no longer off the table in the event of a worsening in trade tensions secondly the indicating quite clearly with the leaning against further weakness today that your forty s remain strictly in control of the currency that they have the resources to prevent what they see as a disorderly or excessive depreciation in the currency what if they lose control of the currency the market starts selling off too much you want say. firstly there s no sign that that s the case and we saw that today the so-called fix against the dollar was it significantly below market expectations as a result of risk appetite really now in the event that they do lose control for whatever reason i think 2015 is a good example of what s likely to happen so we saw this was controlled by authorities but we saw a 4 percent devaluation of the yuan and one day chinese equally as fell 30 percent capital outflows from trying to accelerate quite rapidly and that s part of the
government doesn t like the practice but so far it s been reluctant to go as far as banning such capital outflows. general electric is to cut some twelve thousand jobs worldwide including six thousand five hundred in germany the cuts will come mainly in its power and gas division the u.s. industrial giant projects dwindling demand for fossil fuels in the face of rapid growth in renewables like wind and solar. expects savings of over a billion euros with a downsizing. the european union has blacklisted seventeen countries worldwide for being tax havens this is part of attempts to crack down on jurisdictions that deprive the e.u. of billions in tax revenues by shaming them publicly the e.u. hopes to persuade these countries to make reforms included on the list are south korea. panama. aid organizations like oxfam have complained that european tax
resilient in the last few years but that s changing quickly. alarming new heights and it s worrying investors. food prices in turkey are especially high but transportation costs have also soared this spike is especially hard on consumers but the rising costs are taking their toll on businesses to the inflation rate has been on a rapid rise over the past year it s jumped to thirteen percent a level not seen for nearly fifteen years rising inflation is also putting pressure on turkey s currency for months now the lira has been losing value this is good news for turkish export hers the weaker currency makes their products cheaper abroad but this trend is worrying to domestic companies who are trying to shift their money abroad to avoid depreciation. the turkish government doesn t like the practice but so far it s been reluctant to go as far as banning such capital
now while good for exports domestic companies are trying to pocket their money overseas and that is a practice that the government frowns upon food prices in turkey are especially high but transportation costs have also soared this spike is especially hard on consumers but the rising costs are taking their toll on businesses too. the inflation rate has been on a rapid rise over the past year it s jumped to thirteen percent a level not seen for nearly fifteen years rising inflation is also putting pressure on turkey s currency for months now the lira has been losing value this is good news for turkish export hers the weaker currency makes their products cheaper abroad but this trend is worrying to domestic companies who are trying to ship their money abroad to avoid depreciation. the turkish government doesn t like the practice but so far it s been reluctant to go as far as banning such capital
high but transportation costs have also soared this spike is especially hard on consumers but the rising costs are taking their toll on businesses too. the inflation rate has been on a rapid rise over the past year it s jumped to thirteen percent a level not seen for nearly fifteen years rising inflation is also putting pressure on turkey s currency for months now the lira has been losing value this is good news for turkish export hers the weaker currency makes their products cheaper abroad but this trend is worrying to domestic companies who are trying to shift their money abroad to avoid depreciation. the turkish government doesn t like the practice but so far it s been reluctant to go as far as banning such capital outflows. and that s it for me on the business scene here and then i ll have an update for you in of the next hour before you go here again as