tv Business - News Deutsche Welle August 21, 2018 1:15pm-1:31pm CEST
please prove them wrong serve is just not a moment for me to prove people wrong that mentality should at least give balls a fighting chance a even if the dream turns out to be a short lived one it's a win win scenario for both club and play are coming up ahead with this constant shifting harvest that you do see a new threat of unemployment and inflation tell kids economy has investors provided money going to have that story for you in just a bit in the it was. such. a take personally you went with all the wonderful people and stories that make the game so special. for all true fans oh my. god more than football long line. of these creations and
this brand tongue just think of all colors that. of the session. so what do we really know about the man behind the torch. what motivates him how does he think and feel private moments in the life of a great fashion designer. some small stuff starts september ninth w's. who or what can rescue the dwindling turkish economy supporters of president richard type add to one hope that he can say for the day but critics say he is the problem we go to istanbul to learn more about how the crisis impacts the business.
hello and welcome to do business i want to get joan good to have you with us and we're starting with the ongoing problems in the turkish economy bilin has ruled out financial aid to the country which is going through a major economic crisis the lira has lost half its value this year while inflation and the unemployment rate are increasing critics say that the country's president trichet type ad one once the face of the prospering turkish economy is now keeping the country from overcoming the current crisis. whether it's a bridge over the bosphorus and istanbul subway system or an imposing mosque he's president richard no one is known for his big ambitions. the country's construction sector has traditionally been an engine of economic growth. but recent events have put the brakes on turkey's economy turkish banks and companies have accumulated four hundred seventy billion dollars of foreign debt and as the lira plummets it's
getting ever harder to repay the loans analysts say interest rates need to be raised to offset the liras rep of decline they want the central bank to act independently of the government and believe the country should accept help from the international monetary fund something to one has ruled out it could only assume. there is no difference between the direct attacks on our call to prayer and our flag and the attack on our economy the goal is the same the goal is to bring to heel turkey and the turkish nation to hold it captive we are a nation that prefers to be shot in the neck rather than chained by the neck. that doesn't interest the ratings agencies there downgrading turkey ever further making it harder for the country to raise new money independent observers say the economy's biggest problem is the president himself they're predicting a hard landing for uncorrupt at the moment only rising prices are affecting people
but soon a wave of bankruptcies could roll across the country plunging many families into poverty. and for more we're joined now by a bad idea colleague asked the c.e.o. of the association of tech industry and business joins us from istanbul good to have you with us we just heard in our report that a lot of people say that president to add a one is actually the problem for the turkish economy what is your take on that. well the current problems in turkish economies are combinational so many are factors that it's not as good as it with a single factor explaining its certainty that our. economy that our problems of economic governance governance stemming from the concious all conditions and running of the state of affairs there is another problem. with turkey losing its better functioning equational if you will be an integration in depressed another
important factor are the relations that united states under president trumps all that all global trade agenda and economy approach to the issues of multitude of traits. that are problems that are generally link where. they have illusional to global economy and the capitalism. entry so i said combinational so i mean it's a big a big a variety of problems there coming together you're saying now earlier we asked a turkish economist if foreign financial aid could possibly stop the economic decline in turkey and he told us that the root of the problem lies elsewhere let's just listen in to what he had to say it would be a really bad idea to make direct payments in order to support turkish economy i mean turkey's problem is not liquidity problem there are structural problems inflation is too high and that interest rates are off the central bank are too low
all right so he just told us that the real problem a structural problems what structural problems with that be and how do they affect business. it is ripe set many problems that are faced for example by the concious the eurozone like greece and spain are nothing like the turkish case turkey doesn't have. any important public prayer problem or budget there was a problem in that sense turkey's complaint rate there must be criteria politic that and it budget deficits are read available but on the other hand. this off to the private sector in foreign currencies rate hike and it isn't a very important structural problem or couldn't account that its target is important and agile turkey is importing oil and natural gas so turkey needs to
attract more foreign that it can wrestling needs to. increase the margins of profit all these exports and also its tourism is to fulfill the gap in the current account deficit therefore turkish a total business and investment in an environment needs to actually forms labor market reform fiscal reform education reform for all the forms that are this is a city to cope with the challenges of the twenty first century in the digital age so they have to be priority to turkey's agenda ok ok so there is an awful lot of homework it to be dad and and kharaj and across turkey bad idea. to see and thank you so much for joining us on the program. the dollar has dipped on markets after u.s. president donald trump lashed out at the federal reserve saying he is not pleased to have a central bank raising interest rates the fed is currently expected to raise its
key rates to war times this year to want times this year and another two times in twenty nine thousand german jerome powell says he's concerned about inflationary pressure in an interview trump said he was quote not thrilled with the hikes he also refused to say if he believed in the fed's independence powell said the committee will not bow to political pressure. that is something to discuss with our man at the frankfurt stock exchange or today outside the frankfurt stock exchange corp presidents normally don't criticize the fed but breaking rules is not exactly anything new with donald trump is it. yeah exactly monica well when you're the president of the united states you should be aware of a couple of things first there might be organizations or institutions like the f.b.i. or like the federal reserve in the united states that you might not agree worth but who can act completely independent even without your approval and in this interview
donald trump has proven once again that he is either not aware of this or that he simply does not care and something what he said in this interview that he doesn't agree with the policy of the federal reserve is really considered in the financial world as a complete no go and it is also very surprising because it was donald trump himself who appointed jeremy powers as the new hands off the federal reserve after deciding that the contract of janet yellen the previous answer of mr powers would not be extended now we know that donald trump wants a weak dollar but how weak exactly. yeah exactly you already said throughout his campaign that he is in favor of a weak dollar and for the moment he got what you wanted we heard the dollar has been going down the euro has been stronger but when you talk to experts here also on the trading floor in frankfurt they don't think that this is really going to
stay for a long time as a result we don't really see the market movements because of that usually when we have a strong euro or the very export oriented blue chip index is going down but even though donald trump has also made a statement that he doesn't think that there is going to be an agreement very soon happening with china on the trade conflict traders here today in frankfurt are not very concerned. that a group in frankfurt thank you so much. germany's employment agency says migrants are being well integrated into the country's job market and i reported said three hundred thousand asylum seekers in germany from eight major countries of origin that is pakistan nigeria iran every trade afghanistan iraq somalia and syria have jobs the number has increased by nearly fifty percent of the past year young or well trained migrants have the best chances of getting work at around thirty thousand apprenticeship training but the most important requirement in finding
a job is still speaking german that is why the agency one state sponsored language courses to continue more than one million people enter germany during the migration crisis that was three years ago. and shares in electric car make a tesla remain volatile amid reports that the major backer for taking the company private was pulling out the saudi arabian sovereign wealth fund to that tesla c.e.o. in a mosque said could help fund a privatization deal is now in talks to invest in rival allusive motors tesla shares dropped three percent on the news they are down more than twenty percent since musk tweeted his plans two weeks ago saying he had secured funding u.s. securities regulators are reportedly probing the very last itty of that and other claims. and after more than a century behind bars the american food company now biscoe is freeing its out of moles on boxes of animal crackers that is the popular barnum's animal snack has
been sold since nineteen zero zero two in pretty much the original box but animals have rights group peta has asked the base because owners want the least for a new design that no longer shows the animals in cages and now the new boxes feature a say a bra elephant a lion giraffe and gorilla wandering side by side in a grassland with acacia trees in the distance by the way the stacks tames namesakes circus which is ringling brothers barnum and bailey and removed elephants from its shows in twenty sixteen because of pressure from peta and the circus has closed since due to slow ticket sales well that's your business update here on d w thanks for keeping us company.
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