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00:00:05a
00:00:06of
00:00:13Oil prices rise to two week
00:00:15a highs
00:00:15is renew tensions in the Middle East heighten concerns over regional
00:00:18security. China extends its massive gold buying
00:00:22spree as it dumps US treasuries and AI
00:00:26experts worn of human extinction by 2100 as retail
00:00:30algorithms quietly inflate daily grocery bills. hello,
00:00:33i'm with your business news here on TRT
00:00:36World.
00:00:44of
00:00:48oil prices reversed initial losses on Monday despite optimism over
00:00:52additional Russian diesel supplies, but renewed attacks in the
00:00:56Middle East continue to threaten energy supplies and keep investors.
00:01:00International benchmark brend
00:01:02of rose towards $106 a barrel, its highest in more than two
00:01:06weeks. US president Donald Trump said his administration had reached an
00:01:10agreement for Russia to provide hundreds of
00:01:12of thousands of tons of diesel fuel. He also claimed Russia and Ukraine had
00:01:16agreed to immediate ceasefire attacks against energy
00:01:20infrastructure. On Sunday, Saudi Arabia's main airport was
00:01:23targeted again while another tanker was attacked in the straight of
00:01:26Furmus, although crude exports from the Persian. golf
00:01:30continued to flow at rates close
00:01:32of to pre-war levels. That also weighed on stock markets
00:01:36across Asia with South Korea's cost beat plunging more than 3 and a half
00:01:39percent. Meanwhile, the US dollar held near a strongest level
00:01:43in a year and a half as escalating Middle East conflict kept
00:01:47investors worry ahead of key U.S. inflation data later this
00:01:51week that will influence monetary policy. Francesco
00:01:55Sassi is a professor of energy politics at the University of
00:01:58of Oslo. He says Russian diesel could provide some relief to global
00:02:02markets, but much of that will depend on whether Moscow can
00:02:05export it without further
00:02:07restrictions. let me say
00:02:10that
00:02:11of Russia anticipated deticting
00:02:13of the embargo on the fuel export because
00:02:17of the agreement with US, so I
00:02:21think, and it's logible to expect that Russia demanded
00:02:25a guarantees and safely guarantees from the
00:02:28of US in order to be able to for this pisal fuel
00:02:32not just to the US, but to
00:02:34the global markets, this is why Donald Trump has
00:02:38asserted, and at the same time you have seeing
00:02:42sanctions on
00:02:43of Russian refined products import
00:02:46of until next April, so we are speaking about
00:02:50six month window that could really
00:02:53shift
00:02:54a the relations between ws and Russia a mid the war in
00:02:58Ukraine and the very
00:03:01lightly possibility that will continue to stripe
00:03:05against r
00:03:06of energy infrastructure because the
00:03:08sensitivity for the
00:03:12russian
00:03:14war chest during the but also
00:03:17because
00:03:19of oil prices are will continue to stay very high
00:03:22because
00:03:24of war around the straight of am between the us and
00:03:27iran and there is... for uc
00:03:31of to continue these strikes also because Russia has not
00:03:35stop striking against the Ukrainian energy
00:03:39infrastructure. China is
00:03:43doubling down on gold, extending its buying streak to the
00:03:46longest since at least 2015, and
00:03:49a recent slump in prices could be giving Beijing a chance to buy
00:03:52even more. The people's bank of China added around 23
00:03:56tons of gold in September, its biggest monthly purchase. in nearly
00:04:00three years and demand is booming beyond the central bank.
00:04:04gold imports topped 1,00 tons in the first eight months
00:04:08of the year, hitting
00:04:09a record 158.8
00:04:12of billion dollars in value, and the recent price drop may be offering
00:04:16buyers an attractive entry point. gold fell more than
00:04:198% last month after soaring to record highs above
00:04:22$5,500 in january. the freezing of
00:04:26Russia's central bank assets after its war in Ukraine under... the
00:04:30risks of holding reserves overseas. Against that backdrop,
00:04:34Beijing has been cutting its
00:04:35of US treasury holdings, which fell to an 18-year low of
00:04:39of 618 billion dollars in
00:04:41of July as it diversifies its reserves. Ordinary Chinese are
00:04:45buying too. The prolonged property slump has weakened what was
00:04:49once key source of household wealth. It's also left families
00:04:53with fewer attractive places to invest their savings, with options
00:04:57limited in economic uncertainty lingering. many are
00:05:00turning to gold. Mark Osord is chief economist and global
00:05:04strategist at ADM investor services. he says central
00:05:08banks across Asia are looking beyond the US dollar to
00:05:11diversify their reserves with currencies like the euro and the
00:05:15yen among the alternatives, but with neither offering reliable
00:05:18store value, gold is increasingly emerging as the
00:05:22asset of choice. it's basically down
00:05:26to China's volume of trade, there's much less which
00:05:30is being done in dollars, so the uh rational for
00:05:34China actually holding the sort of volumes of treasuries that it
00:05:38used to uh is simply not there anymore, um
00:05:41divers iification as we've you basically central
00:05:45banks in in emerging markets above all in Asia have
00:05:49uh been looking for diversification but keep on looking at
00:05:53things like the yen, the euro and finding the just not the
00:05:57same sort of store of value that gold is
00:06:00and so it's it's an actual
00:06:03shift in the portfolio structure um
00:06:07though it is also reflects a changing global trade
00:06:11remember now that 50% of China's trade is actually
00:06:15denominated in Chinese Yuan rather than in
00:06:18dollars. Right, and with the precious metal falling
00:06:218% last month, is Beijing just smartly buying the dip here
00:06:25or is this price collapse a warning sign that the global gold
00:06:29rally is indeed losing
00:06:31steam?
00:06:34Um, gold, gold is caught between two forces,
00:06:38one, you've got diversification, on the other hand, rising
00:06:42you. interest rates, particularly with US 5 and
00:06:4610 year yields above 5% and gold not giving
00:06:50giving offering any interest makes it less of less
00:06:54attractive in terms of opportunity costs,
00:06:57so um the other side of
00:07:01that is obviously what China does typically with any
00:07:05commodities, it doesn't matter whether agricultural, precious metals,
00:07:08industrial metals, energy, you it's always looking
00:07:13uh any setbacks to increase its stocks
00:07:16and tends to pull back when prices are
00:07:19high, that's a very standard practice which we've observed for 30
00:07:23years. right, and it's not just banks,
00:07:26everyday Chinese consumers are also pouring their money into gold because the
00:07:30property market just isn't offering any returns. does this
00:07:34massive shift signal a loss of faith in China's real
00:07:38estate sector? oh, I think the...
00:07:42loss of faith in China's real estate sector is very real, we've had
00:07:46property investment overall uh falling
00:07:49between 12 and 20% every year for three
00:07:52years, um, there there is no belief in the property
00:07:56sector amongst the consuming consumers, and there
00:08:00are not enough measures being taken um,
00:08:04because it would be a loss of faith to rectify this, because that
00:08:08the you know the burden of debt that's there in the...
00:08:12property sector due to this slump is absolutely enormous,
00:08:16it requires something along the lines the resolution
00:08:20trust corp that happened in the US in the late late 80s and early
00:08:2490s to try and resolve this, but that would be also an
00:08:27admission by the authorities in China that basically driving
00:08:31consumers into the property sector was to the
00:08:35extent that they did uh was not actually very
00:08:38clever, and how else can China as you said
00:08:42diversify its portfolio given its ongoing economic
00:08:45problems?
00:08:49um, there's not actually much more in
00:08:53the way of diversification other than looking at
00:08:56the growing um the the big
00:09:00emerging market uh economies such as Brazil,
00:09:04such as India, though there are obviously political
00:09:07tensions there with India, but looking at those as an
00:09:11alternative, but in terms of scale uh
00:09:14relative to dollars and gold, they
00:09:18they really only make up a small amount, but it's going to be in
00:09:22China's interest to actually hold some these simply
00:09:26because of trade related needs for foreign exchange
00:09:29reserves. Let's take a quick look at
00:09:33some other stories around the world. Global wheat prices fell for
00:09:37fourth straight day after Donald Trump said Russia and Ukraine had
00:09:40agreed to immediate. ceasefire, the move raised hopes that
00:09:44black sea shipping disruptions could ease, helping grain supplies
00:09:48flow more freely. Ukrainian president Vladimir Zelensky says keef
00:09:52supports the truce, but traders are still waiting for confirmation
00:09:56from Moscow. China has sanctioned
00:10:00senior ministers from Paraguay and Billise over their country's
00:10:04ties with Taiwan. The measures freeze any assets they hold in
00:10:08China and block Chinese firms and individuals from doing business
00:10:12with them. Beijing says the move is aimed at defending its
00:10:15sovereignty and opposing support for
00:10:17Taiwan. The IMF says strong
00:10:21spending on AI infrastructure is helping keep global growth. growth at
00:10:25around 3%. Asian economies that supply chips and other
00:10:29technologies are seeing some the biggest gains, but the
00:10:33fund warns AI could also reshape around 40%
00:10:37of jobs over time. it says governments will need to manage this
00:10:40shift carefully so the benefits of AI are shared more
00:10:44widely. meanwhile, new report
00:10:48warns that the misuse of AI could threaten human survival by the
00:10:52year 20100. the technology is already changing how
00:10:55businesses set prices with supermarkets and fast food chains,
00:10:59using data and algorithms to adjust costs and target
00:11:03consumers. the shift is raising concerns about fairness
00:11:07and how inflation is measured. the lance commission has
00:11:10identified 17 catastrophic global threads over the
00:11:14next 75 years. the malicious use of AI, including
00:11:17biooapons and nuclear conflict top the list as the
00:11:21only risks capable of causing outright human extinct.
00:11:25meanwhile, food businesses are rapidly digitizing.
00:11:29McDonald's is facing a US anti-trust lawsuit over an alleged
00:11:33AI powered pricing engine, while supermarkets like Kroger,
00:11:36Walmart and Tesco are rolling out electronic shelf
00:11:40labels and inventory abs that allow for rapid real-time
00:11:44price changes. The line between market driven dynamic pricing and
00:11:48personalized pricing is vanishing. Retailers can now
00:11:51leverage AI to track transaction histories brows. behavior
00:11:55and even facial recognition to estimate the maximum price an
00:11:59individual consumer is willing to pay. bank of England
00:12:03economists warn that individualized pricing splinters the consumer
00:12:07experience. if households are charged varying prices
00:12:11for the same goods based on their data, aggregate measures like the
00:12:15consumer price index become strained, making true inflation
00:12:19nearly impossible to track. earlier I spoke with
00:12:22IT commentator Arthur Goldstuck, argues that AI
00:12:26poses immediate risks for consumers and that existential
00:12:30threats are based on worst case scenarios rather than realistic
00:12:34predictions. the
00:12:37alarmist headlines are distracting attention from current
00:12:41issues, and what we have to bear in mind there is that the
00:12:44launch report identified 17
00:12:48areas or major threats to human health
00:12:52over the rest the century.
00:12:55and the most severe
00:12:58extinction events that identified were nuclear
00:13:02power and AI, so the headlines are all around
00:13:05AI, nuclear power and equating the impact of AI
00:13:09with nuclear power, but what is made very clear in the
00:13:13report is if you read between the lines and if you read the fine print
00:13:17of course, which headline writers, don't you, is the
00:13:20fact that this is based on the worst case
00:13:24scenario? "nothing is done about it, and the very fact that
00:13:28economists are warning about AI pricing now, and we are
00:13:31already seeing action being taken and potential
00:13:35anti-trust action or regulatory action or
00:13:38fines being levied for personalized AI pricing
00:13:42tells us that lot these issues are being addressed right
00:13:46now, there is attempt by some
00:13:50administrations like the United States to keep their hands
00:13:53off regular. AI in order not to
00:13:57hold it back, but at the same time there's an equal
00:14:01thrust towards punishing companies that allow
00:14:04AI to go rogue for example, or that
00:14:07violate personal privacy or the
00:14:11rights of consumers, and the AI pricing issue
00:14:15is a very clear violation of consumer rights,
00:14:19so I imagine this will be addressed, but the other element that we must be
00:14:23in mind with regard to the... launset extinction
00:14:27warning is that it requires a massive
00:14:30amount of coordination between different sectors
00:14:34and across different infrastructure to make those doomsday
00:14:38scenarios possible and i believe
00:14:41that much will be done in the meantime
00:14:44whereas we're not really focusing on current problems
00:14:48causing major health issues like pollution which the world health
00:14:52organization says is responsible for seven million deaths a
00:14:56year, that's really severe consequence, and it's not getting the airlines
00:15:00to shoot because the Doomsday scenarios. The Bank of England
00:15:03says personalized pricing could break our ability to
00:15:07measure consumer uh prices, if everyday
00:15:10household uh goods
00:15:13are um effectively has its own inflation
00:15:17rate, how can central banks possibly set effective a
00:15:21monetary policy? I guess the central banks will use...
00:15:25AI to help them come up with new frameworks for
00:15:29measuring inflation, but the more serious problem
00:15:33is how consumers can budget their own household expenses, if
00:15:36they don't what the price is going to be between
00:15:40deciding what they need and getting to the supermarket or even going
00:15:43online and seeing that price changing in real time,
00:15:47it becomes exceptionally difficult to manage finances, and for that reason I
00:15:51believe that there will be clamp down on AI based
00:15:55personalized pricing. Halal may be
00:15:59best known for food, but its business reach extends far beyond
00:16:02it from tourism to banking and technology. In the UK, the
00:16:06London Halal forum is exploring how companies can tap into
00:16:10halal markets and attract investment. TRT was to
00:16:14to spoke with Islamic Chamber of Commerce and
00:16:17Development Secretary General Yusuf Khawi on the sidelines
00:16:21the event. This is the second
00:16:25edition of London Halal Forum and you are doing this
00:16:29less than year. What's the demand for this
00:16:32event? Thank you for hosting me
00:16:34really. We started. than year
00:16:38ago and our plan was to start in London
00:16:42in 28, so we
00:16:45started three years earlier and this is basically
00:16:49because the huge demand which
00:16:53is coming for us through our reception
00:16:57series, so we started three years ago by
00:17:01hosting halal receptions across the world where we
00:17:04connect with the business people with talk to them
00:17:08about the demand of halal, the huge
00:17:11opportunities existing, so when I looked at the numbers back
00:17:15in 2023, the global halal market
00:17:18was more than two trillion dollars and it's expected
00:17:22to be over 3 billion dollars in 2028, what's
00:17:26driving the demand and what is halal
00:17:29business? okay, the demand is
00:17:33basically muslims around the world are look.
00:17:38for their needs and that started long
00:17:41time ago only by the halal food, then it has
00:17:45been developed, so now we have, as we have seen in one the
00:17:49videos, 25 million muslims in
00:17:52Europe, they want to connect with their
00:17:56roots for their children, so
00:18:00they want to
00:18:00go to Muslim countries, they
00:18:04want to do Muslim friendly.
00:18:07vacations, having the food, having a right
00:18:11place for their families, etc. by the way,
00:18:15the numbers, that numbers doesn't include the Islamic
00:18:19finance, so when you combine that trillions with the
00:18:22trillions the Islamic finance, you will have huge
00:18:26numbers, basically we are already a trillion dollars
00:18:30economy and no one will be happy to
00:18:34neglect that that huge,
00:18:38economy and some other stories
00:18:41were following: Elon Musk says Starlink will be priced
00:18:45affordably in India as it prepares to compete with Billionaire
00:18:49Mukashambani's low-cost reliance Jio. His
00:18:52comments come just days before Jio's parent company launches
00:18:56India's largest ever IPO, targeting valuation of
00:19:00106 billion dollars. Musk has accused the Indian
00:19:03government of delaying Starling's entry to favor Reliance.
00:19:07claim New Delhi denies. The
00:19:11European Union plans to cap hybrid car imports of
00:19:1435000 vehicles year from December as it
00:19:18tries to protect local manufacturers. The limit will apply to
00:19:22all hybrid models, not only those from China to stay within
00:19:26world trade organization rules. The deal also includes China
00:19:30cutting some tariffs on autocarts and easing duties
00:19:34on certain products. Now two
00:19:38American professors have been announced as the joint winners of this year's
00:19:42Nobel Prize economics. Michael Woodford of
00:19:45Columbia University and Robert E Hall of Stanford were
00:19:49both awarded the prize for their separate work on macroeconomics.
00:19:53Their research provides key insights into how economies absorb
00:19:57major shocks from energy price spikes to sudden shifts in
00:20:01consumer spending. The announcement comes as tensions in the Middle East put the
00:20:05global economy under fresh pressure.
00:20:09Palestinian farmers in the occupied west bank are vowing to defend their
00:20:13land from illegal Israeli settlers who stole half their
00:20:17harvest and some farming equipment on Sunday. The farmers
00:20:20in abrod tried to harvest their olives but only
00:20:24managed to fill 15 bags before being pushed back by
00:20:28Israeli forces who fired stun grenades. Muhammad Alwan has the
00:20:32story. It's their
00:20:35land, their farms. their olives, yet the
00:20:39Palestinian farmers face a brutal battle every autumn
00:20:43to access them under the shadow of Israels and illegal
00:20:47occupation. Together, the residents of a brute village
00:20:50in the occupied west bank set out on Sunday to harvest their olive
00:20:54trees, keeping alive a tradition known as
00:20:57Alona where people help each other pick the
00:21:01crop. another reason for this unity is to protect their
00:21:05land from illegal Israeli settlers who have taken over large
00:21:09areas. Israel has declared the area a closed military zone
00:21:13preventing palestinians from accessing their own land for
00:21:17this land owner even trying to access his property
00:21:21could lead to arrest, he has chosen not to show his
00:21:24face feeling
00:21:25detention, we have come to harvest
00:21:29our own olives, these are our village trees inherited from our fathers
00:21:33and grandfathers, thank god our spirits are high because we are
00:21:36standing on our own land, we are not here to steal or harm
00:21:40anyone, they are the ones coming to us stealing our
00:21:43harvest, residents had been on their land for just an hour
00:21:47when illegal settlers attacked, minutes later. Israeli forces
00:21:51arrived, the head the village council could only watch as
00:21:54residents were forced to leave for their own
00:21:57safety. illegal sattlers ramped the village
00:22:01council's vehicle, forcing it off the road, attacked
00:22:05residents and try to run people over. they then trave
00:22:08stones at olive pickers from higher ground, while Israeli
00:22:12forces fired stunt grenades at the
00:22:15Palestinians. illegal settlers were seen cutting away
00:22:19the stolen. olive harvest and heading towards the top the
00:22:22mountain they had previously taken over. The
00:22:26Palestinians have been forced to leave, but they remained determined to
00:22:30return and harvest their olives. What happened here reflects a wider
00:22:34pattern across the occupied West bank where illegal settler violence
00:22:38continues escalate. Across the occupied West
00:22:41Bank, more than 10 attacks are reported daily with the legal
00:22:45settler stealing olive harvests in front their owners and
00:22:49using. equipment to speed up the process, according
00:22:53to the agricultural ministry, losses to palestinian's
00:22:57olive sector have exceeded $157 million
00:23:01dollars since 2023, with around
00:23:04286, olive trees damaged in the
00:23:08west bank, the ministry fears these losses to rise
00:23:11as the harvest continues. mhammed alwan,
00:23:15trt world, ramallah, the occupied west
00:23:18bank. And Hollywood is entering
00:23:22new era of consolidation as Paramount Skydance completes its
00:23:26takeover of Wannaboro's Discovery. The deal brings together
00:23:30major film studios, television networks and two the
00:23:33industry's biggest streaming platforms, creating a new
00:23:37entertainment giant. But as Salin Tutar reports, billions of dollars
00:23:41in debt and major cost cutting targets could make the merger
00:23:44difficult one to pull off.
00:23:48Two Hollywood giants. now under one roof. Paramount
00:23:52skydance has completed its $110 billion dollar acquisition of
00:23:55Warnerbrow's discovery, bringing franchises including Harry
00:23:59Potter, Batman, Mission Impossible and Star Trek into One
00:24:03Entertainment Empire. The combined business, which will operate
00:24:07under the Skydance name, also brings together CBS,
00:24:10CNN, HBO Max and Paramount plus, giving it an
00:24:14extensive content library and more than 200 million
00:24:17subscribers. I mean, it's enormous, you just out... the kind of
00:24:21scale the two businesses that are combining two major hollywood studios,
00:24:25HBO, Paramount, Max. It's creating the second largest streaming
00:24:28portfolio. Streaming is central to the strategy. Skydance
00:24:32is betting that a deeper content library and a wider international
00:24:36reach will help it compete with industry leaders such as Netflix,
00:24:39Disney and Amazon. Streaming is what's really driving this merger,
00:24:43of course, the the library and the content to build these
00:24:47streaming platforms and HBO is... going to be
00:24:51huge driver in that, but the bigger the company,
00:24:55the bigger the pressure to cut costs. Skydance has promised more than
00:24:59$6 billion dollars in annual savings by eliminating overlapping
00:25:02operations and combining technology and other expenses. That
00:25:06has raised concern over job losses across Hollywood. So when I read about the
00:25:10merger, my first thought is, my goodness, I bet I know people are going to lose their jobs and that's
00:25:14heartbreaking. Skydance is also taking on tens of billions of dollars
00:25:17in debt to finance the deal. and it will need to keep investing in
00:25:21content, streaming and sports while looking for ways to bring costs
00:25:25down. Paramount is taking a huge amount of debt
00:25:29to get this deal done, 80 billion dollars and making an awful lot of
00:25:33promises, 30 movies a year, big giant streaming
00:25:37service, big sports properties,
00:25:40you have to do new NFL deal soon, that won't be cheap, so they are
00:25:44going to be looking for everywhere they can save few
00:25:48nickels, dimes, millions of... valvers: the opening
00:25:51credits have finally rolled on the biggest deal in media history, but the
00:25:55financial story is only beginning. for skydance,
00:25:59paying down the debt while keeping the hits coming could be it. own mission
00:26:09a business news for
00:26:10now,
00:26:16straight tog breaks down turkeys place in the
00:26:19world, triggering power shift that is
00:26:23transforming volatile
00:26:24region,
00:26:29straight talk understanding the challenges facing Turkia
00:26:33and how it's adapting to a changing
00:26:35world,
00:26:40straight talk on TRT
00:26:42World.
00:30:09Saudi Arabias considers serious response after Yemen's Hothi's targeted
00:30:13Ryatz airport again killing over dozen
00:30:16people. Hello and welcome to TRT World Live from
00:30:19Istanbul, I'm Jafar Hassan also coming up.
00:30:23Ukraine's president says Donald Trump's announcement of an energy truce with
00:30:27Russia comes as a surprise and that Russia has already
00:30:31violated it. Protesters in
00:30:34India remain defiant calling for the election commissioner to resign after
00:30:38millions of voters are deleted from electoral
00:30:41rolls and members the party led by
00:30:45jailed former prime minister Imran
00:30:47Khan or detained in Pakistan's northwest currently under a
00:30:51state of emergency.