Your Business Report im Stephen Beard simper len thanks for joining us hong kongs airport was due to reopen early Tuesday Morning after being closed all day monday as thousands of protesters occupied the main terminal the closure forced the cancellation of more than 150 flights causing serious disruptions one of asias most important transportation hubs and marking an escalation of protests that were previously limits limited to the citys neighborhoods investors around the world took notice monday with indexes falling on the spreading political turmoil and fears china can respond harshly. And lets go now to our financial correspondent in new york jose luis to haro who is a nice to see as always so is a as we said this Political Uncertainty spreading to markets as well what are you seeing there on wall street. I think that right now stephen investors here in wall street are fearing an escalation of banzai which could trigger a financial shock worldwide over what some coal some kind of black swan we already have trade tensions between the u. S. And china going on which it seems to continue to escalate the situation taking a toll on the Global Economy on top of more recently the trade war appears to be evolving into some kind of currency war and now do you im going protests in hong kong new geopolitical risk to be run eataly argentina which it feels a certain india is in a particular case rhetoric from beijing claiming that the 1st signs of terrorism are starting to appear. Markets and investors are still anxious that the situation is not getting any better while stocks in that region and its 10th straight day of declines the last time hong kong stocks such a long blues in a straight. In june july 1900 for those that you mentioned trade there is a worry that was obviously driving markets today what exactly were investors say that had them so worried a basically stephen it that the chances of a recession happening keep growing at. Goldman sachs said in a note to investors where to bank c. E. O. s not many possibilities of the u. S. And china getting any try to agreement before next years president ial elections will take a toll on the u. S. Economy which will grow around 1. 8 percent in the 4th quarter of d. C. Year bang go of americans say. There are one in 3 chances of a recession in the next 12 months steven was a lose tomorrow there for us in new york thank you now another big market story coming out of south america investors fleeing the argentinian peso after the countrys business friendly president was walloped in a president ial election primary by his center left rival behind the anger at the polls an economy in recession high inflation and an unpopular Austerity Program. The peso tumbled more than 30 percent against the u. S. Dollar before recovering somewhat on monday shares in Argentine Companies fell and the price of insuring the countrys debt rose investors fear that arjun time president moderate c. E. O. Maki will lose control of the country before he writes his Financial Condition in part through a series of painful cuts on the streets of pointless itis normal argentinians are running out of patience. I hope the economy revives because many people want to work and cant we get to the end of the month just making it were now working to pay taxes because being able to save money ended a while ago. Fickle Global Markets and a bad harvest put argentina in recession in 2018 exports are supposed to lead the way out later this year but the Global Economy itself is running out of steam inflation and unemployment are high in argentina for many mockery is the problem his government accepted a 56000000000. 00 bailout from the much despised International Monetary fund and put an Austerity Program in place. Is a bad manager of the economy a bad manager of the economy who applied to gradualism that didnt work much. Thats where sundays big winner populist candidate Alberto Fernandez comes in he suggested renegotiating the i. M. F. Lifeline and uncertain proposition voters will have the decision in october remain on a stable but painful reform path or follow a new direction filled with big but vague promises. And staying in south america a 50000. 00 bowl of our note its the venezuelan Central Banks most recent attempt to curb the galloping devaluation of money and shortage of cash amid International Sanctions against the socialist more doro government the value of the bowl of our continues to plummet. This caracas restaurant sells pastries called empanada is like other business except Electronic Payments but there are still many customers who prefer paying in cash and us dollars. Saving every day people ask whether we take cash. But we obviously dont think that large bills are going to fall are these cheap. Dollars are accepted just about everywhere in caracas even if this market. This trader doesnt want to be filmed at 1st it looks like the eggs are being paid for with the ball of our National Currency but it turns out to be u. S. Dollars. Theres more to this trend than just the collapse of venezuelas currencies says economist wrong. Look. At the moment there are large amounts of dollars and all of ours pesos another currency is in circulation and weve been through hyperinflation i mean the same time the central bank has allowed the cash talks in circulation to lose their value very quickly without adjusting the banknotes accordingly and. Its hard to say how dollars enter venezuela since the central bank no longer provides information on Foreign Exchange receives the greenback is clearly being circulated here. That. It would give them a lot of people in an order when it comes to dollars from private sources we dont know how much there is all why there is a law that prevents currency trading but its getting less transparent because people have to spend their money secretly even if the money comes from legitimate sources. Of course theres also money from illegitimate sources like drugs if its very difficult to determine who will do you know what i can see according. To some venezuelan send remittances home in us dollars stimulation in the import market. There are no shortages in this caracas supermarket but the imports here are 2 or 3 times more expensive than those in europe or in the u. S. Some stores only sell imports. Are luxury import shops can be found almost everywhere. On a hike you know and i know that a high lot of people dont earn dollars so its hard to pay in dollars coming in the lettuce has so much happens under the Table Including the use of the dollar means a lot thats not legal. Im still paid and all of us know everything i want to buy filled in dollars. Economy no illusions about the situation as long as theres no realistic Foreign Exchange policy in form of supply and demand will determine how people pay for goods. And lets take a look at some of the other Global Business stories making news saudi arabia state energy firm aramco has posted a 12 percent drop in profits in its 1st ever half your Earnings Report the company says it is prepared for an overseas stock listing but has said the timing is up to saudi government officials. South korea is to remove japan from a list of countries that get preferential trade treatment its the latest development in an escalating dispute between the 2 asian powerhouses just last month japan restricted exports of technical equipment relied upon by south Korean Companies like samsung. And over to europe the latest Political Drama is unfolding in italy and it has markets worried once again a populist Coalition Government that has sparred with the e. U. Over deficit spending could soon collapse fighting to take its place populist candidates with even more budget busting plans. Italian drama might be a hit at the last scholar but not on the Stock Exchange in milan investors watched helplessly prices slid. The boss italiana has lost more than 2 percent since friday government collapse in security all anathema for any market thats especially true in economically Turbulent Times the o. E. C. D. Says italys economy will shrink by 0. 2 percent this year at the same time the countrys debt burden is twice as high as the e. U. Stability and growth pact allows at 132 percent of annual economic output and this year the government wants to load more than 2 percent of fresh borrowing on top. I think its very probable that if the Political Uncertainty continues and if ditalia an economy continue to be in a face of stagnation still like the current one that feature and as well as the other caribbean at the agency we let revised down ward their ratings deputy Prime Minister material salvini doesnt hold budget discipline in much he wants to boost spending for things like pensions hes ignored warnings from the un d c b as the euro zones 3rd largest economy so the need is counting on italy being too big to be allowed to fail. And with antigovernment protests raging in Hong Kong China has become especially sensitive about its National Sovereignty to luxury freshened brands versace and coach have now apologized for t. Shirt designs. She got the hot water for listing hong kong and macau as independent countries both are of course semi autonomous regions in china u. S. Brand coach made a similar mistake the t. Shirts were removed from the stores and online outlets the previously Clothing Brand gap and the hotel chain mary ott found themselves involved in controversy after mislabeling chinese territories. And thats it for me and a Business Team here soon beardsley as always is watching. Robots are still in the development phase. But its going to happen when they grow up will humans and machines be able to peacefully coexist or are we on the verge of a robot colorist. If we just bumble into this totally unprepared with our heads in the sand fusing to think about what could go wrong then lets face it its probably going to be the biggest mistake mystery. Artificial intelligence is now spreading through our society. Will experts be able to agree on ethical guidelines or will this Technology Create deadly new autonomous weapon systems. Such as the robot to labs towards august 14th on d w. Earth home to millions of species a home worth saving. Google ideas tell stories of creative people and innovative projects around the world ideas that protect the climate boost Green Energy Solutions and reforestation. Interactive content to inspire people to take action global audience the environment series of global 3000 on t. W. And on line. The quiet melody resume as michael lighten the mood. Ready and in some repeat resonate when it saw. The light and the music. Open 1st. 2019 from september 6th to september 29th. Youre. Welcome from berlin and welcome to arts and culture the hills are alive with the sound of yodeling which im not very good at but well look into how this form of communication has evolved and flourished also coming up. In our series 100 german must reads we revisit the berlin wall through the eyes of a west german author and see how German Division affected both sides and west records. And speaking of walls the berlin based artist collective inner fields use them as their canvas for some of the most sought after street art around. Well anyone whos a fan of the sound of music will remember Julie Andrews yodeling her heart out in the song the lonely goatherd heard and indeed long before the advent of smartphones cow and go herds used yodeling in the alps as a way to call from one mountain to another but what began as a melodic language in switzerland and austria has evolved into a sophisticated musical form in itself and its one that has remarkable staying power would really. Be totally meaningless and. We dont know where
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