boy course u.s. electronic products. if they have i find don't forget there's always samsung too. and we'll have more on that ongoing dispute between turkey and the united states a little later in our business bulletin with monica all that and more coming up in just a minute thanks. we take it personally are you ready with all the wonderful people in stories that make the game so special. for all true for.

more than football online make your smart t.v. smarter with the d. w. push more of. what you want when you want to up to date extraordinary into a beauty saw a war zone find no more. dog comes more. like a. turkey escalates the ongoing conflict with the u.s. as president at one blames washington for the rough fall and threatens to boycott american products and now european banks are starting to assess their expo shut to the crisis. also on the show hung kong takes measures to clean up its mountains of electronic. and a project that could work for

a while jaisha. and the first city in europe to be voted the most livable in the well guess which one. welcome to business turkish president ratchet type ad one has warned his country will boycott u.s. products in response to what he calls economic terrorism done by the us well he's of course referring to the administration doubling terrorists for turkish steel and al minium the turkish lira appears to be pulling back from record lows after the central bank took emergency measures but rising prices are still hurting the turkish people. new stock at last for pharmacy owner move to glue the relief among staff is palpable the loss in value against the dollar has made some products like this medication to fight high blood pressure hard to come by.

is the first sign that something was wrong was that we were no longer getting discounts on large orders for around one hundred types of medication you can no longer get. the liver has plunged over the last few days leaving the people of turkey to watch and this is their currency nosedives president. holds the united states responsible for his talk of a trade war albeit one he says turkey will win the mood on the streets though was less defiant. to get money to finance my child's education i don't know how i'm supposed to manage my pension is worth one thousand five hundred lire that's around two hundred dollars. tick tick tick tick we don't own any property we live from our pensions increasingly we're offering ourselves if we're going to have to go hungry god help us. economist most of us things the government should step in

immediately and increase interest rates. the country has to pay two hundred thirty billion dollars in foreign debt over the next two months. turkey won't be able to raise this much money with low interest rates if anyone at all wants to invest in such a fragile system right now in the end turkey will have to look for help from the i.m.f. . quote. meanwhile things could get worse for people who have moved to. this constant has been looking for an important drug all morning he's been told it's not available because of the dollar exchange rate and here the cons help him either. but turkey has been highly profitable for many foreign banks in recent years thanks to high net interest margin and now there are fears the economy is overheating and the lira slump is putting pressure on companies and banks with currency loans as

well as foreign entities exposed to them credit ratings agency fitch has cut his sovereign credit rating deeper into junk and warned of a hit to the global banking sector now with a total of one hundred and forty three billion euros european banks represent broadly three quarters of all foreign banks claims in turkey according to a study by a.b.n. amro spain's b.b.b. a is the international lender most exposed to turkey with a third of its pretax profits derived from the country also italian unicredit is strongly impacted to a lesser extent dutch bank i n g h s b c in britain and to be m.p. back in fraps now for more cuts rope in the top khin maung from a.b.n. amro the institute about who released that study good to have you with us first tell us how worried should we be about in particular in terms of its impact on the

european banks. well the numbers as you say quite large almost one hundred fifty billion and now that does seem on the surface like a pig headed line amount but for the european banks it is very little actually for especially considering the how strong and large turkey is the exposure by european banks has been very limited as you said b.v.a. is the most impacted but still it's only ten percent of total assets for the lender so it's going to be definitely a drag on profitability for a few lenders but not all of them all right so so no reason to panic just to get but nevertheless the situation isn't exactly good how to get out of this downward spiral and you haven't as as a gesture. there wolf from all sides just very clear that we need to have some assurance that the independence of the central bank is there and assured now once that is there then foreign assets and foreign money can continue to come in and under the current legal framework that is the question whether or not there is an

independence and in the meantime as you said turkey is going to have to pay say two hundred twenty billion in shorts on that which is going to have to finance and how it's going to finance that and that is the big question reza type add to an already turned down the possibility of a loan from the international monetary fund or any age from that some analysts now compare the economic decline of techie with that in zimbabwe venezuela both of course countries that used to be quite well off until politics destroyed investor confidence they are now they face default could techie be the next in line. ah well the difference to venezuela is vast is vast around three times larger g.d.p. has actually been rather stable for the last few years around six percent think venezuela the last five years is negative g.d.p. so at this stage turkey is the can fall stronger on the actions that have recently occurred not purely fundamentally driven and i think that's the difference that we have a diversified economy with strong and stable outlook in some parts and it's just

recently that other parts of began to impact the fundamentals well just tell us i mean because we obviously we've seen a market digital in the last week over the weekend seemed to be quite calm about the situation. why why this this panic that we see right now is it justified. well a definite fitter for turkey itself it is a it's a big worry it's a huge discussion now for all developing economies of what's going to occur now fortunately european banks have kept it really is a rising star in portfolios as a supposed to taking on big big money but as we've seen the other developing markets that it's hopefully are related india argentina south africa even of all struggled with their currency since this as investors get a bit more realisation the e.-m. is a risk right to make in months there from a.b.n. amro joining us there from amsterdam thank you so much for your assessment thank

you very much. well one of the side effects of technological change is that electrical devices become obsolete faster and faster creating mountains of electronic waste that is poison for the environment and expensive to recycle hong kong has hired a german company to help solve its crippling electronic waste problem with a plant that could serve as a model for other recycling centers in the region. modern robot technology in this case it's not being used to produce devices but to dismantle them the one conquered ministration is paying the berlin company outta three hundred eighteen million euros over a period of ten years the company has to rid the city of its electrical waste. a lot of the material that arises from coal is exported to third world countries.

where it often gets disassembled in a very cold state and that's one of the principal concern we should not be exporting. life. hung connor's not only one of the richest and most consumer friendly cities in the world it's also one of the largest producers of electronic waste every hong kong resident throws away almost twenty kilos of old electrical appliances every year. most of it's collected by small businesses some products are resold as used equipment but a large part disappears on the international waste market for a long time the metropolis was an important trance shipment center but that's all about to change every hong kong citizen can have their garbage picked up by alba free of charge the manufacturers have to pay the bill maleo should so supervise the planning and construction of the plant with its one hundred forty employees he's not only had to make sure the garbage was disposed of properly alba must also

ensure that electronic tracking makes it possible at all times to trace which devices land where it's both dick as soon as equipment just discovered that it may not have been on the market in hong kong. for little but may have been imported. we sorted out immediately and reported to the environmental authority. their employees can join in at any time via a camera the plant is considered to be the most modern in southeast asia and will soon be able to recycle two thirds of hong kong's electrical waste but when it comes to the company this is just the beginning. the austrian capital of yemen has been ranked by the economist as the world's most livable city it is the first time a european city has led to the annual survey by the economist intelligence unit abene secure and almost perfect score of ninety nine points out of

a hundred each year one hundred forty cities of cities that are being run by living standards crime transports and stability this year as ranking sees melbourne and australia dropping to second place after being voted the most livable city for seven years in a row. not hamas and. certainly very pretty that's it from me and the business team here and we'll have an update for you coming up in the next hour in the meantime you can follow us on facebook and twitter for the latest see you soon.

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