wandsworth and it's really
00:23:07vital that we are showcasing African, Nigerian
00:23:11stories, film, art, music, culture, we
00:23:15know that the vibrancy the Nigerian diospora here in
00:23:18London now. "knowing that they've got somewhere that can come, enjoy all of that
00:23:22is so so vital, and it's about having that little piece of Lagos right in the heart
00:23:26of London. I think for us, this project is an
00:23:30expression of what the values we continue to
00:23:33advance, that the great and good coming out of Nigeria that needs to be
00:23:37empowered, empowering them means we're able to raise their
00:23:40voices and to be able to achieve that you need capital, you need finance and you
00:23:44need belief more importantly, so where we see our people who have
00:23:48excelled and..." continue to do well and able to come to the UK, then
00:23:52we are able to put capital behind their business to support them and for them
00:23:56to grow, so the collaboration between what more represents,
00:24:00credibility over the years and of course for feedbank UK being
00:24:03focused on delivering real value for our clients and customers, it's an
00:24:07opportunity we didn't
00:24:08want to miss and so we were able to support this particular project, finding
00:24:12partners and understand vision that isn't theirs can sometimes be
00:24:16difficult, 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
00:24:24lots of great initiatives and they found it within them to say they wanted
00:24:27to be a part of this, and I'm so grateful to nuvan, to flutter wave, to
00:24:31fidbank UK for making today, part of that reality, because
00:24:35without their support, this project may have been delayed by months and
00:24:39months. It's obvious, isn't it? Yeah, she's built an amazing
00:24:42brand, she's a tr in africa, entertainment, culture,
00:24:46filmmaking, just name it, so to be..." is very
00:24:50hard so I'm happy to be here supporting
00:24:52our our dream and our vision and we just you do payment and
00:24:56banking and for us since somebody embodies what we stand
00:24:59for africa to the world is so cute what we do so I'm here to to be
00:25:03here.
00:25:32Mo has built credibility over the years, she's accomplish so
00:25:36much, and for feedbank, he's also pursuing that same trajectory to
00:25:40amplify the voices and capability of what our people can
00:25:43do, even the right support, so for this for us this
00:25:47alignment is really a match made in heaven. to continue to
00:25:50amplify that story telling and that voices and continue to empower
00:25:54people, well