but frankfurt held on to return to winning ways off the back to back losses. you're watching to w.'s still the car nicole is about to get a much needed braille connection over the southern border with the builder church about beating out an unusually strong competitor for the business. that have much more coming up in business in just a minute with more to come. with him how to be it goes on because when the highest high you know if i had known that the boat would be about small i never would have gone on a trip to cuba i would not have put myself and my parents in the danger to move out of the duma to put a beautifully with. mobile in front of the hut that one little would be to give

them i had a serious problems on a personal level and i was unable to live there but that wasn't going to. you want to know they're storing the labor it's fair if i didn't require the information for margaret's. story so that people of the world over d.w. on facebook and twitter up to date and in touch follow us. all what's can pull turkey away from the brink of a new recession latest data shows industrial production plunged amidst a domestic currency crisis we go to istanbul from. also coming up india builds a new rail connection fun it paul. as the competition with china heats up who is

the best neighbor a mountainous catch. hello and welcome to your business starting with techie figures out today show that industrial production in techie shot five point seven percent in october that's more than anticipated turkey's economy is struggling with a domestic currency crisis tumbled as forty seven percent against u.s. dollar or just g.d.p. expanded by only one point six percent in the set corsa rating agencies likes it expects to get into recession and the negative outlook could weigh on the upcoming regional elections. the situation in istanbul seems a bit more relaxed than two months ago back then the political differences with the usa caused a severe economic crisis inflation fell slightly to just under twenty two percent the value of the turkish lira has stabilized this was aided by the fact that the

country's central bank raised the key interest rate to twenty four percent so is everything all right now not really. exports rose by nine and a half percent since last october due to a weekly euro at the same time imports slumped by almost twenty one point five percent domestic demand also fell by three point five percent the crisis doesn't seem to be over yet the government now wants to ensure that the turks feel as little of the crisis as possible before the important regional elections in march it could support the economy with subsidies but that would probably only postpone the crisis in turkey. of a more i'm joined by dorian joining jones who joins us in istanbul durrant imports we just heard the report slumped by more than twenty percent and domestic demand fell by three point five percent how is all of that reflected on the streets of tech or cities. well the main pain is being felt in turkey is food

prices have been soaring since the collapse in the currency official inflation is running for food at over twenty seven percent but it's much higher for key staples like potatoes onions which many turks depend on they've those prices of have doubled in even some cases tripled now the government has been blaming home sales for folding and they've even been raiding warehouse warehouses but that still has done little to this surge in food prices and also being felt by a wave upon wave of double digit increases for electricity and natural gas another double digit rise is expected this month and this is hit consumer demand one striking figure the demand for consumer durables a full twenty four percent in the last quarter and there are third the pain expected in the coming months winter is expected to be very difficult. how hopeful dorrian are turkish citizens that the economy will rebound and who should be able

to achieve that. well i mean turkey is no stranger to economic crisis but normally the u.d.c. very sharp rebounds a v. but the lot of expectation that the magnitude of the shock of this major currency shock could lead to a much longer recession and that is the key challenge facing turkey central bank and government to get out of this recession now there has been some positive signs turkey huge current account deficit has now reversed and there is are now in surplus also the currency to have stabilized and recover some of the losses that it suffered this year these are seen as positive signs and that will put pressure on the central bank to start cutting its twenty four percent interest rate which is crippling turkish business but the fear from international investors is that turkey will cut too soon and that could lead to a further collapse in the currency and lead to another surge in inflation and the menace of stagflation and that is the major dilemma facing turkey's central bank and the government at the moment all right dorian just very briefly ideally just

very or not to all how important is economic stability for adam and his government . what i've seen is key for his more than fifteen years of electoral success has been built on a booming economy now he faces a prospect of an election for the local elections but turkey's main cities facing a recession this is a major challenge for gore and that is why is he expected pressure on the central bank to cut interest rates as head of those polls. terry pointing for us from istanbul thank you so much. france's budget deficit is set to rise to over three percent of g.d.p. as a result of president in modern macross promise to boost wages for low income workers he made the pledge following weeks of protests the demonstrations were originally spock's by anger over a planned fuel tax hike and response not cos crap to the tax increase the minimum wage of one hundred euros a month the total cost of those concessions could be up to fifteen billion euros

here in concerns of unsustainable debt. meanwhile italy's government has agreed on the basis of a new budget aimed at avoiding disciplinary action from the european union the move comes after the country's original spending plans were found to be in breach of fiscal rules italy's leaders wanted to increase welfare payments cuts taxes and reduce the retirement age but the e.u. says those plans will raise the country's deficit beyond acceptable levels the details of the revised budget i'm not yet know. i'm on that i'm joined by our financial market correspondent what about in frankfurt only so the three percent of g.d.p. deficit limits is part of the e.u. stability and growth pact what does it mean when a heavyweight micron's breaks that rule. well it means that it's setting a bad example for others and already the telly and government has noted as much that now france would be and not to corner as well and of course it makes it all

the more difficult for the e.u. commission or the other finance ministers and heads of governments and states to reel in italy and france and their big heavyweights and they both of course have their issues why they're doing this in france everybody knows you already said it it's the political situation in the country the village on the yellow vests basically hindering mccraw in performing the reforms that many in the markets but also other many economists and politicians believe would be vital to improve france's competitiveness the problem with criticism of this kind of policy is whoever is doing it is doing it from a difficult position even germany germany was among the first to break the maastricht rules back in the time when chancellor schroeder of the s.p.d. was reforming the labor market and was using that as an excuse to overspend ok so we had many already breaking the rules including germany well now italy the reason

second largest economy of course is in line with that three percent limit but its overall debt is so enormous that we need to worry about any additional budget deficit how markets coping with all that very briefly. well yeah the markets are coping with surprisingly well the markets but also the euro the euro actually recovering from the slide last week but remember whatever the deficit the e.c.b. is standing by to offer all the support that needs to be given mario draghi the president of the e.c.b. reiterated that last week right. in front thank you so much for the update. now china has a reputation for investing in developing countries especially in infrastructure like railways roads and airports now while some question beijing's motives locals often welcome the projects but china isn't the only country setting its sights on this kind of foreign investment india is building a rail line in the himalayan mountain nation off the pole in fact some say that

china and india are playing a kind of monopoly in nepal vying for leverage and influence so what have they done so far now china is building two airports in the country as well as highways roads hydro power plants and a cement factory it india has also started investing in the company building hydro power plants and railings and what about the coal well it seems to be benefiting from the competition but it's also becoming more dependent on its neighbors to the north of the south. some residents of the nepalese city have john a poor come here every day to check on the progress of the trainline construction project the new railway station is starting to take shape and they're looking forward to the new travel possibilities. you know out of the money we ask and. it cost a lot to travel on the bus. so once the train service starts it will be much

cheaper and more accessible for everyone and if they're not out of sorts of enough of the regatta for use the newly forged rails cover a distance of thirty four kilometers and connect john to poor in southeastern nippon with jayanagar in the indian state of bihar it's hoped the project will increase business and pilgrimages for years nepalese politicians have been promising to add new train lines across the mountainous country both india and china have been competing to build them. connectin nip out by you know the trends india has. overtaken john obviously because they have already laid down the tracks and the whole system is going to function good within a couple of months. whereas. the chinese plan is still going to run with you know you do still in the map on the paper whether india or china end

up winning more influence in the pot ordinary people are hoping they'll benefit from the investment. malaysia has filed criminal charges against goldman sachs and two of the banks for my employees the charges are related to corruption and money laundering probe state front one m d b goldman sachs has been under scrutiny for its role in helping raise six point five billion dollars in street bond offerings for one b. and getting kickbacks to some malaysian officials in total almost half of the money is said to have been embezzled from the fund. that's the business update here on d w thanks for.

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