and they say to european idea. the market i'm here to stand up for european values and contribute to something important that she a. future of europe starts september 2nd on d w. to. the british pound is under pressure as westminster sets course for a no deal bricks at prime minister johnson's move to suspend parliament as markets guess whether there's still enough time to reach a deal with the e.u. . also coming up china gets ready to expand its social credit system on to foreign companies. but come to a business on one of the germans in berlin the tabby with us and it was yet another bad day for the british pound on wednesday british prime minister boris johnson

said he'll suspend parliament in the run up to his october 31st breaks a deadline a move that makes a no deal breaks it's an audio ever more likely. maybe it's a bluff but the consequences are already quite real boris johnson wants the e.u. to take a no deal breaker seriously forcing the bloc back to the negotiating table but with every lurch toward his october 31st deadline the pound has reacted its lead steadily against the dollar leading up to johnson's election as conservative party leader it fell after his meeting with german chancellor angela merkel failed to produce a breakthrough and then today a slide of more than one percent before recovering some losses. there have been fleeting gains here and there but at about a $1.22 the pound is muddling around lows last seen more than 2 years ago and it could get worse analysts polled by bloomberg predicted no deal bragg's it could dump the currency to a 34 year low of

a $1.10. driving those forecasts is a sheer lack of uncertainty over what a no deal would bring coming out of the e.u. of any sort of agreement it's a leap into the unknown it's going to stall to happen before so they would want some sort of formal agreement some sort of trade relationship to continue the current currency slide is already hitting businesses meanwhile including airlines like british airways which pay for their fuel in dollars as well as u.k. retailers who pay for their stock in dollars. and there are winners we currency favors x. porters and tourism to the u.k. could also rise if occasion is find the country more affordable a silver lining perhaps to unpredictable times. the more i'm joined by barry head of market analysis to manage europe he joins us in london good to have you with us you probably heard our reports was the end just cited some possible upsides to a week at palin for example tourism do you share that optimism. i don't find the

argument particularly persuasive frankly if you look at the u.k.'s current account balance as a percentage of g.d.p. so solidly in the negative effect it's barely improved since the referendum so even though you could argue that certain industries have received narrow benefits from the we compound on the whole the cost of the economy have significantly outweighed the benefits and you can see that in the price of sterling it's trading you know approximately 20 percent weaker against the euro compared to 2015 is high as it is 20 percent for all in the attractiveness of all u.k. assets for international investors and you can also see that investment in the u.k. is contracted significantly over the past year all right so the power went but also the economy is certainly taking a beating since the 2016 e.u. referendum and the palace certainly has been hovering around one euro 10 for quite a while now and even recovered off very quickly after yesterday's dip how much pressure can the currency take

are you still with us. i am still with you high ok ok i don't think we'll see a currency crisis of. of the sort that we've seen in argentina or turkey for example because the u.k. still is functioning institutions but if we see a no deal breakers that our estimate is that we'll see a further 6 percent fall in the value of sterling. when do you think a sell off or some sort of panic could set in. well at the moment we already see a huge amount of risk in the price of the sterling and that's why the suspension of parliament hasn't really moved the pound that much it's already in the price i think the 2 next key sticks to see further still and weakness off earth firstly a failure and palm that's if it's to oppose no deal and that could happen as early as next week and secondly and more importantly a breakdown in talks with the e.u. now what i find interesting is that until merkel and mccrone and the other e.u. leaders are not ignorant of what's happening in the u.k.

if they believe that boris johnson's attempts at renegotiation are in fact just a negotiating ploy to make it harder for his domestic conservative opponents to oppose him they'll cut things off so we could see a breakdown in talks a lot quicker than perhaps many expect. rancor berridge the head of market analysis at monica thank you so much for sharing your insights with us. china gets ready to launch a new system for ranking businesses both foreign and domestic companies will be required to install surveillance cameras in their premises and share the data with the government they will also be rated on their tax record and compliance a system that has many firms but. a traffic light with facial recognition cross on red face a public shaming and loose social credit points in some chinese cities it's already a reality even those who sort their trash incorrectly have to reckon with point

deductions in some places as well as the penalties for low scores like losing the right to ride the fast train the point system is scheduled for full implementation across china by the end of 2020 and it will also affect businesses. the new system will monitor whether businesses it here to customs regulations pay taxes pay off loans or follow environmental regulations those who flout the rules face point deductions experts warned that firms with bad scores could be hit with sanctions or even lose their licenses. it's a completely new system unique around the world everything relating to the company exists in a single system which produces a single score we fundamentally support this system it's a positive thing to clean up things in china but there are uncertainties and one of them is that it's difficult to see how the scores calculated. it's

a system that still remains opaque to most businesses according to the german chamber of commerce 7 out of 10 german firms don't know what the new social credit system will mean for them. well let's try and shed some light on this i'm joined now by professor steve sung he is director of the seles china institute at the university of london he joins us in nottingham today good to have you with us so there are a lot of questions mark about this credit system we just heard in this report what is beijing really looking acts with evaluating businesses well what beijing is looking at stuart she used to make sure that all the foreign companies operating in china with these challenge a high degree of culprits social responsibility which is also in what could follow me political responsibility towards the chinese government so what is beijing willing to do to companies that don't score well enough. well companies that

score negatively in terms of the social credit will be punished they will perhaps have access to markets being reduced access to resources being restricted or access to government being restricted and other regulation being enforced much more stringently we are dealing with a government which does not hesitate to punish foreign companies in order to make sure they told the political line that the chinese government imposes and how transparent will this system be will companies always know what hits them. well in general terms yes because basically it means doing right by chinese customers and by the chinese government it means not quoting any red night

the chinese government has laid down now the problem here really is that when it is been looked at from the perspective of the companies even though it general principle are clear it is very very difficult to know exactly what those principle will mean at any particular tom we already have examples of western and an article and hotels referring to taiwan as a territory and not as taiwan and china and they are being punished that kind of things can happen and companies can point to that trouble easily all right so companies are already having dealings with china already have to sort of adhere to chinese rules but could this credit system now perhaps be just this one step too far for companies to at least extend further in china. well probably not in the short term i think companies will operate primarily with the bottom light in mind and the interest is all for the shareholders in mind so

they are already accepting all kinds of restrictions imposed by the chinese government even before all these little credit system is being introduced and they will continue to do so and unless and until it becomes really not profitable or liable for dems to do so right professor steve sang their director of the so us china institute at the university of london thank you so much for your time work. people in argentina have protested to the country's west in an economic crisis during what they called a national working day of struggle and when as irish hundreds of demonstrators cut off the capital's main transit artery voicing their anger over galloping prices and the devaluation of the paizo the overall economic turn for the worse also means that one particular aspect of argentina's national identity has come under threat.

argentina is well known for its beef one of its leading exports but prices are increasing and many argentineans can barely afford steak and cattle farmers have to contend with a sharp drop in the pesos value. that most of us who have a dollar rose by 20 percent more or less with meat rising by 18 percent but we can't raise prices for the customers by more than 10 percent so that's when you notice there's an economic problem that it would only make going to go for many argentinians eating beef is a birthright not a luxury but the countries in the midst of a recession the weakening peso is making life difficult for those with low incomes well more struggle more going to eat much less beef because unfortunately we can't afford it and we've got to get used to that. there's speculation the peso will continue to weaken and some shops will raise prices others will keep prices steady to survive but let's hope they don't go up too much. cattle farmers hope that the

currency crisis is only temporary and are putting off the sale of their cattle to slaughterhouses as long as possible now that reduction in supply is pushing prices higher. and that is it for me and the business team here in berlin of course for more business news on features just check out w dot com slash business or follow us on social media and want to give jones thanks for keeping us company of a successful day.

where i come from we have to fight for a free press i was born and raised in a military dictatorship with just one to the shadow and a few newspapers one official information as a journalist i have worked on the strength of many candidates and their problems are always the same fortune the social inequality a lack of the freedom of the press. coverage we can afford to stay silent when it comes to the fans of the humans on seeing them why the phones of all have inside

put their trust in us. my name is johnny carson and i work. hello welcome to news from the world of arts and culture coming up in the next 15 minutes we'll be showing you and talking about this year's winners of one of germany's top cultural prizes that go to a medal. and in our continuing series meet the germans rachael is going to tell us all about small talk just this. if you know what i mean then small talk is really. we begin with the go to medal which is an annual award given by

germany's international cultural organization the institute there are 3 prizes and they often own germans who have contributed to the cultural landscape of this country they're always awarded on good as birthday august the 28th environment and i'll be talking about this year's winners with my colleague melissa holroyd but 1st this report about one of them the turkish writer though i. find i'm in. the train arrives it's gotten train station which i'm already over the age of 40 hartenstein excited i know from the footnote in our history books. was murdered in cold blood by an armenian on a peninsula.