tv Business - News Deutsche Welle October 20, 2018 5:02am-5:16am CEST
europe teams up with asia to push for free trade a free trade agreement with singapore signed in brussels should the e.u. give up on the u.s. spy on a trade mission to germany governor phil murphy who says definitely not. also on the program how the french port of tele is already getting ready for brics it it's a key port connecting the u.k. and the e.u. . and right now the border between the british held territory of gibraltar and spain is easy to cross but workers there are worried that could change after a break so. it's time for business on d.w.i.m. how you got to get us good to have you with us the european union and singapore signed a free trade agreement on friday on the sidelines of the e.u. asia summit in brussels the pact with singapore prime minister unleashing long is
one of many agreements the e.u. is pursuing with several asian countries including vietnam leaders participating in the summit call for unity and strong signals against american protectionism. america first policy has led to closer cooperation between asian and european economies to deal with singapore must still be confirmed by the european parliament before it enters into force. the troubled ministration has shaken up transatlantic relationships to say the least it has forced europe to look for alternative strengthening ties to asian countries but despite europe's call for action against donald trump's america first policy the u.s. remains the most attractive foreign market for europe. half of all german companies now in the u.s. plan to boost their investment even more planned to hire new staff that's according to a recent survey from the german chambers of commerce america remains the largest economy in the world business is booming which is leading to more investment and more
consumer spending as promised the trump administration has been business friendly trumps tax legislation slashed corporate rates from thirty five to twenty one percent and he's cut regulations. that's good news for businesses focused on the u.s. market but for those producing for third countries things are more complicated the turbulent negotiations around the north american free trade agreement only recently concluded left north american supply chains in doubt the ongoing trade dispute with china is also hitting foreign companies european automakers are already facing chinese import tariffs on cars coming off their u.s. assembly lines so where does the balance lie for european businesses in the u.s. net positive or negative that may depend on the company itself. earlier my colleague ben physical in talk with new jersey governor and firm murphy who's here in germany trying to drum up trade for his state he told us not to lose
hope and trade with the u.s. despite the current storm warnings. again there's a lot of volatility in washington and i'm a democrat i'm a proud democrat but i'm an american i think there's too much volatility right now how is that affecting business as you've been talking to i think the folks are sort of questioning what's going on with tariffs and trade policy and sanctions and should i be rethinking my advice to them is no i'm an optimist this too will pass. own diesel gate scandal is costing it a lot it's lowering profit forecasts for the second time this year the maker of four cities bans cars says the costs of a recent recall of seven hundred seventy thousand diesels in europe means are earnings will be significantly below last year's profits first lowered its forecasts just four months ago saying you tariffs on cars it exports to china from the united states would cut into profits. earnings are also on the agenda in new
york let's ask our financial correspondent caught to frankfurt investors he ends our bearish about this earning season what's going on in new york well here on wall street so far so good most companies so far could beat estimates of analysts we got during the week some pretty good numbers from the banking industry and we had to netflix with a much higher subscriber growth than expected and then here on friday we had procter and gamble profiting from its beauty business that stock just on friday is up by a good eight percent american express being the second biggest winner in the dow jones industrial average they had a record that stock traded to the upside by almost four percent without those two called great companies probably it would have been lower for the day and if we look at the week here we did see some pressure especially and to get knowledge of shares
but for the dow jones industrial average off this three week a week so we had a slight plots for the first of for the past five trading days but here is the really big show gets going next week what's expected. you know that's when the fun really begins especially if you look at the. industry we will get numbers from microsoft from alphabet parent company from google from amazon and from intel just to name a few and in the past two or three weeks we saw tremendous pressure on technology companies so it would be important for those to be earnings estimates by quite a bit and also give a rosy outlook but we also got numbers from companies like boeing for its harley davidson just to name a few where we could see what impact we might see from higher commodity prices from tariffs on steel and i'm in europe from higher dollars so it is going to be pretty
much a make or break week for wall street and we'll be there to tell us all about it thank you very much scott on wall street and have a good look at it. talking back signal and at the french port of the deadlock in the negotiations is giving french customs officials a headache trucks can still travel freely in and out of the u.k. but will that change. most companies opt to cross the channel by ferry it's cheaper than using the tunnel each day up to fifteen ferries make their way from dover to cali carrying british goods to mainland europe two million lorries used the route last year but checks are only carried out randomly this trucks heading to the netherlands. we checked to see if he was carrying more than ten thousand euros because if so he should have declared it sometimes drivers are carrying as much as two hundred thousand and then they need to explain the source of the money it may come from arms trafficking. and will customs have more work
post rex it will stricter controls increase congestion. you do need there won't be more controls but there will be more customs formalities seven hundred additional customs officers will be employed over the next three years to process the flow this month french customs are working to raise companies' awareness about the clearing process through customs we tell them it's a piece of cake and you get ready to. get ready for enough but what for exactly this haulage company organizes sixteen thousand shipments to britain annually. but i'm not afraid of the changes in the customs process i'm concerned about my customers not being able to export anymore or that they could face difficulties in the export process or i'd lose some of my contracts.
there are plans to expand the port of cali adding new debt and passenger terminals should we end up with a disorderly brecht's it things around here are set to become a good deal more complicated. another breaks a problem regards the overseas territory of gibraltar the tiny lanced rare part of britain is six point seven square kilometers and is located at the very south of the ovarian peninsula border to the north by spain from march twenty ninth that border will be most important than ever broader which has limited self-government powers won't be part of the european union. between spain and the u.k. have been fruitful and a special segment of the brics if we meant defining legislation for gibraltar is almost ready but the document can only be approved as part of the brics a deal so if. people there are still losing sleep. over eight thousand spaniards crossed the border into gibraltar every day to work many are concerned that things won't be so easy once britain leaves the e.u.
. that a vast instead of taking five minutes across the border it could take hours three to four hours. they're worried about the same thing in the small spanish city on the border trade with the british enclave is a key source of income here and many fear that business will be hurt after breck's it. my business depends a lot on that one of them is selling motorcycles and it depends as much as ninety percent i also sell furniture and the turnover that i make with gibraltar and cross border workers is about forty percent. and. gibraltar is one of the most densely populated places on earth and britons living here voted against bragg's it . gibraltar is also a duty free paradise millions of tourists come here to take advantage of prices that don't include value added tax it's
a good deal for everybody but for how much longer. today we don't yet have an agreement a final agreement a relation to matters relating to taxation and fiscal matters but i think we've made a lot of good progress that because we share objectives and so if you share objectives and you haven't yet reached technical agreements you can continue to be optimistic that the technicians will be able to give effect to the agree with him principle that there is between the politicians. the plan is for gibraltar to maintain its advantages both as a workplace and as a shopping paradise. spaniards and britons living on the rock want the same things . found before we go you could be paying more for potato chips french fries another potato products and from europe after our long summer drought here this year's crop has been hit by hot weather and all top e.u. potato producers leading to a sharply smaller harvest in places like northern france farmers there are jacking
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