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tv   Business - News  Deutsche Welle  March 29, 2018 3:15pm-3:31pm CEST

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it was indeed i mean he's coming up ahead in one year's time or most of the alibi written leaves the e.u. intending to strike out on its own in an economy that prospect affecting the british economy but have more for you after soaking it up again how to standing by to be with you shortly with that story about greg's and its impact. they make a commitment. they find solutions. they inspire. africa among. stories of both people making a difference shaping their nation. and their continent of africa on the
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move stories about motivational change makers taking their destinies into their own hands w.'s new multimedia series. d w dot com africa on the move. it's t. minus three sixty five and counting britain's departure from the e.u. is just one year away how the briggs's decision impacted the economy on both sides of the channel. serbia to the rescue hard german firms tackle the lack of skilled workers by looking beyond borders. this is the new business live from berlin as well come in twelve months time today
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britain will formally leave the european union there will be a transition period but they will be out many welcome it more worried about the economic consequences because the numbers are not in favor of britain leaving the when it comes to the economy breaks it already has done more harm than good it seems let's have a closer look last year the eurozone economy expanded more than two percent but in the united kingdom g.d.p. rose just one and a half percent this year british economic growth is expected to slow even further that's weaker economic outlook is also weighing on the pound its value has dropped fifteen percent since the briggs's referendum of june twenty sixth a weaker currency makes exports more competitive but imports more expensive that has an impact on inflation which has risen more than three percent its highest point in five years so that economic climate has led to increased borrowing average
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household debt that is debt as a portion of income now totals around one hundred fifty percent that's the second highest rate after canada of any advanced economy. so what will brings it bring we've heard doomsday scenarios and promises of a land of milk and honey if britain is lucky. it will be somewhere in the middle to discuss that with me i'm not joined by michael hughes who's the senior economist at sea of humanity in london michael welcome to the show one year of the triggering article fifteen what can we say of how briggs it is already affecting the u.k. economy well you summed up the numbers quite nicely just a few a few minutes ago gephardt and you talked about the fact that the european economy without the forms u.k. economy and that is only true. contrary to the predictions of doom and gloom the work came out the fall the brics referendum economic growth actually
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hasn't been that bad and let's not forget here that the u.k. economy has expanded for twenty consecutive quarters it's been expanding since two thousand and twelve the economic recovery here is much more mature than say for example the economic recovery in europe so i think we are slightly ahead of you in the economic cycle which would i think reinforce the reasons i think why the european economy is probably growing at a faster right but certainly i think there are there are obviously negatives inflation you mentioned it is slightly higher it has pressed down on consumer spending but overall the unemployment rate is twenty five year low and wages do finally starts to be appear to be looking up so there are silver linings you spoke about the negative consequences one can already be felt which is the breaks of financial institutions it seems to have started banks are moving people to the continent how much will remain of london as
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a european financial center. i still think the london or n one is significant financial center a global financial center people have been there i seen the a picture a for london as a center for financial services for quite some time we have the infrastructure here in the u.k. you know with the guy whites of the u.s. with a gateway to europe i would really hesitate before we start calling that the noise of london as a financial center it's culprit pretty much going everything going in his favor and i would really urge policymakers on both sides of the channel to think of that in the months ahead. look at trade relations britain will not get any special deal it seems and become one trading partner of many for the you will that hurt and who. yeah i mean financial services are
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a big part of the relationship between the between the european union and the united kingdom makani the bank of england governor said essentially london in the u.k. is the central bank head to the european economy so wallie officials have said there will be no financial services paul supposing i think it's incumbent on both sides to make sure there is some form of arrangement which does include financial services there was some talk about it with respect to the canadian trade deal i think it needs to happen because it's going to be very difficult for the european capitals to pick up the amount of slack that would be necessary to actually execute a seamless transition from what happens here in london so what happens in europe michael used c.m.c. markets thank you very much for this analysis saudi arabia's stock market has been given the green lights to join a kiama and emerging market index footsie russell the move could attract billions
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of dollars of investments to the country and that would be highly welcome as the kingdom embarks on an attempt to reform its economy. for decades saudi arabia has relied on the oil to power its economy but a slump in global prices have highlighted the urgent need to diversify. that prompted client prince mohammed bin solomon to embark on a series of economic reforms top of his agenda attracting foreign investment a goal he's been pursuing during a host of meetings with international leaders like this one with the us president earlier in the month. the latest news that saudi arabia is to be admitted onto a key index for emerging markets has therefore been hailed as a landmark in the country's economic transition. footsie well shaw is the loitered to confirm that saudi arabia now meets the criteria for inclusion in its global benchmarks and emerging market the kingdom's entry into the
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international equity benchmarks marks a major milestone in its quest to grow and diversity for its economy the criteria saudi arabia mass included tightening corporate governance and easing restrictions on foreign stock ownership. and it's expected to pay off analysts believe inclusion on the index could attract well over thirty billion dollars into the country over the next two years. germany has cut its debt load thanks to a strong economy and a decline in the deaths resulting from bank bailouts during the financial crisis germany's central bank the bundesbank announced the national debt filton sixty four percent of g.d.p. at the end of last year germany is working its way closer to the sixty percent ceiling agreed upon by all eurozone countries most of germany's debt load came from working off shaky financial assets it it had acquired as the government bailed out
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financial institutions that had suffered crippling losses. germany's economy might be doing well but the country is suffering from a chronic shortage of skilled workers the new coalition government plans to address that issue with an immigration law focusing on skilled trades but companies in germany have been recruiting abroad for years one of them full based r. and r. and s. solution has long been taken advantage of a regulation allowing skilled construction workers to enter the e.u. to fill shortages. these migrant workers in the german town of fulda play some basketball after work. they're bakers masons and electricians. one of them is thomas the gift to each and electrician who's laying the cables for a new hospital. the twenty seven year old serbian sees his future in germany.
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often the economic and political situation in serbia is a good one you can make more money and have a better and more secure life here as he has laden. you have th works for r.n.'s solution a skilled trades business that employs around four thousand people give to chess a german employment contract and is paid accordingly at union wages his employer has hired six hundred skilled workers most of them from serbia which isn't a member of the european union trained electricians are hard to find so the employer is allowed to give the job to a serbian when a german or an e.u. citizen can't be found for the position the german employer helps obtain paperwork and provides accommodations a serbian recruit costs around five thousand euros. due to the current economic boom and construction boom and we wouldn't be able to handle all the orders if we couldn't recruit from abroad. so we can at communities and move because i'm also
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going to be content in serbia unemployment is high and we jews are low the german company is looking for new recruits at a training center applicant study german for four months in addition they get familiarized with the latest technical standards in the german electrical trade. stephanie was a soldier for eight years then he worked as an electrician for three he has high hopes. last thought going to alton i will learn a lot germany is more technically advanced than serbia. some twenty thousand workers leave serbia ever here the chamber of commerce in belgrade is worried about this trend but there are a few job opportunities to keep young people in the country. well i think that companies have to offer. better conditions for.
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and especially to create better conditions for life here in serbia in order to keep labor force here in. back in germany thomas laughed wants to work a few more years for his company but his alternate goal is opening up his own business or. and that's it for me and the business team here and then i would update for you in the next on the meantime check twitter and facebook chat and before you go ask global markets on their performance right now thank you very much for watching bob.
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