courage this be crunch time for the euro brussels expect me to present a revised budget plan for twenty nine wrote. on taking out more debt to make good on election campaign promises x. about the euro is at stake. coming up in a fishing countries meeting croatia looking for a way to avert the extinction of a much loved global delicacy. and china's even racing to position itself on a global wine market now and it's being backed by legendary luxury brands. this is your business update on how the whole frame but then glad you could join me the countdown is on for the government in rome has until late tuesday to come up with a budget for twenty nineteen which brussels agrees with european commission has already

kicked out the current one saying it flouts a commitment to reduce the country's debt and that debt is sizeable the second highest in the eurozone as a proportion of g.d.p. and brussels says if rome does not come up with the goods later it will start disciplinary steps against rome later this month. the italian government is not backing down over its budget despite e.u. commission warnings to dress tickly reduce its budget deficit target after talks with euro group president mario same thing or italy's finance minister said it would be political suicide to cede to the e.u.'s demands they could at least give full and i mean. we are going to reiterate our budget fundamental characteristics and rationale you know julia and we will continue to discuss ways of bringing our position in line with the european commission has now gotten all supersedes any conceded we'll also take the worsening economic forecasts for europe and italy into

consideration and that only confirms that our budget proposal makes. more debt for more growth the italian banks aren't convinced that deficit spending will end well a report says the country's five biggest banks are considering opening a two and three quarter billion euro credit line to the central bank's deposit protection fund the credit line would serve to strengthen support for weaker lenders in the event of a banking crisis. and earlier we spoke to german economist you're going to shock the e c b's former chief economist and ask him what was likely to happen next is we told us at a certain point in time there would be a showdown the question is whether the italian government will hit the wall with the u. commission or other european institutions over the markets i personally expect that the u.n. situations will stand firm not a given at this stage at least second that rating downgrades will follow

and credit spreads will widen further so in the end the italian government will have no choice than to soften its stance to soften its position and to police to an extent to avoid the escalation of the financial crisis on their chances of italy going bankrupt. yeah i hope that this can be avoided and this would be the first case. i hope that the signals coming from the european peers from other european euro area member states but also from other european institutions like the e.c.b. president draghi was very outspoken in his recent press conference arguing that italy cannot expect any support coming from d.c. b. it is not in within the men date of the e.c.b. to finance the fiscal deficits so i think the the the messages coming from the p s of italy pretty clear but i personally expect that markets going to behave more

fiercely and signal to italy that it is a dead end and continuing this way of putting to make it. you can stop there now canadian prime minister justin trudeau hopes to have a deal in place to end u.s. steel and on a million import tariffs by the end of the month trudeau told reporters he discussed the issue with u.s. president donald trump on the sidelines of an event in paris he hopes a deal will be in place by the start of the g twenty at the end of november canada was one of several countries hit with the jew cheese is one of the biggest on a million export has seen the united states. and i want to bring in our financial correspondent also fishman ski joins me from new york surfie with american could see benefit in any way from such a deal. well ahead and up for months economists have character weight is the cost for consumers and companies and there's clearly warrens of the negative impact on

the consumer and on economic growth u.s. steel and element in prices have soared since the imposition of tariffs a u.s. steel prices benchmark sword thirty six percent already between the start of the year and the start of july this of course causes prices of goods made with the metal to rise as well homebuilders are already reporting higher prices for metal goods plus it's impacting the job market for instance the trade partnership that's an industry group with that and the isis free trade found that the steel and aluminum tariffs could result in up to four hundred thousand lost u.s. jobs and the layoffs are probably larger than the roughly thirty thousand jobs in steel and aluminum production that could be a game so he should be with the hall of facts for us so see thank you. in the current seaside city all the dubrovnik a chain of fishing nations

a meeting to decide the fate of one of the most valuable fish the big guy cina now it's a billion dollar catch has been severely over the fish in recent years. scientists shocked many in the fishing industry last month when they warned that stocks of swimming bigeye tuna could crash within a decade or two. bigeye to news prized for says she me in japan and canned for supermarket sales worldwide. so it current at current catch levels by within the next fifteen years that this stock is sixty times more likely to completely collapse then to recover and that is obviously very concerning and you know that the current catch level the current allowable catch would get us to that point a report in october showed that populations have fallen to less than twenty percent of historic levels this is partially due to the catching of young tuna which

depletes the stock before it can reproduce. doesn't be poor and disappears and we believe that this is because you know the person has a catching a small to juvenile going to be good sooner for each of us to be our fixed just a status experts calculate that cutting the total catch to fifty thousand tons per year would give big guy a seventy percent chance of recovery by twenty twenty eight. but some fishing countries are not party to any quotas and big guy halls last year topped eighty thousand tonnes high enough to drive the species to extinction a good red wine can set you back hundreds maybe thousands of your price tag of three hundred dollars while state isn't that much of a surprise whether why not from a largely unknown region it's made in china experts say can hold its own against

competitors from other countries even frogs and i legendary luxury brand stands behind an event. the location of the vineyard of our union is described and its name above the clouds it's not metaphorical these grades grow at an altitude of twenty six hundred metres at the foot of the himalayas here the soil is rich and the climate is mild with moderate temperatures all year round the mekong river flows nearby for generations villagers here grew traditional food crops and the chinese government encouraged them to begin making wine instead operations got off to a slow start until more hennessy got involved the french luxury giant was impressed by the area and signed a thirty year lease but how did they believe connoisseurs will react to a chinese vintage. made in china doesn't deed have negative

overtones not everything we do we do with passion. and we do it with the utmost precision to make the best wine possible to have the best wine possible. i believe we are one of the companies that will help revamp the made in china label. making top tier wines requires deep pockets hennessy has brought both technical equipment and expertise to the region while the villagers have put in a lot of sweat pruning and harvesting the around three hundred plots and the collaboration is paying off. so. it's been quite surprising for our customers when they taste this wine most think it's a french bordeaux. but when they discover the bottle is from china all of them are excited they're quite surprised by the quality of the bottle.

the o.u. unlabeled currently produces two thousand cases of wine a year but even though the national appetite for the beverage has matured and the country's market is expected to grow to over seventy billion dollars the lion's share of the vineyards production is sold abroad the chinese as it turns out aren't that interested in local vintages consumption of imported wines continues to rise but demand for domestic wines has fallen five years in a row. two hundred thirty nine aircraft were sold at the esher china aerospace exhibition most of the orders going to aviation giants boeing and airbus the events in the southern chinese province of dong also saw the first public appearance of a mock up c. on nine to nine the wide body civil jetliner being developed by china russia slated for launch in twenty twenty seven to have a range of twelve thousand kilometers now that is further than the route between

beijing and new york china's aviation sector is booming the number of daily domestic flights that is expected to exceed that of the u.s. within the decade. that's it for me and the business team here in ballin facts have a company anything.

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