Greg Smith of Devon Funds Management on developments in US-China trade talks, British Airways buying billions of dollars worth of planes and why BP's in the crosshairs of a takeover suiter

Developments are being made in the US and China trade talks. 

A top Trump economic adviser says about two dozen trade deals are in the works with the country. 

Talks took place in Switzerland over the weekend. 

Greg Smith of Devon Funds Management talks to Mike Hosking about the negotiations, British Airways buying billions of dollars worth of planes and why BP's in the crosshairs of a takeover suiter. 

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Episode Transcript

Speaker 1 (00:07):
We'll go to our UK europe correspondent Gavin Gray given
good morning either right now, good to have you tell
us what because Trump is tweeting now about the Ukraine
potential talks happening on Thursday. But this all kicked off
because of the European leaders in Kiev at the weekend.
What's the latest here.

Speaker 2 (00:24):
Yeah, that's right. So European leaders meeting in Kiev on Saturday.
That was Germany's Frederick meets and Poland's Donald Tusk, Francis
Emmanual Macron, the UK Secure Starmer others were on a
virtual platform and they said, look, really, we think there's
one thing to push Russia on, and this is a
thirty day ceasefire proposal beginning on Monday, and the threat

(00:49):
hanging over Russia was to face new and massive sanctions. Well,
Russia came back first of all with government spokespstas saying
we won't be pressured into anything. And now President Putin
in a late night news conference, it's very unusual for him,
didn't give a clear response. Instead, he said, right, I
want now direct talks with Ukraine in Turkey next Thursday.
We gather the French, the Turkish president Richard Taya Birdawan

(01:11):
says he's okay to host. He's going to do that,
and we now think US Secretary State Marco Ruby is
off to Turkey. The question is, of course, what will
happen on Monday, in other words, in just a few
hours time European time, because will that cease fire kick
in or will things just continue as normal, which will
leave the plans of the European leaders rather in tatus.

Speaker 1 (01:34):
Yeah, there's that a calling a bluff and then a
double calling of a bluff. Right, Yeah, anyway, we hope
there's a meeting on Thursday. Tell us the Royal household
the cost to the text by the British text by
his tribled But it's all about Buckingham Palace basically, isn't it.

Speaker 2 (01:49):
Yeah, troubled in real terms in the last twelve to
thirteen years. You're right, Buckingham Palace is the big black
hole because there's a ten year program to modernize facilities
in the palace, including cabling. You wouldn't believe how ancient
the plumbing, the wiring and the new lifts going in
as well, and it's roughly going to cost eight hundred million.

(02:10):
New Zealand dollars to do it over several years now.
Of course, that is being done with government money, with
taxpayer money. The Sovereign Grant, which provides taxpayer support for
the monarchy, was introduced to thirteen years ago at sixty
five million New Zealand dollars a year, and it's risen
now to just under the two hundred and eighty million

(02:33):
New Zealand dollars a year, so once inflation's taken into account,
it's roughly threefold, but most of that appears to be
going into Buckingham Palace. Now some dispute these figures. They
don't like the way it's been calculated. Republic, which doesn't
want the monarchy around, says all those figures do not
include the figures of security, and that is a massive
fee as well that should be added. In opinion polls,

(02:56):
those suggest monarchy remains still very popular. Ryan back in
fifty five percent viewed the monarchy positively, compared with thirty
six who saw it negatively. However, when it comes to
the money, the figures rather swap around, with fifty six
percent opposing twenty nine percent degreeing. And it seems people
over the age of sixty five think the raws are
good value for money, but much much fewer. Less than

(03:19):
half of the twenty five to forty nine year olds
think that's the case.

Speaker 1 (03:23):
Interesting Stuffkevin, appreciate your time, Gavin Gray, a UK europe correspondent, Interestingly,
that costs still lower than presidential head of state systems.

Speaker 2 (03:32):
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