tv Business - News Deutsche Welle June 18, 2018 7:15pm-7:31pm CEST
it's cold and that's the way it is going to get good you know that all the thank you chris has been. that's issue of tonight i will have more few at the top of the hour get hot as will have your business updates in just a moped. you accidentally shed some light to get in trouble. spending time in the field. how can you get out. with him because of that oh i'm seeing. a shift this week on d w.
time for an upgrade. our furniture grows old white. house with no roof. poor design highlights you can make yourself. through his tips and tricks that will turn your home and special. upgrade yourself with d. w.'s interior design channel on you tube. another bombshell in the diesel great saga audi's c.e.o. . has been detained over a fraud investigation time company comes from the arrested it's the latest development in the w.'s ongoing emissions cheating scandal. dealing with debts is all star it's the really the only way in the south of italy people hope the
government will focus on reinvigorating the few remaining big. employees. in berlin this is the the view of business welcome after the arrest of c.e.o. hope a startling connection with the diesel gate scandal german luxury carmaker audi is set to receive an interim boss according to reports sales director short is likely to assume the position the w.'s supervisory board is meeting involves spoke today to confirm the decision german authorities arrested start low this morning as part of an investigation into emissions test cheating prosecutors said he was being held to two fears he could tamper with evidence things are getting a bit tight for audi c.e.o. stockleigh he's the first top executive in the auto industry to be arrested for his involvement in the diesel a fast he's been on the radar of investigators for a while a week ago the prosecutor's office had initiated
a preliminary investigation against him and his private rooms were searched to challenge fraud and follow such a vacation statler allegedly knew about the manipulations in europe after the uncovering of diesel gate in the united states but unlike in the us he didn't order a sale stop in europe the fifty five year old has been driving out east since two thousand and seven and was criticized for being slow to respond to diesel gate out he is now at the center of the exhaust cheating scandal sadly has always rejected the allegations. but the scandal that just refuses to go away for the latest developments let's bring in our financial correspondent ali boss from frankfurt and our reporter hugh adel who's at the factory because of q. involves but when we first see you how damaging is this for folks who are. oh sure i mean rupert sadler was almost at the top of the company's not only c.e.o. of the but he sits on the executive board of volkswagen itself so call responsible
for all the major decisions and he's been in the know for many years through top positions at once he was chief or c.e.o. fighting on p.s. one when he was on board there at the top and you know it just confirms many people suspicions here that i've talked to over the years since the scandal broke that it couldn't have just been a few middle range engineers acting on their own and acting up know this had to go to the top this knowledge of course nothing is proven yet rupert stock was among those who must be assumed innocent until they are proven guilty but it sure doesn't look good in the share today went down quite remarkably and the share of all is still above the level it was before the scandal tank than it recovered so the shareholders not really lowering their thumbs but showing themselves shocked that this development. in spoke what is the mood like among
workers that. to be honest well it's not very a friendly mood i've been trying to talk to any of the workers here for about an hour now and nobody wants to talk people actually even change the side of the road to avoid us and i think it's very understandable because in a way this has been going on on for so long and the normal workers have been the ones that have actually been having to respond to cost is like me or two journalists and all the big executives they can just go on their limousines puzzles by and don't really have to talk to us very understandable we're talking about the men in the limousines what can we expect to come out of that supervisory board meeting today. well we're all waiting for them to end this it was a board meeting and come out it's actually expected to be obviously about the personnel decisions and whether studly is going to be fired or not interestingly enough even after the raid last week it was unclear whether they were going to fire
him or not because the top tier in the company actually has been protecting him over the years there's been a lot of calls for him to step down but they were always behind his having his back and now we'll see whether this is actually his arrest is the thing that's going to break his neck or maybe it's going to trigger a cleanup operation early what does v.w. really need to do now to get out of this mess. of the first thing is to do is to fire up at studland to confirm the reports that that's going to happen and then they can work on a few other executives through for example supervisory board chairman hans to talk perch who was the chief finance officer when the scandal broke and. lots of people charge all the experts i talked to but also plenty of shareholders who are suing volkswagen for damages and folks wagon inform too late and this guy is under investigation for this and he's also in charge of the cleanup investigation that
doesn't to and people here also say that publish the reports with the evidence of who knew what who ordered what who did what and finally come clean because this cover up also with the charge of concealment against rupert styled law does not do the company any good and one has to know it also rubs off negatively on other car companies as well really briefly bluetooth to say that investors are losing trust in w.'s corporate governance. not while the they don't have a lot of trust in the corporate governance but there is how about these at the top he came in on the a few months before the scandal broke. he's seen as a basically clean person and they are ready to believe that he intends to help the cleanup but there's the family portia ph who are behind people like start lower perch or venter clown and it's going to be
a tough act to really regain festers and customers and employees confidence. in frankfurt involves folks thank you both very much. the economic and political crisis in argentina is coming to a head the stock market in buenos aires slumped by six point five percent at the start of trading energy stocks are taking huge hits following the resignation of energy minister one who is a iran were an investor confidence and that america's third largest economy is dwindling the peso has lost more than a third of its value against the dollar since the start of the year the international monetary fund recently granted argentina and emergency loan of fifty billion u.s. dollars in an attempt to give the country a breather. italy's new prime minister conti is in berlin for talks with german chancellor angela merkel talian economy is in dire straits and rome's financial options are limited italy is the us fortunate fourth largest
economy its step that is among the blocks highest right behind greece kanzi wants to reduce the gap between debts and economic output italy's debt is currently at one hundred thirty two percent of gross domestic product by growing the economy that all important percentage can be changed without significant cuts and a limit on borrowing to stimulate that growth for the long term rome is planning massive tax cuts the short term however this will likely lead to shortfalls in revenue and even more debt it's a risky strategy strategy considering that italian debt has been continuously growing since the man's financial crisis in two thousand and eight from one hundred two percent to the current one hundred thirty five. version italy's new administration will take a coalition of populace from both ends of the political spectrum is anyone's guess this uncertainty can be felt at present in the southern italian port city of
toronto. engines of course sure has been working at the ylva steel mill for twenty years he takes us to the cemetery to explain the problem caused by the mill he shows us how everything of the cemetery has turned red the steel mill is the problem the red iron oxide particles and unhealthy dust which descends on the inhabitants. that thought it was just too much after a while it got me really really angry because i had a bad luck to see lots of colleagues and friends die or get sick from the dust storm already their job to go to. see their. thirteen thousand people work in the steel mill which used to be state run it can be seen best from the roof of the church now us law mittal is taking over the company and wants to cut three thousand jobs fabio show has no hope of better working conditions not even from the new
government even though toronto is the heartland of the five star movement. they couldn't even carry out what they were promised that's the way it always is at this time it's looking really bad because they are bound by the coalition agreement with the northern league. the steel mills real dimensions can be seen best from the air the giant produces eight million tons of steel per year which is then transported to northern italy or abroad one of the few local processing companies owned by the employees association president of the region he hopes that the new government despite the five stars and leaks positions will finally put italy's industry at the center of attention. fed a new door will open for small and medium sized enterprises in the region we in the employers' association have proposed that support be given to small and medium sized enterprises to enable them to process the steel produced here and increase
the value added. the companies around the steel mill are hoping that the government will do something about unpaid bills debts to the tune of two hundred million euros . we do produce is our ability to search for and invest in new activities and if you can't invest you can't expand or diversify because. when she shows us how he's trying to improve the future the company has developed a hydrogen storage facility. but i'd until. bills are settled and change can be initiated the steel mill still shapes the fight of the region. and that's it for me and the business team here thank you very much for watching.
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