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tv   Business - News  Deutsche Welle  January 3, 2023 7:15am-7:31am CET

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russia says 63 of its soldiers have been killed in you, cried re admission of military casualties from the crime. the crime says it launch the strike on new year's eve and says the death told is actually in the hundreds. this is d w coming up next on your went to has your business updates. speaking to create crisis at finance minister to zagreb becomes the 1st becomes part of the common europe. so a couple of currency units or i'll be back at the talk to them, have a good day. hello guys. this is the 77 percent the platform for africa. you repeat issues and share
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ideas. you know, or this channel, we are not afraid to happen. delicate because population is growing and young people clearly have the solution. the future belongs to the 77 percent every weekend on the w ah, pro aisha is making a big change for the new year, adopting the euro. the government believes is a big opportunity for the country will speak to croatia, finance minister to find out why. also coming up turkey notches up recalled exports, but there's more make trouble beneath the surface,
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we'll have the analysis. and forget vanilla or strawberry customers in cape town or turning to some rather unique ice cream flavors to cool off this summer. at that time again dw business welcome croatia has kicked off the new year with 2 major moves towards integration into the european union as well. as adopting the euro, it's also joined the passport free shannon zone. for the next 2 weeks, croatians will be able to use their old kona bank notes alongside the euro. then it's a final good bye to the old currency. the moves are expected to provide a big boost to their countries tourism industry, which accounts for a 5th of its economic output and was badly hit by the pandemic. our reporters stephen beardsley spoke to the croatian finance minister miko primrose in zagreb. minister primrose, thank you for joining us. today. marks the 1st full day the businesses are open fully. they're using the euro now they should be giving back change in euro,
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or you've overseen this implementation. how do you expect the introduction of the euro to really have an effect on ungracious economy? thank you very much. first of all for inviting me. well, the benefits will be multiple of 1st of all, i would stress the importance of eliminating the currency risk of primarily from the public. that portfolio, since more than 70 percent of our republic, that was euro denominated. so with a reduction or elimination of this currency risk, and we will be also more attractive. and we have also witnessed the benefits in terms of the credit ratings. whichever significantly increased. so the 3 relevant rating agencies, moody standard, and poors, and feature ratings have already in july increased the crating of crecia, which is now historically high. i'm also with the accession to the european stability mechanism. we expect our boring costs to decrease are not only for the
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government but also for other sectors, for the households and for entrepreneurs or so we expect really multiple benefits for him from your introduction. also in terms of transactions, the transaction costs will be reduced. seen some there estimated at around 1200000000 kona and so in croatia currently. and the costs related to the conversion of occurrences and which are significantly high will be a completely eliminated with the introduction of europe. we also expect of benefits syndrome. so firm being more attractive, not only for tourists, since we are a well known to its destination, but also for businesses. we expect the also benefits in terms of attracting before in investments or, and other benefits when it comes to the more integrated and connected and approached words. the countries that we mostly do business with about also to the
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most developed countries of the resume. at the same time, krisha is a very small economy compared to some of the other big economies in the euro zone. should there be any concerns about what that means for an economy that no longer has total control over its own currency? while not really whipping that the benefits will be a multiple not only for crecia, but we think that the introducing the euro. an exception to the euro's on of the country. as gratian is really a benefit for the euro zone as well. and since when it comes to our public finances are our public that to g d p ratio a has been constantly decreasing and also our budget deficit is within the master criteria limits. so we're also adjoining the euro's own will not only may crecia, but eurozone general stronger. and it will be hard when assy briefly will be hard for creations to give up. that old currency has so much symbolic value of course of
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the currency of independence. what do you think? i don't think there will be some challenges in disregard them. of course, the question of national identity is important, especially for certain segments of the population. however, a, with the and creation side of the euro, or europe, european union coins. so the euro coins ah, with gratian national side, we will also be able to promote our symbols. and we are actually happy that the euro coins with gratian national side with law. certainly, i'm the one join of the european union's a financial system and i would say a financial circulation of bureaus own. so we see benefits in this regard with incur. it will also promote creation will use and gratian identity, recreation, finance minister, marco premera, thank you very much for your time. thank you very much. and that was steven busy
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reporting there. now to some other global business stories making news. the international monetary fund is expecting a 3rd of the world to enter recession this year. the downward trend is primarily being driven by a slow down in 3 major economies. china, the us, china, and europe. dubai has suspended its 30 percent tax on alcohol sales for a year. it also cut, the price traders must pay to sell alcohol. the city has cut back on regulation lately, with the aim of boosting, tourism and attracting more foreign workers to the reaching and thirties. trade deficit reached a 110000000000 dollars last year, the highest and nearly 3 decades, according to data released by the ministry of trade on monday. or tuesdays exports rose by almost 13 percent to a record high. imports increased by a whopping 34 percent and our reporter from edgy has more
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on this exam. so course ad one's going to want to emphasize or record exports, but there's a massive trade deficit that importing more than it's exporting. so what's the main reason for this massive trade deficit? well, 1st for turkey has never been a country that him that exported more than it's important since 1946. but it's such a high deficit has never been seen since almost 3 decades since 1996. and maybe this is not the main reason, but this is for the most part due to the unconventional monetary policy ado on government has been following since a year and a half. and which is basically lowering the wider of turkish lira and letting foreign currency continue competitive. and this reflects on such a high trade deficit. because as i said earlier, the tokyo is always importing more than it exports. and weak mirror is not happening at all. okay,
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and these figures appeared to show as well that russian turkish economic ties have strength. and despite the war that's going on in ukraine, why is that? this is extra precisely because of the war that's going on in ukraine. as you know, turkey has never taken part in the sanction region which is imposed by european union and united states on russia. so we see, especially in the december and last month, the trade william between russia and turkey as increased significantly turkeys, exposed to russia, increase 122 percent and import imports from russia also increase 56 percent. and this is primarily due to turkey's some sort of on bias roll and intermediate position between the west and russia. so since russia is sanctions almost everywhere in the west, it turns to turkey for purchases and $0.04. ok. and of course, big elections coming up. this year, and we don't know exactly when yet,
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but what does this development in the touch economy? what, what does the situation that are going to mean for the election? surely, something big. what? short answer. somebody has got to pay. yeah, but this is going to be off to the election because we see now in turkey are due on the on government is ramping up the public spending reducing to retirement, age and laws are getting cheaper and cheaper. as you know, the interest rates are going lower and lower and we are months away from the election. so this is time to spend money for, for any government in turkey actually. and this will most likely end up in a huge recession higher than ha, should've expected already. so and who will pay this price, of course, turkish people and turkish working classes and. and there will be no way back from this because combined with 84 percent inflation, this really doesn't look good. ok,
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so it's going to be a difficult election for other one by the sounds of it due to the economy. a committee thank you very much for joining me here in the studio. so now something completely different. what's your favorite flavor of ice cream? what about cost, cost flavor or even fish? that's right. well, an ice cream shop in cape town is treating its customers to some rather unique flavors this summer. but behind some of the auto flavors is a serious point about connecting africans to food from their own continent. when tap you are goose. i 1st started making ice cream 12 years ago. you never imagined he be working with ingredients like robo said, pumpkin puree, but his promise is a taste of africa in every scoop. and that means using ingredients and flavors that are indigenous to the continent. at some point it became an aspirational thing to say, i don't eat african foods, i eat italian food and eat blah, blah, blah. you know, at some point i realized actually wanted to correct this narrative,
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that's thing from africa. second rate, or the not as important there it is valuable and then what is delicious will accessible. so i started to try to address that problem or seeing in the world where we have africans on value ourselves. and consequently we don't get to change your own foods as much as machine is. little creamery is located in cape town and is called coffee toppy. which in band to means yum, yum people often bring him ingredients from other parts of the continent allowing him to make ice cream with amaran's seed, biscuits and coconut or a bough bout with ginger. customers are always surprised to some or touched many say they're struck by the familiarity of the flavors. are growing up with new that ice cream can vanilla something that is, is not from here. now if you eat something like sam or something that you know we grew up eating at same time it's it's, it's, it just mixed. connect it connect to with your childhood top you are gazelle says
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he's concocted over 800 ice cream flavor. so far, no flavor is ever repeated, he says, and he believes there are many yet to be discovered, not just for africans, but for tourists looking for a taste of the continent. and before we go, a quick reminder, our top business story croatia has become the 20th country to join. the euro move is being seen as a major milestone in the countries integration into the european union. and you're up to date with d. w business. if you want more check out our website, d, w dot com slash business. thank you very much for you. oh, oh, doesn't know them a band that has reinvented himself again and again since the seventy's
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on what is their secret? i look behind the scenes of what is probably the most famous band in the world. barked 21 next on d w. a pulse ah, the beginning of a story that moves us and takes us along for the ride. it's only about to perspective culture information. this is d, w news, and d, w made from mines. oh, i think everything jenny fair,
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