china's biggest song streaming service is music to the ears of investors shares rallied on wall street on their first day as a listed company. also on the program italy makes concessions to the e.u. on its twenty nine thousand budget but will they be enough to convince brussels will analyze the sceptic on this latest proposal. and a german company seals the deal to get access to the world's largest lithium reserve in bolivia we'll tell you why the move could be crucial for the german economy. it's for business on the w.b. and how you know to get us welcome to the program shares in china's largest music streaming service tense and rose on their first day of trade on the new york stock exchange the company's i.p.o. of eighty two million shares priced at thirteen dollars a share at the opening bell but they surged more than ten percent before settling slightly lower the i.p.o. raised more than a billion dollars one of the largest by a chinese company. our financial correspondent has been following of course this i.p.o. for us yes it's good to see you so what do we make of this first day does it mean good times to come for ten cent. well it was his soul it was not a stellar start into trading here at the new york stock exchange by the end of the day the stock was up by almost eight percent trading at fourteen dollars apiece but actually when a ten cent went into trading was thirteen dollars that was at the low end of the price range that stood between thirteen and fifteen dollars and then just a couple of weeks ago wall street was hoping that ten percent after the i.p.o. would get a valuation of for twenty five to thirty billion dollars but right now they're standing only at a valuation of a good twenty one billion dollars and i mean overall the environment for chinese companies here at the new york stock exchange and on the u.s. market is not easy with the trade tension going on with signs that the chinese economy by slowing and then the trouble that we're seeing at wall street overall so it was a solid but as i mentioned not starved for attention now and speaking of those tensions between china and the u.s. we've heard some developments in the way kaye's that has kept investors on edge and what's the latest. well i mean what the latest is that u.s. president donald trump sort of hinted that he might actually intervene if that would be in the interest of the country meaning the united states so that sounded like he would be helpful and maybe even prevent to see if they might get extradited to the u.s. so that is really is strange way of seeing things because there is still something like. that. their president story has not the right to do anything in this case this clearly stands on the side of the justice department either way there were overall some news that trade tensions between china and the u.s. might ease a little bit further and that actually got the stock market going over all here in the wednesday session still to come for that case thank you very much in new york for analysis. italy's prime minister just typical day has been working hard to reach a compromise in the dispute with brussels over his country's ballooning budget he met with european commission president john claude in what appears to be a step forward. the budgetary tug of war between italy and the european commission has been going on for months conti is now suggesting a budget of two point zero four percent of g.d.p. down from two point four just a bit higher than yoko would like. it's not for me to foresee what the final reaction of the commission will be shortly our proposal was judged important and significant and the next hours we will continue to work i trust on a positive solution. with italy's prime minister bring an early christmas present back from brussels while shoppers are spending freely on holiday presents the amount of money their government can spend next year is still up in the air and the coalition partners in rome are trying to satisfy e.u. regulators by showing goodwill towards brussels and a willingness to compromise on their original budget proposal many italians now want to see their government make a deal. it's all very messy i think that something may finally be moving and maybe little by little in a strange way we will finally become europeans we've tried to form europe for so long even if often we've not been very happy within it and that i mean. i hope the budget law will be approved. and that the e.u. understands the problems we have. i hope that material salvini and our prime minister tzipi conti manage to do something good for italy. but if the budget plan is rejected and italy is sanctioned by brussels that could trigger yet another election in march and even more insecurity for italy citizens. here paean parliament has approved an agreement with japan that has been called the world's biggest trade deal that establishes trade guidelines for a third of the world's g.d.p. there. it will go into effect in february you and japan have been working on the deal since for two thirteen you terrorism japanese cars will be abolished as well japanese tariffs on european cheeses and whites european companies will also have benefits to public than hers in japan some leaders even see the deal with tokyo as a possible model for future relations with britain after it leaves the bloc. though we asked. at the kiel institute for the world economy what this deal means in these challenging times for free trade agreements. it definitely would be better to have a multilateral agreement but that's out of the question the g twenty summit in buenos aires declared it dead so we have to rely on large bilateral agreements and japan is a good start it's also a signal to the entire international community that agreements like this one is still possible so far the u.s. has refused to reach an agreement with japan and the other pacific countries it sends a signal to the americans. germany is lagging behind the worldwide trend towards electric mobility german carmakers still have to buy most of their batteries from asian suppliers but that is going to change at least that's the plan european companies are coming together to build up their own batteries of production the german federal government wants to invest billions and for the first time a german company will have direct access to the key commodity for battery cells lithium. it's been called white gold and a key resource for the twenty first century lithium used in lithium ion batteries for electric cars the world's largest reserves of the element are believed to be in the uni salt flat in bolivia now german company a.c.i. systems has formed a partnership with the bolivian state owned company y l b to extract and process it with the support of the german government. you know. if everything is going to run on batteries then we want a considerable part of the batteries used in the world to be manufactured in europe in germany and in our partner countries. livia for its part wants to develop its industry and boost employment with the public private partnership around fifteen countries applied for the deal which is now gone to germany and in many ways germany is a country that has the necessary technology in this economically stable within the e.u. it's a country to be taken seriously that can be trusted. and that's why a cooperation with a german company is important for us as a guarantee that this project will be successful but in. the joint venture is expected to produce forty to fifty thousand tons of lithium hydroxide per year that's enough to make batteries for up to a million electric vehicles. the german seem to be waking up slowly after announcements of billions of dollars in investments for electric mobility by both car makers and the government access to lithium reserves is now supposed to give the german industry a competitive advantage over other countries they hope it's not too late. to china now where you can get rich by breeding insects the good doctor company processes cockroaches for example so far it's generated sales of almost seven hundred million euros in china alone. dark humid and warm the best conditions for breeding cockroaches this facility alone contains one billion of the creepy crawlers there fit with kitchen waste in the chinese province of shang don that's a profitable business for garbage disposal companies the cockroaches here can eat through five tons of kitchen waste every day. the breeders also turn them into medicine first the insects are caught it's important not to let any get away after all every cockroach counts afterwards there crushed and processed into a tincture one bottle costs about four euros. the good doctor company supplies forty hospitals in the country the tincture is used to treat stomach problems. in china breeding facilities like this are popping up everywhere like in sichuan province leaving because i used to sell cell phones but not anymore he invested around one hundred thirty thousand euros and now breeds over three million cockroaches he's even developed a taste for them his family is not as eager as he to eat them still the insect business is booming in china and developing into an industry to be reckoned with. and before we go a dream for many a nightmare for a truck driver a massive chocolate spill covered a german street last night the spill took place investment in a town in the west of the country the chocolate flow hardened on the chilly streets and it took twenty five firefighters armed with hot water shovels and torches to remove the ten square meters of chocolate the mess a small technical defect involving a storage tank had cost this bill the boss of the design wise the chocolate factory said production will raise you today. and it's too late to soak wraps all the chocolates thank you very much for watching we'll see you up next we're joined by the be. reviewed. we've gotta. get a. few hours. as one to stop 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