hold on to your seats global stocks slump is the the next crisis or the u.s. continues its new using its street european equities retreat asia sees the worst losses in years. and who's in the driver's seat now b.m.w. takes a majority stake in its joint venture in china the first to you said. this is your business update on humphrey in berlin glad you could join me well 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 under 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 anybody. 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 the federal reserve and its interest rate policy all of a bit 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 early 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 look to trade policies that makes imports more expensive into the united states so those are factors why inflation is on the rise not 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 now again say you and i've been 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 is still ongoing 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 their first big banks come with was was their results and we could see some headwinds for us 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 yes quarter on wall street yes many thanks indeed . great 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 euro ace 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 kluger 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 the 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. 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 fire research institute if b.m.w. has 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 shane young 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 comedy because nick rule in this. over my from eighty 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 with sure you from the six party neatly 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 iranians 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 years 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 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. as a whole 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. 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 climate 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 wind 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's kind. 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 permit in 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 permit in process more losing so much time is very frustrating don't call a decline in. 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 new boats 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 their 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 still about how much it with a new and more realistic target. really. deters on this new plan have yet to be released but. still believes that better times lie ahead yeah. questioning nuclear energy is 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 we might eventually produce all our energy from renewables you know your newer. and up to mystic 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 as ever for your company and steve arsing . tian. tian. tian. tian. tian.

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