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This episode is sponsored by Morgan Stanley's Thoughts on the Market. Today's financial markets move fast. Morgan Stanley moves faster with their daily podcast, Thoughts on the Market. Thoughts on the Market covers daily trends across the global investment landscape with actionable insights from Morgan Stanley's leading economists and strategists. And with most episodes under five minutes long, staying informed has never been easier. Listen and subscribe to Thoughts on the Market wherever you get your podcasts.
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China and the US may have called a timeout on their trade war, but what's the reaction? Live from the UK this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. A pause in US China trade hostilities has been met with relief by investors as Asia stocks rose today. The BBC's Nick Marsh has the details.
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A thoring a resetting stabilization. Call it what you want, things do seem a bit more peaceful between Washington and Beijing. Xi Jinping and Donald Trump, of course, met in South Korea last week and they basically agree to sort of step back from the brink of a fully blown trade war. Markets here in Asia seem to like it. Everything is pretty much up across all stock markets. The United States has agreed not to go ahead with these huge 100% tariffs on China because China has said, okay, we're going to allow you some access to our rare earths, which they have threatened to tighten up. They're going to resume the export of very, very crucial computer chips needed for the whole global car industry, basically made by a small company called Next Period. All of these different things on the table, all these different threats hanging over each other. But things do seem to have calmed down. The idea is that there's going to be a truce for a year and that things are sort of resetting. They're not escalating, at least.
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The BBC's Nick Marsh the agreement comes as leaders from 21 Pacific nations met for talks in South Korea over the weekend. Daniel Singer is from the global advisory business firm Wilton Partners, based in Shanghai. He said the US President looms large in the summit.
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Trump and his delegation went around to a couple Southeast Asian countries. They struck some deals. They gave a lot of pomp and theater with his reception made him feel good. The reality of it, it's still going to maintain that South Asia is going to look at China for commerce and to America for security. At the end of the day, this is China's neighborhood. Even countries like Japan, Korea, they are reminded that China is the largest trading partner for them. So you can say that for the East Asian countries, you can say that for the Southeast Asian countries and the like.
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That was Daniel Sanger from Wilton Partners. Let's do the numbers. Shares in Chinese Automaker BYD dropped 1.9% to their lowest level in nearly nine months. October sales dropped 12% from a year earlier as Chinese officials cracked down on excessive discounting. Over in Italy, stock in the liqueur Campari fell as much as 6% after prosecutors ordered the seizure of around $1.5 billion in shares as part of a tax fraud probe. Reports suggest India is looking to replace oil it currently buys from Russia. It comes after the US Sanctioned two major Russian producers in efforts to put pressure on President Vladimir Putin to end the war in Ukraine. Reuters reported that trade sources said the state owned Bharat Petroleum Corps has bought crude oil from Abu Dhabi in a spot. India had 50% tariffs imposed on it by the US because of its purchase of Russian oil. Cameroon's extractive industries contribute significantly to the country's economy, accounting for nearly 4% of its GDP. Most of that is oil and gas, and the mining sector, despite providing vital income to communities, is still largely underdeveloped. Most mining in Cameroon is done by small scale miners working in risky environments, the BBC's Paul Nija reports.
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In the suburbs of eastern Cameroon, local miners are desperately scooping gold at the Kambele mining site. It's a vast and steep terrain with dangerous open peaks, but the hundreds of people who work here are courageous risk takers, including women. While it's the main source of livelihood for several families, Modestina Puma, a widow with three kids, says working conditions are difficult.
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In the past, when we worked, it was by hand. There weren't as many risks as there are now because there weren't too many water leaks. We would dig a small hole and make a profit. That's what mattered most.
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At a separate site a few kilometers away, some locals are crushing and milling rocks, while other women are washing the powder to extract gold. Standing next to her wash point, Ann Badzika, who is immersed in the process, tells me it's not the easiest of jobs.
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We get tired often because we work in the water. We usually catch a cold and malaria every day we are in water, so we get typhoid fever.
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Not far from Anne, some men are exposing themselves to mercury, a toxic substance with harmful effects to one's health. They've poured the chemical into bowls and are washing the powder with their bare hands until they get tiny pieces of gold. Despite experts warning about the dangers of mercury, many miners here seem not to be moved. But some now live with regret. That's the case of Solange Mbele, a 40 year old former miner who took the difficult decision to stop mining after developing sight problems.
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When I was even going, mercury got into my eyes. That's why I've stopped working for close to a year now. The doctor told me that mercury entered my eyes.
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When I return to the capital Yawunde, I meet Dr. Ralph Obase, a public health and safety specialist who's been calling for more effective measures to curb the high use of mercury in mines. He co authored a study two years ago which highlighted the severity of the problem.
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We decided to analyze the level of exposure of mercury using hair samples because generally mercury is deposited in hair. Mercury that goes through your organ system is deposited in the hair level and it can stay for so many years. Over 72% of those who were manipulating mercury, they had values of mercury in hair, which was above the recommended standard by the who.
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The dangers of artisanal mining are undeniable, but for many here, it's the only option they have.
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Paul Nija reporting from Cameroon there and in the uk, I'm William Lee Adams with the Marketplace Morning report from the BBC World Service. On behalf of the entire team, thanks for listening.
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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.
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I've seen yields drop because of drought and believe me, boy have I seen them drop.
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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. Apparently.