tv Business - News Deutsche Welle August 10, 2018 7:15pm-7:31pm CEST
custody on friday evening. and with that now you're up to date on a day that he and news don't forget we have the latest news update coming up again at the top of the hour but in the meantime my colleague chris will have business news for you in just a few minutes at the way of. the. elite . they make a commitment. they find solutions. they inspire.
africa on the road. stories of both a boom in a different shaping their nation. and their continent africa calling the move the stories about motivational change makers taking their destinies into their own hands playing t.w. is a multimedia series for the for god. w dot com africa. with . turkey in trouble the country's currency plunges to record lows as u.s. president donald trump says that import tariffs on turkish steel and aluminum will be doubles to increase president out of iran says his country will win this economic war also on the program low cost carrier ryanair gets hit by a europe wide pilot strike thousands of passengers are affected at the height of
the travel season and we take a look at the challenges between small traders from china and low income consumers in africa both hoping to strike a good deal. this is a business on course of kolber welcome nowadays it's takes just one tweet us president donald trump took years to his favorite medium to announce new tariffs on turkish steel and aluminum the news rattle the world markets and set the turkish lira into freefall ties between al gore and washington have been strained over the jailing of an american pastor now turkey's president out of a political agenda has long been backed by a strong economy that could change. the turkish economy is spiraling and turkish president at a one is blaming other countries he speaks of an economic war against turkey so he's appealing to the public for help. yes. if there is
anyone who has dollars euros or gold under the a pillows they should go exchange it full liras at our banks. this is a national domestic boxer. this will be my people's response to those who have waged an economic war against us. so well let's look good. this is the second time in recent weeks that the turkish president has called on his people to buy the lira to stop its tumble but to no avail turkey has hit its lowest level against the dollar since two thousand and one it has been folding this year on friday it fell another twelve percent to a rate of over six to the dollar. a tweet by u.s. president trump announcing hi a terrorist on turkish steel and aluminum accelerated the leroy's fall but for the market the crux of the country's economic walls lie with the turkish central bank's
monetary policy it has repeatedly bucked market expectations and maintained low interest rates as a result economists have questioned the bank's independence critics believe present at all one might have a hold over his country's monetary policy something that is also worrying the eurozone central bank the e.c.b. has expressed concern about some leading european banks exposure to turkish debt according to the financial times some banks could lose money if turkish border was default on loans inflation is also a major problem for turks they are finding it harder to afford basic goods now that prices have climbed nearly sixteen percent much faster than wages the tenth of august my going to the history books is black friday for the turkish economy. or for the latest on the turkish drama let's bring in the doubles financial correspondent conrad bosun and frank for a dark comrade the turkish lira is not one of the world's leading currencies why is
its nose dive spruiking so many investors today. and they are afraid that the european banks might be drawn into this you know banks in spain france italy have given out loans and turkey worth up to one hundred thirty five billion euros the exposure of german banks in turkey is twenty one billion and with the ongoing depreciation of the turkish currency of course concerns are rising that those loans might not be paid back today the turkish lost more than twelve percent . euro and in comparison to the u.s. dollar lost more than thirteen percent in the course of this trading day things look even worse temporarily now the turkish finance minister tried to calm down. markets this afternoon with little effect it seems. yes with little effect you know the turkish finance minister who's also the son in law of the president is
the other one he didn't really say anything new he talked about how the country wanted to cooperate with international stakeholders he said that the central bank should stay independent you know at the same time his father in law mr the president talked about how turkey was at an economic war and he also wanted citizens and turkey to convert their dollar and euro holdings into turkey turkish lira in order to help the country. people on the markets to not really believe that the government wants to cooperate capital controls is something they reckon with and also of course people are talking that the international monetary fund might have to step in their markets are rattled by a nosedive by the turkish lira reporting from frankfurt thank you. it's at the peak of the holiday season ryanair pilots are ramping up the pressure on their employer
pilots in germany sweden ireland belgium and the netherlands went on a twenty four hour strike on friday forcing europe's largest low cost carrier to axe about one sixth of its scheduled flights after ryanair has recognized unions for the first time and in its thirty year history it has been unable to quell rising protests over slow progress in negotiating collective labor agreements. it's the biggest industrial action ever to hit europe's biggest budget airline the effect is visible here at frankfurt airport where checking deaths are unstaffed and passengers nowhere to be seen many planes won't be flying today pilots union representatives in frankfurt say their message is ryanair must change. almost any not about defeating ryanair it's about sending a signal that they have to stop trying to defeat their own employees. some passengers were forced to spend the night at berlin the show in
a failed airport many don't know when they will be able to fly out but some are showing sympathy for the pilot's demands. and it's unfair that the pilots have to pull the short straw just because passengers want to fly cheaply. this is the think you know from the shots and i think it's a potential safety risk if employees don't stay at home when they're ill because they're on a freelance basis and wouldn't get paid so i do think it's justified. ryanair pilots are striking across europe for twenty four hours as they demand higher salaries and better working conditions that's led to the cancellation of four hundred out of twenty four hundred scheduled flights affecting more than seventy thousand passengers japan's economy is growing again expanded by half a percent in the second quarter and that's more than analysts had expected after a contraction at the beginning of the year and while the economic outlook has improved u.s. japanese trade talks made little headway this week japan is hoping to win
concessions on threatened u.s. auto terrorists which could be detrimental to one of the most important sectors of the world's third largest economy. in the wave of china's billion dollar investments in africa many small traders have come to the continent to set up shop low income households are hungry for cheap goods made in china but what looks like a win win situation has its challenges. jackie reports. flashing fairy lights toys and electronic gadgets galore do you want to shop has it all for the last five years she and her husband have been running their store in cape town's chinatown shopping center her business model is simple but effective me how to shop before but maybe shopping for men. it's fine it's fine appears is fine paper every year. daisy yuan is one of an estimated one million chinese
traders who arrived in africa over the last decade. the influx was triggered by growing chinese investment paired with unemployment back home. showing louis daisy's landlord of the co owner of the mall eve recognized the demand among cape town consumers i did talk with one local people can for this it. doesn't like this image to the oh you know something on the street chart. i got the words i could buy one char one clothes i can come to china town so prize. money i get really close to success speaks for itself since twenty ten you and his partners have opened three malls and cape town with a total of one hundred fifty independent stores. but the demand for
cheap goods made in china is not limited to the big cities a four hour drive away from cape town is the small community of ladysmith its population numbers just seven thousand but like many villages these days it has its very own china store. forty four year old chang young young manages the store a strategic partnership between south africa and china allies wholesalers to import a range of goods from china tax free retailers like yank and then offer their customers cheaper products his customer base mostly low to medium income high told appreciate the savings by b. the equally prices way better the quality isn't great but it's pretty ok and for us the shop offers the cheap that's part of the course that's about the box the good the cool and. it sounds like a win win situation but the weak south african rand crime says expert ross antony
pose challenges for many chinese traders. often as being. a. person on the premises rather than banks and criminals talk of the schools and money available in the likelihood that they'll go to. see if this lawyer. john young young invested in c.c.t.v. cameras for security for him like many chinese traders the promise of good business in south africa still outweighs the risk. and that wraps up this edition of business if you want more be sure to check out our social media. thanks for watching.
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with some marketing potential by placing a warning label on music products. rock and religion clash that brings many parallels. for the two milli soldier reconcilable. rock'n'roll. d.w. . hello and a warm welcome to focus on europe it is great to have you with us spain has become the new hot spot for migrants from africa they're heading to europe in search of a better life the vast majority crossed the mediterranean and rubber boats and land