Siemens the. Praises saudi arabias vision of a high tech future but after the killing of a saudi journalist he says business as usual is no longer an option also coming out of the u. S. Federal reserve surprises no one keeping rates on hold with a high kicks pated expected play to eat at the year. And schools of mysterious wooden towel was all over hungry journalists blame corruption and im gary and one says. This is your Business Update on how the whole frame but then glad you could join me well German Industrial Powerhouse siemens posted a mixed bag of results on thursday net profit for the fiscal year remained just over Six Billion Euros thats a slight increase on the Previous Year the companys had some setbacks recently in securing new orders vying for a multibillion euro order to build
a power grid in iraq a job the Company Might use to us competitive g. s off to the white house and divvied theres also problems in saudi arabia stevens was very late to counsel their attendance at the recent riyadh investment for most companies who dropped out off to the murder of a saudi journalist kushal. Holmes demons soulish dropped twenty percent over the course of this year. And earlier today my colleague. Spoke with siemens c. E. O. Joke asr about a couple of particular geopolitical risks including saudi arabia and where the case his decision to pull out of a saudi Investor Conference over the murder all of the journalists cost as even a Twenty Billion dollar major Power Plant Deal in the kingdom. The fact is that we did not sign a significant deal which was worth north of Twenty Billion thats true but obviously you know. Things go as they go and ive always made it clear we had
a very reliable partner competent partner of the kingdom of saudi arabia we have more than thirty Million People mostly young people in the kingdom there has been a lot of reforms which have been initiated so i think we need to look at all factors the things which really really are going to hell in the kim going to be shunted this thirty is a very very promising. Vision and such a concept Going Forward so there is a lot of cool things but there also have been talk things and i mean lets face it with the way what we have seen and heard about what happened in turkey is just not something which has moved into ordinary course of business which is a kind of conspiracy theres Gotta Be Trust is this is that what what the kingdom has promised to do it will see how it goes. Staying in in the in the regions even it was also in the running for Thirteen Billion dollars Infrastructure Project to
electrify iraq again there are reports you loss that deal all parts of it at least to General Electric after dont trump intervened can you confirm that. Been a lot of stories being written about this topic the fact of the matter is that siemens has had a very very comprehensive compelling concept not just about rebuilding iraq in terms of electrification but also help the country in training in education with the dual Apprenticeship Program of the german industry we also promised to help the people in the freed up so for basic healthcare so there was a very comprehensive concept which reached the cover men that the customer liked a lot and obviously it has been. Unusual Special Forces have been intervening maybe out of good reasons thats not my church and to make
on the other hand look i mean she even says in the United States there was almost Sixty Thousand people creating another One Hundred Fifty Thousand indirect jobs so we are a massive Economic Force in the country we are training people there be to revenues of more than Twenty Billion dollars so we are first and foremost also an American Company which i believe deserves respect and a level Playing Field we are actually asking for it were going to talk in our news the kids are talking about the u. S. And you being very strong there how much money will the iran sanctions cost you youve already won down some of your business there havent you. Well. The after the after the implementation dave years ago we have been studying opus li our contacts and. It was our customers in iran now with the
unilateral move from the United States through to pale out of the the agreement we obviously need to see what that is who you are you know respecting the sanctions we are very very very clear on that matter and thats exactly what we do you know obviously these are unfortunate that there was a unilateral bail out of the agreement but it is what it is we need to deal with it and we are going to deal with it. Thats exactly what we do and look at the Economic Impact is not really relevant to siemens thought as the money goes much more concerned about a further lets say its collation on on on on the conflict in the middle east which is the last place you see its yet another conflict seaman c. E. O. Job is i thank you very much for joining us your case is speaking to my colleague says that while the u. S. Federal reserve kept the benchmark lending rate unchanged on thursday the move
highlighting the continued Strong Performance all for the economy but it also pointed to a slowdown in Business Investments the fates noted solid job gains for winning on employment and growing Household Spending they also signaled that there may be further great rice after the rate rise before the end off the year. And i want to bring in our financial correspondent now jose luis and jose luis no rate rise this time around how is the market reacting to that and what all Investor Expectations for the next meeting. Reaction from investors helen i was a pretty muted as there was no Press Conference or any update on Economic Projections that said as it is a right now the central bank is ready to increase rates for the fourth time this year or next said December Sylviane from President Criticism of freddies looking up full employment and salaries that are growing at its fastest paisley nearly
a decade as signs that will justify such a move and avoid a dangerous overheating of the us economy trend will continue next year even as a Tax Cut Fades and Economic Growth moderates right now investors are ready for at least two hikes in Two Thousand And Nineteen while the put all these are projects three something that will call down the financial conditions and probably Stock Markets but for sure will not sit well with the white house. Or on wall street for us thanks for your insights. Google says it will change the way i handle Sexual Harassment claims google c. E. O. Son that promised more transparency in how allegations are handled as a week after Twenty Thousand cuban employees around the world stage to walk out to protest against what they call the culture of complicity and dismissiveness fisheye said theyll be no more mandatory operation Sexual Harassment and Sexual Assault claims enabling complainants to go public or c. In future employees will also have to complete compulsory Sexual Harassment training. Mysterious wooden towers cropping up across hungry and nobody knows why the hungaroring governments trying to silence journalists who keep asking questions and Anti Corruption activists suspect the towers are just another example of the local fests a funds. A Citizens Initiative is collecting signatures in budapest. Theyre petitioning for a European Public prosecutor. The hungary in government is still refusing to accept independent investigations from brussels but the pressure is growing with every signature. Doing this because the e. U. Money and hungry get stolen. And theres no institution in hungary to deal with this case is a fraud like a credit yeah. Look at this and i get that i support
a European Public prosecutor. Without one of these thieves will live their whole lives never being brought to justice. In the village of to quote the European Anti Fraud Office olaf is already investigating and e. U. Project is thought to have been declared far more expensive than it was eleven wooden towers were erected using e. U. Money at Seventy Thousand Euros per tower they were apparently built to promote tourism but theres no hotel or restaurant in sight hardly anyone in the village will speak to us then someone agrees but wants to remain anonymous the towers are of no use to anyone here he tells us people just made money off them people who initiated the project. It seems to have set a precedent a total of One Hundred Eleven similar structures have sprung up across hungary the
journalist who uncovered the case has been blacklisted by the hungary and government. But hey look i shook my pants that the initiative to build the towers came from a group of villagers everyone involved received around Twelve Thousand euros but the pool of forester also got a considerable sum for Construction Costs and the rest went to an employee in the military like. Hungary is sinking further into a pit of corruption the Organization TransparencyInternational Ranks hungry at number sixty six tied with senegal. The money pouring in from brussels is only making the problem worse according to variety by the from independent think tank budapest institute. And the utopian agency all of that is in charge of setting this question is on demand so they only look at the few projects and then they actually tell us that that was i miss you was that happens six or seven eight years
after the fact. Athanasius here on the w. Business thanks for your company and c. C. We make up over a week watches over half of them and thats because we all deserve the services. They want to shape the continents future to be part of it and join us youngsters as they share their stories their dreams and their challenges the Seventy Seven percent platform for charging. Time for an upgrade. How about furniture that grows old by. House with no roof. Or design highlights you can make yourself. That will turn your home a special. Upgrade yourself with v. W. Interior design channel on youtube