good stone often arland the paperwork is only set to get worse they're hoping to see a little more cooperation to help find solutions which will work for the future of northern ireland. you're watching t.v. news coming up next it's t w business which you know. thanks one. smoking healthy. or good for the. well not yet. industry is controlling your thoughts here tend. to be rail.

it's not easy to spot. the great books of the 20th century. present day hoaxes. and who's behind the. manufacturing ignorance starts may 3rd. well it's a done deal they european parliament just proves that. trade pact with britain but much remains under assault between brussels and one that. also want to show the collapse of u.s. investment funds are keiko's steals a $10000000000.00 loan to banks around the world. and is portugal set to europe's silicon valley. this is the business i'm joined now in berlin

so happy you can join us the european parliament has finally ratified the e.u.'s trade deal with the u.k. nearly 5 years after britain voted to leave the block the trade pact had actually been in place since january but only provisionally since then however there's been some serious economic fallout. major traffic jams on borders that were once mind open customs formalities and checks not seen and decades brink's it has raised considerable trade barriers between the e.u. member states and britain a survey by the british chamber of commerce in germany and the k p m g consultancy reports that half of all e.u. companies affected are seeing lower turnover while one in 6 companies year has decided to completely abandon trade with the u.k. many e.u. lawmakers also regard breck's it with sadness they've now had the unhappy task of formally ratifying the postbank that trade deal the choice is now whether today's

vote will be the high watermark of the e.u. u.k. relations for the next decade it's all whether we see this as the foundation of a strong and close partnership based on our shared values and interests e.u. members have already accused britain of not abiding by the pact citing lax border controls and fishing rights abuses that could be some time before the dust finally settles on banks that now the formal announcement of the trade pacts ratification is expected within the hour for now i'm joined by maria de merit sis she is the deputy director of approval an economics think tank in brussels while this ratified trade pact how much can we really equate that with a return to harmony between the u.k. and the e.u. what i mean by how many you're comparing it to what we have before this is very far from it it's a working relationship we always knew that it was going to take

a long time to come to the final deal and by that i mean to a final status date relationship between the 2 it's an agreement we have something as a basis to build on and this is exactly what it is how harmoniously will turn out to be depends very much on abiding by it and we see that there are hiccups along the way can you tell us a bit more about those hiccups. well i mean there's certain things that have been addressed yet there are things like kind of a census for example which has been one of the biggest sticking point in the negotiations face we don't know how this is going to fan out and you know seeing how. you can't ministration he's going to deal with and as a service is would be watched very carefully here in brussels there are issues now going on with you know that island if you listen to the any piece yesterday being very worried about the u.k. not sticking to the agreement not respecting the signature that was given the european commission to the president to be a commission is on the line it says has self has said that she's prepared to issue

sanctions in the u.k. if agreement on net these are all hiccups and you know they rely on building a trust for a relationship all of this remains missing now you've spoken of the hiccups but there's also been a drastic collapse in some e.u. u.k. trade since spraggs that are we talking about t. think problems is this about the pandemic or are we seeing something that's set to become more permanent. i'm sure it's a combination of all of the above but if i'd fight what to pick right i think the moment we're seeing real teething problems we went from a relationship a trade relationship that was seamless to a trade relationship that is unknown and it's very very graphically so over time so the of the tracks piling up in college to cross over the channel we've seen at perishables and also arriving in the shops on time all of this come because we don't know how to do it we will learn how to do it and companies will no doubt adopt it but we've also heard that there are companies that are simply giving up

and looking for trade elsewhere that will be the permanent. exactly how much that be again i think these days i think the collapse you see just now is mostly of course the pandemic has a big role to play with it but it's mostly to do with us finding out how to do it companies will adopt out that we find ways of doing that in ways that are more efficient but at the same time going from a seamless tricks of the credit trade is never a good thing thank you very much for your insights that was maria de merit says she is the deputy director of frugal and economics think tank in brussels thank you very much global bank losses from the collapse of us had fund our keiko's had topped a $10000000000.00 that's out there japan's new more out reported a worse than expected loss and switzerland in b.s. disclosed a surprise hit shock waves went through financial markets last month when the little known fund sold over $20000000000.00 in stocks to try to cover its

obligations. for more let's bring in conrad blues in frankfurt conrad we just heard about u.b.s. and in the world there who else has been hit. good morning zermelo many many banks have been hit pretty swiss is the one that has been the hardest hit had to pay 5.5.5000000000 u.s. dollars in write offs and in damage to the arcade costs investments no more robust number $2.00 number 3 small can stanley number 4 well at least among the following banks is u.b.s. its revenue hit was $774000000.00 storage bank says that it itself has already suffered in material damage whatever that is and that after having sold a very urgent and quick sale for being here of dollars worth in sales in shares

well at the end dave what matters for banks is of course the bought the bottom line and we had several banks come out with their earnings reports this week how much of an impact did our keiko's have on the. well they got to feel everywhere they got mentioned everywhere they got you know. attached with price tags but not always price tags sometimes they were just mentioned h.s.b.c. the large british bank report of the 79 percent profit. you know the recovery of the pandemic and by the way also u.b.s. posted strong profits despite that revenue hit that it got through r k cos the profit at u.b.s. was still 14 percent higher. thank you very much conrad blues and our financial correspondent there in frankfurt for us. now let's take

a look at some other business stories making headlines. google's parent company alphabet has beaten analysts expectations with the revenue rising to over $55000000000.00 it's also announced a huge share buyback as the economy improves there's been a surge in the use of online services boosting alphabets advertising and cloud businesses. test laws electric car factory near berlin could be delayed after a planning application hake up an amended application needed needs to be made for its battery production plant construction has already begun with production initially slated for july the delay could be 3 months and longer if the public opposes the plans. russia says it's find out all $12000000.00 for allegedly abusing its market dominance in mobile apps its monopolies agency says the us tech giants distribution of apps through its operating system gave its own

products a competitive advantage apple says it will appeal. to or ism is booming in china as people mark the 100th anniversary of the chinese communist party official estimates are for 250000000 travelers during the holiday reservations for flights and hotels have surpassed 3 pandemic levels. 10 years ago during the global economic crisis thousands of young portuguese had to go abroad to find work there were no jobs for them at home but now the country of 10000000 at the extreme southwestern tip of the continent has become a top location for european companies portugal might just be turning into the new european silicon valley portugal 2nd biggest city porto is the country's industrial center critical check works employees hundreds of specialists at his office next to city hall the company has been making software for a german carmaker b.m.w.

for 3 years. infotainment we do a lot of platform work in infotainment systems but we're also developing completely functional modules for entertainment and navigation and it's not because your own for you often who developed the b.m.w. joint venture all roads lead to portugal portugal had filing your few years ago portugal made a very good strategic investment by saying we're going to invest heavily in the scientific sector and the computer science faculties at the universities. and visited some 160 companies have settled in portugal in recent years drawn purely by these well educated college graduates in the process more than 60000 new jobs have been created most of the employees are portuguese like carla oliveira who works for critical tech works and knows how much the job market has improved 3 new course. the university 10 years ago i know how hard it was to find

a job back then and that's why i can now say that real opportunities are opening up in portugal both for us portuguese but also for foreigners who might the country is most of my but up source for a total cost of pleasing engineer nelson pinto says porto is an attractive location he can be on the riverside in less than 10 minutes but he's especially proud of his work. it's great to see how our german colleagues faith in us has grown over 2 years. on they can now see what we're capable of here as a thing but as. more and more midsize firms are starting to appreciate those talents swiss company barracks is now developing audio streaming devices and other you know south of port au i was a minor fall in my experience regardless of whether it's dharma technical university e.t.h. zurich or everyday the only difference is the language in which you can learn barks has been manufacturing in portugal for some time its founder recently decided to

start software development there too we have initialize ingenue we can no longer afford to pay engineers in switzerland as they went off to banks and to google they go everywhere where there is even more money portugal is good value overall at the same time the country has seen massive development according to the director of the founder of the institute in porto. we've made considerable progress founding companies more startups more spinoffs more innovation specially innovation that's market ready it's all developed over the past 10 years. this. is this traditional and yet modern portugal seems to have found the right mix. to italy now where museums and art galleries have been closed for more than in new york because of lockdown restrictions it's a real problem for the art sector but also for people who appreciate cultural nourishment so some gallery owners in naples decided to bring art to one of the few

places where people can still go to supermarkets sculptures and installations are popping up along shelves and grocery counters the message feeding souls is as important as feeding bodies especially during a pandemic. good reminder thanks for watching. a temple servant was once a respected profession in india. today the so-called have a dog food are being forced into sexual slavery. their greatest hope is that their daughters will have better opportunities in the future thanks to education going wrong.

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