A more focused company and if this story sounds familiar look no further than here in germany g. E. Decided on the cuts it says to save over a billion euros in twenty eighteen the companys stock has plunged forty four percent this year and the downturn is not only affected g. E. Rival siemens is cutting about six thousand nine hundred jobs its power and gas division has also been hit by the rapid growth of renewables like wind and solar the worldwide trend is towards finding Renewable Energy Solutions Like this when park in china which generates clean energy and doesnt contribute to climate change. And solar has become a more realistic alternative since the dawn of Battery Storage solutions to store daylight energy. The u. S. Company says it expects dwindling demand for fossil fuel power plants to continue g. E. Said the job cuts would primarily take place outside the United States but nearly a third of the companys swiss workforce is set to go and sixteen hundred employees in germany are also likely to lose their jobs. Its of course a story that affects the many many people who want to discuss this with our financial correspondent on wall street gets caught to joining us from new york hi yes its good to see you now General Electric is a huge company we are seeing the story similar to the one we also saw siemens how come these enormous companies with huge Market Research firms working for them cant see such a development in the market coming that is the reason why after running the companies for seventeen years Jeffrey Immelt had to leave for General Electric. Just in march actually General Electric was saying that they see huge improvement in the power business and that obviously did not materialize but its also not the first time that there was a misjudgment. That generated place wrong bets in the ninetys for example back then jack welch put high stakes on the financial industry and then the company got hit hard when the financial crisis started in two thousand and seven and two thousand and eight and the g. E. Stock has been losing this year do investors even think this restructuring process will work. Investors do believe that it is important to get back in shape and it also means getting rid of some divisions but there is still not fully convinced that John Flannery who started at the head of General Electric will have an easier time since there was even more pressure on the stock price and the stock lost almost half its value since the beginning of the year in fall John Flannery announced to cut the dividend and half that also did not really go along very well here on wall street still there so wall street does not fully convinced at this point tough times for g. E. Thank you very much in court in new york for the analysis. Speaking of energy in mexico might fear the possible end of the nafta Free Trade Agreement but so far investments havent felt the pinch on the contrary the opening of state monopolies has spurred direct Foreign Investment in many areas including oil exxon is the latest company to russia. A new market has opened and the Worlds Largest Oil Major Exxon Mobil has not took the opportunity to expand this is just the first of fifty stations it wants to open by early next year the fuel is delivered by rail from the u. S. To supply these stations weve made a strategic decision to work with the mexican terminal owners to bring to cry quality fuels made in our own refineries in texas down to mexico to ensure that consumers can experience the full Brand Experience of mobile fuels and the quality guarantee that goes with that. Market reforms in mexico recently ended the monopoly that the National Oil Company pemex once enjoyed in everything from crude production to retail sales. This is a key step for the mexican economy especially with nafta negotiations and deadlock casting a shadow over trade. B. P. Also opened its first gasoline station in mexico earlier this year investments like these are worth hundreds of millions of dollars and mean jobs for mexicans. Almost a decade on from the Global Financial crisis and officials from all over the world are trying to ensure banks are Strong Enough to resist troubling times by forcing them to keep enough capital theres a new rule book but some countries are more prone to regulation than others. If theres anything to learn from the financial crisis of two thousand and eight its that taxpayers shouldnt be the ones bailing out the banks ever again since then central bankers and financial supervisors have been handling over new rules for banks to avoid future bailouts now the socalled Basel Committee has reached a compromise on the final block in its overhaul e. C. B. Chivo your druggy called the breakthrough a major milestone its unquestionable that this measure will reduce the excessive and unwanted off an unwarranted variability in re school weighted assets and thats the key point of this of this measure under the new rule it will be up to Central Banks to determine how much equity lenders need to buffer risks based on how risky they judge the loans to be but to argue stress that the general agreement is only the beginning. And misunderstood were not done in the sense that lots of work has to be done in implementing the measures theyve been just been agreed what is done is to continue designing new rules at this point in time they keep the keep option is to put in practice whats been agreed institutions from twenty eight countries including the u. S. China and india have said theyll comply with the unified rules which will take effect in twenty twenty two. Our correspondent convent bosun in frankfurt was telling us how difficult it was for regulators to find Common Ground on the new backing rules. Well of course this is a compromise and long lasting half a compromise where took a long time until it was really forged out of course you always find pundits who will tell you with this is not enough who will tell you that for example the capital of buffers of banks should be higher but also i think we shouldnt forget that this compromise was forged out by supervisors and Central Banks of twenty eight different jurisdictions you know the eurozone America China countries like singapore turkey switzerland i think its remarkable that they ended up finding a compromise this is not a given in a time where many governments think that national it isnt is more important than finding Common Ground and the World Bank Says the vast majority of miners around the world work in unofficial mines and are totally depending on the proceeds the un regulator industry can be dangerous and would benefit both workers and economies if governments made efforts to recognise it until then theyll remain a thorn in the side of regular mining companies. In this wasteland on the outskirts of kimberley close to ten thousand informal miners are eking out a living by sifting through the waste of the areas diamond mines locally they are known as some azzam as meaning keep on trying the local zulu language kimberley is situated in south africas Northern Cape province and was once the worlds Diamond Capital but the boom is long over many of the mines and supporting businesses closed or downscaled and working as a zama zama is the only work available. It is there you see sometimes the police are us. You have the. Rightful owners of this land take us all chances are we have this oil. From mining affected communities in action is trying to help his ngo is fighting to legalize the work of the zama zamost and to lift the countrys blanket ban on informal mining though the government seems willing to negotiate its the Mining Industry that blocks the move. Interested in helping is a muslim us there even decided to pull out of the meeting that we are with them. Theyd be. Better off when theyre under stress and also the provisional government idea they have to pull out of that meeting theyre not interested in us they are only interested in profit making. Its estimated that close to one hundred thousand people in south africa depend on artists in a mining generating minerals worth four hundred Million Euros per year yet this is only zero point one percent of south africas mining economy. What we are dealing with the. Question of greed versus need so often we see that. In thirty one Companies Control eighty percent of six hundred billion market and denying people the opportunity to put food on the table even though our legislation requires requires the state to make these the Resources Available to ordinary south africans. If formalized there could be tangible benefits for the south african economy and for social cohesion in one of the most unequal societies in existence but for now artists all miners operate in a shadow economy and are only able to sell their noncertified diamonds on the black market. That was business thank you very much for joining us well see you next time or whenever you want. To buy. What does a football loving country need to reach its goals. Well tell you how germanys soccer made it back to the top. In our web special w dot com. Football made in germany. Germany state by state. The most common full. Of all what we asked. The most traditional find it all at any time. Check in with a web special. Take a tour of germany state by state on d w dot com. Crime fighters the new season of radio crime thrillers begins. With. Domestic violence. Cyber and Human Trafficking for investigative cases that will keep you on your toes crime fighters stories of the best idea ever so everyone present needs to listen to crime fighter and shout tell a friend tell a friend to fight crime fighters dont miss it. They make a commitment. They find solutions. They conspire to. Africa the. Stories about people making a difference shaping their nation. And their continent
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