tv Business Deutsche Welle May 10, 2019 3:45pm-4:01pm CEST
six thousand jobs. this is business a. welcome the trumpet ministration has today raised duties on two hundred billion dollars worth of chinese imports from ten to twenty five percent will retaliate meanwhile trade delegations of both countries are in talks in washington that are being described as tense. the chance of a breakdown of the talks significantly increased now will bring in our correspondent in washington for the latest and have a look at how markets are taking its but first this report for. it would prove to be an uphill climb for the chinese negotiators as talks resumed in washington just hours before new u.s. tariffs went into effect china's vice premier rejected the u.s. is rationale for the new duties its accusations that beijing had reneged on several points of agreement. i've come here in good faith i want a reasonable and a frank exchange of opinion with the u.s.
side china believes in further tariffs is not a good way to solve our problems so it's not good for china nor is it good for the us nor does it help the world. few expected a breakthrough in thursday's talks and donald trump was keen to point out the positive side to state import tariffs. i happen to think that tariffs for a country. a very powerful you know with a piggy bank that everybody steals from including china we've been paid china five hundred billion dollars a year for many many years china rebuilt their country because of us this is gearing up for what could be a bruising trade conflict china showed that it has resources at its disposal officials say its spelt and road initiative can help offset the results of a trade war with the u.s. and they're pointing to strong growth in the service sector. where. china's high
end service exports are growing and competitiveness is gradually improving. with thursday's talks on able to stop the u.s. tariffs china isn't revealing what steps it will take next. so let's see how things in the markets and also in the negotiations on i'm joined by michael jackson from c.m.c. markets in london and our correspondent ali was it's who's standing by in washington and start with you all about what are you hearing how the negotiations going. it's pretty silent right now but we know that the u.s. president was briefed last night by his negotiators and that both sides eventually agreed on carrying on with the negotiations it's a good sign if you will because they apparently believe that is that an agreement can still be reached now who's been very loudly and outspoken was the president himself on twitter this morning and he continues li stresses that the tariffs that were raised last night those will be only be paid for by the chinese side but
economists in turn have been challenging that and they say that in the end of the day and eventually american businesses and the consumers will pay these terrorists in the united states as certain goods will become more expensive that are imported from china to the u.s. and those are predominantly consumer electronics among other products goods that are not affected though are every every goods. currently on route to the united states so say on a container ship traveling to the u.s. those those goods are not affected yet and that means there is still some time left to find an agreement michael markets across the board investors seem not overly concerned about the fresh type of supplies that. here but i think it goes to your correspondents last polling i think there is still a very small window where these tariffs can be avoided so for example if a container ship leaves the chinese pool to die it could well arrive in two weeks
time which means by the time the rise of the u.s. those terrorists may well have been avoided i think at the moment inverses are looking on the bright side but you say the markets is slightly out there still down quite heavily on the week so we're not out of the woods yet. what the main sticking points i'm hearing of the chinese side is reluctant to publicizing all details of a possible deal why's that. well yeah that's right reportedly in the run of the negotiations there have been clashes within the communist party in china there between hardliners and reformers and that led to a very late decision all the chinese president xi jinping to walk back certain parts of the agreement that were made in the beginning when quick progress was made and the key sticking points here are the question of intellectual property how that is tackle and also some certain restraints for american businesses in the united states so there were clashes then eventually of how much of the final agreement
would be made public and essentially the chinese are trying to publicly admit that intellectual property laws are flawed because it would also mean to admit that they have been wrong for quite some time. tension have been weighing on markets for a while now what will happen if the talks break down this week and. this brings that brings a lot of the prospects of further twenty five percent tariffs on another three hundred twenty five billion dollars the chinese goods that's going to be negative for the stock markets particularly on companies like apple and. intel chip makers who do an awful lot of business in china is going to drive up costs these companies margins and essentially i think why own stock markets pretty much across the board the u.s. stock markets in particular whose whose whose royce i think has been running ahead of european markets in general michael hughes in london and all of us all it in
washington thank you both very much thank you. the planned merger of german steel giants tizen cult and indian competitor tata has fallen through to cope has withdrawn from the deal because it expects the european commission to block its blockade over competition concerns as a results just said it will be cutting six thousand jobs worldwide plan was to merge to support steel unit with tottenham to create europe's second largest senior producer off to oslo mittal the agreement was a fifty fifty joint venture producing annual synergies of up to six hundred million euros for both companies to open tata said they had expected to have generated pro-forma sales of fifteen billion euros. let's go to our frank financial correspondent in frankfurt comment that if that deal falls through appears to have fallen through what does that mean for doesn't cope on tata do they have to look elsewhere for someone to marry. you know if it
were so easy it would be great the problem is that there is no one really out there to be married the steel business is a business with extremely high over capacities steel prices have slumped significantly and you know if you are a steel make europe this means that unions are very strong and regulation is very high the consequence and the alternative for to some croup now is that it would have to shrink this business and this is what it has announced also job cuts up to six thousand people six thousand jobs would have to go and investors perversely usually love. is that the reason the screamed upwards by nearly twenty percent at times. this is one reason but it's not the only reason gattis and cook will also do something that's met that many of its investors have been demanding for
a long time it will separately sell lucrative parts of the business namely the elevator unit which will be i.p.o. it will be brought to the stock market as a separate company for a very very long time the executives at this group had been opposed to this idea but now the course of events has shown that it has become an evitable owner who's now a financial proponent in frankfurt thank you very much for this update. to the us now listing on the new york stock exchange today is expected to have raised tens of billions of dollars by the close of trading investors are asking will the right hailing from ever make money the company has posted only losses in the ten years since it was founded and it's no stranger to controversy either. it seems control of a sea has constantly tell gaited since the company was founded ten years ago the
disruptive startup has put taxi drivers around the world in terror of losing their livelihoods leading to protests in the u.k. spain and poland where last month parliament elected a bill to legalize the right hailing upstart and other based car hire firms and if they fit into we feel we're discriminated against we have to get licenses pay pension contributions we have to set up a company to work and we have other costs in contrast the illegal carriers have low costs they're often people convicted by the courts seventy five percent of them are without polish citizenship they work illegally and the government does nothing about it is once the news here. has faced legal challenges from drivers demanding basic labor conditions it's been banned in several countries including denmark and hungary in twenty sixteen hackers attacked a cloud server and downloaded millions of users personal data
a year later its c.e.o. travis calendaric was forced to step down after a series of scandals there was a fatal accident involving one of the driving cars and there have been numerous rape and sexual assault allegations against uber drivers from india to america more than one hundred in the u.s. alone the company has also been criticized as having a culture of sexual harassment. then there's the balance sheet over the twelve months to the end of march up losses of three point seven billion dollars a record for a company in the year ahead of its i.p.o. . trade between germany and iran fell steeply in the first two months of this year that's according to the to germany's champus of commerce exports from europe's largest economy to iran plummeted by more than fifty percent year on year to around two hundred thirty million euros in
january and imports from iran also plunged massively the head of the tampa says trade with the islamic republic has become extremely difficult since the us we imposed sanctions on tehran toilet seats. and that's it from me in the business as a team in the informal business news on background you can always visit www dot com slash business to follow us on facebook and on twitter we leave you with his quick check on global markets stay right here. is next with.
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above. this is deja vu news coming to you live from berlin president dollar trying to tighten the screws in the street dispute for china imposes new talents and billions of dollars worth of chinese goods and places no need to rush to make a deal he tweets what will be the impact on the global economy also coming up. as a bride tailing company makes his debut on wall street we look into the company's claims that it reduces congestion on the roads of the once biggest city in.