you. know quiet military reasons why the one who. ready ended soon. reasoning with in its own. mind and amusing. to confessed wand 2019 from september 6th to september 29th. to let the mass job cuts began dontcha banks dance drawing out stuff around the globe just a day after announcing one of the biggest overhauls in its 150 year history. enough talk time for action after years of negotiation african leaders launched a continent wide free trade zone the biggest of its kind in the world. and ventures

all and let's do business yet another restructuring of deutsche bank but this is a radical surgery 800000 jobs and we're talking germany's leading lenda it's london and york offices are to be decimated stuff across asia have been seen leaving their buildings saying their final goodbyes analysts say this could be the only way to save the back. after decades of trying to become a titan of wall street and build a global investment bank bank is looking to the home market the struggling lender has announced a major restructuring plan that would involve building on its traditional strengths . dorie share will slash around a 5th of its staff worldwide over 3 years it's scaling back its investment banking operations and will shift 74000000000 euros of risky assets into a new bad bank because its no closure also says it will cut some of its fixed income operations an area traditionally regarded as one of its strengths. i'm sure

that laying on the plant we've been planning for quite some time that after achieving stabilisation last year cleaning up the balance sheet i mean costs under control we now want to take the next step maps to align the bank with its strengths and that is what we are pleased to announce today. bank expected $2800000000.00 euro net loss in the 2nd quarter as a result of restructuring charges and a loss for the full year it's frank 1st base torture banks overhaul in 3 decades and comes after the collapse of a planned merger with rival comments bank in that time the lender tried and failed to keep up with wall street's big guns like j.p. morgan chase and goldman sachs where you are now it's time for georgia bank to get its house in order at home. banking and finance professor hunts bit of both of joins us from stuttgart our financial correspondent ali but is in frankfurt outside dodger headquarters or he is this rocking frankfurt. it

surely is it's making its mark on the stock market excuse me i have to fend off a pesky wasp here. and the reaction is definitely positive it's not euphoric because people know that it's not a given that all these promises that christians saving and the supervisory board chairman are making are going to be right in the end and that everything is going to wind up as they say but i think most people agree that the costs are much too high at the door to a bank it has to do something with the size of the staff investment banking. a star in the past reaping tremendous profits but a shadow of its former self and also having all sorts of legal costs that it brought to the bank and i think most people think that this radical approach is the right one coming very late indeed the only keep that was that they missed the bull cough i really thought of us this morning no sympathy for the investment bankers

losing their jobs why i think well there's a lot of sympathy for investors because as human beings but for sure they'll find a job investment banking still alive and kicking around the globe it's only not for deutsche because deutsche always has been kind of outsider in says business investment banking london new york is anglo-saxon style and ok they're both investment bankers anglo-saxon style investment bank us but seemingly as i didn't buy the best ones and these people maybe haven't been very loyal they don't think anyone's going the way we've got one in 5 stops being thrown out it sounds like something systemically wrong with deutsche and and that would be management's fold not their fault. not the bank manager's fault for sure but it's investment bankers fault but i mean there's a force for power within the bank and they took over to some degree as a bank and some of the bad thoughts about lost it's all strength as

a reliable partner to become police in germany and this loss is really big try to regain this position it will take a lot of time a lot of persuasion to get back into this position but it's very valuable because economy is thriving it's a strong economy it's a good bank could live on that. only will that be enough that will deutsche bank stick around. i think that your bank will stick around will it stick around under its own independent leadership that depends on the success of this radical restructuring it's always possible and some people think that it is likely to some point considering the low share price and the financing and the big balance sheet that might be taken over by someone but its role in financing both private customers in especially corporate customers like professor book of just pointed out yes it's lost some ground there but it still is number one in germany and it's needed for many companies so that role i think that your bank will continue to play

in what corporate structure that we have to see depends on this program just briefly mr bush called and finally the banks no stranger to scandals that even lent donald trump money when no one else would actually one tweet i read this morning was that if trump repaid old alone. the lead it would have to cut any jobs at all. that's absolutely wrong i mean trump is not that important the ball in that bag i think thought upon can do for will result trump it would be better off without the loans to trump but it's not really relevant for the business of dr bank is the bulk of thank you very much for being chime in from stuttgart and only bots 1st and downside orders. now to some of the other business stories making news around the world the turkish lira is down following the ousting of the head of the central bank by turkish president breaks a tie a bad one governor mourad said in cairo was let go without an official explanation

we've been facing pressure from the president of the high interest rates saudi arabian airline flight deal has withdrawn an order for up to 50 of boeing's grounded 77 max jets it is said it will switch to air bus the move will cost boeing close to $6000000000.00 incomes of the 2 deadly crashes of the passenger jet. and the import of russian oil via the infamous 2 rouge pipeline has been halted again a german refinery discovered contamination over the weekend in april the russian supply caused massive damage of the pumping millions of tons of contaminated oil through its pipelines through this could be an economic game changer talking about it for years african leaders that officially launched a free trade zone it could unite over a 1000000000 people if it works at will create a $3.00 trillion dollar economic block. see the hammer has gone down on a deal to create the biggest trading block in world trade organization history

national leaders of the african union summit in new shares signed off on the agreement reached in march to create the $55.00 country african continent to free trade area the aim is to unlock the continent's economic potential but boosting trade between these countries strengthening supply chains and spreading expertise. in. the eyes of the world are turned on africa and the success of this deal will be the real test to achieve the economic growth that will turn our people's dream of welfare and quality of life into a reality and this will reinforce our negotiating position on the international political and economic status. during the summit garneau was announced as the host of the new glocks headquarters eritrea is the only african nation not to have signed up but it says it supports the deal trade within africa accounts for just 17 percent of the continent exports compared to asia's 59 percent

and europe's 69 percent with a new bloc officially unveiled it's time for africa to start catching up. on sunday iran announced it had broken its nuclear deal it was already facing stricter u.s. sanctions and the announcement could spark punitive measures from europe to the economy is increasingly feeling the heat. they sent the lad he is 40 years old his business is exporting ceramic tiles he tells how a recent shipment of expensive wall tiles was headed towards iraq when he received a phone call his shipment was stuck at the border the truck driver was on strike days that was outraged his customers in iraq had already paid for the tiles and sold them on to the next customer. that means i wasn't able to honor my contract it's bad for business and in all likelihood our cooperation with

iraq will dry up and this isn't the 1st time that something like this has happened here. in the sprawling metropolis of tab race is a major economic and commercial center in west iran before base that entered the tile market he sold imported turkish mineral water but because of u.s. sanctions the iranian economy collapsed turkish water became too expensive to import he went out of business even as food prices at the markets were on the rise . you can really chill my wife and i both work and we only have one child but just imagine how families with lots of children are doing right now they also have to shop and pay rent they're really stuck in a bad situation and god help us. they sense wife behati heads the obstetrics department at a local hospital it's a well paid job but hot and see equivalent to $200.00 euros

a month but she's worried about what the future holds for her 3 year old son. my husband works as an entrepreneur and every day i see how difficult it is for him to work independently in our country but. i don't want my son to have to have the same experiences in the future. that is why i am thinking about leaving iran. and the sanctions will make everything even worse. as i said. 40 years after the revolution many people no longer see their future in the islamic republic people like his wife behalf and their son a young. if you want to see happiness a broom. no one's happy about this next story british airways facing a fine of more than 200000000 euros over

a data breach it's the biggest penalty handed out by the u.k.'s information watchdog actually it could be quite happy about this last year the airline fell victim to what it called a sophisticated malicious criminal attack on its website it said the hackers accessed almost $400000.00 customer transactions british airways says its prize and disappointed by the fine. buster business with me now you're up to date on all the business news from around the world i've been fizzling thanks for watching v.w. stay with us.

hijacking the news. more i come from the news is being hijacked journalism itself has become a scripted reality show it's not just good versus evil us versus them why and why. in countries like russia china church people are told lives that's enough and if you're a journalist and you try to get beyond this you are facing scare tactics

intimidation. and i wonder is that where we're headed as well. my responsibility as a journalist is to get beyond the smoke and mirrors it's not just about being clear and balance or being neutral it's about being truthful. when he was more involved and i were getting done. too many people too little space the rent is too high and the time it takes you to get from one place to another is too long kevin can dad ski is moving from the big city to a small town. in the eastern most tip of germany temporarily he says there's too many retired seniors and too little to do them and far too much

support for the right wing extremist party that doesn't necessarily make gurlitz the city of kevin's dreams but they are rolling out the red carpet for the artist and his family. final preparations before moving day kevin needs to drop off his paintings at the gallery. in gurlitz everything has already been taken care of the project testing the city has arranged an apartment working space for kevin and his wife and even a daycare spot for their daughter free of charge for weeks. and everything will be so close by. like palin. when i take my

daughter to daycare in the morning and then head on to my studio. i've already spent an hour.