the result reverse culture. shock you realize how strangely artificial little is really connected to life. the prize winning come command tree from the forest starts people first on t w. the date may change but the price tag likely won't bragg's it will cost both britain and the e.u. a pretty penny we'll look at a new study showing just how much the average person stands to lose on both sides of the english channel. and another year another major he you find against google this time the block says the tech giant unfairly blocked advertising rivals online we'll have the details. also on the show an american legend climbs back into the saddle levi strauss returns to public markets after thirty four years away.

i'm stephen beard is in berlin thanks for joining us markets in asia have registered slight gains on news of the u.s. federal reserve's decision to hold interest rates steady m.s.c.i. the broadest index of asia pacific shares also japan rose zero point five percent now afternoon trading investors were cheered by the fed's plan to steer clear of rate hikes until two thousand and twenty one ursula from an earlier strategy the central bank also said it sees no need to use restrictive monetary policy to combat inflation is slide it cited slower u.s. and global economic growth as the reason for avoiding raising borrowing costs everyone welcome. gregg's it could be delayed if the u.s. if the u.k. gets its way but the likelihood of britain's departure from the e.u. without a deal remains significant and the costs of such a no deal brags that are high for both the u.k. and e.u. members of germany's bettles month foundation has just published a study about the consequences for national incomes and it's not pretty. or no deal

bribes that would naturally hit brits the hardass they stand to lose some fifty seven billion euros a year in national income according to the study was partly due to rising costs through new tolls and tariffs on goods and services now germany's export powered economy will also cost it big time or no deal brags that it could lose ten billion euros a year national income france and italy also stand to fare poorly following a no deal. that eight billion euros and four billion euros there how much can ordinary citizens expect to lose from their pocketbooks for brits some nine hundred euros less per year on average with significant losses for germans and the french as well. now for more on this we're joined now by dominic pointed to he's co-author of the study for the barrels man foundation dominic welcome his for having me as we can see there and as we've long expected and sort of known from a lot of these studies that are being we've seen recently the u.k.

stands to suffer the most but here we see that the e.u. stands to lose a lot as well some forty billion euros do you think e.u. member states have really known the price tag for this so far what is clear is. some sort of lose lose situation for everyone not just for the cave but also for the e.u. countries but clearly for fit in perception doesn't match with so if it doesn't feel not to realize how big the loss could be and what we've calculated is the cost that would be incurred for the e.u. countries but will you citizens that is really a lot of people that's right to not really realize that we just showed there that germany actually stands to lose the most for no deal brags that members in absolutes. figures but they're not necessarily losing the most in relative figures can you explain that sure i mean clearly the absolute last was behind germany in a big economies as well think france italy but the per capita lost certainly depends on the population size of country that's for sure and the other thing is

the closer you are proximate to matters the closer you are to the u.k. the more dense of the relationship terms of trade with the u.k. and the more come from losers one example is ireland ireland where the pro capital losses extremely high it's seven hundred euros per year per hobbit and that's really a lot in absolute figures that's much less than in germany but the population sizes smaller and the trade relationships are more dense when we talk about the per person laws here it's not like someone is handing over nine hundred euros per year seven hundred years per year how are they going to see that in the event of a node so the loss comes through through different channels actually so think about it as hampering competition across the continent prate is going down that means for one thing the prices are going up right there will be mock up increases because there are fewer goods and services in created across the continent coming from the u.k. and vice versa this means process going up and people will feel it through an increase in prices secondly productivity a key source of wage growth will also go down that is what we're projecting in the

study and both of these channels will lead to income losses so people won't get the straight into the pocket but that will feed through prices and loss and productivity and wages we've been talking about the event of a no deal brags that which of course has become more and more likely as time has gone by how these numbers look in the event of a soft what we calculated based on the simulations is that a soft exit could probably hof the cost of the generally so it's really in the interest of political as i guess to achieve a softer exit in order to keep the well for losses for citizens across the country really low and we should add here of course a soft brags that with that is met briggs that with an agreement between the two nations before the departure date you've also. found that some nations will actually win from bragg's it can explain now this is a somewhat striking finding so what we find in the study is that countries like china and the us would actually benefit from weakening of trade in the us and that means incomes would for example go up in the u.s. by thirteen billion euros a year and uli in case of a heart breaks

a why is that because as trade relationships get tougher in the e.u. the relative price of the attractiveness of trading with the u.s. will go up and this means it's more attractive to trade with the u.s. in terms of goods and services and with china that means they're benefiting from weakening of trade in europe you mention this just briefly before but can you talk a little bit more about the competitive competitiveness of industries in the e.u. for example what happens when suddenly the british competitors are sort of barred from the continent so what is clear is that competition is a main driver of efficiency and productivity and what we find and what has been a very robust finding is actually a competition leads to not just lower prices between more innovation more investment kind of helps the economy improving and as trade is going down and when the u.k. is accepting that means there is less competition and this drive down somewhat the efficiency of the economy and that is bad for consumers as well are right dominic

pointed to joining us from the barrels with foundation thank you very much thank you so much for. your opinion regulators have fined google close to one and a half billion euros for abusing its market dominance specifically for favoring its own price comparison results and searches over the last two years the e.u. has fined google a total of more than eight billion euros. this is the third time european regulators have penalize google for abusing its market position this time it concerns it and since service the program facilitates the purchase of advertising space related to searches that take place on third party websites chief among the e.u.'s objections is that it prevents the websites from displaying ads from google's rivals. google is rivals they were unable to grow and compete and as a result it sounds well websites own as web site hat limits its options for sending

its icy space on those websites and were forced soon only to rely on google and as a result from that it's good then they did from network effects and became even stronger commission european regulators have been keeping a close watch of the google for years back in two thousand and seventeen the company was fined some two point four billion euros for discriminating against rival comparison shopping services then last year it was hit with a record four point three billion euro fine for abusing its android mobile operating systems market dominance those penalties haven't made too much of a dent in the tech giants coffers the slightest fine is unlikely to live up in the last quarter of two thousand and eighteen google's parent company alphabet posted earnings of eight billion euros what's more significant though is how the rulings could affect the company's business model google's already taking action to comply

with previous e.u. orders and has vowed to give more visibility to rival advertisers in europe. and look at another u.s. for the world's best known jeans chances are you're wearing them right now levi strauss the brand has been valued at around six point six billion dollars for an upcoming i.p.o. after thirty four years away from the stock exchange. shares in the blue jeans maker have been priced at seventeen dollars each just above the target range it's expected to be the biggest u.s. i.p.o. so far this year levi's we use the funds to invest in the brand made a comic by such stars as james dean and of course bruce springsteen. and let's go now to our financial correspondent frank for conrad we often talk about young tech firms i.p.o. ing this is a one hundred sixty six year old denim companies so what's going on here. yes of course the valuation of levi's it's much smaller than for some of those you know

hyped tech companies but the comparison of levi's this very old company with the tech sector is less far fetched than one might think you know last year levis managed to increase its revenues fourteen percent which is quite impressive and levi's is also a very global company many of those blue jeans and other levi's branded products all american products made in china and you know the u.s. is also a brand with appeal to a global community just like apple almost say these which means that levi's also in terms of marketing has to go go global and this is exactly what the company wants to do with the money from this i.p.o. it wants to build an omni channel global distribution network with both a physical presence in shops and online and i would say this is it is a very modern a very up to date approach to business and it's been a sleepy year so far in terms of new companies coming on to the markets what is the

popularity of levi's i.p.o. mean for i.p.o. sentiment in general briefly if you could. well sentiment in the u.s. is of course getting better by this where we are expecting more i.p.o.'s later this year for example from the right hailing services list and here in europe after you know folks called off its i.p.o. of the lorry or truck division the sentiment for i.p.o.'s remains subdued contribution in frankfurt with the latest thank you conor. after three years of planning and building it's time to raise the anchor the new cruise ship spectrum of the seas has left the shipyard and pop and germany nearly thirty five meters long the luxury liner was steered out to the north sea along the river the launch should have taken place earlier but the water levels on the river were too high a ship has eighteen decks and space for over four thousand passengers. and

that's it from me and the business team you can find a lot more about these and other stories on our website. com slash business and of course on facebook and twitter stay tuned to you right after this quick check on global markets the culture team will have all the latest from the world of arts and culture i'm stephen burns in berlin thanks for watching.

present bureaucrats most. at its most exciting. most creative. trying to taste the thing to really charming. and resistible. on t.w. . her.

first clue was a. grand moment arrived joint direct attack on her journey. you know we're going to return to. the rain in spain returns home. hi there and a warm welcome to news from arts and culture i'm karen homestead and before we talk about the tops and flops of remaking european films in hollywood here's what else is in the pipeline for today. master storyteller and mcewen has written a new novel about the challenges we face with artificial intelligence we sat down with him to talk about that. and in today's episode of our series baking

bread georg tells us how tiger bread represents the netherlands colonial past. well it was back in two thousand and fourteen that a film about all timers hit the theaters here in germany hornish in cop or head full of honey was a huge hit but went largely unnoticed outside of german speaking europe but then an actor filmmaker to who is one of germany's box office heavyweights decided to remake his film for american audiences with an all star cast and let's see what happens. that there was one of you. don't you prefer. the kids.