Independence is decided response make spanish stocks and the euro surge for now. Also coming up as the fourth round of negotiations for a new nafta agreement begin the parts are colliding donald trump doesnt care too much. And scrapping diesel cars to save the environment a good idea or a waste of resources well have the answer. Its time for business on the w. B. And how you got to get us welcome to the world of business was listening closely when the spanish Prime Minister mariano to haul made a highly anticipated speech about the future of catalonia the stakes are high as a declaration of independence would be harmful to spain the e. U. And the euro the countrys main stock index that has been volatile in the weeks following the referendum on independence but searched today. Investors in the Madrid Stock Exchange were relieved and markets closed more than one percent higher following a speech by the spanish Prime MinisterMariano Rajoy who said he is not going to negotiate with separatists in a much awaited speech in parliament. Separates us didnt have valid reasons to support it is not big they have the votes and the authority to govern the cars alone your region but they do not have the authority to declare independence. Thats why traders in frankfurt say those reason for investors to be concerned. Is condo it is certainly possible but the uncertainty will continue and if there is unrest in catalonia it will certainly impact on spanish bonds it will come under pressure because investors will sell them and look for safe havens the same thing applies to spanish equities. Companies located in catalonia are not taking any chances though businesses are coming up with contingency plans to leave the region. To the u. S. Now renegotiating nafta is getting more complicated by the minute as the fourth round of new negotiations begin in washington this wednesday canadas Prime MinisterJustin Trudeau said he is confident the deal will be done by the end of the year but its become clear that mexico canada and the u. S. Have very different ideas about how the deal should look like President Trump is taking it all in his stride. There was a jovial welcome for Justin Trudeau as he arrived at the white house but donald trump warned tough negotiations lay ahead on nafta the u. S. President has long opposed the Free Trade Agreement and said hed be willing to see it come to an end. I said well renegotiate and i mean i think just and understands this if we cant make a deal itll be terminated and thatll be fun theyre going to do well were going to do well but maybe that wont be necessary but it has to be fair to both countries but the third country and master already seem to be preparing for the worst warning it had no interest in hidden protectionism. We cant allow the Free Trade Agreement to stop being for free trade if red tape instructions Administration Tariffs and barriers are introduced this defeats the purpose of the agreement that doesnt suit mexico we have to be prepared to say no mexico is bigger than nafta an agreement that took twenty years to negotiate is hard to renegotiate but mexico says its willing to try still mexican negotiators want to avoid the new tariffs the trump has suggested to prevent companies from leaving mexico for the u. S. Not many support trumps position even the powerful u. S. Chamber of commerce is turning its back weve been patient headed and constructive. Let me right now be possible and direct there are several several. Proposals still on the table that could doom this entire deal that could spell trouble for the three countries economies canada the u. S. And mexico are each others most important trading partners Many Companies depend on nafta and for them there is no plan b. And Many Companies of course are watching the on folding negotiations lets bring in your car to our financial correspondent on wall street thank you very much for being there for us now we see and know how important the nafta agreement is and yet President Trump seems quite relaxed about it are investors just as cool well wall street watchers but wall street doesnt agree yet at this point overall if you look at most industries here in the United States its hard to see how they would profit if nothing actually would fail and if you look at the u. S. Car industry they depend on the back and forth trade and also of suppliers and if for example you would have higher tariffs on imports and that would probably increase prices here in the United States the same is true for the fashion or the Retail Industry and also for most part of agriculture but so far everything is still pretty strict and that was why wall street does not react and how abstract it is lets listen in to what the president has to say. Its possible we wont be able to reach a deal with one or the other but in the meantime well make a deal with one but i think we have a chance to do something very creative thats good for canada and mexico and the United States. Ok that was dog trump back to you yes. I know were talking about donald trump here but something very creative what could we be talking about what could he mean by that. Well only the white house knows but for instance one idea could be that there might be a Free Trade Agreement between the us and canada and not with mexico at this point thats at least one theory and if you look at the trade balance canada and the us forwards canada this is one of the few industrial nations where us does not have a huge trade deficit with different when you love mexico even if the trade deficit between the u. S. And. Mexico also narrowed in the past couple of years so that could be one idea how likely that is remains to be seen and im sure theres a lot of lobbying going on from the u. S. Industries to keep an afterlife well see how that round of negotiations goes thank you very much and carter in new york for the analysis israeli spies have observed russian government hackers as they scoured computers around the world for code names of u. S. Intelligence programs thats according to american newspapers the intrusion used Antivirus Software written by a russian firm first keep the israelis had also hacked into the chorus first the network and alerted american officials who have since removed the Firm Software from Government Computers kaspersky which has four hundred million customers worldwide has denied any knowledge or involvement in the matter. And two Major Airlines emirates from dubai and its rival eighty how to for a while would be might soon begin to cooperate thats according to emirates president tim clark for years now the two carriers have competed to become Global Leaders the head of emirates says the airline may now be willing to work with weibo the hot in many areas including procurement but he has ruled out an actual merger for now clark added that any cooperation is subject to board approval the fast growing gulf carriers could be renewing or reviewing their strategies due to overcapacity security concerns and a fall in regional traffic. From the air to the ground now because after the infamous diesel gate scandal ruined the reputation of diesel motors car makers here in germany are offering Cash Incentives for people to get rid of their diesel vehicles and buy cleaner new cars for less it sounds like a good idea that is also great for the environment but critics say were forgetting something. Another opel bites the dust. On average an opel is on the road for eighteen years before it scrapped another makes of car even more robust. But car money factories in germany are offering Cash Incentives to people who want to scrap the old diesels and buy new cars that pollute less there are more than six million candidates for this special treatment. Economist heading vets has published a study on incentives to scrap old cars. Grant cars that could run for quite a while longer and we invest so many resources in these products that it makes no sense to just throw them away. Because institute has worked out the two thirds of the Natural Resources that go into an average compact car are used for its manufacture the remaining third maybe fuel is consumed while driving it over its average lifespan that adds up to nearly thirty five tons of resources for a car that weighs just one and a half tons the largest single item is energy followed by metal. With people here are concerned about the level of pollution where they live the resources we used to make and run a car come from all over the world but that doesnt interest them so much nonetheless over the long term its much more important to conserve those resources. The Auto Industry rarely talks about all the resources it consumes germanys Automotive Industry association the vdare would rather point out how the latest models pollute the air less than older ones incentives to scrap old cars maybe Good Business for scrap merchants but decommissioning aging diesels before that time seems like a waste of precious and finite Natural Resources. We say in the matter germanys b. M. W. Might step up its operations and china will begin a cooperation with. The German Company already makes cars in china through a joint venture with Brilliance China Automotive Holdings but beijing is so in need of more electric and hybrid vehicles to fight pollution it has loosened rules for joint ventures with Foreign Companies the m. W. Announced an aggressive expansion in the electric car segment just last month. And thats all for this edition of business thank you very much for joining us and remember you can watch this and all of our programs on t w dot com till next time take care and bye