tv Business Deutsche Welle August 1, 2019 8:15pm-8:31pm CEST
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good now. covering with kong t.w. . stay up to date don't miss our highlights w. program online w dot com highlights. african officials voice their concerns about the confidence economic challenges says global financial policymakers gathering gonna will they listen to markets are up and running but in which direction comments from the fed head spark a broad based dollar rally of emotion markets don't suffer. africa's biggest oil producing nation nigeria could face industrial action chevron is embroiled in a labor dispute with the unions and and you british prime minister. brings new
worries for business brings that brinkmanship and in a much greater you know deal. i mean physical and let's do business it's a chance for the collective african voices to be heard officials from the international monetary fund and world bank meeting with the confidence financial leaders in the ghanaian capital accra africa need stable growth to provide income and jobs for its rapidly growing populations despite an abundance of raw materials and fertile land the opportunities are not being exploited to the benefit of the majority take a look at growth figures overall the economy of sub-saharan africa grew by just 1.65 percent last year and the conference 2 biggest economies are still only modest figures and i jury an economy grew by less than 2 percent as you can see south africa well growth there was well below one percent so how can these figures be improved and what can the financial institutions do to promote sustainable growth well let's bring in our correspondent to see who's in accra. surely there is
a lot the both the world bank and i am if i can change policy wise to stop benefiting africa yes and that has been one of the issues that has been read this far on the issue of conditionalities that eventually bedding some of these african countries the economies and then make them remain in debt for a long time by the composition has changed for all the focus has now been on the countries finding a way to depend less on the i.m.f. and award bank and that has been a key change of this particular forum will it work to depend less on those institutions how would africa generate sustainable growth. so the focus now is that they want to develop the human capacity that people would need to be skilled wise so that it kind creates jobs and also employ
a young people also the need for african countries to begin to manage the iris sources better and not to let them be exploited and transported all of perhaps sent out of africa in there are much more focused on actually explore exploits in developing the iris aussies and actually manage them properly and also trading on monday actually on the continent. we've lost our 1st 2nd and see if we can get him back. i don't think we will unfortunately we were just talking about trading and wanted to talk to isaac there about whether or not africa is going to eventually manage to form a proper internal trading block of course that would be something that would help the continent grow there are many challenges holding back africa will have to get on to that subject another time in the meantime moving on to the global economy and it's fears it faces a slowdown along with
a neverending trade war cautious fed chief drawing power has made a modest interest rate cut but he says it's not the beginning of a long series of rate cuts that send the dollar soaring kicking the euro and emerging market assets to. the us federal reserve cut its main interest rate for the 1st time in more than a decade and emerging market currencies were hit hard as the u.s. dollar strengthened. the said african rand was among the biggest losers they fell by one percent against the dollar hitting its worst level in 6 weeks. other currencies also declined in value against the dollar sterling hit a 13 month low while the euro fell by no 0.4 percent. earlier asian stocks also fell to a 6 week low on the news. u.s. fed chairman jerome powell didn't say the interest rate cost would be the only $1.00 but he did say the move would not be the beginning of a lengthy coding cycle by the fed those comments appeared to have disappointed
investors or u.s. president trump was also disappointed. he tweeted quote what the market wanted to hear from jay powell and the federal reserve was that this was the beginning of a lengthy and aggressive read coding cycle and quote. the rising us dollar may well spend some good news for exporters though another thing that isn't likely to cheer the u.s. president. some bubbly is open for business again that's the message president emerson monic got was sending to foreign investors by repeating his decade old indigenous repealing its decade old indigenous asian legislation for more forced foreign owned businesses to sit at least 51 percent of their local operations to back black wins and guns were removed the requirements for the mining of minerals last year except diamonds and platinum and now he's opened those foreigners as well
. one of nigeria's largest oil and gas unions is threatening industrial action and 1st stop in dispute with chevron and i jury a union of petroleum and natural gas workers accuse the american oil giant of sacking hundreds of nigerian workers and open contract violating an agreement the union is demanding to be in statement to union executives and has given the company 7 days to respond by jury it is africa's largest oil producer. and let's turn now to economist johnson who he joins us from lagos 1st of all let's clarify the situation just how many people have been removed and what sort of positions are we talking about here. depending on the time they get about $500.00 of them but i'd be to move them. by forever. and what sort of industrial action we hearing from the unit
when they attempted to go on nationwide in the selection which will of our. returning nothing but the guidance. and the young man by product rather than mr madoff's insect of a. nation wide strike we're talking about africa's biggest oil producer here a huge industry and huge revenue source for the country what sort of effect what this have on the economy. when i didn't know and then get the life on the part of. the left and then the energy sector that guys ready coming up in the country. that's what that's where there is because it's an aspect. because we don't have a weather system we are going to. affect. for the for the country to have
a major effect on what it actually. can you explain why chevron is going about this. everyone is claiming that never of production has gone down. and they need to lie tight yeah well of course. we do have one of the production so that's why they're running if it can. be a low cost and just lastly how about a state is nigeria's oil sector and when it comes to infrastructure as well as its abilities to refine oil it's still so dependent on imports of refined oil whereas it's producing so much courage. interest in another kind of economy and yes working today to find out about nancy's been 95 percent of clearly for their going to congress in a country after country so we had
a knife. on imported we had to come up for grabs because they found it on the water . basically because the country is implementing was. not market friendly. petroleum president mechanism. to deliver the profit as he asked for that is in the final but i would find it because we have to realize the plans of the government we have to so we get a final year. or so economists think our chief executive johnson job. a couple extra 1000000000 pounds that's what the new british prime minister is putting aside for a deal breaker. in the job but the nightmare scenario the business world didn't want is becoming a reality. right now the opel plant in port is closed for a summer break but soon it might be shut for good leaving over $1000.00 people out
of a job. would not be a true brit any longer getting made elsewhere in europe john cooper has been working here for 40 years he worries about bricks and the plants future. of what we build here to $24.00 countries in europe all of them in the european union it would be a disaster said opal. in london no one seems to care what's best for the u.k. it's what's best for the city as with. far in the north of the country in scotland they seem to agree the new tory prime minister boris johnson was not particularly welcome the leader of the scottish government set scotland could leave the u.k. in the event of a no deal breaks it boris johnson seemed unconcerned by the worries of the scots or the problems of the auto industry. this is
a sector facing difficulties but very much just in the last few weeks you've seen big investments coming into talks would many going to be built by b.m.w. the new electric vehicle to be built a 1000000000 pound investment by. in birmingham we will do everything we can to address the issues of just in time supply chains but we are going to go ahead and come out of the e.u. on october 31st and thank you. johnson seems more than willing to oversee a no deal. even though the british chamber of commerce sees that as a worst case scenario. johnson says the industry's warnings are overblown many voters. agree even those who might soon lose their jobs and. many here would vote for pricks again like luis with b.
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