per capita and the total g.d.p. of sicily is to the offer of the g.d.p. of lumber the and the same applies to being at the g.d.p. of bentley's doubled in the g.d.p. of colombia per capita which means the eagle is divided into two halves and. is a long process with a long story but should stop because by giving out all these mounted to the side of the government we don't tell the southern region to go in to double up they are very much subsidize and the situation is quite similar to that of the louvre and so i think the county i work out of will be aware of the legal powers in economy sure that have well more political power and they able to dispose of they was sold to to to to use the money and of a sources they produce in their own territory you mention catalonia that you think that what's happening in spain has had any effect as it kind of given confidence or unfold and some of the areas and it's. thought on the serpent is wood or they are macho i had grown in catalonia than in benetton lumber because people are marching in the streets on the tiles in t

and the deficit should never be larger than three percent of g.d.p. and the belief is they achieved those targets that have a stable system now the only country that actually managed to achieve that was spying and what how it achieved it was because while they were obsessing about with reducing government it there was a housing bubble enormous housing bubble financed mainly by french and german banks lending into the into the for spanish economy which increased profit to about two hundred twenty percent of g.d.p. a booming economy then people stop borrowing money aside to try to get down on the economy plunging into unemployment right which was literally great depression level twenty five percent of the population what i would call the capital of spain probably breaking up so yeah i do think that when drazen me and philip hammond the johns or the executive about the great employment trick is we have in this country the president to say that's just avoidable these facts they don't really think about it because again the monster that we're in an endurin

also coming up growing pape spain low as its g.d.p. outlook its worst political crisis in decades drags on. and with robots entering the workforce a group of german scientists wants to make sure they're affordable as well as useful. this is your business update on helen humphrey in berlin thanks for joining me now the ink has barely dried on of trances purchase of parts of an already germany's largest airline has put a bid in for parts of another airline this time it's a tally of italy's ailing flag carrier now seven companies including the tenser and british budget airline easyjet handed in sealed envelopes yesterday in the hope of scoring parts of the italian airline the battle to carve up is heating up the ailing airline has only made a profit a few times in its seventy year history among the big names interested germany's lost tons of its reportedly offering half a billion euros for parts of the airline the air giant is only interested in alitalia as aviation business and not its grand operations if that deal goes ahead half of the

and spain they spend only nine percent of g.d.p. on health care where we spend seventeen and we don't have a higher quality of health we don't have longer life expectancies but we have to pay on that not just means that there's less take home so we can't make ends meet what do you do you pull out the plastic it's all about that student debt and that health care debt it seems that is the talk of the day and of course income raising those incomes and those those you know helping people to pay down this debt by making jobs more worthwhile thank you so much for your input lenore hawkins co-author of cocktail investing and cheap macro strategist at medical research thank you so much. from the streets of texas to the island of puerto rico millions of hurricane victims are struggling to rebuild political arm twisting and increasing violence appear to be slowing down recovery efforts archies more important i reports. texans looking to rebuild in the aftermath of hurricane harvey may be denied disaster relief funds based on political beliefs

of debt in china the international monetary fund estimates that the amount of debt in relation to g.d.p. in china is that two hundred and fifty percent this would be called totally unsustainable here in europe a country with such a high debt to g.d.p. ratio would not really find it easy to get credit on the financial markets what's positive or why this is contained in china has to do with the fact that this is mostly domestic debt i mean it is debt to chinese creditors the chinese have large amounts of holdings are in foreign currencies that's sort of muffling. the risk there and. of course this contributes to the fact that you know the risk by ratings agencies is seen relatively contained s.n.p. recently lowered the rating to a plus not very bad but the chinese at the time were not amused ok well let's leave the elephant in the room for the moment and ken foreign businesses really expect equal treatment with chinese firms all of a sudden. well what you mentioned earlier about promises that see that very well and fortunately a lot of top foreign investors and economists are not very opt

hospitals they say the country doesn't spend enough on health care with just under five percent of g.d.p. going to health care poland lags behind the world health organization's recommendation of six percent now for one day doctors in poland's model polska province only offering emergency services. were grateful that the patients will not be harmed every doctor will be able to choose how to support the protests but we're seeing a reaction among the public. earlier this month doctors demonstrated outside government buildings in warsaw they believe the government's plan to raise health care spending to six percent of g.d.p. by twenty twenty five isn't enough but a calling for an increase to almost seven percent if we only wanted to fight for our wages we wouldn't be here but many polish doctors have left the country for better wages and working conditions more than two thousand now work in germany so the polish government's response could have a major effect on the future of medical care in poland. well the season has started on wall street and the solid numbers have pushed the dow to a ne

slow slowing g.d.p. growth nothing seems to kill the market and i guess this proves that if you print fifteen trillion dollars and still on the pace of one hundred twenty billion dollars worth of counterfeit confetti every month from global central banks nothing else matters but that and i got to say this man this it drives me crazy you know janet yellen and the fed kind of admitted that they have no idea where inflation comes from even though they've they pray to the god of the phillips curve they still have no clue where she mentioned that her last us yet you know we have no idea where inflation comes from maybe we've got to rethink our models but where did all of the trillions of dollars go that they've printed will want to look at first let's look at the housing market six point one one percent annualized over the past five years the stock market's now at a hundred and thirty nine percent of g.d.p. normal is around fifty or sixty percent decade after decade the stock market capitalization is fifty to

hundreds of smaller companies have packed their bags to accounting for over a fifth of the national g.d.p. what happens to catalonia as economy happens to spain as a whole. if you use a wife i.e. internet connection you could be hit by hackers researchers discovered a major floor in wife i connections dubbed crack which could allow data being transmitted between the internet access point in your computer or mobile phone to be intercepted in some cases but then use the vulnerability to inject malware experts say could leave the majority of connections at risk until they are patched protect your devices and update the devices as soon as an update is available. it's over that is with mock buckman from the german association because i'm. tell me how this whole time about how it was actually discovered by the researchers the researchers from belgium from the couple of churches live in investigating that there's on a certain stage of the. exchange of information between the clients the lies and the access point the key could be used twice which is not just not supposed to be but this meant from

is on the order one hundred two hundred ten percent of g.d.p. and that's panic stations top out assured the level of profit to pick one hundred ninety percent of g.d.p. it's fallen by twenty percent and that after the financial crisis but that is the real anchor around the ankles of the of the u.k. economy that level of profit is so high compared to historical average before maggie thatcher came into power that servicing the debt means people don't have enough left over to invest or to buy things on credit on the scale they would otherwise do so you have deficient demand and a slight a stagnant economy well obviously e.q. regulations may compromise governments trying to get to grips with that perhaps a little does that mean the brics it could open a great future for britain it's one reason i was in favor of bricks and not because i thought would be good or bad necessarily for the u.k. economy but i see the european union as being based on a set of insanely bad economic concepts and the major one there was a belief that the government should not

soaring desks the sum total of what china owes is now valued at two hundred forty six percent of its g.d.p. that sparked fears of a financial collapse for the world's second largest economy the true cost of debt

that today the spanish minister of economy had to correct the growth of the spillover old spanish g.d.p. down so that's a clear sign is also damaging the spanish side and then we have all these reports of companies moving out of catalonia of big banks putting their headquarter into a different region of the pen in some of. the day we've been reporting on the crisis driving out droves of companies as you say but what is the reality. well i spoke to her partners and business owners from both sides if you want from both political sides in general certainly everybody hates the uncertainty that is currently caused by the political situation but also we have to say that. has a very strong industrial base these are medium sized companies. more than half a million companies are operating here in catalonia and if you put that into perspective with the number of one thousand leaving it gives you an idea that the situation in general of the council on economy is for the moment pretty sound so it's been used by both sides the economic argument we'll have to see how the situation develops further re

hundreds of smaller companies have packed their bags to accounting for over a fifth of the national g.d.p. what happens to catalonia as economy happens to spain as a whole. all for this business update i'll be back with more tomorrow same time same place. germany state by state. the most colorful. the liveliest. the most traditional find it all at any time. check in with a web special. take a tour of germany state by state on d. w. dot com. a little thing you say. can have a huge impact. throughout the world. the globalization magazine. global three thousand zero. progress but where they start to divide the country i do it's still where they start to divide the language your blood will flow for close. to. the soviet union is breaking up part. of the members of the russian federation would have to find their own way politically economically. with love it was an incredibly difficult job. this democracy was a lie because the elections were a fraud as a privatization was robbery the soviet union's heritage where does russia stand today and moscow's empire our serious.

. >> what do you say to republicans who say if all you have to do is increase g.d.p. rowth by .4% per year. senator schumer: that doesn't pay for the whole package, at least a $5 trillion package we've seen. we don't know how many offsets they'll put in there like this one. second, the bottom line is, this theory churned out by right wing think tanks that growth will occur because of these tax cuts is absurd and all of our examples, president bush said this in the same right wing think tank said it in 2001 and 2003 they predicted a surplus in 10 years. instead, according to c.b.o. the deficit was $1.6 trillion because of the bush tax cuts. the state of kansas, so obvious what happened, again, home of the koch brothers, great experiment, dramatically cut taxes, we'll have real growth. they predicted, for instance, that the government income would be up $300 million. it was down $700 million. they predicted that growth would soar, last year, kansas grew at .2% rather than 1.6% that all of america grew. t's utter self-serving bull.

hundreds of smaller companies have packed their bags to accounting for over a fifth of the national g.d.p. what happens to catalonia as economy happens to spain as a whole. for this business update i'll be back with more tomorrow same time same place. take a trip to a world of boundless ambition. meet young entrepreneurs eager to tackle global challenges. join flitch us debts not german entrepreneur award winner two thousand and fifteen as he travels through asia looking for the next big business idea. pick a topic here we are passionate about because you're going to stick to this for a long time and it's something you don't we like that it's hard to keep on pressing our ten part series founders alley starting october twenty third on d w. when the history books are brought to life. maybe the stories there and we'll get a rewrite. of the story of the russian revolution. from the perspective of writers thinkers and hug artists. what did it feel like to live in times of revolution and the people. that knowledge to the russian art revolutionary.

hundreds of smaller companies have packed their bags to accounting for over a fifth of the national g.d.p. what happens to catalonia as economy happens to spain as a whole. all for this business update i'll be back with more tomorrow same time same place. every journey begins with the first step and every language with the first word i looked into. nico is in germany to learn german why not learn a simple online on your mobile and free stuff from d w z e learning course nikos a german made easy. it's all about the moments that. it's all about the stories inside. it's all about george chance to discover the world from different perspectives. join us inspired by distinctive instagram or others at g.w. stories new topics each week on instagram. learn german with d w any time any place. whether with jo jo and her friends let's talk to them. or with friends all over the world online and interactive. german to go and. learn german for free with d w. meet the germans new and surprising aspects of noise and culture in germany. us american keep music takes a look at germany it is increasing at the

hundreds of smaller companies have packed their bags to accounting for over a fifth of the national g.d.p. what happens to catalonia as economy happens to spain as a whole. all for this business update i'll be back with more tomorrow same time same place. every journey begins with the first step and every language with the first word published in the. nico is in germany to learn german why not learn a hell of a simple online on your mobile and free stuff for d w z e learning course nikos basic german made easy. it's all about the moments that right before. it's all about the stories inside. it's all about george chance to discover the world from different perspectives. join us inspired by distinctive instagram or years at g.w. stories the topic each week on instagram. sustainable protection for the earth ideas designed to preserve our ecosystems they exist around the world. global ideas takes the next step protection for our planet's biological diversity trailblazing projects. d w dot com slash global ideals. hi and welcome to a special edition of kino movie magazine today we're dedicatin

taxes we pay to madrid and the amount of investment we get back amounts to about eight percent of our g.d.p. every year and the last figures i saw which were from two thousand and fifteen that amounts to sixteen billion year of euro's every year that doesn't come back to catalonia but you know servitors but simon let me just part in there you know catalonia is nevertheless the richest region in spain so you're not doing that badly surely. it's rich in many of the ways but it's in many respects is a cash cow for the rest of spain and we suffer from unemployment we suffer from lack of housing we suffer from lack of investment it's richer into terms of g.d.p. but for example in other parts of spain children get their schoolbooks paid for here we don't because we don't have enough money to invest in it and we continually in debt to the spanish government although we pay more in taxes so we think it's an unfair situation but but you know is that justification enough for independence or is that not a political negotiation that needs to happen between barcelona in madrid. well in many respects sin

even twenty percent of g.d.p. in reserves could easily gone out you know within five years time of course they have other options they can bore winter nationally and so forth but the the point is that the who or who few would model of growth is not sustainable even f. oil prices were to breed bone to one hundred dollars a barrel previously during the last oil boom growth was sustained in saudi arabia by having double digit growth and government spending every single gear and that just isn't feasible anymore so the country does need to diversify its already begun to diversify most people don't think it will meet the very ambitious targets that are laid out in vision twenty thirty but even so the officials don't pretend that those are absolutely guidelines they tend to say privately even if we get to sixty percent seventy percent fifty percent of those targets we're still doing pretty well i think the key test home from have been someone will be whether this plan does manage to create jobs there will be some interes

them coming up here in just a second and then talk pull down now that is little less than ireland's g.d.p. for twenty sixteen but significantly more than portugal's so it's quite clear that catalonia is the economic powerhouse and that is why some say that a catalan break away could lead spain vulnerable while it is still on the road to recovery but there is also concern that catalonia cannot realistically afford to go it alone. spaniards like yourself or gomez lost their jobs when the country's banks were on the verge of collapse she runs this community group one of many for those affected by the credit crisis for them no investment from banks meant no opportunities for businesses to grow cutbacks followed unemployment has since dropped nationwide but spain is still very much in recovery pro independence catalans are confident they say their industry and tourism will help them go it alone but breaking away would certainly slow down spain's return to the level of its pre-crisis economy however it would be wrong to overstate the impact catalonia attracts fourteen percent of all of spain's

responsibility of the party more equal development that it's no longer about just merely generating g.d.p. but about making sure that all chinese can actually profit from china's economic growth and this is what's behind this new era this new era of putting a focus on more egalitarian more equal development and stead of just g.d.p. growth as you say put the communist in income areas but also a. very very briefly then one wonders why it's taken them so long to do that. i mean you can you could see the signs that this was going to have they've been shifting their priorities for a number of years like in the past ten years you've seen some moves towards more equal development in the wind it isn't but it's very it's very very early that they actually do refit redefine the principle contradiction and previous leaders might not have the clout to do that he said he has it now but i can look for the cato institute john studies thank you. football now portuguese forward cristiana rinaldo has been named fee first best male player in the world for the second year in a row the first the best to want

in case the northern part of the economy is responsible for about thirty percent of g.d.p. and the states that that held the referenda feel that they're not getting their fair share of influence and of tax revenues so i think there is a sense that this is this is economic the northern league which has long been a mouthpiece for greater autonomy for the northern parts of italy certainly sees these votes as an opportunity to to expand their influence so yes i think economics is a is a very big part of it. whether we're talking about autonomy movements separatist movements referendums is this data going to take a toll not only in the european project but in european markets as time goes on. i think for the moment as i said i think the economic situation is is pretty positive for europe i mean finally the cyclical position of the european economy and that certainly includes italy as well is in good shape the problem is that a lot of the underlying fault lines and structural issues that europe has still have not been addressed the process of structural reform has slowed down a l

the latest figures of g.d.p. growth in china are in this week at the nineteenth national congress it began in beijing and now president xi expressed lofty goals for china's economy so what do the numbers mean for those targets. is here with more for that one day after china's communist party gathered for the national congress the government released a berridge of new economic data included in that is the latest g.d.p. figure which met analysts expectations in the third quarter of two thousand and seventeen china's g.d.p. grew six point eight percent a small drop from the six point nine percent rate in the last quarter a minor decrease was widely expected due to the government's efforts to cool debt risks but at a news conference on thursday a spokesman for the national statistics bureau pointed to outside factors to. since you do international conditions remain complicated and volatile and the national economy is still at a crucial stage of restructuring with the foundation for some developments yet to be consoli

g.d.p. growth has reached more than 3% last quarter. and other than the hurricanes, would have done phenomenally and i think will still do very well but something will have to be off because of the tremendous problems of the mass ive hurricanes that we've endure. and now i guess you could probably add the wildfires in california. economy cannot take off like it really has the potential reduce the tax burden on families, businesses, workers of our country. and we'll be able to do that. tremendousre getting receptivity from people. i hope we get the same from congress. but we are getting tremendous accolades for what we are doing, having to do with both reform massive tax cuts. it will be the largest tax cuts .n the history of our country we're one of the highest tax nations in the world right now, of jobs andillions trillions and trillions of dollars. restore american's competitive edge and pass historic tax cuts to the american people. g.d.p. would be $2.5 trillion. think of that, revenues. point, if we go up from three to four -- when

g.d.p. estimates of about four to six percent of g.d.p. over a fifteen year period and the o.e.c.d. has been giving some some dire warnings about the economic impact of bragg's it and that's fueling the other side. in their quest to stop break zero or at least reverse it how how likely is that at this point i think it is unwind cleaver the warnings of the o.e.c.d. will be who do it i think what is more likely is that as we head towards the cliff edge in markets. two nineteen of the point of which the u.k. leaves the european union that the government looks to really test whether the general public one to go through with this and i think the odds are now increasing that it may test public opinion through a second referendum so i think it is more likely these warnings will be used to justify that test of public opinion rather than deliver a u. turn at this stage in the political cycle and there are of course the ongoing talks over what will become of the u.k. border with ireland and by extension northern ireland's. border with that and how that is going to be negotiated they seem to b

tom: are we seeing a dampened g.d.p. in china or get back to a 7% g.d.p. or is there a new egime?ink there's a return to 7% growth given the prevailing demographics but back to a question you posed a few minutes ago around what risks to markets does the wider economy have from having so much control in one man and you look at how he manages the next five years, the challenges of protectionism, domestic protectionism against investments but protectionism to china and we look notably to the u.s. to set the tone regarding that but how it manages the 310% of g.d.p. debt burden it. that's huge. in terms of reading the transition, it is whether he can handle those economic challenges the next five years and if he doesn't, is he prepared to have a different school of thought, challenges or authority? therein lies the question mark. tom: we'll come back and switch gears to the politics of beijing to washington. right now with our first news this morning in new york, here's taylor rigs. taylor: it's a big win for financial firms on capitol hill. senate voted to overturn the consumer protec

now more than two billion dollars ok but there's still more to be done in all of that increase in g.d.p. it's not reflected in on the lives of the ordinary liberian like you said you thought employment is quite high it's about eighty five ninety percent and the youth culture to about sixty percent of the population caught on power cuts you know on their corruption so they so long way to go a long way to go for no for all of the new incoming government has its wake order you can be president how to keep its work cut out to improve the economy and it's in on that it is time that sort of people and of course jason the other thing that hits the country was the tragedy of abode the human cost of almost five thousand lives but an economic cost as well i guess that set the country back. yeah it was already in a fragile state or any post civil war country and particularly given the devastation that came before hand there was a nascent recovery there were certain development gains there are still all those problems that we've heard mention in terms of unemployment in terms of the opportunities i

catalonia compass six percent of the country's territory but accounts for twenty percent of spain's g.d.p. the region is also responsible for more than half of all investments into start ups and almost a quarter of spain's foreign tourists go to catalonia which is why madrid is so desperate to stop the referendum. well but the roots of the crisis go way back in spanish history. by now you've surely heard about cats alone his desire to go it alone the prosperous region in northeast spain it counts for almost a fifth of the country's economy and believes it's paying madrid way more than it gets back catalonia is home to seven point five million people boasting its own language culture and history which is why many cats once considered themselves a separate nation. but it has been a lot of spain since the fifteenth century courtesy of king ferdinand and queen isabella for the origins of the modern says sation its movement let's fast forward to the twentieth century spain becomes a republic and catalonia gets a statute of autonomy but six years later franco comes to power and takes that away