steel now expects to produce twenty one million tons of steel from nearly three dozen sites across the continent cheap steel imports from china and large production footprints have challenge europe's steel industry in recent years concert restructurings have done little to help the company leaders say the merger is the only alternative going forward canada under soon and no other option dealt with the fundamental problem a structural overcapacity. the new venture aims to save up to six hundred million euros in the short term their business models complement each other tata is strong in industrial steel this in croup in steel for auto manufacturing share prices of both companies initially rose on the announcement the prime minister of the netherlands where the joint venture will be based welcomed the news with the tweet . complications loom at least two thousand workers in each company will lose their jobs labor unions are likely to fight every cut all the management hopes they'll see the benefits when we have a line of mine if you can manage it if we had continued on our own the risk t

and to some cope in steel for auto manufacturing. he joins us the chief financial officer of course if the german firm is turning its back on steel. no that is clearly not the case i mean take a look at the history of to some crow as the name already to some trouble as a result of mergers coming from the past it was towson and was crap it was first it was run style and we've seen over the past that mergers happened to address all the issues of over capacities in the steel industry in the past this now for us is the next step of a merger addressing the issue of over capacities the stable to a bit we could amanda in europe so we think together with tata who is moral as the same cultural values as we have in our company that this merger will allow us to address the challenges in these markets a lot better than do it stand alone so if there is a little kind of create this number two in europe ok so it is a kind of survival strategy and as you say you hope to create number two in europe i know that the c.e.o. of tata chandrasekaran has ca

of germany's to some clue about his company's proposed merger with india's tata steel we ask him about likely job losses. plus getting rid of plastic bags why not everyone is on board monica is right up with those stories and more. is going to have the managers do no good today nothing to change you know the banks pay you money and so was the language of the bank money. speaking the truth global news that matters d.w. made for mines. going to the big w. we speak your language our spanish program on you tube. always willing someone doesn't miss you like in boito always close to the action but i'm up by the local folk ever wondered what to think if it is that up to the minute news and opinion of the background to political developments in the d.w. we bring you more of the oil. at. it could be one of the biggest nudges in the steel industry germany's to cope and india's tata have agreed to enter a joint venture the move will likely cost four thousand jobs we talk to the c f o f to scope about the future of his company. also coming up markets rally as investors across the globe away to the

a test of their metal — tata steel and thyssenkrupp combine to create the second largest steel—makereurope. live from london, that's our top story on wednesday, 20th september. the steel industry has been reeling from a drop in global prices. i asked the man in charge of thyssenkrup‘s finances about their plan to shed 4,000 jobs across europe. also in the programme, is it time to wind down? america's central bank could announce a reversal of the most ambitious stimulus program in history. traders across the globe are treading water. we'll talk you through the movers and the shakers. and just how do you find your next customers in the digitaljungle? we'll be getting the inside track on the world of digital advertising later in the programme. we'll look at reports amazon is about to launch smart glasses using it's alexa ai. let us know what you think about this. are smart glasses a wearable device too far? just use the hashtag bbcbizlive. hello and welcome to business live. tata steel and thyssenkrupp have agreed to merge operations. it is a move that would create the second biggest st

tata steel and german steel manufacturer thyssenkrupp have agreed to the first stage of a deal to mergeen the companies would create europe's biggest —— second—biggest ill group. we arejoined by biggest —— second—biggest ill group. we are joined by sharanjit leyl in the newsroom —— steel group.. we are joined by sharanjit leyl in the newsroom -- steel group.. they have agreed to the first stage of a deal to merge us. bbc has been reporting this widely and this comes out after a year of negotiations. in fa ct, out after a year of negotiations. in fact, a year since tata steel withdrew from its plan to exit the uk operations entirely, including its operations at port talbot, which is the largest uk steelmaker. and we we re is the largest uk steelmaker. and we were told the real sticking point was the pension liabilities that tata steel had, some £15 billion, thatis tata steel had, some £15 billion, that is nearly $20 billion us pension liabilities, and what they had done was essentially reach a deal with uk regulators in august to restructure that 130,000 member pension plan that they had

bigger giant it is one of the biggest mergers in the steel history german steel company to cope and its indian rival tata have decided to consolidate the european production both companies will own fifty percent off the new company headquarters will be located in the netherlands to some cope and start of both project that four thousand of the total forty eight thousand jobs in administration on production will be lost the new synergies should save the company six hundred million euros a year the steelworkers union already called for a protest a demonstration european steel market makers have been under pressure for years from china and the cheap steel it produces for the welt market. and for more on that a mega merger in the steel industry i am joined now by the chief financial officer of to get a cacophony he joins us from the quarters in s. and good to have you with us so what are we to make of this does it mean that to some cope is now turning its back on the steel industry. no that is clearly not the case i mean take a look at the history of to some crow as the name already pres

plus the march of two steel giants germany's tristen cook and its indian competitor tata steel have agreed to merge their european steel operations they say it will offer both companies a sustainable future thousands of job losses are expected. and in bonus leo soccer high flying shaka face their start is test yet the season when they took on by the wire. hello i'm terry martin good to have you with us. we begin in mexico where a powerful seven point one magnitude earthquake has killed at least two hundred forty eight people in mexico city's mayor says dozens of buildings have collapsed in the capital including a primary school where more than twenty children are confirmed dead the epicenter was one hundred twenty kilometers from the mexican capital the quake sent thousands of people running into the streets and fires broke out across the city emergency crews and civilians are now searching for survivors trapped under the rubble it follows another major quake earlier this month which killed almost one hundred people. mexico city immediately after the quake first responders and volunteers s

and two steel giants well merged and thousands of workers in germany are worried we'll take you to the core of the german mining industry. it's time for business on the w. and thank you for joining us transport authorities in london have to cited not to renew you operating license that means drivers might not be able to continue offering their services within a few weeks transport for london says were is not fit and proper and public safety and security but not for the reasons you might think. the loss of its license is more than a small road bump for labor but the right ailing service says it's planning to power through by preparing an appeal it accuses london's transport regulator of unfairly favoring the city's traditional black cab drivers disgruntled at market share grab. and transport for london has paved i'm getting pressure from this small number of individuals and groups that want to restrict choice to consumers and competition within the impact of that decision if it stands with over forty thousand licensed drivers also would the transport authorities took issue with hoover's

german steel giant to assen cope and india of tata steel have struck a preliminary deal to merge their european operations creating a fifty fifty joint venture if the merger goes ahead up to four thousand jobs could be lost i have a combined workforce of forty eight thousand to a single plant in germany on friday thousands of steel workers took to the streets in protest some fear these cuts are only the beginning. we're all very upset and worried about our jobs as you'd expect one plant after another is closing down they say our jobs are secure until twenty twenty but after that we'll be out on the streets. to find young people need a future that's what's important without jobs the city will die. the problem is that the workers have to shoulder the burden of the merger we're definitely opposed to us and if we can't stop the merger at least we'll try to get as many concessions to workers as possible. just unclip c.e.o. is defending the move in your line of mind if you can manage it if we continue on our own the risk to jobs would have been far greater and the restructuring would be even

and what next germany's very own rust belt steel workers fear for their jobs off to a massive takeover is assigned and sealed. this is your business update on a home for. london fleet so have been ordered to screech to a halt the city's transit regulator has ruled that it will not be renewing the company's operating license deciding that is quote not fits a profile in public safety and security. the loss of its license is more than a small road bump for her but the right healing service says it's planning to power through by preparing an appeal it accuses london's transport regulator of unfairly favoring the city's traditional black cab drivers disgruntled at market share grab . but i think what's clear by this decision is that man transport from london has paid them to extreme pressure from its main number of individuals and groups that want to restrict choice to consumers and competition within london the impact of that decision if it stands will put over forty thousand licensed drivers out of work with no means to support themselves their families their loved ones the transport auth

so if it goes ahead it would be one of the biggest mergers in the steel industry german steel company to cope and indian rival tata have agreed to consolidate their european operations he goes the asians are expected to conclude at the start of twenty eighteen and if approved by regulatory authorities both companies which tie up to become to some corp tata steel with both sides owning fifty percent of the new company headquarters will be located in the netherlands where the move will likely lead to job losses which will be shared between twosome corp and tata the new synergies should say for the company's six hundred million euros per year the steelworkers union announced a protest march for friday european steel makers have been under pressure for years from china and the cheap steel it produces for the world market. and for more on that a mega merger in the steel industry i am joined now by the chief financial officer of his in club good to cacophony he joins us from the quarters in s. and good to have you with us so what are we to make of this a merger does it mean that to some cop

their european steel operations creating the world's second largest steel maker.job losses. the two companies have been in negotiations since last year, when tata abandoned plans to sell off its uk operations, including its site at port talbot in south wales. retail sales jumped last month as shoppers continued to spend despite strong price rises. sales were up 2.4% on this time last year, the 52nd consecutive month of year—on—year increases and much higher than forecasts. and young people in britain are spending three times more on housing than their grandparents dead, according to the resolution foundation. those now in their 70s and 80s spent 7% of their annual income on housing in their 30s, were the baby boom generation in their 50s and 60s spent 17%. the think tank claims millenials are on the sharp end of britain's housing catastrophe. welcome to the business news this afternoon. big movements in the steel industry. tata steel and germany's thyssenkrupp have agreed to merge their european operations in a move that would create the second biggest steel—maker

chinese steel imports, cheaper compared to steel imports, cheaper compared to steel manufacturers, thathe european market. that has had a huge impact on the sales of these two companies. in a way it was necessary for these companies to come together to battle the competition they are facing from chinese makers. they are stabilising their operation. it might lead to job cuts. there are concerns regarding that and we will hear about that in the coming days whether there will be concerns. america's withdrawal from the paris climate accord ushered in a new era in the fight against global warming, one that does not necessarily include the united states. business leaders from around the us and beyond are in nyc this week for climate week. with the us government rejecting any leadership role in combating climate change, can corporate american step in? samira hussain reports from new york. tata harvey, burma and maria, these storms make everything more destructive. the united states will withdraw from the paris climate accord. -- irma. in rejecting the deal, president trump said it would cost u

we all knew that the steel industry was getting flooded with unfairly traded steel from countries like china south korea india vietnam indonesia just to name a few and we were very confident that that investigation under section two thirty two of the trade act of one nine hundred sixty four would result in saying that steel is an important commodity for the american secure america national security and here is the remedy we've been waiting for that and there's a lot of anxious people that work in our facilities there's a lot of anxious people in management that worry about what the future steelers are going to be if nothing happens to rain ohio became a hot spot for a national media before the election everybody wanted to tell the story about lorraine in the steel industry but there was very little conversation about the investment that was made by u.s. steel what happened there bringing the two sides together and now as it would with that plan ever come back. i mean be very. look i got to choose my words carefully because i wanted to come back but for it to come back we need to have u

to some clip in steel for auto manufacturing. ryan air europe's largest airline by passenger numbers has announced it will cancel thousands of flights through the end of october that's around forty to fifty flights a day with no guarantee that there won't be more cancellations the airline c.e.o. said this was due to errors made in the scheduling of pilot holidays hundreds of thousands of travelers are already affected the budget airline is preparing for up to twenty million euros in compensation claims at the annual meeting and dublin some shareholders gave vent to their criticisms of the bad relationship in him and pilots in general and that's where the pilots are coming back to him and not meeting him halfway cancellations are very unfortunate disappointing i have flights booked with minor i now know that they're going. to perform on monday the c.e.o. denied that ryan air had an overall shortage of pilots. that doesn't mean the from the time we don't make missiles and we do we'll this is clearly a mess up i take responsibility

their plant is threatened once to sink open tata steel works the european business four thousand jobs are about to be cut according to management workers fear this might only be the beginning with deeper cuts to come industry experts agree that for the two steel companies a joint venture makes sense they have to compete against cheap chinese imports and not desperate to cut costs but for people in the region companies shedding jobs has become far too normal they worry about their livelihood. we are upset we are afraid to lose our jobs obviously they're closing one plant after another apparently all is good until twenty twenty but after that they might kick us to the curb cuts on. the job school away the whole city dies we already have huge youth unemployment we can't go on like this. indeed unemployment in the area of germany's industrial heartland is way over ten percent more than double the german average four years everything from technological advances to the current energy transition has led to a far reaching structural change in the area and with no other industry settling here

the situation in the steel industry.wo partners with the same culture have come together to combine their businesses to create a very strong innovation and technology leader in steel and europe here and i think now to focus on this and realize it and make it happen. i probably do not need to tell you the world is awash with steel right now. how big an impact do you think this deal will have in terms of the capacity story and do you think you can control the capacity story given the chinese mills that are throwing out as much steel as they are right now? there is a couple of things to say about overcapacity. the overcapacity that is there in china is bigger than the demand. that you see in the u.s. and europe. this -- besides all of that, what we clearly see is we are -- there is an overcapacity issue in europe. all the movement you saw so far, that was always regarding price movements, you saw in the competition and no party going out even if they were lossmaking. a consolidation can address this issue of capacity utiliz

plant just in steel for auto manufacturing. and auto manufacturing is important here in germany but it's not the only thing they do right it's not how we're we're going straight to china where a new exhibit of german art has just opened in beijing art both old and new is being shown eight different museums throughout the city bringing germany's art see to chinese audiences there's more. this something new within the walls of beijing's forbidding city german ont more of it than has ever been displayed in china from postwar paintings to contemporary works to photography of hilla and bent under a secure ski and the political portraits of andreas moore the exhibition includes three hundred twenty works by fifty five artists spanning seven decades and it's a sensation visitors to beijing can see the city transformed into a temporary german art gallery. is displayed in at different locations throughout the city in cool gallery districts and old factories and there are plenty of young artists involved the chinese people are obviously

company announced it will join forces with india's tata steel that may put thousands of people out of work in an industrial heartland that's been in decline for decades glowing hot smelters smoking furness is not that is germany's who area the industrial heartland for more than two centuries people have mined here for black coal for brown coal and for iron ore this is the home of the steel industry when ames' like two thousand and became synonymous with germany's industrialization in the nineteenth century the companies have long merged and formed doesn't cope as we know it today and now another merger has been announced the steel giant will join india's tata group to better position itself against growing competition from china the downside as with every merger jobs at stake and that has workers worried at least four thousand jobs will be shed two thousand in management and two thousand in production to cope workers are worried about their livelihood and yet another chapter of a far reaching structural change that has even seen some of the once mighty mines like say here so if i be t

company to cope announce a merger of its european operations with its indian competitor tata steel the move could cost thousands of jobs in germany's area which is known as the heart of the german industry. they're striking the bell and alarm they are steelworkers in both home as they took to the streets on friday their plant is threatened once to some cope and tata steel works their european business four thousand jobs are about to be cut according to management workers fear this might only be the beginning with deeper cuts to come industry experts agree that for the two steel companies a joint venture makes sense they have to compete against cheap chinese imports and not desperate to cut cost but for people in the region companies shedding jobs has become far too normal they worry about their livelihood. we are upset we are afraid to lose our jobs obviously they're closing one plant after another apparently all is good until twenty twenty but after that they might kick us to the curb cuts on. the market of. the always when the jobs go away the whole city dies we already have huge you

as you mentioned going back all you know even pre twentieth century steel beams you blame the steel beams right. well i certainly don't want steel beam constructions and of course the elevator was an important vention as well because people didn't want to walk ups more than four flights of stairs and so we've come a long ways with technology for building these buildings it's been it's been an enormous plus and you know it's natural that we want to build higher and more densely it's just that during certain times little right now. there's an over stimulus. in theirs which is requiring these companies use construction companies the architecture companies to invent all new products all new elevators all do heating systems lighting systems and so we're doing a lot of things that are natural right now and that's happening throughout the world basically is companies who are engaged in construction and. although it's being distorted as you say is to say low and in control thank you so much a very interesting topic love to have you on more to talk about this dr mark thornton senior fellow at the

at this improved tata steel now expects to produce twenty one million tons of steel from nearly threedozen sites across the continent cheap steel imports from china and large production footprints have challenge europe steel industry in recent years concert restructurings have done little to help the company leaders say the merger is the only alternative going forward kind of the under soon and no other option dealt with the fundamental problem of structural overcapacity. the new venture aims to save up to six hundred million euros in the short term their business models complement each other tata strong industrial steel this in croup in steel for auto manufacturing share prices of both companies initially rose in the announcement the prime minister of the netherlands with a joint venture will be based welcome the news with a tweet. complications loom at least two thousand workers in each company will lose their jobs labor unions are likely to fight every cut all the management hopes they'll see the benefits when we have a line of mine if you can if we had continued on our own the ris

and to some close in steel for auto manufacturing. and now global financial markets turned their focus to the u.s. investors awaiting the conclusion of the federal reserve's meeting for clues as to whether a third interest rate hike is on the cards this year. economists say the federal reserve is unlikely to announce a rate hike today it could instead begin to unwind its massive four point five trillion dollars bond portfolio those assets were purchased by the fed during the financial crisis as a stimulus solid job growth and a stronger economy have recently pushed the board in the opposite direction it has already raised interest rates twice this year we conflation remains a concern the fed is expected to raise rates again in december global investors are also awaiting the news out of washington the booming u.s. market in a weaker yen are positive signs for japanese exporters in particular japan's nikkei exchange finished tuesday on a two year high the nikkei was quieter wednesday as were markets across asia traders are acting with c

been waiting for the news we had earlier this month of tata steel being able to dispose of 15 billion pounds worth of pension liability, which means this was able go ahead. still a few hurdles. still need both boards to approve it still need the european commission to approve it need support from the unions support has been tepid from the unions, but more promising than earlier this month that's one reason why we've seen a sharp rise higher and it's come back. it was up around 5% an hour ago. now looking at 2%, 3% higher with regards to the overall companies themselves, let's look, what we're talking about here is a company dealing with an industry in a decline we've seen a tough time from the steel industry since it peaked in 2008. a bit of a rebound in recent moves, but a move that's seen a reaction positive on the part of shareholders on both sides we news of this deal becoming more and more likely in recent weeks that tata share holders drove the price to a six-year high >> gemma, you can find out more about the deal on our website, that's cnbc.com. we also have a comment from thy

well it could be one of the biggest mergers in the steel industry the german steel company and its indian rival tata have announced plans to consolidate their european production if the deal wins regulatory approval each company will own pippi percent of the new company the headquarters will be located in the netherlands just in cook and tata both project that four thousand of the total forty eight thousand jobs in administration and production will be lost the new synergies should save the company's six hundred million euros a year the steelworkers union called for a protest demonstration european steel makers have been under pressure for years from china and the cheap steel it produces for the world market. earlier we spoke to just include chief financial officer guido kirchhoff and asked him about the close about the close to four thousand job cuts that this merger would bring i think this number giving more than forty five thousand employees that we have in these assets current b. and that we want to realize it over a timeframe of the first year is clearly indicates that there will be

at a rate which threatens the entire steel industry in america tax cuts are an easy sell in washington. but increasing wages and workers' rights is what the middle class seems to be focused on when do you hear people getting on the talking heads whether they're democrats or republicans on political talk shows getting up and say you know the reason that wages have been flat in america is that there's been an attack on the labor movement since ronald reagan and the labor movement has gone from thirty percent to thirteen that that didn't happen as an accident that happened because there's a plan by corporate america corporate global companies to push wages down to reduce workers' right to have a vote in the society work reduce workers' right to have a voice. for more on this we go to former florida congressman alan grayson tonight and also former georgia congressman bob barr gentlemen good to have you with us tonight part of this tax plan that the president has put forward is to repatriate money that has been put overseas to create jobs over there mr barr let me ask you first what chance

mitch caesar and sean steele gentlemen thanks for joining us tonight i appreciate it so much. thank you when the president is upset with his secretary of health and human services tom price secretary price is under fire and under investigation by the inspector general for using taxpayer funded private jets for government business. but. i will tell you personally i'm not happy about it i'm. not happy about it. legendary basketball coach rick pitino has been placed on unpaid leave by the university of louisville his lawyer says today that he was fired the f.b.i. has charged two unnamed lupul coaches with bribing two high school recruits the payments allegedly involved the university's apparel company adidas but tino was in ducted to the coach's hall of fame back in two thousand and thirteen. the taliban struck a bull's airport today with mortar fire the attack targeted defense secretary james madison's plane as it touched down for the official visit mattis is in afghanistan with nato secretary general u.n. stoltenberg for a tour of military facilities in the country the two pled

india's tata steel and german rival, thyssenkrupp are to merge their european steel operations.ations since last year, when tata abandoned plans to sell off its uk operations — including its site at port talbot in south wales. let's remind ourselves of what we've been hearing today. it is more about the strategic logic, which is very strong because we are putting in europe which is not growing in terms of steel consumption in the way we see it in the developing economies like india or china and therefore we have to look at value based product profile. we need to look at investing significantly in technology. we need to look at investing significantly in innovation. there will be redundancies but the volume of the redundancies but the volume of the redundancies is a lot less than many people expected and on top of that, one clearly has to say, if both parties continue to stand alone, i think the redundancies to cope with the challenges of our industry would be higher. it is a step in the right direction, a very positive step when you consider thatjust direction, a very positive s

steel team official member now, you got it. >> the small things always mean the most. and for philly it's a big deal that david grew up here he's a graduate of malvern prep an huge flyers fan. by the way if you want to learn more about david boreanaz there's a great article in watch magazine. but guys, i wanted us to feel us as that family unit so i coined, this because we're a unit, we're a team and we're family and i couldn't be more proud to be a part of this team >> that's beautiful likewise. thank you, back at you. thanks so much. thank you and a huge welcome to our entire family to david boreanaz and his entire family. glad to have them >> great story, thanks. >>> kate joins us with our forecast. we've gone from sandals to sweatshirt and what did i say earlier? tank tops to turtle necks >> tank tops to turtle necks. trying to find something else, work on that. let's talk about the forecast. because it is going to be really beautiful coming up over the next several days. we've got fall weather finally arriving from the north and west happening tonight. here's a lo

steel team official member now, you got it. >> the small things always mean the most. and for philly it's a big deal that david grew up here he's a graduate of malvern prep an huge flyers fan. by the way if you want to learn more about david boreanaz there's a great article in watch magazine. but guys, i wanted us to feel us as that family unit so i coined, this because we're a unit, we're a team and we're family and i couldn't be more proud to be a part of this team >> that's beautiful likewise. thank you, back at you. thanks so much. thank you and a huge welcome to our entire family to david boreanaz and his entire family. glad to have them >> great story, thanks. >>> kate joins us with our forecast. we've gone from sandals to sweatshirt and what did i say earlier? tank tops to turtle necks >> tank tops to turtle necks. trying to find something else, work on that. let's talk about the forecast. because it is going to be really beautiful coming up over the next several days. we've got fall weather finally arriving from the north and west happening tonight. here's a lo

the news that only 50% of the steel in the type 26 is uk—sourced is very disappointing. on this for future contracts? can you confirm that the type 31 frigate is a complex naval warship and therefore should be built at the centre of excellence which is on the clyde which he, under then—prime minister promised in november 2015, and finally, in respect of fleet and support ships, why are these being procured internationally when surely the uk shipyards could be block building them? secretary of state? well, the honourable gentleman is doing his best to turn sunshine into a grievance, and... laughter. you know, we... it is, you know, it is extraordinary, just to be clear about govan, govan is going to build for 20 years, eight enormous frigates. that is a frigate factory by any definition. will he give an undertaking today that wherever possible, we will use british steel in the building of these ships? well, we are going, as i said, to take a very, very close interest in the percentage of steel that will be used in each of the bids that is put forward. we'll be watching th

we got more detail from tata steel. these two companies share a stronger value system.a stronger value system. there is a strong cultural fit and therefore operating in the same geography, some arejust 50 operating in the same geography, some are just 50 miles apart, it is more about the strategic logic than the industrial russia now which is very strong because in europe, they are not growing in terms of steel consumption the way we see in developing economies like india and china. therefore, we have to look at value —based product profile and look at investing significantly in technology and in innovation. 4000 jobs may be cut. what areas are you talking about? the cuts of jobs that can be defected is on the overlaps and those overlaps have to be handled and if they write any downstrea m handled and if they write any downstream is that are not sustainable structurally, not profitable, etc, we will have to see as to how they can be restructured. unions have been much more vocal and speaking out against the deal. they have given a conditional not now, they will look at

like mission steel as well as pacific metals tracking the gains we are seeing.s is a base metal 's elsewhere we are seeing decline board copper as well as aluminum. a mixed bag for commodities today. rishaad: let's talk about fiscal reform on capitol hill with that story and the rest of the first word news. and publict trump and leaders will announce their long-awaited tax overhaul plan later on wednesday. sources say corporate tax rate will be cut to 20% on the current 35 with businesses allowed to immediately write off capital expenditures for at least five years. trump will propose a top individual rate of 35% of the to create adecide higher bracket for top earners. north korea has ramped up its war of words with america, issuing a propaganda video showing the destruction of u.s. military air forces. it shows the shutting down of a b-1 bomber and an attack on an air carrier as well as clips of president trump and a burning flag. they claimed that trump had declared war on north korea, something the white house said was observed. trump: we are totally prepared

germany's biggest steel company to cope announced a merger of its european operations with its indian competitor tata steel this week the move might cost thousands of jobs in a region that is considered the core of german industry as germany's who're area was known for its glowing hot smelters and smoking furnaces for more than two centuries people have mined here for black holes or brown coal and for iron ore there's also the home of the country's steel industry as a whole in the nineteenth century companies like and cope became symbols of germany's industrialization the companies have long merged and now formed to cope and now the steel giant will join india's tata group to better position itself against growing competition from china but as always there's a downside just like in every other merger many jobs are at risk and workers are where it up to four thousand jobs will be cut two thousand and management and two thousand and production now they see the fusion as a further step in a far reaching structural change that has even seen some of once mighty mines like it's turned into

a lot of reasons why steel companies like u.s. steel in an environment where we haven't gotten the infrastructure. sotrades that have worked for long time and may not be at all time highs may be why you want to buy them. emerging markets at five-year highs, break it out. >> maybe, but the thing is about the valuation argument, which i understand, but we have yields, so while valuations are high, yields are at 201, 212 today, so long as we stay low on this, then stocks continue to look attractive i've been saying all year, you start to get yields rising closer to that 3% level. stocks are going to have a major problem with this level of valuation, but until that happens, i think you're okay even buying the ones that are going at thu highs >> how to you address valuation question when you look at valuation compared to that stock, not against the whole market, does it get harder and harder to own a royal caribbean? >> one of the mistakes i made, i thought with yields going lower, that it would somehow hurt stocks because it was telli

plant to include in steel for auto manufacturing. and earlier today the w.'s monica jones asked the chief financial officer of tizen corp if the company is not turning its back on the steel industry. no that is clearly not the case i mean take a look at the history of to some crow as the name already set to us in trouble as a result of mergers coming from the past it was to us and it was crap it was harsh it was wrong style and we've seen over the past that mergers happened to address all the issues of over capacities in the steel industry in the past this is now for us is the next step of a merger addressing the issue of over capacities and the stable to a bit weaker demand in europe so we think together with who is more or less the same cultural values as we have in our company that this merger will allow us to address the challenges in these markets a lot better than do it standalone in other news the u.k. is preparing to offer twenty billion euros toward its divorce bill that's according to a report from the financial times londo

and create europe's second largest steel producer after arsenal meets and. the new joint venture is expected to cut around four thousand jobs in total. and has once again raised concerns about the future of workers at the poor tell that still works in south wales. which is owned and operated by tessa. steel prices have collapsed as cheap it chinese exports increased in recent years. and place we groups c. e. o. said that combining operations would help combat that supply glut. with in the immense is for the new company is big. it will be a clear number two steel maker with a turnover of approximately fifteen million euros. and forty eight thousand employees in thirty four locations just brightest on talk. using via and five mile on the screen south we must deal with the basic problem which is over capacity. and that can only be done with the magic going to some interest people and if one doesn't match and does that alone. won't come to achieve things positive effect store michigan but for. france's socialist party took a beating in this year's presidential a

that gave pittsburgh its nickname, this was steel city. domestic industry collapsed in the late 1970s. >> we went through 30 years of a depression. our unemployment in the city was hovering at 19%. >> that's the pittsburgh he wants to leave behind the the city he runs now would seem like science fix thction. >> why are you testing in pittsburgh. >> because it's a difficult to drive in, they call it the black diamond of driving. >> that's only one of five driec driving experiments we have going on in pittsburgh. >> we embraced the technology as part of our economic growth strategy. >> but there is another vision for the area's future one closer to its pass and president trump's ambition. it lice beneath rolling farm land where they opened their first new goal mine in three years with the president's backing. >> coal is no longer a four lt word in the country because of that. it has a big impact on investor relations. >> does pulling out of the paris agreement help or hurt the industry. >> it helps our industry. it's the perception issue. >>

go for your pension pot if you want, but the steel industry will die.e plant for a decade, and he has been given a sabbatical to re—enact two of the most challenging years of his life. it is a real privilege to be able to tell the story of the boys, and myself. the last two years we've been sort of told what our story is, basically, and this is what's happening to you. i feel now it's my chance to say, no, this is what's happening to us. all the time i was working there, i was afraid of losing myjob. sure enough, i lost myjob. the story is based around how the community and workers fought for the future of these works. we were drawn to port talbot not just because of the save our steel campaign, but because of the solidarity they show, the workers there. so, when the show comes to an end in two weeks' time, will sam be straight back into his overalls? at the moment, the plan is to go into work on 4th october. like i said, i don't know, if something comes of it... dreams of hollywood already. exactly, exactly. after being shrouded in uncertainty for so l

be the continent's second biggest steel—maker.cross europe. but there will also be around 4,000 job losses. thysenkrup‘s chief financial officer guido kerkhoff has been telling us why his company struck the deal. the european steel industry has quite a number of challenges, the processing situation, the weaker demand and the overcapacity is. with thisjoint venture demand and the overcapacity is. with this joint venture with justice4g re nfell this joint venture with justice4grenfell and thysenkrup, we will create a clear number two and will create a clear number two and will be a leader in technology in our sector. steel in europe, there are overcapacity is, they do not go away from the market, and that is one of the key reasons why we recently acquired another company, and in the consolidation it is much easier to address the issues of ogre tonne overcapacity. —— address the issues of overcapacity. kenya's supreme court has blamed the country's electoral commission for last month's annulled presidential election. the vote was won

they say their appliances are safer, they have steel backs, and their domestic steel backs, and theirr our top story: rescuers are racing to reach survivors trapped under the rubble of a school in mexico city which collapsed during tuesday's earthquake. 11 children have been rescued from the building. there is believed to be at least one person to live under the rubble. rescuers are trying to reach that person. 0ther are trying to reach that person. other stories from around the bbc: south korea has approved a plan to send millions of dollars worth of humanitarian aid to the north in spite of pyongyang continuing to develop nuclear bombs. they said they would give money aimed at children, pregnant women, and to improve medical supplies. among our most watched videos online, these adorable pictures of a baby elephant walking for the first time ata baby elephant walking for the first time at a zoo in belgium. the picture was taken just hours after the birth of the baby elephant. it doesn't have a name yet. the zoo is taking suggestions from the public over what to call him. the german e

without a steel mill. you can't do things without companies. hey got to get everything together and start doing it. to the r industry back united states. you know, everybody is crying, that.this, trump look what they do to him. he wears the wrong clothes, she wears high heels, blah, blah, blah. i mean, give the man a chance. the right thing. but, you know, this country is that's sinking. trump is bailing and the democrats and liberals are holes in the bottom of the boat to let the water out. work.esn't host: few tweetos this topic, discussion on whether it matters in america. is made j.d. says american made does matter to me. to purchase those versus others after doing research on it. label , don't trust the and c-span democrat says, i wager all made in america col r at walmart entitled to low prices no matter the cost. ed in anaheim, california, an independent. good morning. i'm very ross y, perot-ian in my politics and perot warned against this in 1992. question has been answered, has it been good for th

go for your pension pot if you want, but the steel industry will die.has grown up a stone's throw from these works, worked at the plant for a decade, and he has been given a sabbatical to re—enact two of the most challenging years of his life. it is a severe privilege to be able to tell the story of the boys and myself. the last two years we have been sort of told what our story is, basically. and this is what is happening to you. i feel now it is my chance to say no, this is what is happening to us. all the timei what is happening to us. all the time i was working there, i was afraid of losing myjob. sure enough, i lost myjob. story is based around how the community and workers fought for the future of these works. we were drawn to port talbot not just because these works. we were drawn to port talbot notjust because of the save our steel talbot notjust because of the save oursteel campaign, talbot notjust because of the save our steel campaign, because of the solidarity they sure do the workers there. so, when the show comes to an end in two weeks' ti