tv Business Deutsche Welle December 11, 2019 7:15pm-7:30pm CET
around the world as well as push out of patience for any breaking news you can also use of the details you have to send us your photos and videos. coming up next business news with your heart health 1st and i'll see you again tomorrow same time same place for now thanks for coming to. coach a bit. sure link to this from africa no more story link to exceptional stories and discussions from the news an easy i want with safety debbie to come smash. join us on facebook g w for because. it was the speech of his life perhaps his best certainly his most difficult chancellor and much cooler addresses the people of
east germany shortly after the fall of the wall. the crowd clamors for the german unity journalist peter lim borg was at the scene. 13 years later he looks back on the title of dresden. starts december 19th on w. . the good of all we will force you german legislated already in new laws telling fashion companies to clean up the african supply chains of respect workers' rights minimum wages unclip climate protection coal face harsh regulation. saudi aramco shaz make this stock market did you ever recall it's breaking initial public offering gave the company a valuation of $1800000000.00. prince mohammed bin saw money. the 1st stepping
stone is all the whole saudi arabia's oil reliance economy. as welcome to the program sustainable development is on the agenda at a summit of african leaders in egypt the 1st ever asked one farm was opened by gyptian president. also due to discuss energy security and how to help economies recover after conflict among the s. and d's is at the forum is nigeria's president mohamed and u.n. deputy secretary general i mean i'm mohammad. south african president sarah rama post says his ministers will put forward proposals this week aimed at ending the rolling power cuts that have been blighting the nation's companies and households south african businesses have been languishing under the most severe blackouts in a decade week of heavy rain has aggravated problems for the state run prague company. which has been struggling to maintain electricity supplies since 2008
ministers are due to put proposals before cabinet on friday aimed at closing the energy supply go with of course bring you much more on that when it happens. now it cobol mines in the congo or sweatshops in ethiopia all across africa workers' rights environmental protection and children's health are being disregarded often by global companies that source them materials on the continent the german government recently asked textile retailers and producers to voluntarily clean up their supply chains suggested a self police licensing option with an official certification that companies can apply for scheme was called the green button one of the $3000.00 companies contacted less than a 100 were willing to sign up but the participants in the scheme would have had to fulfill a total of. $46.00 criteria to do with environmental protection and workers' rights
applied along the entire supply chain certify companies will then have to prove that their products are not made by child labor for example pay the minimum wage and implement safety rules as already mentioned this is a voluntary scheme that only applies to the textile industry the lukewarm response to the greenback program prompted human rights organization and trade unions to call for a law to cover the supply chains of all german companies is now looking into legislation requiring companies to prove there are no dark spots in their supply chain companies breaking the law can expect audience but many as emmys are not at all happy about the additional red tape. a factory fire in delhi this weekend left 43 people dead and many engines the fashion industry is becoming increasingly associated with such incidence safety standards are regularly ignored and buildings
are often riddled with fire hazards 120000000 people worldwide work in the textile sector most of and asia and africa and many children it's common to work 12 hour shifts 6 days a week for a pittance but that could soon end a new bill may require german companies to force suppliers to comply with minimum social and ecological standards to bush and its lawn in a text to virtual exile workers in ethiopia earn around $25.00 a month for just 25 dollars in bangladesh they earn $89.00 so i just stick some of that shows that without our knowing the clothes we wear are often being produced under exploitative conditions regardless of what it says on the label. the government says german employers must use their market power to fight. for suppliers to make improvements germany is the 2nd largest importer of
textiles worldwide but small and mid-sized companies say they'd be overwhelmed by such a law their products often comprise many different parts produced by different suppliers it's hard to trace if they're up holding standards oh not the businesses say it will entail a lot more bureaucracy they say implementation would be impossible and it went prevent tragedies like that in delhi from reoccurring. well that's brand george romero our correspondent in nairobi joy african countries doing enough to protect their children are workers with legislation. their laws are in place the policies are in place the problem has always been implementation issues when you look at the statistics that the aisle released the past few years it has shown that sub-saharan africa has the highest number of child laborers
around the world one in 5 children are still and the category of child labor is but this is coming from somewhere because building evidence is one of the most difficult things when it comes to child labor is on the african continent and despite the policies and laws this is one of the most difficult issues to deal with because of the poor implementation of these policies for implementation you mentioned the laws are there are there not effectively enforced companies bribe their way out. what it looks like is they can easily get away with it because the policies are only there to sort of scare. the people who are involved but not necessarily prosecute them and this is one of the challenges that i think most off african countries have to deal with because for the companies that
are the and receivers all of the products that come from most african countries they actually meet might not have any idea that these products had and the involvement of child labor as well give an example of the local industry in west africa and a couple industry in the democratic republic of congo and these are all industries that involve child never but for the end user or the final destination this little information about what exactly was involved in sending it all the way to to the destination of correspondents are doing better on that and that will be thank you. saudi arabia state oil company. officially begun trading on its domestic stock market it's already the most valuable publicly listed company in the world however that's not enough for the kingdom which women's determined for saudi aramco to top the 2 trillion mark things have gone well so far
the 1st day of trading. this is what it looks like to launch the world's most valuable company on the stock exchange for the 1st time. saudi aramco pride and joy at the saudi arabian royal family kingdom has gone public to made its long awaited market debut in riyadh on wednesday to much fanfare to nearly 3 trading the shares reached 9 dollars 39 each that was enough to hit the 10 percent cap on daily price rises he values the company at almost $1.00 trillion dollars short of crown prince mohammed bin salmond's targets 2 trillion but nevertheless seen as a cause for celebration. today the kingdom of saudi arabia is no longer the only shareholder of the company. more than 5000000 shareholders have joined including citizens and residents in this kingdom and all the c.c.c.
countries in addition to saudi regional and international investment institutions this is a day when everyone in saudi aramco and in the kingdom can be immensely proud. however the listing is not all it was meant to be the idea was originally conceived to bring in foreign investment but in the end there was limited interest from abroad and the original plans to list in london or new york was shelved nevertheless a key stage of crown prince mohammed bin salmond's economic liberalization plan is now complete saudi is pushing itself away from its reliance on. oil and finding new ways to make money. couple of questions to discuss with the investment investment analyst at the share center in london such a big i.p.o. why only list in riyadh why not list in london or new york.
well that was the thought he would list in london or new york international investors were really concerned about the valuation demanded a trillion and international investors just didn't think it was worth that much and also you've got all the political interference you know political interference in terms of business decisions they'll be you know that would be quite messy and also international investors do care about. you know environmental social the governance issues and certainly with saudi aramco and saudi arabia itself there are a lot of those concerns you know resulted in only a saudi listing but for the saudis i think that's probably been a good thing for the time being simply because they've had control of the over the i.p.o. process and just listing a very small fraction i think about one and a half percent means that they didn't flood the market which is why we've seen a fairly srong rally today. overseas investors so far have lost out but there
must be interest are they looking into investing. well overseas investors will ultimately invest in them because the big index providers such as dow jones footsie russell and m.s.c. i will include them in their global then emerging markets benchmark so global funds pension funds will ultimately have to invest in them at some point but the question is whether active investors and active fund managers will be looking into them and they'll have questions such as the yield on the shares and the valuations saudi aramco at these valuations will only give you a 4 percent yield whereas the peers such as b.p. shell chevron all of those will give you an average of around about 5 and a half percent and then again there's the questions around politics and whether the company can protect itself from incidences that we saw earlier in the year such as the attacks on their pipeline infrastructure so there are number of concerns but i
think ultimately we will have more international investors go it in but i think some of these issues will need to be addressed hello thank you very much. that's it from me and the business team here in the air if you want more goes well web site e w dot com slash business also do check out all social media sphere on facebook and twitter if you don't already false news africa with any market is up next. a quick update on global markets. thank you very much watch if you know me of this stuff.
into the conflict with jim sebastian. my guest this week here in rome is the jesuit priest father hans solo 4 is a media experts closer to abusive home of the clergy is the vatican serious about real change the way it continues to provide opportunity as cover for priests who commit these awful full promos conflicts on. 60 minutes on g.w. . what secrets lie behind.
discover new adventures in 360 degree. and explore fasten. world heritage sites. t.w. world heritage $316.00 get the map now. this. coming up in the program when will african treasure spirits hand from euro some say that africa hasn't got the museums to house its own artifacts is that a fair argument. please look because of the museum is one of the take it was going to continue. in the future a species in the world of prison in the arse in kingdom.