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tv   Business  Deutsche Welle  August 7, 2019 3:02am-3:16am CEST

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china's move to steady the you won has investors whole thing it's not ready for a full blown escalation and it's trade war with a new threat but that doesn't mean things can still get worse. and that's why it's a golden moment 1st take even as investors remain wary of risk. also on the show 5 years of war take other tool on yemen now food prices are soaring turning a daily struggle into an even tougher fight for life we take you to the port city of eden. this is the w. business i'm joined and welcome a sliver of hope for investors after china steps in to stabilize the you watch
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that's after letting it fall for a 2nd day setting global markets sliding beijing has denied the u.s. treasuries charge that it is allowing its currency to devalue to make exports cheaper and not set further tariffs from washington but alast say officially designating china as a currency manipulator opens the door to further penalties on top of the tariff hikes putting a deal between the 2 economic superpowers even further out of reach. for his part however the white house's economic adviser larry kudlow pointed to upcoming bilateral talks as a source of confidence. the door is open for additional negotiations. we are planning. for the chinese in the coming year in september you know they are meeting. they have their. leadership on clay for about
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10 days i think it's already begun you know come out of that still be ahead of the september 1 terror of the line and you know we hope the economy here we hope we can have some very positive results in the goshi ations that's an optimistic view of the president's office said. there were open to negotiations. now that conciliatory sounding statement comes off the back of calls from elsewhere in the white house urging the federal reserve to protect the u.s. economy from the trade war by cutting rates further our financial correspondent yes quarter joins us now yes how has the fed reacted to these developments what can we expect from domestic policy. well there have been comments from james bullard's and he is the head of the federal reserve from san louis and he actually said that history has shown that it's not a good idea or if you get directed by politics out of washington that actually
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could worsen the economic situation and could pump up inflation in the long run he also said that it's basically impossible and also not a good idea to react to those day to day comments so that we get about trade policies still and the statement from the federal reserve is pretty clear at this point i'm so far markets at least expect one more rate cut possibly in the said 10 member but overall the federal reserve does not seem to really react to the trade tensions and to currency tensions at this point but we've also heard from some ghosts from the federal reserve's past. well fed chair seemed to have a long and healthy life and there was an open letter in the wall street to join the phone from 4 former fed chairman paul full care he actually was of the fed chair
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under jimmy carter and one of the dragon then old soul alan greenspan byrne bernanke and janet yellen they don't and they did not directly name us president donald trump but they said overall that it's not a good idea either to really. give react on politics from washington that this actually could worsen the situation so even if they did not name donald trump directly it was quite obvious where this letter was addressed to in the posture of u.s. president donald trump has again and again criticized his fed chairman general powell even after he and the federal reserve cut interest rates last week for the 1st time since the financial crisis that still was not good enough for u.s. president on from the fed chairs from the past weighing in on the present and carter there and wall street for us thank you. monetary policy of course is just
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one front in the fight between the 2 countries that chinese companies are no longer buying agricultural products from the united states after a recent promise to buy more is quote a body blow that's according to an american farming organization. it's already been a difficult year for american farmers exporting to china fruit nuts and dairy have all been hit with counterterrorism from beijing some of them multiple times take port it was hit twice last year with 25 percent tariffs its effective tax now in china 62 percent and while that's taken a bite out of pork producers income it's been less than one might expect in the period between may and april the value of pork exports fell only 22 percent between the years ending 20182019 that's because china has been buying up large amounts of american pork due to the outbreak of african swine fever in the country the question now can the world's largest port consumer suddenly turn off american pork
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exports a $1100000000.00 market one likelihood is that european producers will make up the shortfall with their u.s. counterparts then increasing their exports to europe. in other words the trade map is changing and that's why even if the u.s. china dispute is wrapped up in the near term something that looks increasingly unlikely the long term effects could be significant. as a major part of the fallout from the trade wars and best areas are flocking to hafe to safe havens like gold the price of gold on world markets had a 6 year high of around 1004 $175.00 an ounce and india prices have reached a record. india's gold traders have much to celebrate prices are soaring and still there doesn't seem to be a shortage of buyers the prices. but just because office 2. gold isn't just an investment here people wear it in many festivals so the indian
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rupees recent tumble against the u.s. dollar isn't helping and last month the government raise import taxes on gold to 12.5 percent from 10 percent but market observers put most of the blame on the u.s. china trade war. affecting news. because of. the u.s. war. america has increased 10 percent on products coming from china so for now the only way for prices may be up. now to some of the other business stories making news chinese tech giant 10 cent is and talks to buy up to 20 percent of the world's biggest music label universal is home to the rolling stones lady gaga and taylor swift french owners at vivendi want to break into china's growing but tightly controlled music market. officials continue to sound the alarm over facebook's plan cryptocurrency leave brought in an open letter
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global regulators have asked facebook to clarify what practices will be used to protect personal information and to ensure a transaction histories would not be shared with 3rd parties without user consent the united nations says the war in yemen is the world's worst humanitarian crisis millions of people have been this place and are in need of aid and there is chronic unemployment and surging food prices our correspondent found the fish are reports from aden where yemenis are struggling. fresh tuna used to be an essential food item in yemen before the war the gulf of aden is full of these days most people cannot afford it fisherman have to pay more for gasoline to go fishing prices are rising. there are many customers who are in debt for a lot of money i don't give credit to everyone but i give it to. those who can't
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pay and. people's emotions over rising prices can easily boil over at the market. i swear to god i like it for 303 hours 2 pieces of fish to feed a family of 7. and she blames the government and that's what i have called the government is responsible for this not us and we are just ordinary people we are just waiting for change but nobody does anything government officials live comfortably with their fancy houses and their money and the rest of the people die i'm telling you the truth but them hang me i'm not afraid i only fear the government is the one ignoring its people that. everyone here appears to agree. with the war in yemen in its 5th year people are fed up with chronic unemployment unpaid salaries a lack of security and a functioning government the currency is collapsing. as you can see the shelves
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full of food but there are hardly any costumers no food imports are usually delayed or block at the me. so whatever arrives here is quite expensive for the ordinary citizen ordinary yemeni people rising food prices are taking off. on their daily life. unreliable power supply makes keeping food fresh a challenge for supermarkets and with much fewer customers businesses are struggling just to keep their businesses running. but. i mean the 1st problem is the poor how can we get our goods through the ports if it's nothing new. process at the port and the board who's a huge challenge for us. the face of yemen's president hadi can be seen on several billboards in aden the locals say
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he's on vacation but the president is actually in exile in the saudi arabian capital riyadh these men are selling petrol on the black market they want to benefit from the country's failed economy but protests against the worsening economy are weakening as if people had lost the will to fight. thank you for watching.
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