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tv   Business  Deutsche Welle  August 21, 2019 1:30am-1:46am CEST

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the same point in the social inequality a lack of the freedom of the press. corps rush week on the 4th to stay silent when it comes to the fans of the human scene or microphones who have decided to put their trust in us. menenius to paris and who aren't. argentina's new treasury minister act fast to stabilize the beleaguered peso selling dollar reserves in a much welcomed move but can you solve the country's underlying problems including its massive pile of debts. also coming up its legal bills are mounting now german heavyweight buyer is selling its animal health unit to free up cash. and fasten
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your seat belts to singapore is getting ready to launch a trial of self driving buses. this is your business report i'm stephen beard's in berlin thanks for joining us argentina welcome to new treasury minister on tuesday and on the khun za wasted no time in dealing with the country's fragile economy argentina's central bank auction $112000000000.00 u.s. dollars from its reserves to stop the country's peso from falling markets welcome the move but more remains to be done. it's looking increasingly likely that the presidential palace in buenos aires will have a new resident in the near future although the current resident mari seal mccree has just appointed the 4th treasury minister of his tenure if you expect the president to be around long enough to see how the new man performs the election is coming and everything points to a big defeat from mockery just over a week ago he suffered a crushing defeat to the left wing opposition candidate out battle fernandez in
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a national primary a key bellwether ahead of the main presidential vote on october 27th in the aftermath the argentine stock market suffered one of the biggest falls in its history while the peso fell sharply against the us dollar it was all too much for outgoing treasury minister nicole last to hold any who promptly resigned and. he says he wants to make the most of the 2 months left to polling day. when the next administration arrives. whoever the voters choose the important thing is that the starting point for the next president is a solid and robust platform to recover growth. but argentina is buried in debt the i.m.f. gave my crees government a $57000000000.00 loan last year on the provision that it implemented strict
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austerity measures to attract foreign investment the investment has not come the economy is struggling and the i.m.f. are due for a visit. just yesterday i spoke with representatives of the i.m.f. by telephone. in the coming days they will visit to make a review of the goals that were set out. but who cares about abstract budgetary targets when ordinary people are running out of money with price increases of more than 50 percent already recorded in 2019 it looks like there are more difficult times ahead for argentina. over to north america now where u.s. steel says it's laying off up to $200.00 workers for at least 6 months at its plant in the state of michigan back in june the company warned that softening demand and lower steel prices would lead to the closing of 2 blast furnaces at the great lakes
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facility layoffs call into question claims by u.s. president trump that he's reviving the domestic steel industry. and let's go to our financial correspondent in new york yes korda so yes some dark clouds over the steel industry what's really behind this. now well i mean when the current administration started to impose tariffs on steel and in march of $28000.00 we saw a little bit of a production increase here in the united states but at the same time we saw prices for steel starting to decline and pays basically also between of the trade disputes between china and the united states led china to buy less steel and china pretty much is the biggest buyer of steel so steel prices started to stumble and the same is true for stock prices if you take the stock price of unite us steel that's
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basically in a freefall since march of 18 the stock is down by a good 70 percent so just last week u.s. president donald trump claimed in the steel industry of pennsylvania that he actually. turned a dense business into a thriving and to apprise well those numbers actually tell a different story. and the ins is more talk today in the u.s. about economic stimulus toward offer a session what's in discussion. that actually seems to be the big new idea here in the united states but we heard similar arguments over in germany for instance so the central banks overall seem to basically got rid of all their dry powder so now. we see the turn to fiscal politics so there is the idea for example here in the u.s. to cut payroll taxes but that is very unlikely to happen even if us president
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donald trump on tuesday said that he's toying around with this idea but we're in the face of elections and it's basically impossible that there will be a majority for such plans but it's interesting to see even if we for example to full employment here in the united states every body seems to try whatever is possible to keep economic growth going or a quarter there for us in new york thank you yes german conglomerate buyer hoped its takeover of us for monsanto would turn it into a heavyweight in the promising sector of crops instead the purchases put buyer in a very difficult position the legal costs for months such as roundup we kill are climbing and buyer needs cash now it's sold its animal health unit man's best friend is trending with incomes rising worldwide the demand for animal health products is also increasing now german pharmaceutical giant buyer is selling its
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animal health unit to u.s. based drug firm langkow for 7 point $6000000000.00 the move will create the 2nd largest company of its kind for buyer animal health is only a small part of the group's business and 20 again it brought in revenue of around one and a half 1000000000 euros it's larger units include consumer health with $5400000000.00 euros crop science with just over $14000000000.00 and pharmaceuticals with almost $17000000000.00 euros. selling the animal health division will allow a buyer to bring in some urgently needed cash the company has had a few rough months with multibillion dollar lawsuits over the weekend or roundup and its active ingredient life was saved with funds dwindling and share prices dropping fire has recently moved to sell units not directly related to its core business of life sciences most recently it on loaded some time lotion brand coppertone as well as its dr scholl's foot care unit fires planning to focus more
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on its traditional divisions including pharmaceuticals and consumer health british prime minister boris johnson has asked the e.u. to renegotiate its back brags that agreement threatening his country will otherwise leave without a deal on october 31st whatever the likelihood of a renegotiation more businesses in the u.k. are realising how difficult it could be. the trucks are still rolling swiftly through the port of dover but soon there could be long traffic jams at the end of october britain intends to leave the e.u. with or without a deal prime minister boris johnson never tires of stressing but of brakes it without a deal would definitely mean customs controls in ports like dover and long waiting times 10000 trucks 220030000 very near magic it's going to be. hell for everybody it's going to bankrupt the british economy fears of serious economic consequences in the event of
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a no deal briggs's are growing not only here in dover last weekend secret government documents were revealed they warn shortages of food medicines and petrol in the event of a no deal brigs it the fears are not exaggerated when you consider the formalities that are common for goods and customs clearance with countries outside the e.u. internal market. everybody doing papers like me. for my hour is not our job it's too much time meanwhile the briggs and supporters in the new british government still hope to renegotiate the divorce agreement they don't seem to have a plan b you appear to be putting up a barrier is the saying that they do want to talk i'm sure they will change their mind i hope they will change their mind but we are ready to the top of the 31st. in a 4 page letter boris johnson has just made demands on the e.u.
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but demands are not it doesn't look like new negotiations are on the horizon. commuters take a driverless bus to work that's what officials in singapore hope to find out as they prepare a trial of self driving buses his days are numbered it's at least if the trial goes well this driverless bus is one of several vehicles that singapore is trying out next week as part of a scheme to promote autonomous truck force if you've ever wondered how the technology works here is your explanation the fault of those bus keep it up using a wall or. even sing the praises of the street all senses like these. can be fused. and did go almost bust where the way we. train. passengers can use an app on their phone to book the
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shuttles the destinations on offer during the test phase include a golf club the beach and a historic force. to scheme is just one example to illustrate what's becoming a growing interest in the south driving sector the global autonomous vehicle market is already worth an estimated $54000000000.00 annually a figure that's expected to increase tenfold in the next decade. competition is a ready stiff back and 2016 u.s. software firm new to know me launched driverless taxi trials in singapore piecing rival by a master of weeks the company behind the current trial is hoping that betting on self driving buses will push years ahead of the curve. and that's it for me in the business team. thanks for watching.
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top line models today charles graner's. 2 he's going to be one of those soft is saying is it popular music british isles is james blake a specialist in melancholy and subtle tons up he's much admired by his can you wes is called his favorite artist and he's collaborated with the likes of jay z. and beyonce his songs of thanks and insecurity and his vulnerable male vocals have also struck a note was so many millennial is new album assume full sees a bit of a change as it's apparent he's old enough to hop. he's one of the most desired collaborators in the music business and james blake helped shape beyond says album lemonade and kendrick lamar's dam. and
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a duet with spain's pop sensation of rosalia also looms large on his current album .


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