transformation of germany's biggest lender in decades that's what a bank c.e.o. . calls the radical cuts he's performing on the ailing erstwhile flagship of germany's financial industry saving is closing down all of its loss making equities trading business will shrink its bond and rates trading operations significantly 18000 staff will lose their jobs especially london and new york offices will be decimated stuff across asia have also been seen leaving their buildings for good. it was the investment bankers that were the 1st to go whole teams of them were fired on monday across asia deutsche bank is turning its back on the international equities business and focusing its attention back home. on that leg on the plant we've been planning for quite some time that after achieving stabilisation last year cleaning up the balance sheet and in costs under control we now want to take the next step to align the bank with its strengths and that is what we're pleased

to announce to the company stumbled during the world financial crisis and its share price has yet to recover. has also been held back by a procession of legal woes the bank repeatedly saw itself confronted with fines worth billions of dollars for money laundering violating sanctions and its role in the subprime mortgage scandal but the restructuring effort is now being seen as a new chance by investors. this dawdling around for the past few years is over now concrete steps are being taken to give the bank a new direction and that's what we were missing over the past 5 to 6 years. while deutsche has said the move will cost 7400000000 euros and hopes it will return the company back to the top tier of banking many experts say it may be the last chance to save the bank as well as it i'm now joined by was telestial he's

a banking expert at the frankfurt school of finance and also in frankfurt our financial correspondent only bonsa standing by when he was start with you what's been the reaction in the markets today. it's been a very mixed reaction the 1st reaction was positive the share went shooting up 34 percent way better than most other equities here and then turned around and then below the 0 line and it's now losing about 3 to 4 percent and i think investors impressed and a lot are positive that finally this overhaul is taking place many people have called for more drastic cuts job cuts and also to bring the cost down overall but also it's apparent vestment banking which many saw as carrying too much risk in the end in the last few years fielding too little profits but there are also those who are of course skeptical that the bank will have the insurance the time to set the

south while this happens it's going to be a painful process and some say paring down investment banking bad decisions where do you get the really good profits for the future from if that's gone. what does that mean for doj is operation in asia. people i'm. on. the other side. for a reason is that you know. is it is. or is or ready was.

this. policy that but still it's hardly good news for america for germany rather as europe's economic heavyweight to speak up a bit the audio quality is very very bad. i don't say it will always. be. peter. keast great. you. again. come back or is this the. reason is because it goes a great if you all. only the holes just said. the bank going back to its coal business but isn't it also doj

admitting we've tried to play with the big boys for 20 years but we're just not good enough. you're referring to the investment banking expansion which began then and which for years actually reaped tremendous profits i mean the bank was a profit powerhouse and that was i think part of the problem and then a culture of bony bonuses came in people were earning huge amounts of money and people started also doing illegal and immoral business and that basically the 2 things huge bonuses eventually the bonuses stayed but the profits went and then a risky business came in but the but the bank in the knee in the in the in the in the shape of huge fines and so and now investment banking overall is going down and it's important other banks have leapt ahead so yes they played with the big boys for a while quite successfully but somehow got off track and missed the boat when it came to changing course. only bouts of both in frankfurt thank you very much.

the turkish lira slid by more than 2 percent against the dollar during monday trading after the head of turkey central bank was sacked no official reason was given for murat said entires dismissal but it's thought turkish president at one was frustrated by the bank's decision to keep interest rates on hold the turkish government has been pushing for them to be cost analyst predict the central bank could start easing monitor policy at its meeting later this month. we're now joined by rung runkle bair she's head of market analysis at money x. europe and joins us from london what does this mean now for the lira is it healthy enough. so if you look at the lira today it looks like markets are giving the central bank the benefit of the doubt and i think this has

a lot to do with the global expectations for easing from central banks it creates 104 year old and guess walked into the chair has a lot of yield at the moment but i think really the main issue is that it exists abates the turkish central banks problem with credibility we still don't really know if the central bank will set monetary policy to fight inflation and protect the credibility of the currency or if it's being sit by it one himself or by political pressures and it's a major problem for the currency what i mean in the markets what's what's the general spirit is do they say the turkish central bank still regarded as being properly independent. i would say the spirit is one of extreme skepticism over everything that the c.b.i. does and this creates a dilemma for the central bank because the macroeconomic fundamentals of turkey do allow the central bank to cut rates so they need to cut rates but the problem is they have a history of what looks like political interference they didn't raise rates in 2017

they suspended rip off earlier this year and it raises questions over every single rate cut they make markets are going to be asking is this justified by the fundamentals or is it politically influenced if they cut rates to foster they risk creating another layer of crisis of the sort that we saw earlier this year and considering how fragile global investor risk intimate is right now it creates a very dangerous situation for the lira. drunkard's market or noses of monex europe thank you. now it's a dispute that could affect global tech supply chains the route between japan and south korea the 2 countries cannot agree on compensation for forced labor during the 2nd world war tokyo has now decided to impose controls on exports destined for his neighboring country south korea. it's a controversial and painful issue for south koreans well talk you believe the 2

countries had turned and you page the route over compensation for forced labor during the 2nd world war resurfaced. last year south korea's supreme court said a japanese steel company must compensate south koreans for their time as forced labor as during the war tokyo retaliated last week with restrictions on exports essential to south korea's tech industry that's causing worries in seoul. and i urge a plan to withdraw its measures so for the 2 countries to have a sincere consultation to the vicious cycle of actions and counteraction this is not desirable at all for both countries however our government cannot rule out the countermeasures if the japanese actions inflicts damage on south korean companies a new shoe to quickly shoot up japan's restrictions will affect tech companies like samsung and hynix they in turn supply u.s. tech giant apple and china as well way the regional spat could soon become

a global event south korea says it's planning to file a complaint with the world trade organization over japan's restrictions. british airways is facing a fine of more than 200000000 euros over a day to bridge its the biggest penalty handed out by the u.k.'s information watchdog last year their line fell victim to what it called a sophisticated malicious criminal attack on his website it said the hackers accessed almost 400000 customer transactions british airways says it's surprised and disappointed by the phone. and that's it from me and the business agent team here in the early cold war business news analysis and also background stories check out the dot com slash business stay tuned to the news is next right right off the global markets.

told by the device. i think i think.

did it help instead as the front of i did us soon as a lead on this pos when you went out it's almost always in deep to go outside the golf. thanks. to. the. things.

we buy cheap clothes and discard them soon after fast fashion is everywhere nowadays. in germany alone almost a 1000000 tons of textiles of pronouns every year the most are poor quality and cancer recycle. so what happens after clothing is dumped google 3090 minutes on d w. enter the conflict zone with tim sebastian i'll be challenging those in power asking tough questions demanding ourselves. as conflicts intensify i'll be meeting with keep players on the ground in the centers of our cutting through the rhetoric holding the facile to account past the comfort zone. conflict zone with tim sebastian on t.v. on. the quiet melody

resounds one to lighten the mood. and it zoom dreams resonate when it's all. the mind and the music. going to open 1st bond 2019 from september 6th to september 29th. one out of 8 people suffering from hunger. well program is fighting over worldwide. join the fight. the

but. this is the dublin years line from greece whereas when its new prime minister submits attackers and takes office on a promise to lower taxes and bring more jobs for come he really bring his country battle day also on the program. in order to break for the murder of civilians and forced child soldiers to kill the international criminal court and behave finds former congo is warlord posco to conduct guilty of crimes against humanity.