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tv   Business - News  Deutsche Welle  August 11, 2018 1:02am-1:16am CEST

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turkey in trouble the lira plunges to record lows as u.s. presidents donald trump says that imports tariffs on turkish steel and aluminum will be doubled the president added one calls on his countrymen to sell whatever foreign money or gold they have to support the tumbling currents also on the program for low cost carrier ryanair gets hit by a europe wide pilots strike thousands of passengers are affected at the height of the travel season. business on crystal kolber welcome nowadays it takes just one tweet us president donald trump took to his favorite medium to announce new tariffs on turkish steel and aluminum the news rattled world markets and sent the turkish lira into freefall ties between ankara and washington have been strained over the jailing of an american pastor for president out on political agenda has long been backed by a strong economy that could change. the turkish economy is spiraling and turkish
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present at all one is blaming other countries he speaks of an economic war against turkey so he's appealing to the public for help. you know if there is anyone who has dollars euros or gold under the a pillows they should go exchange it fully arose at our banks. this is a national domestic battery. this will be my peoples response to those who have waged an economic war against us. this is the second time in recent weeks that the turkish president has called on his people to buy the lira to stop its tumble but to no avail turkey has hit its lowest level against the dollar since two thousand and one it has been folding this year on friday it fell another twelve percent to a rate of over six to the dollar
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a tweet by u.s. president trump announcing higher terrorists on turkish steel and aluminum accelerated the fall but for the market the crux of the country's economic was lie with the turkish central banks monetary policy it has repeatedly backed market expectations and maintained low interest rates as a result economists have questioned the bank's independence critics believe present at all one might have a hold over his country's monetary policy something that is also warring the eurozone central bank the e.c.b. has expressed concern about some leading european banks exposure to turkish debt according to the financial times some banks could lose money if turkish border was default on loans inflation is also a major problem for turks they are finding it harder to afford basic goods now that prices have climbed nearly sixteen percent much faster than wages the tenth of august my going to the history books is black friday for the turkish economy.
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turkey's foreign ministry has said our car will retaliate against the latest punitive terus earlier us president donald trump said that the u.s. will double tariffs on turkish steel and aluminum says that washington's move violates the rules of the world trade organization and the u.s. cannot expect turkey to cooperate with it on employing sanction. and pressure those measures were hurting the relationship between the two our allies the government said. well for more let's bring in our wall street correspondent sophie. sophie the u.s. president is hitting the turkish economy hard all for political reasons. well at this point trump is using trade policy to achieve something completely different than any changes to the trade balance this is not about trade christopher the turkey is not a major trade partner of the united states this number thirty two on the list and
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the u.s. actually has a good trade surplus with turkey of one point three billion dollars according to most recent data from two thousand and sixteen so this is about exerting pressure in terms of american prisoners being held in turkey first and foremost but not only because of the detention of american pastor andrew bronson vice president mike pence has already demanded his release and now the white house is just too raising pressure on top of that is true later to charm strategy in iran and russia if trump wants to harm russia and iran iran even more with his sanctions he would like turkey to join him if they're importing most of their oil from the two countries so sending the turkish lira further down this just a collateral damage but trump does not care about the turkish president today told donald trump the bullying board work as have others like the canadian prime minister for example what do people on wall street make of the behavior of the u.s.
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president. well i would say they consider it as pretty effective china and russia are suffering their financial markets are as well as their economies the most our stuff exchange drifted into a bear market and it might hit their bangs and then look at their economy rushes everett she growth however is between one point eight percent and two point six percent in the absence of any serious restructuring of the economy russia is due to steadily fall behind the rest of the world whose economies are growing at a way higher rate every year looking over to china the trade war couldn't have come at a worse time for the country which is attempting to pick. that you ation because the growth the country has been seeing or have been built on credit so it's a really bad time for the country so if you mosque in new york thank you. from wall
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street to europe at the peak of the summer travel season ryanair pilots are ramping up the pressure on their employer pilots in germany sweden ireland belgium and the netherlands went on a twenty four hour strike on friday forcing europe's biggest low cost carrier to axe one sixth of its scheduled flights only recently ryanair had recognized unions for the first time in its thirty year history but it has been unable to quell rising protests over slow progress in wage negotiations it's the biggest industrial action ever to hit europe's biggest budget airline the effect is visible here at frankfurt airport where checking deaths are unstaffed and passengers nowhere to be seen many planes won't be flying today pilots union representatives in frankfurt say their message is ryanair must change. almost any not about defeating ryanair it's about sending a signal that they have to stop trying to defeat their own employees. some
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passengers were forced to spend the night at berlin the show in a failed airport many don't know when they will be able to fly out but some are showing sympathy for the pilot's demands. and it's unfair that the pilots have to pull the short straw just because passengers want to fly cheaply. and this is something from the show it's me and i think it's a potential safety risk if employees don't stay at home when they're ill because they're on a freelance basis and wouldn't get paid so i do think it's justified. ryanair pilots are striking across europe for twenty four hours as they demand higher salaries and better working conditions that's led to the cancellation of four hundred twenty four hundred scheduled flights affecting more than seventy thousand passengers. now the wave of china is billion dollar investments in africa many small traders have come to the continent to set up shop low income households are hungry for cheap goods made in china but what looks like a win win situation has its challenges the w.'s your reports.
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flashing fairy lights toys and alec tronic got jets galore daisy you want to shop has it all for the last five years she and her husband have been running their store in cape town's chinatown shopping center her business model is simple but effective. how to shop for what may be shopping for men. it's fine it's fire is fine i really fear. daisy you are in is one of an estimated one million chinese traders who've arrived in africa over the last decade. the influx was triggered by growing chinese investment paired with unemployment back home. showing you is daisy's landlord of the co owner of the mall recognize the demand among cape town consumers i did talk when local people can for this is. to
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change to the oh you know something i call the street chart. i got the words i could buy one char one close i can come to china town so and she cries i get some money i can buy street clothes their success speaks for itself since twenty ten you and his partners have opened three malls and cape town with a total of one hundred fifty independent stores. but the demand for cheap goods made in china is not limited to the big cities a four hour drive away from cape town is the small community of ladysmith its population numbers just seven thousand but like many villages these days it has its very own china store. forty four year old chang young young manages the store astra teaching partnership between south africa and
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china allies wholesalers to import a range of goods from china tax free retailers like yank and then offer their customers cheaper products his customer base mostly low to medium income high told appreciate the savings by b. the quality prices way dasher the quality isn't great but it's pretty ok and for us the shop offers the cheapest products would cost us about the barracks the board the coolant. it's times like a win win situation but the week south african round of crime says expert ross antony pose challenges for many chinese traders. often as being. and or. person on the premises banks and criminal money available and the likelihood that they'll go to the. slow. song young young invested in c.c.t.v. cameras for security for him like many chinese traders the promise of good business
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in south africa still outweighs the risk. thanks for watching.
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