tv Business - News Deutsche Welle October 23, 2017 1:15pm-1:31pm CEST
winning the race ahead of fattal hamilton who was awarded the u.s. grand prix by former president bill clinton will have to wait until this weekend in mexico to try and win this year's championship. and finally for me a french t.v. crew captured the moment present money and mccraw was rudely interrupted during a ministerial meeting by his dog the pair to his name is the most sorted into the room and shall we say he relieved himself into a fireplace instead of hounding the proper junior ministers in macross somewhat embarrassed laugh the incident off it's not known if the president's office is now looking for a new dog trainer. that's it for me but monica jones is coming up a tree you have with businesses offer a short break for their stay with us. progress
toward where they start to divide the country but you need to deal with where they start to divide the language your blood will flow from. the soviet union is breaking up part. of the members of the russian federation would have to find their own way but it canonically. with the local muslim credibly difficult challenge. to this democracy with allies elections where fronts are privatization was robbery the soviet union territory where does russia stand today and moscow's empire our series starting november fifth w. at. the nikkei hits new highs as a wins japan's snap elections investor celebrates his landmark victory looking
forward to four more years of up an all mix. and the european union's posted weka scheme tops the agenda in luxembourg our e.u. correspondent has the details. welcome to the business so shin so obvious election victory is going down extremely well on the trading floor japanese stocks hit to the highest level since one thousand nine hundred ninety six the nikkei climbed the anyone posts and extending its longest winning streak in nearly seventy years it seems the markets also liberating the continuation of abenaki makes shinn so obvious. three arrows policy of monetary easing fiscal stimulus and structural reform now since the start of pan's nikkei index of blue chip stocks has soared by one hundred and five percent in mid october shortly before the snap election the nikkei jumped to twenty thousand eight hundred eighty one points its highest level in twenty years but pumping billions of yen into the system has also
boosted japan's sovereign debt and a third possibly the most important arrow of aben all makes structural reforms has not yet been tackled unemployment is down but salaries aren't moving much weighing on consumer spending and the international monetary fund warns the japan's growth could slow to north point seven percent next year. hell my a chief economist of debris milan despond how the japanese economy is fairing uneasy gandhi is doing pretty well at the moment if you look at the last quarter it was and utilize growth pattern of two one of percent which is extremely high for japanese standards but there is a big but the question is is it ended jina strength or extremist strength and it's rather extreme the strength stemming from the world economy is just stemming from the silk road bump on the road initiative of china and we see that in the export
business we've had an increase over the last three months on average and and your comparison by fifteen percent and china plays a major role thus the and the genius trends which are in the economy can rely on is not as strong as the numbers might implicate and that not to act there are plenty of reasons i don't have the view of the i.m.f. the exactly that probably also has to do with the fact that and that's what a lot of analysts say that he hasn't tackled structural reforms why is it a difficult to do that. i think it's difficult in japan because it's a very traditional country and if you look at the government polity it is very much entrenched in the holes complexity of the system and then. getting structural reforms on its way is very very difficult so at the moment they still like the way that the b.o.j. eases the way out that we run big budget deficits in order to keep the economy on track but this is not a recipe to last and what about sovereign debt i mean why is it important to tackle
that. he has to tackle it because a stands shy of the number of two hundred fifty percent of g.d.p. and going forward with the demography of japan you need to do something about that and nothing can be really seen here on the horizon of the foreseeable future so we look into the stability of the economy that's what markets do like but we have a lack of structural measures in order to win the future over a longer period of time and just briefly four more years of the in power makes what's that mean for the global economy it means that in the first dance on the short view of the next twenty four months two years that means stability that's what markets like but it doesn't mean that japan is out of the woods of the problems going forward into a longer term future. of analyst agreement on this bank thank you so much for this . well the ailing japanese electronics micah toshiba is expecting to post
a net loss of nearly one billion dollars this business year of the calculating taxes related to the sale of its lucrative chip making business the struggling conglomerate is about to sell that units to a consortium led by a private equity firm bain capital for eighteen billion dollars that's a shiba has to pay the related taxes this year but most likely won't get the money until next year the japanese antitrust authorities still needs to approve the deal which could take months to she needs the cash urgently to cover billions in losses in european stock markets can look forward to a busy week from earnings reports to the next european central bank meeting and much much more than your corporate gives us an outlook from the frankfurt stock exchange three topics everybody here on the trading floor is mostly focusing on the one hand the catalonia crisis you can really feel that investors here do have some
fears that the situation could and into not peaceful situation that's why they are not really doing big investment at the moment then the e.c.b. meeting at taking place on thursday investors will be watching very closely what mario draghi is going to say about the monetary policy analysts are telling me that they're expecting that he might reduce the bond purchasing program from right now sixty billion euros a month through thirty billion euros a month not really changing the zero percent interest rate policy of zero on the other hand earning reports such as b s f a daughter birds and also volkswagen coming in this week that could give the blue chip index tax here and frankfurt another post all right done here quote in frankfurt thank you so much for this. the labor and social affairs ministers are meeting today to discuss the so-called posted workers' directive
a posted worker is an employee year who is sent by his employer to carry out a service in another e.u. member state on a temporary basis but the directive has come under fire critics say it promotes wage dumping. equal pay for the same work in the same country the room pertains to all employees in the european union being sent from one country to another for example if a construction worker from warsaw is sent by his polish company to germany he has the right to earn at least german minimum wage in the future he'll receive the same money as his german colleagues including the usual benefits that's according to a european commission legal initiative the previous so-called postered workers act was from the year nine hundred ninety six when the e.u. only had fifteen member states there was a pay gap of one to three the law was meant to bring payment parity then eastern european countries became member states know the e.u.
is much larger the pay gap to its now at one to ten that means workers in luxemburg earn ten times more than those in bulgaria no wonder the posting of workers is increasing in twenty ten it was already one point three million people twenty fourteen already one point nine million an increase of almost forty five percent germany france and belgium other countries which have the most foreign workers from other e.u. countries most of them come from eastern europe most workers that came to germany in twenty fourteen were from poland at thirty six point five percent slovenia at twelve point one percent and hungary at eight point nine percent one in three works in construction one in five in industry and one in ten in the health care or senior care branch their working conditions should now improve. all right well european union directives tend to be somewhat complex the post of directives is no exception so let's bring in our what experts to set some light on today's meeting.
what exactly are the social a fan minister in luxembourg discussing today. they're looking today into a proposal by the european commission to reform the posted worker a directive and that goes back to an initiative taken by the french president in particular but supported by many particularly western european countries the rich nations inside europe if you want who wants to eliminate unfair competition now the reason for that is we've seen in the report the example of. a builder but you can also take a carpenter let's say from bulgaria who is only needs to be paid the minimum wage if for instance he works here in belgium now the in addition to that he only has to pay the taxes back in his home country in bulgaria and also the social charges and that gives him a comparative competitive advantage that local companies contextually compete with
so the idea of the ministers is now to restrict that post that worker status to to potentially even just one year and the big concern that eastern european countries in the e.u. have was that is that this would actually take away that competitive advantage the reason why in the first place is the european workforce is employed here overall it's a sensitive it's a political issue because after all if you look at the numbers only one percent of of europe's workforce is actually under the status of a post that werman so i mean get to me this sounds like the social affairs minister i have this impossible task that they have to please everybody which from what you just told us is going to be difficult so what kind of result can be expected from that meeting. on the last summit leaders indicated that a compromise may be within reach and so after eighteen months of struggling over
this issue it may actually be that a compromise could be put on the table will that be the first step on what i call in visits that his big reform of the european union remains to be seen in any case any compromise that could be reached today will stand still take a little more while to become really concrete because it will have to first pass the european council so the heads of state and government will have to sign off and then also the european commission will have to give green lights and finally it also has to be signed off by the european parliament so still some way to go sounds like the reform of the posted workers' directive that story will be here with us for a wee bit longer matus from brussels there our expert thank you so much for this. that's the business for now thanks for keeping me company i'll be back in the next hour with more news stay tuned.
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