can a trade war be averted says the u.s. and the e.u. will work together towards zero tariffs is the european commission president. visits washington and not a moment too soon some companies might say effective trumps tariffs are becoming increasingly apparent hitting american companies hot. or so coming up meet the five brics countries misson johannesburg can the loose knit group find a fresh mission when it comes to free trade. this is your business update on helen humphrey in berlin glad you could join me could a trade war between the united states and the european union be off the table off draw following a meeting with european commission president in washington on wednesday u.s. president donald trump said the two sides had agreed to work on lowering trade barriers take a listen to the u.s. president outlining what the path agreed to this is why we agreed today first of

all to work together towards zero. zero non-tariff barriers and zero subsidies. or no auto industrial goods like you. accuse. us companies for one might be breathing a sigh of relief the effects of chumps tariffs have already been having an impact on them and one of and now the president not the one the president intended general motors for one saw its shares tumble on wednesday in their second quarter profit down compared to last year the company's now lowered its profit outlook for the entire year the cost of g.m. two materials have been going up in the fallout from the trade dispute it's america's biggest carmaker the news is huge amounts of steel. well before trump's announcement that the u.s. intends to work with the e.u. i asked our financial correspondent so if you should month ski where to go wrong

the g.m. or the auto makers being hit by the terrorists and this becomes very obvious when looking at the outlook g.m. gave one reporting their earnings the nation's largest automaker lowered its profit outlook for twenty eighteen saying it expects commodity price pressures to continue and guess where this is coming from right and it's coming from trump and his protectionism is specially from his tariffs on elam many i'm in feel because they're simply the most important draw materials being used in auto production and the tariffs are causing prices for materials to increase their production costs rise and this cuts into profit margins g.m. said raw material costs have increased well beyond what they had expected earlier this year so this will result in ahead of about a one billion dollars more in costs what they had expected or originally and if g.m. would end up raising prices for consumers this again could hurt demand so all in

all it is a bad place for g.m. and really any automaker to be in right now any or or any other industry out of margin as well couldn't this blowback spread to other industries and we want to invest as saying about the current. yeah definitely have an hour but at the moment it is helping the dow jones tremendously that the meeting between younker and trump seemed to have been successful in a way that they could agree on a few concessions to avoid a pool boy blown trade war so generally speaking i think we have been seeing this phenomenon for quite a while now the markets are not as strongly reacting as one might think at least not as strongly in a negative way the short term effect of the tax reform and even a part of the trade policies i kind of carrying a big chunk off the stocks right now with tech for example being really strong

investors are in the market to make money now and to morrow and not necessarily in ten years and this is when we might be seeing the negative consequences off the trade disputes in the data as so then again it also is not easy to come to a valid conclusion for investors as trump himself is sending just mixed signals calling terrorists the greatest one day and then a few hours later thinking out loud on twitter tweeting maybe the e.u. and the united states should get rid of all of these barriers. financial correspondent. for us on wall street so if he thinks the topic of trade tariffs has been getting plenty of time at the brics summit county underway in south africa albeit from an entirely different perspective at the summit chinese president xi jinping called an old brics nations to rejects unilaterally she's also using the summit to further the china trade agenda in africa. with his opening

remarks chinese premier she jean ping cast himself as the voice of global economic order. she does a mean front we should be resolute in rejecting unilateralism and protectionism our promote trade and investment liberalization and facilitation and jointly steer the global economy toward greater openness greater inclusiveness balance growth and win win outcomes for all it's a statement that could have come from the g seven the group of mostly european and north american economies that generally sets the global economic agenda but these are normal times and that's giving new prominence to brics after all we represent forty one percent of the world population twenty two percent of g.d.p. eighteen percent of trade at this point in time i think the international border is being challenged. the confidence in the order in distribution order is not as

strong as it used to be so it's time for the brics to clear through its commitment to the international order by doing so brics nations hope to bend that order more in their direction that means development models and funding mechanisms aligned to their needs instead of those of western nations. china in particular has good reason to prefer open trade it's belt and road initiative is connecting global markets the checkbook diplomacy behind it has been on full display in recent days but before they can lead brics nations must protect themselves against global economic shifts with increasing u.s. protectionism india china and brazil will rely on each other more the question than is whether this year's conference will really be about offering new vision or simply hanging together in tough times. ryanair has one three hundred jobs for pilots in cabin crew could be set to go as the carious might cut its stop in based

feat by twenty percent for the winter season. strikes bookings you know what comes ryan asked off of four european countries conduct a two day strike. this is what ryanair was hoping to avoid images of frustrated passengers waiting in line. intent the musket cuz that's a minute we thought everyone who's flight was cancelled had been informed we never expected they'd tell us half an hour before we were supposed to fly that we weren't going anywhere and i know i was like i said all of a cancer a flight to pisa we found out the taxi on the way over here actually has a lot of. ryanair had tried to limit the disruption caused by the cabin crew strike even pressured many of its employees to cross the picket lines. but company management failed to find common ground with union representatives. ryanair is a textbook example of what you shouldn't do be a worker relations union relations or management style they abuse their workers

they humiliate them the striking workers want to draw public attention to what they call abuse with these water bottles they're required to buy their own water wall and duty just like passengers the strikes in belgium portugal and spain are centered on working conditions rather than money. there has been flying for ryan air for six years but despite the loyalty when he's sick he says he's on his own. if i get treatment here i have to foot the bill myself and hope that the irish insurance system pays me back we also can't get loans for a house t.v. or car because we earn our income abroad and foreign banks won't give loans in spain. ryanair has published information about its benefit packages and average wages much to the surprise of all sky he claims take home salaries are around twenty thousand euros instead of the thirty four thousand ryanair claims. ryanair is lying they're trying to get the public on

their side we were never interested in numbers or wages this is about our working conditions respect we don't want to be insulted or threatened we want to work without being afraid. and what have strikers achieved after the first day in spain at least not much the country's transport ministry said a minimum level of flights must take place hamstringing union members. often have on i don't think there will be more protests we won't kowtow to ryanair we won't let them take advantage of their employees or let the authorities management or passengers laugh at them if things with anyone in the majority of running their flights in and out of spain did take place on the first day of the strike passengers were informed on time but that could change as the strike continues. a difficult day for fear cries that mourn the death of. joe hockey on

a he died on wednesday at the age of sixty six to complications in an operation charismatic former manager celebrated saving both feet and cries of bankruptcy knock you on to his last major goal just before his posting cries an ounce on wednesday it had been in the one thousand instead they also left more immediate concerns italian american call make-a posting a thirty five percent dip in profit for the second quarter and scaled back. after going to action. looks like it can't and tastes like a kit kat it might not be the european court of justice has ruled that nestle has no claim to the shape of the iconic chocolate ball so it can no longer trade make the trademark the shape of the four figure waist and chocolates not main rivals can now use the same shape the case was brought by the north by a norwegian maker of assume a shape that ball so next time you fancy a break watch out for a copycat kit kats you're up to date with the latest from the world of business

i'll be back tomorrow same time same place i'll buy. you.

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