tv Business Deutsche Welle April 29, 2019 10:30am-10:46am CEST
evidently sea level rise by at least one theory is. going to have some climate impacts major greater than what we see already. it's really frightening. why aren't people more concerned. through the first w. . mixed signals from spain's vote big gains for both socialists and populists mean tough coalition talks ahead what could this mean for the euro zone's fourth biggest economy. also on the show as japan's emperor steps down we'll see how things are looking up to japan's economy. hello and welcome to the business i want to get
jones and belinda to have you with us now that spanish voters have cast their ballots the socialists won the election but a fallen short of a majority prime minister pedro sanchez must find a coalition partner to build a government and there is no time to loose rocked by economic crisis and the political impasse with catalonia economists say spain needs clear leadership to propel urgent reforms banks need to be shored up pension funds must be safe from bankruptcy education and infrastructure need investment the integration of young talent must stop and the country's dead must be further restrained now although the spanish economy is still showing strong growth many ordinary people are being left behind. a decade ago things economy was in tatters since then and the situation has improved dramatically. but the recovery has revealed some
apparent contradictions with growth of two point five percent last year the country is now the single greatest contributor to euro zone growth but it also has more unemployed people than any other e.u. nation three point three million spaniards are out of a job that's about fourteen percent of the population there are now more poor and low wage workers than there were when the financial crisis broke out in two thousand and eight east analysts have pointed out that the economy appears to have taken a back seat in this election campaign one reason for this is that those on the margins of society often tend not to vote. there would you ask me what i think of the politicians when i see the lifelong pensions they give themselves eighty thousand euros i could live on that for at least ten years we're living on the streets they need to offer us a solution because i don't know what to do. for a very one economic issue that has cropped up during campaigning is pensions one in
four voters in spain is retired no surprise them but all political parties have vowed to safeguard the finances of the elderly. for more i'm joined by meeting chief economist of baron bag bank he joins us in frankfurt good to have you with us we've just heard in this reports quite a few challenges being mentioned there for the spanish economy what's the biggest one that you think the government has to tackle. well interest me the biggest challenge for the government is to make no nonsense to go from not this rap to the economic upturn which is running fairly nicely spain does face a significant list of long run issues especially in the pendent system but the most important bases for some fixing the pendant system for fixing almost everything is that the economy keeps humming so the first priority should be make no nonsense that is don't spend money you don't have and the second thing should then be.
quietly think about penda reform over the long term raising the retirement age especially now of course we've heard this report as well this growth of two and a half percent last year spain is now the single greatest contributor to growth but spain socialist will have to find partners and most likely it's going to be the anti austerity party pull daimler's could this rock the boat well put it was was already sort of part of the old government that we've had recently with a socialist prime minister they already they already instigated a little nonsense with an excessive hike in the minimum wage for spain it would probably be better if we work to have a coalition between the socialists and the liberal sudan as who in terms of economic policy are rather sensible but if it's a coalition between the socialists and probably most then probably spain upswing would not be disrupted too much but spain's longer run growth potential may suffer
due to a lack of greely pro growth reforms in such a constellation and of course this is all happening in the bigger picture you're currently in frankfurt to present barebacked banks' outlook on the economy financial markets where do we stand here in europe with all those challenges brakes it's trade you name it. well with all these challenges the european economy is moving only very slowly we still think that there will be a significant gain in growth momentum later this year if the bracks issue fades which hopefully will be the case and especially if the trade war threats do fade somewhat but so far we have to say there is no spring yet in the economy the economy is still stuck in a slow growth mode that is in the winter mode in europe for now right hawkish meeting their chief economist at bear and their bank thank you so much for your time your welcome. as you had to trace u.s.
trade negotiations with china are set to resume again this week japanese prime minister shinzo albi used his visit to north america to celebrate a trade agreement the trumpet ministration had snopes together with canada's justin trudeau abbey looked back at the success of the multilateral trans-pacific partnership t p p which aims at strengthening its members against china. as he set off for a round of golf with japanese prime minister shinzo are the us president donald trump had mostly one thing on his mind trade by pressuring japanese carmakers to expand production in the u.s. trump was looking to land a winning agreement with. but our slater the japanese prime minister celebrated real trade achievements elsewhere in north america with the trust of partner in an agreement that was originally designed to include the us. when the american administration decided to pull out of the t p p because of mr obvious leadership we
were able to move forward on a deal that is comprehensive and progressive that has benefited tremendously in canadian citizens japanese citizens and businesses and indeed people throughout throughout the region twelve countries signed the transpacific partnership back in two thousand and sixteen the agreement brought together most of the nations on the pacific rim it was supposed to create the largest tree trade zone in the world and also a bulwark against china's growing domination of world markets then the u.s. withdrew when trump took office ever since u.s. farmers have felt the pinch already is suffering under tariffs connected to the u.s. chinese tit for tat traits bad there we eat soybeans and other agricultural products have largely been shut out of japan to the bottom has dropped out of wheat prices in the u.s. they're down twenty five percent since last fall as demand from pacific buyers has
slumped american wine producers fruit vegetable and dairy farmers find themselves in the same situation but chapin's prime minister says his country is leaving the door open so much the more. than i think we share the same position but we should cooperate together so the united states will be encouraged to be the leader off the liberal free world. dr stanley i caught you by flattering words for donald trump but three years after t p p was signed there is no sign of a trade deal that he would approve. on let's bring in our financial market correspondent ashutosh pandey with joins us in frankfurt so those u.s. china trade talks are to resume again this week where we see a breakthrough. well that's a billion dollar question monica isn't it i mean these talks have been going it
seems for ages and breakthrough is not one word that you've heard very often well the u.s. treasury secretary steve newton who is in beijing he said that the talks are in final stages but the room is still open for the talks to field so clearly there are some sticking issues that remain one of them is how soon the u.s. would remove it stabs the other being that how the deal would be enforced eventually so these are the sticking issues what progress has been made but there are a lot of work needs to be done there right and you keep an eye on it for us there thank you very much attached monday there from the frankfurt stock exchange. where shareholders in germany chemicals company by a gay for its management board a vote of no confidence at friday's annual meeting the very first time that's ever happened to listed company by a stock price has nosedive since its board rival monsanto last year c.e.o. van about say that there was no way to sugar coat the recent poor performance but
said the sixty three billion dollars acquisition would pay off in the end the troubled actor chemicals giant faces thousands of potential lawsuits for damages related to its flagship weitz killer banda. and japan marks the end of an era with a historic application of emperor akihito is the first application in two hundred years and a big event for business the enthronement of crown prince naruhito promises to give breweries hotel shops and restaurants a huge boost. these two want to tie the knot before the end of the outgoing hay say era which means achieving peace and they are far from the only ones the wedding industry in japan has taken off since the start of april when the enthronement celebration dates were confirmed. for us this year will be a year with a lot of memorable events or the last year of the he say era will be one we won't
forget any time soon. to see. other businesses are also looking to cash and like this stamp maker in the new era which means beautiful harmony people will purchase products like calendars and letter paper bearing the new stamps experts expect private consumption to rise by over seven point five percent during the ten days of the celebrations. what's in. the loft because more things are going digital the hunt goes stamp business hasn't been doing so well in the last few years we see this as a business opportunity and i think the change to the new era is a good thing that. breaks known as the golden week holidays take place every year but this year due to the enthronement they've been extended to ten days and many people will have the entire time off work the country's biggest travel agency says a record twenty five million japanese are expected to travel during the period and
that will benefit hotels restaurants trains and many other service industries. in march there was talk of an impending recession but experts are now saying the celebrations could well drive up economic growth by a quarter of a point in the second quarter and manufacturers don't seem worried either carmaker toyota said its plants would remain closed for nine days not everyone's excited about the party though even the stock exchanges are closing and some traders worry the shutdown will have an impact on the yen. and we'll have more on japan's economy later in business asia and that's your business update for now here on g.w. from being the team of eleven thanksgivings go for.
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