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tv   Business - News  Deutsche Welle  May 23, 2020 1:15am-1:31am CEST

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as for the season. you're watching news we'll have more here at the top of the hour and don't forget you can keep up to date with all the latest news on our website that state of the dot com and you can also fall follow us on twitter and instagram as well i mean until here in berlin thanks for joining us. what secrets lie behind. discover new adventures in 360 degree. and explore fascinating world heritage sites. w world heritage 360 to get the maps now. drama
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competition driver marketing numbers atmosphere that's hot and childish hates money millionaires the fans crimes by us and in fact. because we put. to golf on you tube joining us. china's annual congress skips the usual broke prognosis perhaps because times are tough or chinese are out of work and looking for help. also on the show argentina can't pay its bills what does that is default on its sovereign debt for the 9th time not just because of the pandemic. and we'll visit uganda where the government
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is floating a new pandemic rules that could put secondhand clothing sellers out of business. this is your business report i'm steve beers in berlin it's good to have you with us beijing kicked off its annual national people's congress on friday a rubberstamp parliament that was delayed this year due to the pandemic the party members didn't waste time taking up a draft law to intervene directly in hong kong one thing they didn't do make a growth prognosis for next year perhaps because the economy is struggling. a highrise a state on beijing's outskirts pay cine lives on the top floor he studied english had good jobs but at the beginning of the year he quits to start a renovation business with a friend but the outbreak devastated their plans for months he's been applying for work without success. everyone's wondering when this difficult life will end when will i get my old life back when can i go out and work hard again earn money
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break free from this crisis some my friends who still have jobs are seeing that salaries cut by half. china's economic crisis has also affected millions of migrant workers these men are waiting for work in factories on building sites but hardly anyone comes by to pick up these day laborers since code 19 hit everything is harder. for work or whatever job opportunities now before there was a lot of work but that's all over now i've been waiting here for days soon i won't have any savings left. by young. one when long shows us his former customers restaurants which he delivered drinks to until the pandemic brought the gastronomy sector to a halt many businesses haven't survived the crisis. now he drives a taxi his monthly earnings are a 10th of what they used to be china's economy is navigating through
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a deep crisis experts warn of a 10 percent rise in unemployment this year but some say the figure will be closer to 20 percent. are living conditions were continuously improving for years our earnings were growing the government made it possible to have a better life now the coronavirus has wronged all that and the economy to. pay cheese generation only knew. and there is an economic miracle the communist leadership has always promised a rise in living standards for everybody to the pandemic has made that more difficult than ever. earlier we spoke with business reporter clifford coonan asking him why china has ditched its annual growth forecast for the 1st time in decades we've never had so many variables out there you've got the pandemic you've got uncertainties about trade china is in to some extent further ahead coming out of
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the of the pandemic than other countries but at the same time it's very reliant on other countries for its exports and for international trade so there just isn't enough certainty out there i think for china to be able to say with authority that this is what the growth forecast is going to be clifford in their business now back to the draft law in hong kong the us warning china on friday that its plans to tighten control could endanger hong kong special trade status with the us ending the status would have far reaching consequences for businesses on both sides of the pacific it ensures lower tariff rates and visa free travel the us invested $82500000000.00 in hong kong and 2018 and more than $85000.00 americans live in the city. and now i'm joined by our financial correspondent in new york. yes revoking this special status or at least the specter of doing that has been called the nuclear option why is that. and this special
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status is not just important for u.s. businesses but make chile also for other foreign entities especially if you look at the legal system in hong kong that basically is similar to the british one so a lot of companies for instance and investors they could not do business. directly with the mainland china so that's why our hong kong was always important not just so far in us but actually for main and china as well and then if you look at hong kong the financial of the capital. restrictions were the laws were less tights then than in mainland china and then also texas were much lower in hong kong so so therefore hong kong is crucial for foreigners but also for mainland china as well doing business abroad aside from the trade status could this new chinese plan to directly intervene in hong kong could that scare off
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investment in the city. it clearly could and there are different reports if we've already seen some outflows for example to sink a pretty poor of us shouldn't forget that hong kong already went into recession even before the coronavirus started specially the mess of protests that we've seen in the positive here and that. has actually shite some investors some business people from abroad the way it's also been more difficult for hong kong to attract talent so as i say it was. was the protests the positive here and now the virus actually has worsened the situation so it's actually quite likely if they lose this that is that some investors would just not come to hong kong but in general i have to feeling that both china and the u.s.
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in general have interest to use hong kong as a trading platform in the future all right there for us in new york thank you. and facebook says it will allow many of its employees to work permanently from home c.e.o. mark zuckerberg telling employees during a live stream meeting that as much as half of the company's 48000 staff could work from home within a decade announcement comes as tech companies around the world grapple with whether to fix remote work as a permanent option many employees like it but some managers fear that it could disrupt innovation. over latin america where argentina has missed a series of $500000000.00 bond interest payments on friday putting it in default for the night time in the country's history behind their crisis is an economy that was misfiring before the pandemic now the country is asking for time. in the midst of a recession south america 2nd largest economy now has to tackle the effects of the
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corona virus outbreak as well the pandemic has left many people without work and poverty is on the rise. the international monetary fund expects the economy to contract by almost 6 percent this year. the government has asked creditors to suspend all bond payments for 3 years and reduce interest by 62 percent president alberto friend and as says his country needs time to reactivate the economy which has been in recession for 2 years. we will not subject to new commitments that we cannot fulfill i want the world to see us as an honorable country that fulfills its commitments. despite being one of the world's leading food exporters argentina has defaulted on its debt 8 times before the last time in 2001 debt restructuring would free up resources to deal with the pandemic and limit its impact without
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a deal the current crisis is certain to deepen triggering even more job losses and poverty. countries around the world are facing a difficult balancing act as they emerge from lockdown on the one hand they want to ensure public safety on the other they need to get their economies going again and uganda clothes sellers are now worried that they have come out on the wrong side of that equation. marvin's by the day's gone sun. he has learned that the government could ban being petition of 2nd hand clothes and shoes in the fight against 19 i want that's my trade you know someone coming into your trade and saying that i'm going to want you to question is not on our side right now. we spent almost everything we had you going to no sir it is feared that imported used clothes could be contaminated with the corona virus when they issued
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a statement to ban there and petition traders were quick to oppose them all of. the government has now records this statement. the economists are warning the government against panic decisions they instead add uganda to move strategically especially in supporting the economy. and in a transparent manner it is important that we have to meet us and regions that support. dividing that it will remember now with this shrinking economy projection from 6 percent economy growth to about it a point to the percent this financial year we have decided it. about $2600000.00 ugandans including the fungus of uganda has received $491000000.00 from the i.m.f. as part of the covered 19 emergency assistance at the same time the ugandan
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government is asking for dead tree leaf from its lanes as such as china a wide bank and the european union. but as the pandemic evolves with extended look down people at home late by the day remain uncertain of the future for their businesses. and that's it for me and the business team here in berlin you can of course find out more about these and other business stories online at www dot com slash business you can also check us out on facebook and twitter thanks for joining us tonight and here's a look at markets there's a ticker. overcome
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