tv Business Deutsche Welle September 12, 2019 4:45pm-5:01pm CEST
the conflict between washington and beijing is starting a business. welcome to the business of asia want to get johnson but and good to have you with us so at a much anticipated policy meeting the european central bank has approved a fresh stimulus package for the euro zone the package includes a further cuts off the banks the positive rate now at a record low of minus 1.5 percent the e.c.b. also approved a new round of bond purchases of $20000000000.00 euros a month starting in november a both measures aimed to stimulate growth and push inflation to just under 2 percent that's the bank's target. let's just take a listen to what european central bank chief mario draghi had to say about why this move was necessary the outlook for real g.d.p. growth has been revised down 420192020.
the risks are rounding the euro area growth outlook remain too dude to the downside . these risks mainly pertaining to the prolonging presence of uncertainties related to geopolitical factors the rising threat to protection is an vulnerabilities in emerging markets i was e.c.b. present baria draggy just a short while ago at the press conference us present donald trump has been swift to respond to the e.c. peace decision taking to his favorite medium to express himself in a tweet he said they're trying and succeeding in depreciating the euro against the very strong a dollar hurting us exports and the fed sits and sits and sits they get paid to borrow money while we are paying interest well what are we to make of all this let's go to conrad was now a man in frankfurt and under a hang also joins us in a singapore and i hope we both have them on the screen and just
a 2nd i hope they can hear me already because i would like to start with you con about there you are more rate cuts and a fresh bond purchasing program the right move for eurozone economies do you think . well the e.c.b. chief mario draghi certainly argued his case you just played the sound bite he said that since the last e.c. be meeting inflation and economic activity has significantly weakened in the euro zone and that because of this the bold moves announced today were warranted but let me tell you money come more and more economists here in the eurozone and out not only the conservative german ones are convinced that the ability of the central bank to really inspire the real economy has been exhausted that it has its limits and that such a monetary policy can even harm the economy by undermining trust in
the central bank and in the system all the girls all together by you know fueling price bubbles on the property markets by disrupt in the bond markets by telling savers that it's not worth saying exactly telling savers especially in germany it's not worth saving how much further into negative territory can we go here. well you know you played the you mentioned the tweet of donald trump of course donald trump himself is not interesting for the european central bank but this tweet indicates how politicized the job of the central banks has become recently the e.c.b. of course has to make sure to keep us off thora t. and its credibility so there are of course limits to what it can do are over to you under a r because obviously asian markets have been watching the easy piece decision as well what's been the reaction there. you're absolutely right and the fruit of the liver has paid off somewhat asian markets at the close of 2 d.
actually pretty upbeat stocks were hitting a 6 week high today are on the new intice a patient of some good news from the e.c.b. also not forgetting the goodwill gesture that the surprise goodwill gesture that was handed by u.s. president donald trump to china. and the tariff price hikes on some of those chinese exports to the u.s. now market watch as i had been hoping that the e.c.b. we're following the footsteps of markets like india the philippines new zealand where just last month all of those central banks had their interest rates as well now under a how could the e.c.b. decision actually impact asia well investors have kept a very close watch as you sit on the e.c.b. and you just want to see how many how far policymakers were willing to go to
support the eurozone economy which is weakening and may weaken further with the break just around the corner all right andrea hang there reporting for us from singapore. both of us to both of you thank you very much. i was trade talks between china and the u.s. expected to resume next month both sides have been busy making gestures aimed at calming waters that have become increasingly stormy but the latest moves appear unlikely to shift the dial over the biggest questions in the dispute to the rehearsals for the 70th anniversary celebration of the founding of the people's republic of china are in full swing in beijing a birthday party brings welcome respite from a trade war after all. and donald trump doesn't want to spoil the party. he announced on twitter that juta the upcoming celebration on october 1st the chinese vice premier has asked him to postpone the planned 5 percent increase on
$250000000000.00 worth of exports to the u.s. penciled in for the same day and in what trump is calling a gesture of goodwill he has agreed to the move no chinese goods will face tariffs of up to 30 percent from october 15th instead of on the communist states big birthday the u.s. move followed china's decision to suspend new tariffs and 16 kinds of u.s. exports for a year news the trump seemed happy with. i think they did the right thing i think was good for them. but they took a morphy i think it was a i think it was a gesture ok it was a big move people were shocked i was in shock. his lack of shock might be because beijing's exemption list does not include any major u.s. exports such as pork or soybeans it's mostly made up of fishmeal food for livestock and some cancer drugs that the chinese can't easily make themselves or buy
elsewhere where the u.s. move is also unlikely to change things too much after all what's another 2 weeks when you're talking about $250000000000.00. well back here in germany it's been a long way from the 8 exhibit in berlin that was back in 897 to the frankfurt motor show today one of the most important auto industry events in the well german chancellor angela merkel has officially opened this yes show themed driving tomorrow and indeed it showcases all the shiny visions of the future of off mobility of germany's comic this is plenty of reason to doubt that future. outside the grounds of the frankfurt motor show protesters carry signs calling for the band of the so and petrol engines they're criticizing the car industry for their role in the climate crisis inside german chancellor angela merkel opened the
show with a reminder to car makers of the cost of past mistakes specifically the emissions cheating scandal that saw an entire industry sell cars they said were less polluting than they actually were. and the problem of illegal defeat devices the one that led to a loss of trust weighs heavily amidst a period of great change. therefore it's only bright and important for the sector to show it can be relied upon. that's why the cars shown to her and her traditional walkabout focus heavily on low emissions technology like electrical ability. but this giant multi-billion euro push into the future may be too little too late and the showcase of it obsolete. this could be the last time a sitting chancellor opens the frankfurt motor show at least in its current form the show is experiencing an existential crisis akin to the one the auto industry
itself is facing automakers are called upon to justify their place in the world amid ever worsening environmental crises i made souring public opinion at a time where the economies of their key markets are spidering like say china or incidentally like germany bad news for a sector that produces the country's most lucrative export and employs more than 800000 people and these gleaming new offerings of germany's prized industry may find their way into fewer and fewer garages further slowing down a change of course for carmakers. guinn saying has been houston chinese medicine for thousands of years the roots of this slow growing plant are believed to be a potent antioxidants touted to improve brain function and to boost the immune system and lots of other important bodily functions now what you may not know is that going saying is also
a native plant in north america and that since the 18th century much of the game saying on asian markets was actually grown on us soil. the rich soil of marathon county in the u.s. state of wisconsin is perfect for growing the medicinal plant gin same china has been a lucrative market for american gin saying but gin singh is one of the agricultural products subjected to tariffs in the ongoing trade war between washington and beijing the result a 20 percent drop in sales to china farmers fear for their livelihoods they can't react quickly to market changes because juicing takes up to 5 years to grow and harvest up off your present across from last year. on the market and we have a new crop coming coming up you know about 4 to 6 weeks so it's a has been a hard time for jones and farmers here around 2 thirds of the wisconsin ginseng crop is exported to mainland china jungmann tulle started farming ginseng here 9
years ago but the ongoing trade war is hurting he's trying to stay positive by taking the long view or present more has always been to bring the birds from wisconsin or us for trial that more was our spies a pound. and according to some ancient chinese texts he cups one of the symptoms that ginseng can help to alleviate. and that's it for me on the business asia team here in l.a. from all of us thanks for keeping us company. mob.
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w. this is news live from enough boost for eurozone flooding economy the european central bank on fails a freshness package of interest rates because even further in the bond buying program it's back would it have the desired effect also on the program. was 53 germany and china over a hong kong democracy activists visit to palin s complaints facia something good german ambassador after a meeting between joshua.