the expectations are definitely there. so for family it's not very much because he never seems. to turn. 2020 has reached the trading floor with asian markets torn between optimism over u.s. china trade and geopolitical worries also coming up croatia assumes the rotating e.u. council presidency but when will the emus newest member join the euro we talked to creationist finance minister and we'll talk to american officer jeremy rifkin who argues the u.s. needs to massively overhaul its economy to become greener. i want to get jones in

berlin welcome to the business good to have you with us asian markets started the year on a positive note both shanghai and hong kong gained more than a percent on the 1st day of trading in 2020 across the index in south korea literally began 2020 with a file work but gave up early game soon markets seem to be torn between optimism over an upcoming u.s. china trade deal and worries about moving geopolitical troubles including recent threats from north korea. i want to bring in our market correspondent in frankfurt only bad so it's good to see you back in 2020 tell me give it back fire works in europe today as well. i think that would be a little bit too optimistic the fireworks you saw that in 2019 when the dax here advanced by about 25 percent and you saw records on wall street and i think

there's a bit of trepidation going into this year irregardless of what happens to today in the 1st day of trading for the markets whether that can be repeated in any way people really don't think that that can be repeated $1.00 to $1.00 another 25 percent another series of record highs after record highs in the united states and good markets in asia but i think there's reason to be optimistic on the one side with trade deals coming up as you say but also worries on the other side because the problems bugging the markets and causing slow slower growth in the world economy will continue probably till near the end of 2020 the trade dispute all the way up to the u.s. election and bracks at the end of the year perhaps but of course of course apart from politics there's another topic probably moving markets this year more than before and that's climate. that's right everybody wants to become green it's a good thing some people like german business men here are warning already energy

costs in germany for example are twice as high as elsewhere hurting competitiveness but you're seeing so many influential voices coming in as advocates for green finance no less than the new e.c.b. president christine lagarde who when she took over said that the e.c.b. had to become more green and consider that in its forecasts mark carney the outgoing back of england governor taking on a climate advocate role at the un that in the statement itself a high public official like this in such a visible role advocating for climate at the united nations what about if i could thank you so much and catch up with you later again. yes. gratian media calls it knows to defeat the most difficult test of the country's maturity sense and dependence croatia the youngest member of the european union has just assumed to the 6 month rotating presidency of the council has yet to adopt to the euro it will

tell the country's tourism and business but not everyone sings croatia's economy is ready to join the common currency. for the croatians the treasured national currency is more than just a means of payment it's a symbol of their national independence croatian see the stable and reliable even though it's an e.u. member croatia has been reluctant to join the european common currency the euro. the euro is better for us but we love our kuna that's our national currency. misunderstood and we're not ready to bring in the euro we're too economically weak maybe in a couple of years time pictures god and i'll suddenly. hear invoke of our in the north east of the country you can still see relics of the civil war against the serbs more than 30 years ago the region remains an economic underperformer. the factory once employed 16000 people today there are just 600 left. the company has

lost money for years and relies on the state for support. it's hard to find younger workers because low wages have driven many young people abroad the shoes the factory makes are mostly sold in croatia management would like to boost exports to the euro zone so docked in the currency would be a big help. we would welcome the introduction of the euro it would bring us closer to the customer and facilitate our export market is was. introducing the euro has not worked on till now because large sections of the population remain skeptical about the common currency many croats are worried about lower wages and rising prices. i think everything will get more expensive the euro will inflate prices over $20000000.00 tourists visit croatia every year and it's they who bear the brunt of the costs of the coup every time they use an a.t.m. they have to pay charges and also have to pay commissions every time they change

money even though they are required to join the euro at some point politicians are taking a less than enthusiastic approach to introducing the currency. because it is the introduction of the euro is still at a development phase and it's an ongoing process i hope it won't take too much time . and think it could happen as. croatia fulfilled a strict e.u. criteria for the introduction of the euro some time ago croatia therefore could be in a position to make initial steps towards the euro in the current year. all precious finance minister. believes croatia could join the european single currency by 2024 years ago not as caught up with him in brussels to find out more minister you are hoping to meet the criteria to adopt the euro as early as 2024 where do you see the biggest challenges we strongly. believed that we would say ready for this process

we know that this is not going to happen overnight so there are a lot of steps in between creation made significant and i would say tremendous progress particularly its fiscal policy in last few years so we consolidated our bubble finances our public that is going down we exited excessive deficit procedure we are no longer country with excessive macroeconomic imbalances a lot of lot of good performance which gave us the reason i would say to initiate this process we as economy as a country we are the smallest no new role and country but at the same time most european economy so when you when you calculate all the potential benefits and potential threats or course there is always a positive balance so we expect additional benefits from the your adoption now you've just started your 1st ever e.u. presidency retaining chairmanship what's top on your agenda. we just started as you pointed out for the 1st time for us we are youngest member state of european

union but with nice wishes to all cities of european union all wishing them all the best into any 20 my message 1st and foremost is that they are in a safe hands despite the fact that the youngest member state so we will be leading the presidency we prepared a lot and we are ready on the various councils but all in all there are 4 key priorities that we set for our presidency the 1st one is europe that grows europe that protects europe that connects and also europe that is the global player of course we will put on the top of the global picture also very important a view on our neighborhood particularly creation's neighborhood you know that there are a lot of countries that are also very much willing to see and to seek for their european union perspective there's also a number of challenges there is of course there is the negotiations about the long term budget how concerned are you about big. used but should particularly regarding

the youngest member states including yourself we this is also 1st time for us to participate in a negotiation on a new financial perspective because in the earlier stages when we see that european union the perspective was already brought so we have a great responsibility to do what is what is necessary and to adopt a very important document for a 7 year horizon but cuts in the budget you'd like to avoid well whenever there are cuts me myself as a finance minister usually the i'm the one when we operate the proposing home budget of course i'm always the one to explain why this cuts or whatever saving measures are needed in respect to the european union budget and e.u. budget or perspective for 7 years of course we all know that there are always certain limits and i'm sure that we will find adequate balance between these priorities and also limited sources that we are we have one in our hands thanks

very much mr march and all the best for the new year thank you very much you too and. one of the biggest strengths will be following this year is how climate change is affecting the boardroom and economic policy one of the most business climate change strategies was presented by us presidential hopeful elizabeth warren and it promises to be as much about the economy as ecology the plan would mobilize nearly 11 trillion dollars in public and private funds that's a huge injection and energy infrastructure would supposedly generate over $10000000.00 new jobs and the payoff would be a national power grid that is totally emissions free within 15 years the scheme is just the latest expression of the green new deal in america our reporter all of us dollars in washington met up with one of its strongest proponents economic theorist jeremy rifkin who says markets are already beginning to drive change i think what people don't understand is entire civilizations made out of fossil fuels are fertilizers and pesticides are construction material. those are synthetic fiber are packaging. food additives and preservatives are power transport are heat are like

everything so what's happened now or ever is that we are now in a pivotal turning point for this fossil fuel based industrial civilization we have now spewed so much carbon dioxide into the atmosphere to maintain this industrial way of life that we are now finding ourselves and we'll time climate change frigid winter of 70 below 0 and blockbuster winter snows massive flooding across our land masses in the spring summer droughts and wildfires on every continent hurricanes and typhoons across the entire autumn every year around the world are scientists are now telling us we are in the 6th extinction of life on earth so you are essentially describing a situation where the change will come from the economy rather than from politics is that right in which role will the markets play this year the level lies cost of

solar and wind has just plunged below natural gas and way below nuclear and coal so what's happened is we're seeing trillions of dollars of fossil fuel assets all the pipelines that will never be used all of the exploration rights that have been paid for by the old industry which will never amortize out all of the fossil fuels in the ground which we never taken up because they're more expensive so what we're seeing here is a massive collapse of the fossil fuel civilization because the market is speaking. i was generally rifkind speaking to all of us solid and that's her business update at this hour for me the team thanks for watching.

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something to. shift special this time developing and testing our 2. camera drones. the e.u. financed multi drone project is ready for takeoff near the spanish city of seville will these 3 drones accomplish their mission completely unaided. will this 3 year project have a successful outcome. on. each of the drones developed for this project has a precisely defined flight path. the camera movements to work program defense.

the drones are designed to work fully autonomous lee. you can fly drones. and the drones exactly what for example we have a big sporting event in case we have more than one drone they have. it is really cold to rip. precisely so it is necessary. so we can repeat. look back a few weeks when project partners from industry research in the media met at a country estate in northern germany. scientists and specialists from 8 european countries collaborated on the project now for the 1st time the system is to be tested in simular.