tv Business Deutsche Welle October 15, 2019 4:45pm-5:01pm CEST
and georgia is back in the headlines the german lead apparently bent to the rules as it hired its way to the top in china. but have to deal with business beijing want to get jones and lynn thanks for joining us and the international monetary fund has just cut its outlook for the world economy citing trade disputes for the slowdown the i.m.f. is now forecasting 3 percent growth this year the weakest since the 2008 financial crisis now this as trade talks between china and the u.s. are faltering and the latest development the chinese government has said concrete conditions according to her bloomberg china wants the u.s. to roll back the terrorists imposed on chinese products at the start of the train war then and only then will china need its side of the deal and by 50000000000 dollars worth of american agricultural products donald trump said the 2 sides were getting closer but it looks like the deal struck at the leak and is hanging by
a thread of your to. go through point of a more on the impact of this protracted trade war is having on china as well as other asian economies i'm joined by our director of the mocker economic research division at the asian development bank so good to have you with us let's start 1st of all with this latest development what do you make of china asking the u.s. to be rolling back the levies so that they can buy agricultural products beijing that cash strapped but that's a bit funny to all the china's a 12 trillion dollar economy they can obviously afford to buy more of a cultural products if they want what is true and what's maybe not so funny is that the trade the trade war has really had an impact on the chinese economy and our asian development i think that came out 2 weeks ago our estimate is that the tariffs currently in place have already of will impact china by. taking away about
$80000000000.00 and of g.d.p. and about 5 more than $5000000.00 jobs so in that sense it's non-trivial they do what they do want to tariffs rolled back just a postponement of the tariffs today was not is not enough and if china needs basically this trade war to end rather sooner than later why do they insist on the talks there was an understanding reached over the weekend well i mean further talks are needed because even the understanding reached over the weekend is really rather limited i mean what if it was the only concrete things were the delay if these october 15th tariffs and china buying products there was talk of you know agreements on currency. intellectual property and financial services but without any details provided and again without anything signed so for then even for them to reach something concrete that limited agenda by the apec summit in the vet member
is is going to they do need extra talks actually of course it's this deceptive tractor trade was weighing on both the the i.m.f. has just cottle's of growth forecast for the united states and it's sending out a very sort of staunch warning saying that the situation was precarious there's no room for any mistakes what's the need for economies in asia so so there are 3 main effects one is that if you look at investment in there in the region it's already declined so in 8 of the 11 largest economies investments contribution to g.d.p. growth has declined in the 1st half of this year compared to last year a 2nd effect is obviously if china is getting hit they are selling less to china so this whole global as regional supply chain that countries are getting hit by that there is a silver lining however trade redirection so you do have many countries seeing their exports to the u.s. increasing vietnam by 33 percent bangladesh by 14 percent so that's one the other is production redirection you have if the i flowing into these countries business
is realize that this trade wars not going to go in a time soon i would like to close 3 with the silver lining. we had from the asian development bank thank you so much for your time thank you. a surging crisis caused by a widespread outbreak of swine fever have driven up china's inflation in september overall inflation was up 3 percent mostly on the back of a double digit percentage increase in food costs the prize of pork roast 70 percent a hefty rise for a country where pork is the most popular meat the government has released of pork supplies from its central reserves to stabilize prices and has raised import quotas from the u.s. . meanwhile australia for the 1st time has counseled a tourist visa over under cleared food including several kilograms of pork that as the country tries to keep itself free of african swine fever. the 45 year old woman
who arrived at sydney international airport on saturday was sent home to vietnam and banned from returning to australia for 3 years the decision signals a new hard line in australia's efforts to keep itself free from african swine fever we need to keep our piston disease free status as a country strong and with the threat of african swine favor reaching across europe in the not last not last 8 months right throughout southeast asia ensuring that our pets and disease free status from this disease which some say he's potentially the worst animal health does a the world will ever say the disease has wiped out pig populations across asia and europe and was recently detected in east timor just to australia's north australian pork exports to asia have benefited from the country's disease free status as herds across asia are being slaughtered because of infection the industry contributes
some 2000000000 dollars to australia's g.d.p. and employs $20000.00 people. and now to some of the other stories making news around the world harley davidson has suspended production off its life why electric motor. cycle which the brand had rolled out as part of a diversity pick ation push the decision follows the discovery of a problem with vehicles battery also it appears biased of its traditional motorbikes and interested in an electric version of their favorite model. the german flight attendants union has called on love tuns a cabin crew at frankfurt and munich applets to strike on sunday the walk out of the wages will begin at 6 am and continue for 5 times assess its considering legal action against the strike. take is offensive in the in syria has shocked leaders in europe and the united states from across the political spectrum and its push to some of them to issue warnings of the possible consequences to president add one
and his government including economic sanctions the business well there's a lady reacting with putting its plans for a new factory in turkey on hold. the turkish economy has barely made a partial recovery and no this improvement is under threat folks working apparently is hesitant to invest in a country that attacks its neighbors that's 1500000000 euros in investments and thousands of jobs put on ice and the u.s. government is also making it clear to turkey that it wants to hit the economy to force president ever to want to turn back. sure as we've warned all along our desire is not there shot down the turkish economy our desire is to see appropriate response these sanctions will be very severe on the turkish economy we will continue to ramp up the sanctions at present the sanctions will
only affect individual persons but should the u.s. go one step further and ramp them up as u.s. treasury secretary minucci and threaten the turkish economy could be in a tight spot the country's currency the turkish lira collapsed sharply in recent months and drag the economy down with it. earlier today as. antonenko director of blood the risk analysis at control risks how much damage to the u.s. could actually do to the tech economy. well is any sanctions usually from the point of view of political impacts they they produce this is rallying around the flag effect so even though the. electoral base has been suffering a lot in the recent months some devaluation of the near are in generally from rising prices but this rallying around the flag effect is going to increase at least in the short term or don's popularity and help him to put across the message that it wasn't his policies that are responsible for economic slowdown but the
conspiracy from the west but it all depends how long those sanctions are going to continue clearly turkey can withstand in the short term they cannot make impacts but the sanctions if sanctions are going to deepen and expand over significant period of time. or political base is going to suffer and his political popularity is going to start to decrease. a joint report by a german newspaper sudar chat site on german public broadcaster w d r in the new york times on the dubious business practices of dog the german flagship lender gave expensive gifts to senior chinese officials at a time when it was trying to establish itself as a major player in china's financial industry george assessed even stayed back as far as 2002 and has been dealt with. former georgia bank boss here so far c'mon like to meet with influential leaders in 2002 he met with chinese president jiang zemin for this meeting georgia bunk reportedly paid $100000.00 to
a consulting firm at the time that according to an investigation by german media and the new york times in addition a chinese executive authority blank is said to have given influential chinese people gifts such as a crystal tiger worth 15 $1000.00 and high quality stereo equipment and a page from the tree travel the park is also said to have hired hundreds of runners to observe influential chinese people. giving a gift to a civil servant is a typical case of bribery in public transactions. the hiring of someone's child is no different to giving such a gift a yes of our command says in response that he didn't know anything about all these things according to a probe by the us federal communications commission the bank ended this practice in 2014 german investigations have not yet taken place if it was or why i see an american orthe already investigating problematic boychuk bank transactions in china
and i don't see the same action in germany i think german authorities still have a lot of work to do. to achieve bank says it has improved policies and oversight of its business activities in china. laid off another $350.00 employees it's the us right headings this is 3rd round of firings in a letter to employees a c.e.o.'s. shot he described it was situation as difficult for us all so far but has cut almost 1200 jobs chef process plummeted since it made its debut on wall street in may the job losses will hit mainly the food delivery service but it's self driving costs and performance marketing. that's a business update here on g.w. from me and the business asia team in berlin thanks for watching.
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all of these things check out. this is the w.'s live from turkey ignores u.s. sanctions and head with day 7 of its offensive in northern syria but russia says syrian government forces now control the key town of man beach as they seek to contain the turkish assault also on the program the president of both kerry's football federation resigns after racist abuse of england's players of the shadows