The courage to be crunch time for the euro brussels expects me to present a revised budget plan for twenty nine. More days to make good on Election Campaign promises experts when the euro is at stake. Coming up to china fishing countries meeting croatia looking for a way to avert the extinction of a much loved global delicacy. And chinas even racing to position itself will need a local wine market now and its being backed by legendary luxury. This is your Business Update on how the whole frame but then glad you could join me the countdown is on for the government in rome has until later on tuesday to come up with a budget for Twenty Nineteen which brussels agrees with European Commission is
already kicked out the current one saying it flouts a commitment to reduce the countrys debt and that debt is sizeable the second highest in the euro zone as a proportion of g. D. P. Now brussels says if rome does not come up with the goods later it will start disciplinary steps against rome later this month. The Italian Government is not backing down over its budget despite e. U. Commission warnings to dress to clear reduce its Budget Deficit Target after talks with euro Group President mario same thing or italys Finance Minister said it would be political suicide to cede to the e. U. s demands they could at least give full and i mean. We are going to reiterate our budget fundamental characteristics and rationality that i join you and we will continue to discuss ways of bringing our position in line with the European Commission has now gotten all triples its your you can see that well also take the worsening economic forecasts for europe
and italy into consideration and that only confirms that our Budget Proposal makes out its. More debt for more growth the italian banks arent convinced that Deficit Spending will end well a report says the countrys five biggest banks are considering opening a two and three quarter billion euro credit line to the Central Banks Deposit Protection fund the credit line would serve to strengthen support for weaker lenders in the event of a banking crisis. And earlier we spoke to german economist youre going to start the e. C. B. Hes former Chief Economist and also what was likely to happen next is what he told us at a certain point in time there will be a showdown the question is whether the Italian Government will hit the wall with the u. Commission or other european institutions over the markets i personally expect that the you with situations will stand firm not to give in at this stage at least
second to that Rating Downgrades will follow and credit spreads will widen further so in the end the Italian Government will have no choice than to soften its stance to soften its position and to please to an extent to avoid the escalation of the financial crisis on the chances of italy going bankrupt. Yeah i hope that this can be avoided and this would be the first case. I hope that the signals coming from the european peers from other european or euro area Member States but also from other european institutions like the e. C. B. President draghi was very outspoken in his recent Press Conference that italy cannot expect any support coming from d. C. B. It is not even within the men date of the e. C. B. To finance the fiscal deficits so i think the the the messages coming from the Piazza Futilely pretty clear but i personally expect that markets going to behave
more fiercely and signal to italy that it is a dead end and continuing this way of putting to make it. You can stop there now canadian Prime Minister Justin Trudeau hopes to have a deal in place to end u. S. Steel and on a medium import tariffs by the end of the month trudeau told reporters he discussed the issue with u. S. President donald trump on the sidelines of an event in paris he hopes a deal will be in place by the start of the g twenty at the end of november canada was one of several countries hit with the jew cheese is one of the biggest eleven and a million export just to the united states. And i want to bring in our financial correspondent also fishmans he joins me from new york sophie with the American Consumer is benefit in any way from such a deal. Well head on for months economists have character the way it is the costs for consumers and companies and theres clearly warrens of the negative impact on
the consumer and on Economic Growth us feel and element in prices have soared since the imposition of tariffs a us a feel private benchmarks towards thirty six percent already between the start of the year and the start of july this of course causes prices of goods made with the metal to rise as well homebuilders are already reporting higher prices home metal goods plus its impacting the job market for instance The Trade Partnership thats an Industry Group that analyzes free trade found that the steel and aluminum tariffs could result in up to Four Hundred Thousand bluff u. S. Jobs and the layoffs are probably better than the roughly Thirty Thousand jobs in steel and aluminum production that could be gamed so he sharansky with the hall of facts for us sophie thank you. In the kurdish and seaside
city Over Dubrovnik Achiness Fishing Nations and meeting to decide the fate of one of the earths most valuable thing the big guy chino its a billion dollar catch has been severely over a fish in recent years. Scientists shocked many in the Fishing Industry last month when they warned that stocks of Swimming Bigeye Tuna could crash within a decade or two bigger toonies prized for says she me in japan. And canned for Supermarket Sales worldwide. So it current at current catch levels by within the next fifteen years that this stock is sixty times more likely to completely collapse than to recover and that is obviously very concerning and you know that the current catch level the current Allowable Catch would get us to that point a report in october showed that populations have fallen to less than twenty percent of historic levels this is partially due to the catching of young to know which
depletes the stock before it can reproduce. Cats has been be poor and disappears and that we believe that this is because you know the person has a catching a small to give it out to be good to preach or the best way i fixed the Stock Status Experts calculate that cutting the total catch to Fifty Thousand tons per year would give big guy a seventy percent chance of recovery by twenty twenty eight. But some fishing countries are not party to any quotas and begun hauls last year topped Eighty Thousand tonnes high enough to drive the species to extinction a good red wine can set you back hundreds maybe thousands of your price tag of Three Hundred Dollars while state isnt that much of a surprise whether why not from a largely on known region its made in china experts say can hold its own against
competitors from other countries even france and i legendary luxury brand stands behind an event. The location of the vineyard of our union is described and its name above the clouds its not metaphorical these grapes grow at an altitude of Twenty Six Hundred metres at the foot of the himalayas here the soil is rich and the climate is mild with moderate temperatures all year round the mekong river flows nearby for generations villagers here grew traditional food crops then the Chinese Government encouraged them to begin making wine instead operations got off to a slow start until more hennessy got involved the french luxury giant was impressed by the area and signed a thirty year lease but how do they believe connoisseurs will react to a chinese vintage. Made in china does indeed have negative
overtones not everything we do we do with passion. And we do it with the utmost precision to make the best wine possible to have the best wine possible. I believe we are one of the companies that will help revamp the made in china label. Making top tier wines requires Deep Pockets Hennessy has brought both technical equipment and expertise to the region while the villagers have put in a lot of Sweat Pruning and harvesting the around Three Hundred plots and the collaboration is paying off. So. Its been quite surprising for our customers when they taste this wine most think its a french bordeaux. But when they discover the bottle is from china all of them are excited theyre quite surprised by the quality of the bottle. The zero union label currently produces two thousand cases of wine a year but even though the national appetite for the beverage has matured and the countrys market is expected to grow to over Seventy Billion dollars the lions share of the vineyards production is sold abroad the chinese as it turns out arent that interested in local vintages consumption of Imported Wines continues to rise but demand for domestic wines has fallen five years in a row. Two hundred thirty nine aircraft were sold at the ash or China Aerospace exhibition most of the orders going to Aviation Giants Boeing and airbus the events in the southern chinese province of one dollar also saw the first public appearance of a mock up c. On ninety nine the wide body civil jet liner being developed by china russia slated for launch in twenty twenty seven will have a range of Twelve Thousand kilometers now that is further than the route between
beijing and new york chinas Aviation Sector is booming the number of daily domestic flights that is expected to exceed that of the u. S. Within the decade. Thats it for me and the Business Team here in berlin faxes of a Company Steve king. Tut. Tutting. Im going to. Destroy the cello for the story of the first woman were told from different perspectives by peter credo from the Eastern European perspective from the car for example spoke to us from the perspective of turkey from the arab world. E. W. Dot com slash w w one. I was fishing when i arrived here i slept with six people in a room very similar it was hard i was fair. I even got white hair as the. Name benjamin language melted off the face of the keeps me a little bush maybe to instruct the slave that you want to know their story. And spur writing and reliable information for margaret. The body
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