to cut interest rates for the 1st time since 2016 by 1.25 percentage points. and china and malaysia resume work on a multi-billion dollar stretch of the belgian road project at a reduced price. but time to do. good to have you with us was starting with news from japanese carmaker. the company says it will slash well over 12000 jobs and cut production capacity by 10 percent in the next 3 years the news comes as listen an ounce is a 95 percent drop in 1st quarter profits. if you work for a nice sun you've about one in 10 chance of getting this stock the scale of the cuts over flexion of just how much trouble this car maker is the end. of it in terms of human resources we've already slashed $6400.00 jobs as

part of an effort to reduce costs to recover and by pushing this effort further will eventually cause a total of 12500 positions. but it's looking into the mirror you could do that was. so why the doom and gloom a number of factors are at play for one there are global issues an economic slowdown in china uncertainty surrounding brac says the race to draw a new technology is the crackdown on diesel continues. but there are homegrown problems too mainly concerning this man car last grown the former nissan chairman has been embroiled in a gun battle which has seen him accused of financial misconduct. the case has caused a further dent in an already shaky alliance with french carmaker ran no and japan's mitsubishi. between rising economic uncertainty and

strained relationships nissan's workers are now bracing for news of who has to have a major cause. the european central bank has kept interest rates unchanged leaving its benchmark refinancing rates at a historic low of hero percent the hotly anticipated decision comes amid an ongoing battle to kickstart growth and raise inflation in the euro zone business confidence keeps falling on fears of a slowdown and continuing uncertainty over breaks in the euro rose on the decision after hitting a 2 month low today. the more i'm joined by our financial market goes down in chelsea delay any and frank the chelsea how did the easy decision go down on the floor. i think investors don't really know what to make of this of this decision so the initial reaction was pretty uniformly dovish so we saw

stocks rise we saw the euro lower we fall germany had a new record low but then as mario draghi started to speak sort of the perception of this change so he declined to give specifics about how much they expected by when they were start quantitative easing he sort of stepped around some of the specific logistics of of what this easing program is going to be and so we've definitely seen a change in the market reaction if you will if you look behind me you can see this huge selloff we've seen in stocks so investors are are sort of seeing this as not as. they initially thought and certainly what we see behind you somewhat nearest german business confidence right now we just keeps falling. and marred our he was asked about this several times during his press conference the data out of germany and pretty pretty bad this week we saw a big decline in german manufacturing and also this this fall off in business sentiment. but what druggy is saying is that you know we're seeing that we're

seeing especially industrial economies hit pretty hard but we're also seeing you know a services hold up consumption is holding up and so he's saying we're not we're not seeing a risk that we're not really heading for a session and i think that's sort of weighing on on the market here right well that's good news at least chelsea delaney there reporting from the front that stock exchange thank you so much. and it is the 1st rate cuts in turkey since 2016 and it's bigger than expected the turkish central bank today decided to lower its key interest rate by 4 and a quarter percentage points that takes the country's swapping rate of 4 by 24 percent down to 19.75 percent an interesting twist in turkey's monetary policy just over 2 weeks ago turkish president richard type add one fire to the central bank chief because he had refused to follow his demands for no rates well now his successor has complied but what does that mean for the status of turkey's central

bank is it independent or just a poor woman at once power play a question many investors are struggling with from brand new subway lines to the inauguration of a new bridge across the boss bruce and a gigantic mosque ratchet type everyone is keen to work with surprise always eager to praise turkey and its economic might. but the country has been experiencing a long term slowdown a major factor has been investors cared off by the country's worsening image on human rights the lira has been on a turbulent ride over the last few years. but everyone hasn't been slow to lay the blame and recently attacked the central bank for failing to lower interest rates. for use their nuclear. war. heard there was a person who was not conforming to instructions given on the subject of monetary policy this mother of all evil called interest rates hormone we believed saddam

person had to be changed. to cool most of. the banks governor who had repeatedly resisted such instructions was sacked earlier this month his replacements is considered a loyal heir to one supporter it's a move that has added to growing uncertainty on the financial markets. and also some of the other business stories making the news. facebook shares have been rising in extended trading after it announced forecasts beating 2nd quarter revenues of almost $17000000000.00 this is just hours after u.s. authorities hit the social network with a $5000000000.00 fine over its failure to protect you said data. and tesla has again pushed back to the end of this year its target for reaching profitability even musts company reported a 2nd quarter loss of $408000000.00 that was worse than expected an improvement on

the previous quarters loss of $700000000.00. it is hot here in europe germany is in the grip of an extreme heat wave and there's no rain in sight that's a problem for many farmers for them it's just another year of struggling with drought throughout the country families are expecting a bad grain harvest in the eastern state of brand just outside of berlin the situation is especially daya. it's hot and dry here in eastern brandenburg and it has been for weeks the farmers don't know harvesting as fast as they can before their crops are ruined they've been at it for more than 12 hours. we have to start early and workers long as possible into the evenings. thim of advanced stuff is a farmer and he isn't pleased this year like last year he estimates his right harvest will be far below average due to the long dry spell the smaller plans can't

even be used but. i think when the heads may be big but there wasn't enough water to form the roots there's nothing up there it's empty and that's the problem this year i assume that 30 to 40 percent of the heads are empty and it was like that last year too that makes it even worse when it's got a little thought. and it's the rye that survive the heat the best he says at the moment it looks even worse for wheat it hasn't affected every farmer but most. with the weather extremes sooner and stronger in brandenburg it may not be the case in other german states but when it comes to drought we're the 1st to feel the pinch. the farmers here have been struggling with extreme weather for years this used to be potato country today the tubers no longer grow in the dry sandy soil here more resistant strains might be the solution when all missing the wheat farmers have to

look outwards we have to adapt our past planting goals to the demands we have now and the climate conditions today that means we have to develop tolerance strains and that's the problem we face to counteract both floods and droughts. it's avoiding too few of us or. if you talk then doth doesn't want to complain the harvest hasn't been bad everywhere but if the weather in brandenburg continues to worsen we'll need more robust breeds that can adapt to climate change it seems the only way they'll be able to survive. china and malaysia have resumed construction on a multi-million dollar belgian road train project on the my lai peninsula the project was initially cancelled by the malaysian prime minister who pledged to renegotiate any unfair chinese mega projects that were approved by his predecessor now both sides agreed to proceed with the east coast rail link at reduced cost.

fanfare and fireworks in the northern malaysian state of terran gano government officials from both china and malaysia celebrate the continued construction on a rail project after a year long suspension of the endeavor part of beijing's far reaching one belt one route initiative was initially cancelled in 2018 by malaysian prime minister mahathir mohamad who felt that the project initial price tag was too high the chinese contractor agreed to cut the original cost by a 3rd. the newsgroup to be boosted immediately the confidence of the foreign investors in the markets of malaysia is especially the chinese in west. jury of the past the 3 months after that according to my observation. a great wave of chinese potential you west coming to malaysia the new rail link will connect malaysians

western coast to poor rural states in the east china's import export bank will be financing 85 percent of the projects almost $11000000000.00 cost. and a pro the samsung galaxy hold was recalled before it even reached consumers now the green technology company plans to launch its new foldable mobile phone in september samsung has finally gotten the glitches and it's a little screens under control of the company as revealed which markets will roll out of the fold of the smartphone show away is also developed a smartphone with a foldable screen and like samsung your way is planning its launch in september 2. busy months that's the business asia thanks for watching.

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