here to indoctrinate. to listen. plus 90 connect to an unbiased agenda subscribe now on youtube. hoover's journey as a publicly traded company got the software stuttering start its stock price slammed into reverse after its much awaited i.p.o. we asked our man on the markets what happened. also on the show it was a marriage meant to forge europe's 2nd biggest steelmaker but germany has to send probe and india's top call off the wedding. and tit for tat between washington and beijing called this practice in the u.s.

lobster industry. this is the w. business i'm joined in in berlin thank you very much for joining us the hoover i.p.o. has arrived and it's one of the largest public offerings in history but its market debut has been anything but a smooth ride over shares skidded more than 7 percent on its 1st day of trading after pricing at $45.00 a share for the i.p.o. which gave it a market value of some $82000000000.00 hoover veered off course it eventually rolled to a stop at $41.57 of it investors concerns over profitability. let's bring in our wall street correspondent dan scored that yes after all that hype what went wrong. yeah and it is pretty unusual that such a high stock would actually start falling on the 1st day of trading and specially

after the stock went into trading at the no end of their price range so we were kind of was conservative to begin with well probably investors seeing this as a long term bet for now in the past 12 months lost about $3700000000.00 and maybe a wall street wants to see that they might be able to turn a profitable at some point in the future or at least to get the losses down over itself compared to itself in a way to emma's and that company also was not profitable for many many years but then in the long and it was a good bet so we will see if. be a good bet in the future so they're hoping for a change of course but well this is a rocky i.p.o. have a lasting effect on the 1st business to think at least for now it certainly does not help but if we think back a couple of months ago wall street was actually looking that might reach

a market valuation of about 120000000000 dollars that obviously did not happen as you mentioned now we have a market valuation of about $80000000000.00 what is still pretty impressive but. as it's all part of the profitable needs capital and it might not be less easy to convince more investors in the future for this after this meager i.p.o. but the bottom line is it's a long term bet so the case is not lost but the stock was certainly not stellar a long road ahead for hoover thank you against quite a there on wall street for us. this fight the shaky start of the over i.p.o. has still made the company's wealthy founders even wealthier but what will over mean what will over going public mean for their most important resource their drivers they mark this week with worldwide protests over unfair wages and working

conditions our correspondent allan humphrey followed one driver on his route. after gnome flight there's no shortage of weary travelers eager to jump in and in fact here at washington's ronald reagan airport right hailing services have never been more in demand but drivers say they're not seeing the benefits of choice been in driver for 3 years and the time rival service lift is come on the scene meaning greater competition a few a customer as it used to be relatively easy to just go online you know turn the app on go online and know that you would make decent money and now it's having to be more strategic with it in terms of where and when i drive strategy is key for troy he doesn't benefit from employee protections like health insurance a pension plan paid leave or a guaranteed minimum wage or recently cut his pay these days he earns $0.60

a mile and about $13.00 an hour around hoffa what he used to make now he watches every cent to stay profitable off the car expenses it's definitely affected how much i drive because when they cut rate city and also if gas prices go up i'm very selective about when i drive because it's not really financially worthwhile for me to drive it's also i do other things like getting cheap gas looking for deals. these days troy has mowed down time than he used to and on wednesday he went on strike in solidarity with other drivers around the world who are also frustrated by wages and working conditions as the company prepares to go public but i know that labor is said in their initial public offering prospectus that they expect to reduce drivers compensation more if they do that i will stop driving because right now it would be fairly at the point where it's worthwhile to go out and drive you

know some drive a civil ready been forced to give up. katie wells is a researcher at georgetown university in washington d.c. for the post to you she's been following for drivers in the city and found hoffa below the poverty line that us for some it meant that they would take on longer and longer hours driving $16.18 hour days for others that meant that they began working $67.00 days a week others and up in bankruptcy and ended up in homelessness the research suggests the current right hand industry is not sustainable in its current shape despite being a pioneer in the right paving a corner loses a staggering amount of money even if it's drivers not necessarily well paid instead investors will be banking on cuban drive is being replaced by driverless vehicles meaning one less expense. that's not yet on the horizon in the meantime there's a lot of people wanting rights a lot of dissatisfied drive as

a no clear road ahead. a plan birger with indian competitor tuttle was bent to give the $27000.00 steel workers at germany's to sink a secure future but the plan has hit stiff resistance along the european commission competition authorities notice and croak has pulled out of the merger in a move that will cost thousands of jobs. things look very different 9 months ago back then just encrypt and indian rival tata steel wanted to merge and create europe's 2nd biggest steel company but recently just encrypts new boss kito care cove played down the importance of a mega deal that had been years in the making he said it wouldn't destroy the company if it didn't happen not. just for shares in the german steel company of lost half their value since the beginning of $28.00 team management flip flopping during the fusion process didn't play well with nervous investors now it's finally

the marriage is off the table. we decided on a new strategy for tizen crew the reason for this was that today we received news from brussels that the steel joint venture probably won't be approved. the s. and base company which manufactures elevators steel machinery and industrial equipment was also going to be split into 2 divisions but that's been cancelled as well on cost grounds that's how investors have always taken a critical view they knew they would have to pay a $1000000000.00 euros in taxes to split the company it's all if it doesn't happen they save money and secondly the investors never understood anyway what the advantage would be of pulling the corporation apart. to send cripple restructure instead that means axing 6000 jobs 4000 of them in germany employee representatives are now demanding a clear corporate strategy. a round of trade talks between the u.s.

and china concluded after a brief meeting which u.s. treasury secretary steve minucci described as constructive but there was no sign of a deal during talks to ease trade friction between the world's 2 biggest economies china's trade representative new hay shook hands with nugent before leaving it's unclear when talks will continue despite a late day rally on friday built on eventual trade deal hopes markets still saw one of the worst weeks the sear a new draft of tariffs on chinese goods came into effect just hours before the trade negotiations met. well before this latest escalation in the trade conflict lobster exporters in the north east have already seen hits to their business china is threatening further retaliation but hasn't yet said what it will do one option it has would be to further raise tariffs on u.s. imports including those on lobsters. a lobster boat returns to the harbor at kennebunkport maine this time of year should see the local lobster industry cloying

in profits instead businesses here are feeling the pinch my business is down 60 percent and that 60 percent is basically made up 100 percent of chinese exports that we do the chinese are very busy in the winter time in january and february is chinese new year so it had become our peak season over the course of the past 7 or 8 years beijing slapped a 25 percent retaliate tree tariff on us lobsters last year chinese customs officials have added to the woes of mind lobster companies by weaving a tangled net of fresh bureaucracy aimed at stopping us lobsters locals say there's no other market where they could make up for the lost sales volumes meanwhile canadian competitors are filling the gap in the chinese market with lobsters caught in the same waters but which cost the customer 25 percent less. the crisis is

forcing u.s. lobster exporters to cut prices in order to compete so the price is definitely a bit lower this year than it was last year like last year we get about $7.00 bucks a pound this time of the and now i get $575.00 sell $1.25 lb that does add. that means lost jobs in fishing the lobsters processing them for export and the businesses that support or rely on the lobster industry and when this is all over there won't be any quick recovery the market will already be lost. and that's it for me and the business team in berlin and thank you very much for watching.

the early morning to an official estimates more than 1200000 venezuelans live in colombia and illegally. i'd return to. to visit friends is that i don't think i'd ever go back there to live you know what i live there again i don't know so i'm not sure. the witness global news that matters. made for minds. sure of the big idea.

but what's become of it. look look like tomorrow. hoping for a better future isn't enough europe requires our courage. european elections 19 may 26th on t.w. . some time in the 26th. my great granddaughter. what would the world be like in your lifetime and around half a century. your world will be around 2 degrees warmer. inevitably sea levels rise by at least one century. we're going to have some

climate impacts maternal greater the more we see over the place really frightening paltrow. play. why are people more concerned. a little yellow bird shorts may 31st t.w. . hello and oh warm welcome to our arts and culture news i'm karen helstone and here's what's coming up in the next quarter of an hour. a new version of anne frank famous diary of a young girl entitled dear kitty is said to be the definitive literary edition and the one the murdered teen had intended to publish after the war. we need. a virtual also on the saxophone to talk about her instruments affinity for

classical music and even opera and her latest album. and in the lead up to the cannes film festival next week the festival's official and michelin starred chef. prepares to welcome the stars. well it's perhaps the most famous memoir of jewish persecution under the nazis in occupied europe and frank's diary of a young girl a many of us have read her account of the 2 years her family spent in hiding in an answer to an attic or at least read one of several parts of the slave it edited versions well now a new edition is true to the one a budding writer herself intended to publish. glory no spawn new and frank she played theater with her nazi occupied amsterdam she's now 91 but she remembers and frank very well as bright and cheeky.