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discover the i. subscribe to documentary. for the fourth time this year the fed has hiked its benchmark interest rate up from two and a quarter to two and a half percent its chairman jerome powell cited the robust economic situation in the us a reason for the move very much for two thousand and eighteen has been the strongest year. since the recovery since the since the financial crisis and during that period we've got low unemployment and strong growth and inflation still remain just a touch below two percent. donald trump was unhappy about the interest rate rise he

thinks the hike will negatively impact growth but the federal reserve makes its own decisions on monetary policy you know political considerations have play no role whatsoever in our discussions or decisions about monetary policy we're always going to be focused on the mission that congress has given us we have the tools to carry it about we have the independence which we think is essential to be able to do our jobs it nonpolitical way and you know we are we at the fed are absolutely committed to that mission and nothing will deter us from doing what we think is is the right thing to do although the fed began raising that benchmark interest rate again three years ago step by step its counterpart in europe the e.c.b. has left it at zero since twenty seventeen. this will likely be the last hike in the u.s. for a while as well as economic prognoses for twenty nineteen are pessimistic eroding

profits would make companies more dependent on credit that just grew more expensive . stock markets in the u.s. asia and europe are feeling pessimistic about the move to they moved into negative territory after the rise was announced. one last photograph many coal miners remain true to traditions even as the decade saw dramatic changes in the industry at a miners' association event in november they said a final farewell to the community where the industry has always played a central role it was a moving moment peter i'm hats and i'm a good man really hits you hard to realise that it's all coming to an end. a lot of the guys have tears in their eyes right now you know. in the heyday of coal mining there were one hundred sixty three pits in germany manager you can click closed two of them possible it's his third and last. asked. you know the other day when i was

down the shaft i thought this is probably the last time you'll be down here with the crew the last time you'll come down to the coal face the world has really moved on. the miners will continue to descend the twelve hundred meters into the earth fowls here until the end of next year but instead of coal they'll be bringing up machines cables and old iron most of the equipment will end up in turkey or china many of the miners are better that their machines are being sold off to competitors who will end up supplying germany with cheap imported coal. and this year again it is the only minor in the german parliament the bundestag he worked in the bar top mine for decades and believes germany's move to end the industry is a big mistake. if you indeed were going to miss german blackhole one day out of the fact that we're no longer producing it in germany doesn't mean coal fired power generation will cease so we'll need blackhole from other countries and their prices will clearly rise and the standards that we introduced here don't exist in those

countries the dips in. the landscape is still marked by winding towers and coking plants but other companies also moved in here long ago the top is betting that by developing something new on the many areas once dominated by mining it will be able to secure jobs for the future. italy's budgetary conflict with the e.u. has been laid to rest for the time being as the government there agreed to curb its desire to take on fresh debt instead of two point four percent debt payments will now only make up two percent of the country's budget savings of ten billion euros italy is already saddled with far more debt than the e.u. rules allow and brussels unprecedented refusal to sign off on its budget had threatened to set off a political crisis and the block. the e.u. has agreed stricter emissions rules for the car and just. by twenty thirty the

fleets of vehicles carmakers produce will have to emit thirty seven point five percent less c o two than they do in twenty twenty one that's considerably more than they had bargained with to meet the reduction target manufacturers will have to produce significantly more electric cars. v.w. has already announced its new car production strategy that could end up costing around seven thousand jobs because electric cars are simpler to produce than internal combustion models. aircraft manufacturers towing and embraer want to collaborate in production for the civil aviation sector the u.s. based giant will acquire an eighty percent share of the new joint venture and its brazilian partner the rest the two hope the move will help them better compete in the rapidly expanding market for regional jets. but the deal is still subject to approval by shareholders and regulatory authorities in brazil and it's far from

certain that it will be granted. it was an impeccably choreographed event designed to showcase china's transformation from an inward looking farming based society to the economic giant it is today president paying made it clear the country won't let others tell it what to do in a thinly veiled reference to a months long trade dispute with the u.s. we had this to say so you go you order which there's no textbook of rules to follow for the reforms and opening of china. a country where the five thousand years of history and civilization create and with a population of more than one point three billion people no one is in a position to dictate to the chinese people what should or shouldn't be done feel shyness economy is now the second largest in the world after the us it's grown into

one of the most important export markets for manufacturers from all over the globe a true heavyweight in international trade but the architect who laid the foundation stones for its economic miracle was deng xiaoping he became the country's leader in december of one thousand. seventy eight and subsequently left a lasting mark on the communist country's economy underhand private companies were allowed into china along with foreign investment then also created special economic zones in the four decades since china has changed into a medic ways millions of rural workers have streamed into the country's megacities the gap between rich and poor has grown along with overall prosperity many more people here now earn enough money to spend on more than just simple survival i hope that china will continue to insist on opening up because clearly the opening that we have seen in the last forty years has been very

beneficial for the chinese people and for the chinese economy. but hopes that a market economy would assure and more democracy and freedom have remained largely a loser a foreign companies complained that the state still has too much influence over trade or that its oversight is even on the rise and china has also paid a high price for the last forty years of rapid growth it was purchased in many parts of the country at the cost of the environment. shown schley bush is the factory manager at bottle printers a one hundred thirty person strong industrial plastics and class printing company in johannesburg. after navigating a recession and africa's most industrialized economy he now has to contend with a new problem mass power outages blackouts that stuff the machinery. the sycophants if it does this week it causes major problem after the action line

basically outcome becomes a grinding halt for four hours state power company eskom blames the current situation on a backlog of maintenance and repair work it claims parts of the grid have to be shut down periodically or it could cause a complete power outage all over the country. i just wish there not generator that this will not get us up and running but the problem is that there's going to run off about back to. their capital outlay to have this to run no thank you just might get economic help but it's not the only infrastructure challenge the country is facing members of the south african national defense force were called up to help restore the crumbling sewage works in the vod south of johannesburg soldiers there are working around the clock to get the fifty year old sewage system up and running after a decade of neglect and vandalism that disposes of sewage and recycles drinking water for several million south africans this unit such dysfunctional because it's

a local. operation and maintenance if they were maintained from to first time they installed them they wouldn't be in a situation they are now it's a situation where. you know like they say if you start thought that. many are blaming south africa's woes on the scandal plagued tenure of former president jacob zuma. cars whizzing autonomy asli underground at speeds of up to two hundred forty kilometers per hour that's the lawn musk's dream despite the slow start his vision is now a step closer to reality with the unveiling of his one point eight kilometer tunnel south of los angeles. so you can have as many channels as you want and i'm pretty sure everyone in the united states is not going to move to l.a. but you could literally book enough titles to transport everyone in the united states in a way there is no limits. no limits to his ambition at any rate this

promotional video shows how musk in visions the future of transport you park your car in a pod. take the elevator down to a tunnel. and from there to be transported at breakneck speed to your destination. the idea of high speed underground travel has already attracted the attention of urban planners in the united states earlier this year musk signed a deal with the city of chicago to build an underground transit system linking the city center with the airport but progress has been sluggish and the project is still waiting to be granted final regulatory approval but those kinds of stumbling blocks don't appear to be putting musk off the entrepreneur describes the transit system of his dreams as more like an underground highway than a subway car loving america it's a concept that might just catch on and that was the week in business.

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