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tv   Business  Deutsche Welle  August 14, 2019 3:02am-3:15am CEST

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markets soar as the u.s. to lay some tariffs on consumer goods from china so why the sudden reversal and can it lead to a long term solution for a trade dispute that's weighing on the global economy. and protests and violence paralyze one of the world's busiest airports for a 2nd day is financial hub hong kong really nearing a path of no return. this is your business report i'm stephen beers in berlin thanks for joining us u.s. president donald trump is delaying some tariffs on chinese goods until december 15th moves a move he said is meant to help american consumers the products include mobile devices laptops video games toys and textiles trump made the announcement shortly after trade representatives representatives from the 2 countries spoke on the phone shares of tech companies and retailers jumped on the news however the 10 percent
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tariff will go ahead as planned for many other items on september 1st. and let's check in with our financial correspondent in new york jose luis de haro jose nice to see you markets really jumped on this news today does that mean investors really believe that this could lead to something lasting a long term agreements. sadly not stephen but at this point any move that does not imply increasing tensions between the u.s. and china is enough to cure investors markets delay as a blink from bad to trumpet ministration trying to deescalate somehow the current situation which has a spill into all the way we have such as currencies than and the nation by the us treasury of china as a currency manipulator for example said the conversations between both countries are still conducted over defoe no need to steal not period negotiations will finally negotiators actually will finally meet face to face in washington next
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september and for now the recent compromise and for another phone conversation in the next 2 weeks and meanwhile president trump said that the conversation was not productive then again implied that china might now might be more i would call to a product from the us a but so far has not blink back in this regard so we investors are still cautious and nada expecting a big deal any time soon those they want to ask you something about what trump had to say about this de lay let's take a listen real quick. but . i. don't know if you could make that out over the helicopter noise but trump was
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insisting there that tariffs at this point have not heard consumers but that the recent decision was made to help consumers so which is it are tariffs hurting consumers or are they not hurting them. dr stephen is a strong consumption it's what it's currently sustaining the u.s. economy and somehow letting bottle he's trade war with china better as we head into the holiday season it is obvious that the us president cannot risk applying it to some of the most popular products among us and consumers are already affecting prices a with inflation surging 3 tenths of our percent in july and without the delay in did 10 percent duty on certain products many retailers wouldn't have had enough time to order inventories in advance of the holiday season to avoid the new charges have been either to absorb the cost or to consumer so was my chance but once it was being done don't harm consumers the retailers have believed they do and as for now
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it seems the us president is trying to avoid a nightmare before christmas snow her it was the least a hero there in new york for us thank you. and over to hong kong now where the clashes between protesters and police have continued to rob markets disrupting hundreds of flights this week at the city's airport the travel hub reportedly contributes about 5 percent to hong kong's g.d.p. some experts estimate that as russians have already cost hong kong tens of millions of dollars a figure set to rise if the turmoil continues the political crisis has also weighed on asian markets with hong kong experiencing a major cash outflow. the argentine peso continued to fall on tuesday closing down more than 4 percent against the u.s. dollar now that comes after the currency initially tumble 30 percent on monday the plunge followed president maurice defeat in the primary election last weekend with investors fearing that
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a mockery loss in october during the general elections would in the country's economic reforms argentina has been in recession since last year and is currently afloat on a $56000000000.00 bailout from the international monetary fund. and gas stations in portugal are running out of fuel right at the peak of tourist season the reason tanker drivers in the country are on strike demanding higher wages and less over time the portuguese government has now imposed fuel rationing. the national guard is keeping field at post safe and it's giving convoy protection to petrol and diesel shipments to ensure basic supplies reach filling stations and airports. on the 1st day of the strike the government designated it a national emergency effectively making participation a criminal offense the dangerous goods drivers union thinks that scandalous. we're going to attack we saw under the dictatorship we fought for our rights with
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this democracy but the government is clearly ignoring our rights. portugal's labor ministry saw no alternative but to clamp down because even on the 1st day of the strike fuel supplies could no longer be guaranteed. it indeed. had to issue a little ports and airports as well as other sectors which are essential to society were threatened if it is to be as a new way and it was about ensuring calm and normality. lisbon's main market is a kind of social seismograph for the whole country that handles goods from portugal's north and south michael brown's is one of its main traders he says the 2nd strike date has been somewhat easier than the 1st. customers twice as many goods on the 1st day because they were frightened there might be any fuel available on the 2nd day went into the wholesaler can count on having enough
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diesel himself because his drivers often cross over into spain where fuel is cheaper as well but brand still worries the strike could drag on. into further think any problems with begin on friday. when the filling stations won't be able to get enough petrol or diesel to see this that's precisely what the government hopes to revenge that's why soldiers are now driving consignments around the country to question the effects on the population. the 2nd day most of the gas stations here in lisbon are doing business as usual therefore many people were asking if it was really necessary to be clear threat to the nation already the 1st day of the strike for prime minister antonio cos they might have been quite convenient because he was able to show strength and authority less than 2 months ahead of the next elections . let's take
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a look at some of the other global business stories making news. european commission launched a formal and dumping investigation into steel products from china taiwan and indonesia on tuesday the inquiry follows a complaint by the european still association e.u. steel producers say some of their peers outside the block have flooded europe with cheap steel. media giants viacom and c.b.s. will merge to form a $30000000000.00 in entertainment conglomerate ending years of tie up talks viacom owns the movie studio paramount and t.v. channels comedy central and t.v. analysts have the merger will allow the new company to compete with streaming services. millions of muslims have made their way to mecca as part of this year's hodge pilgrimage increasingly saudi arabian businesses are finding ways to make the most of the vast numbers of travelers coming from overseas some hotels are now catering in particular to wealthy pilgrims and offering a very special experience
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a high end hodge. the kaaba in mecca is islam's holiest site for pilgrims it's the final destination at the end of a long journey and now the wealthiest among them can end a tiring day in a room like this. the crop of 5 star hotels now offer room with the who leave you to the select few who can afford it with prices starting at around a $1000.00 a night or reaching into the 10s of thousands these hotels a contributing to mecca is growing reputation as the capital of luxury religious tourism. something as is a 5 star hotel the tough as magnificent services to attract customers we have the best possible facilities because the prices are expensive. for them. the hotels are fully booked for this year and next year's hutch as well as dozens of days on site
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mekere expects to welcome 30000000 visitors for how to get around them are a pilgrimages by 2030 at saudi arabia works to reduce its reliance on oil saudi businesses of finding more ways to tap into another significant flow. and on his news from the sporting world in germany dortmund has got off to a great start to the season with a win against rivals byer munich in the season opening super cup but things are looking much less rosy financially dorman is the only bundesliga club listed publicly on the stock market and profits are down along with total revenue which has fallen dramatically to around 17 and a half 1000000 euros that's a drop of nearly 50 percent the numbers are to some extent skewed though sales of top players to other clubs have brought in quite a bit of cash last year. and that's it from me and the business
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team as always you can find out more about these stories online dot com slash business i'm stephen beers in berlin thanks for joining us for this.
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