tv Business - News Deutsche Welle June 18, 2018 1:15pm-1:31pm CEST
enter the senate and is expected to be appointed leader of the opposition. you're watching news still to come the head of german luxury car maker already arrested on suspicion of fraud it is the latest development in the diesel emissions cheating scandal. monica jones will have that story for you and all the business news coming right up. my first bicycle mogul sewing machine. where i come from women are bones by this notion for women something as simple as learning home to ride a bicycle is and. since i was a little girl i wanted to have a bicycle of my home and it took me years to. finally they gave up and went on
buying young bicycle but returned people sewing machines sewing i suppose was more apropos really for girls than writing advice as now i want to meet all of those woman back home who are bound by their duties and social norms and inform them of old dead basic rights my name is the about of the rooms and they wore them. out the c.e.o. who has been detained on suspicion of fraud parent company fox back in confirmed to the arrest it's the latest development in the diesel emissions cheating scandal also coming up what's the state of the u.s. economy an eighteen months into donald trump's america first presidency we talk to
a u.s. based businessman. and without a very warm welcome to d.w. business starting with the latest fallout from the emissions cheating scandal today the head of german luxury carmaker audi has been arrested in connection with the diesel gate scandal prosecutors said who is being held on suspicion of fraud police raided his house last week as part of an investigation into the admissions cheating scandal that has cost audi's folks billions of euros in fines and buybacks earlier this month out he said that another sixty thousand diesel cars contain software designed to produce unrealistically low results on. emissions tests now that's on top of the one million algae cars recalled just recently or last year actually while joining me is element of the frankfurt stock exchange that's only bots and here in the studio with me is ira tilton from g.w.s. business. oh we all have to take
a deep breath when the news really broke i mean one of germany's top c e o's rested over the emissions cheating scandal how serious is that allan well it does seem to be a rather serious development we've known for about a week now that federal prosecutors were investigating as a start on a possible connection of fraudulent connections to this diesel emissions scandal and what happened today was actually he was arrested based on suspicion that he might be attempting to tamper with evidence or manipulating witnesses that the prosecutors would like to speak with and that really kind of goes to show the intensity and scrutiny that mr savva is facing at the hands of federal prosecutors so it is a rather serious development we don't know if it's going to result in formal charges over it speaks to just the level of scrutiny he's currently facing and of course we've seen well arrests in the united states so far but only if i turn to you one just get to the impression. i mean germany there's been a lot of complaints that germany didn't really crack down on german com makers of
the emissions scandal broke is that scandal finally coming around to haunt german com makers. yes people see it that way i asked that question specifically of an analyst that i talked to just a little while ago who was commenting on the still valid point and he said that yes it did take a little while for german prosecutors in the justice system to come around to these arrests having said that there's already one x. porsha board member in an arrest cell but no one of. caliber and it could very well be that also detect such a one time will see himself in a similar situation but people here say the investigation at dima just isn't at the same point it is as it is in the v.w. and audi situation and people here say rupert's toddler as c.e.o. of audi volkswagen has to take consequences and remove him from that post he can't
stay with but this development now not only i mean given given the way to all the german car industry when it comes to to the might of the german economy how are investors handling all this today. investors are handling it as one might assume they're there alarmed and the volkswagen share is going down it's going down further the further trading goes the further this news is sinking in and it's also going down because i'm liz also at issue so far it's not a freefall it's not a tumble but there are fears of course that this will this development will not only cost rupert stopper his jobs but will result perhaps in testimony that will incriminate other executives and will give the way to claims of damage or of being informed too late as a stockholder and this could cost v.w. for example further amounts of money perhaps lots of money it is a question to both of you perhaps i mean i mean korea certainly is at stake if we
do see heads rolling would that solve the problem well i mean it really kind of depends on what you want to look at i think internationally the made in germany brand isn't really hasn't taken as big of a hit as you might expect given the amount of manipulation we've seen in some of these car manufacturers i mean internationally german cars are still selling quite well where i've seen a lot of skepticism however is inside germany and speaking to people here i often hear complaints that because the german automotive branch is such an important segment of the economy i've heard a lot of frustration among people saying that you know they're so close to politics why haven't we actually seen some of the fallout like we see in the united states i mean in the united states my father had one of these cars that was actually manipulated and because of the deal that was offered to american consumers he actually basically got a new car free of charge when that was a manipulated now we haven't seen anything close to that here within germany and that's kind of raise a lot of consternation i think among german consumers and now that we're finally
maybe a little bit later than should be seen some type of criminal investigations we could actually see criminal prosecutions resulting of that that might go a little bit towards repairing some of the image problems that the car companies are having but i'm also hearing from other people i've talked to that this might be too little too late oh it's well the last question and just very very briefly does this hurt the made a good many brand. yes it does but aaron is exactly right the customers aren't seeing at that way they're continuing to buy diamonds and be w.'s and out east but it certainly is high time for the companies to come clean with all the evidence. in frankfurt thank you so much for joining us and our until today here in the studio thank you you thank. wasn't on a trump moved into the white house eighteen months ago he claimed repeatedly that his policies have grown the american economy while trump supporters argue that his tax cuts for big business have helped to boost u.s.
says that's the trade war between the u.s. and china escalates shares to taking a hit so what is the state of the u.s. economy a year and a half into trump's presidency well in a moment we'll get a firsthand account from a u.s. based businessman but first this report. when trump came to power he said he wanted to supercharge the american economy to six percent growth his main stimulus for that was an initial raft of tax cuts but since that legislation passed a six months ago what's changed superficially the u.s. economy looks strong the stock market has been buoyant unemployment is falling down to three point eight percent in my the lowest since nine hundred sixty nine trump delivered on his promise to create more jobs job openings rose to six point seven million and i pull but there's been a decline of work about getting power and erosion of labor standards nor have wages grow and since trump took office there's also been
a decline in foreign investment and foreign investors are also buying less american credit but rather than raising taxes and decreasing spending washington seems content to fund itself by continuous bond issues and although trump came to office promising to reduce the country's trade deficit it has in fact grow and since the end of the oval office it's now at a ten year high. the stock to someone is actually doing business under the trump administration much in the recent haagen the c.e.o. of the a.g.c. o.-r. acco corp an agricultural multinational based in the us state of georgia but you joined us today from a conference in marked orbit off in southern germany you are all regionally from germany you have fuel citizenship are you glad to be home. yeah i mean if you go up we are very close to the famous. can look great coffee in bavaria funny very very are a beautiful country ok so apart from the beautiful landscape back here we're told
and looking to the united states now how is donald trump's trade policy impacting your business in georgia well not so much in drop out over all of the business community is very negative about or tekton ism so we'd like neatly to create and that's what we try to support but let me looking at his track record he's he's been in office now for one and a half years and has because unemployment at least in the united states is down to its lowest level since one thousand nine hundred sixty nine that is impressive is donald trump doing something right you say yeah maybe but i think want to do it for tax reform i think it's something everybody supports supreme court i think is helpful but overall i think he needs to change his mind because he to always talk about greater deficit between you over the u.s.
and that's only half full because after all because if you add all the services and everything the americans are doing here and we are doing here it looks much better looks very very balanced but he doesn't want to understand that now then what would you then advice the german government to do i mean the u.s. german relations certainly have improved since donna trump is in power what can or what should germany do in order to improve the situation. well i think the trounson needs to talk to him and she needs to simplify her speech so to say when you talk to a populous tool doesn't want to go too much into detail you need to answer in that simplistic way as well and need to explain why basically he might be along in the first base and then second what can be done i think there are some things which have to be tackled like the current. savants which are different between your top
and the u.s. or let's say also i think the contribution to net so those are things where he might feel i don't where he might have a point and i think they need to get a little bit more into a conversation in order to avoid that time his overreacting all the time business needs constancy and the need to understand what the rules are and now we are surprised on a daily basis by a strange initiatives of the president all right matthew chance in. the actual cooperation a company based in the u.s. state of georgia talking to us from the southern german town of metal that all thank you so much. thank you. that's your business update here thanks for keeping me company.
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