tv Business Deutsche Welle July 30, 2019 7:15pm-7:31pm CEST
international approach to solving the crisis is essential. if you're watching the show you news up next is business africa and still and i'll be back at the top of the hour with more news that means i'm going to get you can see up to date by heading into our web site at w dot com for now on behalf of the entire team you seem to thank you for spending this part of the day brings. such. logo to the girl next you to channel. the final story. with exclusive. the must see concerning parts culture to europe.
should be curious minds. do it yourself networkers. so subscribers don't miss out on. this you know i mean in your minutes you've gone yes . mostly. what i'm going to miss you know but i'm like what an organized you know i'm not going to sit there and i. will go see it because i see the sassy quote i've only said that i caught going on what they're doing finding. not the sort of record you want to break south african unemployment jumps through its highest level since the global financial crisis. some bob struggles analysts describe the president's 1st year in office as a period of indecisive and experimental a low 6. and locals. u.s.
president donald trump lashes out in china as u.s. negotiators arrive in shanghai to resurrect trying told us. i didn't fizzle and i still visit us the pressure is piling on south africa's president cyril ramaphosa pledged to turn around but the economy is shrinking and lines the job center is growing south africa is the confidence industrial engine and arguably its most important economy but a slowdown has plunged the country into crisis during the 2nd quarter of the year unemployment rose to 29 percent every 2nd young south african is unable to find a job the hardest hit sectors a transportation mining and finance companies struggle to continue with power outages that can last hours and the outlook is not promising. joins us from cape town ellis is it going to get worse before it gets any better yes it's definitely the fear because it's not just unemployment statistics but we had some
obvious released recently that said is that amount of business is shutting down and shopping and of course business business class jobs again also we had g.d.p. figures released and it says that in the 1st what's at hand the economy stronger 3.2 percent so it's definitely doesn't look good for south africa currently where would you say the government has failed. it's a very complex problem but basically what the problem is in south africa is that there are not enough skilled lower labor and there is an oversupply of unskilled labor part of it is historical early south africa where blacks that have been had been held back by every are sanctions and we still see the legacy of that part of it is also a fairly education system and then there's other issues there 6 man it mean east ration in a lot of businesses but also under governments and in the public sector are various
corruptions all these things come together and presidents a real mama parson has said that he wants to turn it around even now says that the department will no longer be known as department for labor but the department as well thought employment seeing is a national crisis and wants to make it a priority and he was just elected you're in south africa and people do hope that he could bring some sort of a change well as far as government policy goes what what's the what's the effect of pouring billions into bathing out state for. you know is there a big issue here on inside africa and of course those abilities that you know spend elsewhere it's also absence a lot of south africans i mean your forest and unemployed and that is because the reason while a lot of the state companies need to be bailed out as management and corruption and so a lot of people are saying where is that money going some of coors is legitimized in
the sense that the states our utility company ask it has to be a bit out because it does no power at economy of course and also not through but there are more question marks for example beating out south african airlines should that still be done do you or do you just need to give up that price and that money . goes just one more question what about the pressure that's piling on rubber parts or is that going to make a difference. you know there's definitely a lot of pressure on me and on the whole way you see the community i don't think being very unhappy with the e.m.c. the party did liberated them from apartheid and me on jacob zuma who was the president who are still on the course and i think a lot of people voted for him because he did promise plates he promised anticorruption he promised transparently and transparency but mainly he also said he would get more investment and more job so he's under a lot of pressure and it's not an easy time for him ok i was great to get your take
on those unemployment numbers for south africa thank you very much. south african electricity utility eskom has plunged even deeper into the red it reported a net loss equivalent to one of the half $1000000000.00 in the last year as to be 10 times the previous year's level as can officially blamed lower sales and increased transaction costs the utility supplies the vast majority of south africa with electricity but it is my added debt and has aging infrastructure that has led to widespread blackouts repeated bailouts by the south african government haven't helped. well this is help them badly and say their economy is worse than ever devastated after years of corruption and incompetence most the count of living and dying poverty struggling with an exponential inflation rate it skyrocketed from 4 percent just a year ago to 176 percent last month it's the highest in africa
a decade ago it was even worse back then a loaf of bread cost billions of zimbabwean dollars that's why the currency was taken out of circulation the nation turned to foreign currencies like the u.s. dollar or china's you want for legal tender then the. dollar was introduced a few years back a kind of government debt obligation or last month president m. as a man and god who read named it the zimbabwean dollar he declared at the country's soul currency and banned all others since then food prices have doubled there's very little hope left that money will be able to lift the economy out of the maya privilege most fun here rejoins us from the zimbabwean capital harare privilege one year on the economy is in freefall what's fundamentally wrong. it has been eventful year for. coming one year now 51
july to be one year since these election most of the things that are happening are structural you find that there is a lot of policies that have been introduced trying to reform the corner me but they're not pulling together because it's more or less like half the introduction of the policies without consultation of all the stakeholders that include your business. and government government has been introducing all these policies where they come up with introduction of binding us doing everything so they've been coming just like a bombshell is being dropped on the people but without proper consolidation when they try to solve one problem they are creating another and without real notice it was a ministration banned the use of the u.s. dollar and other foreign currencies basically overnight to return to the local currency but what difference has that made
the difference that has come only that they're put on market used to be running away from like the interbank exchange rate at the moment they're just going almost nick to nick or. higher. market will be in much higher than the interbank exchange rate but in terms of then the liquidity in the market and even the provision of the foreign carriers that is needed to import they say shell commodities to you on demand and you know these not much difference in terms of. for the ordinary person because prices are still high despite their dropping off either part of the market rates just just a yes or no from you is is there an end in sight to what the country is experiencing. definitely. is there if the president wants to reach out to. what is needed i think is
social question within the country because there are a lot of division a year one yes in 2008 but remember there are 4949 percent of the population did not vote for him he needs to reach out to that even to the opposition. where he can. but issue off putting heads together with everyone in the country and make it a national issue for the thank you very much india is seeking to strengthen trade ties with west africa president. on a week long visit to gambia and guinea. it's his counterpart to sign you are steele's says they'll make india biggest trading partner in the year agreed to extend $100000000.00 line of credit to binion's and james. anybody of hope faded as donald trump took to twitter today top american and chinese trade
officials are trying to resolve a year long conflict analysts don't see a quick fix to the u.s. leaders see action on the horizon warning china not to wait to do a trade deal my team is negotiating with them now they always change the deal in the end to their benefit. after months of deadlock the u.s. delegation has arrived in china's financial capital shanghai trade representative robert lighthouses are and treasury secretary steven nugent are due to spend the next 2 days around a table with chinese vice premier li or her trying to find a deal the 2 sides however are as far apart as ever the u.s. is pushing for an end to unfair practices as donald trump likes to describe china's economic policies these policies include billions of subsidies which keep chinese prices artificially low for its part china wants a deal where both sides make concessions. so far the u.s.
has imposed customs duties on chinese goods valued at $250000000000.00 china has responded with tariffs on $110000000000.00 worth of goods in all $360000000000.00 worth of merchandise is affected by the trade dispute to avoid further escalation trump and chinese president xi jinping agreed to a form of cease fire at the osaka g 20 in june however heading into this round of talks there is little sign of agreement from either side. we spoke to an expert on china richard mcgregor and i asked him how likely it is that china will back down i think they're settling in now for a long trade war they're not nearly as exposed to the u.s. as the market as they once were they're not nearly as reliant on export exports as they once were about i think china is hurting it's chinese private companies which the export isn't hurting most china sort of premier technology companies are way is
also under a lot of pressure but i don't think china thinks it will get much even way away to the u.s. so they're really settling in for a long term battle. finally investors looking to get a hoof into the rising global demand for beef and get a piece of the action thanks to a south african i am told my phone bill you have allows businesses to buy shares in a cow starting at $576.00 randall $36.00 and pays out between 5 and 14 percent interest once the animal is so the slaughter project was started 4 years ago and now includes a good 2000 animal. i said business with.
finally gave up and went to buy me on my side and returned with the sewing machine sewing i suppose was more appropriate for those than writing a. novel i want to meet those women back home who are bones by their duties and social norms and informed of the basic rights my name is them out of the homes and i wore the to. the boy. this is deja news africa coming up in the next 15 minutes and number of missing journalists in times of new. daryl was taken by unidentified men from. on monday off. to be in these custody the hash tag 3 eric. has been trending in the country. and fury over the falls will find out why ugandans are angry over government plans