Loading...
Loading...

The International Energy Agency wants people to cut their energy consumption. The IEA warned that the impact from the closure of the Strait of Hormuz would “become more and more severe”. And the South Korean boyband BTS are back after an interruption for its members to do national service. They've also released a new album and announced a world tour.
This BBC podcast is supported by ads outside the UK.
The best B2B marketing gets wasted on the wrong people,
so when you want to reach the right professionals, use LinkedIn ads.
LinkedIn has grown to a network of over one billion professionals,
including 130 million decision makers,
and that's where it stands apart from other ad buys.
You can target your buyers by job title, industry,
company, role, seniority, skills, company revenue,
so you can stop wasting budget on the wrong audience.
It's why LinkedIn ads generate the highest B2B return on ad spend of major ad networks.
Spend $250 on your first campaign on LinkedIn ads,
and get $250 credit for the next one.
Just go to LinkedIn.com slash broadcast.
That's LinkedIn.com slash broadcast.
Terms and conditions apply.
Today's episode is sponsored by Smart Travel,
a podcast from Nerdwallet.
Do you have a friend who treats airfare like a puzzle
and somehow always ends up with a first class upgrade?
Smart Travel is like that friend, minus the group texts.
Nerdwallet's travel journalist break down the pros and cons of travel decisions,
like when lounge access is worth paying for,
and which hotel loyalty programs actually pay off.
Make your travel dollars work harder.
Follow Smart Travel on your favorite podcast app.
What happens when a conflict starts hitting the infrastructure
that powers the global economy?
It's well-business expressed from the BBC World Service.
I am Bissy Adibayo.
We'll look at how attacks and energy sites across the
golfer drive in volatility in oil and gas markets,
and the return of K-pop superstars BTS.
And we'll begin with the International Energy Agency's call
and governments to do what they can to reduce the man for oil,
including encouraging people to work from home
and cut in road speed limits by 10 kilometers an hour.
The head of the IEA Fatiba role says,
the disruption to supplies caused by the US-Israeli war with Iran is huge.
Our world is facing the greatest global energy security challenge in the history.
It is much bigger than what we had in the 1970s, the oil price shocks.
It is also bigger than the natural gas price shock we have
experienced after the Russia's invasion of Ukraine.
And it is not only oil and gas, fertilizers, petrochemicals.
These are all facing major problems.
And so the world's attention remains closely focused on energy prices,
with prices for oil and gas soaring since the start of a US-Israel war with Iran.
Well, let's bring in Randips and Mel, a fund manager at M&G Investments.
Randip, it's been three weeks since all of this started.
What are you seeing in energy prices today?
The energy prices remain volatile.
Oil, European Brent is up to 106 gas prices are rising.
The volatility seems to say.
And with the US now announcing, they're sending three additional
warships and more troops to the Middle East.
It looks like it's going to stay this way for a while.
And we've seen all of that trickle into the markets as well.
That's right, the S&P is now down a percent.
All European markets are weakened.
We're seeing bond yields rise.
Because as long as this continues,
the inflation and the economic system is likely to increase.
And while we run a path of declining interest rates,
they may need to rise to offset this inflation.
Stay with us, Randip, because the story is moving very quickly.
And several Gulf countries have again come on the attack
from drones and missiles fired by Iran.
Israel had struck Iran's south-fast gas fields,
prompting retaliation across energy sites in the region.
And a major gas facility in Qatar has been badly damaged
with repairs expected to take years.
So what does that mean for global energy supply?
I've been speaking to Anne Sophie Kobo
from the Center on Global Energy Policy.
So for the world, this is a very important volume.
And all of these instructions to these facilities
have caused significant damage.
And it will take years to repair, of course.
So what does this tell us about how serious this escalation is
for global energy supply and pricing?
Well, what is showing us is the fact that energy infrastructure
is very vulnerable to such attacks.
I don't think people were really expecting that.
And it can, of course, get worse.
I mean, right now we are looking at this specific attack
on the very important piece of energy infrastructure.
But you can also imagine that the Iranians would also try to attack
at Kaikin Saudi Arabia, which is also very important,
but on the other side.
So the first thing is that we don't know
yet how this war is going to end,
because there are really two things
we need to stop the attacks on energy infrastructure.
And we need also to reopen the straight-offermost.
And nobody has quite figured out how to do that.
So we are in a complicated situation where I think everybody
from the European and Asian countries is trying
to reopen the straight-offermost, because we are the ones
directly impacted by these high oil and gas prices.
And talking about the straight-offermost,
a lot of the world's energy flows through this region, of course.
So are we in any way close to seeing real disruption?
Well, on the other side, I mean, there are substantial stocks.
And actually, the international energy agency
has released some emergency stocks last week.
I mean, all artists as announced that these stocks would be released.
On the gas side, it's a little bit different,
because we have stocks, but in order to cover
heating demand during winter.
So we are at the end of the winter.
The stocks are actually relatively low.
And we need to refill them.
And I think for us, European, the main question
is to what extent and how we can refill the stocks
to be ready for the next winter.
Magnumistic, we are going to be in competition
with some other countries on the other side of the planet
in particular Japan, Korea, and Taiwan,
which can afford higher prices.
But it's also very important to understand
that in the global South, in developing countries
which cannot afford very high gas prices,
these crises is very simply resulting
into demand destruction.
So these are factories which are not functioning,
fertilizer in particular.
So down the line, because there are also a lot of
fertilizer exports which are going through the straight,
we might eventually have a food crisis emerging
in a few months from now or a year from now.
That was Anne Serfie Corby from the center
on global energy policy.
And of course, no country in the world
is immune to rising fuel prices.
High diesel prices are affecting these French fishermen.
The more expensive diesel is,
the more our salaries will decrease.
If diesel prices remain this high,
fishermen salaries will decrease by at least a third easily.
For the moment, it's okay.
We can afford to go out to sea.
But if fuel prices keep increasing,
we'll be forced to remain in port.
Randip Semel from M&G Investments is still with us.
Randip, let's talk about the patent on Semaglotide,
which is the key ingredient behind the drugs like
Wigovie and Ozembig and is expiring in India today.
What could that mean for investors and farmer companies
in the US and Europe?
This has been well headlined for some time.
So it's probably not going to have a huge impact for investors,
nor for Nordic who manufacture these drugs.
I've always known that these patents
would expire at a certain point in time.
Now India is not a huge market.
The ability to pay for these drugs is a lot less.
In markets like the US,
where they generate more than half of their revenue,
the patents still go on to 2032.
And by then, no more Nordic are expecting
to have their second generation drugs onto the market.
Thanks, Randip.
China has warned its citizens to be careful
when investing in mining in Zimbabwe,
the government in Harari imposed a ban on the exports of lithium
and other raw minerals.
Zimbabwe wants to promote local processing
and to curb irregular exports.
The country supplies almost the fifth
of China's lithium imports,
a key component in batteries.
K-pop supergroup BTS are back.
And that was a trailer from their first show
in almost four years,
streaming a Netflix this Saturday.
And you can hear just how hyped the fans are there,
and not only is the band back,
but they've also released a brand new album
and a kick-off of a huge global tour.
Cedar Bowl Seiji is professor of Korean and East Asian studies
at Pusan National University.
People are so excited.
There's so many activities, too, on the side.
It's not just that we're going to have the concert tomorrow
or that everybody's going to start streaming madly later today.
It's also a series of events and special decorations.
And it's like a treasure hunt.
The entire country has become a treasure hunt for fans
who are just so excited that this day is finally come.
That's it from World Business Express.
Please subscribe to get the latest
search for World Business Express.
I'm busy at Dubai off.
Thanks for listening.
The best B2B marketing gets wasted on the wrong people.
So when you want to reach the right professionals,
use LinkedIn ads.
LinkedIn has grown to a network of over one billion professionals,
including 130 million decision makers.
And that's where it stands apart from other ad buys.
You can target your buyers by job title,
industry, company, role,
seniority, skills, company revenue.
So you can stop wasting budget on the wrong audience.
It's why LinkedIn ads generate the highest B2B return on ad spend
of major ad networks.
Spend $250 on your first campaign on LinkedIn ads
and get $250 credit for the next one.
Just go to LinkedIn.com slash broadcast.
That's LinkedIn.com slash broadcast.
Terms and conditions apply.



