ten years after the financial crisis u.s. lawmakers have called on the country's biggest bank chiefs for a day of reckoning but they got one. also on the show a first time that visitor to croatia chinese premier league giants there and he's brought gifts but the e.u. fears that the in the congo at a price. and adding vaults to vindicate cars one british start up finds a way to breathe new life into old cars. welcome to the business i'm in in berlin thanks for joining us the largest gathering of america's banking elite since the financial crisis the heads of the most powerful banks in the united states appeared before congress as the house financial services committee they faced off against lawmakers in a sweeping hearing covering everything from potentially suspicious activity from russian bank accounts to financing controversial industries like gun manufacturing

the event was supposed to revolve around the stability of the banking system ten years after the financial crisis but it turned into a thematic free for all instead of manufacturers. for more let's cross over to court to our financial correspondent a welcome now if this hearing didn't actually end up focusing on the systemic risks what was the point of having this hearing at this juncture than ten years after the crisis. it's a big show mostly for congress men and women how that usually works as congressmen and women show up ask their questions t.v. cameras are rolling and then they leave and we had topics all around the place from climate change student loans from the financing of private prisons or equal pay but if we listened closely to the big c.e.o.'s self the big american banks and there was some common ground on certain challenges for example that global growth

is weakening and also cyber security seems to be a hot topic for the bangs what all this also seems to be quite costly. well let's talk in terms of results then now because this hearing happened do we have reason to expect more oversight for the banks. that seems to be rather unlikely at this point under the current administration that is one thing even actually there came some questions popping up if the legal system in general failed when it came to handling was the big banks also under the obama administration none of the bankers some of whom have been in charge at the time of the crisis have been a sentence so that raised some questions but if we look at the american finance and banking industry overall there is more oversight already in place especially for big bangs but the problem is that all the challenges and some problems and some hot

areas have not disappeared so if just move to some other parts of the financial industry to hedge funds for example who are regulated so big banks they do have a tougher oversight but that is not necessarily true for the overall financial system here in the united states and this hearing that we had on wednesday did not really change that at all. carter there on wall street for us thank you very much. the world's largest oil conglomerate saudi aramco has raised twelve billion dollars with its first international bond issue the high demand is seen as a good sign for a planned a but much delayed initial public offering it's now set for next year according to the saudi government the country has come under international pressure following the murder of saudi journalist jamal khashoggi in october but the bond sale shows that western investors have shown continued interest in doing business with the

kingdom. china's leader dying is in croatia ahead of friday's a joint economic summit with sixteen european nations it's the first visit by a chinese premier to the country and he's brought offers of cheap loans and infrastructure projects but some in the e.u. fear china's strategy is to divide and conquer using economic incentives for individual countries to create divisions within the continent. military honors for an honored guest chinese premier league asia and his career counterpart under a plank of age quickly got down to business so in a deal spending from tourism to trade and infrastructure projects. this is a major turning point in our two countries relationships and i'm exceptionally satisfied with our substantial talks today which realistically set the ground for future cooperation on the development of projects including industrial services

railway infrastructure economic digital technology projects science education agricultural and financial services projects so another that it will be an impressive list of par for the course when it comes to china. beijing is investing billions to court sixteen eastern and southern european countries each part of the so-called sixteen plus one group which is designed to expand future economic cooperation between participating nations and china. beijing hopes the group will further samantha foothold in europe for its belt and road initiative. it would see china secure a transit quarter for its products from beijing to the heart of europe. the european union is taking a cautious stance to china's new economic push. it's warned that china's cheap loans can give beijing too much leverage over its business partners. observers fear the sixteen plus one group represents a wedge designed to drive europe apart. but there's no sign of those reservations in croatia or leak asia assure the talks were of crucial importance for china's

future in the region. turkey has announced a long awaited reform package to help revive its economy and include the billions in capital infusions for banks affected by the currency crisis as well as promises to boost exports and adjust taxes the government has called it a comprehensive plan but critics say it doesn't go far enough. for months now prices have been spiraling upwards the inflation rate at almost twenty percent the turkish lira has lost a third of its value inside a year the economy is in recession not the best backdrop for a governing party's election campaign and president richard tire bad ones party took most losses in the country's major cities. now the government is responding the banking sector alone has to get a four point four billion euro cash injection. the question the financial sector is

our first priority when it comes to reform the first field within the financial sector is banking as you know unicorn you know a new economic program we had said one of the main priorities was to maintain the banking sector strong infrastructure and continue to finance and supply the real economy. but that's not all the government also plans to boost tourism in the hope holidaymakers will bring much needed foreign currency into turkey and agricultural reform is aimed at getting food prices down but there is the question as to how effective it once policies are likely to be so far he's left the country set on a mountain of foreign debt which the sliding lira is making it increasingly hard to service. strict new emissions rules are changing our streets for the better as a small clears and electric vehicles are starting to replace these uls but also for

the worse as some of the arguably most beautiful cars are falling out of favor now do we really want to give up on those classic cars a british startup has found a way to keep them on the road. out for a drive on the streets of london matthew quitter enjoys riding his nine hundred fifty three morris minor but the only classic car here but his especial it lacks the distinct diesel noise. just a little bit tired noise was the sound of a nine hundred fifty three car. through the traffic. just the sound of tires after quite a replace the original engine with a modern electric version its business model at london electric cars in the u.k. we've got i think thirty seven million calls on the road over a billion cause in the world on the road and i don't think anyone's have any doubt now that we are moving to a call benoist society. which begs the question what is going to happen to all

those calls that we need tree going to scrap thirty seven million cars. and to me that it's just untenable you know where they were going to be scrapped. and more importantly why why why scrap them when there isn't actually anything wrong with them except for the power train. turns out it's not so hard to replacing the polar train even on an old traveller or any of the other beauties here so lovers of old cars don't have to be worried about stricter rules to come and they are coming. we need the transport is the main offender when it comes to application and we need to make sure that we get it to its diesel vehicles and most polluting vehicles off our age so we welcome the mission zone which has it is a really good first step but we need to see now is the man extend actually visions into the whole of great and covering all vehicles so that all bluntness can feel

its benefits it's a win win situation with fewer cars on the road and lower emissions taking a classic car for a spin is even more fun. swiss milk producers have taken to the streets of brussels to protest the e.u.'s milk production rules they were also joined by farmers from west africa together there demanding more protections and higher prices for their milk currently in switzerland the milk price doesn't cover production costs and the market and west africa is struggling to develop after the e.u. flooded the region with its excess milk powder. and that's it for me and the business team here in berlin for more business news and features check out v.w. dot com slash business will leave you with this quick look at global markets and thank you so much for watching.

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