tv Business - News Deutsche Welle October 22, 2018 1:15pm-1:30pm CEST
well charts. you're watching news still the comp italy's banks are in trouble again while growing the e.u. are at loggerheads over government spending now moving since downgraded the country's credit rating to one notch above junk status. gardell first has that story and also in business headlines coming up in one minute. i'm not laughing at the gym i just sometimes i am but most of the things which are the result of mistakes deep into the german culture of looking at the stereotype the question but if you think you see from countries that i now know. you know you did see me take from his grandmother. you know it's all about a new i'm rachel join me for me the gem from d.w.
. post how about taking a few risks you could even take a chance on work. don't expect happy endings. as roman brussels are at loggerheads over the debt movie no sound it leaves government debt to just about junk status but markets trot off the downgrade as long as it doesn't get any worse. dryness as some of the profits were down as a result of expensive fuel and crew strikes and it faces criticism of its handling of a racist incident on one of its planes. also on the show right now the border between
the british l territory of gibraltar. and spain is easy to cross but workers they're worried that could change after breaks it. is due to a good business. rating agency moody's has cut italy's credit rating by one notch over concerns about rome's plans for a larger deficit and the already high public debt load nevertheless costs of borrowing are dropping this morning as moody's said it did not expect any further down wait and left the outlook out stable rome also says it's ready to discuss its budget with the european commission after clashing with the bloc last week over its plans to increase borrowing so far so promising but italy's shaky banking sector remains an underlying concern having only just recovered from the financial crisis and now italian banks are being pressured by the new populist government into financing its expensive election promises italy's banks are in trouble
again. just as they were getting over the last crisis a mountain of debt is shrinking cash reserves were growing and bottom lines were beginning to shine. in march this year italy's top twelve banks had a market capitalization of one hundred thirty billion euros but since dropped a ninety five billion fall of over a quarter and they continue to lose value. part of the reason is the new government in rome and its budget plans the banks are under pressure to buy government bonds as well that brings more money into the treasury if the banks don't cooperate rome is threatening to raise taxes the value of the government bonds now held by italian banks is nearly as high as their own capital reserves are risky situation rome is also ignoring e.u. budget guidance causing alarm in brussels and among investors in banks. asian
stocks ignored italy's downgrade and budget worries as the promise of more government stimulus boosted chinese stocks for a second straight session chinese president xi jinping had vowed to support the country's private sector beijing's plans to cut personal income taxes have also improved investor sentiment following signs of slowing growth the shanghai composite index is now on track for its largest gain in two years after surging more than four percent today. budget carrier ryanair logged a seven percent fall in profit in the april to september period summer is a key season for europe's largest budget carrier but it took a hit from rising fuel costs and lackluster bookings caused by strikes and they also warns it will have to keep short haul ticket prices low this winter meanwhile the carrier is bracing for more reputational damage ryanair cabin crew failed to remove an irate passenger who held racist insults at
a woman fellow passengers from situations so unpleasant that they felt they had to intervene a video showing the incident on a flight was posted online. let's bring in our financial correspondent brits from frankfurt. paul ryan has come up with some fly social media where as for not responding to that incident what's the latest. yeah ryanair is response has been pretty weak and this incident it basically said reported to the police but wouldn't comment further. other passengers taking action there are not a strong response here very poor brand management actually and it's the same poor brand management that we're seeing across the airline currently specially with regard to the industrial action that the company for quite some time now at the brand is becoming synonymous with exploitation and maybe even the worst becoming
unreliable you'd be hard pressed to find people saying oh yeah i'm booking ryanair because i know they're going to fly because this industrial action has sort of caused this shaking this. company is trying to battle this it's already said it is hoping in europe to. strike action by christmas christmas of course is a very important time for flyers it's also trumpeted agreement on friday with pilots in italy portugal and u.k. however only due to be corrected by the u.k. labor union involved then said well we have an agreement proposal but we're still putting this up to a vote so nothing is quite certain yet here because it was in front of thank you very much. the. briggs's the british exit from the us giving french customs officials a headache at the moment trucks are still able to travel in and out of the u.k.
without hindrance under rules governing the free exchange of goods inside the e.u. bought when britain leaves import or export duties upward in place customs officials at french ports will have to bear the brunt of brakes. most companies opt to cross the channel by ferry it's cheaper than using the tunnel each day up to fifteen ferries make their way from dover to cali carrying british goods to mainland europe two million lorries used the route last year but checks are only carried out randomly this trucks heading to the netherlands. we checked to see if he was carrying more than ten thousand euros because if so he should have declared it sometimes drivers are carrying as much as two hundred thousand and then they need to explain the source of the money it may come from arms trafficking. and will customs have more work post grex it will stricter controls increase congestion.
you didn't you didn't there won't be more controls but there will be more customs formalities seven hundred additional customs officers will be employed over the next three years to process the flow this month french customs are working to raise companies awareness about the clearing process through customs we tell them it's a piece of cake and to get ready. get ready fair enough but what for exactly this haulage company organizes sixteen thousand shipments to britain annually. i'm not afraid of the changes in the customs process i'm concerned about my customers not being able to export anymore or that they could face difficulties in the export process. i'd lose some of my contracts. there are plans to expand the port of cali adding new debt and passenger terminals should we end up with a disorderly brecht's it things around here are set to become
a good deal more complicated. well among the many had a scholes by briggs in a very particular one we've gone to the british overseas territory of gibraltar the time the land strip of barely seven square kilometers is located at the very south of the iberian peninsula orders to the northwest spain britain leaves the next match that border will be more significant than ever as to also which has limited government powers will the no longer be pawned off the european union negotiations between spain and the u.k. appear to have been fruitful though and the special is segment off a break that agreement is defining legislation for gibraltar is ready but it can only come into effect as part of the broader break the deal says negotiations on that still prove difficult people injured are losing sleep. over eight thousand spaniards crossed the border into gibraltar every day to work
many are concerned that things won't be so easy once britain leaves the e.u. . that asking coming up instead of taking five minutes across the border it could take hours three to four hours. and. they're worried about the same thing in the small spanish city on the border trade with the british enclave is a key source of income here and many fear that business will be hurt after breck's it. they will feel my business depends a lot of gibraltar that one of them is selling motorcycles that it depends as much as ninety percent i also sell furniture and the turnover that i make with gibraltar and cross border workers is about forty percent for the sort of way that would be and. gibraltar is one of the most densely populated places on earth and britons living here voted against bragg's it. gibraltar is also a duty free paradise millions of tourists come here to take advantage of prices
that don't include value added tax it's a good deal for everybody but for how much longer. today we don't yet have an agreement a final agreement in relation to matters relating to taxation and fiscal matters but i think we've made a lot of good progress that because we share objectives and so if you share objectives and you haven't yet reached technical agreement you can continue to be optimistic that the technicians will be able to give effect to the agree with him principle that there is between the politicians. the plan is for gibraltar to maintain its advantages both as a workplace and as a shopping paradise. spaniards and britons living on the rock want the same things . will limit the impact of bans on diesel cars the german chancellor says the disproportionate nitrogen levels. excessive strain of cities across germany are said to introduce bans on diesels
consider the prime cause of pollution government recently announced measures designed to rein in pollution levels while averting and i'll drive one involves financial incentives for drivers to buy new cars but carmakers are not happy with the idea of retro fitting engines. from me and the business team after. forty five minutes before you go here's a look at how world markets are trading at this hour thank you very much for watching you know the business of.