tv Business - News Deutsche Welle July 18, 2018 5:02am-5:15am CEST
it's the world's largest bilateral trade deal standing up to the growing protectionist gloom in japan have signed a pact covering a third of the global economy a powerful push for free trade also coming up as europe looks to asia for free trade the french port city of must say hopes to become an important hub thanks to china's new silk road and boeing expects sky high demand for planes in the next decades china is said to be the world's biggest market. i'm daniel winter and this is your business update it's a massive deal covering nearly a third of the world's economy the european union and japan signed a new trade pact to link the economies of six hundred million people across both markets in the so-called cause for cheese deal is the moment it happens. a grand fanfare for an historic agreement. as the e.u.
and japan signed the world's largest ever trade deal in tokyo. to do signature of the you economic partnership agreement is a landmark moment for go with the if we used together you call them is that the cone for the third of the world's g.d.p. and home to over six hundred million. the talks got off to a difficult start and took a full four years but as u.s. president donald trump ratcheted up the protectionist rhetoric over the last one and a half years the negotiators set about sealing the deal in double quick time. money again they. are currently rising concerns about protectionism globally. within this context i believe it is extremely meaningful that japan and the e.u. are sending a message to the world i think i'd about the importance of free and fair trade or more likely in a. japanese automobiles currently face ten percent e.u.
import tariffs they will now be completely done away with for the europeans the food industry is the big winner of the deal it will now be much easier for e.u. producers to export cheese chocolate and me to japan a nation of prosperous consumers the e.u. expects food exports alone to jump by at least one hundred eighty percent that'll create new jobs and boost g.d.p. the message to washington is loud and clear you build walls you lose and that free trade is a win win for all participants. amazon workers across europe walked off the job today at six of the company's warehouses in germany employees are striking from labor contracts that guarantee better working conditions strikes began in spain and poland coinciding with. amazon's prime day workers in poland are also staging a work to rule action meaning they only do the minimum of work required and said it
expected only a fraction of its twelve thousand workers in germany to join the walk out. across the pond now against dollars on wall street for a chance to see the amazon running into a bit of trouble also netflix's results disappointed would you say it's been a tough week for tech stocks. well i mean if you look at amazon they all saw their prime day on tuesday meaning they offered lots of discussions and they did have some glitches with their service so not an ideal timing but still the stock of amazon gained a good percent on netflix they came out with their quarter we results and they disappointed to dealy with their subscriber growth at some point the stock got hammered by almost forty percent of the end of the day the stock was down five per cent some analysts are saying actually the problems was netflix right now might even be a buying opportunity well we will wait and see if that really turns to be our true
but overall ness that composite new all time high so a tough environment for tech stocks is a relative term ok and change of the top of investment for the past twelve years and now he's going to step aside by the end of september and he's going to be replaced by dell of david solomon who is with the company since one thousand nine hundred ninety nine by the way he's also known part time two that he likes to function as a d.j. so we will see if the employees of goldman really like his humans well he is known that he might be might go some bold steps he is not necessarily loved at goldman but he is highly respected and it might not necessarily be important to be loved by your employees as long as they respect yours so overall the choice was to be expected so he will take over or first on top of goldman also had their quarterly numbers that came in better than expected still the stock of goldman
traded slightly to the downside as on the part time a d.j. that's how we can find the right mix for goldman sachs thank you very much yes quarter of wall street. china is taking measures to diversify its sources of soybean imports to buffer the effects of trade tensions with the u.s. now make no mistake this bean is a big deal the u.s. normally exports a massive fourteen billion dollars worth of soybeans to china every year china's imports of the being from brazil surged to a record high in may also beijing is waiving tariffs and soybeans from india and south korea the measures aimed at mitigating the effects of tariffs imposed by china on u.s. soil be imports sell for response to trump's trade tightening policy. and china has been building the new silk road the so-called one belt one road project for five years now billions of euros are being invested in an
infrastructure worldwide in order to expand trade routes for the boosting the economy in china the new silk road will also go through the french port city of ma say it's looking to raise its profile on international markets. this investor is hoping the new myth sixty eight transshipment center for fashion will become a permanent hub on the new silk road a sea route for goods from northern china that leads through the suez canal to mar say. this is a real opportunity to become a hub for trade with china will be offering a wide range of products here starting with bashing and then other goods for instance from the tech sector i think in a time when i think it is so far about ninety mainly chinese traders have set up shop here. the next phase will see many new businesses because this center isn't just a gateway to the french market. i think our goal is to become
a hub for businesses across southern europe italy and spain for instance are looking to create training links to countries in north africa such as algeria which there is a shared history you may have sixty eight could connect all these countries with china. the city administration is all too happy to get in on the silk road action china's largest shipping company has made marsay its main trading base in europe a chinese tire factory is also due to be built here soon expanded access to the french market however will need to be a two way street. of course we hope that more foreign companies will do business with us so we can lower unemployment here the chinese are more than welcome but in return they need to open up their markets to our products after all products from provence such as oil as wines and soaps are very popular in china. at least one economist doubts french exporters will be able to sell more in china
even if beijing shows the political will. the silk road infrastructure project won't really change france's trade deficit with china it comes down to competitive pricing french products are generally more expensive. with french government should be aware of this it's also a bit wary that the silk road will be used to peddle influence. that's why it shielding certain strategic sectors. of the head of the fashion thinks apprehensions of burgeoning chinese influence are overblown. what i think everything we need to stop peddling these horror stories i think the situation is similar to the post world war two period at that time american investment in europe was also new that despite the current trade conflict the us is still an important economic partner now it's china's time we need to work together with the chinese in other words he believes the prince need to follow china's lead
if they do this transshipment center will not only be a major import hub it will also open the door to expanding exports to china are now playing manufacturing is really expected to take off american airplane make-a boeing says lines will need over six trillion dollars worth of aircraft over the next twenty years now that's enough to buy more than forty two thousand planes a closely monitored report came as the phone bresh show in the u.k. entered its second day and already demand is high. craft are cutting edge products with a sky high price and there's a shopping spree underway at the following show with no trace of global trade disputes much less any potential recession in evidence.
that there will be. especially in the region where. not only in the middle east a boeing study said that inside ten years china will replace the u.s. as the world's biggest domestic tourist market boeing already exports a quarter of its production to china could be escalating trade disputes between the u.s. and china could easily cloud the u.s. playmakers business there even if it won't make any comment on that front. and back down on wraps up our business update for today don't forget to check us out on social media i'll be back same time same place tomorrow i'll see that.
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