he states in the pantheon of great tennis certainly he's one for the ages. of. 10 or 15 years starts july 10th on t.w. . the european central bank is in for its 1st female president president is that any . economic policy experience function. 3 german industry groups flash their production forecasts pointing the finger at the globe straight wall. and good sunny days of portugal's tourism bureau calls to see cuts all right. i think it's all a business she's got big shoes to fill mario druggies is time as both of the
european central bank is pretty much up e.u. leaders nominating i am managing director christian god to take over the position still he confirms analysts say it will be difficult for her to emulate the eye catching policy steps of the current president the euro slipped on the news she's a ready one of the most well known figures in international finance bringing with her a wealth of experience and a reputation as a trailblazer for women in 2007 christine legarde became the 1st female finance minister of france an experience that french president emmanuel mccall says could benefit her as e.c.v. head. she was the finance minister at a time when it was particularly complicated as she faced the biggest financial and sovereign debt crises of the last decade. having earned credentials for shaping the
french response to the financial crash she went on in 2011 to become the 1st woman to head the international monetary fund her biggest challenge in that job handling the greek debt crisis. but her career has not been without controversy in 2016 a french court convicted her of allowing the misuse of public funds legard was neither sentence nor find the i.m.f. stood by its director. on twitter legard said she was honored by the nomination to head europe's most important financial institution during the nomination period it will fall on her deputy david lipton to take over the reins at the i.m.f. . responding to news of his boss's likely departure he said his institution's loss would be the e.c.b. ease again. german economist peter joins us to talk about god what do you think
about the pick well i think it's a very good choice maybe not an excellent choice she's a very qualified chief minister of the i.m.f. she's done a great job one could say well the. column is as the head prosecutor from bank she's a lawyer. and of course the e.c.b. build the challenge very difficult topics in the next few months and years so interest rates are extremely low it's very difficult to get lower developments like the cryptocurrency said very complicated. so maybe an economist would have been better but on the other hand has served at the i.m.f. she is deeply involved with. issues. like financial stability. and i'm sure she will do a very good job she already clashed with germany on things like the greek debt crisis so bad has already been tension there between her and some member states how do you think that will play out with germany being such and playing such
a huge role as as the e.u.'s finance here really well this is true i think she is need to do more to have deficits to stimulate the economy to to try to reduce in some places and i think she's right on that and to if she insists on this will be ok because as i said the roof on maneuver for my policy is extremely limited but there's a lot of room for maneuver and fiscal policy and if you need to do more she's right what about misuse of public funds during her time as french finance minister while this is a legal question i can kind of answer this i think all of french politicians some legal problems but i think if she's a qualified person and is she will do a got a good job of europe and for the euro i think that is really what matters you mention she's not an economist she doesn't have to rank active monetary policy experience but we're also talking about someone who's not a technocrat usually
a technocrat is chosen for a job like this and known by a nonpartisan technocrat she does have the backing of trump she knows a way around big organizations like you said but but what do you think about. playing a role where she can't take favorites she can't favor france for example. well i think it is it is policy is a policy for the euro area as a whole and i think this is what mario draghi has done and if the euro area prosper it's good for all member states and so i think it's not good idea to do favor to specific economies but overall it's the euro area is an entity and i think doing something that's good for the euro is before them. the euro area is also extremely factitious at the moment just just laugh lastly how do you think she'll do at pulling together these very different economies well i think this is really a difficult job if you look at what's going on italy and i think this is where you
need some some genius like mario draghi with his board very takes thing and could she emulate him i think she could i think it's very difficult because my drug is a genius and he has done a much better job than his predecessors but i think she has a quality to do the same thing i thank you very much for coming in today refute it . now to some other business stories making headlines inequality and exploitation the nonprofit group oxfam says the conditions of many supermarkets in germany the u.k. and the u.s. a dismal he says the global chains dominate the market reports those they dictate prices with suppliers are making huge margins off and says these practices in the food industry are unsustainable and socially irresponsible. tesla has broken its quarterly sales record to find focuses and sending stocks up electric comicon delivered 95000 vehicles to the in 3 months june because of
a relief for investors up the week 1st quarterly results the us firm is still under pressure to show we can turn a profit. in austria is the 1st e.u. country to ban the controversial we collect life to save the home side is marketed by by as one son ho and his face the flood of lawsuits in the us of allegations it causes cancer the move could set austria on a collision course with the european union brussels has approved the use of lifesaving to 20. 1 in 3 german jobs depend on exports and the international tariff dispute is increasingly putting those jobs are based chambers of industry and commerce as association and germany's engineering group have all lowered their production for costs blaming the us president. for the 1st time in the history of the chamber of industry and commerce is the number of german companies with a pessimistic outlook exceeded the number of optimists the d.-i h.k.
says uncertainty caused by donald trump's trade with china and the european union is contributing to a cooling global economy. investment plannings are on the retreat right now. are shy of. capacities so we've never seen such a slump in investment planning in our survey before. germany's exporters of had 9 successive years of growth but dependence on exports has made the country vulnerable to prolong trade conflicts d.-i its forecast for growth in german exports over the course of 2019 to just one percent against the 2 and a half percent forecast that's way below the average annual export growth of recent years. germany will have to look for new markets in less industrialized nations for
example in latin america there are always opportunities. could be explored not to speak about africa. explored. by businesses but german exporters will have stiff competition from the chinese who've been developing african markets for years. in portugal tourism now accounts for 14 percent of economic output it's an especially popular destination for brits keen to soak up the sun but forecasters fears storm clouds are gathering on the horizon as breaks it and competition from other destinations keep people away. portugal's is dealing gulf coast at the beginning of july high season is just getting underway but hoteliers here are wondering just how many britons will come last year their numbers fell 511-0000 the british are the region's tourist mainstay
. they were always about 30 percent or more of the total overnight stays now we're down to 292 to 3 percent less that's clearly a break that effect. besides brags that competition from other vacation destinations is also hurting the algarve hotels here have responded with special offers. and the country's tourist marketing board has geared its efforts more towards the british market the message is clear. whatever happens bragg's it or no breaks it even during breaks it. will always welcome the british as partners but just like we've been doing for hundreds of years. still portugal wants to protect its tourism center by reducing its dependence on british tourists there's also a shift away from the algarve. seeing the best grows in regions which are
less tourism centered it means we're projecting an image of portugal which is very diverse which can be visited the whole year round the. growth outside of the traditional tourist hot spots is decisive for portugal's future the boom of recent years has often brought the algarve and the capital lisbon to the limits of what they can handle. 3 or 4 fabulous years behind us with 12 to 15 percent growth that's over now and that we have neither the infrastructure the know how nor the qualified staff to keep growing as strongly as that it wouldn't be good. but there's no letup in sight for the algarve yet latest figures show advance british bookings picking up again raising hopes the state's advertising campaign could be paying off and millions of new visitors are now surging in from brazil and the us alone little portugal is no longer the well kept secret it once was. and
finally the chutes triggered a $1000000.00 backlash sportswear giant nike has lost a grant to build a factory in arizona after the state governor objected to a decision to pull a trainer from the market came off the brand ambassador and sports column cap'n it complained that the flag the sneakers featured is associated with white nationalists gov doug do you see accuse the company of bowing to political correctness. i was doing business with it if. the be.
mocked. blah blah blah. blah blah blah blah blah blah blah. blah. i am. 50 years since the. jeep was the 1st man to. die. as a small boy dreams of the stars. but. no matter how. they're going to.
miss an astronaut he took part in the greatest adventure in history. armstrong was his destiny starts july 20th on t.w. above. hello and a warm welcome to news from the world of arts and culture i'm robin merrill let's have a look at what's coming up today with featuring the roaring twenty's the jazz age there's live music in the studio with the rufus temple orchestra and we'll be looking behind the scenes of the mokka the orchestra who featured in the famous t.v. series bob and on lead. and speaking of which. is the
facebook says it wants to empower billions of people yet again and now its fledgling cryptocurrency libera faces more scrutiny from both sides of the atlantic also coming up find out what happened to nike ambassador calling kept her name criticized a controversial new line of sneakers and we'll take you to sunny portugal over the aagaard the region wants to reduce its dependence on travel savvy brits amid looming bricks. welcome to the program. u.s. lawmakers have urged facebook to halt its cryptocurrency plans they want time to investigate the risks libera poses to the global financial system it comes as regulators in europe call for closer scrutiny a senior official of britain's financial watchdog says the issues raised require deep thought and detail. introducing lead for
a new global currency designed for the digital world facebook has promised finance for the future with its new crypto currency and i'm saying its arrival mark zuckerberg said libra would empower billions of people even those without bank accounts will be able to send money around the world with these what's more facebook says libra will be what's called a stable coin meaning it will have none of the volatility associated with bitcoin and other quick 2 currencies it says it will ensure that by linking its value to other established global monetary systems. major corporate players are already backing libra even if some of the world's financial leaders are not. bank of england approaches libor with an open mind but not an open door. and now a group of u.s. lawmakers has written to facebook asking them to put their crypto currency plans on hold until congress can assess the risk it poses nevertheless facebook's plans to
disrupt money continue to progress with libra expected to begin filling digital wallet in early 2020. the u.s. trade deficit has reached a 5 month high that means the united states is buying lots more than it is selling the gap between imports and exports rose by 8.4 percent to 55.5 $1000000000.00 in may the trade deficit with mexico which president donald trump is threatened with stingy terrorists reached its highest for a decade u.s. cardboards also climbed to their highest on record and sought the u.s. business maybe stocking up ahead of an expected increase in terrorist on chinese goods. now a growing trade deficit wasn't the only somber news from the u.s. economy companies also hired fewer people than expected in june how did all of that
go down on wall street well here's our correspondent with more. yet all the short but her record breaking trading day here on wall street we've got a bunch of weaker than expected economic data but that makes it more likely that the federal reserve will start cutting interest rates at the next meeting end of july and it is not set in stone yet but it became more likely we got weaker than expected numbers from the job market from the private sector from the service industry and then also from a broader manufacturing index all of this shows that the economy is still growing but at a slower pace and that might be good enough for the federal reserve to cut interest rates of all the s. and p. 500 the search trading day in july and the 3rd record and also the dow jones industrial average finished the day on a new all time high and closed in very sharply to 27000 points
you know you correspondent yes a quarter reporting from new york there u.s. sports brand nike has been dragged into america's culture wars after it was pressured to pull a special edition 4th of july sneakers from stores and shoes featured an early version of the united states flag from an era where slavery was commonplace conservative lawmakers claim it's a matter of political correctness going too far and they're making sure nike feels the backlash financially. the shoe features a flag created during the american revolution former n.f.l. star and controversial nike poster boy colin kaepernick said he found the design commonly referred to as the betsy ross flag offensive because of its connection to an era of slavery and for the shoes to be removed from sale so he just did it to shipping the shoes to retailers of the company recalled them again some people supported the decision. his people i mean died under that flag you know and
were slaves under that flag so yeah i think it makes perfect sense and the flag has recently been used by some white supremacist groups now it's the turn of the american right wing to get really ticked off about like he arizona governor doug jussi a republican who's been involved with far right so-called patriot groups released a flurry of tweets nike has decided that betsy ross is unworthy and has bowed to political correctness and historical revisionism. nike has made its decision and now we're making ours i've ordered the arizona commerce authority to withdraw all financial incentive for the company to locate here. arizona's economy is doing just fine without nike we don't need to suck up to companies that denigrate our history . at least some of the limited edition shoes have already made their way into the market and with changing hands privately for hundreds and even thousands of dollars meanwhile it seems that some potential customers are voting with their feet. well
in europe french police have raided the headquarters of carmaker renault it's thought to be in relation to a lavish wedding party held by carlos go on the former head of the company confirmed the incident police have been investigating mr groans use of the palace of versailles when he got married in 2016 he's alleged to have organized the deal in exchange for a sponsorship agreement with an open court was going to trial on a string of other charges in japan. and now to some of the other business stories making headlines around the world the european commission dropped its threat of disciplinary action against italy after the government and rolled took action to bring its growing debt into line with e.u. fiscal rules brussels was unhappy with italy's failure to reduce reduce its large public debt in 2018 as promised and has called on its anti austerity government to
baltar state finance is just plain maker boeing says it is providing $100000000.00 to help families and communities affected by 2 crashes of its $737.00 max airplane the company called to some aid and initial investment for local governments and nonprofit organizations to help families with living expenses going faces dozens of lawsuits over the accidents that killed nearly 350 people the 737 max has been grounded worldwide since march lee iacocca creator of the iconic ford mustang has died at the age of $94.00 he began his career and $946.00 as an engineer at ford and quickly rose to become the company's vice president aged only $36.00 but it wasn't all smooth sailing mr iacocca was fired and $978.00 after a spat with management he then moved on to chrysler which is steer back to profitability after a crisis. in portugal tourism now accounts for 40
percent of economic output it's an especially popular destination for brits keen to soak up the sun but forecasters fear storm clouds are gathering on the horizon as breck's it and competition from other destinations keep people away portugal's dealing gulf coast at the beginning of july high season is just getting underway but hoteliers here are wondering just how many britons will come last year their numbers fell 511-0000 the british are the region's tourist mainstay of the games they were always about 30 percent or more of the total overnight stays now we're down to 292 to 3 percent less that's clearly a break that effect because of the. size break that competition from other vacation destinations is also hurting the algarve hotels here have responded with special
offers and the country's tourist marketing board has geared its efforts more towards the british market the message is clear. that whatever happens for example or no breaks it even during breaks it portugal will always welcome the british as partners but just like we've been doing for hundreds of years and it's not them in the form of the fact that they are. still portugal wants to protect its tourism center by reducing its dependence on british tourists there's also a shift away from the algo of. seeing the best grows in regions which are less tourism centered it means we're projecting an image of portugal which is very diverse which can be visited the whole year round. growth outside of the traditional tourist hotspots is decisive for portugal's future the boom of recent
years has often brought the algarve and the capital lisbon to the limits of what they can handle. 3 or 4 fabulous years behind us with 12 to 15 percent growth. and that we have neither the infrastructure the know how nor the qualified staff to keep growing as strongly as it wouldn't be good. but there's no letup in sight for the algarve yet latest figures show advance british bookings picking up again raising hopes the state's advertising campaign could be paying off. and millions of new visitors are now surging in from brazil and the u.s. alone little portugal is no longer the well kept secret it once was. and that wraps up our show as usual you can find more business news analysis and background stories on our web site that's t w dot com slash business or on our facebook or twitter feeds. from me and the entire team thanks for watching and
we'll leave you with a quick check of our global markets are trading up to. the
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