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- [00:00]
Dell PC Advertiser
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- [00:30]
Odoo Advertiser
This podcast is supported by Odoo. Some say Odoo business management software is like fertilizer for businesses because the simple, efficient software promotes growth. Others say Odoo is like a magic beanstalk because it scales with you and is magically affordable. And some describe Odoo's programs for manufacturing, accounting and more as building blocks for creating a custom software suite. So Odoo is fertilizer Magic beanstalk building blocks for business Odoo exactly what businesses need. Sign up@odoo.com that's o d o o.com.
- [01:01]
William Lee Adams
Chinese investors who lost money in a multi billion dollar Bitcoin fraud speak to the BBC live from the uk this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. An investor who ended up in debt as a result of a huge cryptocurrency scam has told the BBC about the impact of the fraud as the ringleader is due to be sentenced in a UK court. Tian Zhi Min was convicted of trying to launder 61,000 bitcoin assets now wor and a half billion dollars taken from tens of thousands of investors in her native China. Here's the BBC's Tony Han ge rui ke ji dian fu Chuang Zao Meng.
- [01:41]
Tony Han
Xiang in this promotional video, Lantiangy makes big promises. Invest in its cryptocurrency and you'll get massive returns. The mastermind of the scheme was a middle aged woman called Qian zhimin. More than 100,000 people across China invested A man we are calling Yu who spoke to us on condition of anonymity, took out loans and invested everything into the company. I suppose we were just too weak to resist. They just pumped up our dreams until we lost all self control. For a while he was getting daily returns but then in 2017 it all came crashing down. Law enforcement now say the whole thing was a Massive scam. Yu's marriage collapsed and he found himself mired in debt.
- [02:30]
Nick Marsh
Many families have been broken up. People have been left without money to pay for medical treatments.
- [02:37]
Tony Han
When Chinese police started investigating Tian Zhimin, she fled China for the uk, taking with her a laptop loaded with Bitcoin bought with investors money. She started trying to turn her cryptocurrency into hard cash and real estate. When she tried to buy a lavish home in North London, she came to the attention of the UK police. Detective Constable Joe Ryan was on the raid.
- [02:59]
Odoo Advertiser
The whole house, a very large house.
- [03:01]
Tony Han
Fairly messy, and there was cash almost everywhere as well as cash. D.C. ryan and his team found laptops full of cryptocurrency. A UK court is now deciding who will get that money. But only a small fraction of the victims have stepped forward to make a claim. A Chinese lawyer representing victims told us that many have struggled to gather evidence sufficient to meet the legal standard in the uk. The Crown Prosecution Service is in the process of setting up a separate compensation mechanism, but the details are still unclear.
- [03:33]
William Lee Adams
Tony Han reporting. Let's do the numbers. SoftBank has sold its entire stake in chipmaker Nvidia for $5.8 billion. That helped the Japanese bank double its net profits to $16 billion. And the UK unemployment rate has risen to its highest level since the pandemic. The world's biggest shopping event isn't Black Friday or Cyber Monday. It's singles day. Currently happening in China and Southeast Asia. It's become an unofficial barometer for the health of the Chinese economy. As the BBC's Nick Marsh explains, this.
- [04:07]
Nick Marsh
Time round, it's been more like a singles month because in China, people aren't spending so much as a big property crisis. There's low wages, there's a lot of youth unemployment. So the big companies, you probably heard of them, Alibaba, JD.com, douy. They started their singles day shopping bonanza back in mid October. And apparently sales did surge at the beginning. So it looks like it's working. Last year, around 160 billion was spent. That's around four times more than Black Friday and Cyber Monday put together.
- [04:38]
William Lee Adams
Nick Marsh. As India continues negotiations with the US in the hopes of reducing the 50% tariff rate imposed by Washington, the impact of import taxes is already starting to show. In the north, more than 100,000 carpet weavers have lost their jobs. And on the southeastern coast of Andhra Pradesh, shrimp orders have dried up, putting nearly a million jobs at risk. Here's the BBC's Archana Shukla.
- [05:01]
Archana Shukla
I'm on the banks of an aquaculture pond on India's southern coast. What you hear behind me are shrimps being harvested. Nearly 70% of shrimp from this region is exported to the United States. And now all of this is getting hit with Donald Trump's tariffs. This harvest has brought more worry than hope. At 50% tariffs, American buyers have halted orders. Shipments are stuck, prices have crashed, and farmers are counting their losses. Venkata Raju, a second generation shrimp farmer, says he's already lost more than a quarter of a million dollars.
- [05:41]
Jagdish Thota
It is becoming unviable. I am taking up odd jobs and trying other fish farming.
- [05:47]
Archana Shukla
Aerators still churn on some of the ponds here on India's Andhra Pradesh state. This one state produces nearly 80% of India's farmed shrimp, sustaining more than a million people. But this season, most of the ponds lie still. It takes about three to four months of labor to farm and harvest these shrimp. For these farmers, trade talks taking place could really decide the fate of their next harvest. The strain is felt across the chain from hatcheries to export factories. That's the sound of tons of ice being poured into bins with shrimp. I'm at a processing factory, one of the largest in this town. Export factories like these are facing the first brunt of Trump's tariffs. They've had to cut production. Nearly 30 to 40% of workstations here, I can see are lying idle. For workers in this factory, fewer shipments mean fewer shifts.
- [06:49]
Jagdish Thota
A lot of stocks are getting held up in our cold storage.
- [06:53]
Archana Shukla
When you see like Jagdish Thota, owner of this marine exports unit, says he cannot afford to lose more money.
- [06:59]
Jagdish Thota
The second largest market is China. The problem is that they don't pay the prices what US Is paying. If this gets continued, there will be a huge drop in the raw material prices.
- [07:10]
Archana Shukla
As India and the US Bargain over tariffs and leverage, farmers and workers in this town wait anxiously. For them, it's a fight to stay afloat. In India, I am the BBC's Archna Shukla for Marketplace.
- [07:25]
William Lee Adams
And in the UK I'm William Lee Adams with the Marketplace Morning report from the BBC World Service.
- [07:38]
Amy Scott
Imagine a future where chocolate and coffee are rare and expensive, where cheap nutritional staples like corn and wheat are threatened. Sounds unpleasant, doesn't it? Well, we could be heading there if we don't recognize that the climate crisis is also a food crisis.
- [07:57]
Tony Han
I've seen yields drop because of drought, and believe me, boy, have I seen them drop.
- [08:04]
Amy Scott
We have had dry spells that have lasted years. I'm Amy Scott. This season on how We Survive. We investigate how the climate crisis is threatening our most vital food systems and how scientists are racing to develop alternatives that will shape the future of food. Listen to this season of How We Survive on your favorite podcast.