tv World Business Report BBC News July 10, 2017 5:30am-5:44am BST
this is bbc world news, the headlines. the iraqi government has declared victory in mosul — the northern city overrun by so—called islamic state three years ago. but the landmark victory against the militants has led to the deaths of thousands of civilians and driven almost a million people from their homes. president trump has backtracked, just hours after revealing that he'd proposed setting up a joint cyber security unit with russia. mr trump has now tweeted that he doesn't think his idea of an impenetrable unit to combat election hacking can happen. canadian officials has announced a fund of nearly 80 million us dollars to help victims of raging wildfires. they have seen record temperatures that have encouraged fires to spread. hundreds have been evacuated from their homes. a ceasefire backed by the us and russia in south—western syria has held throughout the day. activists monitoring the area said there'd been no clashes or air strikes. now it's time for world business report. us secretary of state rex tillerson
is in turkey to attend a major oil conference. so what lies ahead for the black stuff? and women in india are fighting a taxing battle when it comes to personal hygiene products. welcome to world business report. i'm ben bland in a minute we'll have the latest chinese inflation numbers from rico. but first — the 22nd world petroleum congress kicked off in turkey yesterday. the global oil pow wow comes amid a period of turmoil for the global oil industry. as you can see, while a global deal between major producers — but not the us — to limit supply has somewhat stabilised the price of the black stuff, oversupply now means it's now on the slide again.
but us secretary of state rex tillerson — himself an oil man who served as ceo of exxon mobil before taking office — praised some new energy initiatives. the united states looks forward to engaging with turkey on projects that will increase global energy security such as the southern gas quarter and the eastern mediterranean gas. these projects will enable europe to diversify its energy sources, thereby improving its energy security. with me is colin smith, director of oil & gas research at panmure gordon & co. welcome. it seemed there was no real knockout headline in terms of what can help lift the price of oil from mr tillson. was there anything he said of note that you think will
give some comfort to investors? with respect to his remarks, it was very much in relation to the industry about gas and turkey's role as a gas transit country to take gas from places like azerbaijan into europe. he had very little to sale about oil perse he had very little to sale about oil per se except to make the point that the industry needs a great deal of investment and he talked about the conditions that would be required so that. his remarks did not address oil. they did speak to some of these strands that president trump set out for the us in terms of plans to export more gas and coal. so is there anything that the world petroleum congress can say or do to try and lift prices or not?” petroleum congress can say or do to try and lift prices or not? i don't think that is the function of the congress. at the moment it is far more about the questions about the pace at which us oil production
growth and, more recently, pressure on prices has been coming from the recovery in production in libya and nigeria, members of opec who are not bound by the pact within the cartel to curtail output. so it is not so much the rise of us shale production thatis much the rise of us shale production that is having a downward effect on oil price, it is the production by the oil producers themselves?” think us shale provides a background to the price weakness but recently the big swing in global production has been coming from opec itself. it has been coming from opec itself. it has been coming from opec itself. it has been coming from more production from libya and nigeria. when we get deeper into the year when opec and non— opec have their nextjoint ministerial monitoring committee meeting, it will be interesting to see whether opec members who are bound by the restrictions agreed to do more or not. that is the question
that the market is beginning to ask opec. from urinalysis, what effect do you think donald trump's energy policy is having? his policy, with respect to oil, i don't think will make much of a difference. i think from a trump point of view it is about promoting us energy and i think he is right in the sense that it turns out that the us has far more producible oil and gas than people thought a few years ago and he has made his point clear about promoting that rather than, as he would see it, restricting american investment in energy. that includes why he pulled out of the paris climate accord. many thanks indeed. keeping inflation steady. china has reported inflation figures that hardly moved since last month, keeping a lid on both consumer and producer prices. rico hizon is in our asia business hub in singapore... rico, tell us more. steady as she goes. more price
stability than volatility in the chinese economy. the world ‘s largest trading nation says that consumer prices rose by 1.5% last month while producer prices gave 5.5%, both in line with forecast. not a lot of movement that. food prices are in continuing to decline but at a slower pace. there are some concerns that price pressures could wea ken concerns that price pressures could weaken throughout the rest of the year as economic fundamentals soften. as the reproducer price index, there is an indication that prices are improving. that is after an earlier hit taken from a broader cooling academic activity since the
month of march. hopefully we will see prices continuing to be steady in the coming months. in india, a campaign against the new goods and services tax on feminine hygiene products is gathering steam. critics say the government should have waived the tax — especially since few women use these products in the first place because of social stigmas. yogita limaye explains. should female sanitary products be taxed? it's a topic hotly debated around the world and now the so—called tampon tax row has come to india. campaigners here are calling it the blood tax. they say a new goods and services tax thatjust came into effect was an opportunity to make feminine products tax—free in india and so more affordable. only 12% of women use menstrual hygiene products, the rest of the population use cloth, but sadly they don'tjust
use that, they use sand, husk, dried leaves, plastic. access to hygienic feminine products is a problem and cost is a big issue. as a result, tens of thousands of girls drop out of school every year when they start their periods. now, in a seemingly women friendly move the government has made these products, which a lot of indian women apply on theirforehead, tax—free, but they believe these are considered essential products for women, then so should sanitary pads. they are being taxed at 12% instead, a decision the government defends. translation: if we reduce the tax on sanitary pads it shouldn't be the multinational companies don't pass it on to customers and make profits, these big companies have huge profit margins and so to make sanitary pads more affordable this should
be the step forward. the government says cheaper sanitary pads made by small cooperatives will be taxed. for campaigners, it's not about who makes the products, but that the state treats them as a luxury rather than a necessity. in other news: it has taken nearly a decade, but it looks like iceland has finally recovered from its banking crisis. ratings agency fitch has upgraded the nordic country's sovereign rating and outlook following ‘robust economic growth‘. iceland also recently lifted capital controls that were put in place after three of its biggest banks imploded in 2008. tesla founder elon musk has tweeted the first pictures of their new model 3 car after it came off the assembly line. the model 3 is tesla's first mass—market car. it will cost around $35,000, or almost half
the price of tesla's next—cheapest model. kuwait airways and royaljordanian have become the latest middle eastern airlines to let passengers take laptops in the cabin on us—bound flights. both carriers said they had worked with us officials to tighten security checks on flights from kuwait and jordan. the us imposed the ban in march on direct flights from eight mainly muslim countries to address fears that bombs could be concealed in the devices. asian stocks rallied on monday, lifted by wall street's strong performance on friday, while the us dollar extended gains made after much stronger than expected june employment data. on friday, wall street closed higher after us jobs growth beat forecasts. don't forget you can get in touch with me and some of the team on twitter, i'm @benmbland
the case of the terminally ill ii—month—old boy, charlie gard, returns to the high court today, as judges consider new evidence relating to potential treatment for his condition. an earlier ruling supported the view of his doctors that nothing can be done to improve his quality of life, and they should be allowed to switch off his life support systems. kathryn stanczyszyn reports. he is still fighting, so we are still fighting. a phrase that charlie gard's have used many times as they battled to keep their son alive. we are just too ordinary people. we are not strong. we just have love for our ballboy. he has
ke pt have love for our ballboy. he has kept us going. if he was lying there are suffering we would not be here fiow. are suffering we would not be here now. another twist today. the high court will look once more at whether oi’ court will look once more at whether or not the ii —month—old born with a serious genetic condition that doctors believe mean he will never see, here, move norspeak, should doctors believe mean he will never see, here, move nor speak, should go to america for experimental treatment. so far the courts have agreed with the hospital that charlie's condition cannot be improved and he should instead be allowed to die. but support has grown for the family from all over the world including from president trump and the pope. a glimmer of hope when seven specialists led by the vatican's children hospital signed a letter saying that treatment should be reconsidered following success in conditions similarto following success in conditions similar to charlies. chris and connie handed a petition in yesterday with over 350,000 signatures supporting them. the hospital has made clear that its position has not changed. treatment will be futile. it will be up to a
judge to decide if once again that is true. coming up at 6am on breakfast — charlie stayt and naga munchetty will have all the day's news, business and sport. they'll also have more on theresa may's first major speech since last month's general election — she'd expected to signal a shift in her style of government.