flames that consumed forests and entire residential areas. rising temperatures water shortages lens clearance there's an abundance of flammable material once again you. know stronger than the fires. he's only going up in smoke. movie called generation the world on fire starts august 12th g.w. . the world trade organization is on the hunt for a new leader who will be in the hot seat from september to speak to one of the 8 candidates hoping to be out with the reality is helm. friend called make a p.s.a. has remained in the black joining the pandemic but its profits have taken a hit. on the 1st verdict sirin only malaysian prime minister najib

razak is found guilty over the plundering of the one n.d.p. state development fund. this is due to be business on robots in berlin it's great to have you with us one month from now as of 8 or will step down as director general of the world trade organization 8 candidates are in the race to succeed him and we'll hear from one of them shortly whoever wins will have plenty on their plate as they take charge of an organization many say is losing its global relevance. it's known as the getting to know you phase. it candidates are trying to convince the more than 160 member nations of the w t o that they are the one to steer the global trade body forward. they can use a mean mohammed as a frontrunner along with and goes the o'con joey whaler a former nigerian finance minister both are looking to make history twice over the

w t o has never been led by a woman or by an african. mexico's seattle is the only candidate from the americas have he has extensive experience as a trade negotiator you see your friends have been the other candidates are egypt's hammy mamdouh south korea as you myung hee mulled over the shooter early enough ski . britons liam fox and finally saudi arabia's mohammed al to a jury. whoever takes the hot seat will certainly have a big job on their hands. the 1st item on the agenda will be serving the organization's crucial dispute resolution system it has been paralyzed ever since the us blocked the appointment of new judges to its decision making court. the bigger picture will be adapting to the changing face of global trade. to china u.s.

trade conflict as shine a light on u.s. grievances over how the w t o deals with china. the u.s. says the organization's rules for dealing with economy such as china's are out of date that's a view shared by both the e.u. and japan. now we can speak now to one of the candidates to be the next director general of the day when you take his or say our day joins in the studio mexico's nominee i suppose. that always here at the moment isn't in the healthiest of states it's been over sidelined in the u.s. china trade war its settlements body is impotent at the moment is the organization you helped set up 30 years ago unfit for the modern world with it certainly in a serious state of these repat as use crisis coming from different sides the most fundamental long term and the most. immediate. the main

source of this crisis that is the fact that the will of the heart of the international the multilateral trading system was always negotiations you always had negotiations they could indicate doubt to deal with the issues as they come to see is the creation of the youth you was the crowning jewel of a long process is the 2nd world war i see is the creation of the loot you there had been essentially no negotiations so in the agreements that we created i was part of it there is no mention of electronic trade china was not part of the there has been a fundamental change of what you create how you traded all the shoes that we face now are not. set by those agreements you mentioned digital trade the deal trade is one why has that the way it's been slow to catch up with the movement of data across borders as well as i guess well as i said there have been no negotiations no

serious negotiations the main result in the creation of or did you. oh was that the state of the world the phrase been said basically by tool to the major develop ours european economy community says you'd lost united states japan kind of that all of a sudden you have a lot of countries deeply engaged and that makes this issue and make it much more harder so there was a big round of negotiations proposed doha round but it never reached results so it has been difficult to do the things that had to be done so just attorney craig now we are making progress but have to push on so why are you the person to make these changes why don't we have for example 1st african t.j. this time around for our 1st woman leading the world what i think it is very very very attractive to have. that the generals from different regions at some point in time i mean look at the current director general is also from the to the left

course of course but not theirs now is that they don't you do see the serious crisis in this of the substance of the of the agreements the dispute settlement system is on the floor the call the crisis came to create full details international trade you need a forceful tends to lead this is them out you need a leader with the political. level that has been proven negotiator at the highest level who can talk to the chief negotiator of major parties and say hey let's get serious let's work you need that person i did this see you also you need depth in the agreements because you know what they say you have to know but they say you have to know what the ticket balances if you're going to get into discussion with a top european union it was year 8 or in the chinese in the americas if you're not part of the substance of what it says in 10 seconds you will be sidelined so you need experience as

a top negotiator and you need to get in the trade issues right and i have all the any election coming up we just had their election pits. the white house they'll be someone new in it next year. in terms of the do we know who it is it's you want to say. as you may know let me mention i just finished the negotiation of the most complex trade agreement around the world who is the new nafta the united states mexico kind of that agreement that i was achieving which he took off in getting to that i had to work and i had the pleasure to work the pleased with the current moment in the united states a republican government i must like i said with every thought negotiated i have worked with him very well but also we did that mcgrath's the democrats were extremely interested and i worked intensely with them and also with the predecessor you know you not rushing to say one side or the other here to the republicans or

the democrats that you say well i'm saying that both of them have serious misgivings with the yukio there's a common consensus in the united states that the problems with go to your these vision columns from the time when the obama was there and we continue whoever is president so we need to engage with them one way or the old style a different but the problem is this thank you so much fear time has your say our day good luck with your campaign thank you very much this is day to be a business thank you very much for joining us just hearing from one of the candidates for the direction generalship of the world trade organization now some of the other business stories making its. here in central bank has banks not to pay dividends all bonuses until january 2021 extends a previous call to withhold such payments until october of this year e.c.v. says it was necessary to ensure banks can absorb losses and supports lending to the

real economy. nissen's forecast net losses of $6400000000.00 u.s. dollars for the fiscal year revenues were down 50 percent year on year off the back of the global economic disruption the japanese carmaker will forego its dividend payouts until 2021. now french car making great p.s.a. is managed to stay in the black despite the coronavirus pandemic the pleasure and citron producer has paid the profits of almost $600000000.00 euros for the 1st half of the year even though it was forced a temporary halt production p.s.a. is hoping a major merger with italian american competitor fit chrysler will base profits if it's approved. on paper it could be a dream birger if the e.u. commission gives it the green light. chrysler as access to the larger american market and opens parent company. is a leader in electric car development under the new brand name still enters they

would be a force to be reckoned with in europe's competitive car industry at least that's the plan. p.s.a. and ffion chrysler had a combined turnover of around $170000000000.00 euros last year together they employ more than 400000 people and sell nearly $9000000.00 cars annually. the merger would make p.s.a. and feel chrysler the 4th largest car manufacturer worldwide but the commissioners voiced concerns recently and now wants to really evaluate the planned merger after all the merger could severely reduce market competition especially for delivery vehicles and the coronavirus crisis isn't helping the situation either. sold around 45 percent fewer cars in the 1st half of the year and their future partner fiar chrysler is also coping with a slump in sales both companies are no hoping that the e.u. commission won't put the brakes on the deal. next the former prime minister of

malaysia has been found guilty of corruption in the 1st of several trials linked to the looting of billions of dollars from the one m.t.v. state develop and. the court in kuala lumpur found former prime minister najib razak guilty on all 7 charges during his time in the government billions of bringeth disappeared from state investment fund one m d b prosecutors allege some 700000000 dollars landed in his private account and were used to buy luxury watches and diamond necklaces to fund one malaysia development or one m d b was founded to finance infrastructure projects including in the energy sector but in 2015 evidence of money laundering and theft emerged in 2018 government was ousted and the judicial proceedings began.

goldman sachs is also deeply embroiled in a vast financial scandal having helped set up the one m. d. b. last week the investment bank agreed to a $3900000000.00 settlement with the malaysian government regarding allegations of wrongdoing against its employees najib razak will be sentenced at a later date with each of the charges carrying a potentially lengthy prison sentence he faces 4 more trials linked to the scandal though the former leader has maintained his innocence and he said he will appeal today's verdict.

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