canine american hero. up next here on day to be as they with they don't do business with more world news of the top of the hour with. this of can i have to read. a little of the book for over a mention on the force and some of the most recent article about. the bottom of the valley at the nasa dragons as well as called the 3 year. degree books on. blank will be our fighters want to start families to become farmers or engineers every one of them has a plan of where you should. send the thing is just that the children who have

already been there all in and those that will follow are part of a new process. they could be the future of collaboration. granting opportunities global news that matters d. w. made for mines. europe's biggest luxury group puts a ring on it even hon parent company l.v. m.p.h. buys american icon tiffany for a chunk of cash so is it a match made in heaven or take a look. also on the show a new debt relief log gives millions of south african some much needed breathing room but could it also drive them into the arms of loan sharks. this is your deed of your business report i'm stephen beers in berlin thanks for watching. french

luxury goods giant l v m h is that's a purchase u.s. jeweler tiffany and let's call the acquisition a win for both companies tiffany has been trailing rivals in sales growth in recent years and l.v. and h. hopes the deal will boost its presence in the united states. has owned by france's richest man bernard know as fashion division includes prestigious brands such as lou of its hon chris young's your and kenzo well garri and have hoyer are among the biggest names in this watch and jory segment. is also represented wines and spirits but won't buy a moet and chandon and it's also active in the hotel business the 14700000000 euro deal will be l.v. and his biggest acquisition to date a luxury brand as american is skyscrapers now to be taken over by l b m h a luxury group so european that most people have trouble pronouncing its full name u.s. jeweler tiffany is one of america's few luxury brands it's

a bit old fashion and is looking to gain some credibility with a new generation of customers paris based l d and h. believes it is just the owner to manage the transformation it owns a portfolio of 75 fashion houses and upmarket brands it tightly controlled the image and distribution of a range of products to keep them profitable and aspirational. l.v. and h. had revenues of nearly $48000000000.00 euros last year most of it from it's their own fashion division with brands like louis v. total and the your its luxury department store holdings are nearly as big tiffany will fit into its watches and jewelry division currently one of its smaller units. they may continue to grow organically i mean developing the brand gets. trotted see our new way to keep on growing is of course to acquire new companies and

significant company. the mh says acquiring tiffany will transform its jewelry business and strengthen its presence in the united states as luxury shoppers in asia are hit by the global slowdown. and for more on this let's go now to our financial correspondent in new york yen scored a yens a 182 year history as a luxury brand so what does tiffany get out of this deal. well what tiffany is hoping to achieve to actually hit the market also with a younger clientele and as you mentioned it's 182 years old i mean the stores are not that old but still and some of their revenues need some refurbishing so then actually does cost some money and wall street is impatient so was being bought out by. here that means they get some time to actually get the new strategy going result having to publish quarterly

results and then getting the share price under pressure and also recently they had a little bit of a growth issue abroad and also in the united states and now with the expertise of the french company they're hoping to get back to better times. 14.7000000000 euros this is their biggest ever acquisition so what is the company hope to gain from the takeover itself. overall the luxury market is red hot and that is also true for a jury and that's one area where the french company did not have such a great expertise besides some investments in. other companies but was tiffany's there will really enter seriously the market for luxury jewelry and we've seen that the stock price of tiffany's was up by

a good 6 percent here in the monday session and also the reaction on the french side was positive at least for now. or a quarter or luxury goods expert in new york thank you. london has refused a new license for over it's a major blow to the rogering platform regulators in the system is based on safety concerns has been accused of putting passengers at risk with uninsured drivers but it's faced other opposition including from drivers of london's iconic taxis free biz 3 and a half 1000000 uses in london this decision has been a long time coming the refusal to give a new license to the right hailing company follows 2 years of argument between and regulate is now transport for london says enough is enough. the city's mass as has been failing to protect its customers. there are at least 14000 journeys where

somebody's using a house though the person driving them was one person but if i was being somebody else they have also been examples where drivers who've had their license suspended or dismissed have been allowed to continue to be a new driver these are serious failings he rejects the claim it's unsafe saying it's vetted every one of its $50000.00 drivers in london drivers like ilia he fears the loss of his main source of income. will be very bad but. for me for all all of us what i was. probably aware of. or sold a car that goes. a little bit. masted econ says dr is should reserve their anger through brit self for failing to improve its systems the news comes as a boost to london's famous black cabbies who potentially see a major competitor driven off the road and asked for other londoners. get rid of

you got something else is going to change their stance anyway i said that it's not the issue of the draw the rush to the bottom and over to help anyone really work through. the physical. i think it's a shame i mean everyone i know uses day. has $21.00 days to appeal against the decision something it says it will definitely do. over to africa now where personal debt is crushing south africa it's a new law the national credit amendment is meant to ease their plight by offering write offs but banks have opposed the measure saying they'll be forced to cut back on living for low income borrowers and that that in turn could drive credit seekers to less scrupulous alternatives. private lending in soweto is dominated by a network of illegal loan sharks known as mash and he says they challenge interest

rates as high as 50 percent. mother mcgeady suffers from a chronic lung disease and urgently needs money to see a doctor. the 42 year old racked up substantial credit card debts and then lost her job so. now whenever she needs extra cash she has to come here. having to go into this is like pulling my leg 1st we know it's illegal but. we don't have a choice and things don't always work out do we went in to. make sure they need to do the different. most mashonee says are not evil criminals preying on the vulnerable they often live on the same street as their customers and provide easy access to credit when cash is needed without the lengthy application process required by formal lenders. sisters emma and palacio economic our business partners who usually of 1st small loans ranging from 10 to 100 euros you know.

they say lending money is a risky business. sometimes calls for tough action if the loan is not paid back. then you take the t.v. something that will. be made into them and that will believe them and big that they will. then if you still the money is not. in you then i so whatever i took to recover my. their business may see more clients in future now that the controversial national credit amendment bill has been signed into law it will provide debt relief to those on a low income. but managing director of the south african banking association koski vaadia believes the bill will do anything but bring relief he fears it could cost banks up to a $1000000000.00 euros and ultimately did not see the poor access to formal credit

channels. either expunged obviously very the cost of the banks and the banks pay that and that's what brings a risk into the system that is what brings uncertainty into the system as a result of that bank for contract. in that particular market so that the brand is a truly borne by the little income borrowers more than anyone else. credit institutes have already announced that they will toughen credit regulations for the income customers. however while the legislation may push many into the arms of mush and he says moderately good he hopes it will be implemented soon. so with of being in case. it can be such a relief but we shouldn't be too quick to state for the pings. it is tough

really tough for most of. the national credit amendment bill is set to be fully effective by january 2021 which gives banks plenty of time to negotiate with the government and potentially make it palatable. and that's it for me and the business team going to course find out more about these and other business stories online check out dot com slash business and also look us up on facebook and twitter i'm stephen beard zimbra one thinks washington.

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