oil prices so as oil producing nations to strike a deal the opec oil cartel wraps up its two day meeting in vienna agreeing to cut global oil production by a total of one point two million barrels a day. also coming up german companies turned their backs on china we'll take a look at why they're moving production back home. this is your business update i'm helena. glad you could join me or oil producing nations have struck a deal to cut output and shore up the price of the black stuff the breakthrough came after two days of talks at the bi annual opec meeting in vienna and rome was granted an exemption from the output cuts to the impact of food ranging u.s. sanctions against the country oil prices have recently tanked by around twenty five

percent it was fairly clear from the start there'd be a production cut but opec members struggled to agree on the size of it right up till the end. they finally decided to cut one point two million barrels a day off global production opec fifteen members will shoulder two thirds of that the remainder will fall to a term strong group of nonmembers states led by russia that group could join the vienna talks on the second day of the opec meeting. under the current conditions it's extremely important for us to send a strong signal to the markets that we are ready to act decisively and at the same time react appropriately to the market situation. put because of slightly over one percent of global production is aimed primarily at stabilizing prices. oil has become steadily cheaper since the beginning of october from eighty six dollars the price of a barrel of north sea brant crude fell at times to fifty seven dollars overing

lately at around sixty those kinds of levels are too low for countries as economies are highly dependent on oil exports when news of the output could be merged oil climbed by three dollars a barrel. and our market correspondent paula christine but it has the view from frankfurt. one point two million barrels per day that isn't a huge sum but it should be enough to at least put a bottom to the price of oil and not have it drop much further to put it into perspective a little bit one point two million the u.s. alone has in the past year. or ranked up its oil production by two point five million barrels so it isn't that much however considering how much the solution was downplayed yesterday it was a bit of a surprise to markets so and so the oil price jumped almost five percent on the.

team but it's in frankfurt there while the u.s. labor department says one hundred fifty five thousand jobs were created in the u.s. in november and that is below analyst expectations the data suggest that the u.s. economy is expanding at a somewhat slower rate in the middle of turmoil on global equity markets were unemployment in the u.s. does remain stable there three point seven percent for the third month in a row and that is the lowest jobless rate in nearly five years. and to get the latest stateside now let's bring in our financial correspondent u.n. school to get us what's contributed to a slower than expected job creation. on one side to the government created jobs but then old saw we saw construction didn't hire as many people as expected and that could be as it is evidence that the housing market in the u.s. is showing some or some early signs of weakness but then also on the bright side it

was the ninety eight consecutive months that jobs created here in the united states that is a streak that we've never seen before in the history of the country so overall the job figures are still solid but as you mentioned less jobs got created as expected and that could be another sign that the economy is growing but not as strong if we seen it in the past couple of months and years we're seeing i mean quite a drop in the markets a myriad of issues no doubt weighing on them in terms of trade that jobs report what's the sense that you're getting there what are investors really worried about . just a high level of uncertainty so the growth story is. definitely one big factor that growth might be cooling in the u.s. that growth might be cooling globally then if we look at interest rates i mean there is some bright side soul that the federal reserve might consider to not have

as many rate increases next year but then again there was a direct on the financial industry on banking stocks and then we also have all those trade issues so nobody really knows where that is leading to so the market doesn't like uncertainty and therefore we actually had the worst start into a december in ten years so since the financial crisis for the week wall street was down by a good four and a half percent now financial correspondent yen scooter thanks a lot. another setback for us social media behemoths facebook it is competition author of the a g.c.m. has fined it ten million euro's for a lack of transparency on how it uses user data now the authority says facebook users and not adequately informed of the potential commercial use of data they supply when subscribing to face the a.g.c. and also condemn what it called the quote grass aggressive practice of using

pre-set privacy settings to covertly not chooses to allow facebook to pass on data to third parties. well german companies aren't immune to price pressure many of them have shifted production lines to low cost countries in asia particularly china now some of them and bringing them back home again thanks to automation. here a vacuum cleaner rolls off the line every fifteen minutes the german family business electro stars back in production on german soil soon electra star hand in hair dryers will also be manufactured here again managing director roman gora by is banking on the value of products made in germany he wants to have all production removed from china and returned to germany. twenty years ago when he began producing experience was positive we have been producing high quantities are reasonable price and quality but the time has changed and we are now forced to

produce smaller batches for individual products. not only are niche markets becoming more and more important but most of the electra stores customers are in europe. from china it can take up to eight weeks for deliveries to arrive but from here it only takes a few days. the model train may come macklin has also brought its manufacturing back from china. the reason it's easier to produce small quantities in higher quality from germany. the televisual ninety three i think it's very important that the trains our engineers develop and design can also be built directly here at the same place. and we're now able to optimize the process through automation and create ideal conditions for producing our trainees

stuff was spending a. lot of nation is helping able to return of domestic manufacturing robots to the record work at mclean replacing much of what the workers in china did they drill mill and file away irregularities and the company saves on labor costs. then the detailed work can be done by a skilled workers. in a few weeks alecto a star plans to move its vacuum cleaner production into a new building the company needs more space after their withdrawal from china here to technology and automation are expected to ease the manufacturing process. the workforce will become more efficient and one person will be able to produce more output due to the help of its religion it's a systems of parker ultimately very soon. so i think in future we will have more or less the same amount of work force but richer will be much more

productive for every german company that moves its operations abroad too are now coming back a trend that is set to continue. well fall in oil prices mismanagement and hyperinflation have ruined venezuela's finances two million people have already fled the country and president nicolas maduro now says he signed deals worth billions of dollars with russia in us the move using social media. oh. this is the video venezuelan president nicolas maduro posted online. signed contracts today to guarantee investments of more than five billion dollars with our russian partners and joint ventures to raise oil production. we are also guaranteeing an investment of more than one billion dollars for mining mostly in gold all russian investments we also have signed a contract to guarantee all the wheat six hundred thousand tons of wheat for the

people of when this way it is all guaranteed for twenty one thousand and beyond. you must either. wheat contracts are as important to the venezuelan people as any economic deal food shortages half left people hungry with shelves empty and stores closed the has been on rest in the streets and many have fled to neighboring colombia. the crisis in oil rich minnesota ala once one of the wealthiest countries in south america started with falling oil prices mismanagement and u.s. sanctions intensified the problems the international monetary fund is expecting inflation to hit ten million percent next year. enjoyed close ties with russia moscow is now a key lender for the cash strapped country but mother rose government is struggling to repay its debt the meeting in moscow was the second in the month in november the

head of russian oil company rosneft was in caracas to press much over delayed oil shipments aimed at repaying loans. does he up to date with the latest from the world of business thanks to your company and you have a great weekend. we

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