he watching the news live from berlin stay with us have business with stephen beard sleigh coming right up well have more news for you at the top of the hour and remember you can always stay up to date on our web site that's date of any dot com i'm rebecca richness in berlin thanks very much for watching. give us your country people who will make you rich. people will provide you with jobs. the oil will take good care of you may she changed the state will suffer too cold on the west coast of going in 2007 investors make big promises but years later reality looks very different. teachers

could drinking water shortage on unemployment. what happens if your gonna stream of black coal oil promises starts december 4th w. a vaccine breakthrough leads to a record breaking day for markets look at the reaction to news that a medication developed by germany's bio on tech is effective 90 percent of the time . also on the show turkey's currency comes balloting back after the country appoints a new central banker and finance minister lester is simple correspondent if big policy changes could be ahead. and it's the battle of the boxes will microsoft's new series x. be able to take on sony's latest playstation. blog welcome to the show i'm soon

busy in berlin it's good to have you with us. asian markets were up tuesday as part of a global rally following news that u.s. pharmaceutical company pfizer and its german partner biotech are on the brink of a coronavirus vaccine and the companies say they're seeking a merge it's the approval for their candidate to be rolled out in the us and that's following trials out of showing that the drug is strongly effective. vials full of hope an initial clinical trial data shows this vaccine made by germany's bio on tech and its u.s. partner pfizer is over 90 percent effective infectious disease specialists from the university hospital in the german city of cologne say the data is promising but they warn it was announced in a press release and not a scientific publication. and. it's true that this type of medication hasn't been approved yet which is why we're carrying out this compatibility study with more than 40000 test persons. to find out if there are any intolerances

even rare ones. in the study can prove that the vaccine is well tolerated in the for side effects or mild and moderate. biotech and pfizer plan on supplying up to 50000000 doses of vaccine worldwide this year and up to 1300000000 next year germany's health minister says the progress is very encouraging and that he's proud of the development it's 5 minutes or said as i am of course very pleased that it's a german company which is a german research and development team and a german biotech company yes that of the 1st ones we are negotiating with to present the 1st study results. myself. or let's get more on this from chelsea delaney our financial correspondent in frankfurt chelsea good to see you so some very pleased words there from the german health minister everyone's excited about this markets are excited about this is this a done deal in the eyes of investors and in reality. it's

definitely a breakthrough it's a huge step forward but it's definitely not a done deal yet the data that we've gotten from pfizer and biotech is it's preliminary data it hasn't been peer reviewed it only covers the 1st few months of these trials it also doesn't show the safety of the drug as well as how it would impact different different age groups different racial groups and the other big question that hasn't been answered by the release yesterday is what the effectiveness of this would be over the long term so we don't know how long the protection that that pfizer and began tech are reporting now would really last so definitely this data is very good it's a bit better than a lot of scientists have been hoping for 90 percent effectiveness is very effective much more effective than many have been fearing but of course this still has to be

approved by u.s. regulators and there's still a lot of outstanding questions because there's still plenty of questions out there as you just mentioned at the same time we know the markets are responding to something here how big would this be how big would in effect a vaccine be even if we don't know for how long it's a fact of how important the be for the global economy. of course it's crucial everything we've heard over the past several months is that the economy won't get back to normal until there is an effective vaccine so this is a huge step towards that normality that everybody is really hoping for and that's of course why we saw stocks rally so much yesterday but there are also a lot of a lot of realities that aren't so optimistic that it would take many months even if even if the strike is approved for it to reach enough of the population to develop and unity there are a lot of production issues that could delay this so i think that's also starting to set in the long term reality of this for investors which we have seen stocks come

down a little bit today in the futures market so even though we are seeing a big step forward the pens i make it is far from over for investors for people and for the global economy or a very good point there just to delineate in frankfurt thank you very much. and more good news on the pandemic front u.s. regulators granting a mergence the approval to an experimental covert 1002 body treatment that after to appear to reduce hospitalizations and emergency room visits the drug developed by eli lilly was authorized for use by adults and teenagers at risk of the severe form of covert 19 was approved based on mid stage clinical trials although regulators did more that administering the drug too late could produce worse outcomes u.s. president donald trump has repeatedly touted the therapy. over to turkey which has appointed deputy prime minister goofy elvine as its new treasury

and finance minister and he's replacing bad a son in law of president erda one of the country's central bank chief is also out of a job many economists read the 2 departures as a signal that turkey was admitting past policy errors and preparing to raise interest rates the turkish lira surged to its biggest gain in 2 years following the announcement. and for more on this i'm joined by correspondent yulia han in istanbul yulia good to see you the central bank continued cutting interest rates despite the pleas of economists over recent years is anger now admitting its mistakes essentially with these replacements. well openly admitting mistakes has not really been part of the ministrations political strategy in recent years but that is certainly would many are reading into these 2 shock to parch is that we've seen there over the weekend it actually gave the turkish lira its best day in 2 years it was op about 5 percent against the us dollar on

mondays so investors apparently believe that some urgently needed policy changes are on their way here in turkey the turkish economy the currency is indeed turmoil we have a situation where the lira lost nearly a 3rd of its value against the dollar this year it became the world's worst performer last month now at to this double digit inflation high unemployment depleted foreign reserves critics have blamed much of this on turkey the turkish president's son in law there out of iraq has now resigned as finance minister now let's see what his successor has in store that is really as we speak a big question mark right now do we know what is in store what can we expect from the central bank now do we have any idea. well it's been the 2nd time in just over

a year that the central bank governor was this missed and that is actually why some analysts caution they say it's not so much the problem is not so much who is leading the central bank the problem is rather that it is under so much political pressure by president to add one who is a strong opponent of interest rate hikes and his interference in the central banks decision in the turkish judiciary has severely undermined confidence by investors by businesses and that is something that cannot easily be restored or repaired or you leave something aside from the policy matters what are the currency struggles look like for normal turks in their daily in their daily lives. well it's really striking how much people here in the country are focused on the exchange rate as they see their currency is losing value by the day now i mentioned inflation is high it's at 12 percent

a currently so that is something people here really painfully feel in their every day lives in their pockets when they do their daily shopping when they pay their water or electricity bills everything is just getting more and more expensive and i know this noticed is when talking to young people in particular many tell me they're extremely frustrated they struggle to find jobs they struggle to make a living and they just don't see any improvement coming up on the horizon on the horizon alrighty to be corresponding you leon with us from a simple thank you and we go to some of the other global business stories making news for you trade commissioner valdis dombrovskis as the block is imposing tariffs on $4000000000.00 of u.s. goods over u.s. government subsidies paid to plane maker boeing the long running dispute has also seen the trump administration slap tariffs on european goods because of subsidies given to air bus. while ways poised to sell its budget smartphone arm on or in

a deal worth $15000000000.00 that according to reuters digital china's leading consortium of buyers of the plan comes amid u.s. government shutdowns on supplying electronic parts to huawei. or we can air says it's fighting for survival after the government turned down a last minute plea for a bailout according to the leaders the struggling airline was on track for a profitable year in the coronavirus hit in february last month a low cost air carrier operated less than 20 percent of its entire fleet. well the big week for electronics retailers 2 new game called souls are hitting the market just in time for christmas season microsoft's new series x. console's lead on shelves tuesday and sony's play station 5 arrives on thursday both systems are already seeing record sales for. half the world in lockdown and week long quarantines sounds like perfect conditions for the makers of computer

games consuls even before the coronavirus struck sales were phenomenal as hundreds of millions of people around the world played computer games now microsoft is on the offensive unveiling its latest x. box x. on tuesday and hoping to gain ground on rival sony the u.s. giant sales figures for the previous x. box generation blank behind those of the japanese titan. since the japanese electronics conglomerate 1st introduced its play station 420138 sold more than 113000000 consuls that's well over twice as many as microsoft's x. box one the predecessor to the new x. series. the top versions of both consuls sport price tags close to $500.00 euros and there are record preorders for the units but will have to wait until january to see who came out on top in the christmas rush. and finally we look

at the other sector that's doing well the pandemic icelandic wool with exports up by 70 percent partly fuel that is by a finnish craze for knitting traditional icelandic sweaters or the country's biggest oil producers is taking on new staff for extra evening shift even says it hopes fulfill a 100 tons of additional orders next year most of the extra demand is coming from private individuals who are picking up their needles through all those extra hours stuck at home. all right that's it from me and the business team here ability to fight is allied to that we dot com slash business it's watched.

code. dramatic scenes of the gates of europe. the free fall. committee for the devastating explosion at the port of the country was in the midst of the most serious crisis. more and more people are asking whether they have a future there. should they keep the fight.

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