tv World Business Report BBC News June 8, 2017 5:30am-5:46am BST
this is bbc world news, the headlines. here in the uk — the leaders of the main political parties have completed their campiagns for the general election. over 46 million people are registered to vote — polls will open at 7am — and a total of 650 westminster mps will be elected. james comey — the former fbi director says president trump pressured him to drop an inquiry into links with russia. ahead of a senate hearing, mr comey issued a statement which said the president demanded his loyalty and asked him to lay off investigating the former national security advisor. the government myanmar says a plane which disappeared over the andaman sea has been found. south korea's military says north korea has fired more missiles into the sea off its east coast. it's believed they were land—to—ship missiles, with a range of about 200 kilometres, fired from the coastal city of wonsan. now it's time for world business report.
turning up the heat — qatar's credit rating is cut amid a growing political crisis. plus — he's cut ties with his business empire but a lawsuit claims president trump is still flouting the us constitution. he has until tomorrow to respond welcome to world business report. i'm sally bundock. also coming up — china's trade figures surge in may, they are surging, cheering investors but spelling more controversy in the us. concerns are growing about economic
fallout after fellow arab states cut ties with qatar over their links with alleged terrorist groups. standard and poor‘s has cut their rating, the stock market is down 10% in the currency is at 11— year low. qatar is a tiny nation but a very important one business terms. it has one of the world's largest reserves of natural gas — it has seen exports of its liquefied natural gas or lng soar in recent years. that's made the state phenomenally wealthy — it has built up one of the world's biggest sovereign wealth funds, worth around $335 billion. it's used that money to buy assets across the globe. they range from paris saint—germain football club, to big stakes in volkswagen, russian oil giant rosneft and commodities trader glencore to britian‘s barclays bank.
not to mention millions of square metres of london including the shard and harrods. the success of qatar airways has made it a major aviation hub. but more than 50 flights a day have been grounded because of airspace closures. and it's a huge employer of migrant workers — many of whom are working on stadiums for the 2022 world cup. families from india to the philippines depend on the money they send home. there are half a million workers from india alone in qatar. so how serious could the economic impact be? joining us now, laura james, senior middle east analyst 0xford analytica.
give us an idea of how important it is that this is solved quickly. it's important. the most obvious is food imports. qatar is completely food independent. around 10%, especially most of the dairy and more of it is shipped through ports controlled by dubai, for example. if we then lurk at the impact on the air sector. in advance of the 2022 world cup. if we look at how migrant workers will be affected. it's an extremely serious impact. for those reasons alone, do you think qatar will have to give ground here? at the moment, it is not doing so. it's a question of who
is going blink first. it is. saudi arabia and the united arab emirates and egypt are throwing everything they can as this, forcing qatar to concede quickly. political and economic pressure is being piled on. there has never been a break like this in the gulf. there was a crisis in 2014 which was nothing like this. they want them to concede quickly. qatar at the moment has decided not to fight back. for example, they are still sending gas through the dolphin pipeline to the united arab emirates. the sovereign wealth fund has not taken any action on redeploying assets. they've not expeued redeploying assets. they've not expelled any citizens of other gulf countries or the hundreds of thousands of egyptian migrant workers who are in qatar. if they decided to fight back, there would bea2— decided to fight back, there would be a 2— way impact on the other countries want to avoid this, they wa nt to countries want to avoid this, they want to click concession. if it does
escalate in qatar decides to fight back, what the implications? your mac there is a real break in the gulf. 0ther mac there is a real break in the gulf. other countries must take sides. for example, shipping lines would have to do is —— shipping lines would have to decide if they brought cargo into doha or into the uae. they may —— they might not allowed to do both. given the gulf cooperation council has spent the last several decades trying to improve economic integration, plenty of gulf citizens intermarry and live in each other‘s countries, this really affects the world economy. we appreciate your time and analysis. something we will discuss a bit further as well when we look at how some of the newspapers in the region are commentating. to asia now where there's news that china's economy is doing better than expected. exports and imports were up strongly last month, both beating expectations. here's rico. more good news out of china.
that's right, the —— keeping our fingers crossed the economy might be turning a corner, this could be sustained in the following months but exports rising, imports up 50%, and that that the country with a trade surplus of around $41 billion for the month. boosting exports for china and other trade reliant asian economies. after several lean years of declining shipments. 0ne economies. after several lean years of declining shipments. one of the export numbers that analysts are watching is china chasing statistics with america. the mainland had a $22 billion trade surplus in the us with may. the surplus was the mainland's highest since november but if we know president trump, this could stirupa know president trump, this could stir up a tweet from him because he's been complaining about the
widening budget deficit with paging. also in the minds of investors, the strong appetite for imports, particularly industrial commodities which is boosting resources worldwide. for donald trump, the fa ct worldwide. for donald trump, the fact that a lawsuit... we are also talking about another potential worry for president trump. not today's testimony from sacked fbi directorjames comey — but a lawsuit claiming he is flouting the us constitution. it bans presidents from receiving gifts or payments from foreign governments — something the lawsuit claims mr trump receives through his hotel and business empire. he has until tomorrow to respond. samira hussain reports from new york the president of the united states, donald trump, is being sued. the lawsuit argues that mr trump's businesses are getting money from foreign governments which is a no—no according to the us constitution's morley ‘s calls. what is in
emoluments? it is an 18p —— an 18th—century term for bribes? given the connection to the president it's easy to see how this all tolls and restau ra nts easy to see how this all tolls and restaurants have easy to see how this all tolls and restau ra nts have a n easy to see how this all tolls and restaurants have an advantage in attracting business. it's hard to compete against them and customers might choose a trump business in case it gives them a little in with the commander—in—chief. case it gives them a little in with the commander-in-chief. when those dignitaries choose to dine there and hold events there, they are not going to some of the restaurants that are owned by the restaurant owners that are part of our organisation so they are uniquely harmed by those decisions. 0ur members can't compete with the president of the united states. this is exactly what the authors of the constitution were worried about and why they included the emoluments clause in the first place. but so what? if a bunch of restaurants are losing a bit of business, isn't that just capitalism? the american people shouldn't have to question whether the president of the united states
is actually taking into account his personal business interests and favouring, say, russia or china or some other country. the justice department is representing the president and on friday they will submit reasons why they think this case should be thrown out altogether. but assuming the judge will hear the case, or that threatens to reveal business information that mr trump would rather keep private. the markets are going to be watching everything going to be watching everything going on capitol hill. also, they are watching very closely the european central bank meeting which ta kes pla ce european central bank meeting which takes place today and the uk election, the outcome —— the outcome of which we will know the bubbly this time tomorrow. fairly flat in asia at the moment. the scottish episcopal church will vote today on whether to change
its definition of marriage. a positive vote would mean that same sex couples from all over the uk can marry in anglican churches in scotland. 0ur correspondent michael buchanan reports. at the centre, what we celebrate here today is the love between these two men. a gay marriage in an anglican church. this one was in the united states but later today, this scene could become legal in scotland. the episcopal church, the anglican church in scotland, will vote this afternoon on whether to allow gay weddings. the very reverend kelvin houldsworth is strongly in favour. so many people now know gay couples who want to be married in church, who want to stand up married in church, who want to stand up infront married in church, who want to stand up in front of their friends and in front of god and declare their love for one another. gay marriage has split anglicans. churches in england
and wales don't allow same—sex couples to marry but if today's vote in edinburgh is passed, it would allow couples and the rest of the uk to marry in scottish churches, to the fury of anglican traditionalists. it's a question of the authority of the bible. who runs the authority of the bible. who runs the church? we believe the bible is the church? we believe the bible is the supreme authority, jesus christ ru ns the supreme authority, jesus christ runs the church using the bible and when something like this happens, it's not about the sex element of it, it's a question about the authority of the bible. attitudes to 93v authority of the bible. attitudes to gay marriage on the defining divisions among anglicans. supporters say at acceptance of the move is inevitable overtime. today's vote could bring that future a step closer. coming up at 6am on breakfast — the team will find out why four out of five children under the age of two didn't see an nhs dentist in england last year.
the latest headlines. the leaders of the main political parties in the uk have completed their campaigns to the general election. 47 million people are registered to vote. polls open at 7am and a total of 650 westminster m ps open at 7am and a total of 650 westminster mps are to be elected. a former fbi directorjames comey is set to testify to congress later in the day that president trump asked that his loyalty a few months before firing him. myanmar says wreckage from an air force plane that disappeared over the andaman sea has been found. three bodies including charles have been discovered. 100 passengers were on board. time. the uk election obviously
leads a lot that the british papers. we will tend to steer clear of that, though, because it is a day of false and votes. we're beginning with saudi paper arab news, which reports on the terrorist attacks in iran, which left at least 12 dead. —— polls and votes. an analyst tells the paper it was an assault on political and ideological symbols, rather than ordinary people. it also has an editorial titled "terrorism is terrorism, even when it hits iran". the gulf news has the headline "more measures on qatar likely". a united arab emirates diplomat says further steps could not be ruled out, after several countries cut ties. there accusing qatar of supporting terrorist groups. in the us, the washington post looks at sacked fbi directorjames comey‘s upcoming testimony to the senate intelligence committee.
evidence has already been put out, actually, in which mr comey says president trump asked him to lay off investigating the former national security advisor. the financial times has spanish bank santander buying its domestic rival banco popular for one euro, because it was, quote, "likely to fail". that is according to the european central bank. —— central. the paper says it marks the first test case of the eurozone's post—crisis bank bailout regime. and espn is asking whether tennis star novak djokovic had a bad day, or whether there's more to his loss at the french open. the defending champion was knocked out by austria's dominic thiem.