hoover's journey as a publicly traded company got soft west buttering 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's to some group and india's top call off the wedding. and tit for tat between washington and beijing called the cracks in the u.s. lobster industry. this is d.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 traded 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 on the investors' concerns over profitability. let's bring in our wall street correspondent dan scored that yan's 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 are seeing this as a long term bet for now in the past 12 months lost about $3700000000.00 and maybe wall street wants to see that they might be able to

turn profitable at some point in the future or at least to get the losses down over itself compared to itself in a way to amazon 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 who 1st business can 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 that 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 over thank you against carter 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 will over mean what will over going public mean for their most important resource their drivers they mark this week with a worldwide protests over unfair wages and working conditions our correspondent helen hunt 3 followed one driver on his route. after gnome flight there's no shortage of weary travelers eager to jump in and in the back 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 an eva driver for 3 years in the time rival service lift he's come on the scene meaning great to

competition a few a customer as it used to be relatively easy to just go online you know turn the up on and 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 off of 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 tour has more down time than he used to and on wednesday he went on strike in solidarity with other drivers around the wilds who are also frustrated by wages and working conditions as the company prepares to go public because i know that labor is said to be in their initial public offering prospectus did they expect to produce drivers compensation more if they do that i will stop driving because right now it appears fairly at the point where it's worthwhile to go out and drive you know some joy of 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 hoff below the poverty line that us for some it meant that they would take on longer and longer hours driving 16 and 18 hour days rather that meant that they began working 67 days

a week others and up and bankruptcy ended up in homelessness the research suggests that the current right hand industry is not sustainable in its current shape despite being a pioneer in the right hailing accordingly loses a staggering amount of money even if its drivers are not necessarily well paid instead investors will be banking on cuban drivers 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 drivers and no clear road ahead. a plant birger with indian competitor ta ta it was meant to give the $27000.00 steel workers germany's to syncro a secure future but the plan has hit stiff resistance along the european commission competition authorities noticing croque has pulled out of the merger in a move that will cost thousands of jobs. things look very different 9 months ago

back then to some group and indian rival tata steel wanted to merge and create europe's 2nd biggest steel company but recently just encrypts new boss kito cara cove played down the importance of a make a deal that had been years in the making he said it wouldn't destroy the company if it didn't happen. to us all for shares in the german steel company i've 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. and we decided on a new strategy for to some crib the reason for this was that today we received news from brussels that the steel joint venture probably won't be approved it the s. and bass 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 euros in taxes to split the company it's all if it doesn't happen if 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 who hate 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. 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 u.s. lobsters last year chinese customs officials have added to the woes of mine lobster companies by weaving a tangled mess of fresh bureaucracy aimed at stopping u.s. 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 court 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 $575.00 so $1.25 pound 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

they won't be any quick recovery the market will already be lost. and that's it from me and the business team and berlin to thank you very much for watching.

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