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00:00 [MUSIC]
00:10 [MUSIC]
00:20 Live from London, this is Bloomberg Business.
00:39 >> Hello, welcome to the program.
00:40 I'm Jamie Owen.
00:41 >> And I'm Robin Dwyer.
00:42 Our top stories.
00:43 Spain, Ireland, and Norway announce in a coordinated move that they will
00:47 formally recognize the state of Palestine.
00:49 >> Israel reacts angrily, warning of serious consequences and
00:54 recalling its ambassadors to all three countries.
00:57 >> A former boss of the UK Postal Service takes the stand at an inquiry
01:03 into a scandal that saw hundreds of people wrongly accused of fraud.
01:08 And Iran's supreme leader presides over the funeral processions of the late
01:12 president and foreign minister killed in Sunday's helicopter crash.
01:17 [MUSIC]
01:27 Spain, Ireland, and Norway have all announced they will formally recognize
01:35 the state of Palestine, Israel has reacted angrily, recalling its ambassadors
01:40 to the three countries, and warning of serious consequences.
01:43 >> It follows the United Nations General Assembly vote 12 days ago,
01:46 which overwhelmingly backed a Palestinian bid for full membership.
01:51 Our correspondent Ken Brown reports.
01:52 >> [APPLAUSE]
01:55 >> A carefully choreographed announcement
01:57 came after weeks of discussions.
01:59 Ireland, Norway, and Spain's official recognition of Palestinian statehood
02:03 will come into force on the 28th of May.
02:06 All three have a long history of support for the Palestinian cause.
02:10 Spanish Prime Minister Pedro Sanchez said Israeli leader Netanyahu
02:14 lacks a plan for peace.
02:15 >> [FOREIGN]
02:17 >> Prime Minister Netanyahu has no peace project for Palestine.
02:21 Fighting the terrorist group is legitimate and
02:23 necessary after the events of the 7th of October.
02:27 But Netanyahu is creating so much pain and so much destruction in Gaza and
02:32 the rest of Palestine that the viability of a two-state solution is in serious danger.
02:37 >> [FOREIGN]
02:40 >> Norway said it believed a two-state solution was also in the best
02:44 interest of Israel, while Ireland's leader said many countries were
02:47 considering joining this wave of recognition.
02:51 >> I've spoken with a number of other leaders and counterparts, and
02:55 I'm confident that further countries will join us in taking this
02:59 important step in the coming weeks.
03:02 This is an historic and important day for Ireland and for Palestine.
03:07 >> Spain, Ireland, and Norway joined 143 of the UN's 193 member states
03:15 in recognizing the state of Palestine.
03:18 While the Palestinian West Bank government has welcomed the move,
03:20 in Israel the response has been one of furious condemnation.
03:24 >> Ireland, Norway, and Spain are telling Hamas in a loud and
03:31 clear voice that the October 7th massacre pays off.
03:35 They are telling Palestinians that educating children to terrorism and
03:42 refusing to accept a Jewish state pays off.
03:46 >> The recognition from these three countries is unlikely to have any
03:49 immediate impact on the ground in Gaza, but the European leaders are hoping that
03:53 it will build momentum towards a ceasefire and
03:56 a lasting peace built on a two-state solution.
03:59 Beyond Europe, the United States will be watching these developments closely as
04:04 calls for a ceasefire in Gaza and a long-term solution continue to grow there, too.
04:10 Ken Brown, CDTN, Madrid.
04:11 >> Well, let's talk now to Bobby McDonough, who's a former Irish ambassador to Italy.
04:17 Welcome to the program.
04:18 Thank you for joining us.
04:19 So why does Ireland want to do this?
04:23 >> Well, I think it's the right decision at the right time, and
04:26 there are three reasons for wanting to do it.
04:28 The first is a matter of principle.
04:30 Ireland is a country that had to struggle for its independence and
04:33 recognition a long time ago through very difficult times.
04:36 And we believe that the Palestinian people have a right to a state and
04:40 an equal right to the right of the Israelis to have a state.
04:44 Secondly, we hope that it will make a practical contribution
04:48 to an eventual two-state solution.
04:51 However difficult that may be, it is the only possible solution to the problems.
04:56 And of course, the two-state solution, I would absolutely emphasize,
04:59 as our prime minister did, means Israel's absolute right to exist and
05:03 right to its own security.
05:05 It's a two-state solution.
05:06 And thirdly, it's a matter of timing.
05:08 The United Nations General Assembly voted overwhelmingly, 143 votes to nine,
05:13 to give full membership to the Palestinians.
05:16 They voted earlier this month.
05:17 And we are moving with Spain and Norway.
05:20 There's no country that is more associated with trying to establish peace
05:24 in the Middle East than Norway.
05:25 Ireland has made its contribution too, but the Oslo Accords called out to
05:29 the capital city of Norway were a major attempt that still figure in
05:34 any analysis of the attempts that have been made to bring peace to the Middle East.
05:37 So we've moved with like-minded partners, but
05:40 it's absolutely not about rewarding Hamas.
05:43 The Irish government has consistently condemned Hamas and
05:46 did so again today for their appalling crimes on the 7th of October.
05:51 So for the Israeli government to jump up and down and
05:54 say that we're rewarding Hamas, I understand why they do it,
05:57 because they don't like the decision to recognize Palestine and
06:00 they're criticizing the three countries in any way they can.
06:03 But the fact is that it isn't the recognition of Palestine by three
06:07 countries that is leading to Palestinian extremism.
06:10 It's the behavior of the Netanyahu government over the last six months that
06:14 is increasing Palestinian extremism.
06:16 And you talked a few moments ago about Ireland's struggle for recognition.
06:20 Ireland, of course, having a history of moving on after that with two
06:24 seemingly irreconcilable sides.
06:26 How hard do you think it will be here?
06:28 I think it will be incredibly difficult.
06:32 And I couldn't suggest that what happened in Ireland, the Good Friday
06:36 agreement that brought peace to Northern Ireland, is an exact template
06:40 for what should happen in the Middle East.
06:42 But I would say that it is a sign of hope.
06:46 I mean, the situation in Northern Ireland appeared irreconcilable.
06:50 And the long tradition of animosity between different traditions in
06:55 Ireland goes back even further than the Israeli-Palestine conflict.
06:59 So we are very pleased that we were able to reconcile the difference by
07:04 recognizing that the only way to overcome a divide where opinions are
07:08 divided is by agreement.
07:10 So we would hope that that sort of spirit in general and that sort of
07:13 hope would play a little bit into the situation in the Middle East.
07:16 But we recognize that it's a different situation.
07:19 It's highly complex.
07:21 Well, Ireland's prime minister said that today's decision to recognize
07:24 Palestine is taken to help create a peaceful future.
07:28 Do you think that's possible?
07:29 Well, a peaceful future can't be created by a single decision like
07:35 today's decision.
07:36 There's a very complex tapestry of issues that are involved.
07:41 But I think what is clear is that if there is to be a peaceful solution,
07:46 it has to involve a two-state solution.
07:48 It has to involve an Israel that's secure within its own borders and a
07:54 Palestinian state that's also secure within its own borders with equal
07:57 respect for the two noble peoples of Israel and Palestine.
08:01 So we can't claim to be magicians.
08:04 We don't claim that we have suddenly found a solution to all the
08:07 problems.
08:08 But we hope that in our small way, we are nudging along the process
08:12 towards negotiations and ultimately peace in that very troubled part
08:16 of the world.
08:17 Bobby, great to talk to you today.
08:18 Thank you for joining us.
08:20 That's Bobby McDonough, the former Irish ambassador to Italy.
08:23 Well, Israel's government has denounced that decision by the three
08:26 countries to formally recognize Palestine.
08:29 Let's talk to our correspondent, Jonathan Redgiv, who's in Tel Aviv.
08:32 Jonathan, tell us more about Israel's reaction.
08:37 Yes, Jamie, major outrage here in Israel regarding this decision by
08:45 those three European countries, Norway, Ireland and Spain.
08:49 The Israeli ambassadors in Oslo, in Dublin and in Madrid have already
08:53 been recalled back to Israel for consultations.
08:56 And the ambassadors here of these three countries have been summoned
09:00 to the Israeli foreign ministry.
09:04 Basically all across the spectrum, there are calls saying that this
09:09 decision is nothing but a reward for the terrorists, the terrorists
09:15 that performed that terrible massacre on October 7th, say Israelis
09:21 are now being rewarded by this decision by Ireland, by Norway and
09:26 by Spain.
09:27 And just minutes ago, Prime Minister Benjamin Netanyahu spoke
09:30 saying this is nothing more than a reward for terrorism.
09:35 Similar comments coming from other ministers, Foreign Minister
09:38 Yisrael Katz and other members of the government.
09:44 And Israel is also contemplating about an idea to perhaps give
09:49 diplomats from these specific three countries some hard time when
09:53 they want to act in the West Bank.
09:57 Of course, they are in Israel and they have diplomatic immunity
10:00 regarding everything they want to do within Israel proper.
10:03 But Israel can create some problems for diplomats from these
10:07 countries when they want to cross into the West Bank.
10:11 Whether Israel will or will not go and perform the step, which is
10:14 quite radical, we will have to wait and see.
10:17 This is one of the ideas that is circulating here in the Israeli
10:21 establishment.
10:22 Jonathan, away from the diplomatic response, the military action
10:25 grinds on.
10:26 Troops moving deeper into Rafa overnight.
10:29 What do we know, at least from the Israeli side?
10:36 From the Israeli side, the army has confirmed that the Nakhal
10:39 brigade has gone into Rafa, making it the fifth IDF brigade in the
10:45 city.
10:46 That means that already this ground operation is quite massive.
10:50 Perhaps not as big as Israel would have wanted this operation to
10:54 be to begin with, but when we speak of five IDF brigades in the
10:57 area of Rafa, that is quite substantial.
11:01 Regarding the number of people that have already left the area,
11:03 UNRWA has placed the number at 800,000 Palestinians.
11:07 Israel claims the number is actually close to one million.
11:10 Whatever it may be, it is clear that a large number of Palestinians
11:16 already left the area of Rafa further north into the area of
11:19 Khan Younes, understanding that tough fighting is coming up in the
11:25 area of Rafa, understanding that Israel is headed for a rather big
11:30 ground operation in the area, probably with some kind of
11:36 understanding from Washington that Israel can go along with it
11:40 because Israel facilitated the departure of hundreds of thousands
11:44 of Palestinians further north from Rafa.
11:47 Jonathan, thank you for that.
11:48 We now turn to our correspondent, Jonathan Redgiv, in Tel Aviv.
11:53 The Palestinian Authority has given its response to that
11:56 announcement from Ireland, Norway and Spain.
11:59 The recognition today of three important European countries is
12:04 very important for the sake of peace, for the sake of seeking a
12:10 two-state solution according to the international law.
12:14 We hope that the other European countries will follow because this
12:18 is the only way to achieve peace and stability in the world.
12:23 Our correspondent Akram Al-Satari has the reaction in Gaza.
12:29 To start with, unfortunately not many Palestinians are able to
12:32 access the news, they cannot access the internet, they cannot
12:35 access TV.
12:36 There are a very limited number of Gazans who have been hearing
12:40 the news about those three countries accepting and
12:43 recognising Palestine as a state and other nine countries that are
12:47 also prepared and some work is underway for the sake of
12:51 recognising Palestine is considered by those people as a
12:55 very historic history that is being made in the meantime.
13:00 And one more step that brings Palestine closer to the
13:04 statehood, despite the agonies, despite the destruction, despite
13:08 the death and the devastation they have been seeing.
13:11 They think that it's going to influence Israel and it's going
13:14 to soften its diplomatic and political endeavours and it will
13:18 make Israel, according to the Palestinian sources, reconsider
13:22 its positions when it comes even to the ongoing war.
13:25 We're going to break in there, I think, and take you live on CGTN
13:29 to Downing Street in London where the UK Prime Minister Rishi
13:33 Sunak is speaking.
13:34 As I stand here as your Prime Minister, I can't help but reflect
13:37 that my first proper introduction to you was just over four years
13:40 ago.
13:41 I stood behind one of the podiums upstairs in the building behind
13:45 me.
13:46 I told you that we faced a generation-defining moment and that
13:49 we as a society would not be judged by some government action but
13:54 by the small acts of kindness that we showed one another.
13:58 You met that challenge and then some, and I have never been prouder
14:02 to be British.
14:03 And when I introduced the furlough scheme, I did so not because I
14:07 saw a country simply in need of desperate help, albeit we were,
14:11 but because I saw a country whose future hung in the balance.
14:15 I could be bold and trust in the tens of millions of you at home
14:18 that you would rise to the moment, or I could accept the inevitable
14:22 millions of job losses and pick up the pieces.
14:26 In truth, it was no choice at all.
14:29 I have never and will never leave the people of this country to face
14:33 the darkest of days alone, and you know that because you've seen it.
14:38 As I did then, I will forever do everything in my power to provide
14:43 you with the strongest possible protection I can.
14:46 That is my promise to you.
14:49 Because for so many of us, it's easy to forget the scale of what
14:52 we've been through.
14:54 We were hit by a pandemic that upended normal life.
14:57 Who would have thought that the government would ever tell us how
15:00 many times a day we could leave our homes?
15:03 Then just as we were recovering from COVID, war returned to Europe.
15:08 With Putin's invasion of Ukraine sending your energy bills spiraling,
15:12 I came to office, above all, to restore economic stability.
15:17 Economic stability is the bedrock of any future success,
15:21 whether that is rising wages and good jobs,
15:24 investment in our public services, or the defense of the country.
15:28 And because of our collective sacrifice and your hard work,
15:32 we have reached two major milestones in delivering that stability,
15:36 showing that when we work together, anything is possible.
15:41 Our economy is now growing faster than anyone predicted,
15:44 outpacing Germany, France, and the United States.
15:47 And this morning, it was confirmed that inflation is back to normal.
15:52 This means that the pressure on prices will ease and mortgage rates
15:55 will come down.
15:57 This is proof that the plan and priorities I set out are working.
16:01 I recognize that it has not always been easy.
16:04 Some of you will only just be starting to feel the benefits.
16:08 And for some, it might still be hard when you look at your bank balance.
16:13 But this hard-earned economic stability was only ever meant to be the beginning.
16:17 The question now is how and who do you trust to turn that foundation
16:22 into a secure future for you, your family, and our country?
16:27 Now is the moment for Britain to choose its future,
16:31 to decide whether we want to build on the progress we have made
16:34 or risk going back to square one with no plan and no certainty.
16:39 Earlier today, I spoke with His Majesty the King
16:41 to request the dissolution of Parliament.
16:44 The King has granted this request,
16:46 and we will have a general election on the 4th of July.
16:50 This election will take place at a time when the world is more dangerous
16:53 than it has been since the end of the Cold War.
16:56 Putin's Russia is waging a brutal war in Ukraine
16:59 and will not stop there if he succeeds.
17:02 That war has also made it all too clear the risk to our energy security.
17:07 In the Middle East, the forces of Islamist extremism
17:10 threaten regional and ultimately global stability.
17:14 These tensions are exploited by extremists
17:16 who seek to undermine our values and divide our society here at home.
17:20 China is looking to dominate the 21st century
17:24 by stealing a lead in technology.
17:26 And migration is being weaponised by hostile states
17:30 to threaten the integrity of our borders.
17:33 These uncertain times call for a clear plan and bold action
17:38 to chart a course to a secure future.
17:41 You must choose in this election who has that plan,
17:45 who is prepared to take the bold action necessary
17:47 to secure a better future for our country and our children.
17:52 Now, I cannot and will not claim that we have got everything right.
17:57 No government should.
17:59 But I am proud of what we have achieved together,
18:02 the bold actions we have taken,
18:04 and I'm confident about what we can do in the future.
18:08 We've tackled inflation, controlled debt,
18:10 cut workers' taxes and increased the state pension by £900.
18:15 We've reduced taxes on investment and seized the opportunities of Brexit
18:19 to make this the best country in the world to grow a business,
18:23 put record amounts of funding into our NHS
18:25 and ensured it is now training the doctors and nurses it needs
18:29 in the decades to come.
18:31 We've reformed education and our children
18:33 are now the best readers in the Western world.
18:36 We've prioritised energy security and your family finances
18:40 over environmental dogma in our approach to net zero.
18:44 We've fully funded an increase in defence spending
18:46 to 2.5% of GDP.
18:49 We made a decision to invest more in local transport
18:52 that you actually use,
18:53 rather than endlessly plough more money into HS2.
18:57 We set out a comprehensive plan to reform our welfare system
19:00 to make it fair for those who pay for it,
19:03 as well as those who need it.
19:05 Immigration is finally coming down
19:08 and we are stopping the boats with our Rwanda partnership.
19:12 And we will ensure that the next generation grows up smoke-free.
19:17 I hope that my work since I became Prime Minister
19:20 shows that we have a plan and are prepared to take bold action
19:24 necessary for our country to flourish.
19:27 Now I've stuck with that plan and always been honest with you
19:31 about what is needed, even when that's been difficult.
19:35 Because I'm guided by doing what is right for our country,
19:38 not what is easy.
19:40 I can't say the same thing for the Labour Party,
19:43 because I don't know what they offer.
19:45 And in truth, I don't think you know either.
19:49 And that's because they have no plan.
19:51 There is no bold action.
19:53 And as a result, the future can only be uncertain with them.
19:57 On the 5th of July, either Keir Starmer or I will be Prime Minister.
20:01 He has shown time and time again that he will take the easy way out
20:06 and do anything to get power.
20:09 If he was happy to abandon all the promises he made
20:11 to become Labour leader once he got the job,
20:14 how can you know that he won't do exactly the same thing
20:17 if he were to become Prime Minister?
20:20 If you don't have the conviction to stick to anything you say,
20:24 if you don't have the courage to tell people what you want to do,
20:28 and if you don't have a plan,
20:30 how can you possibly be trusted to lead our country,
20:34 especially at this most uncertain of times?
20:38 Over the next few weeks, I will fight for every vote.
20:42 You're watching CGTN live from London
20:45 and the Prime Minister, Rishi Sunak,
20:49 getting rather wet outside Downing Street,
20:52 announcing a UK general election to be held on the 4th of July.
20:57 And by the way, you could also hear protesters playing their music
21:02 at the end of Downing Street.
21:05 Well, let's explore that a little further.
21:08 We kind of knew it was coming, didn't we?
21:10 We did. It's been a day of looking forward to this moment
21:13 when we finally found out the date and to have it confirmed.
21:16 He did say, "Now is the moment for Britain to choose its future."
21:19 Our correspondent Yolo Abdavid is here
21:22 and has been listening to that with us.
21:23 What did you make of the way he made that announcement?
21:26 We weren't sure the timing.
21:28 We knew it was roughly at this hour.
21:31 What strikes me, first of all, he decides to come out,
21:33 he stands in the rain in front of an array of cameras and journalists
21:38 who have been there for the past hour.
21:40 So we knew from a direct question that was asked in Parliament
21:45 to the Prime Minister a few hours ago, "Will there be an election?"
21:49 And he answered, "Yes," in the second half of the year.
21:55 So he's chosen the 4th of July, the American Day of Independence.
21:58 It will be the British Day of Reckoning,
22:00 because obviously that was almost a party political broadcast
22:04 when he says, "This is what I've dealt with.
22:06 "This is what we've delivered - furlough,
22:09 "avoiding unemployment during COVID-19."
22:11 He talks about a whole host of things that he sees in the past 18 months
22:17 that the Conservative Party, his government at least,
22:21 have tried to offer and tried to deal with.
22:24 The one word he didn't mention was Brexit.
22:26 And, of course, I think Brexit will have an impact
22:29 during the next few weeks as voters who will decide which way to vote.
22:36 So it was interesting the language and how he delivered that.
22:42 And obviously, straight after answering questions in Parliament,
22:45 he went directly to Buckingham Palace to dissolve the Parliament
22:49 and to ask the permission of the King.
22:51 And I think the crucial thing is that he went on the better figures
22:56 on inflation, that that's been reduced.
22:59 They feel that there is economic growth at the beginning of it.
23:02 And it's a huge gamble, but it's a gamble that they obviously feel
23:05 it's better to take now than in October or even early in January.
23:10 So, as you say, he didn't mention Brexit.
23:12 There were a number of things he did mention.
23:13 He mentioned the National Health Service, he mentioned migration
23:16 and the economy.
23:17 He talks about how the Conservatives have restored economic stability.
23:21 Are those, and that particularly the economy,
23:24 going to be the issues that this election will force on?
23:26 It looks likely, from what he was saying,
23:28 and the fact that he had his pledges from last year.
23:32 He wanted to improve things around the economy,
23:36 to strengthen the economy, because obviously the Covid-19 pandemic,
23:41 the war between Ukraine and Russia and the conflict there now
23:45 in its third year, all these were beyond the remit
23:48 of any government worldwide.
23:51 And then I think he was being quite aggressive when he talks about,
23:55 we had to deal with all that.
23:57 Obviously, it's had an impact on the economy and we had to deal
24:00 with the resurgence of Islamists.
24:02 He's referring, of course, to Hamas and Gaza
24:04 and what's happening with Israel.
24:06 He references China taking a lead on technology.
24:10 And what he's actually telling the voters,
24:12 which party do you trust to actually deal with these?
24:16 Now, what's interesting, of course, and what we will hear
24:19 from the main opposition party, the Labour Party,
24:21 in the next few weeks, is that this isn't just about Rishi Sunak
24:25 and the last 18 months, because he's the fifth prime minister
24:29 in so many successive governments that the Conservative Party
24:32 have had since 2010.
24:35 So really, people will be looking at the last 14 years
24:39 of different leadership and different Conservative governments
24:43 and how the British economy and Britain as a society
24:48 has actually done and how it's been, you know,
24:51 how it's survived in the last 14 years.
24:54 And there'll be far more questions.
24:56 The years of austerity, the wrangling, the horrible wrangling
24:59 for five years on Brexit and so on.
25:02 And then, of course, short-lived leadership of Boris Johnson,
25:07 Liz Truss, Theresa May resigning.
25:09 There have been lots of division within the Conservative Party
25:13 while they've been running the country.
25:16 Let's talk about the opposition Labour Party.
25:18 The music that you could hear those protesters playing,
25:20 the theme song of the Labour Party, if you like, back in the 1990s.
25:24 If Labour do win this forthcoming election,
25:27 as the opinion polls suggest they will,
25:29 what will a new party in power mean for both the UK
25:32 and for countries with whom they have foreign policy to talk about?
25:36 The opinion polls are quite clear.
25:38 I mean, the Labour Party are 20 points ahead
25:42 in most of the opinion polls, which have been made in recent months.
25:48 And he is most definitely... He is ahead.
25:52 He could well be the...
25:54 Likely to be the favourite to be the next British Prime Minister.
25:57 So he's been careful, very, very careful,
26:01 in the pledges that he's made, very, very careful
26:04 in terms of what his Labour Party reinvented slightly
26:09 after the leadership of the left-leaning Jeremy Corbyn.
26:12 And what they want to do is retain a lot of that tough
26:16 and steely attitude to public spending.
26:18 They want to set up a British energy company
26:22 to try and avoid the shock of high energy costs,
26:25 which affected so many families in Britain.
26:28 And he's also talking about improving the National Health Service,
26:32 which is always a huge topic of debate at every election in Britain,
26:38 as well as border security.
26:40 Now, he talks about border security.
26:42 Rishi Sunak talked about migration and protecting the borders of Britain
26:46 from migrants, illegal migrants crossing by boats.
26:49 So they're both talking about the same thing.
26:51 It's how they sell this now to the UK electorate.
26:56 We've talked so many times on this programme in recent months
26:59 about the rise of the right across Europe and the United States.
27:04 The pollsters would suggest, as you mentioned,
27:07 that the UK is about to vote for a centre-left government.
27:11 So the UK might well be an outlier in this election story.
27:15 This huge election year, where almost half the world seems to be voting.
27:19 Yes, two billion people are voting this year.
27:22 And we didn't know when this British election would be called.
27:25 And now we know it's going to be this summer,
27:29 before the US election, which also might be crucial.
27:32 So it might be crucial in terms of the kind of right-wing rhetoric
27:37 we've heard in France, we've heard in Poland,
27:40 that we've heard in Hungary, in Slovakia.
27:43 And of course we will hear it loud and clear from the United States.
27:46 Fighting for the middle ground is more important in Britain.
27:49 And successive governments, whether they are centre-right,
27:53 like the Conservatives, or left and centre-left,
27:56 like the Labour Party and then the smaller parties,
27:58 it's fighting for the majority of the votes who feel comfortable
28:02 in that middle ground is more important in Britain.
28:05 That hasn't been reflected in other parts of Europe
28:08 or in other parts of the world.
28:09 But we'll see, because we will hear from the smaller parties
28:13 in Britain as well.
28:14 The left-leaning Green Party, the centre-ground Liberal Party,
28:18 and the right-wing Reform Party.
28:20 We will hear from all of them, and it will be interesting to see
28:23 how their votes are increased when the election comes
28:27 on the 4th of July.
28:28 YOLO, thank you very much.
28:29 Our correspondent YOLO Abdab with that breaking news,
28:32 the UK Prime Minister, Rishi Sunak, announcing
28:36 a UK general election in July.
28:39 You're watching CGTN, still ahead.
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29:23 I think it should be more global cooperation.
29:29 I would like to hear more the voice
29:33 of the developing countries.
29:35 Globalisation has lifted more than a billion people
29:39 out of poverty.
29:41 The green transition has to happen.
29:42 It's a necessity.
29:45 For China and the United States,
29:48 our important powers in the world.
29:51 What unites us is much more than what divides us.
29:56 And I believe China is committed to this agenda.
30:00 Join me, Juliette Mann, to set the agenda
30:03 at these times every weekend on CGTN.
30:06 Events have consequences.
30:13 Words create impact.
30:15 One more offensive in a long line of battles
30:17 that's been ongoing for...
30:19 Just got to be careful here with some gunshots.
30:21 Excuse us, excuse us.
30:23 The world today matters, but your world tomorrow.
30:27 The number of casualties is growing quickly.
30:29 This is one of the hardest hit towns in the region.
30:34 The world today, every day on CGTN.
30:39 Welcome back to Global Business Europe.
30:48 Time is running out for Australian mining giant BHP
30:51 to buy its rival Anglo-American.
30:54 The latest offer was $49 billion,
30:56 but there have been more developments in the last few hours.
30:59 Let's talk to our correspondent, John Terry to New York.
31:02 So, John, what's been happening?
31:05 Yes, I tell you, it's all happening here.
31:09 By the way, I won't be with you on the 4th of July.
31:11 Guess why?
31:12 It's a major public holiday here.
31:13 We'll all be off on that day.
31:14 So you have the election all to yourselves
31:17 when it comes around in the UK.
31:19 Let me tell you about these two companies.
31:20 First of all, there are two of them,
31:22 BHP and Anglo-American, okay?
31:24 So BHP is just literally one of the biggest metal producers
31:28 and miners in the world.
31:31 It's based in Melbourne, Australia,
31:32 but anywhere that you dig for metal,
31:34 they have headquarters in the world.
31:35 So that's BHP.
31:37 And the other one is Anglo-American,
31:38 so-called because when they formed the company,
31:40 they used money from JPMorgan Chase on Wall Street
31:43 and UK money, and that's why they called it Anglo-American,
31:46 but they are actually based in the UK, in London.
31:49 And among their many facets,
31:51 they have a fertilizer business, my dear, fertilizer.
31:54 I don't know why I'm doing a Devon accent,
31:55 but anyway, they have a fertilizer business
31:57 in the north of England.
31:58 But Anglo-American also is responsible
32:00 for 40% of all the world's platinum.
32:04 So not platignum, those are pens, okay?
32:06 But we're talking about platinum.
32:07 40% they deal with.
32:08 They also are into diamonds
32:10 'cause they own De Beers in South Africa,
32:12 and they're big into copper and nickel and iron ore
32:15 and gold and silver and all that sort of thing.
32:17 And all BHP wants from Anglo-American
32:20 is the copper business.
32:21 They don't care about the rest of it,
32:23 particularly, I'm sure they'd like to have some of it,
32:25 but they really want to get their hands on copper,
32:27 and I'll tell you why in just a second.
32:29 So now, this morning,
32:30 Anglo has rejected the third offer from BHP,
32:34 and the main reason for that is that BHP is saying to Anglo,
32:37 "Look, we want to buy you,
32:38 "but we want you to sell off all those businesses
32:40 "that we don't want before we buy you."
32:42 And Anglo is saying, "Are you joking?
32:45 "I mean, here's our business with all the facets,
32:48 "the platinum and the fertilizer, whatever it is, this is us.
32:51 "If you want to buy us, go ahead and buy us.
32:53 "If you don't want to buy us, don't buy us.
32:54 "As simple as that.
32:55 "If you buy us, you sell off the bits of business
32:57 "that you don't want."
32:58 And that is the sticking point.
33:00 But the door is still ajar,
33:01 because Anglo has said, "You've got another week to woo us,
33:05 "so the talking will go on for another week,
33:07 "so we'll see where we are seven days from now."
33:10 And the reason that copper is so wanted by BHP is because,
33:15 can you guess?
33:16 Microchips, technology, they all use copper.
33:19 It is the new gold.
33:21 Everybody wants copper,
33:23 whether you're NVIDIA making microchips
33:25 or some kind of technology company,
33:28 or you're in the military,
33:29 or you're trying to produce green stuff to sell,
33:32 it all needs copper,
33:33 mainly because copper is great at conducting heat.
33:36 It's the best.
33:37 And so copper is now at an all-time high,
33:39 and that's why BHP is likely to persist over the next week,
33:43 trying to court Anglo-American.
33:44 And here on Wall Street,
33:46 copper is at an all-time high at the moment.
33:47 As for the markets, we're as flat as a pancake.
33:50 We're waiting for those NVIDIA results
33:52 in three and a half hours' time,
33:53 and we might learn a bit more
33:55 about what they will be doing with copper
33:58 when they speak to us.
33:59 - John, some other results to talk about before that.
34:02 China's PDD, which beat expectations?
34:05 - PDD, it did indeed beat expectations as well.
34:11 China Company started off in the Cayman Islands,
34:13 now based in Dublin in Ireland,
34:15 and the two big products that they have that you will know
34:18 are Timu, which we saw first in the United States
34:21 in September of 2022, and Pinduoduo.
34:25 My friend Faye is Chinese,
34:26 and I asked her how to pronounce that today,
34:28 and she said, "It's Pinduoduo."
34:29 And apparently it means,
34:30 apparently it means "together more savings."
34:32 That's in Mandarin.
34:33 That's what Pinduoduo means, "together more savings."
34:36 Anyway, Timu is a sort of e-commerce platform,
34:38 a bit like Alibaba,
34:39 but it's, you know, absolutely an enormous thing.
34:42 The thing about Timu is they sell everything
34:44 at rock bottom prices, like 90, 90% off.
34:49 And those things that you buy are shipped in from China.
34:52 And then Pinduoduo is really an agricultural website, really.
34:55 And the Chinese have been gravitating
34:57 towards those two businesses
34:59 because of the property issue that's going on there,
35:01 and so they're hard-earned money.
35:03 They are going for the savings,
35:05 which is why Pinduoduo and Timu are so popular at the moment,
35:08 and why they have beaten expectations.
35:10 We saw this last week with Alibaba, remember?
35:13 Their guidance was OK, but their profit was down more than 80%.
35:16 And part of that is because of the enormous competition
35:19 in the e-commerce space,
35:20 not least of all from these two, Timu and Pinduoduo.
35:23 PDD, which is the parent company based in Dublin,
35:26 shares up 1.6% at the moment.
35:29 - John, we've been talking about UK politics
35:31 on the programme of the general election in the UK,
35:33 just being announced for July the 4th.
35:35 - Yes.
35:36 - Of course, an American election
35:36 coming up later this year as well.
35:38 Perhaps not unrelated to the fact
35:40 that Joe Biden is helping students again.
35:42 - No, no, brilliant coverage from you guys there, by the way,
35:48 on Ritchie Sunak and the aftermath of all of that.
35:50 I'm looking forward to this election.
35:51 Remember, elections in the UK
35:53 are so much shorter than they are here.
35:55 I mean, here, the presidential election
35:57 takes two years to play out,
35:59 mainly because they want to attract so much TV advertising.
36:02 And in the UK, it's six weeks, I believe, isn't it?
36:04 So we'll know by July the 5th, he said, didn't he?
36:07 Sunak said, "Whoever's prime minister,
36:10 "you know, it'll be me or the other guy on the 5th of July."
36:13 Anyway, that's all beside the point.
36:15 What is not beside the point is the fact
36:17 that President Biden has announced
36:19 more forgiveness loans for students,
36:22 much to the chagrin of the Republican Party, I will tell you.
36:25 This tranche is $7.7 billion worth.
36:28 It's affecting 150,000 former students who have loans.
36:31 It'll help them.
36:33 Biden's been doing this pretty much every month lately.
36:35 And the reason, as you rightly cite,
36:37 is the election coming up in November.
36:39 So far, he's helped five million Americans
36:41 to the tune of about $35,000 each,
36:44 which is not much when you paid 100,000
36:46 for an engineering degree, but that's beside the point.
36:49 At least it helps them.
36:50 Republicans, though, angry because they see
36:52 that the burden is being transferred to the taxpayer.
36:55 Also, they say, "What about those
36:57 "that didn't go to university?
36:58 "What are you doing for them?"
36:59 And there's some issue involving
37:00 the Supreme Court of the United States as well,
37:02 which I don't quite understand,
37:03 because the Supreme Court ruled against some of these plans,
37:05 by Biden, but they're going ahead with this anyway.
37:08 So they've obviously found a way around it.
37:10 This latest tranche will kick in in the autumn,
37:12 or the fall, as it's called here.
37:15 Guys.
37:16 - Well, John, we shall miss you
37:17 when the UK general election happens on July the 4th,
37:19 but you will definitely be back for the results
37:21 on July the 5th.
37:22 John Terrence in New York, thank you very much.
37:24 - On the 5th, I will.
37:26 I won't be prime minister, though.
37:27 (both laughing)
37:28 - If you had our vote, maybe.
37:30 - Yeah, I don't know, actually.
37:31 It'd be quite good, I think.
37:33 - UK inflation fell to 2.3% in April.
37:36 That's its lowest level in almost three years.
37:38 However, that decline was less than many analysts had expected,
37:43 denting hopes of an early cut in interest rates.
37:46 The drop was largely driven by falling energy prices.
37:49 - Shares in British retailer Marks & Spencer
37:53 have soared to a six-year high
37:54 after it announced a 58% rise in annual pre-tax profits.
37:59 The 140-year-old food and clothing group
38:01 says it's in its best financial health in decades.
38:04 Despite the growth, the company said
38:06 it's upping its cost-cutting target by $130 million
38:10 as it seeks to offset rising wages.
38:12 - The United States investment bank Citigroup
38:15 has been fined more than $78 million by UK regulators
38:20 for control failings in its trading operations.
38:23 This comes after more than a billion dollars' worth of stock
38:26 was accidentally sold in 2022
38:29 due to an inputting error by a trader.
38:32 The incident triggered a flash crash
38:34 on the European stock market.
38:36 - A US investment firm has taken control
38:39 of Italian football champions Inter Milan
38:42 after its Chinese majority owner
38:44 missed a $430 million payment.
38:47 It's not clear whether Oak Tree Capital Management
38:49 plans to sell the club immediately.
38:51 It brings to an end eight years of ownership
38:53 by Chinese conglomerate Suning
38:55 under the chairmanship of Stephen Zhang.
38:58 - China has unveiled a new rescue robot
39:01 which weighs the equivalent of around 40 human hairs.
39:05 The new insect-like bot has been designed by researchers
39:09 at Beihang University to look for survivors
39:11 following a disaster.
39:13 It can run for around 10 minutes when fully charged
39:16 and has the ability to send SOS signals via Bluetooth.
39:20 - Pixar Animation Studios has reportedly begun laying off
39:25 around 14% of its workforce.
39:27 It scales back its original streaming content.
39:30 Approximately 175 people are thought to be affected
39:33 at the company behind hits including "Toy Story" and "Up".
39:36 It comes as Walt Disney CEO Bob Iger
39:39 moved the studio's focus to feature films
39:41 with additional staff hired to create original series
39:44 for Disney+.
39:45 - The former boss of the UK's post office
39:49 has apologized for the wrongful convictions
39:52 of hundreds of postmasters.
39:55 It's the first time Paula Venels has publicly spoken
39:58 about her role in the scandal in nearly a decade.
40:01 - Between 1999 and 2015, around 900 people were prosecuted
40:06 for theft and false accounting after faulty software
40:09 recorded money as missing from post office branch accounts
40:12 that they were overseeing.
40:14 Venels broke down in tears while testifying at the inquiry.
40:17 - I fully accept now that the post office, excuse me,
40:24 the post office knew that.
40:29 I completely accepted.
40:30 Personally, I didn't know that.
40:32 And I'm incredibly sorry that that happened to those people
40:36 and to so many others.
40:38 - You're watching CGTN Still Ahead.
40:40 We'll have the latest from Tehran
40:42 as foreign dignitaries join the commemorations
40:45 for their late presidents.
40:47 (upbeat music)
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43:33 - Hello, welcome back to Global Business Europe
43:39 with Jamie Owen and Robin Dwyer, our top stories.
43:42 While we've been on air,
43:43 the British Prime Minister, Rishi Sunak,
43:45 has announced a general election,
43:47 which will take place on the 4th of July.
43:51 - Spain, Ireland and Norway announced
43:55 in a coordinated move that they will formally recognize
43:57 the state of Palestine.
43:59 - Israel reacts angrily, warning of serious consequences
44:03 and recalling its ambassadors
44:05 to all three of those countries.
44:07 - Tens of thousands of people have joined
44:11 the funeral procession in Tehran
44:13 for Iran's President, Ebrahim Raisi.
44:15 - The Supreme Leader, Ayatollah Ali Khamenei,
44:18 led prayers for Raisi and seven others
44:21 who died in the helicopter crash on Sunday.
44:23 - China's Vice Premier is among those
44:25 attending a memorial service.
44:27 Our correspondent, Radhika Bajaj, reports.
44:30 - We have now joined the procession
44:32 that is taking the coffins of all those
44:35 who perished in that fatal helicopter crash
44:37 to another location in Tehran.
44:40 This is after there were morning prayers
44:43 led by the Supreme Leader himself
44:45 and here at the Azadi Square where we are,
44:49 people of Tehran, of Iran,
44:50 got a chance to pay their last respects.
44:53 This cavalcade, this procession,
44:55 is now moving the coffins to another location
44:58 where it is expected that towards the evening
45:02 there will be an event for the high-ranking officials
45:07 from different parts of the world
45:09 that have come here in Tehran to pay their condolences.
45:13 - This crash has occurred at a very sensitive moment for Iran.
45:19 We know that there's been an economic crisis in the country.
45:21 There has been public discontent.
45:24 But if you were to see the number of people
45:27 who have gathered here with families on a very hot day,
45:31 crying, mourning, saying goodbye to President Raisi,
45:35 you would not believe what one has read,
45:38 that he was a deeply polarizing figure
45:42 and perhaps not loved by all.
45:45 - Yes, there are some who did not like him.
45:48 There were also people who did not like our imams,
45:50 but they were not sinners, were they?
45:54 - He was a symbol of purity, servicing people and sacrifice.
45:58 He was our pride.
46:00 - Russia has begun the first stage
46:03 of tactical nuclear weapons drills
46:05 in areas bordering Ukraine.
46:07 The Defense Ministry says they're taking place
46:09 in its southern military district,
46:11 which includes parts of the country occupied by Russia.
46:14 President Putin ordered the drills after Western leaders
46:17 said they were considering further support for Ukraine.
46:21 - The German far-right AFD party has banned its lead candidate
46:25 from appearing at EU election campaign events.
46:29 This follows a series of controversial statements
46:31 by Maximilian Krah, who will remain as a candidate.
46:35 At the weekend, he told Italian journalists
46:37 that not all members of the Nazis' elite SS Guard
46:41 were criminals.
46:43 This prompted France's far-right National Rally Party,
46:46 led by Marine Le Pen, to announce a clean break
46:49 with the AFD.
46:50 - Vietnam's parliament has appointed Tho Lam
46:54 as the country's new president.
46:55 He's served as Minister of Public Security since 2016.
46:59 Chinese President Xi Jinping sent his congratulations,
47:02 hailing the friendship between the two countries.
47:05 - More than 140 passengers and crew have reached Singapore
47:08 after their flight from London was diverted to Bangkok
47:11 due to severe turbulence.
47:13 At least one passenger died,
47:15 and 20 others remain in intensive care.
47:18 Passengers say people were flung around the cabin,
47:21 some hitting the roof after the plane
47:23 made a sudden dramatic drop.
47:25 Singapore's Prime Minister has promised
47:27 a thorough investigation.
47:29 - Authorities in Pakistan are urging people to stay indoors
47:33 as a heat wave hits the country.
47:35 Temperatures have reached 47 degrees Celsius in some areas,
47:38 and they're expected to increase in the coming days.
47:41 It comes after the country recorded its wettest April
47:44 since 1961, with more than double
47:46 the usual monthly rainfall.
47:48 - Coffee farmers are battling the effects of climate change,
47:52 along with spiralling costs.
47:54 - Well, the price of a cup of coffee on the high street
47:57 is also set to continue rising.
47:59 Our correspondent Jen Copestake reports.
48:03 - For many people around the world,
48:04 a daily cup of coffee is an essential ritual.
48:08 But are we quickly heading for a future
48:10 where it will be a rare luxury?
48:13 Various factors, from climate change to political instability
48:16 have created a volatile market
48:18 driving up the cost of coffee beans.
48:22 Robusta beans are widely used in instant coffee
48:25 and are increasingly being grown for specialty coffee too,
48:29 but they've hit a 45-year high,
48:31 climbing 62% in the last six months
48:34 to more than $4,000 a ton.
48:36 The world's biggest Robusta exporter, Vietnam,
48:40 has been hit by drought conditions.
48:43 The government warns its crop could drop by 20% this year.
48:47 The sector is also facing rising shipping costs
48:51 due to the security crisis in the Red Sea,
48:54 forcing cargo to go all the way around the African continent.
48:58 And it's not just producers confronting new challenges.
49:00 Rising operating costs, like wages and energy,
49:03 are hitting coffee shops too.
49:05 Here in the UK, the average cost of a medium latte
49:08 has risen 30% since 2021 to £3.60.
49:12 That's $4.50.
49:14 And analysts are even saying that a five-pound latte,
49:16 that's $6.25, is just around the corner.
49:21 - For example, in a market like London,
49:23 20% of the price of a cup of coffee is tax.
49:26 Around about another 15% is the milk and the coffee beans.
49:29 Maybe 5% is the takeout cup.
49:32 And normally, the staff costs would be around about 30%.
49:36 Yet, staff costs have risen so much over the last years
49:39 that they're currently, say, 35%, 40%, even 45%.
49:43 And at those levels,
49:44 coffee business owners aren't making any money.
49:46 So it's inevitable that coffee cup prices
49:48 are going to have to continue to rise.
49:50 - Some global coffee companies have, for the moment,
49:54 taken the rising costs on themselves.
49:56 - The group's strategy last year
49:58 was to limit the price increase to defend our consumers,
50:02 preserving volumes while sacrificing
50:04 short-term profitability.
50:07 - Despite the increase in costs of a cup of coffee,
50:10 there is no sign of slowing consumer demand.
50:13 China, a non-traditional coffee market,
50:16 is now the world's seventh largest consumer,
50:19 presenting a major opportunity
50:21 for local and international brands.
50:24 Last year, new coffee chain store openings
50:26 increased by 58% in China,
50:29 as it overtook the US for the first time
50:32 in its total number of branded outlets.
50:35 In the US, new openings grew by only 4% in the same period.
50:39 And China now has nearly 50,000 branded coffee shops
50:43 compared to America's 40,000.
50:46 Finding new ways to ensure demand is met
50:49 despite these complex factors and rising prices
50:52 is a challenge for a new generation
50:54 of coffee producers and shop owners to take on.
50:58 Jen Copesteig, CGTN, London.
51:01 - And the world's changing climate
51:04 is affecting coffee growers across the globe.
51:06 Some regions are seeing a rise in demand
51:09 to make up for shortfalls in other areas.
51:11 Correspondent Paola Cabral reports from Brazil.
51:13 - Times are good for Brazilian coffee producers
51:17 with high production yields and high prices.
51:20 Their success is largely due to problems
51:23 faced by counterparts in East Asia,
51:25 where a heat wave seriously harmed crop productivity.
51:28 It's particularly bad in Vietnam,
51:31 the world's largest producer of the Robusta coffee variety.
51:34 - We are seeing a huge increase in prices of Robusta coffee.
51:39 And these prices also help to increase
51:44 the prices of Arabica coffee too,
51:48 that is most important in Brazil,
51:50 in value and production.
51:53 So we are seeing a very good moment for coffee producers.
51:58 (speaking in foreign language)
52:03 - If you combine the coffee production
52:05 of Brazil and Vietnam, the two countries alone
52:08 account for about 55% of the world's coffee production.
52:12 If you add Indonesia, which is among
52:15 the top five coffee producing countries in the world,
52:18 this percentage increases.
52:20 When you have this climatic problem
52:22 impacting one of these origins,
52:24 it makes the market very tense.
52:27 - The rise in international coffee prices
52:30 is poised to benefit Brazilian producers and exporters,
52:33 provided they maintain their strong performance
52:36 from the 2023 harvest into 2024.
52:40 This coffee expert from the Sao Paulo State Department
52:43 of Agriculture says prospects for the next crop are good,
52:46 but the climate could still bring challenges.
52:49 (speaking in foreign language)
52:51 - We are on the verge of entering La Nina,
52:54 and we know that La Nina for Brazil is a problem.
52:57 It's a problem because the cold fronts
52:59 tend to come in stronger.
53:01 It doesn't mean there will be frost,
53:03 but we will have stronger cold waves.
53:06 So we already start to have a yellow warning signal.
53:09 But fortunately, the agronomic technology
53:12 that Brazil has today for agriculture in the tropics
53:16 is sufficiently capable of dealing with these problems.
53:19 - Brazil is the world's top producer and exporter of coffee,
53:25 and farmers here say they are ready
53:27 to fulfill any shortages of the product internationally,
53:30 and make good profits along the way.
53:33 Paulo Cabral, CETN, Sao Paulo.
53:36 - Arabica coffee is widely considered to be better tasting,
53:40 but it's only real rival, robusta.
53:42 The problem is it just can't take the heat.
53:45 It's predicted that global warming
53:47 could cut Arabica production in half
53:50 by the middle of this century.
53:52 So enter Stenophylla, a long forgotten coffee bean
53:56 that was rediscovered in 2018.
53:58 It tastes like Arabica,
54:00 and has a much higher heat tolerance.
54:03 Stenophylla has been found growing
54:05 in temperatures as high as 48 degrees Celsius,
54:09 twice as hot as Arabica can tolerate.
54:11 The only problem is that plant is only found
54:14 in parts of West Africa.
54:16 Well, Aaron Davis from Kew Gardens in London
54:18 was part of the team that rediscovered Stenophylla
54:22 growing in the wild in Sierra Leone.
54:24 - We were looking for Stenophylla coffee
54:28 because it has a great flavor.
54:30 We thought that it might be extinct in the wild,
54:33 but in 2018, we managed to relocate it
54:38 into forests in Sierra Leone.
54:42 - And so what?
54:43 I mean, if you're not a botanist,
54:44 why is this so significant?
54:46 What is so special about this species?
54:49 - The two really special things about Stenophylla coffee,
54:55 firstly, it's incredibly heat tolerant.
54:58 It's much more heat tolerant than Arabica coffee,
55:02 and slightly more heat tolerant than Robusta coffee.
55:05 It's also more drought tolerant than Robusta coffee.
55:09 So it has these climate resiliency characteristics
55:12 we're looking for, but equally important,
55:14 it has a wonderful flavor, which is so, of course,
55:18 so important for coffee drinkers.
55:20 - West African coffee growers are, of course,
55:23 under enormous pressure because of changing climate
55:26 and the threat that poses to their current crop.
55:30 Will this make a difference to farmers
55:33 like that around the world?
55:35 - Yes, I mean, that's very true.
55:41 I think coffee farmers on every coffee produced continent
55:44 are having issues with climate change
55:47 and weather related issues.
55:49 This coffee is one of a range of species
55:52 that we're looking at, which we hope to develop
55:55 into climate resilient options for coffee farmers.
55:57 So yes, it could be very important.
55:59 - Now you talk about this species being resistant
56:03 to heat and high heat.
56:05 Climate change is obviously bringing about
56:07 unprecedented rainfall,
56:10 and I wonder what impact this is having on coffee crops.
56:14 - That's a great question.
56:19 So what we're seeing is that in many cases,
56:22 extreme heat and drought is influencing coffee production
56:26 in a negative way.
56:27 But on the flip side, you can also have too much rain,
56:31 and that can influence coffee.
56:34 Firstly, because the heavy showers
56:36 strip the coffee of its flowers.
56:39 And secondly, because if your soil is too waterlogged,
56:42 that will also influence production.
56:45 - The world seems to be pretty heavily reliant,
56:48 if I understand it, on two types of coffee.
56:51 Should we be diversifying a little bit more
56:56 and not so dependent?
56:58 - That's our real objective here at Kew
57:03 and the work that we do with collaborators
57:07 across the coffee belt.
57:08 We do rely on two species, Arabica and Robusta coffee,
57:12 but in order to adapt the coffee sector to climate change,
57:15 we will need to diversify the crop portfolio,
57:18 i.e. the number of species that we grow
57:21 to give farmers more options as the climate changes.
57:25 - We've talked about coffee a lot.
57:26 I wonder what the implications here are
57:29 for other crops around the world,
57:31 which are also going to struggle with climate change.
57:35 - So I think many look at coffee as the canary
57:40 in the coal mine, as the litmus for climate change,
57:44 particularly for woody crops like coffee, cocoa, tea, wine,
57:49 crops that have to stay in the ground a long time.
57:52 And what we're seeing is that the issues facing coffee
57:56 also affect many other woody perennial crops.
58:00 And, you know, but they will also, of course,
58:03 affect many other crops that we rely on.
58:06 - The headlines again.
58:07 While we've been on air,
58:09 British Prime Minister Rishi Sunak
58:10 has announced a general election,
58:12 which will take place on the 4th of July.
58:16 - Now is the moment for Britain to choose its future,
58:21 to decide whether we want to build
58:22 on the progress we have made
58:24 or risk going back to square one
58:26 with no plan and no certainty.
58:29 - And that's it for now.
58:30 - And that's it for Global Business Europe.
58:32 Thank you for watching.
58:33 - Coming up next, it's Africa Live.
58:35 We'll see you again tomorrow, same time, same place.
58:38 From all of the team in London, it's goodbye.
58:40 - Goodbye.
58:41 - Goodbye.
58:42 (upbeat music)
58:44 ♪ ♪