tv Business Deutsche Welle October 18, 2019 8:30am-8:45am CEST
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to make it possible for everyone or some people say i want everything. to be poor and die it allows individuals to discover their humanity they have to learn a new meaning for life and new things to do. the social revolution and hopefully we can move too slowly. and one step back for treats economic growth slows more than expected for the world's 2nd biggest economy china it's set to get one. and a transatlantic trade spat over a plane subsidies take as billions of dollars in u.s. tariffs he means you through specialty photos. and then fizzle and that's your business there are growing fears the world could slip into recession of the chinese
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economy grew at its slowest pace in nearly 3 decades in the 3rd quarter g.d.p. growth slowed by more than analysts expected to 6 percent year on year the trade war between the u.s. and china is a drag on the expansion the dollar also shows so factoring out sluggish demand at home for things like cars marketplaces and china's trading partners are looking to see what steps the government will take to stop the economy sliding. well let's talk about stimulus and growth in the world's 2nd biggest economy with cliff and he's been reporting on the chinese economy for years and was also based there could 6 percent think we hear 7.11.7 but 6 said that sounds like the data i mean we know these figures are a lot but tell me just how much worse could the situation actually be well it's interesting the thing about days in china is that you know the markets they they reckon that they're probably a bit on reliable but there can. this injury on reliable and i think that's how the
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markets are based but one study says china exaggerated g.d.p. by about 2 percentage points a year for the last 9 years yet nearly a 5th that means the economy is nearly a 5th smaller than we think but at the same time we can see that clearly there's been strong expansion there so i think people know that they're they're looking more i think of the general trend on the details of the days or sometimes i mean we don't know what's being bored what's being sold but. why take those numbers in the 1st place well the days are there really to create a narrative the communist party which runs china wants to create a picture of an expanding economy it needs to keep the support of the people which is central to its rule so a lot of it is based on that reason which means that some things just don't get reported i mean unemployment days is a big deal in germany say but in china you very rarely hear about unemployment figures because the figure has been the same for 15 years it's been the same bounce so you know this is basically by creating a narrative sounds like a book on a full a little bit you know what i want to get into that tell me about the trade war and
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its effects on these latest growth numbers well you know the analysts are a bit divided on this i think they think that the trade war is done it's actually domestic issues that are the real problem in china but i think it's definitely true that the trade war is having an effect now you know these things like shipments are down factory orders things that you know it's clearly having an effect on the economy so how much worse could it get because this great war could drag on for some time and it with us for some time yet this is it i need more talking about this narrative that they're creating even today the stuff off the sticks off as chief said the china is facing mounting downward pressure which is pretty negative so i think the i.m.f. warns that the trade war will cut global growth unless they find find a solution so it's very serious what's the loot the solution in the meantime as far stimulus goes because we know that the chinese state does move big on stimulus when and when there's growth figures start falling. what can we expect is well this is
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an interesting one because the question is now how much room they have to make stimulus because there's a lot of government debt around and they built all the roads and they built all the airports you know you're running out of projects to put the money into and they're running out of land around the cities to sell so there's a lot of the scope for stimulus isn't as big so now we're going to have to see what the what the party comes up with to stimulate growth has crossed current thank you very much for coming in. well it would also be quite useful to give the people of china a clear picture of exactly what sort of state the economy is in a migrant workers looking for a good deal would like to know if there is a good deal out there before relocating their lives in. this district of one joe in southern china is a migrant enclave you share my and her friend there are among china's estimated 280000000 migrant workers today the 2 are hoping to find work in one of the sweat
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shops. my checks the coat seems to judge how long it would take to finish one too long for her she'd prefer to try elsewhere. this business would pay her $80.00 watt and around one euro for each article of clothing that would amount to about 20 euros a day. a year ago she was able to earn twice as much as the seamstress. you wages that. it's hard to get commissions because far too many people are looking for work and that is pushing down wages the situation is much worse than last year there are too many job hunters the economy is not doing well a year ago things were much better for us it was. here like a. social have to continue to live off her savings. nearby there's a factory where the sewing machines are often unused for days at
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a time. that's been the case for months as the manager. of this year is bad really bad we haven't been working to capacity. last year we hired 30 workers this year we only have half as many. offices. fewer orders mean less work for the people here and that means they have less money to spend economists say that's one major reason for slowing growth in china but it's not the only one. it straight a lot ways to rest. the global economy is weakening whatever reasons he's in that put a very negative pressure on the economy. southeast of course won a major manufacturing hub but there's little sense of bustling activity here the banner offers factory space for rent across the way it's
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a recruitment agency the bus home says that factories in the tech sector that make mobile phones for instance are still hiring but other companies have left china altogether. some of the factories have moved to southeast asia especially shoe manufacturers. that are you know at the moment that's putting pressure on the local job market here. showing it as well to be edgy. and that means that you show my is likely to face months of uncertainty before she finds better paying work. one day off to britain and the european union came to a tentative brings that agreement the pound is down the half a percent that's after britain rise by up to 5 percent best as have doubts about prime minister bars to johnson's chances of getting the new deal signed if so britain would go for a harder break the than in the agreement reached under his feet as a threesome make the british parliament will discuss the new proposal on saturday.
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the united states has begun imposing 7 and a half $1000000000.00 worth of tariffs on the european union the world trade organization approved the putative measures for subsidies the e.u. gives us planes the u.s. originally went to the w t o back in 2000 for the g.'s effect a long list of products like wine cheese and ham the european commission has a list of counter tariffs it wants to impose on american goods as washington subsidizes both. financial correspondent all the ballots joins us now from frankfurt well what's this mean for the e.u. companies 1st of all. well it means that they will have higher costs when they export their wares to the united states they will have to slap the tariffs on to the price that they charge us customers for example air bus will have to slap the price onto an airplane that an airline in the united states wants to buy and then
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the airline has the choice of either passing it on to the customers and in the form of higher ticket prices or sucking it up and having pressure to slash costs elsewhere to make up for it if it doesn't want to make a loss and finally go bankrupt and it would be similar for other people affected winemakers or cheese makers who sell their wares in the united states they're the retailers ultimately would have to decide what to do so obviously the going to hit back. it's prepared to head back bruna lemaire he's the french found in this finance minister reiterated that just now he met with u.s. finest minister stephen minutia and he said the e.u. is prepared to hit back with counter measures and it's already known of course that it's not just the u.s. . pleading in front of the w t o an unfair subsidies for airbus but the e.u. is having a counter claim with the w t
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o unfair subsidies for boeing and that will be decided next year and it's known that he already has a full list of tariffs that it's ready to act on u.s. products imported to the e.u. so who's right who's wrong i mean subsidies right in the 1st place. i don't think it's a fundamental question of wrong or right you have to look at the company the situation i think in the beginning subsidies for airbus was right because the company wouldn't have started otherwise no one would have ventured that against the over dominating american competition remember boeing and back then there were other makers as well who divided the market up and among themselves but it was sensible for airbus to continue subsidies subsidies now wrong boeing and airbus highly competitive and subsidies setting sometimes the wrong signals like the development of the airbus a $380.00 which had to falter 1st in frankfurt. now let's take
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a close look at how those u.s. tariffs are affecting spain's famous all of industry which is already struggling with a sudden surge in competition from abroad. in and alysia they call it liquid gold but just recently olive oil has lost its luster the pharmacy produce it in southern spain is vast olive groves have been hit by a double whammy of tumbling prices and u.s. tariffs. growers are in danger we can't compete with the oils that are coming from abroad we can't compete with the new plantations . can't compete with the terror that mr trump is placing on us. that's choking us with our. puppet he got on with. his life pavlo evacuated other european exporters in asking why they've been dragged into a dispute about airplanes the us imports 320000 tons of european olive oil each
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year most of it pressed in spain. on enjoy imports into the united states are going to be taxed at 25 percent. that's going to have repercussions on the american market. because they'll start to buy oil from other countries that don't face such tariffs like morocco or tunisia. one spot or the olive oil is already worth less than it costs to produce friday's tariffs can only deliver a further squeeze. i think this is worth it. sitting
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the cold. the. conquest turned into tragedy this is not the kind of freedom that mean one. how did it become a gateway to islam a stir. an exclusive report from a destroyed city. in the sights of our guests starts october 24th on w. hello and welcome to news from the world of arts and culture is what's coming up for you today. one of the great lyric tennis around today simon appears will be popping in for a quick check. on the way of drowning in packaging illustrated only too well by photographer. latest project.
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but for us the biggest book fair and the world is on the way in germany's business capital frank office publishes journalists and creative people from around the world. king negotiating deals as we speak and one of the big talking points there and indeed in the literary world as a whole is not surprisingly new technology and its application and list refold is more on the subject stopping both in. the future human berlin is a newly opened center for questions of the future here we need to write. the indian born speculative fiction author from new york. and ann compton who lives in berlin and vienna they're both interested in the future of writing and fascinated by the new possibilities.
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