coolidge for him to resign the minnesota senate would be the most prominent will make it to step down amid a wave of misconduct claims. general electric cut thousands of jobs saying renewable energies are affecting its fossil fuels division it's part of a massive restructuring program. also on the show global financial regulators have finally agreed on new banking rules after tough negotiations the final product was unveiled today. and millions of people around the world work in illegal mines risking their health we'll tell you why licensed mining companies want to stop that . it's time for business on the w. i'm here you know to get us welcome to the program when you hear the word restructuring in the world of business it can almost always be linked to job cuts general electric has confirmed its axing twelve thousand jobs at its global power

business it's trying to become a more focused company and if this story sounds familiar look no further than here in germany g.e. decided on the cuts it says to save over a billion euros in twenty eighteen the company's stock has plunged forty four percent this year and the downturn is not only affected g.e. rival siemens is cutting about six thousand nine hundred jobs its power and gas division has also been hit by the rapid growth of renewables like wind and solar the worldwide trend is towards finding renewable energy solutions like this wind park in china which generates clean energy and doesn't contribute to climate change . and solar has become a more realistic alternative since the dawn of battery storage solutions to store daylight energy. the u.s. company says it expects dwindling demand for fossil fuel power plants to continue g.e. said the job cuts would primarily take place outside the united states but nearly

a third of the company's swiss workforce is set to go and sixteen hundred employees in germany are also likely to lose their jobs. it's of course a story that affects the many many people who want to discuss this with our financial correspondent on wall street gets caught to joining us from new york hi yes it's good to see you now general electric is a huge company we are seeing the story similar to the one we also saw siemens how come these enormous companies with huge market research firms working for them can't see such a development in the market coming that is the reason why after running the companies for seventeen years jeffrey immelt had to leave for general electric the past summer just in march actually general electric was saying that they see huge improvement in the power business and that obviously did not materialize but it's

also not the first time that there was a misjudgment. that generated place the wrong bets in the ninety's for example back then jack welch put high stakes on the financial industry and then the company got hit hard when the financial crisis started in two thousand and seven and two thousand and eight and the g.e. stock has been losing this year do investors even think this restructuring process will work. investors do believe that it is important to get back in shape and it also means getting rid of some divisions but they're still not fully convinced that john flannery who started at the head of general electric will have an easier time ahead since summer there was even more pressure on the stock price of the stock lost almost half its value since the beginning of the year in fall john flannery announced to cut the dividend and that also did not really go

along very well here on wall street still there so wall street does not fully convinced at this point tough times for g.e. thank you very much in court in new york for the analysis. speaking of energy in mexico might fear the possible end of the nafta free trade agreement but so far investments haven't felt the pinch on the contrary the opening of state monopolies has spurred direct foreign investment in many areas including oil exxon is the latest company to russia. a new market has opened and the world's largest oil major exxon mobil has not took the opportunity to expand this is just the first of fifty stations it wants to open by early next year the fuel is delivered by rail from the u.s. . supplying these stations we've made a strategic decision to work with the mexican terminal owners to bring to try

quality fuels made in our own refineries in texas down to mexico to ensure that consumers can experience the full brand experience of mobile fuels and the quality guarantee that goes with that. market reforms in mexico recently ended the monopoly that the national oil company pemex once enjoyed in everything from crude production to retail sales. this is a key step for the mexican economy especially with nafta negotiations and deadlock casting a shadow over trade. b.p. also opened its first gasoline station in mexico earlier this year investments like these are worth hundreds of millions of dollars and mean jobs for mexicans. almost a decade on from the global financial crisis and officials from all over the world are trying to ensure banks are strong enough to resist troubling times by forcing them to keep enough capital there's a new rule book but some countries are more prone to regulation than others. if

there's anything to learn from the financial crisis of two thousand and eight it's that taxpayers shouldn't be the ones bailing out the banks ever again since then central bankers and financial supervisors have been handling over new rules for banks to avoid future bailouts now the so-called basel committee has reached a compromise on the final block in its overhaul e.c.b. chief druggy called the breakthrough a major milestone it's unquestionable that this measure we reduce the excessive and unwarranted and often unwarranted variability in re school aged assets that's the key point of this of this measure. under the new rule it will be up to central banks to determine how much equity lenders need to buffer risks based on how risky they judge the loans to be but i argue stress that the general agreement is only the beginning. and we misunderstood we're not done in

the sense that lots of work has to be done in implementing the measures have been just been agreed what is done is to continue designing new rules at this point in time the keep the keep option is to put in practice what's been agreed institutions from twenty eight countries including the u.s. china and india have said they'll comply with the unified rules which will take effect in twenty twenty two. our correspondent convent bosun in frankfurt was telling us how difficult it was for regulators to find common ground on the new backing rules. well of course this is a compromise and long lasting comp a compromise where took a long time until it was really forged out of course you always find pundits who will tell you this is not enough who will tell you that for example the capital of buffers of banks should be higher but also i think we shouldn't forget that this

compromise was forged out by supervisors and central banks of twenty eight different jurisdictions you know the eurozone america china countries like singapore turkey switzerland i think it's remarkable that they ended up finding a compromise this is not a given in a time where many governments think that national it isn't is more important than finding common ground and the world bank says the vast majority of miners around the world work in unofficial mines and are totally depending on the proceeds the un regulator industry can be dangerous and would benefit both workers and economies if governments made efforts to recognise it until then they'll remain a thorn in the side of regular mining companies. in this wasteland on the outskirts of kimberley close to ten thousand informal miners are eking out a living by sifting through the waste of the area's diamond mines locally they are

known as some azzam as meaning keep on trying the local zulu language kimberley is situated in south africa's northern cape province and was once the world's diamond capital but the boom is long over many of the mines and supporting businesses closed or downscaled and working as a zama zama is the only work available. we. see sometimes the police. received a lot of these lending take us it will chase us out we have this way. to see from mining affected communities to action is trying to help is n.g.o.s fighting to legalize the work of the zam azzam as and to live the country's blanket ban on informal mining though the government seems willing to negotiate it's the mining industry that blocks the move. interested in the us they have even decided to pull

out of the meeting that we are with them. the. better of me that i discuss and also the provisional government i don't feel they have to pull out of that meeting they're not interested in us they are only interested in profit making. it's estimated that close to one hundred thousand people in south africa depend on artists in a mining generating minerals worth four hundred million euros per year yet this is only zero point one percent of south africa's money economy. what we are dealing with the. question of greed versus need a so often we see that. in fifty one companies control eighty percent of six hundred billion then market and they are denying people the opportunity to put food on the table even though our legislation requires requires the state to make these the resources available to ordinary south africans if formalize there could

be tangible benefits for the south african economy and for social cohesion in one of the most unequal societies in existence but for now artists will miners operate in a shadow economy and are only able to sell their non-certified diamonds on the black market. that was the business thank you very much for joining us will see you next time or whenever you want. to by. going to. be.

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