the grisly details over a journalist's killing continue to emerge putting us under pressure over its arms agreements with saudi arabia but how much are those deals really worth the e.u. is flexing its new muscle by shooting down italy's controversial budget draft but does italy care and will the markets have a say over the country's growing deficits. and could tonight be your lucky night most likely not but someone has to take home the biggest u.s. lottery jackpot ever we'll tell you how much. i'm stephen beers with your business report the u.s. is facing pressure over its arms deals with saudi arabia following the killing of dissident journalist the us president donald trump says the stakes are too high to cancel the agreements but the actual figures that is the amount of money and the american jobs they create are hard to pin down. intent on protecting arms deals and

economic ties with saudi arabia president donald trump has so far rejected sanctions she's normally only too happy to impose. but i would prefer that we don't use retribution cancelling one hundred ten billion dollars worth of work which means six hundred thousand jobs but as the global outrage at the creatures keep killing mounts so to trump's numbers. i don't want to lose the big. i don't want to lose one hundred ten billion dollars in terms of the best but it really four hundred fifty big give you food other than military so many jobs is it and how much cash is trump overstating because the silence is deafening the u.s. is giving the impression it's so dependent on saudi arabia it simply can't afford to take any. so help clear this up let's talk now to our financial correspondent in new york sophie. sophie

a lot of numbers being thrown around here what do we actually know about these arms deals between the u.s. and saudi arabia. oh please excuse for being so blunt but there's a lot that trump the seem to know is even so the numbers just don't add up trump keeps claiming how many jobs in the defense sector would be created or lost if the u.s. would draw back from that deal with the saudis but the aerospace industry associations have let in twenty six thousand they were something like three hundred fifty five thousand manufacturing jobs supported by the and tire defense and national security industries so it is quite hard to imagine that the steel spread over a decade would double the total of jobs in this sector also nothing seems to have been primed the way they appear to be only a few if any contract many of these announcements are simply memorandums up and ten . so that of loose talking there with the figures looking at the day trading itself

the first quarterly earnings reports are coming in and the market still seem to like what they're seeing what can you tell us well this is starting to look like a smaller disaster for the market at least this is what the investors were making out of this unless they convert the dip into correction territory the dow at one point had lost five hundred points though it came back in the afternoon trading hours the earnings where we got on tuesday weren't necessarily bad but they kind of cast a shadow on to the next year and the shadow is called protectionism and stronger dollar and also rising interest rates let's look at the numbers we got from kate and philip for example they are saying that due to sanctions and their production costs are going to go up next year and this has already started and this is also something that the numbers of three m. were telling or so if your financial correspondent new york thank you sophie.

back to the e.u. where the showdown has begun the european commission has formally rejected italy's twenty nine thousand budget for breaching budget rules it's the first time the european commission has taken such a drastic step having avoided sanctioning both france and germany in the past when they breached the rules the decision means that under the excess deficit procedure rome will be given another three weeks to reconsider and revise its spending plans at over two trillion euros italy's national debt is the highest in the e.u. . now that's one hundred thirty percent of gross domestic product and there are fears any increase could unleash another euro crisis for its part italy's says it's willing to talk but it also says the economy needs a boost so it's sticking to its plans to triple public spending next year roman says its budget means debt will begin falling by two thousand and twenty one. italy's leaders may be somewhat surprised at the use hardline but now prime minister and his two deputies have three weeks to reconsider their budget plans for

next year it's a decisive moment for one of europe's largest economies and the populist government's next moves could resonate globally italy has also become a polarized country and not everyone backs the government. but italy is part of europe so it has to follow certain rules rules that have saved us up till now. i think we need to carry on like that there right. it's clear that the government are going to take this situation forward we need to be sure we're strong enough to keep up this stance this is. required to have a budget approved is clearly quite tough but to be held to task over your choices when you are a member of a union of countries is understandable for the simple principle. deputy prime minister. doesn't think so during a visit to romania he said there's no going back on the budget ramping up the rhetoric he cues the e.u.

of attacking not a government but an entire nation. we have correspondent in brussels max hoffman what happens next and how defiant the italians really can afford to be. it's hard to predict with this government we've never had a populist government of this nature in a big country in the euro zone so predictions like i said are very hard and what's coming out of rome or in this case out of bucharest from a beanie the head of the right wing populist league on north isn't very encouraging he made it very clear they're not going to change a thing of course he's not the finance minister and then you have a thing called the spread now the spread bear with me a little complicated is the difference between what italy has to pay for its debt and what germany has to pay for its debt obviously german debt can be acquired much cheaper or the germans have to pay less to to borrow money and you have to pay much more because there is a greater risk involved so the higher the spread the more the italians have to pay

and it's no surprise that with this new government the spread has gone up continuously and experts expect this to continue now even more that they have rejected what the e.u. commission is proposing and so it's something that the rising spread the rising cost for italy to refinance its debt might make them think twice in the next weeks . max hoffman there for us in brussels china says it wants to build bridges and in this case it has literally this fifty five kilometer bridge connects china and hong kong and it's the largest of its kind in the world rather the longest china says the bridge is more than a prestige project but others dispute its usefulness. the mega structure crossing the po river delta links mainland china to an economic zone that is already one of the most dynamic in the world. it will cut the commute to and

from hong kong from four hours to one. i declare the hong kong macao bridge open. the chinese president xi jinping officially opening a bridge two years behind schedule the structure includes a seven kilometer long underwater tunnel and was built to withstand earthquakes typhoons and collisions with ships but the project is not without its critics especially in hong kong some point to the project going fifteen billion euros of a budget while the territory has a deficit of affordable housing for others it symbolizes beijing's ambitions to further integrate hong kong into china and erode the city's autonomy and freedoms if not exactly necessary because hong kong is connected to mainland china in every way already by and by by sea the pearl river delta economic zone comprises eleven cities which now have hopes of a tourism boom similar to that enjoyed by casino hope. to make

a bridge opens to traffic on wednesday complete with possible controls the number of vehicles using it will initially be restricted leaving many locals having to take a bus to cross it. a big drop in buyer stock drag down frankfurt shares today a judge upholding a verdict finding its new acquisition monsanto liable for not warning a school groundskeeper that its we kill or could cause cancer but the us judge did slash damages from about two hundred ninety to seventy eight million dollars on seto says it's pleased with the reduction but will still appeal the verdict. now walk into dollars get you these days how about a chance to win one point six billion dollars that's the record breaking jackpot for a lottery drawing taking place tonight in the u.s. now the chances of winning are infinitesimal but that hasn't stopped the hopeful. whiting in line for the chance to become

a billionaire two hundred eighty million tickets have been sold over the past few weeks for the. for the us is gripped by last three feet. are people going crazy for this action was writing this experience to raise their right to the movie that chances aren't great guy in fact there are about a hundred times more likely to be killed by a shot to win this prize if someone did what they do with a lot money. and i don't know probably by a couple houses travel the world probably you know just enjoy life you know what i would do to be honest with you as your little eccentric. seven forty seven ok. we'll. have it for the two homes. in the last few if someone hits the jackpot this time they can choose to have a lump sum or installments over the next. that have to share the one point

six billion between them. a lot of wishful thinking there that's your business report. thanks for joining us.

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