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World Business Report: First broadcast 2015/12/28 22:32 GMT: Saudi Announces Budget Amid Oil Price Tumble

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Riyadh Announces Government Budget

First broadcast 2015/12/28 22:32 GMT

First broadcast 2015/12/28 22:32 GMT: Saudi Announces Budget Amid Oil Price Tumble

Saudi Announces Budget Amid Oil Price Tumble

BBC World Service - World Business Report, Saudi Announces Budget Amid Oil Price Tumble

Saudi Arabia unveils budget cutbacks and high borrowing amid falling oil prices.

Reacting to the oil price slump Saudi Arabia's King announces his 2016 budget: spending cuts, a 40% hike in petrol and a drive to raise revenue from taxes and privatisation.

Saudi Arabia announced a record budget deficit of $98 billion for 2015. We talk to the BBC's Beijing correspondent, Danny Vincent, as the chairman of one of China's largest state-owned mobile operators, China Telecom, is being investigated by the country's anti-corruption watchdog. And unseasonably warm weather across the northern hemisphere has left some of Europe's biggest resorts short on snow. We talk to Benjamin Blanc, who runs the resort of Val Thorens, in France. (Picture Credit: Waseem Obaidi/Bloomberg via Getty Images.)

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First broadcast 2015/12/28 22:32 GMT: Saudi Announces Budget Amid Oil Price Tumble

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