chances in the second half but it was by him who found the back of the nets again a time as was involved this time setting up the two of you dial for the effort and final goal. so what if i kept a clean sheet as buying when that second game in a row well shaka show united front as they suffer that post home defeat of the season. now the merger of two giants in the steel industry possibly a mega deal and fizzling will have the details coming right up. she's long been

a symbol of hope in syria. i try to help people. asan does she stand for change. for the false facade of her husband's right. he believes in what the syrian regime is doing and believes in those who say. projection that that they are saving syria masada the futile face of the dictatorship starting october first on d w. a mega merger in the steel industry germany's corp and india's tata agreed to a joint venture how will they size up to the mighty chinese. and conflicted

fed prepares its policy update a big test for the us dollar. i mean physical and let's do business the scene is set for a jobs battle german industrial giant twosome corp is teaming up with indian group tata merging their steel operations it's the result of a massive global steeled lot the news has sent governments and unions scrambling to save jobs. they are the second and third largest steel companies in europe the joint venture at this improved tata steel now expects to produce twenty one million tons of steel from nearly three dozen sites across the continent cheap steel imports from china and large production footprints have challenge europe's steel industry in recent years concert restructurings have done little to help the company leaders say the merger is the only alternative going forward canada under soon and no other option dealt with the fundamental problem a structural overcapacity. the new venture aims to save up to six hundred million

euros in the short term their business models complement each other tata is strong in industrial steel this in croup in steel for auto manufacturing share prices of both companies initially rose on the announcement the prime minister of the netherlands where the joint venture will be based welcomed the news with the tweet . complications loom at least two thousand workers in each company will lose their jobs labor unions are likely to fight every cut all the management hopes they'll see the benefits when we have a line of mine if you can manage it if we had continued on our own the risk to jobs would have been far greater and the extent of restructuring even farther reaching than without the joint venture was involved and a stuntman says. the issue of competition remains the new company still won't break into the top ten of global still producers china has five companies on that list. of my colleague monica jones us the chief financial officer of tucson corp if the german firm isn't turning its back on the steel business. no that is clearly not the case i mean take

a look at the history of to some crow as the name already to some trouble as a result of mergers coming from the past or was crop it was first it was run style and we've seen over the past that mergers happened to address all the issues of over capacities in the steel industry in the past this now for us is the next step of a merger addressing the issue of overcapacity is the stable tobit we could amanda in europe so we think together with tata who is more or less the same cultural values as we have in our company that this merger will allow us to address the challenges in these markets a lot better than do it standalone so if there is a client of create this number two in europe ok so it is a kind of survival strategy and as you say you hope to create number two in europe i know that the c.e.o. of tata chandrasekaran has called this merger just a few moments ago

a momentous occasion tata steel is of course a major rival also of to some corp what exactly are those synergies that you're looking for. you know we're looking to four hundred to six hundred million of synergies and you know lead to achieve in the merger and the phase one we definitely see synergies in general administration but in the production side as we do it as well we definitely think on r. and d. on procurement but on better capacity utilization as well across our assets that we will then commonly share we can have a better position and realize synergies we couldn't realize each of our standalone and therefore we think with that this will have less impact on the employment than we would have if we were to can continue both standalone you just build to the perfect bridge there for me because we do hear that some four thousand jobs will be lost how do you want to handle this transitional period to work well for us

well i think again four thousand in that period of time to come given the base of forty eight thousand is by far not as big as many have expected to come and again if we see work reductions we have taken in the past and we would have to address found alone i can clearly say that would be bigger numbers i think a lot of those threats which we couldn't address so far are now open on the table and now we can work out with the employers the representatives across the regions what that means and how a plan will look like how we can realize this from my personal expectation are most clearly say i think this is a situation that is not good no job losses or redundancies are good but that should be handle it's something we can handle given the size of the two companies and the timeframe we have to realize it. and let's analyze this with david buick pamyu a gordon a leading independent m n a and corporate advisory stockbroker in london tell us if

you think the business of steel is no longer profitable is that a reason for this merger do you do you think one of the richest previous speakers said good afternoon the fact that china manufactures reams of steel plate and you see it sitting idly in many of their warehouses tells the story because they can produce it felt cheap for the novice but there again we've got a world problem to deal with and when you look at what they've contributed something over six billion pounds since two thousand and two threaten to close down the portal but still works in other steel works around the united kingdom which would have been an absolute disaster area so there still frankly is manna from heaven ok the seven thousand jobs in south wales four thousand i'm at as i understand the ports will get two thousand jobs have to go and two thousand jobs

supposed it will go to just in crude though i suspect that r g mattel the trade union will have an awful lot more to say about it than perhaps we have over in this country but i think we'll do that david can i cut in as you say we're just having to go to the important it seems to. you know. i think so i think it's inevitable to be honest with you but if i could just cut in here very quickly and say i think what comes out of this deal more than anything else is the understanding of industry business and call most of the problems the brics it offers which the politicians refuse to understand they know that the united kingdom is the second largest assembly of cars next to germany and wouldn't it be great to be able to take optional mattel on in their own backyard as the second largest to make a in europe and i think it makes huge sense and i'm glad to see that both sides see the benefit of a deal of this nature. of course i'm sure breaks it could throw a real spanner into the works but tell me are we seeing the creation of

a european slash indian chappie and here that would be mighty enough to. to go up against china i mean china has got the main big steel makers and so much steel to throw around as a mature economy china is clearly growing dramatically but the question of the wage and the production costs they're still way below even india and the idea that struck to some group could take on the great steel makers of china where as you so rightly pointed out they got five out of the top seven manufacturers in terms of size i think is a little ambitious but i think it's a step in the right direction i mean india's economy is on fire which is absolutely wonderful so the idea that there could be some cross-fertilization between india and various parts of europe strikes me as hugely sensible and i just hope that the

vagaries that are required in order to make these economies of scale which i'm afraid are inevitable don't stop the deal actually going through as i say that very briefly if i can just ask you about more frank says the president you just you brought it up yourself in is it going to pose a problem at all to this deal just briefly. if the politicians have anything to do with it's going to pose a huge problem but i believe pragmatism will win through and the everybody stands to lose an awful lot by being dogmatic and digging their feet toes in so as i say i've got a belief that business industry in conus are going to have the final say on how it works because everybody stands to lose so much if there are entrenched positions taken up by the politicians ok some optimism there from david buick from pan you'll go in in london thank you very much for joining us financial markets of the king to

the u.s. now investors await the conclusion of the federal reserve meeting for clues as to whether a third interest rate hike is on the concept. economists say the federal reserve is unlikely to announce a rate hike today it could instead begin to unwind its massive four point five trillion dollars bond portfolio those assets were purchased by the fed during the financial crisis as a stimulus solid job growth and a stronger economy have recently pushed the board in the opposite direction it has already raised interest rates twice this year we conflation remains a concern the fed is expected to raise rates again in december global investors are also awaiting the news out of washington the booming u.s. market and a weaker yen are positive signs for japanese exports in particular japan's nikkei exchange finished tuesday on a two year high the nikkei was quieter wednesday as were markets across asia traders are acting with caution before the fed announcement over to daniel cole in

frankfurt as i'm comment on this daniel tell us what the euro and doll is doing and also tell me is the fed finally waking up to the fact that it may have to be in this low rate era for a little longer than it was hoping for. yeah very interesting question ben well who is in the very good position right now is the donald trump or is it is miss yellen because basically you know the problems that the u.s. and also the very weak dollar is having is mostly because of the politics of the on the tram all this war tension that we are seeing right now between united states and north korea also an economy that is not boosting as strong as donald trump one so she doesn't have any reason to announce today higher interest rates and with this we're also going to see much stronger euro and not a strong dollar coming up ok strong the euro weak goal of daniel thank you for your analysis. and i was doing business with you.

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