tv Business Deutsche Welle July 12, 2019 7:15pm-7:31pm CEST
harvest ivory coast and gone up are teaming up to ramp up global cocoa prices. get out but still have debts and much more on g.w. business africa after a short break on the gulf really from everybody here and the news remember len thanks for joining. me it's a sex phone operator who worked her masters thesis on the potato from britain to treat. not a turn on well it gets more residuals from their. list. of strange. climate change. sustainability.
environmental projects. globalisation. biodiversity species monsour vision exploitation the quality. of human rights displacement. current local archery. global 3000. on the ivory coast the joining forces to repair a dysfunctional cocoa mockers box the proposal is loaded against the foremost on the on a pittance for the lottery food which generates billions of profits for multinationals . and the international monetary fund agrees the half $1000000000.00. the republic
of congo. this is business africa w. on lookout office welcomed the world's largest cocoa produces just a fraction of the crops potential value that's what the world bank said yesterday it recommends that countries like ivory coast the world's leading producer or ghana should process that cocoa domestically to fully reap the benefits as well as develop their own distribution networks the 2 countries have already decided to introduce a minimum price for the export of cocoa they failed to come to an agreement though with the chocolate industry on wednesday but negotiations continue. the cocoa business is very profitable but not for the farmers the market for cocoa products is worth around $100000000000.00 us dollars annually but many cocoa growers don't even get to u.s. dollars a day. in the ivory coast which accounts for more than 60 percent of the world's cocoa production you want to change that they want to raise prices on the global
cocoa prices rollercoaster in recent years 3 years ago the price was still at more than $3200.00 us dollars per ton in 2017 the price tumbled to only $1800.00 u.s. dollars the current price is hovering at $2400.00 prices have increased slightly since the ivory coast and ghana announced they would fix the price for the coming season at $2600.00 u.s. dollars. the move is met some criticism especially from buyers and chocolate makers but one major player the u.s. based candy maker mars has already signaled its support for ivorian and gunney in price plans the american firm says it also once local living conditions to improve . our correspondent us accolades he joins us now from across the until now the process has been determined by the market nagaland ivory coast
want to run the ship are they right for doing so. yes the because really states of the gun and all the. best and you don't get much from want to deprive jews and sell and that has impacted the interest from even young people into farming and many of them are living in poverty and so the right to demand full fair value for what you produce and so it is right . to ensure that the. on the right process i think and i'm sure that's where the right negotiation gets what they want. steps being taken to make the production of cocoa and the whole value of cocoa in the country more more more realistic for example by making chocolate actually.
yes for example in ghana and even in ivory some level of production of. just that is a huge level like we have. and that is what is needed. by being present i guess where governments. have to put in place to increase manufacturing and production of chocolates and that is what we now expect governments to do so yes there is some level of production to be more than what it is currently for many families to realize value from. the minimum price that ghana because now want to introduce that really improve the situation of cocoa farmers and workers as well. it is one of the the fact is that will improve the livelihood yes just having the best prices not all so yes for one it didn't need to get the right price for what they produce and increase revenue
but beyond. about value the ought to also begin to add value to countries so that. they can and more so getting the right price is one of the factors to reach that destination. thank you very much. thank you. very international monetary fund has approved a bailout worth 449000000 dollars for the republic of congo will help the government of brazzaville support the ailing economy the country has been struggling following a sharp drop in crude oil prices in 24 to 2014 rather oil is the country's main export the republic of congo's to g.d.p. ratio has also bellew as a result of heavy borrowing from china for infrastructure projects april beijing help with the situation by restructuring some of those debts. the country could serve as an example across africa other nations may also need i.m.f.
bailouts to help them deal with their own unsustainable debt levels. on top of its african a bishop china is pouring millions of dollars and aid and low interest loans into the south pacific anything because they are looking to keep australia new zealand the czech and the tiny kingdom of tonga there are signs that a battle for power and influence among the much larger nations is heating up. life moves at a slower pace without traffic lights or fast food chains snuffling pigs room dusty roads but in a country with few jobs tongue's worry that chinese immigrants are taking over the small business sector. first of all our food supply most needed chinese. retail shops 99 percent chance all rooms.
have basically control the. many fear that the chinese could be expanding their business interests into farming and construction made a beijing late investment drive in the region china already gave several gifts and loans to tonga the country of 106000 people i was about $100000000.00 u.s. dollars to china's export import bank equivalent to about one 4th of its g.d.p. but the chinese say it's increasing footprint in the south pacific is nothing to worry about nevertheless after western allies overlook the south pacific as a somewhat sleepy neighbor to a stray or new zealand and the united states they're now responding in an effort to check growing chinese influence after cyclon destroyed congress historic parliament house last year the government 1st suggested china might pay to rebuild it then
new zealand stepped in and now considering jointly funding the project. abas is on course to overtake boeing the european plane maker has already made more deliveries the 1st half of this year thanks to keen interest from china actually carrier and china has just ordered 20 new a 358 from the european plane maker a deal worth some 6000000000 euros is the latest sign that boss is expanding its foothold in the chinese market where local carriers are. more interest in european planes and some past the trade tensions with the us. meanwhile competitor boeing has announced that the head of its troubled 737 max program plans to retire erik. be in charge of the project since august last year it's the most high profile departure since 2 of the aircraft crashed almost 3 m. 50 people died in those accidents. asian shares are mostly high after the
dollar hit a record high on thursday it climbed above $27000.00 and much to the delight of u.s. president donald trump new york markets have been raising higher on investor optimism that an interest rate cuts interest rates cuts is on the way. auction house so the beach is holding its 1st sale dedicated to sneakers status collectibles is growing some could fetch over $100000.00 shoes going under the hammer in new york including parents bought by the 2nd film of the back to the future for a child's. german comic a dime less shock markets on friday when it slashed its profit outlook for the 2nd time in 3 weeks it says pretax profits this year will be significantly below last year's level forecast follows a major 2nd quarter loss the company said it expects sales returns on its flagship
most ladies bents unit of 3 to 5 percent half its previous estimate there is also setting aside a further $1600000000.00 euros to tackle the fallout from its diesel emissions problem a recall caused by abbott's made by japan's now defunct jakarta. folks and for expanding their alliance 2 of the world's biggest car makers now say they want to cooperate closely on the development of self driving and electric cars. there's long been speculation folks wagner and ford would team up on self driving electric cars with markets like certainty confirmation from v.w. c.e.o. herbert and for chief jim hackett out a new york news conference boosted shares in both automakers volkswagen will put $2600000000.00 into ford self driving units argo ai which is valued at $7000000000.00 we're now confirming that we will extend our collaboration into
a tireless technology we share the view that technology is an enabler and it's not immune to itself that was one of the 1st things that herbert i aligned on a people will remain our constant focus in this ever changing world. the w one ford aim to put autonomous vehicles on the roads in the u.s. and in europe the deal makes v.w. an equal stakeholder in ford self driving cars business and ford will get access to be w.'s electric vehicle technology. they remain competitors in the marketplace but teaming up on our go ai gives them technological know how and scale as well as geographic reach and investment in our goal ai will provide does this a one of a kind of driving system technology it will enable folks walking in for it to be signed and manufacture s.t.s. vehicles based on this technology from our perspective this is
a real situation. to tie up as part of a broader partnership between v.w. the world's 2nd biggest carmaker by sales and 6th place ford. and that's it from me of the business africa team era but for more business news analysis and back cross stories of course check out steve w. dot com business now should stay tuned for news hour for gobby w. news africa is next right after this quick look up global markets for the for. the for.
the right to tame returns home on d w dot com barring a tank. with defer. languages we fight for different things that's fine but we all speak up for freedom freedom of speech and freedom of press . giving freedom of choice global news that matters d. w. made for mines. this is the news africa coming up on the program so the military council says it's foiled an attempted coup or. have been rounded up officials and how to see the power sharing deal with pro-democracy groups will be signed this week also coming up. designed to meet the specific needs of african countries that metric bond is being tested in got
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