you know the u.s. presidential election in 90 day you're watching d.w. news from berlin stephen beardsley is up next with the the business news to be right back. for facebook and twitter up to date and in touch. like. my gorgeous mom was food for the russian so. steep. so many different walks of life. some are. honestly trying to put all

of this comes straight from the heart to its former c.e.o. even when there's no money dilution the march will in trucks how much. from the 1st of the last to their final resting place the russians d.w. documentary. argentina says it's reached an initial agreement with its jilted creditors couldn't deal helped pull the country out of a crippling 2 year recession. investors are going to goggle for gold precious metal hits an all time high look at what's behind the surge. also on the show child labor has risen among cocoa farmers in west africa and recent years can chocolate producers do more to stop the practice. hello and

welcome i'm stephen beardsley in berlin it's good to have you with us it's been a difficult 2 years for argentina which has endured a crippling recession worsened through the ongoing pandemic in may the government was unable to make a loan payment putting it in default for the night time in its history now whereas arias says it has reached an agreement with creditors which could help avert a more serious crisis in the months ahead. the coronavirus pandemic has pushed argentina's already struggling economy to the brink the country is in recession over a 3rd of the population lives in poverty since the outbreak the queues outside soup kitchens have become longer. we were using what little we had to buy food sometimes my son who worked as a painter brought us some money but now he doesn't have a job either we have no income so we are using his and my savings to eat. argentina's economy is contracting while its national debt burden has been growing

according to the government in point of cyrus the interest alone drains 20 percent of state revenue it's simply calm pay such sums especially now during the pandemic but the cash strapped nation could soon be afforded some breathing room to deal with creditors would amount to significant debt relief the economy ministry says under the deal investors would swap bonds that argentina defaulted on for new securities the new bonds reportedly could be worth around $0.55 on the dollar meaning big losses for many investors. in exchange anjan teen agree to move up some payments and strengthen rights for bond holders in case it has to restructure the debt again in the future the settlement is still pending a vote by creditors but there's already optimism the country's president tweeted we resolved an impossible debt in the worst economic crisis that can be remembered found in the middle of the pandemic we have now cleared the horizon the stakes are

high if a deal fails to secure approval creditors could leave empty handed anjan teena might be cut off from the international debt markets for years and that could make every day life even more difficult for anjan tines. all right joining me now is lisa chanel or an economists and analysts for the latin america region for standard and poor's lisa thank you for joining us $0.55 on the dollar that doesn't sound like a whole lot why have creditors accepted this deal well it's really sort of want to think of the need for a you had a series of negotiations in the fischel offer in april. and while it may seem low for creditors it seems high for the government there's been disagreement on if there is a debt solvency issue with the burden too high versus just a liquidity issue it's the payment flow. but bottom line is also the case that creditors have not been paid since april 22nd we have downgraded bonds to 12 in

total since that time. what does this deal mean for normal argentines who may not understand the intricacies of these payments missed payments etc. yeah and your piece highlighted the poverty issue the fact that the country's been in recession actually but this will be the 3rd year of a significant contraction of almost 10 percent 9 percent here it lets the country move forward to kind of stabilize relationship with creditors tackle a program with the i.m.f. or reprofiling their focus on the next is that growth. bring in prior rates of growth from a structural point of view bringing down inflation trying to entice more private investment investment is extremely low in argentina 15 percent of g.d.p. for example that growth low inflation will improve the lives of arjun times

at least i know that argentina was already facing many problems before the pandemic but will should we expect to see more governments facing similar issues sovereign default issues because of the pandemic yeah i mean the pen demick exacerbated the growth hit in argentina but argentina was already in a path abhi getting with defaults last year the pandemic actually has pushed ecuador to a restructuring which actually advanced also this week the whole oil price hit in the coal that hit to ecuador and so i think it's certainly we take a number of rating actions it certainly put it in norfolk in stress and other sovereigns downgrade and some defaults are right lisa schneller with standard imports thank you very much thank you. and now to some of the other business stories making headlines around the world. jim farley will be the new c.e.o. of ford motor company effective october 1st jim packet is set to retire after 3

years at the will of the american auto maker the change up at ford comes as the company's looking to update its aging model line with a new line of the heckles including electric and autonomous vehicles. the e.u. is launching an investigation into google's proposed takeover of u.s. firm fitbit and that's due to the amount of personal data the wearable devices can collect about the use or the european commission worries data could be used to entrench google's position and personalized advertising. well gold continued its surge in value briefly touching an all time record of more than $2000.00 an ounce before retreating slightly. in prices rising more than 30 percent this year driven in part by lower bond yields and a rush by investors into so-called safe haven investments in time of in times rather of economic uncertainty. and let's get some more insight on this from our financial correspondent in new

york yes quarter yen what really is behind gold's rise here. it's an in credible run and when it one of the main factors are interest rates globally you're basically on historic lows so it doesn't really matter that much in this environment that gold doesn't pay any dividend but also has the lower interest rates was all the money that the central banks world went up pumping into the market there was this fear of inflation and then on top of it we have some dismal economic growth specially now in times of pandemic and then also the dollar is dropping for the past couple of weeks and that's also what we see quite often in the lower dollar meaning higher prices for gold and also some commodities. briefly should we expect this to continue. well at least it's not impossible bank

of america for example saying we might even touch $2500.00 amounts for sure nobody really knows a lot depends on what's going to happen with interest rates and also a global economic recovery all right with the latest from new york thank you very much. and switching gears the united nations announcing tuesday that all $187.00 member states have now signed a global treaty against child labor however the practice is still rampant in parts of the world including among cocoa farmers in west africa a chocolate producers have vowed to curb child labor in recent years but they failed seeing an increase instead as you'll see in our next report cracking down is complicated. a village in southern i free cased a special division of the police forces out looking for children working in the kickout plantations instead of going to school. child labor is commonplace here and it doesn't take the police known to find someone. to love them. enough to live with

that they we're taking the girl with us. and we're taking her mother too she can prove that her child should be in 2nd grade and that she went to school last year at least. and i. embarrassed the mother tries to explain. i was we simply haven't been able to afford the school feast this year and we wouldn't. count farming is no easy 96 hours north we encounter a similar situation. rafael was able to sell one ton of cash cow for just over 1200 euros and that's all he and his wife and their 6 children have to live on for 12 months. i don't want my children to follow in my footsteps we farmers barely earn anything i've told them they have to

do better so that they can look after us one day. and indeed these farmers would have to earn twice what they do to cover their basic living costs one reason why their children have to help out on the plantations even though the cocoa sector agreed to cut child labor by 70 percent to ensure local kids get an education. or. children can't go to school because there isn't one however the children of the managers can the profits from cocoa allow them to attend school in the u.s. or canada. the big winners in the cocoa business of the chocolate companies meanwhile the farmers city resounds are the biggest losers of the children themselves in ghana and i'm free coast alone says one u.s. study 2000000 children are involved in dangerous plantation work far more than a decade ago but escaping that also means an uncertain future these kids are off to

a children's home into a life which may well be no better than the one they're leaving behind. or a from a grim harvest there to a very traditional harvest here croatia's traditional salt harvest is taking place this is europe's oldest salt works in a small village of dawn on the adriatic coast and the wind and sun evaporate pools of seawater and that leaves piles of salt behind it shoveled while it piles it shoveled into piles and small wagons to be set off to dry and has been a key industry in the region since at least the 13th century. some things never change and that's it for us that's watching as always.

from 3 countries with one. they're fighting for their rights and their children. in brazil against violence and. in india for the rights of. sudan with visible success means showing new freedoms. to 16. to do didn't

beethoven the indigenous. it isn't just the 16. year old without beethoven i can't even begin to. say to. the september 16th. w. are we alone it's a fundamental question of humanity trying to figure out whether or not. life existed on mars pretty clear water was there by. abundance well that would be interesting so on mars the atmosphere is 100th of what we have here on earth it's very very cold and at the past it's like we have started you could imagine bringing some supplies and you know if you do and build a little self-contained pressured vehicle or vessel which would be on the surface there are things like talks and you can harvest from the atmosphere to help make

a living possible. if you want to think of humanity if we really want to survive forever we're going to have to move off the earth eventual i know that seems a little crazy but you've got to start somewhere. and this is state of the news africa on the program today the fight for faith claim uganda's opposition seems the building posse is using the coronavirus pandemic to steal the upcoming election with political rallies that they say their message isn't reaching voters because the president is blocking dave grohl we'll hear from the young hopefuls who wants to pollute a new way to lose 70 from office. i present myself i think people to give up all these resources what we need.