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growth precarious global economy uncertain international monetary fund and the world bank kick off their annual spring meetings with warnings to the world. also coming up after months of disagreements the e.u. has green lighted trade talks with the us setting the stage for the real challenge convincing washington to agree to a deal. and it's said to be one of the biggest oil refineries in the world built by the richest man in africa but will it be good for nigeria our correspondent funny went to find out. welcome to the business i'm john nelda and in berlin good to have you with us it's a recurring refrain by now but with undiminished urgency i don't use conference marking the start of their annual spring meetings the international monetary fund
and the world bank said seventy percent of the global economy is caught in a slowdown trade tensions that distrust and for policy making aren't helping either we'll talk to our correspondent in washington in a moment but first this report. room sixty million containers like bees was shipped around the world's oceans last year thrilled with electronics or turn its shoes or furniture private new tariffs and trade barriers are threatening free trade according to christine lagarde of the spring conference of the international monetary fund. so we need to better addressed unfair trade practices and distortions in the system including through a w. two. system reform. and we need to avoid self-inflicted wounds including tar ifs and all the barriers. it would be and those areas are having a real effect on trade the i.m.f.
expects the world economic growth rate to decline this year to three point three percent but god also warned the developing countries are not benefiting from growth in industrial nations to the same extent they have in the past. joining us now is our washington correspondent of the first holiday he was at the i.m.f. world bank news conference i'll have a good see you now the guard's warnings there against punitive trade measures but of a side swipe at donald trump no. well she did not mention donald trump's name and neither did she mention the united states but it became pretty clear what she was actually talking about when she said that one of the major topics here discussed at the spring meetings are political risks and the role they play for the global economy and she she then also suggests that a variety of policies to be implemented to improve the global economy and in the outlook right now and those are for instance of bringing an end to the ongoing
trade disputes cherif sparrow years and also also she called for more international cooperation now if you take a closer look those are exactly the policies that donald trump's america first policy stands for and that was certainly a blow for him today and something that he would not have liked listening to. i see but it was also the first news conference conducted by the new world bank chief since taking office now david malpass has been able predict of the institution in the past what sort of signals has he sent so far about what he intends to do. well david malpass is considered a trump loyalist and donald trump as we know has criticized the world bank several times and he's not a big fan so to speak of international institutions per se so the that was highly anticipated to see how david malpass will present himself and it was
a big surprise then when he came up saying that one of his major goals would be to fight climate change for instance another goal to bring an end to extreme poverty so it would be certainly very interesting to see how he will act in the future as the president of the world bank all of a solid in washington there was a washington there for us thank you very much the european union is set to open talks with the united states in an attempt to reach a new transatlantic trade deal is sources said brussels mandates for those talks were agreed at a meeting on thursday member states have been struggling with how best to approach the west trade with many fearing any new talks could kick off another trade conflict with president donald trump trade tensions have been simmering between the u.s. and e.u. since truong imposed levies on european steel and aluminum and friend similar action on european made cars recently trump warned he could slot eleven billion dollars in e.u. goods with fresh tariffs. our financial correspondent yen score at the
joins us now from wall street hi ends now earlier today trump tweeted about about how difficult a trading partner that you is any thoughts as to what that you can expect from talks going forward. it difficult to put it mildly u.s. president donald trump is actually saying that the european union has been a brutal trading partner but all comes back to bite you whatever that means but we can probably expect some pretty rough trade talks and if you look at the trade balance the u.s. exports the goods in the amount of three hundred twenty billion dollars to europe and on the other side they import goods in the amount of four hundred ninety billion dollars meaning they're running a trade deficit with the in the amount of about one hundred seventy billion dollars and therefore the trump is ministration believes that they have the better cards in
their hands as the might depend a bit more on exports to europe than vice versa so we can certainly expect some tough talks that tough talks ahead indeed but on the corporate finance they've got a much awaited filing from over how far going down where you are. well i mean traders are excited because other than compared to a lift the stock will not be traded at nasdaq but here behind me on the floor of the new york stock exchange where we don't have the precise figures yet but we will probably be worth about one hundred billion dollars so once this i.p.o. is done the roadshow will probably begin by the end of the month to get investors interested in this i.p.o. and then print trading here on wall street probably will begin around may ninth that's what we're expecting right now they also gave some financial figures of the past year they had a revenue of more than eleven billion dollars but they were also running
a loss of about one point eight billion dollars but well we will see how hungry investors are for well there another minding your money losing enterprise here at the new york stock exchange and carter with a view on wall street for us. he said it would transform nigeria's economy africa's richest man liko don go t. is building what set to be one of the biggest oil refineries in the world and the world bank is backing it although construction is set to extend beyond when the world bank said it would stop investing in fossil fuels that's by the end of this year good always funny fresh are reports we receive rare access to these gigantic construction site nearly cost the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site a beehive of people reporting to various international contractors china is one of
them the space below the screen offers prefer spite from the burning sun thousand suns working here it's easy to get lost the temporary street tapes this is one of the biggest cost structures sites around the world today and tomorrow this is supposed to be the location of the biggest horrify. every endeavor but if it's a stable go to school to produce refined crude oil so that nigeria one of the biggest exporters of crude does not have to import refined oil any more. skeptical he sees nigeria's future beyond oil. and i do because the oil is you know we're no longer sustainable going forward. and i just as i've been developing every day at the recent climate summit in kenya the role bank underlined its commitment to end support for oil and gas furthermore
there was key emphasis on africa's capacity to go green how come germany who is not so much. enjoin so she could have seven percent of their installed electricity capacity to come from solo in africa this capacity to be one point five percent. according to an international research project which t w was part of the world bank has invested in a number of fossil fuel projects in africa these include financial intermediary investment and a one hundred fifty million us dollar loan today through finery project by roald banks i.f.c. to world bank says this loan was quote designs to help nigeria increase the value addition of its natural resources sector specifically to fertilizers. to roll bank should have instead used its investments to empower nigeria to stable
electricity supply. the. three for example. more jobs. would be. that we could. leave you find and go to the oil refinery to sugar salt flour all bear his name and this man proud to say the company has become a monopoly granted government protection from international competition. business. out of. employment some nigerians want to believe that their lives will change with the oil refinery but experts point out that once construction is finished and media jobs there. and if it does not connect to other industries it will end up being just
another project supported by a u.n. organization. and that's it from me in the business team here in berlin from. business now with this quick look at global. markets thank you so much for watching .
carefully the. soon. to be a good. documentary .
Growth-precarious-global-economy-uncertain-international-monetary-fundBusinessJohn-neldaSpring-meetingsConferenceRefrainUrgencyBerlinWorld-bankCorrespondentEconomyTrade-tensionsgrowth precarious global economy uncertain international monetary fund and the world bank kick off their annual spring meetings with warnings to the world. also coming up after months of disagreements the evil has greenlighted trade talks with the us setting the stage for the real challenge convincing washington to agree to a deal. and is set to be one of the biggest oil refineries in the world built by the richest man in africa but will it be good for nigeria our correspondent funny for scharf went to find out. welcome to the business i'm joined now the melanin brylin good to have you with us it's a recurring refrain by now but with undiminished urgency at a news conference marking the start of their annual spring meetings the
international monetary fund and the world bank said seventy percent of the global economy is caught in a slowdown trade tensions that distrust and for policy making aren't helping either we'll talk to our correspondent in washington in a moment but first this report. room sixty million containers like bees was shipped around the world's oceans last year thrilled with electronics or turn issues of furniture private new tariffs and trade barriers are threatening free trade according to christine lagarde of the spring conference of the international monetary fund. so we need to but to address unfair trade practices and distortions in the system including through a w. two. system reform. and we need to avoid self-inflicted wounds including tar ifs and all the barriers. it would not those areas are having a real effect on trade the i.m.f.
expects the world economic growth rate to decline this year to three point three percent but god also warned the developing countries are not benefiting from growth in industrial nations to the same extent they have in the past. joining us now is our washington correspondent allen versus khalid he was at the i.m.f. world bank news conference i'll have a good see you now the guard's warnings there against punitive trade measures but of a side swipe at donald trump no. well she did not mention donald trump's name and neither did she mention the united states but it became pretty clear what she was actually talking about when she said that one of the major topics here discussed at the spring meetings are political risks and the role they play for the global economy and she she then also suggests that a variety of policies to be implemented to improve the global economy and in the outlook right now and those are for instance of bringing an end to the ongoing
trade disputes cheroot sperry yours and also also she called for more international cooperation now if you take a closer look those are exactly the policies that donald trump's america first policy stands for and that was certainly a blow for him today and something that he would not have liked listening to. i see but it was also the first news conference conducted by the new world bank chief since taking office now david malpass has been a vocal critic of the institution in the past what sort of signals has he sent so far about what he intends to do. well david malpass is considered a trump loyalist and donald trump as we know has criticized the world bank several times and he's not a big fan so to speak of international institutions per se so the that was highly anticipated to see how david malpass would present himself and it was
a big surprise then when he came up saying that one of his major goals would be to fight climate change for instance another goal to bring an end to extreme poverty so it would be certainly very interesting to see how he will act in the future as the president of the world bank. and washington that washington there for us thank you very much the european union is set to open talks with the united states in an attempt to reach a new transatlantic trade deal is sources said brussels mandates for those talks were agreed at a meeting on thursday member states have been struggling with how best to approach the west trade with many fearing any new talks could kick off another trade conflict with president donald trump trade tensions have been simmering between the u.s. and e.u. since truong imposed levies on european steel and aluminum and friend similar action on european made cars recently trump warned he could slot eleven billion dollars in e.u. goods with fresh tariffs. our financial correspondent joins
us now from wall street high and now earlier today trump tweeted about about how difficult a trading partner that you is any thoughts as to what that you can expect from talks going forward. it's difficult to put it mildly u.s. president donald trump is actually saying that the european union has been a brutal trading partner but all comes back to bite you whatever that means but we can probably expect some pretty rough trade talks and if you look at the trade balance the u.s. exports the goods in the amount of three hundred twenty billion dollars to europe and on the other side they import goods in the amount of four hundred ninety billion dollars meaning they're running a trade deficit with the amount of about one hundred seventy billion dollars and therefore the trump is ministration believes that they have the better cards in
their hands as the might depend a bit more on exports to europe than vice versa so we can certainly expect some tough talks that tough talks ahead indeed but on the corporate front and it's got a much awaited filing from over how far going down where you are. well i mean traders are excited because other than compared to a lift the stock will not be traded at nasdaq but here behind me on the floor of the new york stock exchange where we don't have the precise figures yet but will probably be worth about one hundred billion dollars so once this i.p.o. is done the roadshow will probably begin by the end of the month sold to get investors interested in this i.p.o. and then private trading here on wall street probably will begin around may ninth that's what we're expecting right now they also gave some financial figures of the past year they had a revenue of more than eleven billion dollars but they were also running
a loss of about one point eight billion dollars but well we will see how hungry investors are for well there another minding your money losing and surprise here at the new york stock exchange yan's carter with a view on wall street for us. he said it would transform nigeria's economy africa's richest man liko don go t. is building what's said to be one of the biggest oil refineries in the world and the world bank is backing it although construction is set to extend beyond when the world bank said it would stop investing in fossil fuels that's by the end of this year good always funny fresh our reports we receive rare access to these gigantic construction site near lake city the man behind it. asked to meet a diverse fourteen point one billion us dollars on the construction site a beehive of people reporting to various international contractors china is one of
them the space below the screen offers prefer spite from the burning sun thousands i was working here it's easy to get lost the temporary street this is one of the biggest cost structures sites around the world today and tomorrow this is supposed to be the location of the biggest horrify. every endeavor but is it sustainable done go to school to produce refined crude oil so that nigeria one of the biggest exporters of crude does not have to import refined oil any more. skeptical he sees nigeria future beyond oil i think. and i do because the oil is you know we're no longer sustainable going forward. and i just as i've been developing every day at the recent climate summit in kenya the role bank underlined its commitment to end support for oil and gas furthermore
there was key emphasis on africa's capacity to go green how come germany who is not so much. enjoin so she could have seven percent of their install of electricity capacity to come from solar and in africa this capacity to be one point five percent. according to an international research project which t w was part of the world bank has invested in a number of fossil fuel projects in africa these include financial intermediary investment and a one hundred fifty million us dollar loan to then go to three finery project by roald banks. to world bank says this loan was quote designed to help nigeria increase the value addition of its natural resources sector specifically to fertilizers. to roll bank should have instead used its investments to empower
nigeria to stable electricity supply. the. industry for example. more jobs. we need. that we could. leave you find and go to snake oil refinery to sugar salt flour bear his name. this man. the company has become a monopoly granted government protection from international competition. business. employment some want to believe that their lives will change with the oil refinery but experts point out that once construction is finished and medium skilled jobs there will be and if it does not connect to other industries it will end up being
just another mammoth project supported by a u.n. organization. and that's it from me in the business team here in berlin from features check out. business believe you know what this quick look at global. the markets thank you so much for watching. please.
let. me know what. eighty percent of americans at some point in our lives will experience hardship that. are simply. one story that makes it so special. for all. costs. to. what's the connection between bread bio and the european union the nose. job you correspondent alan baker can stretch this line with the words such by.
Growth-precarious-global-economy-uncertain-international-monetary-fundBusinessSpring-meetingsNews-conferenceRefrainUrgencyMelanin-brylinWorld-bankCorrespondentEconomyWashingtonTrade-tensions