tv Business - News Deutsche Welle October 20, 2017 1:02am-1:16am CEST
well lit up in celebration the festival dates back to each in times and is now considered an important family home. investors are feeling the pain in spain catalonia faces losing its powers as madrid seeks to take control businesses uncertain what to do next also coming up china is learning to manage expectations as economic growth slows just a smidge. and daniel winter and this is your business news update the crisis in catalonia is reaching boiling point spain's central government in madrid has announced it is to begin stripping barcelona's control of the semi autonomous region as are the catalan officials failed to meet a deadline to withdraw their session bit catalan leader colors proved them wrong has threatened full declaration of independence if spain asserts control over the
region. currently catalonia is the wealthiest part of the country but for how long all this political uncertainty means companies on leaving in droves. it started with the banks now hundreds of medium sized companies have either left or are considering leaving the region since the independence referendum they include financial institutions like ayesha bunco sab adele utilities company gas not and sparkling wine maker fresh anette spain's economic minister blames the cattle and regional government for the exodus the population is growing uneasy still he's not afraid of a run on the banks. out there that's the two large catalonian money institutes are both protected by the safety mechanisms of the european central bank the spanish guarantee fund and the federal government that's why we don't think there will be any limits on the money that the customers can withdraw. quarterly. the firm's
pulling out site turnover as their main reason for departure with spain their most important market they fear a catalan declaration of independence could lead to the country boycotting kettleman products independence for catalonia could have a detrimental effect on the ailing spanish economy to catalonia is the industrial heartland of spain the region generates a fifth of the country's economic output. chinese economic growth slowed marginally in the third quarter six point eight percent isn't all that bad on target for the year as a whole despite that indicating stability the national statistics agency warms of volatility it says the economy is at a crucial stage of restructuring and china's central bank is warning about a sudden collapse in asset prices after so much growth may be opening the economy could help that's all the talk at this week's communist party congress but critics say that you've heard that before. it's
a project that typifies the extent and speed of china's growth in just two years time this building site in beijing will house what could be the world's largest airports at twelve billion dollar investment that comes as chinese president xi jinping hailed a new economic era that's all about looking outward. it will push forward a new situation of complete openness openness brings progress closing yourself off will inevitably lead to falling behind china's open door will never close it will only be opened further. but critics say the door is far from open many foreign companies complain about the difficulty of accessing the chinese market and accuse the government of failing to implement necessary reforms. one big issue the government is trying to tackle however is soaring desk the sum total of what china owes is now valued at two hundred forty six percent of its g.d.p.
that sparked fears of a financial collapse for the world's second largest economy the true cost of debt fuelled growth has yet to be revealed now the timing could hardly be worse ahead of japan's elections this weekend yet another corporate scandal is shaking the economy this time around it's nyssa the carmaker shut down all its factories in the country that's because unqualified workers were put in charge of quality control it's the latest in a litany of serious errors from japan's biggest corporations. and another gesture of humility and another apology from the company boss he did so cycle admitted that the scandal at nissan was much worse than originally thought final vehicle inspections were carried out by un qualified employees it all came to light about a month ago over a million cars have to be pulled off the road for of nissan six factories were
involved in the shoddy work now nissan has to put the brakes on production all domestic factories will remain closed for at least two weeks the recall is going to be expanded the string of company scandals in japan continues more than a week ago kobe steel japan's third largest steel concern and a nissan supplier admitted to falsifying product data and they did it for ten years around two hundred customers were affected it could be that nissan was cheated by kobe and received inferior materials profit before honesty unscrupulous practices at the cost of safety japan's industry remains stuck in a deep crisis of trust. in new york frankfurt and london stock indices rising and rising but on thursday there was not exactly a feeling of optimism but rather a reflection after all it's the thirtieth anniversary of one of the biggest single day stock market crashes in history and the nineteenth of october one thousand nine
hundred eighty seven slid more dramatically in the western markets an ever experienced automated trading among the first robot traders of that kind in new york caused a chain reaction a drop in the value of shaz that to more sell offs the dow jones losing twenty three percent by the end of the session is one trader who was that. and it was itself a thousand shares of general electric and two thousand sure that your motors it was one hundred thousand johnson and johnson so one hundred fifty thousand g.e. it was tremendous in terms of you could you could feel you could hear you could feel it you could hear the panic in the voices of these people and during these orders but it was still only eight o'clock eight fifteen eight thirty but yet the market was in very when you're opening. and yes quarter has been on wall street for many years for a science you must be getting nostalgic seeing those pictures of a trading floor full of people but oddly enough we're talking about this earlier
the more things change the more they stay the same. sure but yeah i mean the wipe was certainly different even when i started and that was in ninety nine we had about six thousand traders here on the floor of the new york stock exchange one trader told me back then he walked about five to six miles each day to get his business done so that has certainly changed to also with knowledge talking about of the traders i mean there are still some people around to experience black monday and they said well they didn't see it coming nothing hinted at a day like that but as you mentioned some things remain the same so you win some and you lose some and who knows the next crisis always comes from a corner where you least expect it to come from not like to pick up on actually we're seeing one red card after another including today is wall street worried about a repeat of black monday any time soon. well that seems to be the big problem right
now that nobody really seems to be varied and that is dangerous territory we've seen that in the past and even if there are some similarities to back then thirty years ago there are also some differences the market big then was much harder than it is today the s. and p. five hundred was in the years more than doubled so shot up by more than one hundred percent right now the market in the past two years is up twenty five percent that is still a lot but not as hot or not as far as everest you know back then ok plenty of food for thought there and lessons to learn our markets millions caught up thank you very much for that a tweet by the chief executive of goldman sachs on thursday sparked speculation that more jobs are moving to germany's financial district frankfurt that is the next round of talks take place lloyd blankfein tweeted just left frankfurt great meetings great weather really enjoyed it good because i'll be spending more time there with the hash tag rex it britain is currently home to most of goldman's
european operations with about six thousand employees perhaps not for much longer. the iraqi region of kurdistan is an important hub in the middle east turkey iran and iraq all move goods to one another through the autonomous region now the kurds are pushing for independence the region's location is making it difficult to neighboring countries to make good on their threats of closing the borders but is the region really so invulnerable. business is humming at the ybor him callil border crossing between turkey and iraqi kurdistan three weeks after kurds in iraq voted for independence a little here seems changed the shops are filled with goods products like these still rods await further transit turkey is now threatening to close the crossing leaders there angry over the independence vote and fearful of the ripple effect it could have amongst its own kurdish population such a move wouldn't be easy some traders here say many of the goods are only passing through and that's not good idea meant to get that anybody about seventy to eighty
trucks loaded with commodities travel from turkey to iraq on a daily basis about ninety percent of those trucks go to iraqi cities like baghdad basra nasiriyah and not just so the kurdistan region is really just a transit point but of course the sign on us of a soft onset one of the quickest on it's the tricky part of isolating a region in the middle of the middle east iraqi kurdistan neighbors can't tolerate an independence bid but if they close the borders into the region they block major trade routes into and through iraq yet the region itself can't stand alone be on oil exports farm products and steel to iraq and it relies on goods from its neighbors like iran which has already closed this border crossing at how you'll run traders say they feel the impact already illegal and death of say that the civil law but it's certain that the closure of crossing points like this one a hostile iran is harmful and in this case it doesn't just hurt the residents of hodge of iran would like to have it also harms the kurdistan region as
a whole showing the region is already in the crosshairs iraq has put sanctions on its banks and it sees the oil rich city of kirkuk further border closings could be disastrous and put an end to business as usual. and that's another business update done and dusted if you want more you can check us out on twitter on facebook i'll be back with same time same place see if.
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