hold on to your seats global stock slump is the the next crisis of the u.s. continues its new using its street european equities or treat asia sees the worst losses in years. and years in the driver's seat now b.m.w. takes a majority stake in a joint venture in china the first to do so. this is your business update on how an arm free i'm glad you could join me on the international monetary fund's warnings about slower global growth rates weighed on stock markets on thursday germany's dax shed one and a half percent to close at a twenty one month low wall street was also still reeling the dow jones dropping nearly fourteen hundred points in just two days the biggest plunge since the

beginning of this year. or president trump's initial criticism of the federal reserve's rate hikes had only added to market jitters and on thursday he wasted no time in taking another swipe at the fed i think the fed is out of control i think what they're doing is wrong. the obama administration you had a lot of help because they had very little interest you know when you talk about economies our economy is far better than that but we have actually we're paying interest and they were they were using it for the money. but i think the fed is for too stringent and they're making a mistake well let's go straight over to our financial correspondent yens quarter now he is all not wall street yen for the blame game is afoot trump hitting out at the federal reserve and its interest rate policy all day the guilty party here. well it is possible that the rising interest rates might be

a damper on economic growth here in the united states but the big question is the why of the federal reserve increasing interest rates and that is partly because of the politics of the trump administration for example when they started there was a mess of tax cuts earlier this year we have an economy here in the united states was almost full employment and then you have those mess of tax cuts that is actually driving inflation higher or also if you don't trade policies that makes imports more expensive into the united states those are factors why inflation is on the rise not to mess of yet but that is one of the reasons why the federal reserve is increasing rates not just because they want to but because they have to. you and i think talking about record after record after record in recent months what we're seeing now is it simply a downturn or correction. now that is the big debate that we're

having is a correction was and still ongoing a bull market or is something bigger at play here at this point and certainly we can't answer this question yet but what will be very important to see is the upcoming earnings season that will actually really kick off on friday when the first big banks come with was was their results and we could see some headwinds for u.s. corporations with the higher dollar with higher rates with the slowing of the chinese economy or with higher commodity prices with tariffs on steel and so it will partly depend on those results and if it only will be a correction or more a financial correspondent for us yang's quarter on wall street yes many thanks indeed. bit by bit china continues to pry open its economy to outside is b.m.w. the first to take a majority stake in its joint venture that letting go of the steering wheel is a big thing for the chinese but a german car maker is investing three billion euros in factories that. times are

changing in china for the first time a foreign car maker has been allowed to acquire a majority stake in a joint venture b.m.w. now holds a seventy five percent stake previously foreign firms weren't allowed to own more than fifty percent of the step is supposed to show the world that china is opening up critics say it's a promising start but china will also benefit from the arrangement that's why chinese premier league made in person with a b.m.w. . on wednesday who got announced that b.m.w. would be investing three billion euros in building new factories in china over the next three years that gives china jobs and security in the midst of the trade war with united states the munich based comic who will also invest heavily in developing electric vehicles in china for a year now they've been building electric motors there and office six models as fully electric versions in china. these want to profit from this know how the

chinese government has issued a new energy vehicle mandate which uses a system of credits to push what i make is to increase the share of battery only and hybrid cars in the sales mix to cut down on smog combustion engine vehicles face restricted driving days of course the restrictions don't apply to electric vehicles china wants to become the world leader in electric cars and they're happy to get outside help to achieve that. and earlier we ask a favor my from the info research institute if b.m.w.'s huge investment in china made the deal possible the opening up also sends a very powerful signal to washington to the white house because what people w. will do is relocate production of s.u.v.s from spartanburg to shenyang that will be something that the trump will notice and that shows very clearly china can do or something about the trade war with america that it is in and it has allies in doing

so and b.m.w. and more generally probably german cami because police rule in this. day and seven miles from the five research institute speaking to us earlier that while the e.u. has been trying hard to mitigate the effects of u.s. sanctions on iran they were reimposed after u.s. president donald trump was juror from the six party neatly a deal which reigned in the country's nuclear industry but besides the obvious industrial restrictions the sanctions have cost the iranian currency fifty percent of its value or radians attending to buying gold to protect their savings sending gold prices their soaring. tearooms gold markets in the city's one thousand year old market district are world renowned now world events are driving prices here not only imminent you people are not sure what the future will bring i think homes have decreased and living expenses increased so people are worried buying gold is seen

as an investment and from. home it infers an arrow shopping for wedding rings but the hesitating of the prices the iranian currency is depreciating every day the latest u.s. sanctions already impacting daily life. more like it will i guess it has to do with world politics and the nuclear energy deal. i'm not so sure but it's all the fault of the united states. for the nuclear deal was seen as a lifeline for iran by committing to not develop nuclear weapons the economy would take off but have to trump pulled out and threatened anyone trading with iran and many foreign companies that have begun investing here have no left the mood in tehran is no one of insecurity cousin and homemade are keeping their wedding as modest as they can but like so many other weddings in iran now a days. we're trying to keep it as simple as possible ok because she fights not

just. french presidents and i knew in my cause no one did as a crime a hero but his country is lacking when it comes to renewables he wants to produce twenty three percent of the energy mix with green sources by twenty twenty but that won't happen if the french can't get those turbines spinning. this wind farm developer has high hopes for the french market he wants to launch dozens of additional projects like this one. france especially there is window everywhere and you can establish wind farms all across the country that's not possible in other countries such as germany but constructing new on shore wind farms isn't easy in france it can't. take up to eight years to obtain the necessary permits and that process is now facing further delays late last year a court decision declared parts of the permanent procedure void annoy those who support. the government should have taken care of this problem straight away it

still hasn't pinned down the new purging process more losing so much time is very frustrating. because. the deadlock will delay the construction of wind farms that could replace five nuclear reactors by several years and the country needs these wind farms if it is to achieve its green power goals all the more because other renewable energy sources are lagging even further behind economists and i kitty says economic and cultural reasons also play a role yeah says nk well south it nuclear represents three fourths of france's energy production that needs to decline to make room for renewable but shutting down reactors is very expensive and controversial including among the french public. they're committed to nuclear energy which is a fixed part of their world view down. on the analogy still the government is

committed to winning the country away from nuclear power in clear i don't see that it's true that france is focused on nuclear energy for too long but we will change that and reduce the need to share to fifty percent we won't be able to meet our initial deadline of twenty twenty five that would have required us to shut down after twenty seven reactors by this fall we've had to abandon that goal and will come up with a new and more realistic target. really the best teachers on this new plan have yet to be released but. still believes that better times lie ahead yeah. we're going questioning need to end it she's no longer to the french just slowly but surely recognizing that montreal power is up to three times or more expensive and the genie thought i think you might eventually produce all our energy from renewable so you know your new lager. and optimistic goal but that day is still

a long way off right now renewable still cover only seventeen percent of france's electricity needs. in europe today thanks is that a fair company and the very same. tube .

i am. raring to go for. everyone who loves books has to go insane well at the top of your literature list pretty much streets. i know nothing about it. just sometimes i am but most end up in whichever way the germans think steven's or german culture looking at the stereotype the club. interesting to see from countries that i not. yet needed to rethink this drama. it's all about. bob i'm rachel join me to meet a gentleman from d.w.

post. could be a great mist that depend on that for good solutions a little. bit of concealment much more energy than that for that. person to take the bus to work every day and that for the lot of them you have. to have some one second point here bring the population growth worldwide to a halt this one. support and every cruise population and cannot produce acceptable eminently for the people of.