and there are plans to develop the competition. you don't need you fly from god it's still to come belief as the u.s. and the european union step back from the brink of a trade war reason has prevailed as well the european business leader. as well how about story in just a moment i'll be back at the top of the hour i myself a good day. iran. wants an isolated theocracy now a major power in the middle east. your loans influence continues to grow politically economically and above all militarily.

does iran truly want peace. in the countries of homes have their doubts isolate. iran from theocracy regional superpower. orchestra on g.w. . from friends to fold now back to being friends again after a month of terrorist threats u.s. president trump and european commission president simply agreed to work towards free trade across the a lot of. brics summit has wrapped up with a joint statement and that's the leaders of brazil russia india china and south africa dollops of protection. is the business i'm doubt as welcome.

there's a sense of relief in europe after the u.s. president on trump and european commission president. agreed to try and take the heat out of their transatlantic trade the german economy minister hailed the talks as a quote breakthrough that could avoid the trade war and save millions of jobs over the french government cautions that any deal must be limited and benefit both sides . the american president was his usual confident self when he met the press together was. the deal was done the e.u. and usa have backed away from their looming trade war. on the other side of the pond some german political leaders welcomed the agreement. we have managed to avoid the outbreak of a trade war. and return to the negotiating table instead this opens up the opportunity for us to reduce tariffs instead of increasing them and it means we can strengthen world trade. as part of the deal the e.u.

has agreed to buy more american products including natural gas in exchange the u.s. will hold off on its threats of increasing tariffs on e.u. products and both partners will begin looking at ways to reduce trade barriers but some industry experts warn wednesday's meeting was only the first step of a long road but we have to do this according to the we have to follow the international trade rules and that means that if you want to trade agreement with the united states we have to do this on the basis we have to include other countries so it's a very complicated system of negotiations we would go into if the u.s. is ready for that. for now it seems i cannot make peace has broken out between the e.u. and us but only tomorrow will tell what twitter will bring. indeed so great relief about the from a young good deal all round but then in frankfurt how do you have

a cynical markets react. when i can tell you again i have seen lots of happy faces here today at the stock market investors seem to be relieved at least for the moment because many have been telling me of course we don't really know what is going to happen we know the president on a trumped sometimes changes his day his mind from one day to the other we referenced the trading day here with a big plus of one point eight percent that's two hundred thirty points more than yesterday the top performer were car makers the shares of b.m.w. with a big plus a four percent also very strong even diamond were reported kind of lousy numbers today was in the plus when we were closing here at the stock market. then you know the european central bank of the regular month is a policy in a meeting today and it surprises them. well we didn't expect any big changes about the chief money policy of the european central bank there were some

interesting details that mr draghi though was sharing during his press conference with reporters he said to reporters that interest rates in the euro zone will remain at the record level of zero percent at least until summer two thousand and nine hundred so of course this gives speculation that after this it could be a change it was also announced at the bond purchasing program which is set to expire by the end of this year will already be reduced this fall from thirty billion euros a month to only fifteen billion euro some months mr draghi also shared some general assessment about the european economy how it's doing let's have a listen to what he set. while uncertainty is notably related to the global trade environment remain prominent the information available since our last monetary policy meeting indicates that the you are economy is proceeding alone is so broad based growth. meyer draggy the financial guru how many

call him here they are speaking he also found positive words about the tram yorker meeting last night in washington saying that this seems to lead in the right direction. done in frankfurt thank you plunging shares of wired to more than one hundred twenty billion dollars of facebook's market value they fell as much as twenty percent on thursday the most in its entire history marked marked the largest ever loss of value in one day for an american traded company one reason is facebook's weaker than expected growth probably due to the effect of a data privacy scandal the tech giant's costs also continue to rise as facebook focuses on tightening security and improving content. as than a cold mentioned earlier dime love posted disappointing results today the german carmaker said second quarter earnings were down twenty nine percent on the year

that's even though the maker of mercedes benz sold more cars and trucks down the said terrace partly to blame for the profit shortfall in europe dynamo is also dealing with a major recall of its these all cause. wednesday's deal between the u.s. president donald trump and the used is welcome news for europe's energy is that utilities buying more u.s. think with foreign natural gas could reduce europe's dependency on russian natural gas and give them more choice about this still a lot of work to be done before that can become reality infrastructure in europe needs to improve and that means more terminals need to be built to offload and store the gas when it arrives here leaders of the brics spurlock signed a declaration supporting free trade at that summit in south africa today the joint statement says the signatories want quote an open and inclusive multilateral

trading system as envisaged by the world trade organization brazil russia india china and south africa seem to have found a collective voice championing global trade at the three day summit vowing to fight unilateralism and protectionism in the wake of terror threats by u.s. president donald trump chinese president xi jinping also called for a concerted effort by global institutions such as the un the g seven and the world trade organization to fight protectionist. president xi jinping has been using the run up to the brink's meeting to visit some african states to secure investment opportunities showing beijing's increasing interest in the continent that's been alexandra de missy directs founding director of the china africa advisory i think that china is currently increasing activity is in africa why are they so interested in the continent yes carol you're right china is increasing its

interest in africa it's it's nothing new actually we know that china has been quite active starting in the year two thousand with the foundation of the folks at meeting the forum in china africa collaboration in beijing at that time and since then no we are turning to the eighteenth year we see that china is china's interest is not only in natural resources many people believe but it's also that china sees a tremendous opportunity in africa in developing new markets and there are a lot being there they must charge asian of african countries and this is visible in chinese actions for example the countries that president xi jinping visited on his tour this time were not resource rich countries such as rwanda or senegal or more riches but they are playing a tremendous important tremendously important role in in you know in bringing

forward africa's in the thirty's ation and china has understood to use that as china is not the only not the only country and since i've understood the importance of africa india's prime minister and remote he has also been on the road before the summit is there competition going on. it's hard to say there is a competition but we cannot avoid to see that india has not stepped up his its ambition in african countries as well also india has a century long relations with african countries especially with east african countries but chinese success i would say starting in the mid ninety's until today has caused other countries also to our just a strategy towards africa and india especially has been teaming up with countries like japan to counter a china but not initiative that has also a tremendous attractiveness to african countries so the afro asian or the african

asian trade corridor or economic corridor or is becoming important for india and i would say there is a rivalry but it's not that it's bad for africa it's actually good. briefly if you can is europe going to miss the boat hit. a very good question indeed we think europe has lost at least a decade to react to chinese. african engagement but also to come up with you know a coherent strategy towards africa we of course wish that europe does more towards africa we see some some some adjustments not coming from socially from countries like germany but there is a tremendous opportunity to work also with china or india with other emerging economies to to help african countries yeah get get them a lot and also get industrialization and europe would definitely benefit from that

especially through the so-called triangle of relationship we definitely stop you know is not stopped but a marriage the livelihoods of many african countries and also stop the influx of immigrants maybe towards europe like sobbing is the thank you very much you're welcome thank you. and that's it for me for to die helen humphrey will have an update for you in the next up and go as well tom check on global markets for us this hour thank you very much for watching g.w. business bob i.

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