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00:00 [Music]
00:18 [Music]
00:33 Live from London, this is Global Business.
00:37 Hello, welcome to the program. I'm Jamie Owen.
00:40 And I'm Robin Dwyer. Our top stories.
00:42 The man who stole $10 billion from customers, former crypto king Sam Bankman-Freed, is sentenced to 25 years in prison.
00:51 Our other headlines, Asia's future direction is mapped out at the BOW forum.
00:56 China promises to be a driving force behind global economic recovery.
01:01 We recognize Europe is the largest market outside China for smart EVs.
01:07 China's electric vehicle giant, Xpeng, is hoping to broaden its footprint in Europe.
01:12 The company's boss shares his plans.
01:15 France's President Macron speaks out against a Europe-South America free trade proposal.
01:20 He says it doesn't do enough on climate or biodiversity.
01:25 And Ukraine's other conflict, the dispute over grain exports that sparked mass protests by farmers across the European Union.
01:33 [Music]
01:37 Well, breaking news as we come on air. It's just been announced in the last few minutes.
01:41 25 years in prison for the crypto king who once owned a $32 billion business.
01:49 Sam Bankman-Freed was convicted of stealing $10 billion from customers and bankrupting FTX, the cryptocurrency exchange that he started in 2019.
02:00 Bankman-Freed told a New York court that he made a series of bad decisions.
02:06 Well, let's talk now to David Gerrard who's a cryptocurrency journalist.
02:10 Good to see you, David. So we've had this sentencing news in just the last few moments.
02:14 But how did we get to this point?
02:16 Sam Bankman-Freed, known as the crypto king, but it's been a dramatic fall from grace.
02:22 It has. But FTX was always a rather dodgy enterprise in a lot of ways.
02:27 But it was quite clear by May 2022 when Terra Luna crash happened that FTX was broke and it was basically a hot air balloon.
02:37 They tried frantically buying up other bankrupt crypto companies to fill the gaping black hole in their books.
02:45 But six months later, it came out that they'd been broke for six months and they were just stealing customers' money to plug the hole.
02:51 But they were stealing it before that as well. This had been going on for years. It was standard operating procedure.
02:56 But he really was the darling, wasn't he, of the crypto world, a 32 billion dollar business?
03:02 Absolutely. He was a very charming fellow. He knew how to project that, gosh, I'm just a nerdy genius sort of look.
03:11 I mean, you should think of that as business clothes for technical people.
03:16 But he was a very charming fellow. But, you know, con men are charming. That's actually the job.
03:22 So what do you make of it? Sorry to interrupt you. I was going to say that we've had the sentencing now 25 years.
03:29 Some have speculated it would be more. The prosecution wanted more.
03:33 Yes. I mean, I'm loath to say that anyone should go to jail, but if anyone should, it's probably Sam Bateman Freed.
03:41 And this was a light sentence compared to what he could have got.
03:45 110 years in the prosecution asked for only 50 because the guy is an inveterate crook.
03:51 Everyone has ever known him has always called him a liar who can not can't be trusted.
03:55 It's amazing. There was that biography in last year which everyone in it was saying what a liar Sam was.
04:02 It was incredible. So I think this is a light sentence in the circumstances when he gets out.
04:09 He'll be 55 years old, 57 years old. He'll be old enough to still have a life, but hopefully not to do very many more crimes.
04:19 So he made some remarks in his sentencing. He told the court that he made a series of bad decisions.
04:25 There was some contrition, but not an outright apology. Do you think people will feel that justice has been served here?
04:32 I think they're glad that it's over and they don't have to think about Sam Bateman Freed anymore.
04:38 He destroyed people's lives. At least three people killed themselves over losing everything in FTX.
04:45 He just stole everyone's money and then he told them it was all in a good cause.
04:49 It wasn't. It was in the cause of Sam Bateman Freed.
04:52 So what happens in his particular case now? We've had the sentencing, 25 years. Can he now go on to appeal that amount?
04:59 He can appeal the sentencing. He can appeal the amount. He can appeal the case itself.
05:04 He has appeals lined up. Of course, he can take those appeals as anyone can.
05:10 I don't know that he's got a lot of grounds to appeal on. So I don't expect it to go very far.
05:18 And there's a whole pile of other charges that they dropped, but they could reactivate those if somehow he dodges.
05:25 He was doing political bribery of all sorts. None of that was in this actual case, that sort of thing.
05:31 He's a very bad guy.
05:34 Well, David, thank you for sharing your views today. That's David Gerrard, the cryptocurrency journalist.
05:39 Well, this news has only just broken in the last 20 minutes or so on this, the final day of trading in the US ahead of the East break.
05:48 Let's talk to our correspondent, John Terret at the New York Stock Exchange.
05:53 John, I don't suppose you've had a chance to canvas views there.
05:58 I mean, how will this news be greeted on Wall Street?
06:03 No, I have indeed been canvassing. In fact, we got the information about 10 minutes ago.
06:08 And we thought it was 20 years at first because Reuters put out 20 years.
06:12 And then it turned out to be the 25 that you've been reporting.
06:15 And people here have no time for Sam Bankman-Fried. I mean, that interview guest you just spoke to, the last thing he said was he's a pretty bad guy.
06:23 Right. Or something like that. Well, that's the view of Sam Bankman-Fried here.
06:27 Never mind that he intended to do good in the world. Never mind that they've got most of the money back, which they have actually.
06:33 They've got most of it back. They've recovered it.
06:35 And it's been helped by the fact that Bitcoin and cryptocurrencies have been going up sharply in value.
06:40 All of that has certainly helped people who lost money when this first came up.
06:44 But nobody has any time for Sam Bankman-Fried.
06:46 And I did say yesterday on the program that they tend to do this with white collar crimes.
06:51 You know, you can talk about all the excuses you want, but they tend to punish them, as they did with Bernie Madoff.
06:56 Back in 2009, with higher sentences, because they want to try and stop it and nip it in the bud.
07:01 The problem is there's going to be another con man out there somewhere.
07:04 We just don't know who it is yet.
07:06 All right. Shall I tell you about the markets?
07:08 Why don't I tell you about the markets? Because nothing's happening.
07:11 I mean, really, I think the markets are waiting for a couple of things to happen.
07:14 One is we should hear from Chairman Powell, head of the Central Bank, within the next news cycle, which might help.
07:19 And also tomorrow, Friday, the stock exchanges close, but the banks are open.
07:23 It's not a federal holiday. And we will get out of Washington PCE, which is the Federal Reserve's preferred measure of looking at inflation.
07:30 So even though we won't be with you tomorrow, at this time, the country is operating, as it were, and it will be another indication of inflation.
07:38 It's all about will rates go down later this year.
07:41 On Tuesday, somebody in authority said they wouldn't. The markets sold off.
07:45 Yesterday, Wednesday, there was records all round again, particularly on the S&P 500.
07:49 Today, as I say, things are treading water.
07:51 A couple of companies in the news, Coinbase, talking of cryptocurrency, lost a major court case yesterday.
07:57 They're going to have to appear before a jury now after the leading regulator accused them of selling cryptocurrency materials in an unregistered fashion.
08:06 Their shares are up 3 percent at the moment.
08:08 GameStop, heart of the meme stock from a couple of years ago, saying they've got unsustainable sales and they cut loads of jobs.
08:14 Shares down 4 percent.
08:15 Home Depot, big DIY store here today, making its biggest acquisition to date.
08:20 It's a roofing company, $18 billion they're paying.
08:23 Shares down 8 tenths of 1 percent.
08:25 And Walgreens, boots, boots, boots, the chemist and Walgreens got together a couple of years ago, kicked off the Dow Jones a couple of months ago.
08:31 Shares up 1.2 percent now.
08:33 They narrowed their guidance.
08:35 And on the markets, we are flat.
08:36 The Dow is... My eyes are getting so bad.
08:39 I'm getting too old for this.
08:41 The Dow is up 23 and the S&P 500 is up by three at the moment.
08:45 That's what we call flat.
08:47 John, we're going to make a request from expenses that you have some opera glasses or a telescope or some binoculars.
08:54 But in the meantime, let me talk about two words that normally give great pleasure.
09:00 They are, of course, Disney and Florida, where loads of Americans go on holiday.
09:05 However, this has been, as we've reported many times on this program, the subject of a simmering dispute for seemingly years.
09:13 What's going on on Disney in Florida?
09:15 And this deal, perhaps?
09:17 Well, I'm glad you highlighted this on our program today because this is a really, really big story.
09:23 And I am going to steal from a colleague.
09:26 OK, I did not invent this.
09:28 I've stolen this and I'm admitting it.
09:30 But what's happened to help you understand is that the state of Florida and Disney have agreed that it is a small world after all.
09:39 And anybody who has young kids would appreciate that joke.
09:42 Because basically what happened was it's very, very complex.
09:45 But let's follow the bouncing ball, shall we?
09:47 So Ron DeSantis, who's the governor of Florida, introduces a local bill which bans teachers from talking about sexual orientation and gender identification.
09:57 The Disney boss, who at the time was called Bob Chaypek, vowed to overturn that.
10:01 Ron DeSantis gets very, very angry and essentially seizes all the land around Disney World in Florida, in Orlando, which Disney for years has been running itself.
10:11 Then Disney, in a late-night coup, gets one back over Ron DeSantis and changes the local bylaws and charters so that he can't actually take it over.
10:20 So the whole thing was in court.
10:22 It was going to be mired in court for years and years and years.
10:25 Now, here's the thing.
10:26 Disney needs to spend $30 billion revamping the theme parks.
10:30 Ron DeSantis needs to get more tourists into Florida.
10:33 And they've decided today that rowing between the state of Florida and your biggest attraction is probably not a good idea.
10:41 So they've called off the cases, and they're going to work together in the future.
10:46 So that, I think, is good news.
10:48 And one thing, on that sexual orientation law, Ron DeSantis has done a deal recently with the LGBT community, which makes them a lot happier about it.
10:56 And teachers can now talk about sex education with very young children in school.
11:01 So it's all -- another joke coming, folks.
11:05 It's all a fairy tale ending.
11:08 Where was the joke?
11:09 I like the way he warned us about the joke in case we hadn't noticed it was a joke.
11:12 And, John, some more good news for you.
11:14 The producer tells me that he's going to order you a monocle so you can see the screens.
11:19 Have a lovely Easter.
11:20 John Terrence in New York.
11:22 Thank you very much.
11:23 Thank you.
11:24 Bye-bye.
11:25 Now, Asia's future direction is being mapped out at the Boao Forum.
11:29 China's top legislator says Beijing aims to be a driving force for global economic recovery.
11:34 Zhao Lijian told the opening ceremony that China will further open its markets while continuing to provide more opportunities for foreign investment.
11:42 Zhao also pledged that the country would pursue green development and global cooperation in science.
11:51 China will proactively link with high-standard international economic and trade rules and build a market-oriented, rules-based and first-class international investment environment.
12:02 Over the next five years, China's total import and export of goods is expected to exceed 32 trillion U.S. dollars.
12:10 This will further unlock the potential of China's supersized market with its more than 1.4 billion people.
12:18 Well, a lot of big players gathered there.
12:21 AstraZeneca's CEO spoke to CGTN's correspondent Guan Xin about the importance of innovation in the biopharmaceutical sector.
12:28 And I think it's important to remember there are 1.4 billion people in China.
12:33 The average GDP per capita is only $12,000.
12:37 And so there's still a lot of room to further increase.
12:42 And everything is here to make it happen.
12:45 The technologies, the innovation, the education and the commitment of people to actually do better and grow the economy.
12:52 So I'm very, very enthusiastic about the future of China and the growth of the economy.
12:57 And China is increasingly relying on innovation as a new driver of growth.
13:02 What are your thoughts on the evolving collaboration with China on research and development, especially on new technologies like AI?
13:09 In the last few years, China has made enormous progress in technologies across a variety of sectors.
13:16 They're working on new technologies, not the old small molecule or large molecule they're working on.
13:22 Cell therapy, gene therapy, oligonucleotides, mRNA.
13:26 And really, they are now driving the next wave of innovation in biopharmaceuticals.
13:32 So I clearly believe that China will play a big role in my sector in terms of innovation.
13:39 And with this will come a new job, a good job, well-paid job, reflecting the focus on new quality productive forces.
13:49 You said earlier that AstraZeneca is now in China for the world.
13:54 How do you evaluate the efficiency and security of China's supply chains and how important is China in your global supply chain network?
14:03 Well, we already export to about 100 countries around the world from China.
14:08 We have several plants in China and we are building two new plants.
14:12 We're building one in Jingdao in Shandong province to manufacture inhaled products for asthma, COPD.
14:19 And a new small molecule plant in Wuxi. The sum of those two investments is more than a billion dollars U.S.
14:27 and the plants are actually being built. And they will manufacture for China but also for the rest of the world.
14:33 So we have great confidence in China's ability to deliver quality products, good productivity, low cost of goods and quality supply chain.
14:43 China claims its new energy industry is thriving because of innovation and quality rather than subsidies.
14:50 It comes after U.S. Treasury Secretary Janet Yellen says she intends to warn Beijing about subsidizing the clean energy sector,
14:57 which includes solar panels and electric vehicles.
15:00 Washington believes a glut of Chinese products is depressing global prices and squeezing America's green manufacturing.
15:07 To stand up to protectionism and bullying and keep global industrial and supply chains stable and functional serves the common interests of all parties.
15:19 This is also a shared responsibility of all parties, including the U.S.
15:23 China's new energy industry has thrived because of our technological innovation and reliable quality cultivated in the process of global competition,
15:32 not because of subsidies as some would believe.
15:36 The UK went into recession in the second half of last year. According to revised figures,
15:42 the economy shrank by 0.3 percent in the fourth quarter following a smaller decline between June and August.
15:48 Britain remains one of the slowest countries to recover from the Covid pandemic.
15:52 But early figures show signs of growth this year.
15:56 Investors in Britain's biggest water company have pulled the plug on six hundred and thirty two million dollars of emergency funding
16:03 in a standoff with the industry regulator over attempts to increase bills.
16:08 It's further raised the prospect that Thames Water may have to be taken back into public ownership and nationalized.
16:14 Fears emerged last year that Thames Water could collapse because of its huge debts.
16:19 A Japanese drugs company says it's investigating a further two deaths in connection with its cholesterol lowering supplement that was withdrawn last week.
16:28 The pills by Kobayashi Pharma had been linked to two deaths and the hospitalization of more than 100 people due to kidney problems.
16:37 The Osaka based company has apologized and launched an investigation.
16:44 You're watching CTCN still ahead. Your phone will speak to your car.
16:49 Chinese smartphone maker Xiaomi joins the electric vehicle race and failing its seven model take on U.S. and Chinese rivals.
17:04 Ever wondered what's the difference between a bear and the bull market.
17:09 Where are the cash cows. And who are the lame ducks.
17:15 And what exactly are black swans. Grey rhino. And unicorn company.
17:26 Make sense of it all with global business only on CTCN.
17:33 I think it should be more global cooperation. I would like to hear more voice of the developing countries.
17:43 Globalization has lifted more than a billion people out of poverty.
17:49 The great transition has to happen. This is a necessity for China and the United States.
17:56 How important is power in the world. What you might just is much more than what you buy.
18:05 And I believe China is committed to this agenda.
18:08 Join me. Juliette man to set the agenda at these times every weekend on CTCN.
18:19 Events have consequences. Words create impact. One more offensive in a long line of battles.
18:26 It's been ongoing for one. Just got to be careful here with some gunshot.
18:31 The world today matters for your world tomorrow. The number of casualties is growing quickly.
18:38 Why this is one of the hardest hit towns in the region. The world today. Every day on CTCN.
18:53 Welcome back to Global Business.
18:55 Chinese consumer electronics maker Xiaomi has launched its highly anticipated electric vehicle with promises of deliveries by April.
19:04 A standard version of the S7 a four door sedan has prices around 30000 dollars.
19:10 The launch marks the tech company's entry into the world's largest EV market.
19:15 Xiaomi is also looking to create a system that links up its smartphone home appliances and cars.
19:21 No way to do that. Intelligentization is the key to success in the smart EV market competition.
19:27 With our 14 years of experience in smartphone manufacturing we are well equipped to apply smartphone technology to our cars.
19:36 Well not to be outdone the Chinese electric vehicle giant X-Peng is hoping to broaden its footprint in Europe with the launch of two new models.
19:44 Brian Gu its co-president told CTCN Trent Murray why the company wants to expand in the European market.
19:51 As a company aspiration to be one of the future leaders in mobility I think German market is a must win market for us.
20:00 First of all I think you know we recognize Europe is the largest market outside China for smart EVs.
20:07 Within Europe no country is as important as Germany from the size from the importance and also from establishing the right brand.
20:15 For German consumers looking at those cars that you're launching into the market what would you say makes them different to what's already available here.
20:22 As you know that we launched the G9 in Nordic countries already in Norway in Denmark and Sweden and Netherlands.
20:30 So the feedback so far has been very very strong. The special about G9 is that one is to showcase a lot of technology that's still leading in the current market.
20:40 For example it has one of the fastest charging speed of all EVs sold in Europe.
20:46 It's one of the most efficient electric drive train because they use this high voltage platform.
20:52 It also showcases technology inside the car the smart cabin experience.
20:57 We also want to make sure that the build quality the luxury appointment the interior feel is all exudes quality and premium.
21:08 You've signaled the companies looking to break even in 2025 reach profitability.
21:15 How essential is your European strategy to trying to reach that target.
21:20 I think to reach profitability you need greater scale. You need probability coming from different markets.
21:28 You also need to make sure that you know we you know win over customers for the long term success.
21:35 So I think for example even though the volume that we saw in Europe last year was only in the thousands.
21:41 But we think the increase the growth profile for international business was much faster than what we can see in China.
21:49 So it's actually an element that give us hyper growth the international market expansion.
21:54 At the same time if you look at you know the margins as well as the price points that we're selling compared to other peers.
22:02 I think the international markets also offers a more favorable mix.
22:07 So as a combination I think it will contribute our ultimate goal of breaking even very soon.
22:13 Can I just talk about the bigger macro sort of economic and political situation.
22:18 You know I struggle to think of a sector that so often finds itself in the crosshairs of discussions about debate debates about trade tariffs or protectionism.
22:29 I mean as a company how difficult is it to navigate that kind of ongoing political discussion particularly when it comes to long term planning and international expansion.
22:38 You have to see this as a normal course of business because if you do international business you're dealing with complex situations.
22:45 You know politically economically and our currency risks. I mean there's things that you just come your way.
22:51 You have to deal with it. So we obviously spend a lot of effort trying to stay close to some of the key issues.
22:57 You know we're watching monitoring how it's evolving. But as a company you just have to deal with what's given.
23:03 You know I think there's no shortcut. No one can escape that.
23:06 And I think it's also part of whether you can build your capability to really navigate through these kind of maze.
23:13 Just briefly we have to talk about Xiaomi. The news is broken. They've brought their car to market. Your reaction.
23:20 No I think you know they have been working on that for many years.
23:23 I know we welcome Xiaomi because Xiaomi actually is a very good friend in terms of our company.
23:29 You know we know I know their management team very well. I respect them a lot.
23:33 They actually have very strong capabilities as a hardware company as a software company.
23:40 So I think they will be bringing very interesting products.
23:43 We would love to have partners that you know can actually compete together and to really build a bigger pie for small mobility.
23:52 Australia is pushing ahead with its green transition but has lagged behind other countries when it comes to electric vehicles.
23:59 But experts say that's now changing as the government adopts a different approach and Chinese car makers offer new models to the Australian market.
24:07 Our correspondent Greg Navarro explains.
24:11 EV Direct's chief executive officer David Smitherman knows that selling a range of electric vehicles in Australia can be challenging.
24:18 In talking to our sales team around the country they just tell me that the buying cycle is a little longer for an EV because they've got to educate.
24:26 That's because Australia ranks low among developed countries when it comes to electric vehicle use.
24:31 Experts say out of the 20 million registered vehicles in this country which is roughly one for every person of driving age 99.9 percent are powered by fossil fuels.
24:41 Australia has relied solely on imported motor vehicles since the last domestic automotive manufacturing plant here closed in 2017.
24:49 And experts say overseas electric vehicle manufacturers have been reluctant to enter Australia because of the lack of any national emission standards.
24:57 A lot of markets really attract those electric models because there's more incentive to sell them there or less of a disincentive shall we say.
25:07 For the Australian market you've got a lack of vehicle choice.
25:12 And until recently those EV choices including Tesla's were at the higher price range.
25:17 But that's precisely why EV Direct the distributor of Chinese company BYD entered the Australian market.
25:24 The market opportunity for EVs in Australia is enormous.
25:27 And it appears to be paying off. Since 2022 it's sold nearly 20,000 vehicles.
25:33 It is an easier market to access and a big part of that is the trade barriers that you see being thrown up in Europe and the US.
25:41 Still obviously a lot of domestic vehicle manufacturing in those regions. We don't have that in Australia.
25:48 Australia's current government has aggressively promoted electric vehicles.
25:52 It's pledged to beef up the country's EV charging network and release a national emission standard next year.
25:59 Other Chinese auto manufacturers plan to roll out EV models later this year.
26:03 We need more affordable electric vehicles. We need more models of different types.
26:09 And we know in China that there's many more models to choose from many more types of vehicle to choose from.
26:15 And experts say that will likely encourage other overseas auto manufacturers to take a second look at Australia as a viable EV market.
26:23 Ragnar Barn, CGTN, Sydney.
26:26 It's the end of the road for diesel vehicles at Volvo after 45 years.
26:31 The Swedish company's final diesel engine vehicle has rolled off the production line at its plant in Gothenburg.
26:37 The move accelerates the company's drive to become an electric only brand by 2030.
26:42 France's president has criticized a free trade proposal between the European Union and South America's Mercosur trade bloc saying it's a very bad deal.
26:52 On his visit to Brazil, President Macron said the agreement failed to include enough protections to halt climate change and biodiversity loss.
27:01 Brazil has said it's ready to sign this deal, but France has repeatedly expressed reservations.
27:07 Well, let's talk to our correspondent, Tony Waterman, in Paris.
27:10 Tony, President Macron speaking out against this free trade deal.
27:14 Why and what does it mean for the negotiations?
27:18 Well, Jamie, one of Macron's biggest gripes is that European farmers are being asked increasingly to adhere to strict carbon reduction measures,
27:30 while farmers in South America that are part of this Mercosur pact in Brazil, Argentina, Paraguay and Uruguay are not being asked to meet the same standards.
27:39 And he says that's simply unfair.
27:41 But the truth is, is that President Macron, along with a lot of leaders across Europe right now,
27:46 are coming under enormous pressure from farmers who are very angry over this deal.
27:52 They think that it is going to lead to a flood of cheap products into the bloc and that it's going to undercut their livelihood.
27:59 So he's feeling pressure really on both ends.
28:03 This is a deal that is 23 years in the making.
28:06 It was signed in principle back in 2019, but it has really struggled to be ratified across the bloc.
28:12 It would create one of the largest FTAs in the entire world with 700 million people.
28:18 I think what is interesting here is that Macron didn't scrap the idea of this trade deal altogether,
28:25 but he did say that it was a bad deal for both parties, kind of leaving the door open to renegotiation,
28:31 which would then include some of these broader themes right now, especially around climate change.
28:36 Can we talk about defence? Because President Macron and President Lula have agreed on stronger defence ties,
28:44 a stronger defence relationship. What more do we know about that?
28:52 Well, during this three-day visit, Macron oversaw the launch of a diesel submarine.
28:58 It's the third of four that is a French-designed submarine in Brazil.
29:03 And this is part of a deal that really dates back more than 15 years.
29:06 It was signed between Lula when he was last in power and also former French President Nicolas Sarkozy.
29:12 And part of that deal includes the building of a nuclear submarine.
29:18 But this is an adventure or venture rather that has faced a lot of pushback.
29:23 There has been a lot of budget delays on the Brazilian side,
29:26 but there's also been hesitation within the French government to transfer this type of nuclear technology.
29:33 And Macron really doubled down during his visit, saying that France will be there for Brazil.
29:39 It will be by its side as it starts looking into actually building this nuclear submarine.
29:47 It is really part of this $10 billion effort to secure the Brazilian coastline that stretches 8,500 kilometres.
29:55 This is where the vast majority, 85% of oil is shipped through coming from Brazil and also gases.
30:02 So this is a resource issue for France.
30:05 But also transferring that technology, which is often very sensitive,
30:09 is going to be a big thing for the French government to do.
30:12 Tony, thank you for that. Our correspondent, Tony Waterman in Paris.
30:17 Argentina's President Mele has promised to cut 70,000 public sector jobs
30:22 to try and bring down the world's highest rate of inflation.
30:25 But the new leader's austerity plans are likely to meet tough resistance from the country's powerful labour unions.
30:31 Our correspondent, Joel Richards, reports.
30:34 Employees here at Argentina's Innovation and Technology Development Agency
30:39 do not know if they'll still have a job by the end of the day.
30:43 25-year-old Catalina Seinhardt says people are anxious and worried not only about their job security,
30:50 but also over funding for the science community.
30:53 Some have described what Argentinian President Javier Mele is doing
30:57 as a chainsaw approach to fixing the country's economy.
31:01 The government continues to implement spending cuts as it works towards its target of balancing the budget.
31:07 This week, President Javier Mele announced a wave of layoffs in the public sector.
31:12 On Tuesday night, the Libertarian president confirmed his austerity push will continue.
31:18 We fired 50,000 public employees.
31:22 Not only that, but contracts were also cancelled, and 70,000 contracts are now going to end as well.
31:30 On Wednesday, the government said 15,000 jobs will be cut by the end of this month,
31:35 but Mele said many more will come.
31:37 These layoffs come in the context of a growing recession.
31:40 The latest official figures show January was the third month in a row that Argentina's economy has fallen.
31:47 Today is a sad day for the state, and we are seeing that if you lose your job here,
31:52 you can't then find something else in the private sector.
31:56 As public sector workers in Argentina are on edge, unions have announced further strike action in early April.
32:03 Joel Richard, CGTN, Buenos Aires.
32:06 You can get highlights from the week's news in Europe and China
32:09 direct to your inbox from CGTN's Storyboard email newsletter.
32:13 Sign up at europe.cgtn.com/newsletter.
32:19 You're watching CGTN Still Ahead.
32:21 The United Nations steps up pressure on Israel,
32:24 warning starvation in Gaza is turning into famine and could amount to a war crime.
32:30 Ever wondered what's the difference between a bear and a bull market?
32:42 Where are the cash cows and who are the lame ducks?
32:48 And what exactly are black swans, grey rhinos and unicorn companies?
32:59 Make sense of it all with Global Business, only on CGTN.
33:06 I think it should be more public oppression.
33:10 I would like to hear more the voice of the developing countries.
33:16 Globalization has lifted more than a billion people out of poverty.
33:22 The great transition has to happen. It's a necessity.
33:26 For China and the United States are important powers in the world.
33:32 What unites us is much more than what divides us.
33:38 And I believe China is committed to this agenda.
33:41 Join me, Juliette Mann, to set the agenda at these times every weekend on CGTN.
33:47 Welcome back to Global Business Europe with Jamie Owen and Robin Dwyer.
33:58 Our top stories.
34:00 The man who stole $10 billion from customers.
34:03 Former crypto king Sam Bankman-Fried is sentenced to 25 years in prison.
34:08 Asia's future direction is mapped out at the Bauer Forum.
34:12 China promises to be a driving force behind global economic recovery.
34:17 France's President Macron speaks out against a Europe-South America free trade proposal.
34:23 He says it doesn't do enough on climate or biodiversity.
34:28 [Music]
34:37 The White House says it's working to reschedule a cancelled meeting between the United States and Israel
34:43 following a request by Prime Minister Benjamin Netanyahu.
34:47 An Israeli delegation was due to visit Washington to discuss a planned ground offensive in Gaza's city of Rafa.
34:53 But Netanyahu cancelled the trip after the United States refusal to veto a UN Security Council resolution
34:59 demanding an immediate ceasefire in Gaza.
35:02 Well, let's talk to our correspondent, Sarah Coates, in Tel Aviv.
35:06 Sarah, talks may be back on the table, but can we expect any change, any move in Israel's plans?
35:19 Hi, Jamie. That's fairly doubtful given what we have been hearing from the Israeli Prime Minister Benjamin Netanyahu.
35:25 He continues to double down on his stance that an invasion, an operation into the city of Rafa is a necessity.
35:33 He says that he will continue to repel these international pressures, including from the United States,
35:40 to pull back with this operation.
35:42 And really, as this rift between Washington and Israel continues to deepen, what we heard today was fairly interesting.
35:51 The Israeli President, Isaac Herzog, sitting down addressing a number of US Democratic Congress people
35:58 saying that Israel and the United States share an unbreakable bond,
36:04 also adding that we share the same objectives, and that is eliminating terror.
36:09 There is still no date set on when this delegation may actually visit Washington,
36:15 but what we can really expect to see here is they may go in there, they'll sit down,
36:20 and they'll listen to these potential alternatives to an operation in Rafa,
36:25 but then they will most certainly lay out Israel's line,
36:29 and what we've been hearing from the Prime Minister is that this needs to happen
36:33 to defeat these last remaining Hamas battalions in Rafa.
36:37 Here's what Benjamin Netanyahu said a little earlier.
36:40 Victory is within reach. It's a few weeks away.
36:45 Now we are told, this is it, last point, now we are told, you can't do this.
36:53 If you go into Rafa, you're going to have a humanitarian catastrophe.
36:57 You're going to have, I don't know, 30,000 dead, 30,000, civilian dead.
37:02 OK. That's not true.
37:07 And as this humanitarian catastrophe just continues to worsen,
37:12 a little earlier today some three people were arrested
37:15 and dozens of others turned away from the Kerem Shalom crossing.
37:20 They were gathering there trying to stop aid trucks from getting into Gaza
37:24 to bring in life-saving aid to Palestinians.
37:28 Sarah, more attacks in both the West Bank and Israel's northern border.
37:34 A manhunt, Jamie, is still ongoing in the West Bank
37:42 after a shooting incident earlier in Jericho.
37:45 It happened around 7am local time, a bus and a number of cars
37:49 travelling along Route 90 when a masked man wearing army attire
37:54 jumped out, opened fire. He wounded at least three people.
37:58 They're in hospital with quite minor injuries.
38:01 But it just goes to show the tensions not only in the West Bank
38:06 but also in the north.
38:08 Rocket sirens have been ringing out all throughout the day,
38:11 even in the last half hour in these northern border communities.
38:15 It comes as these cross-border attacks between Israel and Hezbollah
38:18 just continue after a very, very fairly large escalation
38:24 over the last 36 hours.
38:26 The IDF also says it shot down an aerial vehicle which came in from Lebanon.
38:31 It was bound for Israeli territory.
38:33 And there is a lot of fear over this northern border
38:37 that these tensions could escalate, Jamie, into an all-out war.
38:41 Sarah, thank you for that. Our correspondent, Sarah Coates, in Tel Aviv.
38:46 Our correspondent, Akram Al-Satari, is in Rafa in Gaza.
38:51 The situation at Ashifa Hospital is unfolding into a catastrophe
38:55 according to the description of the government media office.
38:59 Around 200 Palestinians, the total number of deaths in Ashifa Hospital
39:03 is around 200 Palestinians who were killed inside and around Ashifa Hospital.
39:08 Around 1,000 Palestinians were also reported to be arrested
39:13 by the Israeli occupation army.
39:15 According to the Palestinian sources in that area and the eyewitnesses as well,
39:19 heavy and fierce fire exchange is going on in the meantime.
39:25 The bombardment can be heard from very far away,
39:28 and also the smokes in the sky can be seen also,
39:32 which is indicative of how fierce the fight that is ongoing in that area.
39:36 According to the Palestinian and Israeli sources as well,
39:40 the Israeli army is still conducting its operation in Ashifa.
39:43 Now for the 11th day, and it's still arresting, targeting, killing,
39:48 and also destroying some of the very important departments of Ashifa Hospital.
39:53 Tariq Yasharivik is from the World Health Organization.
39:58 The situation is really getting worse.
40:00 That's what we hear from our colleagues on the ground
40:03 who are trying on a daily basis to reach hospitals that are still functional,
40:10 and now we are down to 10 out of 36 hospitals that are providing some basic health services.
40:20 So we had two more hospitals that stopped functioning because simply there is no food,
40:26 there is no material, there is no fuel for electricity.
40:29 So the situation is getting worse and worse.
40:32 We are not able to reach Ashifa Hospital that was just mentioned in your program for days now.
40:39 We are hearing about what is happening just like your correspondent was saying,
40:43 but we are not able to get there and to help health workers inside, inside Ashifa.
40:48 In other hospitals the situation is equally difficult.
40:52 We hear about malnutrition that is being seen by doctors.
40:59 The Ministry of Health reports that 31 people have died from malnutrition, including 27 children.
41:07 So the situation is really desperate and it's getting worse,
41:11 and we just can't see the end of this nightmare for the population of Gaza.
41:16 When the United Nations warns that the starvation in Gaza is turning into a famine
41:22 and they say it could amount to a war crime, could it?
41:28 I will leave that to colleagues from the High Commission of Human Rights to deal with the definitions.
41:33 What we know is that analysis that has been made by the group organization
41:39 is showing that there is acute malnutrition, especially in north of Gaza.
41:45 One child out of three aged under two years is acutely malnourished.
41:52 And I just mentioned cases of people dying and children dying from not having enough of food.
41:59 Not having enough of food and nutrients that is needed can have a really horrible consequence,
42:05 not only for children but for pregnant women and a newborn.
42:09 So we just really need to find a solution.
42:13 A solution is to bring more aid, as it has been already said,
42:17 to all the possible crossings that exist and all the possible ways to get that food to people to Gaza,
42:23 to have a ceasefire so we can have an environment where health system can start doing what it's supposed to do.
42:30 Tarek, I don't know if you managed to hear our earlier reports,
42:33 but the suggestion that talks about talks may be restarting,
42:37 the diplomatic narrative might be recommencing.
42:41 How long have these people got, do you think?
42:45 Well, we should have done all of that yesterday, to put it that way.
42:52 People in Gaza are hungry.
42:54 When we try to go to hospitals with our trucks where we have some medical supplies,
42:59 people stop our trucks hoping there is some food.
43:02 People are desperate, you have seen the scene, so there is really no time to lose.
43:06 This is the moment where everything should be done to flood Gaza with food and other things.
43:13 Unfortunately, what is coming in, as your correspondent was saying, is nearly not enough.
43:18 So we need more crossings being opened, we need more supplies to get in,
43:25 and eventually we need a ceasefire so this humanitarian space can be created for us to do our job.
43:32 Because even if we get things inside Gaza, if we can't move it within Gaza,
43:37 because there is a fighting, we don't get security clearances to move,
43:41 then that is not going to help.
43:43 So we really need to be able to move where it's needed.
43:46 Russia's leader says his country has no plans to attack any NATO member states.
44:01 But Vladimir Putin said that if the alliance's F-16 fighter jets are sent to Ukraine,
44:06 they will be shot down.
44:08 Putin has described the possibility of Moscow-backed attacks on Poland or the Baltic states as "complete nonsense".
44:15 But he added that both NATO's F-16 jets and airfields in third countries hosting them
44:20 would become legitimate targets if they were used by Ukrainian air forces.
44:25 One person has been killed in a Russian attack on the Ukrainian city of Kharkiv
44:30 using what officials say could be a new type of missile.
44:33 Investigators have described the device used in the assault as a guided aerial bomb.
44:38 The strike on a residential area of Kharkiv also left 19 people injured, including three children.
44:45 Elsewhere, two people were hurt in a Moscow-backed drone attack on the city of Zaporizhzhia.
44:51 Ukraine and Poland are holding talks to try and resolve the dispute over grain exports
44:57 that sparked mass protests by farmers.
45:00 Polish farmers want customs duties to be reimposed on Ukraine's agricultural exports.
45:06 The tariffs were lifted two years ago when the invasion began.
45:10 The EU has reached a deal to extend tariff-free imports on Ukrainian food,
45:15 but with restrictions on products deemed to be sensitive, including poultry, oats and honey.
45:21 But farmers in Poland and across the EU want new measures taken against Ukrainian grain imports,
45:27 which they say are flooding local markets.
45:31 Let's talk to our correspondent, Magumi Lim, who's in Kiev.
45:34 So, Magumi, how are these talks going?
45:37 Well, unfortunately, these talks today between Polish Prime Minister Donald Tusk
45:46 and his Ukrainian counterpart, Denis Shmyhal, didn't yield any concrete solutions
45:51 to this ongoing issue between Poland and Ukraine
45:54 regarding Ukrainian agricultural products transiting through Poland
45:59 and has drawn the ire of Polish farmers, which has triggered protests, as you mentioned earlier.
46:04 But after these talks were held at a news conference,
46:08 Tusk said that they have come very close to a solution
46:11 to ensure that transit doesn't hurt the Polish market.
46:15 But this indicates that negotiations will likely have to continue
46:19 because they have not come up with any concrete solutions.
46:22 But they did issue a joint communique,
46:25 which stated that they have agreed to search for a "mutually satisfactory solution"
46:30 and they have confirmed their readiness to try to introduce some sort of control
46:35 and verification system on the border checkpoints for Ukrainian agricultural products
46:41 to try to maintain some level of transparency
46:45 to ensure that Ukrainian grain does not flood the Polish market.
46:50 Now, on the Ukrainian side, Kiev has proposed a five-step plan to try to resolve this issue
46:56 and Ukrainian Prime Minister Denis Shmyhal has said that he expects some sort of response
47:01 and for Poland to give an answer to these five steps that Ukraine has proposed.
47:06 And these steps include Ukraine agreeing to EU-proposed restrictions on their agricultural products
47:12 and it also includes Brussels carrying out a priority screening
47:16 of Ukraine's agrarian and transport legislations
47:19 and also the EU imposing embargoes on Russian and Belarusian agricultural imports to the EU bloc
47:27 and setting up crisis management headquarters
47:30 and also, very importantly, to ensure the free passage of humanitarian aid, weapons, ammunition and fuel
47:37 crossing the Polish border into Ukraine
47:41 to ensure that Ukraine's already fragile wartime economy and Ukraine's war effort is not undermined.
47:48 And so far Tusk has responded to one of these items
47:51 and he has said that the EU will soon introduce a 50% tariff on some agricultural products from Russia and Belarus.
48:00 McGuime, thank you very much.
48:01 Our correspondent, McGuime Lim, in Kiev.
48:04 China says it will lift tariffs on Australian wine imports from Friday.
48:09 The tariffs of over 200% were first imposed in 2021,
48:13 reducing Australia's previously strong market share in China to virtually nothing.
48:18 The removal follows a recent warming in diplomatic relations.
48:21 China said the anti-dumping and anti-subsidy tariffs were no longer necessary.
48:27 China is calling on the Netherlands to increase cooperation in the semiconductor industry.
48:33 That's after the Dutch government banned chip machine maker ASML
48:37 from exporting some of its most advanced devices to China,
48:40 vowing to demand from the United States.
48:42 China is locked in a chip race with the US, boosting demand for chip making machines.
48:47 Speaking with his Chinese counterpart in Beijing,
48:49 the Dutch trade minister said the ban is not targeted at any country in particular.
48:54 Colombia has announced the expulsion of Argentine diplomats in retaliation for what it called offensive remarks
49:01 made by the president, Javier Mille.
49:03 In an interview with CNN, the right-wing leader refers to Colombia's leftist president,
49:09 Gustavo Petro, as a murderer and a terrorist.
49:13 Colombia's foreign ministry said those comments offended the dignity of President Petro.
49:19 Powerful sandstorms have swept through northern China,
49:22 bringing disruption to hundreds of millions of people.
49:25 Public activities have been cancelled as reduced visibility has led to car crashes.
49:30 The storms are expected to ease on Friday.
49:33 China's sandstorm season begins in March.
49:38 Divers in the United States have recovered two bodies from the wreckage of the collapsed Baltimore Bridge.
49:44 They were among six construction workers who fell into the river
49:47 when a cargo ship crashed into the Francis Scott Quay Bridge.
49:51 Officials say the ship was carrying hazardous materials, some of which leaked into the water.
49:56 Our correspondent Owen Fairclough reports.
49:59 We've had more details overnight, not just the investigation,
50:03 but the details of the final moments before the dali struck the bridge,
50:08 just seconds between the Mayday alert being raised and officials here on the bridge
50:13 managing to close it to traffic and stop this catastrophe escalating even further.
50:18 We've also had more details as well from safety officials about their investigation.
50:23 They've confirmed, federal transport officials, safety transport officials,
50:27 that they have been able to board the dali and retrieve the crucial voyage recording equipment
50:32 that's likely to inform them of those last moments of that ship as it collided with the bridge.
50:38 There are also reports as well that the propulsion system on that ship failed.
50:42 We know from that video we've seen that the lights went out on the ship.
50:46 But obviously those investigators want to know more details.
50:49 They also want to hone in on what appears to be a troubled safety history for this ship
50:55 with reports, for example, in 2016 that it collided as it left the port of Antwerp.
51:02 There are also other reports about safety problems that were documented
51:05 and are available on publicly available databases.
51:09 Understandably, perhaps, safety officials here don't want to comment too much on those details,
51:15 but they clearly are investigating the history of this vessel.
51:19 We are going to be working with NTSB as they lead their independent investigation.
51:23 It's too early to speculate, of course, what NTSB will find,
51:27 but if they discover or determine anything that should be considered in the regulation,
51:32 inspection, design or funding of bridges in the future, we will be ready to apply those findings.
51:39 There's clearly a wider issue here with reports about the bridge
51:43 and just how much protection it had for a collision for a cargo boat of this size.
51:48 There's been some conjecture about that.
51:50 What is clear, though, is that bridges like this one built some 50 years ago
51:55 were never designed for the advent of globalization and interdependent trade
51:59 with ever bigger cargo ships carrying sometimes thousands and thousands of containers
52:04 as they crisscross the world.
52:06 And that's something that the US federal government is going to have to have a look at
52:09 as it looks at the infrastructure around the United States
52:13 and needs to consider just how much it can keep up with the ever-growing demand
52:18 for globalized products and the way that they're transported across the world.
52:22 Owen Fairclough, CGTN, in Baltimore.
52:26 You're watching CGTN Still Ahead.
52:28 A surprising aphrodisiac will be finding out the perfect temperature for breeding, if you're a fish.
52:35 [Music]
52:41 Events have consequences. Words create impact.
52:46 Unprecedented scenes that we saw.
52:49 The cleanup operation is now well and truly underway.
52:53 Parts of southern Europe remain in a state of emergency.
52:56 Context gives meaning. People make history.
53:00 Far more than a thousand people have come here today.
53:03 But authorities are still on high alert.
53:06 So now we've actually become the border on this road.
53:09 A complex world demands a comprehensive view.
53:12 But with the cleanup efforts more or less under control--
53:15 The economic impact is bound to ripple across the country.
53:18 There's plastic pollution everywhere.
53:21 Because the world today matters for your world tomorrow.
53:25 This is the living area of the crew.
53:28 The focus is firmly on future technologies.
53:31 Well, this is something completely different.
53:33 The world today, every day, on CGTN.
53:38 [Music]
53:45 [Music]
53:50 [Music]
53:55 [Music]
54:00 [Music]
54:05 [Music]
54:10 [Music]
54:13 [Music]
54:19 Hello, welcome back to Global Business Europe.
54:21 Now, what do you get when you cross an LNG processing plant with a fish breeding farm?
54:26 Well, in a trial project in China's Shenzhen, the answer is the perfect environment to raise fish.
54:32 Our correspondent Wang Tianyu reports.
54:35 Have you ever seen anyone wearing a helmet and goggles to breed fish?
54:41 I had never seen anyone doing so until I got to this little fish farm.
54:47 A fish farm that is located inside a receiving terminal for LNG, liquefied natural gas.
54:54 [Speaking Chinese]
54:57 It sounds radical to cultivate fish in a place where machines, pipelines, and tanks are all around.
55:03 Are they safe for consumption?
55:05 [Speaking Chinese]
55:10 Sashimi? Wow, Mr. Neo, are you going to tell me where this aquarium water is coming from?
55:16 [Speaking Chinese]
55:18 It's very easy to explain. The water is drawn from our open channel and brought here.
55:23 Where is the open channel water from?
55:25 Since our liquefied natural gas, or LNG, is at minus 162 degrees Celsius and needs to be gossified for use,
55:33 we use the seawater to exchange heat with the LNG.
55:37 Essentially, the seawater warms up the LNG and converts it into a gaseous state.
55:43 Neo says the seawater and the LNG do not mix during the whole process.
55:49 Just like a bottle of water in his hand wouldn't be polluted by the aquarium water.
55:54 The only change is in temperature.
55:59 After the process, the seawater will be cooled by 3 to 5 degrees Celsius,
56:04 which would normally cause it to stay between 15 to 25 degrees Celsius.
56:09 In the southern area, this kind of low temperature seawater is very precious. It is hardly found.
56:15 So instead of piping the cold water directly into the sea,
56:19 the LNG receiving terminal cooperates with a local aquaculture farming company,
56:23 using the water to cultivate high-end seafood, including fish, lobster, and abalone.
56:30 The cold water constantly flows in and out of the tanks,
56:34 which creates an extremely good condition for those marine species to grow healthily.
56:40 People joke and say our fishes are running on treadmills because they are raised in flowing water.
56:45 Only fishes raised in flowing water are delicious.
56:48 Compared to conventional farming methods, this can reduce costs by around 30%.
56:54 To cool one cubic meter of water by 5 degrees Celsius, you need 5.8 kilowatt hours of power.
57:03 Our tank holds two cubic meters of water, so you need to double it. It will cost a lot of money.
57:10 For this fish farm, the cold energy utilized equals saving 1.97 million kilowatt hours of power per year,
57:18 which is equivalent to planting 1,800 trees in terms of carbon dioxide emission reduction.
57:24 And the green characteristic of this farm is even reflected in the details.
57:29 Before the water in these tanks goes into the sea, it will flow by these kind of grasses.
57:34 And you see the roots of them can absorb the feed and the feeds of the fishes.
57:40 The fish farm is just a trial project started in May last year.
57:45 Estimated to reach an annual output of 50 tons,
57:48 the project has become a good example of what a circular economy could look like.
57:53 Oh, and by the way, today's lunch is great.
57:57 With these cold energy fish, I count myself.
58:00 Wang Tianyu, CGTN, Guangdong Province, Shenzhen.
58:04 And just before we go, some breaking news for you.
58:07 A world court ordering Israel to take action to address the Gaza famine,
58:12 issuing new provisional measures on Gaza as part of the case brought by South Africa on the prevention of genocide.
58:20 Judges at the International Court of Justice unanimously ordered Israel to take all necessary and effective action
58:26 to ensure that basic food supplies arrive without delay to the Palestinian population.
58:31 The ICJ says that people in Gaza face worsening conditions and famine and starvation are spreading.
58:38 Our other headlines, the man who stole $10 billion from customers,
58:44 former crypto king Sam Bankman-Fried, is sentenced to 25 years in prison.
58:50 Asia's future direction is mapped out at the Boao Forum.
58:54 China promises to be a driving force behind global economic recovery.
58:58 And France's President Macron speaks out against a Europe-South America free trade proposal.
59:04 He says it doesn't do enough on climate or biodiversity.
59:09 That's it for global business here. Thanks for watching.
59:12 Coming up next on CGTN, it's Africa Live.
59:14 We'll see you again tomorrow, same time, same place, from all of the team in London.
59:18 It's goodbye.
59:19 Goodbye.
59:20 ♪ ♪
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