hold on to your seats global stocks slump is this the next crisis of the u.s. continues its news ing its streak european equities retreat asia sees the worst losses in years. and she's in the driver's seat now b.m.w. takes a majority stake in a joint venture in china the first to you said. this is your business update on how an arm free and been glad you could join me in 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 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 of a big deal tea 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 so 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 and i guess 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 not or a correction and that is the big debate that we're having is a correction was and is still ongoing a bull market or is something bigger at play here at this point 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 which 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 both results and if it only will be a correction or more a financial correspondent for instance yang's quarter on wall street yes many thanks indeed. bit by bit china continues to pry open its economy to outsiders 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 charl met in person with a b m w's boston herald cougar on wednesday of kruger 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 offers six models as fully electric versions the chinese 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 automakers to increase the share of battery only and

hybrid cars in their 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 asked a favor myer from the free 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 spot on perk to shenyang that will be something that the trump will notice and the shows very clearly china can do something about the trade war with america that it is in and it has allies in doing so and b.m.w. and much annalee probably german commie because play a big role in this. gaveled and fed of research institute speaking to us earlier

that while the e.u. has been trying hard to mitigate the effects of u.s. sentients on iran they were reimposed after u.s. president donald trump with journey from the six party nuclear 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 there soaring . to ron's gold markets in the cities one thousand year old market district are world renowned know world events are driving prices here not only imminent years people are not sure what the future will bring exciting terms of decreased and living expenses increased so people are worried buying gold is seen as an investment from her. home and unfasten in or out 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. is all it will get us 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 like so many other weddings in iran now a days. there are trying to keep it as simple as possible maybe not sure what it was. french president and i knew in my calls lauded as a climate hero but his country's lagging when it comes to renewables it 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 reason everywhere and you can establish wind farms all across the country that's not possible in other countries such as germany. but constructing new onshore wind farms isn't easy in france it can 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 procedure void on 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 . 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 analysis the still the government is committed to winning the country away from nuclear power and 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 still about how much it with a new and more realistic target. there's deterrence on this new plan have yet to be released but they. still believes that better times lie ahead yeah for those questioning need to end it she's no longer to be the friend just slowly but surely recognizing that montreal power is up to three times more expensive than the genie thought i think you might eventually produce all our energy from renewable so you know your new job. 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. here up to date thanks is that

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if you don't know. where i come from but over that you just go it's just like with chinese food doesn't matter where i am as a whole which reminds me of home after decades of living in germany china's code is one of the things i miss the most but that it's not that bad i see things i need to differentiate not. many of ford's a procession to go nations. that exists the other part of the wall haven't been ever to mention it in china that you've knocked up time if you've pulled one down range if they're going to stay put but if you have a ride to another place that is this is their job so that of them how i see it and at the same why i left my job because i tied to do expect it every day my name and the name too and i was at the top you.

respond with the start i've narrowed it's not just hide your identity. but in the dish the true face of the country club. freedom independence a separation of state and church that used to be important but for decades political infighting here has hindered progress some and islamist extremists are gaining more influence democracy and the rule of law are on shaky ground in of discord good notion of this should be. it is. not a connection to. bangladesh the dawn of islamism and exclusive d.w. report starts october eighteenth.