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tv   Business - News  Deutsche Welle  September 22, 2018 1:02am-1:16am CEST

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it's been a year since hurricane slammed into port authority call one of the most intense hurricanes on record it devastated the island which was already bankrupt when the storm hit. also on the program housing prices keep going up and up but how much is too much that's a question not only germans have to tackle it's a global problem. and small and medium sized companies here are leading the way when it comes to employ migrants we highlight one variant success story in a very traditional german sector and. it's time for business on d.w.i.m. it's good to have you with us it was a year ago that tropical storm hit the caribbean island of puerto rico the country associated to the united states and considered a u.s. territory has had a rough time trying to rebuild critical infrastructure after the storm critics say the u.s. government didn't do enough to provide relief after the emergency but even when the
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island some day close this chapter economic problems will be far from over. one year on from the disaster and in many parts of the island rebuilding has yet to begin often just the bare essentials have been repaired from above is an island under blue tarp all in plastic sheeting in place of the roofs ripped off by maria. get us through the rigors lives on the one of these top olin's she's eighty six years old or go you have f.m. and when it rains my entire house gets wet the roof was ripped open because the house above it was made from cheap materials people from phoenix and this lady asked me how we used to living here because the water was very high it went all through the house. that a lot of the. femur is the u.s. government's emergency management agency after the storm it sent hundreds of relief
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workers to the island. a little while later i got a letter from fema saying i didn't lose anything in the hurricane when i lost my fridge the washing machine i lost almost everything even my clothes because everything got wet the beds my furniture everything i lost everything and i got nothing not that. many puerto ricans have similar stories washington promised forty four billion dollars in aid after the disaster puerto rican authours he's say that only received a quarter of that victims in need of financial assistance say the bureaucratic hurdles a huge total damages from the hurricane are estimated at one hundred billion dollars the power outage on the island was the longest in u.s. history electricity was only fully restored in august twenty eighth seen and the next hurricane will likely ted downed power lines again hurricane maria claimed around three thousand lives most died in the aftermath of the storm due to the fact
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that for months there was no drinking water or power nothing worked on the island which was not. went off in the first place a few months before maria struck by to rico had declared itself bankrupt washington imposing austerity program on its care being called any ruse it did not relax even in the wake of the storm and often maria tourists stayed away from the island dealing a heavy blow to its biggest source of income one year on from the hurricane puerto rico is still far from being back to how it was. a situation that is controversial to say the least let's find out more with our new york for national correspondent yes call to join us from wall street it's good to see you on this friday what can you tell us about the current state the current shape of the puerto rican economy where there's still a lot of financial pressure on the island there is a debt load off more than seventy billion dollars there has been
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a little silver lining here on friday a federal control board actually is about to finalize a seventeen billion dollar debt relief but that's planned still has to be presented to a federal job next month and there's a seventeen billion but the whole debt load is as i mentioned more than seventy five billion already had been in a recession before maria hit for eleven years and even before maria also the island had to declare bankruptcy so it's a long path back to normal and there has been quite some criticism of the u.s. government that it acted too slow and also not brought enough. bad times difficult times reporter ricco but not so difficult times for wall street we have seen a fairly good week where the takeaways. well fairly good that is also a way to put it we had a very strong week here on wall street besides all the trade turmoil new tower of
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terror is being announced at the beginning of the week and still blue chips managed to increase by more than five hundred points for the week here on friday the dow industrial average actually closed at the second consecutive all time high soul of wall street is in good shape the u.s. economy seems to be in good shape and now we're looking forward to next wednesday when the u.s. federal reserve is probably going to increase interest rates by the time since the december twenty fifth and then also earning season real snowy begin sold well certainly a lot to look out for for the next couple of days and weeks his call to new york thank you very much for the analysis and have a great week and. we stay in the subject at least from wall street wells fargo plans to slash up to twenty six thousand jobs over the next three years as
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a grapples with the rise of online banking and soaring legal bills the u.s. third largest bank has been under multiple clouds of scandal starting in twenty fifteen when it admitted its employees had opened up millions of fake bank accounts to meet unrealistic sales goals wells fargo also sold auto insurance to borrowers who did not need it regulators have find the bank more than one point two billion dollars in penalties for its bad behavior currently wells employees two hundred sixty five thousand people. the german government has decided to tackle a drastic sure it's affordable housing in the country chancery has set out a raft of measures to speed up construction and limit rent increases berlin is not the only city with these problems it's a global issue. shoe box homes like these are becoming common in hong kong as real estate and rent prices soar authorities are scrambling to find out answers for
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what's becoming a major source of economic and social unrest in one of his riches cities one of the proposals is to reclaim more land to build on along the harbor but some residents are taking matters into their own hands by author playing industrial spaces for instance dangerous and also illegal. in a world where a fifth of the population lacks adequate housing hong kong is representative as its struggle for a solution but although prices jumped nearly fifteen percent last year it's still only the fifth hottest property market in the world hotter still is vancouver where prices rose sixteen percent both cities are outstripped by rate give ache at izmir but the upward swing is most evident in berlin where prices have skyrocketed twenty point five percent. the reason for runaway real estate pricing are manifold a big one is simply supply and demand as population growth outpaces construction
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but residents the world over put at least part of the blame on foreign investment driving up prices in an era of cheap money in berlin the local government has said it was mulling restricting the foreign ownership of homes that idea wouldn't be original in a bid to counter house price growth and homelessness new zealand passed a law just last month banning foreigners from purchasing existing houses a step further from foreign ownership taxes imposed in other cities like toronto. many question just how much these measures will help bring prices down for now housing prices are still in danger of overheating. the migration situation in europe was high on the agenda at the e.u. leaders summit in australia thursday the big challenge is getting the millions of migrants into work and quickly small businesses are leading the way because they often struggle to fill vacancies as an example from the various shops. that are. driving large amounts of beer around that slum in seventy s.
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main job. he's employed by the hallowed brewery. i'm sure proud about helen. just because of big news on the ledge a how to walk. dizzy and then dip your bitch or so are so kind to me gasol friendly to me too i got fried ham they hired him three years ago he needed people for simple unskilled labor. to swallow but i mean seventy seventy has been working for the company since march of twenty fifteen is a good worker after him we hired three more refugees. the migrants are young and they learn quickly but for halle the social aspect also plays a role he pays for the refugees german classes and ensures that they find accommodation. all my stuff to salivate to get the job is most
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important they have a structured day they have their own money that is important i talk a lot to the refugees and they all say that they do not want to depend on the payments they would get from the german state. the chamber of industry and commerce has established a network with the aim of integrating migrants into the labor market that this is deposits by fact there are two motivators for the companies to commit themselves socially and to contribute to society and the other is quite simply the lack of specialists many enterprises need people and they simply found an exciting target group a lot of young people who want to build something for themselves. and that means seventy and his colleagues gross between one thousand eight hundred and two thousand euros a month depending on how many hours they work and after being here so long the new one say they almost feel like they're from here. that's all for g.w.
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business thank you for watching we'll see you next time or whenever you like on the w. dot com take care of the. and
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