tv Business - News Deutsche Welle December 24, 2018 2:15pm-2:31pm CET
discover what. the world. subscribe to documentary. world. are u.s. banks liquid enough to withstand the latest market turmoil the u.s. treasury secretary asked the country's biggest banks in a phone call in an unusual move aimed at restoring investors after big losses on wall street. also on the show faulty engines and diesel emissions driven car makers have yet a long way to go to get back into authorities good books. and
fishel or real pie and which kind of christmas tree are americans going for this season. hello and welcome to a business i want to jones in berlin good to have you with us us treasury secretary steven minucci and has flown to the heads off the country six largest banks over the weekend to discuss steps to calm our kids off to a week of dramatic losses on wall street when we called the chief executives of goldman sachs bank of america j.p. morgan chase morgan stanley citigroup and wells fargo who according to a statement confirmed that they have ample liquidity available for lending the calls came as u.s. stock markets experienced their worst week since the two thousand. and certainty over the partial government shutdown has added to concerns key indices have wiped out all their gains for the year. and for more on what's driving the markets in these last few days of the year i'm joined by two ponder jim ballou my colleague of
course will nugent's phone call do you think come markets well i mean if the reaction is anything to go by so far it's not doing any of that likely you reassurance that isn't quite the reassurance now investors actually thinking about where they have to be concerned about the liquidity that he had to discuss with those six banks yolles in the u.s. that he spoke with yesterday and of course today he'll be having a meeting with. the leading market participants in the us regarding the current market volatility among other things and saw investors are wondering if there's more to be concerned about not really we're short of this point so everybody's i actually kind of wondering they want to be probably listening in on those phone calls and that's the issue right now you know i mean those phone calls it's quite an unusual move in a not necessarily instilling confidence there and that's certainly when you have that back backdrop of that government shutdown which i mean we see it every year but this year is somehow different i mean the last one was in two thousand and thirteen and that was the one during the obama administration that when white point
two percent of the g.d.p. that year so in terms of this one is very probably bad for the market because it comes at a time when the market is already volatile that wasn't the case in twenty thirteen and investors have enough to be concerned about and now they actually have this one thing to also worry about and i think that's the issue at this point is the timing is terrible at the at a time when these numbers actually a great month when bester is normally but this is sort of like the worst december in years except for of course the financial crisis in two thousand and of course december isn't over just yet we've got the christmas season that we're coming up to new year do you think this could be purcell for before the end of the you well i mean it's going to be a vote on the twenty seventh of the december that's when a decision could be made and it doesn't look very likely because of course as sort of an issue with that wall border wall with mexico and trump is not very willing to compromise on that and it makes it can supposedly pay for it anyway oh i mean he wants now his own government to pay for it and nobody is going to really probably
come to an agreement on that one at least not until the end of the year. to punish him thanks so much for joining me in the studio. pan-european exchange operator euro next is in talks to acquire also boris the norwegian stock exchange for six hundred twenty five million euros the company is currently seeking the support of the board of directors its already secured support for its offer from the bourse shareholders representing almost half of the outstanding shares your annex which operates bourses in paris i'm stood on brussels london and dublin said it found also of course position in c. for its derivatives and all services and shipping attractive. german luxury carmaker b.m.w. has been fined ten million dollars by south korean authorities they say that the car maker was too slow to recall vehicles affected by a faulty engine but b.m.w. may have bigger worries than just the fine it now also faces a criminal investigation. south korea's transport ministry wants prosecutors to
investigate german car maker b.m.w. it says it has evidence the auto giant took its time to form authorities of a forty car engine b.m.w. known b.m.w. said it recognize the correlation between the defect in the exhaust and the fire on its vehicles only on july twenty twenty eighteen but the company's headquarters formed a task force in october twenty fifteen to resolve the problem of the fort and embarked on measures to minimize the risk of fire including changing the vehicle design for its once one you can check more than forty cases of fire involving b.m.w. cars were reported in south korea where the carmaker has now record more than one hundred seventy thousand vehicles by october b.m.w. had recalled another more than one million vehicles due to the same problem in europe and in some asian countries including self career where its sales were down ten percent on the year by the end of november. and more hick ups the folks of
europe's largest carmaker says it's alerted to german authorities over emissions software concerns tough a million vehicles you w.b. called for a fix my still be equipped with illegal software designed to cheat during emissions tests affected on diesel cars with one point two anita motorists so far fox button has spent more than twenty eight billion euros on fines and banks in the u.s. and the aftermath of disengage the emissions cheating scandal in twenty fifteen this latest issue could add to the two billion euros that the comic is expected to spend on diesel gate cleanup next year. now hungary has seen a raft of protests against a new labor law introduced by victor opens government the so-called slave law will allow employers to ask stuff to work up to four hundred extra hours peja of overtime the law comes as a high level of immigration has led to a significant labor shortage in hungary. the shifts along at this metal
plant in cash commit in central hungry. works two hours overtime five days a week he gets double pay for it when hungary's new law overtime takes effect his boss will be able to require him to work four hundred extra hours a year. no money isn't everything in life i'd rather be with my family. the plants owner desperately needs new workers to fulfill the orders but qualified staff are hard to find many people have left the area for western europe where wages are higher and he doesn't want to demand workers to do too much overtime as is not good for me because i won't like it the trouble is that these are a. lot of time time so it's makes them better. and they've.
not too far away is a plan by german carmaker mercedes spends their own thirty five hundred people work here some fifteen hundred are in a workers' union the new law over time will enable the company to have six work days for its staff and that's something they aren't happy about. and them. no more money isn't the argument but since summer staff have been putting in more than one hundred hours in overtime and now it will be four hundred the workers want to spend time with their families we've had enough of having to work overtime and. hungary and so cross the country have taken to the streets to protest against the new law on overtime they say it doesn't solve the country's problem with some eight hundred thousand people having left the country hungry lacks the workers it meets
says research a paycheck they call i think discount off low if it really puts an extra burden on the verge of course it can just festivity the outflow of the a force from from hungary that would mean that family owned companies like sultan who gifts firm would have even more trouble finding workers. it's a billion dollar market and it grows by four percent each year artificial trees christmas trees are becoming more and more popular in the united states and they don't wither they don't lose needles and often they come already decorated full of tinsel and lights the only thing is they don't spread that christmas he said well what a culture war is raging and only time will tell which side comes out on top. there is no doubt for many families picking out a tree isn't tegel part of the holiday celebration christmas isn't christmas
without a real treat you know you think just you know watering it every day until that smell especially a smell of in our home just made it feel more interesting to us growing christmas trees is hard work it takes a seedling eight to ten years to grow to a height appreciated by holiday happy decorators and competition from artificial trees have farm owners saying the ranks of traditional minded tree buyers are thinning. we're an industry that would like to remain to be here and be around at thirty buys an artificial tree we're not going to be here but low maintenance and a long service life are a tough combination to beat the artificial trees are also becoming more and more realistic the one billion dollar market in the u.s. is growing at about four percent a year. no one got as excited about a real treat as me and i didn't it was just too much work to put the real train on
my car get into the house all of that it's been totally for convenience the battle between artificial versus real isn't a new one but new lines are being drawn the prize the continued patronage of a young family whose traditions will determine what kind of trees they'll keep on buying and just. and that's your business update here on t w thanks for keeping us company and for more we'll be back at the top of the hour so see that. the to. cut cut. cut. cut cut. cut cut cut cut.
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