tv Business Deutsche Welle March 7, 2019 5:45pm-6:01pm CET
wellcome africa's largest telecom company m.t.n. says it plans to raise one billion dollars from asset sales over the next three years following a massive jump in profit for twenty eighteen south africa based firm is set to float its nigerian unit later this year as part of a compromise with authorities for failing to cut off unregistered sim card users m.t.n. is also currently involved in a battle over two billion dollars in back taxes in nigeria which accounts for a third of its revenue the south africa based firm is considered one of the country's corporates success stories. signs of china's involvement have long become commonplace key infrastructure construction sites all across africa beijing has funded several projects across the continent with huge loans china has handed out some one hundred forty three billion dollars in loans to regional government governments between two thousand and twenty
seventeen roads ports rail tracks or airports which in turn are being built by chinese companies and it's not just china doing business in africa most of the foreign direct investment does come from the u.s. which has invested around fifty four billion dollars per year since twenty ten there's right six hundred american companies active in south africa alone where there is relatively well educated labor market and a growing cohort of young bias africa is also a lucrative market for the e.u. the bloc exports many of its subsidized agriculture parts to the continent but has been destroying domestic food markets in african countries in the process whether it's china the u.s. or the e.u. everyone has their own interest in the continent but in china's case that plays a big role critics say that china is not only giving massive loans to african countries to help finance infrastructure projects run by chinese firms it's also
about influence so let's bring in alexandra de missy he's a founding director of the china africa advisory in cologne summit critics say that china is creating a truly death trap for many african countries that is the true. i do not fully agree to this assumption yes it's true that china has given quite a lot of money as you just mentioned in the last seventeen years in that you know one hundred forty three billion us dollars this money has been invested in a lot of vital infrastructure project that has enabled a lot of african countries to become one of the biggest growing markets today. china is investing in africa also not on you know on the touristic measures but also to create future markets and that is being done through these loans but it doesn't mean that china is becoming a debt trap for african countries and frankly african countries have
a lot of debt to other institutions namely too much less rice you tuition but also to private banks that have given quite a lot of money to african countries other single countries that you see as especially in danger. yes we can say that there are so run african countries that have there could become problems you know in taking in a lot of chinese money especially we can mention your djibouti but also countries like zambia however we also need to see where this money is being invested in or in the example of djibouti the money is being invested in in huge support infrastructure but also cross country cross country infrastructure project train road projects that will enable entire sup. country or a sub region of african continent to become you know economically vital area
so it's we cannot just say it's a debt trap but we can also say china's enabling african countries are actually to get their vital infrastructure they require through this money so when we speak about their tribe we need to look you know historical development as well where is actually this money coming from that has caused all these you know debt to african countries we know that a lot of african countries have that in the tune of four hundred and ten billion u.s. dollars that are not entirely coming only from china. and other missi thank you very much you're welcome thank you. south africa's current account deficit as fall to the worst level in three years the government has been struggling to increase its funds amid stalling tech tax revenue and fixed investments south africa's shortfall is expected to keep pressure on its currency the rand which has declined by thirteen percent against the us dollars since the start of last year
and while africa's most advanced economy recently emerged from recession the weaker currency could worsen in terms of trade cheapening exports and making imports more expensive. in zimbabwe many are currently living below the breadline and with the recent hike in food prices bread itself is now out of reach for many recently the price of bread nearly tripled due to a major food shortage and it's now considered a luxury product for some just last month the u.n. source two hundred thirty four million dollars to assist the country with drug drought and emergency relief. now we're going to go over to mexico briefly with a story that might prove interesting to farmers all over africa as well as rising production costs wind like prices and sinking profits have left the nomic rose and mexico's struggling to survive in a bid to help germany has said it will enforce strict rules on companies import
importing the bananas especially with regards to ethical standards in banana production and that's where farmers and africa might find lucrative market needs as well. the livelihoods of one thousand people depend on these bananas each box sells for just five dollars barely enough to cover the costs leaving little to reinvest in more efficient technologies. the managing director here says it's unsustainable. different environment the loss but it's years actually in the price of bananas is extremely low we usually know more than the cost of production. on it was to. get more expensive to grow year on year let's look well as a result family incomes are falling in them with this with a muslim amount of resources the on the. states why the german government is getting involved in economic cooperation minister get spent two days hearing the
problems first hand rural plantations in mexico. plenty of these bananas end up in europe with supermarkets taking up to ninety five percent of the profit leaving struggling farmers in their wake. but we get four pesos pair but not tough to be and we manage three hundred fifty england. three hundred fifty banana toughs when we work twelve hours a day. that's about four hundred fifty dollars per month on twelve hour working days on other plantations the conditions are often washed then once to guarantee better standards and a fair payment from the producers the government has seven thousand companies how far they're willing to go if the companies fail to respond voluntarily in the coming months mr miller well proactively set new standards.
we must begin with a fairly decent standard jammin retail chains that sell in europe and then germany must guarantee at the beginning of the chain here on the plantations. you know child labor living wages and basic environmental standards would overshoot grown standards standards that could be pivotal in eradicating rural poverty and latin america. over to europe brags it will affect how people in britain eat one third of the british fruits and veggies comes from the continent that will have to change because after a break that fresh produce could no longer be fresh when it's being held at ports for long cost customs inspections. greenhouses are a common sight in southern spain europe's biggest greenhouse tomatoes for the european market are growing here year round with a third of them exported to britain the transportation chain is so well organized
that british consumers can always look forward to fresh tomatoes but farmers are concerned that could have properly changed when britain leaves the e.u. at the end of the month. a week at that a market that i will have to work taking into account the possibility that the u.k. is treated like a non e.u. country it would be like exporting to china or japan or australia. he said the only and it would be a very difficult situation above all because the volumes exported are very high and now there's a lot of uncertainty about what's going to happen. last year greenhouses and spain's amaria region delivered some two hundred eighty five thousand tons of produce to britain. and farmers that grow exclusively for the british market fear huge losses after practice it. could but it is doing. this by supply is the does it lead to england they have to look for the new markets and to buy displays
over there well that exporters and is not easy. with just three weeks to go before bracks said it's still unclear how much extra time will be needed for deliveries or whether the produce will still be fresh when it reaches british tables and many farmers here worried that could put their future in jeopardy. and the other business news stories making headlines around the world the european central bank has know what it's doing is own growth forecast for this yeah and twenty twenty e.c.b. presidents mario druggies said he expected just one point one percent expansion this year down sharply from the bank's december prediction of one point seven percent. the number of americans filing for unemployment benefits unexpectedly fell last week the labor department said initial claims slipped by three thousand to two hundred twenty three thousand pound there are indications that employment
growth in the u.s. is slowing off the last year's robust gains. chinese tech company huawei has filed a lawsuit against the u.s. government over a band that restricts government agencies from using its products the u.s. alleges that could use its equipment for spying and criticizes the company companies' close ties to the chinese government the chinese friend denies the allegations. and that's it from me on the business africa seems like you very much for watching the news is next why the officer. markets are all. odd.
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and online get a book of. plays . this is the deputy. coming to you live from berlin venezuelan president nicolas maduro explains the german ambassador he says i'm a bastard. interfered in his country on a fixed by backing opposition leader bill the search interim leader why do also has the support of ecuador the ecuadorian vice president why also coming up charge of use for not prefers jailed in germany to lengthy prison sentences.
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