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tv   Business - News  Deutsche Welle  August 24, 2018 5:02am-5:16am CEST

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new u.s. tariffs on sixteen billion dollars worth of chinese products they come into effect in beijing responds in kind is there a way out of the race also coming up. caution about one of the biggest company listings in history the saudis insist around close i.p.o. will not speak. to how a dressmaker from broadway is helping to transform the lives of migrants in italy by turning them into tailless. this is your business update i'm headed home for in berlin thanks for joining me the u.s. has slapped a twenty five percent tariff on sixteen billion dollars worth of imports from china this is a second round of tariffs in response to what the trumpet administration calls beijing's on fair trade practices well china reacted swiftly with its own high
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tariffs on over three hundred american products as the trade vicious circle continues its dangerous spiral. new negotiations couldn't prevent the latest turn of the screw so far the u.s. and china have each imposed import duties on goods worth around fifty billion u.s. dollars now american companies in china are getting an easy alternate issue that our companies think about is the uncertainty that the conflict brings uncertainty isn't good for business it limits your ability to invest in new developments in a country that impacts your ability to hire new staff u.s. president trump is not just attacking the trade deficit with china he's also fired shots at beijing's industrial policies accusing the chinese government of paying high subsidies to companies in the tech sector like robotics and artificial intelligence the sectors hit by tariffs are starting to hurt on both sides like at this market in beijing many have stopped ordering agricultural products from the
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u.s. because they've become too expensive the new g.d.s. also affect items like turbines and chemicals china's retaliation targets included raw materials like coal and gas in china. of the world economy if this trade war leads to a. shutdown i mean that could be disaster to the world despite strong resistance from within his own country trump is already threatening new sanctions on chinese goods worth two hundred billion u.s. dollars taking effect as early as next month. so we also correspondent on wall street if the on chinese imports would backfire and essentially see u.s. consumers foot the bill. yeah i think better of the opinion that many people have here right now i would like to see what the watchdog of the american economy basically is saying to that the federal reserve bank and they have been
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repeatedly warning with a negative impact on the american economy when it comes to these ongoing trade disputes and economists reckon that every one hundred billion dollars worth of imports that are being hit by tariffs could hurt global trade by half a percent in decline and i think that is some something that everyone is really worried about here at the moment because we are at one billion dollars right now by the way fifty fifty from both sides and the next around the two hundred billion dollars worth of chinese imports that are being targeted by new sanctions from the americans they could hit consumers really hard and the consumers are still very important in engine for growth here off the economy so this would probably make everything even worse. skill wall street meanwhile u.s.
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sanctions against russia pay to be biting the ruble has fallen to its lowest level against the dollar in two years and now in a bid to stabilize the current say russia central bank says it will stop buying foreign currency until the end of september. the turbulence day for the ruble as it plunged to a two year low against the dollar then came the announcement from the central bank and calm was restored temporarily at least analysts say there's an easy explanation for the volatility this is all related to the threat of sanctions who are for more sanctions coming from the u.s. the market is full of rumors as to what may or may not be coming next out of the u.s. congress and that's creating a lot of nervousness and volatility in the room or at the ruble earlier this week the u.s. imposed sanctions on two russian shipping companies accused of trading oil with north korea and russia's alleged involvement in the poisoning of former spy sergei screwball seen here on the right could result in a new far reaching set of sanctions on the streets of moscow locals don't appear
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too fazed by the rubles declining value. if you will most of my savings are in rubles so it doesn't matter that much to me my clients pay me in rubles too so i haven't suffered losses there either the only thing which worries me is that they say prices will be growing well let's see you do fly before. you know. better. but wait and see wasn't a strategy the central bank was willing to risk the rubles weaknesses come despite an increase in oil prices and a general improvement in the russian economy a fresh set of u.s. sanctions could swiftly undo those games. china has expressed serious concerns over australia's decision to ban chinese telecoms hallway technologies from supplying equipment for a five g. mobile network to the country australia had banned holway all way citing risks of
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foreign interference and hacking. an excuse to tilt the playing field against a chinese firm that's how beijing dismissed the australian government's move to ban chinese owned tech giant while away from taking part in the rollout of five g. mobile infrastructure. china expressed serious concerns about the australian government's statement on this issue the chinese government has always encouraged chinese companies to carry out economic co-operation abroad on the basis of respecting international rules and local laws. don't use various excuses to out officially erect barriers and conduct discriminatory practices where you know it's the australian government to abandon india logical prejudices and provide a fair competitive environment for chinese companies. but chinese lore
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says citizens and companies must support intelligence work security analysts say there's a risk while ways equipment could be used for espionage the move was made following advice from australia's security agencies and signals a hardening of canberra stance towards its biggest trading partner bilateral relations have soured the cameras allegations of chinese meddling in australian politics united states restricted while away and said to be from its market for similar reasons. saudi arabia says it's committed to selling shares in state oil giant around co off to media reports to the contrary a planned i.p.o. was a cornerstone of crown prince mohammed bin salmond's pledged to diversify the economy my reducing its dependence on oil but there are signs the plan sale of might not be quite as lucrative as expected. it was said to be the world's biggest ever
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i.p.o. now there are doubts over whether iran co is to be floated all a report by the reuters news agency suggests that saudi arabia is pulling out of the stock offering amid fears that the sale could prove less lucrative than expected. the saudi government announced plans to sell five percent of the oil company back in twenty sixteen at the time it believed around coal would be valued at two trillion dollars or more. but several experts have since called that estimate into question and the financial advisers working on the proposed listing have reportedly been relieved of their. thirty's energy minister and incidentally also the chairman of saudi aramco denied reports that the i.p.o. was off thing in a statement the government remains committed to the initial public offering of saudi aramco in accordance with the appropriate circumstances and appropriate time chosen by the government. but just what the appropriate circumstances are remains
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unclear around because plan to buy a stake in a major petrochemical company thus increasing its market value could be one reason the government hard for buying time. british airways and air france will no longer be flying to wrong saying they're concerned about profitability spent comes after the united states imposed fresh actions on the country be a set that means the number of business customers flying to iran has fallen making your peroration commercially viable or the airlines are the latest in a string of european companies putting out of iran others include the car giant version departure of those companies of course reducing demand for flights and. flights around. and what's the dressmaker from broadway and the new york city ballet doing in rome where she's bringing together skilled migrant tailless to take part in her project the sewing collective is helping to transform the lives of
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the new he arrived migrant titus. dressmaker lydia which was doing volunteer work an initially in twenty fifteen there she met many migrants living in refugee camps some of them happen to be tailors and dressmakers just like herself now lady has organized them and given those migrant tailors jobs. or i wanted to do more i wanted to learn more about the world i wanted to learn about other dressmakers to know what was happening. and there were issues going on in europe that were interesting to me the fact that there's people coming there's a large migration of refugees coming here out relied on the thirty five year old entrepreneur studio is located in the silent you know center for contemporary arts in rome the sewing co-operative caters mainly to tourists and immigrants. twenty six year old. from the ivory coast fled ethnic tensions in his country arriving initially in twenty sixteen. highly skilled migrants often have difficulty getting
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jobs in their field after arriving initially which says she wants to show that migrants in europe have many gifts and talents that they're ready to use. say with the latest from the world of business for more find us on facebook photos on twitter d w underscore business see tomorrow. on.
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