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0:05 Obama at NATO conference
0:38 Defence analyst Francis Tusa and Blenheim Capital's Grant Rogan
1:30 Instability in the Persian Gulf
2:11 Western military cutting budget, rest of world increasing budget
3:15 How does the shift in purchasing affect the trade in influence?
4:12 How does the flexibility of the French on foreign policy help them?
4:37 The rise of the Chinese as an exporter

Nato defence budgets have been cut drastically in the past three years, yet global military spending has not changed because of big purchases in the Gulf and Asia. The FT's Carola Hoyos discusses the trend with defence analyst Francis Tusa and Blenheim Capital's Grant Rogan

Special Report: http://www.ft.com/reports/defence

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