tv Business Deutsche Welle August 13, 2019 1:30am-1:46am CEST
in 2050 no child or no real demand electorate that is the fundamental human right that is the divine guide which the nature of the god has given to us and go through this legend of it right through the guru's clenching of it i do freedom against nature that i can just walk. it's one of asia's most important financial hubs now hong kong's political unrest and fears of a further crackdown by china are rattling markets around the world will give you the latest. also on the show argentina's peso collapses after a presidential primary upset we'll tell you what has markets so scared. this is
your business report i'm stephen beard simper len thanks for joining us hong kong's airport was due to reopen early tuesday morning after being closed all day monday as thousands of protesters occupied the main terminal the closure forced the cancellation of more than 150 flights causing serious disruptions one of asia's most important transportation hubs and marking an escalation of protests that were previously limits limited to the city's neighborhoods investors around the world took notice monday with indexes falling on the spreading political turmoil and fears china can respond harshly. and let's go now to our financial correspondent in new york jose luis to haro who is a nice to see as always so is a as we said this political uncertainty spreading to markets as well what are you seeing there on wall street. i think that right now stephen investors here in wall street are fearing an escalation of banzai which could trigger
a financial shock worldwide over what some coal some kind of black swan we already have trade tensions between the u.s. and china going on which it seems to continue to escalate the situation taking a toll on the global economy on top of more recently the trade war appears to be evolving into some kind of currency war and now do you i'm going protests in hong kong new geopolitical risk to be run eataly argentina which it feels a certain india is in a particular case rhetoric from beijing claiming that the 1st signs of terrorism are starting to appear. markets and investors are still anxious that the situation is not getting any better while stocks in that region and its 10th straight day of declines the last time hong kong stocks such a long blues in a straight. in june july 1900 for those that you mentioned trade there is a worry that was obviously driving markets today what exactly were investors say that had them so worried a basically stephen it that the chances of
a recession happening keep growing at. goldman sachs said in a note to investors where to bank c.e.o.'s not many possibilities of the u.s. and china getting any try to agreement before next year's presidential elections will take a toll on the u.s. economy which will grow around 1.8 percent in the 4th quarter of d.c. year bang go of americans say. there are one in 3 chances of a recession in the next 12 months steven was a lose tomorrow there for us in new york thank you now another big market story coming out of south america investors fleeing the argentinian peso after the country's business friendly president was walloped in a presidential election primary by his center left rival behind the anger at the polls an economy in recession high inflation and an unpopular austerity program. the peso tumbled more than 30 percent against the u.s.
dollar before recovering somewhat on monday shares in argentine companies fell and the price of insuring the country's debt rose investors' fear that arjun time president moderate c.e.o. maki will lose control of the country before he writes his financial condition in part through a series of painful cuts on the streets of pointless itis normal argentinians are running out of patience. i hope the economy revives because many people want to work and can't we get to the end of the month just making it we're now working to pay taxes because being able to save money ended a while ago. fickle global markets and a bad harvest put argentina in recession in 2018 exports are supposed to lead the way out later this year but the global economy itself is running out of steam inflation and unemployment are high in argentina for many mockery is the problem his government accepted a $56000000000.00 bailout from the much despised international monetary fund and put an austerity program in place. is a bad manager of the economy
a bad manager of the economy who applied to gradualism that didn't work much. that's where sunday's big winner populist candidate alberto fernandez comes in he suggested renegotiating the i.m.f. lifeline and uncertain proposition voters will have the decision in october remain on a stable but painful reform path or follow a new direction filled with big but vague promises. and staying in south america a $50000.00 bowl of our note it's the venezuelan central bank's most recent attempt to curb the galloping devaluation of money and shortage of cash amid international sanctions against the socialist more doro government the value of the bowl of our continues to plummet. this caracas restaurant sells pastries called empanada is like other business except electronic payments but there are still many customers who prefer paying in cash and us dollars.
saving every day people ask whether we take cash. but we obviously don't think that large bills are going to fall are these cheap. dollars are accepted just about everywhere in caracas even if this market. this trader doesn't want to be filmed at 1st it looks like the eggs are being paid for with the ball of our national currency but it turns out to be u.s. dollars. there's more to this trend than just the collapse of venezuela's currencies says economist wrong. look. at the moment there are large amounts of dollars and all of ours pesos another currency is in circulation and we've been through hyperinflation i mean the same time the central bank has allowed the cash talks in circulation to lose their value very quickly without adjusting the banknotes accordingly and.
it's hard to say how dollars enter venezuela since the central bank no longer provides information on foreign exchange receives the greenback is clearly being circulated here. that. it would give them a lot of people in an order when it comes to dollars from private sources we don't know how much there is all why there is a law that prevents currency trading but it's getting less transparent because people have to spend their money secretly even if the money comes from legitimate sources. of course there's also money from illegitimate sources like drugs if it's very difficult to determine who will do you know what i can see according. to some venezuelan send remittances home in us dollars stimulation in the import market. there are no shortages in this caracas supermarket but the imports here are 2 or 3 times more expensive than those in europe or in the u.s.
some stores only sell imports. are luxury import shops can be found almost everywhere. on a hike you know and i know that a high lot of people don't earn dollars so it's hard to pay in dollars coming in the lettuce has so much happens under the table including the use of the dollar means a lot that's not legal. i'm still paid and all of us know everything i want to buy filled in dollars. economy no illusions about the situation as long as there's no realistic foreign exchange policy in form of supply and demand will determine how people pay for goods. and let's take a look at some of the other global business stories making news saudi arabia state energy firm aramco has posted a 12 percent drop in profits in its 1st ever half your earnings report the company says it is prepared for an overseas stock listing but has said the timing is up to
saudi government officials. south korea is to remove japan from a list of countries that get preferential trade treatment it's the latest development in an escalating dispute between the 2 asian powerhouses just last month japan restricted exports of technical equipment relied upon by south korean companies like samsung. and over to europe the latest political drama is unfolding in italy and it has markets worried once again a populist coalition government that has sparred with the e.u. over deficit spending could soon collapse fighting to take its place populist candidates with even more budget busting plans. italian drama might be a hit at the last scholar but not on the stock exchange in milan investors watched helplessly prices slid. the boss italiana has lost more than 2 percent since friday government collapse in security all anathema for any market that's especially true
in economically turbulent times the o.e.c.d. says italy's economy will shrink by 0.2 percent this year at the same time the country's debt burden is twice as high as the e.u. stability and growth pact allows at 132 percent of annual economic output and this year the government wants to load more than 2 percent of fresh borrowing on top. i think it's very probable that if the political uncertainty continues and if d'italia an economy continue to be in a face of stagnation still like the current one that feature and as well as the other caribbean at the agency we let revised down ward their ratings deputy prime minister material salvini doesn't hold budget discipline in much he wants to boost spending for things like pensions he's ignored warnings from the un d c b as the euro zone's 3rd largest economy so the need is counting on italy being too big to be allowed to fail. and with anti-government protests raging in hong kong china has
become especially sensitive about its national sovereignty to luxury freshened brands versace and coach have now apologized for t. shirt designs. she got the hot water for listing hong kong and macau as independent countries both are of course semi autonomous regions in china u.s. brand coach made a similar mistake the t. shirts were removed from the stores and online outlets the previously clothing brand gap and the hotel chain mary ott found themselves involved in controversy after mislabeling chinese territories. and that's it for me and a business team here soon beardsley as always is watching.
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resume as michael lighten the mood. ready and in some repeat resonate when it saw. the light and the music. open 1st. 2019 from september 6th to september 29th. you're. welcome from berlin and welcome to arts and culture the hills are alive with the sound of yodeling which i'm not very good at but we'll look into how this form of communication has evolved and flourished also coming up. in our series 100 german must reads we revisit the berlin wall through the eyes of
a west german author and see how german division affected both sides and west records. and speaking of walls the berlin based artist collective inner fields use them as their canvas for some of the most sought after street art around. well anyone who's a fan of the sound of music will remember julie andrews yodeling her heart out in the song the lonely goatherd heard and indeed long before the advent of smartphones cow and go herds used yodeling in the alps as a way to call from one mountain to another but what began as a melodic language in switzerland and austria has evolved into a sophisticated musical form in itself and it's one that has remarkable staying power would really. be totally meaningless and.