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00:00 This is CGTN, China Global Television Network.
00:27 Live from London, this is Global Business.
00:38 Hello, welcome to the program. I'm Jamie Owen.
00:41 And I'm Robin Dwyer. Our top stories.
00:43 Fixing the financial sector.
00:45 China outlines stringent new regulations in an attempt to reboot economic growth.
00:50 In the Eurozone, economic growth is weaker than expected.
00:54 In the third quarter, we'll be in Brussels to see what it all means.
00:59 Fear and panic across Gaza.
01:02 Israeli troops report large battles against Hamas,
01:05 as Prime Minister Benjamin Netanyahu rejects calls for a ceasefire.
01:09 And the World Health Organization warns of an imminent public health catastrophe in Gaza,
01:15 amid mass displacement and infrastructure damage.
01:19 China has announced plans to fix its financial sector with more regulation and oversight.
01:28 A new supervisory body will be set up to try and stabilize the country's troubled property market.
01:33 Top government officials have been gathering in Beijing for a two-day economic conference.
01:38 Our correspondent Ho Jing reports.
01:40 China's Central Financial Work Conference held in Beijing on October 30th and 31st.
01:46 Among many significant points, let me go through three of them.
01:49 First, it emphasized the need for finance to offer high-quality services
01:54 to support China's economic and social development.
01:57 The government's focus should be on creating a favorable monetary and financial environment
02:02 while strengthening high-quality financial services for key strategies, core sectors, and underdeveloped areas.
02:10 Maintaining monetary policy stability, emphasizing cross-cycle and counter-cyclical adjustments,
02:17 and expanding the monetary policy toolkit were also highlighted.
02:21 Furthermore, the conference stressed the optimization of funding structures from the supply side.
02:27 This involves allocating more financial resources to drive technical innovation, advance manufacturing,
02:34 promote green development, and support small and medium-sized enterprises.
02:38 It also encourages the implementation of innovation-driven and regionally coordinated development strategies
02:45 to ensure national food and energy security.
02:49 Five key areas of financial services were identified.
02:53 They are technology finance, green finance, inclusive finance, elderly care finance, and digital finance.
03:00 The focus is on establishing modern financial institutions and market systems to direct funds into the real economy.
03:08 Thirdly, the conference discussed the gradual expansion of institutional openness in the financial sector.
03:15 This includes improving cross-border investment and financing facilitation
03:21 and attracting foreign financial institutions and long-term capital for business development in China.
03:27 The conference also outlined plans to enhance the competitiveness and influence of the Shanghai International Financial Center
03:35 and solidify Hong Kong's status as an international financial center.
03:40 Let's talk to Shaolin Chen, head of international crane shares.
03:44 Shaolin, welcome back on the program.
03:45 Well, it all sounds jolly good. Will it work?
03:49 It definitely will, provided the long-awaited, long-needed boost in investors' confidence.
03:56 All these policy announcements, I think most important is actually telling the market probably three things.
04:03 One is the top policymakers in China is aware of the challenge.
04:08 And second, they are willing to step in whenever needed.
04:12 You know, they would step in either providing the liquidity, the policy,
04:17 or now issuing more liquidity for the local government and infrastructure and projects to build out.
04:23 Lastly, and which is most important, is now central government is willing to expand their physical budget to support the economic recovery.
04:31 So altogether, it does give the positive signal to the market.
04:34 The economic levers have been pulled before, of course, with limited success.
04:39 Why do you think it might work this time?
04:42 This time around, I think, is a couple of things.
04:45 One is, look at the equity market. It's really at a decade-low valuation.
04:50 Markets are purely driven now in assessing, allocating, or investing in China or not, purely at macro level.
04:57 That means they are looking at policy, they are looking at liquidity, and hence to decide their confidence into investing in China.
05:06 So I think the policymaker realizing that it's not about too much of liquidity-constrained issue in China's economy.
05:12 It's about boosting investors' confidence.
05:15 At the moment, they made PBOC very accommodative.
05:19 Central government has issued the bond, now announcing the policy, opening for more reforms, more private playing, welcoming international investments.
05:29 They are doing everything they could in their hands to boost the investors' confidence.
05:35 I think you will see somehow the investors are built back off with their concerns in investing in the country,
05:42 and start realizing fundamentals of the corporate in China is actually very healthy.
05:47 They are consolidating. In the coming quarter, you could see a significant pickup in revenues for the Chinese corporate.
05:54 The agenda is packed on this gathering.
05:56 The fractured property market, unemployment, economic growth, all under discussion.
06:02 What key strategy, perhaps one strategy, that China should prioritize to ensure economic recovery and stability?
06:13 Make sure the liquidity they have provided to the market gets flowed down to the small-sized business in China.
06:21 The small enterprise, the corporates, even some private companies in the country should find a way to get access to the liquidity.
06:30 Obviously, it takes time.
06:32 The issued bonds will take the whole of this quarter to complete the issuance and make sure liquidity flows down to the system.
06:39 The key is to watch whether the credits get picked up by the corporate, by the household, by the small size of the company.
06:46 So, flow down, make sure the liquidity goes down to the system to really truly help the economy from the bottom up.
06:52 It's absolutely the key.
06:53 Shaolin Chen, good to see you. Thanks for coming on the program.
06:55 Shaolin Chen, Head of International at Crane Shares.
06:58 Pleasure.
07:00 Economic growth in the Eurozone was weaker than expected in the third quarter of the year.
07:05 Eurozone GDP is estimated to have fallen 0.1% in the three months to September.
07:11 Missing expectations remain unchanged from the previous quarter.
07:15 In the third quarter, France's economy grew 0.1%.
07:19 Italy's GDP remained unchanged, while Europe's largest economy, Germany, recorded a 0.1% fall.
07:26 Meanwhile, inflation across the Eurozone dropped to a two-year low of 2.9% in October, which was down from 4.3% the previous month.
07:34 Let's talk to our correspondent, William Denslow, in Brussels.
07:38 So, Will, a bit of a mixed picture, it looks like, on Europe's economic outlook.
07:42 Yeah, Robin, absolutely.
07:47 And if we look at some of the winners and losers from this latest bit of economic data here in Europe,
07:52 when it comes to the winners, perhaps the best performance came out of Latvia, seeing 0.6% growth last quarter.
08:01 Perhaps the biggest loser, Ireland's GDP, 4Q3, ticking down 1.8%.
08:07 You mentioned Germany, very much indicative of the performance from the Eurozone, ticking down 0.1%.
08:14 And this, really, this kind of growth isn't much of a surprise to either analysts or the European Central Bank.
08:21 Many are expecting some rather anemic growth here in Europe for quite some time.
08:26 The ECB has already predicted that the Eurozone will see 0.7% growth for this year, around 1% growth in 2024,
08:34 just 1.5% growth in the year 2025.
08:39 This comes as Europe continues to battle energy crisis as it pivots away from Russian energy.
08:45 And inflation, while it certainly has come down a lot over the past 12 months or so, it remains stubbornly high.
08:52 Let's talk about that inflation, because it is certainly moving in the right direction, isn't it?
08:55 What's contributed to it easing across the Eurozone?
08:59 It has come down substantially since this time last year, where it was up at a record 10.6%,
09:09 so price pressures have cooled and cooled substantially.
09:13 We have seen the European Central Bank, for 10 consecutive meetings, raise interest rates,
09:19 now standing at around 4% until it took a pause at its most recent meeting.
09:26 We are seeing both in Europe and around the world that these kind of moves from central banks
09:30 are starting to have somewhat of the desired effect when it comes to fighting price pressures.
09:36 If we, though, look a little bit further into these latest metrics,
09:40 if we take out volatile food and energy prices and just look at core inflation,
09:45 well, that still stands at 4.2%, which is well above the 2% core inflation rate
09:51 that the European Central Bank still wants to see.
09:55 That is why analysts and this ECB in the past have said that they are prepared to keep interest rates high
10:02 for as long as it takes. They're seeing wages start to cool.
10:05 That might be a bad sign, at least in the short term for consumers,
10:09 but the hope is that by keeping interest rates elevated, we'll start to see inflation come down closer
10:16 to the central bank's target of 2%.
10:19 Will, thank you very much. Our correspondent, William Denslow, in Brussels.
10:23 Shop prices in the UK have fallen to their lowest level in a year.
10:27 Annual retail inflation dropped to 5.2% in October.
10:31 That's down from 6.2% a month earlier in the fifth consecutive monthly decline.
10:37 It's raised the prospects of retailers that lower prices could boost household spending over Christmas.
10:44 Japan's currency, the yen, has slumped after the country's central bank took a smaller than expected step
10:50 towards ending years of monetary stimulus.
10:52 The Bank of Japan made changes to its bond yield control policy,
10:56 but investors wanted those changes to go further.
10:59 The yen fell to a 15-year low against the euro and a one-year low against the US dollar.
11:06 The Chinese tech giant, Alibaba, is updating its current artificial intelligence model and releasing several more.
11:12 They offer dedicated tools for creating images, writing computer code, analyzing financial data,
11:18 and searching for legal documents.
11:20 Alibaba says its servers now run around half of all large language AI models in China.
11:28 More British companies are going out of business than at any point since the financial crisis in 2009.
11:34 Official figures show the number of insolvencies in England and Wales rose 10% year on year in the third quarter.
11:40 Construction, retail, and hospitality were among the hardest hit.
11:46 The UK is no longer capping one-off bonus payments made to bankers.
11:50 The government announced last week it would scrap an EU-era law which limited additional handouts
11:55 to twice someone's annual salary.
11:58 Unions have called the decision obscene, saying it will encourage greed.
12:02 Bank chiefs say it means salaries will be lower, making it easier to recruit new talent and respond to market changes.
12:09 You're watching CGTN Still Ahead.
12:11 Mass displacement, critical infrastructure destroyed.
12:14 We'll have the latest update on the humanitarian situation in Gaza.
12:19 Ever wondered what's the difference between a bear and a bull market?
12:31 Where are the cash cows?
12:33 And who are the lame ducks?
12:36 And what exactly are black swans, grey rhinos, and unicorn companies?
12:46 Make sense of it all with Global Business, only on CGTN.
12:54 I think it should be more public operation.
12:58 I would like to hear more the voice of the developing countries.
13:04 Globalization has lifted more than a billion people out of poverty.
13:10 The green transition has to happen. It's a necessity.
13:14 For China and the United States, our important powers in the world,
13:21 what unites us is much more than what divides us.
13:26 And I believe China is committed to this agenda.
13:30 Join me, Juliette Mann, to set the agenda at these times every weekend on CGTN.
13:36 Events have consequences. Words create impact.
13:45 One more offensive in a long line of battles that's been ongoing for...
13:49 Just got to be careful here with some gunshots.
13:53 The world today matters for your world tomorrow.
13:57 The number of casualties is growing quickly.
13:59 This is one of the hardest hit towns in the region.
14:03 The world today, every day, on CGTN.
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14:57 Israel and Hamas have reported large ground battles across Gaza
15:01 as the World Health Organization warns of an imminent public health catastrophe
15:05 in the besieged Palestinian enclave.
15:07 The Palestine Red Crescent Society says Israeli airstrikes near a hospital in Gaza City
15:12 are causing fear and panic among health workers and civilians sheltering there.
15:17 Health authorities say more than 8,500 Palestinians have now been killed
15:22 since the 7th of October when Hamas fighters attacked and killed 1,400 Israelis.
15:28 Prime Minister Benjamin Netanyahu has rejected calls for a ceasefire.
15:33 Just as the United States would not agree to a ceasefire after the bombing of Pearl Harbor
15:40 or after the terrorist attack of 9/11,
15:43 Israel will not agree to a cessation of hostilities with Hamas after the horrific attacks of October 7th.
15:50 Calls for a ceasefire are calls for Israel to surrender to Hamas,
15:55 to surrender to terrorism, to surrender to barbarism.
16:00 That will not happen.
16:03 Palestinian officials say at least 50 people have been killed by an Israeli airstrike on the Jabalia refugee camp in Gaza.
16:13 Our correspondent Akram Alsatari has the latest.
16:16 Well, as a matter of fact, that is a very good question.
16:19 Where else can people go in Gaza?
16:21 People who moved from the north to the south are now being killed in the south.
16:25 People who moved from the Gaza City to Rafah are being targeted in Rafah.
16:29 People who moved to Khan Yunis are also being targeted.
16:32 We have been witnessing a very large bombardment in the last one hour or so.
16:37 At least for 45 minutes, non-stop sirens in this background area.
16:42 The ambulances are coming and the hospital is cloaked with a large number of people who were injured and killed.
16:47 At least a house with six floors, 18 IDPs families, 18 internally displaced families were coming to that house,
16:55 gathering in that house in the Nusayrat area, and they ended up being targeted by the Israeli forces.
17:01 Around tens of people are still under the rubble.
17:04 There are an unconfirmed number of people who are killed, an unconfirmed number of people who are injured,
17:08 and people are struggling now.
17:09 Civil Defence, Minister of Health, Palestinian Red Crescent Society, and many other volunteers are trying to remove the debris
17:16 and to save the lives of the people with the very minimum resources that they have.
17:20 Also, we have some very shocking news coming from Jabalia.
17:23 At least 20 houses were targeted with six missiles.
17:26 Apparently, two or one-tonne, one-thousand-pound rockets, missiles that hit the whole area, destroying 20 houses,
17:35 according to the initial reports coming from the Ministry of Health.
17:38 The number of people who are confirmed to be dead is 100,
17:42 and the number is expected to rise to be close to the number of people who were killed in the Baptist Hospital.
17:49 So, people have no safe haven, nowhere to go, and even if they move from one area to another,
17:54 seeking safety and seeking life, they end up being killed and losing their life by the ongoing bombardment
18:00 that is non-stop for the 24 past days.
18:03 Let's talk to our correspondent in Tel Aviv, Sarah Coates.
18:07 So, Sarah, what are the Israeli Defence Forces saying about what's happening in Gaza?
18:11 Well, look, it's reporting extremely heavy clashes deep inside the Gaza Strip,
18:20 saying its forces on the ground and in the air are targeting numerous Hamas positions,
18:25 adding that they've killed fighters and a senior Hamas commander.
18:29 We haven't heard much comment yet on this airstrike on the Jabalia refugee camp
18:34 that your other correspondent was just speaking about.
18:36 But look, what we just heard from Israel's southern commander certainly shows
18:41 that these forces may be moving ahead into a new stage just in a matter of hours.
18:47 He said that we will fight in tunnels, we'll fight wherever necessary,
18:51 we will eliminate the enemy before whom we stand, get ready to strike the enemy over and out.
18:58 Now, look, there's not just fighting in the southern regions,
19:01 there's fighting in the north with Hezbollah militants,
19:05 and also in the West Bank with Israeli security forces continuing to conduct raids,
19:10 saying that they are weeding out what they say are Hamas operatives, Hamas militants,
19:15 also blowing up the home of a deputy Hamas commander very early this morning,
19:21 although we do need to mention that he is living in exile,
19:24 presumably in southern Lebanon, and no one was at home at the time.
19:29 And, sir, Benjamin Netanyahu has been speaking about the video that's been released
19:33 of three women hostages being held in Gaza.
19:40 Yeah, look, really desperate pleas coming from these three Israeli women
19:45 who are purportedly being held by Hamas in the Gaza Strip.
19:48 We do know that this number, according to the Israeli Defence Forces,
19:51 has now gone up to 240 people.
19:54 We do need to add that more people are still missing, so that number could further rise.
19:59 Now, they were calling on the Prime Minister, Benjamin Netanyahu,
20:02 for some kind of ceasefire to desperately get them out.
20:07 But, look, it certainly seems, going off Netanyahu's words last night,
20:11 that that help will not be coming.
20:13 We've also just heard from the head of Israel's National Security Council.
20:17 He says he does not see a deal for release of hostages being close.
20:22 Now, this is causing a whole lot of angst among families here on the ground and abroad
20:27 who have families and friends and loved ones being held in the Gaza Strip
20:32 with protests continuing to demand the Israeli establishment
20:36 do more to release these people.
20:39 Sarah, thank you very much.
20:40 Our correspondent, Sarah Coates, in Tel Aviv.
20:43 China has once again called for a ceasefire in this conflict.
20:47 The country's permanent representative to the United Nations
20:50 was speaking at the latest Security Council meeting.
20:54 China solemnly calls on Israel as the occupying power
20:59 to fulfil its obligation under international humanitarian law,
21:03 lift its full siege on Gaza, immediately rescind its emergency evacuation order
21:08 and quickly restore the supply of basic necessities
21:12 to prevent an even larger humanitarian disaster.
21:15 China solemnly calls for greater diplomatic efforts
21:18 to facilitate the release of hostages without delay
21:21 and to work on this basis to open up space for dialogue
21:25 and return towards a path of a political settlement.
21:29 The Israeli military says it struck Hezbollah targets in Lebanon,
21:33 including weapons infrastructure.
21:35 The armed group has been exchanging fire with Israeli forces across the border
21:39 since Hamas attacked southern Israel on October 7th.
21:42 It's the deadliest border escalation since the two sides fought a major war in 2006.
21:48 Japan has announced sanctions on nine people it claims to have links to Hamas.
21:53 The foreign ministry says the assets of a number of people are to be frozen,
21:57 along with a company suspected of funding militants in Gaza.
22:01 Tokyo sanctions follow similar measures taken by the United States earlier this month.
22:06 Republicans in the U.S. House of Representatives have proposed plans
22:11 to send over $14 billion of aid to Israel.
22:14 The deal would be funded by cutting back on cash allocated to the Internal Revenue Service.
22:19 It's expected to cause a standoff with Democrats who control the Senate,
22:23 packing a wider support package of over $100 billion to support Ukraine as well as Israel.
22:28 And the United States has dismissed Russia's attempt to blame Ukraine and the West
22:34 for an anti-Israeli riot at an airport in the Muslim-majority area of Dagestan on Sunday.
22:40 A group of pro-Palestinian demonstrators raided Makashkala Airport in Russia's North Caucasus
22:46 shortly after a plane arrived from Tel Aviv.
22:49 The White House has denied any role, saying the riots were a display of hate, bigotry and intimidation.
22:56 The United Nations says the largest convoy of aid yet passed through the Rafah crossing
23:02 on Egypt's southern border on Sunday.
23:05 33 trucks carrying food and essential supplies entered Gaza,
23:09 but that's still far below what the region was getting before the fighting broke out three weeks ago.
23:15 Well, Iman Trebelsi is from the International Committee of the Red Cross.
23:19 Good to see you. Welcome back to the program.
23:21 We understand your organization managed to get, I think, nine trucks of aid into Gaza.
23:26 What are you hearing from your people on the ground?
23:30 That nine trucks are not enough, and the 200, over 200 trucks that made it
23:38 over the last days, the past days, towards Gaza,
23:42 although we do consider that it is still a positive step,
23:46 but it's still not sufficient in comparison with the huge, immense needs that we are seeing
23:53 among populations as they're struggling to access everything still.
23:57 25 days of fierce fighting, 25 days of violence, of terror for civilians,
24:03 but most of all, it's 25 days without minimal access to either safety,
24:09 proper shelter, food, water, health, et cetera.
24:12 So we do consider that it is a step forward, but it remains the responsibility of the parties
24:18 to the conflict, the countries of influence to work on a sustainable plan
24:23 for further aid to be channeled in a sustainable way, of course,
24:27 but also to take into consideration the actual needs of the populations
24:32 and all of those needs, and of course, we, as humanitarian actors,
24:38 we do still the proper security guarantees in order for us to be able to work
24:43 to deliver that aid without risking our own lives,
24:46 and that is the responsibility of the parties to the conflict.
24:49 There is no--it's not something that the ICRC or any humanitarian actor
24:54 could deliver or could guarantee.
24:56 Given that food is running out, let me ask you about security and civil order.
25:03 What's your information about how the community is dealing with that?
25:10 Could you develop more of your question?
25:13 I'm afraid that I might not have understood it properly.
25:16 Let me ask you, how is security in Gaza, given that the food is running out,
25:20 and in particular around hospitals where many people are sheltering?
25:25 So the security-wise, I mean, when you talk to people on the field, on the ground,
25:29 civilians, like regular people, people are saying that there is nowhere safe for them.
25:35 There is a general feeling of lack of safety.
25:38 I was talking to one of my colleagues who had been living in a shelter
25:41 for the last two weeks, and one of the things that he would on the regular
25:46 describe how atmosphere in those shelters is like one of the things that he mentioned
25:51 is that there is significant signs of distress, psychological distress,
25:57 especially among children.
25:59 There is signs of anxiety, bedwetting.
26:03 People, grown-ups as well as children, are afraid for their own lives.
26:08 Today we are seeing, we're witnessing the fact that families have nowhere to go.
26:14 Most of the time they're in the streets.
26:16 They're left--I'm sorry--they're left--it's as if they're left by themselves
26:22 and alone to figure out how to survive.
26:25 People are finding shelters in hospitals, and yet even that is not guaranteed
26:30 in terms of safety.
26:32 So today there is a responsibility that falls on the shoulders of the parties
26:37 to the conflict to protect civilians, to grant them a dignified access
26:41 to basic human needs, and first and foremost to respect their legal obligation
26:48 under international humanitarian law when it comes to civilian and civilian objects.
26:52 Protection.
26:53 What items are seeing the most serious shortages,
26:57 and how are doctors and medical teams managing without medicines?
27:05 Barely managing.
27:07 So we managed to enter nine trucks consisting mainly of medical equipment,
27:14 surgical equipment, which is very--it's very needed at the moment,
27:19 as well as products to clarify water, such as chlorine, chlorine tablets.
27:25 The equipment that we managed to enter should cover the needs of up to 5,000 injured people.
27:34 That is nothing compared to what the hospital actually needs.
27:37 The hospital needs further equipment, further assistance, further human resources.
27:41 And by the way, the ICRC also managed on Friday to--our first team of surgical--sorry,
27:52 war surgery specialists entered Gaza, as well as other types of specialists as of Friday.
27:59 But that remains very little compared to the state of distress that the health sector
28:04 is witnessing as we're speaking.
28:07 The needs are high.
28:09 The equipments are not there.
28:11 Human resources are fading as health staff are exhausted by constant pressure
28:19 and increasing pressure.
28:20 There is a need for more.
28:22 But first and foremost, there are things that we were not able to channel up until this moment,
28:28 including, for instance, fuel, which is a very important point as it will keep hospitals running.
28:34 So far, hospitals are not able to access additional stocks of fuel, which means that at any moment,
28:40 a hospital--the hospitals among the few hospitals, actually, who are still functioning in Gaza
28:46 might stop activities completely.
28:48 That means that babies in incubators might lose their life at any minute.
28:53 People who need ventilation assistance might lose their lives at any minute.
28:58 And this, again, we come back to the responsibilities to the parties, to the conflict,
29:02 to take into consideration the real needs of the population,
29:05 the real need to keep basic services running in such circumstances.
29:09 Iman, thank you very much indeed for coming on the program again.
29:11 Iman Trabelsi from the International Committee of the Red Cross.
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29:33 China and France sit down to talk.
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32:12 Welcome back to Global Business Europe with Jamie Owen and Robin Dwyer.
32:15 Our top stories.
32:16 At least 50 people are reported killed in an explosion
32:20 at the Jabalia refugee camp in Gaza.
32:22 Hamas has blamed an Israeli airstrike.
32:26 Our other headlines.
32:27 In the Eurozone, economic growth is weaker than expected in the third quarter
32:31 while inflation falls to a two-year low.
32:36 And fixing the financial sector.
32:38 China outlines stringent new regulations in an attempt to reboot economic growth.
32:45 Work together to fix the world's many problems.
32:48 That's the key message from talks between China and France.
32:51 The two countries reiterated that multilateralism and the United Nations
32:56 must be the driving forces in solving international disputes.
33:00 China's foreign minister met the French president's diplomatic counsellor,
33:03 Emmanuel Bonn, in Beijing.
33:05 Wang Yi says China and France must work together to avoid confrontation.
33:10 Bonn says France has confidence in China's economy
33:13 and is not seeking to limit its development.
33:16 Douglas Yates is a doctor of political science
33:19 at the American Graduate School in Paris.
33:22 Well, what stands out for me is that in light of the growing regional tensions
33:30 between the East and the West, particularly over issues like Ukraine and Taiwan,
33:37 France is still able to chart a somewhat independent, autonomous court diplomatically
33:44 and establish annual meetings between Macron and President Xi.
33:50 We did see, of course, President Macron visiting China earlier this year.
33:54 Do you think France has a different approach,
33:57 a different relationship with China than Europe?
34:01 Well, yes, although when he returned from his trip,
34:06 he tried to assure his European partners that France is harmonised with Europe
34:11 on issues, for example, like Taiwan, where both Europe and France are for the status quo.
34:17 But he insisted that if push comes to shove,
34:20 France is willing to seek its strategic autonomy.
34:24 And this phrase that he keeps repeating indicates that France is willing to go it alone
34:31 if the European Union takes positions which aren't reflective of its national interests.
34:37 And there was lots of talk, wasn't there, of partnership and cooperation.
34:41 Do you think we'll see any concrete steps from this meeting?
34:45 Oh, yes. You know, when a French president travels to an important trading partner
34:50 and China's France's number three trading partner,
34:53 there's almost always some kind of deal in the works.
34:57 And here we're talking about 160 to 180 Airbus airplanes.
35:03 French presidents love to sell their airplanes.
35:06 I would expect something very concrete in that dimension.
35:09 And you talked a little bit about some of the global challenges
35:12 that we're facing at the moment, the conflict in the Middle East, in Ukraine.
35:15 How significant is this meeting, do you think, given that backdrop?
35:20 Well, I think what the game that France could play is a mediator.
35:25 Because there'll be times when the United States is going to be speaking in a bellicose fashion with China.
35:34 And during those times, when tensions get high, Macron could go and use this diplomatic,
35:41 person-to-person diplomacy that he's developing with the Chinese leadership
35:46 to try to run some interference and try to get people back to the table.
35:50 So I think it's very positive.
35:53 The carmaker General Motors and members of the United Auto Workers Union
35:57 have struck a tentative deal, ending an unprecedented series of six-week strikes
36:02 that dealt a severe blow to the Detroit auto industry.
36:06 This comes after similar agreements with Ford and Stellantis.
36:09 Let's talk to our correspondent John Terret in New York.
36:12 John, are we there yet? Is this car strike over?
36:17 Yes. Yeah, basically I think so, to be honest with you.
36:21 It started with Ford last week, Stellantis at the weekend, General Motors yesterday.
36:26 And look at these share prices. Ford up 2.6%, Stellantis 4%.
36:30 You know, Stellantis is always up or down more than the others.
36:33 I never really know why that is. But anyway, General Motors ahead by 3%.
36:36 GM is offering around 30% when all is said and done to the top earners.
36:40 Pretty much the same as Stellantis and the Ford deal from last week.
36:44 Only ratification stands in the way.
36:48 And I don't think that's going to be a problem because the union leadership is on board with this.
36:51 They're very excited, very proud of themselves.
36:54 And I think the membership will fall into line as well.
36:56 I know that the Ford workers are back at the plants.
36:58 I'm not sure about Stellantis and GM, but I would think they've got to be.
37:01 No point in coming to an agreement and not returning to work immediately.
37:05 For the UAW and their boss, Sean Fain, this is a significant victory.
37:10 Backed, of course, by President Joe Biden,
37:12 who calls himself the most pro-union president ever in the country's history.
37:16 One third of Sean Fain's members took part in the strike around the country.
37:20 And it cost the three big car companies, Ford, GM and Stellantis, millions of dollars, if not billions.
37:27 I think it was billions, actually, when you total it all up in lost production.
37:30 And the only question now, assuming it is ratified, which I think it will be, as I've said,
37:35 the only question now is who's next?
37:37 Who are they going to go after now?
37:39 Because they've had a great success and they're empowered, you see.
37:42 And Sean Fain, who's the boss of the UAW, is already talking about those car companies in the south.
37:47 Because, you see, in America, the big three are up in Detroit, Ford, GM and Stellantis.
37:52 But in the south, for the last 30 years, going on for 40 years now,
37:55 lots of overseas car makers, like Toyota, who reported their numbers today,
38:00 and they were pretty good, by the way, Honda, Mercedes, Kia, VW, to name just a few,
38:04 they're all in the south, in the deep south.
38:07 Now, I don't know what their union status is.
38:09 I think some of them have union contracts, some of them don't, all that kind of stuff.
38:14 But we know that the UAW has its eye on them.
38:17 So we'll see what happens next.
38:19 Mortgage holders, savers and those with bank loans,
38:22 watching the next 24 hours very carefully, indeed.
38:25 The Fed begins its two-day meeting.
38:28 Yeah, they're having their lunch on the first day now, down in Washington, D.C.,
38:35 just opposite the Vietnam War Memorial there on Constitution, that's where the Fed is.
38:39 They meet all day Tuesday, they meet all morning on Wednesday,
38:43 and we can expect the decision at 18 hours GMT,
38:46 about two hours after this show comes off the air, tomorrow Wednesday.
38:49 The bet here is that there will be another pause,
38:52 and John's going to go further, this is me.
38:55 Set your Betamax video recorder, Jamie, to record this,
38:59 because I'm going to tell you now, they will not hike interest rates tomorrow.
39:03 It's going to be a pause, they just won't.
39:06 Nobody here thinks there's going to be a hike,
39:08 and this despite GDP growth coming in at 4.9% last week.
39:12 It struck me over the weekend how remarkably good that is.
39:17 America's economic growth in the last quarter was almost 5%,
39:21 just a gnat's away from 5%.
39:23 When Trump was running in 2016, which he won,
39:27 he was predicting that he would get economic growth to 5%,
39:31 and Biden's done it, and all anybody wants to hear is that there isn't 5%.
39:35 It's extraordinary. The consumer is very strong,
39:37 we just simply don't know why, what they're spending,
39:40 where they're getting their money from, is it stimulus money that they've saved,
39:43 are they spending every single penny of their wage checks,
39:46 and the jobs market is very strong as well.
39:49 Now we might see a rate hike in December, can't rule that out,
39:52 but certainly not tomorrow.
39:54 The bigger question is when will they cut?
39:56 When will they cut? That's what Wall Street wants to know.
39:59 And they won't do that until the unemployment rate ticks back up to 5%
40:03 and inflation is at 2%, and I don't think we're going to get inflation at 2%
40:07 probably in our lifetimes, quite frankly.
40:09 So the Fed will talk all around this and never actually tell you,
40:13 which is what they do, you know, they talk a good talk,
40:16 and then they sometimes move and sometimes don't,
40:19 and tomorrow they won't move. Jamie?
40:21 I'm just writing a note to myself to play back your predictions on tomorrow's show.
40:24 Meanwhile, let's talk about oil and BP's earnings.
40:28 They're out, aren't they?
40:30 Yes, a bit of a head...
40:34 Oh, did you see why I caught that pen? That was very cool, wasn't it?
40:37 A bit of a head scratch of this.
40:39 I mean, I ask somebody, I have a great pal here who knows these things,
40:42 and he doesn't know the answer to this either.
40:44 And I think it's because BP really trades in London
40:48 and is not well liked here on Wall Street,
40:50 which I'll tell you about in just a second.
40:52 I mean, all the oil majors have been missing their numbers.
40:55 That is to say, not as good as Wall Street thought.
40:57 We saw it last week with Exxon and Chevron,
40:59 and now British Petroleum as well.
41:01 Their profits rebounded, so that's very good,
41:03 but they could have done better.
41:05 Now, their oil business was OK, but their gas business was weaker,
41:09 and I don't know why that is, and I can't find out why that is.
41:12 But just take it from me, the reason that these numbers missed today
41:16 is because the gas side of their business, the gas production side,
41:19 came in weaker than expected, and BP shares are down 5% in London.
41:23 Now, BP has problems, because its boss until September was a loonie.
41:28 Oh, boy, was he a loonie.
41:30 I mean, for a boss, he was a real loonie.
41:32 It was Bernard Loonie, and he resigned in September abruptly
41:36 because he couldn't get on with his colleagues.
41:38 So now a man called Murray Aushencloss is running the company,
41:42 and there is takeover chatter in the air.
41:45 And you saw it last week with Exxon and Chevron
41:47 going after US oil majors.
41:49 They both had big takeovers.
41:51 It's not inconceivable that somebody could put a bid in for BP.
41:55 And finally, remember, BP is not well liked here.
41:58 They remember how badly BP handled the oil gulf spill in 2010,
42:02 and memories here are very long.
42:05 Let me just tell you the Dow and the Nasdaq.
42:07 The Dow is up 38 points.
42:09 S&P 500 is up seven.
42:11 I can't see the Nasdaq.
42:12 So basically we're flat on the final day of October.
42:16 Jamie and Robert.
42:17 John, thank you for that.
42:18 Our correspondent, John Terret, in New York.
42:22 The wrong people in the wrong jobs.
42:24 That's the view of a former top adviser
42:26 to the former Prime Minister, Boris Johnson, during the pandemic.
42:30 Dominic Cummings has been testifying at an inquiry into COVID-19.
42:34 He described UK government decision-making as a dumpster fire
42:38 but was questioned over his own role,
42:40 including messages he'd sent containing extreme language.
42:44 More than 230,000 people died from the virus in Britain,
42:48 a higher per capita rate than most European countries.
42:52 King Charles has begun a three-day state visit to Kenya.
42:56 British monarch and Queen Camilla
42:58 were welcomed by President William Ruto in Nairobi.
43:01 Kenya is a former British colony
43:03 and has asked the UK to apologise for abuses carried out during its rule.
43:07 It's Charles' first official visit to a Commonwealth country
43:10 since he succeeded his mother last year.
43:13 A New Zealand tour company has been found guilty of safety breaches
43:17 after 22 people died during a volcanic eruption in 2019.
43:23 That judgment came at the end of a trial against 13 companies,
43:27 of which seven were found guilty and six had charges dismissed.
43:31 The British Ferry Management, which licenses tours to the island,
43:34 was accused of astonishing failures.
43:37 The company faces a fine of nearly a million dollars.
43:41 Germany used to be considered the height of efficiency and reliability,
43:45 competent at building infrastructure from roads to bridges
43:48 and making the trains run on time.
43:50 But despite being Europe's largest economy,
43:52 years of underspending on maintenance has taken a toll.
43:56 Our correspondent Natalie Carney reports.
43:59 Germans are known for being debt-averse, committed to a balanced budget.
44:03 However, cracks are appearing from years of limited investments,
44:07 particularly in the country's once-admired infrastructure.
44:11 More motorists on German roads and highways, coupled with patchy maintenance,
44:15 has led to regular bumper-to-bumper traffic.
44:18 The highway network since 1990 has increased for 20%
44:24 and the rail network has decreased.
44:28 With the lack of investments, public money and maintenance,
44:33 we have a lot of bridges, for example, on the highway network
44:37 that need to be maintained and some of them even need to be replaced.
44:42 The transport infrastructure planning should be really clear,
44:46 rail before road and maintenance before expanding.
44:51 According to Germany's Federal Ministry of Transport,
44:54 freight traffic will have grown 38% by 2030 over 2010 levels,
44:59 while the country continues to register a record number of passenger cars year on year.
45:04 Better utilization of the country's rail networks
45:07 would help ease the pressure on roads and highways,
45:10 but for now, this is not a solution.
45:12 Last year, state-owned Deutsche Bahn, which transports 2 billion customers a year,
45:17 announced that its punctuality quota fell to a record low of 65.2%.
45:23 Passenger association ProBahn also argue that Germany's rail network has not been a priority,
45:29 with some of the most populated areas of the country still operating with old technology
45:34 from which spare parts no longer exist.
45:37 The problem with the German railway infrastructure goes back years.
45:41 We have concentrated for far too long on further expanding our road system.
45:46 The railway has always been running on the side.
45:49 We have been able to create glamorous projects based on fast connections,
45:53 but the money for the small cities and towns have been lost.
45:56 The money has simply been spent on prestigious projects.
46:00 In 2016, Berlin recognized its infrastructure was lagging behind other EU countries
46:06 and adopted the Federal Transport Infrastructure Plan, FTIP,
46:10 a $285 billion project to modernize roads, highways, rail lines and bridges by 2030.
46:17 Yet even that, many argue, needs modernizing.
46:20 Germany's rail and road networks are showing signs of considerable decline
46:25 amidst accusations of underinvestment as well as increased traffic.
46:30 Yet while Berlin has allocated billions of euros towards retrofitting these critical arteries,
46:36 the figures in the 2030 Federal Transport Infrastructure Plan were decided upon
46:41 prior to the intake of over 2 million refugees and historic inflation.
46:46 If inflation hadn't become a problem, we would have already completed many projects.
46:52 We want to get a network that is for the future, not just for now.
46:58 Others don't see the FTIP as being in line with the country's climate goals.
47:03 Planners and the government should look at the transport system that we want to have in 2045
47:12 when we are going to be climate neutral and then build the infrastructure respectively,
47:18 which is not the case. Nowadays, infrastructure is being built for what is predicted.
47:24 So, building more roads causes more traffic.
47:27 This is not leading to this green transport system we want to have.
47:32 While revisions to the FTIP are being considered in Berlin,
47:36 there is no word on whether its budget will be increased,
47:39 leaving improvements on mobility across the country at a yellow light.
47:44 Natalie Carney, CGTN, Munich.
47:47 You're watching CGTN Still Ahead.
47:50 No more traffic jams or congestion.
47:53 Why Spain is looking up when it comes to the next generation of taxis.
48:05 Events have consequences. Words create impact.
48:09 Unprecedented scenes that we saw.
48:11 The clean-up operation is now well and truly underway.
48:15 Parts of southern Europe remain in a state of emergency.
48:18 Context gives meaning. People make history.
48:22 Far more than a thousand people have come here today.
48:26 Authorities are still on high alert.
48:28 So, into the attention of world leaders.
48:31 A complex world demands a comprehensive view.
48:35 But with the clean-up efforts more or less under control.
48:38 The economic impact is bound to ripple across the country.
48:41 There's plastic pollution everywhere.
48:44 Because the world today matters for your world tomorrow.
48:48 This is the living area of the crew.
48:50 And in these mountains, they recently finished building a power plant.
48:53 Well, this is something completely different.
48:56 The world today, every day, on CGTN.
49:01 [Music]
49:04 [Music]
49:08 [Music]
49:11 [Music]
49:37 [Music]
49:40 Hello, welcome back to Global Business Europe.
49:43 Three Chinese astronauts have landed safely back on Earth
49:46 after spending nearly five months on board the country's space station.
49:50 The crew of Shenzhou 16 touched down successfully.
49:53 Our correspondent Sun Ye reports.
49:56 Shenzhou 16 crew has landed back home here at the Dongfeng landing site.
50:00 And they have spoke their first emotional heartfelt words on the ground.
50:06 [Chinese]
50:08 I feel very excited at this very moment.
50:11 Finally, we came back home.
50:13 This trip took five months.
50:16 But it feels so good that we have successively completed all the tasks.
50:21 And I want to address my gratitude to my dear colleagues.
50:26 [Chinese]
50:28 I am so happy to come back home.
50:30 I'm very lucky to get the chance to execute the task in space as flight engineer.
50:37 I want to express my gratitude for being a member of this generation
50:41 which offered me this platform to realize my dream.
50:46 [Chinese]
50:48 It feels so good to complete the task successively.
50:52 In the past five months, we have been supported in every way we could be.
50:56 With the lead of the commander, we have spent every day in the space station enriched.
51:02 The Shenzhou 16 crew had an in-orbit handover on Sunday with the newly arrived Shenzhou 17 crew.
51:10 The Shenzhou 16 crew had also alternated with the Shenzhou 15 crew
51:15 when they first arrived at the space station in late May.
51:19 The Shenzhou 16 mission was the first since China's space station entered long-term operation.
51:25 The crew's makeup was also the first to include a pilot, a flight engineer, and a payload specialist.
51:33 While in orbit, they've conducted a large amount of experiments and a spacewalk.
51:40 They've maintained and installed equipment for the space station.
51:44 They live-streamed a science lesson to students nationwide
51:48 as they've also talked with people from home and abroad,
51:52 asking them to work together in space exploration for the benefit of all humankind.
51:58 And after their safe return to Earth, the Shenzhou 16 mission is officially a complete success.
52:05 [Chinese]
52:08 Enhancing ties with China is at the heart of a British government-supported scheme
52:12 allowing UK students to undertake a language program in the country.
52:16 So far this year, more than 100 students have taken part in the Mandarin Excellence Program.
52:21 Our correspondent Liu Yang reports.
52:24 During one of the world's most beloved animals, the giant panda,
52:28 takes imagination and, of course, careful observation from on-site
52:33 at the Chengdu research base of giant panda breeding.
52:37 At this exhibition, all art pieces were created by UK and Chinese students
52:42 to raise awareness of this iconic species.
52:45 At the same time, the students deepened their understanding of the Chinese language and culture.
52:51 [Chinese]
52:54 Via this trip to China, many activities inspired them a lot
52:58 and had a significant impact on their outlook on life.
53:02 Many British students said they hope to come to China to continue studying Chinese in the future.
53:09 Visiting Sanxingdui, the ancient Chinese archaeological relic site,
53:13 was a sightseeing highlight of this trip.
53:16 Students said they were amazed to see the depth of Chinese culture through the relics here,
53:22 like the gold masks, the giant standing figures and the ancient bronze tree.
53:27 And many said they now want to learn more about China's history.
53:32 I think it's been really interesting to experience a new culture
53:36 because it's so different here.
53:38 Everything's massive.
53:41 It's incredible to be somewhere and the history is, you know,
53:44 the Chinese history that we've learned about in this museum and the museum of art that we've been to.
53:50 Just fascinating seeing, especially coming from London or England,
53:55 where we've got such an ancient culture as well.
53:57 You know, we have things like Stonehenge.
53:59 And these people in, you know, 1300 BC were managing to make these unbelievable artifacts.
54:08 I think it's just breathtaking.
54:10 Over the past seven years, the Mandarin Excellence Program
54:14 has helped some 11,000 British students develop their Mandarin skills.
54:19 The lucky ones on this trip also experienced a cultural immersion through activities
54:24 from sports to calligraphy and cooking,
54:27 opening opportunities for unique life experiences and lasting cross-cultural friendships.
54:34 Liu Yang, CGTN, Sichuan Province.
54:37 Now, how about this? No more traffic jams, no more congestion.
54:41 Just imagine taking a trip across town in a flying car is closer than you think.
54:47 The Chinese company Ehang has been showing off its unmanned airborne taxi in Spain.
54:53 Our correspondent Ken Brown has the story.
54:56 What was once considered science fiction has now become a reality
55:00 and flying cars are ready for takeoff.
55:04 China's Ehang is the world's first company to create a certified airworthy passenger-carrying flying taxi.
55:11 Here in Jeda, northern Spain, they've just opened their new European operations center
55:16 and there's a real buzz of excitement for what's ahead.
55:20 My dream was to build a small plane I could fly myself,
55:27 but it wasn't long before I fulfilled my dream.
55:30 So what next?
55:31 I wanted all people to experience this, so I turned it into an industry.
55:36 This is not something that is out of reach.
55:38 It's already here and soon it will be part of everyone's life.
55:44 Ehang's EH216S is a potential game-changer in urban mobility,
55:49 but also in emergency situations and tourism, too.
55:53 It has a vertical takeoff and landing system, which suits city travel, and is 100% electric.
55:59 This two-person aircraft is powered by 16 rotors and can fly over 30 kilometers for each journey,
56:05 a milestone in aviation history.
56:09 Passenger safety is always a concern, but Ehang are already running this service across various cities in China
56:15 and have now tested this model in over 14 countries, clocking over 40,000 flight hours.
56:22 The global air taxi market tripled over the past year to over $3 billion.
56:27 It's an industry that looks set to take off here in Europe,
56:31 with the first passenger flights on target to be scheduled next year.
56:35 Ken Brown, CGTN, Jada.
56:38 The headlines again.
56:40 Fixing the financial sector.
56:42 China outlines stringent new regulations in an attempt to reboot economic growth.
56:47 Our other headlines in the Eurozone.
56:50 Economic growth is weaker than expected in the third quarter,
56:53 while inflation falls to a two-year low.
56:57 And at least 50 people are reported killed in an explosion at the Jabalia refugee camp in Gaza.
57:03 Hamas blames an Israeli airstrike.
57:07 And that's it for Global Business Europe. Thank you for watching.
57:10 There's more on all our stories at europe.cgtn.com.
57:13 And do follow CGTN Europe on Facebook, Instagram, and TikTok.
57:17 And you can go to CGTN Europe's channel on the Telegram app
57:20 or scan the QR code on the screen to get stories and updates sent direct to your phone.
57:26 Coming up next on CGTN, it's Africa Live.
57:28 We'll see you again tomorrow. Same time, same place.
57:31 From all of the team here in London, it's goodbye.
57:33 Goodbye.
57:34 ♪ ♪
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