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00:00 [Music]
00:18 [Music]
00:33 Live from London, this is Global Business.
00:38 Hello, welcome to the program. I'm Jamie Owen.
00:40 And I'm Paul Barber. Our top stories.
00:43 Recession hits Japan, demoting it as the world's third largest economy,
00:47 now overtaken by Germany. We'll be assessing what's going on.
00:52 For other headlines, the UK has also entered recession after consumers cut
00:57 back on their spending, dashing Prime Minister Rishi Sunak's
01:00 promise to grow the economy.
01:04 Boeing's battle for the skies, Airbus growth climbs in 2023,
01:09 and China's own passenger jet is set to cause turbulence,
01:13 bought the American manufacturer, and...
01:17 We'll be reporting from Rome, where Italian farmers are on the streets for a
01:24 second time in a week, protesting over rising costs
01:28 and EU red tape.
01:32 Well, this is a tale of two recessions and two major world powers
01:37 battling against economic slowdowns. Japan has lost its position as the
01:42 world's third largest economy, as it wrestles with a weak currency and
01:46 an ageing population. Meanwhile, the United Kingdom has also
01:51 seen its economy shrink for two straight quarters,
01:55 as the cost of living crisis continues to bite.
01:58 Well, our correspondent Yolo Abdavid has been crunching the numbers. Yolo.
02:02 Yes, Japan now falls into fourth place behind Germany, among the world's
02:07 largest economies. Latest figures show the country's GDP
02:11 surprisingly contracted by 0.1 percent in the last three
02:16 months of 2023, compared to the previous quarter. It
02:20 comes after the country's economy shrank by 0.7 percent
02:24 in the previous quarter, and the recession is defined
02:27 as two consecutive quarterly contractions.
02:30 Meanwhile, figures show UK GDP fell by a larger than expected
02:35 0.3 percent in the last three months of last year,
02:39 and that's followed a drop of 0.1 percent in the third quarter.
02:43 OK, well, there's lots to chew over there, if we can. Let's start with
02:47 Japan. Two big stories out of Japan, its recession
02:51 and it being overtaken by Germany as the world's
02:55 third largest economy. And it's quite surprising that that follows after the
02:58 IMF predicted a one percent growth last year for 2024. So, yes, it's the
03:04 yen and the fall of the yen, and it's also a shrinking population, an
03:08 elderly population in Japan. Now, let's look at the currency
03:12 first. The currency has fallen sharply in the last two years,
03:16 seven percent last year. So, obviously, good news for exporters, not so
03:22 such good news for people in smaller companies and
03:25 ordinary people, ordinary workers in Japan. So,
03:29 they've been obviously affected. There's been a cost of living crisis. They talk
03:33 about it in Japan as well as in parts of Europe.
03:37 And it shows that there is weakening consumption, higher prices for food, for
03:41 energy, and all the things that most people are
03:44 familiar with. And, of course, it's been really hit badly by the
03:49 currency. So, the main problems, well, the yen is
03:52 one of them, but long-standing problems are the demographics,
03:56 the increase in terms of people's life expectancy,
03:59 and also it is about, you know, the consumption
04:03 by ordinary workers. So, all that's dropped. So,
04:06 what are the problems ahead? Well, already, you know, some 15 years ago,
04:10 China overtook Japan to be the second largest economy.
04:14 Now, it's lost to the third spot for Germany.
04:17 And looking further afield, another dent to Japan's prestige,
04:21 probably with India, a young, bigger population,
04:25 which is likely to eclipse both Japan and Germany.
04:29 So, that's Japan. Yolo, let's move here to the UK. Is it the same story here?
04:34 Yes and no. It's called the technical recession. That's jargon,
04:38 because probably it's more politically nuanced here in the UK. Frankly, yes,
04:45 as we saw in those figures, there's been a drop in the last
04:48 two quarters, but a 0.1% growth overall. Now, that's such a slender margin that
04:55 it's almost flatlining, and that's how people,
04:57 economists, are looking at the economy in the UK.
05:01 But the problems here are similar in terms of cost of living,
05:05 they're similar in terms of inflation, it's similar in terms of
05:08 the squeeze on where ordinary families and individuals spend their money,
05:13 you know, public transport, food, energy bills, and all the rest of it.
05:17 And politically, it's already been called Rishi's recession. Why? Because
05:21 it's a general election on the horizon in the UK, we don't know
05:25 when. And also, there are problems with education,
05:30 more children staying away from schools since Covid days,
05:34 there is industrial action, that's hampered last year,
05:37 looks like it might be hampering again this year, and a creaking healthcare.
05:41 And all these are problems which are not going away for the government,
05:45 may not even go away for the next government, if there is one.
05:49 And also, the fact it shows that the economy in the UK is stagnating,
05:52 and it has stagnated for two years. Let's talk about
05:55 Germany, because once upon a time we used to call it the
05:59 the engine, the powerhouse of the European economy, but the engine is
06:04 spluttering somewhat. I don't know what your German's like, but it used to call
06:07 it Jobwunder, the employment miracle. But the thing is,
06:11 Germany, right, it's overtaken Japan, but still,
06:15 it isn't doing well, it has the same kind of structural
06:21 problems that the UK has, even though it is the biggest economy, the highest
06:25 population within the European Union. So there's
06:29 different competition here, almost like a triple whammy.
06:32 It's vulnerable to foreign competition, obviously, uncertainty of politics, which
06:38 is affecting a lot of different countries in different ways.
06:40 It's also pushing hard in terms of zero emissions on the climate, and that's
06:45 having an economic impact, as it is in the UK,
06:48 and the workforce is elderly, and there is a concern in Germany, where
06:53 do they go in terms of getting new workforce? Do they look for more
06:57 migrants? Do they change their education and training?
06:59 Again, that's a UK problem, and you know, even when you have a
07:03 Green minister, an economy minister in the
07:07 government, part of the of the coalition, and he says things are dramatically bad
07:11 in Germany, and that tells you how bad it is, if the minister
07:15 is already saying that. So the big problem, I think,
07:18 looking ahead for the Germans is, where do they actually grow?
07:22 What do they change to have that growth, to go back to that
07:26 Jobwunder of 2000, 2010, and they have also a populist hard right
07:33 party breathing down the neck of the government, so
07:37 how radical can they afford to be, should they lose power?
07:40 Yolo, thank you very much. Our correspondent, Yolo Abdavith.
07:44 Well, key stock markets remained in positive territory,
07:47 despite news of the recessions. Japan's Nikkei index rose at 1.2 percent
07:52 to close above the 38,000 mark for the first time
07:55 since 1990. Meanwhile, here in London, the UK's FTSE 100 has pushed up
08:01 nearly half a percent, while in Frankfurt, Germany's DAX also
08:05 saw more than a half percent rise. So what's the market reaction to the
08:09 gloomy numbers in the UK and Japan? Over in the US, our correspondent,
08:13 John Terrett, can tell us. He's in New York.
08:15 John, has Wall Street paid any attention to this?
08:18 No.
08:20 No, none whatsoever, and I paid particular attention. I got up about
08:25 five this morning, and I paid particular attention to all
08:28 the early morning business news, and this Japan thing and the London
08:32 recession thing was in the programme. It's like in the
08:35 second half of the show, you know, and this is because, and I've
08:38 said this before on our programme, you know, America is a very insular,
08:42 inward-looking country, and they just don't care about recession in Japan.
08:46 I know it has memories of the great sort of, you know, issue that the
08:51 Japanese had back in the late 90s, '97, '98, something like that,
08:54 and of course it's unwelcome that the UK economy has dipped into recession,
08:58 but that was a surprise. Nobody was really expecting that.
09:00 Here on Wall Street, they just go, "Okay," and move on, and what they're
09:05 moving on to is things like AI and the promise that that brings,
09:08 and more importantly, interest rate cuts and when they may happen,
09:12 and I can report, I've just spoken to Tim, one of the traders here on
09:16 the floor, and he said to me, "John, I can tell you this. There's no
09:19 follow-through to Monday's huge sell-off. Everybody is trading
09:22 within their groups here today, so there's no sign, at least at the
09:25 moment, of any kind of, you know, massive downswing here on Wall
09:29 Street because of these two countries dipping into recession."
09:33 Now, having said all of that, of course, Wall Street is expecting
09:36 there to be an interest rate cut or two, if not three or four, before
09:39 the election in November, but there is a growing group of people on
09:42 Wall Street who worry that we may not get one at all, and I don't
09:46 think it's dawned on these people just yet. First of all, we thought
09:50 there would be a cut in March, then Powell ruled that out, then we
09:53 were looking 50/50 for May, now it seems to be June, and there's a
09:57 group of people who think it might not even happen in June, so I just
10:00 have to lay that out there. Everything in the garden is not rosy.
10:04 But let's have a look at the numbers, because they are rosy at the
10:06 moment, and that's based on pretty much everything I've said. Oh, and
10:10 also there was some retail sales figures came in today, down 0.8%,
10:15 not 0.3%, so that's anti-inflationary. We have PPI tomorrow Friday, so
10:21 that will be another key indicator for the Federal Reserve. But anyway,
10:24 at the moment, the Dow is up 143, the S&P is pretty much flat, but it's
10:28 in the green, the Nasdaq is down 1/16th of 1%, gold is up $7, oil is
10:34 up, and so that's where we are at the moment. OK, John, you mentioned
10:39 artificial intelligence, Nvidia moving up again, things rosy for
10:43 them? Well, it's become one of the biggest companies in the world, of
10:51 course, in terms of market capitalisation, and I think also
10:54 more importantly than that, really, in terms of just general
10:56 interest. People's interest has been piqued about what Nvidia is up
11:00 to, and not bad for a company that only started back in 1993 over in
11:04 Santa Clara in California, which is the hometown of the giant chip
11:07 maker, or the once upon a time dominant chip maker, Intel. Intel
11:11 couldn't believe that they moved in, you know, they said, "What are
11:13 you doing here? Get out, it's our town." But Nvidia has stayed and
11:17 become very, very successful, arguably more so than Intel. They've
11:21 just overtaken Alphabet, they've taken over Amazon, and it is all
11:25 based on AI chip prospects. And as you may know with Nvidia, they
11:29 are now making high-end chips to go to the China market, although
11:34 they are slower than the ones that they make for the American
11:37 market. And of course, that's significant because the Biden
11:39 administration is trying to slow down the export of very high-end
11:43 microchips to China because they fear military involvement along
11:47 the way. But Nvidia is right there, it's doing it right now. And
11:52 finally, let's switch to politics. Donald Trump back in court in New
11:56 York again today. This is all breaking news and happening around
12:02 us at the moment. There are four criminal cases against Mr Trump.
12:05 There is the Stormy Daniels one, alleged hush money to a porn star.
12:09 There is the January the 6th case. There is the secret papers in
12:12 Mar-a-Lago, and there's election interference in Georgia. The Stormy
12:16 Daniels porn star case has just come roaring up the agenda. We
12:20 thought it was the ugly duckling of the four cases, and it turns out
12:24 to be the one of most interest because a judge sitting here in
12:27 New York, just about half a mile away from the exchange here, has
12:30 just set a date, March 25th, for the beginning of a criminal trial
12:37 against the former President of the United States. He's facing 34
12:40 charges. And quickly, there's been movement on some of the other
12:42 things as well. Jack Smith, the special prosecutor, is turning to
12:46 the Supreme Court of the United States to have them expedite the
12:49 January the 6th Capitol riots case because he fears that as the
12:53 election season goes on, it will make it easier for Mr Trump to
12:57 dodge getting out of that one. Also, Fannie Willis, who is the
13:00 district attorney in Fulton County in the southern state of
13:03 Georgia, is right now facing a grilling, a hearing, into a
13:07 relationship she may or may not have had with a subordinate that
13:10 may end up with her being kicked off the case. That case has been
13:13 suspended indefinitely because of that. And tomorrow, Friday, we'll
13:15 be back here talking about this because there will be a decision
13:18 tomorrow in the New York State case against Trump and the Trump
13:21 organisation in which they're trying to close his business down.
13:24 Guys? It's a busy week, John. Thanks so much for bringing us all
13:28 of that. John Terrence at the New York Stock Exchange. The German
13:31 banking giant, Commerzbank, has posted its best annual results in
13:35 15 years with returns boosted by rising interest rates. Net profits
13:40 up 55% to $2.3 billion in 2023. The surge in performance follows
13:47 years of cost cutting by the bank, which was bailed out by the
13:51 German government during the 2009 financial crisis. Shares in
13:57 French carmaker Renault have risen on the news of higher than
14:00 expected dividend payments for investors. The group says payouts
14:04 will rise sevenfold to just under $2 per share, despite
14:08 underperforming profits last year. Renault's stocks were up
14:11 almost 7% in early London trading. The number of millionaires
14:17 living in so-called BRICS countries is set to nearly double over
14:20 the next decade, the largest increase in wealth across any group
14:24 of nations. A report by the investment consultancy Henley & Partners
14:28 says 85% more people will have investable assets of more than a
14:33 million dollars in China, Russia, South Africa, Brazil and India.
14:38 You're watching CGTN Still Ahead. Gaza's largest functioning
14:44 hospital is under siege in an Israeli raid as thousands of
14:48 displaced Palestinians begin an exodus from Rafa.
14:51 Ever wondered what's the difference between a bear and a bull market?
15:03 Where are the cash cows? And who are the lame ducks?
15:10 And what exactly are black swans, grey rhinos and unicorn companies?
15:18 Make sense of it all with Global Business, only on CGTN.
15:26 I think it should be more public oppression.
15:30 I would like to hear more the voice of the developing countries.
15:38 Globalisation has lifted more than a billion people out of poverty.
15:43 The green transition has to happen. It's a necessity.
15:47 For China and the United States, our important powers in the world.
15:54 What unites us is much more than what divides us.
15:59 And I believe China is committed to this agenda.
16:02 Join me, Juliette Mann, to set the agenda at these times every weekend
16:08 on CGTN.
16:09 Events have consequences. Words create impact.
16:18 One more offensive in a long line of battles that's been ongoing for...
16:22 Just got to be careful here with some gunshot.
16:24 The world today matters, but your world tomorrow.
16:30 The number of casualties is growing quickly.
16:32 Why this is one of the hardest hit towns in the region.
16:37 The World Today, every day on CGTN.
16:41 Hello, welcome back to Global Business Europe.
16:51 Preliminary results from Indonesia's presidential election
16:54 shows the former defence minister Prabowo Subianto heading for a landslide victory.
17:00 It will be weeks before official results are released, but if confirmed,
17:04 Prabowo will take over from President Joko Widodo, who remains hugely popular.
17:09 Our correspondent Silkina Alawalia reports.
17:11 Third time's a charm for Prabowo Subianto.
17:16 Indonesia's defence minister emerged as the frontrunner in this year's presidential elections.
17:23 Prabowo is leading with a significant majority in the early results,
17:28 a moment that could redefine Indonesia's political path.
17:33 The former army general has vowed to continue President Joko Widodo's legacy.
17:39 This includes moving the capital city,
17:42 developing infrastructure and expanding employment opportunities.
17:46 Prabowo also have some concern to improve crop harvest,
17:56 like maybe rice and ricotta or maybe other staple food
18:02 that may be beneficial.
18:03 And I also noticed that Prabowo encourage the food diversification for most Indonesians.
18:14 So I think this will be a clue for us that Prabowo committed to the farming industry.
18:24 Indonesia's youth played a key role in this election.
18:27 Half of the nation's 200 million voters were under 40 years old.
18:32 And many experts say that is the reason why Prabowo secured this win.
18:36 He embraced a modern campaign strategy,
18:39 rebranding himself as somewhat of a grandfather figure to the younger generation.
18:44 In addition to that, his running mate is President Widodo's son,
18:50 Gibran Rakabuming Raka.
18:53 Jokowi, as he is commonly known, is wildly popular.
18:57 He's called the people's president, having come from humble beginnings.
19:02 Gibran is one of the things that makes me want to vote for Prabowo.
19:07 If, I don't know, maybe if Prabowo choose another person,
19:13 maybe I'm still hesitating.
19:17 But Gibran is one of the best things that Prabowo bring to this election for me.
19:24 The world is watching as Indonesia's economic and geopolitical landscape is shifting.
19:31 This marks a new chapter for Indonesia,
19:34 and Prabowo is confident that his presidency will lead the country to greater heights.
19:41 Silkina Alawalia, CGTN, Jakarta.
19:43 There have been chaotic scenes inside Gaza's biggest functioning hospital,
19:59 where Israeli special forces have carried out what they've described as a precise and limited mission.
20:05 Doctors, patients and civilians at Nasser Hospital in Khan Yunis
20:09 were seen fleeing through darkened corridors filled with dust and smoke.
20:14 Israel says it is credible intelligence that hostages were being held at this hospital.
20:19 Meanwhile, in nearby Rafah, thousands of displaced Palestinians continue to flee
20:24 as Israel steps up strikes ahead of a feared ground assault.
20:29 Our correspondent Noor Harazeen is in Rafah.
20:32 Over the past few days, a week or so, we have been reporting the Israeli forces besieging
20:42 the Nasser Hospital. There is actually a number of people, patients, people who get injured,
20:49 hospitalized inside the hospital. There is also hundreds of medical staff and also displaced
20:56 people who take refugee inside the hospital over the past weeks. And the eyewitnesses there and
21:04 the journalists also have been reporting about how the Israeli tanks are surrounding the hospital,
21:11 besieging the hospital, destroying the wall fence of the hospital. The Israeli snipers
21:18 shooting at people who are moving inside the hospital. And also over the past days,
21:24 the Israeli army have been asking the people to evacuate. However, at the same time,
21:29 they are shooting at the people inside the hospital. So the people inside the Nasser
21:34 Hospital felt a little bit confused what they should do, what they should be doing.
21:39 Until today, the Israeli army gathered a number of people and led them to a safe passage. However,
21:51 while they were walking from Khanayon to Rafah, the Israeli army arrested a number of them,
21:57 including journalists and medical staff. Now, what is happening inside the Nasser Hospital,
22:03 several shells actually landed on the hospital, killing one Palestinian patient,
22:08 injuring 10 others. According to the doctors inside the hospital, they are talking that
22:16 the Israeli army now stormed into the hospital. This is very similar to the scenario of what
22:23 happened inside the Ashifa Hospital two months ago. Civilians here in Rafah reached a point where
22:28 just they have to face the fact that they have no other option. We have been talking over the
22:36 past days how there is a number of people that actually evacuated Rafah to middle Gaza.
22:41 But those people are the people who are already residents of middle Gaza and can go back to
22:46 middle Gaza. But most of the people who are taking refugee in Rafah are from northern Gaza.
22:51 We are talking about more than 1.5 million people here in Rafah. So, and these people are actually
22:59 already facing so many hardships, so many difficulties, even fighting a shelter here in
23:04 Rafah. The Israeli military says fighter jets have hit dozens of Hezbollah targets in Lebanon.
23:11 The Lebanese armed group which supports Hamas says Israel will pay for the deaths of civilians.
23:17 Israel launched the attacks after a rocket was fired from Lebanon into Israel on Wednesday.
23:23 Border skirmishes have been taking place for months,
23:26 fueling concern about the risk of an all-out confrontation.
23:29 We heard two impacts. We heard the sound of two missiles landing. We went outside and saw smoke.
23:40 Who can respond? Who is asking about us? No one cares about anything. You talk about the United
23:48 Nations, but Israel is everything. It has the say. May God give strength to the resistance.
23:54 Let's get the view now from Israel. Our correspondent, Sarah Coates, is in Tel Aviv.
23:59 Sarah, what's the latest from Israel about the attacks in Lebanon?
24:06 This situation is only continuing to escalate. Just in the last 20 minutes, there was a rocket.
24:14 It was fired from southern Lebanon landing in the northern town of Kiryat Shmona.
24:19 We do understand that this rocket landed before the air raid sirens were set off. At this hour,
24:25 the military is confirming this happened. It's not saying whether there were any injuries or
24:30 whether there's been any damage. But even over the last hour before this specific incident,
24:36 the sirens on the northern border continue to ring out. What we can expect to see
24:41 very shortly is some sort of a response from Israel. A little earlier today, as you mentioned,
24:47 the Israeli military did strike a number of Hezbollah positions in southern Lebanon. These
24:54 were rocket-launching positions, buildings and other infrastructure. The IDF chief of staff,
25:00 Herzi Halevi, he toured that region early this morning. He issued, levelled a warning at Hezbollah.
25:07 He said the military is preparing for war in the north amid these daily attacks, saying,
25:13 "We are not finishing until residents are returned to their homes in the north," referring there to
25:18 the 80,000 or so Israeli residents who've been displaced since October 7. And what's the Israeli
25:26 military said, Sarah, about its operation inside the Nasser hospital?
25:30 It claims that hostages and bodies are inside this hospital. At this hour, there's been
25:41 no confirmation as to whether any hostages or whether any bodies have actually been found.
25:48 The military did say a little earlier that its special forces are operating inside there in a
25:53 precise and limited operation, adding that troops would not be forcibly evacuating residents.
26:00 And this goes against really what we've been hearing from doctors on the ground,
26:05 saying that they have been marched out alongside patients.
26:09 Here's what we heard from the IDF spokesperson, Daniel Hagari, just a little earlier.
26:14 According to intelligence assessments and information we gathered on the ground,
26:20 over 85 percent of major medical facilities in Gaza have been used by Hamas for terror operations.
26:28 Because Hamas terrorists are likely hiding behind injured civilians inside Nasser hospital right
26:36 now and appear to have used the hospital to hide our hostages there too, the IDF is conducting
26:43 a precise and limited operation inside Nasser hospital.
26:49 Now, with regards to these hostage talks that have been underway in Egypt, one of the people
26:54 involved in those talks, CIA Director Bill Burns, he has just landed here in Israel,
26:59 making a surprise visit. He'll be meeting with the Prime Minister, Benjamin Netanyahu,
27:04 potentially also the War Cabinet, which is meeting a little later on tonight,
27:08 just really showing the pressure that the United States is putting on Israel
27:12 to come to some sort of an agreement.
27:14 Sarah, many thanks for that. Sarah Coates, reporting from Tel Aviv.
27:18 Well, as Sarah was saying, international pressure is mounting on Israel to do more
27:22 to protect Palestinians. The United Nations aid chief says diplomatic efforts must be
27:28 intensified to stop a ground offensive in Rafa.
27:31 It's that decision we're waiting for, whether they will move in on Rafa or not,
27:37 and still not realize that that kind of military action doesn't do the job. That's the thing that
27:43 worries us most at the moment. We must all hope that their friends, that the friends of Israel
27:50 and those who care about Israel's security, give them good counsel at this moment to say,
27:56 that's not the way.
27:57 Gideon Levy is an Israeli journalist and author who's a columnist for the Haratz newspaper. He
28:04 says that while international criticism of Israel may have grown, action has been lacking.
28:10 And the international community knows very well how to change things on the ground when it wants
28:18 to. After the invasion of Russia into Crimea, the international community knew very well
28:24 how to put sanctions over Russia. And nobody spoke about pressure. Everyone spoke about
28:31 concrete actions which were taken, concrete measures. With Israel, the world is paying
28:39 its lip service. But this is not enough, because Israel is experienced enough and knows well enough
28:47 that it can ignore those hollow condemnations as long as it is only talking.
28:54 Why do you believe the international community is so reluctant to do more?
29:00 It's a very complex issue, because it has to do with the very special status of opposition
29:10 the way that Israel is perceived by the world. Specifically in this time,
29:15 I'm not sure how much the world cares about the Palestinians. And I have my thoughts,
29:23 how many countries would like, including Arab countries, would have loved to see Israel crashing
29:29 Hamas, because Hamas might endanger some Arab regimes. Hamas stands for the Muslim Brotherhood.
29:38 And I'm not sure that those expressions are really reflecting the real thoughts
29:45 of many in the West and in the Arab world. And beside this, until now, we know that Israel has
29:53 a special status in the world. And what is forbidden for many countries is allowed for
30:00 Israel for many years. So how much support does Israel's Prime Minister Netanyahu have?
30:08 Outside Israel, inside Israel, within his own party and even within his own cabinet?
30:14 Outside he is in his lowest point ever. Almost nobody comes here anymore and nobody will talk
30:25 to him except of the new president of Argentina, which tells you everything. Inside, Netanyahu
30:33 is still a strong prime minister. The polls are very bad for him. But as long as he is in office,
30:40 he is still very influential and very strong within his party, within even Israel's public
30:48 opinion. They would not re-elect him, most probably. But as long as he is the prime minister,
30:56 he gets quite support. But above all, the question must be how many Israelis support the continuous
31:04 of the war. And the answer to this is very clear. The vast majority of Israelis support continuing
31:11 this war. And this is what matters. At least five people, including one child, have been killed in
31:19 Russia's Belgorod region after a Ukrainian missile strike. The governor says a further 18 people
31:25 were injured. Earlier on Thursday, a Ukrainian drone strike hit an oil depot in the Kursk region,
31:31 setting it on fire. Kiev has repeatedly used drone attacks to target Russian energy infrastructure,
31:37 most recently striking two oil refineries. At least one person has been killed and 21 others
31:44 injured in a shooting during a Super Bowl victory parade in Kansas City in the US state of Missouri.
31:50 Many of the injured are in a critical condition. The police have arrested three men and say
31:55 the attack was not terror-related. The event was celebrating the win by the Kansas City chiefs.
32:01 President Biden has again called for tougher gun control. Extreme weather alerts are in place in
32:08 northwest China, with a snowstorm predicted to last for at least four days. Temperatures in
32:14 rural areas are expected to drop to minus 45 degrees Celsius. Local authorities have recommended
32:20 school closures and for public transport to be suspended. Emergency measures are in place to
32:25 ensure the safety of tourists, with Xinjiang a popular skiing destination during the Spring
32:31 Festival holiday. The mission to put the first private lunar lander on the moon has got off to
32:45 a successful start when it launched from Florida. The lander, nicknamed Odysseus, built by the US
32:51 space group Intuitive Machines, was carried on board a SpaceX Falcon 9 rocket. The mission,
32:57 which took off from NASA's Kennedy Space Center in Cape Canaveral, hopes to complete the first
33:02 US moon landing in 52 years. The plan is for the lander to spend nine days in space before
33:08 reaching the moon's south pole on the 22nd of February. A bill to legalize same-sex marriage
33:15 in Greece looked set for approval with a vote due in Parliament. Prime Minister Kyriakos Mitsotakis
33:21 has been pushing the legislation since he was re-elected in June. The law would also allow
33:26 same-sex couples the right to adopt children but stopped short of letting them access reproductive
33:32 methods like surrogate pregnancies. The Greek Orthodox Church has been a strong opponent of the
33:38 bill. You're watching CGTN Still Ahead. A rather bumpy ride for Boeing. Rival Airbus is flying high
33:45 and China's passenger jet looks set to shake up the skies.
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36:26 Welcome back to Global Business Europe with Jamie Owen and Paul Barber. Our top stories. Recession
36:32 hits Japan demoting it as the world's third largest economy, now overtaken by Germany.
36:38 The UK has also entered recession after consumers cut back on spending,
36:44 dashing Prime Minister Rishi Sunak's promise to grow the economy.
36:49 Airbus says it plans to deliver more planes to customers this year, helping it clear runway
36:56 between its nearest aviation rival, Boeing. The world's biggest plane maker reported an 11% rise
37:03 in revenue and announced plans to pay shareholders a special dividend. Airbus CEO says it set a
37:09 target of delivering 800 jetliners in 2024, despite trying to balance demand against global supply
37:18 chain problems. Well, on just about every measure, the European plane maker is trancing its American
37:25 rival, Boeing. Last year, Airbus won the deliveries crown for the fifth consecutive year. It handed
37:32 over 735 commercial aircraft compared to Boeing's 525. The decades old duopoly is beginning to look
37:42 pretty unbalanced. Just take a look at the share prices over the last five years, and you can see
37:47 that Airbus, which is in the blue here, consistently outperformed its rival. Boeing has recently
37:55 suffered a string of disasters that have seriously damaged its reputation, from those fatal crashes
38:02 of two 737 Max jets in 2018 and 2019, killing 346 passengers, to the latest involving the blowout of
38:13 that side door mid-flight just last month. Well, airlines don't like to be reliant entirely on just
38:20 one supplier. But with recent troubles from Boeing, is it now time for a third contender?
38:28 For the last 16 years, China has been working on its own passenger jet, the C919. The plane,
38:35 which is comparable in size and capacity to an Airbus A320 or a Boeing 737, is now flying
38:44 commercially, our correspondent Wang Qiwei reports. The C919 project was launched in 2007
38:53 by the state-owned Commercial Aircraft Corporation of China, or COMAC. From design, manufacture,
39:00 safety checks to eventual commercialization, it's been a long journey to complete China's first
39:06 domestically produced narrow-body plane. It took off on its maiden commercial flight in May last
39:12 year and was welcomed with fanfare at Beijing Airport, carrying its first paying fliers from
39:18 Shanghai with China Eastern Airlines. In September, the airline agreed to buy an additional 100 C919
39:26 planes, COMAC's biggest single order, which will be delivered over the next seven years.
39:32 Along with the Shanghai-Beijing route, the planes are also flying between Shanghai and Chengdu,
39:38 with more routes planned in the future. Wang Qiwei, CGTN.
39:42 Well, let's talk to Paul Charles, a seasoned commentator on the airline business and CEO of
39:49 PC Agency. Paul, welcome back. Good to see you. Is now the time for the C919 from China to
39:56 enter this global market? From an airline's perspective, this is the ideal time because
40:04 they want to see much more competition between that duopoly that you've been referring to, between
40:10 a vibrant and strong Airbus and a down-on-its-knees Boeing. Essentially, when you're an airline,
40:17 you go in to order new planes and, of course, you're trying to negotiate very heavily with
40:22 those two players. So if there can be a third manufacturer which is strong, which delivers
40:28 consistently with a very good product, then there could well be room for price negotiations between
40:34 the airline and those manufacturers. So, yes, it is a great time for a Chinese manufacturer
40:40 to emerge, but there are hurdles. Is there room for three plane manufacturers? Demand for planes
40:48 does look set to rise dramatically, particularly in China.
40:52 There certainly is room. The demand is going to continue to rise, not just in China,
40:58 which needs 3,000 or so short-haul, narrow-body planes itself over the next 10 years,
41:05 but also demand is rising substantially in other parts of the world. Demand is strong post-COVID,
41:12 and for airlines, they're having trouble filling the capacity. They're having trouble
41:17 meeting the demand that the passengers are obviously paying for. So, yes, there's plenty
41:24 of room for a third manufacturer like POMAC to emerge with a C919. The problem is it needs years,
41:31 it needs time. It has to prove that this aircraft has a strong track record from a safety point of
41:37 view, and that's where Airbus and Boeing have the edge, because, of course, they've got decades of
41:42 track record, of flying experience, and POMAC simply doesn't have that yet.
41:47 Paul, just talk us through that timeline then. I mean,
41:50 just how many years till it's certified in the United States and Europe?
41:57 The regulators are busy, of course, with issues like the Boeing door issue on the 737 MAX,
42:03 and that is going to slow down certification, sadly, for any new entry. But I think you'll
42:10 find over the next five years that the C919 is able to prove its worth and prove that there
42:17 is room in the market for it. So whilst it may be able to prove a strong track record within China,
42:23 flying for airlines like China Eastern and potentially Air China, it will have to prove
42:29 that it has a strong, safe track record outside of China. And that's what the regulators will
42:35 be looking for before, of course, they can certify it. So that will be a good five years, I think.
42:40 But in 10 years' time, we could be looking at a very strong Chinese manufacturer taking on Airbus
42:46 and Boeing in the big league. Paul, there's a big vulnerability here, though, isn't there?
42:50 Airline manufacturing is an international collaborative business. You look at Airbus,
42:54 which is built all over Europe. It's like a giant Lego set with bits being made all over the place.
43:01 China's C919 is made, I understand, using imported parts. I mean, do you see this being a problem in
43:09 the face of any new trade war? I think in 2020, President Trump threatened to withdraw the leap
43:18 engine. You're absolutely right that Airbus and Boeing have built their success based on
43:23 manufacturing plants all over the world in different parts of the world, using suppliers
43:28 all over the world. It's a vast network. So the Chinese will have to replicate that.
43:34 That's going to take a long time. So in the short term, they're using parts that are imported.
43:40 And that brings its own problems. Of course, the CFM engines that are used on the C919 have had
43:46 their own issues recently, the French CFM engines. And that's been a setback. Of course, it enables
43:53 other countries to put higher prices for those imports into China and use them as a negotiating
43:59 tool within trade negotiations. But the aviation family is very supportive generally. It generally
44:05 backs itself wherever you are in the world. Countries support each other. It's, of course,
44:10 governments that get in the way. And that's where you get pensions, which can lead to delays in
44:15 manufacturing. Paul, good to see you. Thanks so much for joining us. Paul Charles, the CEO of PC Agency.
44:23 Thousands of farmers are converging on the centre of the Italian capital, Rome,
44:38 continuing their protests over EU and Italian agricultural policies. Much of Rome was brought
44:44 to a standstill last week as tractors blocked streets around some of the best known landmarks.
44:49 Our correspondent, Giles Gibson, is in Rome for us. So, Giles, farmers' protests in Italy have
44:55 been gaining momentum, haven't they, over the past few weeks. How's today's one looking?
44:59 Yeah, and perhaps as a result of that gaining momentum, the organisers of this protest were
45:09 making some pretty big estimates or claims about the number of people who would show up.
45:13 They were talking about maybe 20,000 people descending on the centre of Rome. But as you can
45:19 see behind me, that really hasn't materialised. It's been a little bit difficult to get an exact
45:24 idea of numbers because the tractors and the farmers and the protesters have been moving
45:28 through the city. But really, at its absolute peak here in the Cibco Massimo, which is a big park
45:34 right in the centre of Rome, we've had maybe 500, 600 people, absolutely max. Speaking to some of
45:41 those farmers here, they share a lot of the concerns that I've heard reporting on these
45:46 protests in other parts of Europe. So, they're talking about imports coming in from places like
45:51 Ukraine, basically undercutting them with those imports having lower standards, they say. They're
45:56 talking about their costs going up and supermarket groups here in Italy driving down the prices that
46:02 they're paying for farmers' products. But I did also speak to one farmer who said that if they
46:07 are going to put real pressure on the government, if they are actually going to achieve the sort of
46:12 change that they're calling for, well then they're going to have to show up in larger numbers. And as
46:17 I was saying, those numbers of sort of 20,000, we haven't seen that materialise, at least for this
46:22 day. And how has the government been responding to the protests so far, Giles?
46:27 Well, ahead of the protests and really since they took office, Georgia Maloney's right-wing
46:36 government has been seen as very pro-farmer and pro-agricultural sector in general. They've done
46:42 things which are really largely seen as symbolic, such as bringing in legislation that is banning
46:48 the sale of synthetic, of laboratory-grown meat here in Italy. That was seen as really a message
46:54 of support to the agricultural sector as a whole. They have, since these protests first begun,
47:00 also brought in some targeted tax breaks for farmers. Those are set to last for a couple of
47:06 years. But really, as I say, if they are going to get the sorts of concessions that we've seen,
47:11 for example, from the European Commission, when we saw so many farmers cramming into the heart of
47:17 Brussels in recent weeks, if they're going to get the sort of concessions that we've seen in
47:21 the Netherlands or in France, for example, then Italian farmers are just going to have to
47:26 show up in greater numbers in order to put pressure on the Maloney government.
47:31 Giles Gibson in Rome, thank you very much.
47:32 Well, poultry farmers in Nigeria are calling for urgent help from the government. Faced with
47:39 inflation, currency devaluation and a long-running cash crunch, many say they're on the brink of
47:45 collapse. Nigeria's poultry industry is a hugely important pillar of the country's economy,
47:51 providing more than two million jobs. Our correspondent Kelechi Emekalem reports.
47:56 Ephraim Augustin, a farm supervisor at Turtle Poultry Farm in Abuja, Nigeria's capital,
48:04 expresses the struggle of running the business without profits. Despite operating for over a
48:10 decade with more than a thousand birds, the farm faces one of its worst times. From diminishing
48:17 yields to surging operational costs, Ephraim blames it all on inflation and its ripple effects
48:24 on business. We used to buy feed IS 7, IS 8,000, but now it has been doubled. It is times two
48:32 on what we were buying as at then, which means that we are spending excessively because of the
48:37 high cost of feeding, high cost of electricity, high cost of everything has added. The plight
48:43 extends beyond Ephraim's farm, echoing across Nigeria's poultry sector. The industry's challenges
48:51 began with the cash crunch of 2023, a fallout of the Naira redesign policy. This has worsened
48:58 amid rising inflation, pushing the cost of bird feeds beyond the reach of many farmers.
49:04 With a cumulative loss of three trillion Naira or approximately 2.1 billion dollars,
49:12 stakeholders warn of an impending total collapse. Part of the challenges that is facing the industry,
49:18 one is capital, second is security, third is power and fourthly is the input use. Over the years,
49:27 inflation has eroded many households income and that affected their capacity to be participating
49:36 in poultry businesses. Once valued at 4.2 billion dollars, Nigeria's poultry industry now hangs in
49:44 the balance. The sector contributes about 25 percent of the country's agricultural GDP
49:51 and employs over 25 million people. Experts highlight the potential economic fallout if
49:57 the sector collapses. If these industries continue to close down, there is going to be additional
50:04 threats to our security situation because many of the young Nigerians that have been
50:09 used in this industry will have no job to do and also the adequacy of food supply from that sector
50:17 will also be declining. The Poultry Association of Nigeria has warned of the impact on investment,
50:24 urging the government to implement poultry-friendly policies. In the meantime,
50:29 industry players are stressing the need to invest in local maize production to reduce
50:34 import reliance and maintain affordable feed costs. Kilichia Mekalam, CGTN, Abuja, Nigeria.
50:42 You're watching CGTN Still Ahead. Resurrection from the ruins.
50:47 Notre Dame's new spire is revealed five years after the devastating fire.
50:59 What if a Chinese dragon isn't a dragon? You all know about dragons, right? Mouths full of fire,
51:08 wings full of scales, and of course, bad tempers, really bad tempers. So what about those Chinese
51:16 dragons? Take a look at this piece now in the Chinese National Museum. In this subtly carved
51:24 jade from the Neolithic era, we can already see the basic outline. Over time, it developed a more
51:31 distinct image with a horse's head, eagle's claws, fish scales, deer antlers, and the body of a snake.
51:40 But you'll notice no wings. So if you want to call it a dragon, that's fine. But if you ever
51:48 meet one and you don't want to offend it, it might be better to use its Chinese name, the lung.
52:05 Hello, welcome back to Global Business Europe. The renovated spire of the world-famous Notre
52:11 Dame Cathedral has been revealed five years after the historic Paris landmark was ravaged by fire.
52:18 Shrouded by scaffolding since, it's been undergoing restoration since 2019.
52:23 Our correspondent, Tony Waterman, reports. In 2019, tens of millions of people around the world
52:30 watched in real time as the 19th century spire atop Notre Dame Cathedral toppled over, engulfed
52:38 in flames. The structure has been behind barriers ever since, and the parts that are visible have
52:44 been largely obscured by scaffolding. But that is now starting to be removed. And for the first time,
52:51 the newly installed spire, which had been hidden behind 70,000 pieces of scaffolding, can be seen.
52:58 At the top sits a golden rooster in cross, and the bird has flaming wings, which is meant to
53:03 symbolize a phoenix rising from the ashes. The new spire is a near replica of the one that was
53:10 destroyed in the fire. Although there was a competition for alternative ideas, which was won
53:16 by two young Chinese designers. Their theme was Paris heartbeat, and it would have featured
53:22 a mirrored roof and spire with a time capsule on top. But ultimately, French officials decided to
53:29 stick with tradition. The famed cathedral was also recognized during this year's Chinese New Year gala.
53:35 Singers from France and China performed bell from the smash hit musical Notre Dame de Paris,
53:48 marking the 60th anniversary of Sino-French diplomatic relations. Back here in Paris,
53:54 the scaffolding will continue to be removed in the coming weeks, providing the first glimpses
53:59 of what the restored part of the cathedral will look like. And the building itself is slated to
54:04 reopen on December 8th, but it could take another 40 years before this iconic cathedral is fully
54:12 restored. Tony Waterman, CGTN, Paris, France. Tourists from across the world have been heading
54:19 to a small town in Hungary for traditional celebrations to mark the end of winter.
54:24 But amid the music, dancing and elaborate costumes, there's concern over unusually warm weather,
54:30 which is arriving earlier each year. Our correspondent Pablo Gutierrez reports.
54:36 The cobbled streets of Mohacs, Hungary come alive with wild creatures at this time of the year.
54:42 It's a vibrant scene of colors, music and tradition.
54:49 For many years, Laszlo Molnar and his family have been going as bushels, which are men dressed as
54:57 horned creatures with cowbells chained around their waist to make as much noise as humanly
55:03 possible. Each year we wait for this season. We spend months getting ready for it. For us,
55:09 it's important to share this time as a family. The Busojadas festival carries with it centuries
55:16 of history and folklore. Legend has it that the Sochi people facing Ottoman invaders in the 16th
55:23 century crossed the Danube wearing fearsome masks and drove them out of Mohacs. Today,
55:29 the festival continues to draw crowds from near and far. They are so interesting and so exciting,
55:37 you know, it's a very, I'm so happy. Each mask that the bushels wear is meticulously carved in
55:44 wood and adorned with horns and feathers. Some pass down through the generations.
55:49 We received all the masks from my wife's family, including ones crafted by her ancestors 30 to 40
55:57 years ago. We hold this tradition dear and feel a strong obligation to uphold its customs.
56:03 Being a part of the Busojadas, they say, is like stepping back in time.
56:08 The bushel mask is not just a disguise, it's supposed to reflect the wearer's inner self.
56:16 For participants here at the Busojadas festival, this tradition is a connection to the land
56:23 and the importance of preserving it for future generations.
56:28 The temperature on the first day of the festival hit 15 degrees Celsius,
56:37 suggesting that climate change is bringing the end of winter further forward every year.
56:42 Even so, the celebrations stick to tradition. Bushel groups move through the town from all
56:48 directions. Tractors adorned in animal skins tow carts filled with children tossing corn kernels
56:56 and candy to the crowd. And after arriving at the central square, the bushels gathered around
57:04 a huge bonfire. An effigy burns slowly and then disappears, symbolizing the end of winter
57:12 and the arrival of spring. Pablo Gutiérrez, CGTN, Mohacs, Hungary.
57:18 And finally, lured by love in a stunning Valentine's Day sting, a Peruvian woman is now in police custody
57:26 after a police officer donned a teddy bear costume and held out gifts to coax the suspected drug
57:33 dealer from her home. The disguised police officer was reportedly holding a sign saying,
57:38 "You are my reason to smile." It all went according to plan. As the suspect approached the undercover
57:44 officer, she was immediately arrested and just had to grin and bear it. Terrible. Bizarre.
57:54 Anyway, our headlines again. Recession hits Japan, demoting it as the world's third largest
58:02 economy, now overtaken by Germany. Our other headlines, the UK has also entered recession
58:08 after consumers cut back on their spending, dashing Prime Minister Rishi Sunak's promise to
58:13 grow the economy. And Italian farmers are on the streets for the second time in a week,
58:19 protesting over rising costs and EU red tape. And that's it for Global Business Europe. Thank you
58:25 for watching. More on all our stories at europe.cgtn.com and do follow CGTN Europe on Facebook,
58:32 Instagram and TikTok. And you can go to CGTN Europe's channel on the Telegram app or scan
58:37 the QR code on the screen to get stories and updates sent direct to your phone. Up next on CGTN,
58:43 it's Africa Live, but we'll see you again tomorrow. Same time, same place from all the team in London.
58:48 Goodbye. Goodbye.
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